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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Neptune-Calc | LSE:NEP | London | Ordinary Share | GB00B0523M32 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 22.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMNEP TIDMTTM
RNS Number : 0316W
Neptune-Calculus Income &Growth VCT
13 August 2015
Neptune-Calculus Income and Growth VCT plc
Half-Yearly Report for the six months ended 30 June 2015
CORPORATE POLICY AND PERFORMANCE SUMMARY
Objective
Neptune-Calculus Income and Growth VCT ('the Company') is a Venture Capital Trust listed on the London Stock Exchange which has the objective of generating long term capital growth and tax free dividends for investors. The Company is managed as a VCT in order that shareholders may benefit from the tax reliefs available.
The Company's investment policy is to invest approximately 75 per cent of the Company's funds in a diversified portfolio of holdings in qualifying investments whether unquoted or traded on the Alternative Investment Market ('AIM'). Investments are made selectively across a diverse range of sectors in companies which have the potential to generate growth and enhance their value. The Company does not invest in start-up and seed capital situations. The qualifying investments are managed by Calculus Capital Limited ('Calculus'), and the balance of the Company's investments can be invested in a combination of Neptune income funds and a portfolio of similar income generating UK listed shares and money market instruments.
Financial highlights
Hot Features
Premium
Six months
to
30 June
2015
-------------------------------------- ----------
Return per Ordinary Share 2.0 p
-------------------------------------- ----------
Net asset value per Ordinary Share 46.6 p
-------------------------------------- ----------
Cumulative dividends paid per Ordinary
Share 32.5 p
-------------------------------------- ----------
Accumulated shareholder value 79.1 p
-------------------------------------- ----------
Proposed interim dividend 1.5 p
-------------------------------------- ----------
Accumulated shareholder value represents net asset value per share plus cumulative dividends paid per share.
As at
31 July
2015 *
----------------------------------- --------
Net asset value per Ordinary Share+ 45.4 p
----------------------------------- --------
*Being the latest practicable date prior to publication.
+Including current period revenue.
CHAIRMAN'S STATEMENT
I am pleased to present your Company's results for the six months ended 30 June 2015. The portfolio saw an increase in value over the period on a like-for-like basis and the Company paid 7p per share in dividends to shareholders. A special dividend of 5p per share was paid in March 2015 from the proceeds of the sale of Waterfall Services Limited received in December 2014 and the 2014 final dividend of 2 pence per share was paid In June 2015. After payment of these dividends net assets per Ordinary Share on 30 June 2015 were 46.6 pence per share compared with 51.6 pence per share as at 31 December 2014. The dividend payments took the total cumulative dividends paid on the Ordinary Shares since inception to 32.5 pence per share.
Our qualifying investments, which include both unquoted and AIM companies, are managed by Calculus. Over the period under review, the overall value the unquoted portfolio increased by 10 per cent during the period principally due to an increase in the value of Terrain Energy Limited ('Terrain'). The value of the quoted companies decreased on a like-for-like basis by approximately 2.4 per cent, compared with an Increase in the AIM market of 7.6 per cent mainly due to a fall in the share price of Epistem Holdings plc ('Epistem').
During the period the Company increased its holding of Hampshire Cosmetics Limited ('Hampshire') by subscribing for 5556 ordinary shares at a total cost of GBP10,000 and GBP140,000 qualifying loan stock acquired at par. It also made a GBP150,000 non qualifying loan stock investment in MicroEnergy Generation Services Limited ('MicroEnergy') to acquire additional installed turbines. The GBP135,000 secured short term loan facility made available to Hembuild Group Limited (previously called Lime Technology Limited) ('Hembuild Group') was repaid and a further GBP100,000 was received from redemptions of Hembuild Group loan stocks. Further details are disclosed in the Investment Manager's Report.
Our non-qualifying investments principally comprise holdings in the Neptune Income Fund and Neptune Quarterly Income Fund which increased by 2.2 per cent on a like for like basis over the period. At 30 June 2015, the Company also held certain investments in portfolio companies which are non-qualifying and GBP3,000 in cash funds, as shown in the Investment Portfolio.
A more detailed analysis of qualifying investment performance can be found in the Investment Manager's Review following this statement.
Developments since the period end
In July 2015, the Company received payment for all of its remaining loan facility to Triage Holdings Limited ('Triage') at its carrying value of approximately GBP64,000.
Dividends
In line with our policy of maximising tax-free dividends to shareholders, the Directors are pleased to declare an interim dividend of 1.5 pence per Ordinary Share, payable on 14 October 2015 to shareholders on the register on 18 September 2015.
Outlook
There are signs of a strengthening economy and we believe the investments in the portfolio are well placed to benefit from improving conditions.
Philip Stephens
Chairman
13 August 2015
INVESTMENT MANAGER'S REVIEW (QUALIFYING INVESTMENTS)
Calculus advises the Company in respect of qualifying investments made by the Company.
Portfolio developments
At 30 June 2015 the portfolio of qualifying investments comprised 12 companies made up of both AIM quoted and unquoted stocks. The Company continues to meet the requirements for approved VCT status.
At 30 June 2015, the value of the unquoted portfolio was GBP2.4m and increased by 10.0 per cent on a like for like basis principally due to an increase in the carrying value of Terrain during the period.
Terrain has interests in ten petroleum licences; Keddington; Kirklington; Dukes Wood; Burton on the Wolds in the East Midlands; Larne and P2123 in Northern Ireland; Brockham and Lidsey in the Weald Basin; and Egmating (formerly Bruckmuhl) and Starnberger See in Germany. Terrain is currently producing from wells at Keddington and Brockham and will produce from its recently acquired interest in the Lidsey oil field as soon as consent is received from the Secretary of State which is expected in August 2015.
Permission to drill has now been confirmed for an exploration well on the Larne licence, with the proposed drilling start date in October 2015. Work continues on Terrain's German licences where existing seismic and well data is being reprocessed and re-interpreted in order to identify the location of remaining conventional oil and gas reserves. This has been supplemented by a gravity survey which recently completed. The increase in valuation reflects the increased reserves due to the Lidsey acquisition and the reduction in risk of drilling at Larne.
MicroEnergy owns and operates a fleet of 168 small onshore wind turbines (<5kW) installed on farm land in East Anglia and Yorkshire. Revenues from the fleet of turbines come from two sources, both of which are inflation protected, being directly linked to RPI. In May 2015, the Company made available a GBP150,000 non qualifying short term loan facility to MicroEnergy to enable fifteen installed turbines to be acquired for a total consideration of approximately GBP225,000 MicroEnergy is cash generative and expects to be in a position to repay in full this loan within six months.
A further GBP150,000 of qualifying investments were made in Hampshire in June 2015 in the form of GBP140,000 loan stock and GBP10,000 in ordinary shares. Hampshire develops and manufactures a comprehensive range of products covering fragrances, body treatments, skincare and shampoos and has been focussing on diversifying its customer and product base, including creating own brands.
Hembuild Group has restructured its business. Its lime renders and mortars business which accounted for 16.6% of turnover was sold to The Lime Mortar and Render Company, a company in which funds managed by Calculus Capital have invested, and its external and internal wall insulation business has been closed. This allows the business to focus on the manufacturing of hemp-based prefabricated wall panels. A short term loan facilty of GBP135,000 made available to Hembuild Group has been repaid and a further GBP100,000 net has been received from the redemption of other long term loan stocks. The terms of the remaining loan stocks have been renegotiated.
The remaining unquoted companies in the portfolio have performed broadly in line with expectations.
At 30 June 2015, the value of the quoted portfolio was GBP550,000 and decreased by 2.4 per cent on a like for like basis compared with an increase in the AIM market of 7.7 per cent. This performance is principally due to a decrease in the share price of Epistem which is still valued at over twice initial cost.
The share price does not reflect the underlying progress of the company. Epistem is developing a handheld molecular diagnostic instrument, Genedrive for infectious diseases, which generates results in 30-60 minutes. Indian regulatory approval was received in April to distribute Genedrive in the Indian Market to diagnose tuberculosis (TB). India has the highest level of TB cases in the world with World Health Organisation (WHO) statistics for 2013 giving an estimated 2 million cases annually out of a global level of 9 million. Epistem won the British Venture Capital Association's North West regional award for innovation 2015.
The other quoted company in the portfolio is Infrastrata plc ("Infrastrata") is an independent petroleum exploration and gas storage company. The company has three key projects: exploration and gas storage in Northern Ireland, and exploration in Dorset. In June the company announced that drilling and data gathering operations had been concluded at the Islandmagee-1 well in Northern Ireland. and that the first phase of the 2015 work programme had confirmed expectations and been completed successfully.
Developments since the period end
The Company's holding of ordinary shares and preference shares in Triage were sold in July 2014 and GBP10,000 of its loan facility was repaid. The remaining loan facility was due to be repaid in two equal annual tranches in 2015 and 2016, but In July this year the whole remaining balance of approximately GBP64,000 was repaid.
There have been no other significant developments since the year end
John Glencross
Calculus Capital Limited
13 August 2015
INVESTMENT PORTFOLIO
The ten largest holdings by value are included below:
Percentage
Cost Valuation of portfolio
GBP GBP %
AIM investments (quoted equity)
EpiStem Holdings plc* 251,261 535,732 12.56
Other AIM investments* 450,939 10,422 0.24
Unquoted equity investments
Terrain Energy Limited* 413,633 949,157 22.26
RMS Group Holdings Limited 100,044 598,717 14.04
Hembuild Group Limited* 234,285 32,365 0.76
Human Race Group Limited 100,000 100,000 2.35
Hampshire Cosmetics Limited 35,000 42,168 0.99
Other unquoted equity investments* 1,312,493 80,150 1.88
Unquoted bonds
Human Race Group Limited loan
stock 300,000 300,000 7.04
Hampshire Cosmetics Limited
loan stock 215,000 215,000 5.04
Hembuild Group Limited loan
stock* 235,000 176,250 4.13
Triage Holdings Limited loan
stock# 64,280 64,280 1.51
Dryden Human Capital Group
Limited loan stock 25,000 25,000 0.59
MicroEnergy Generation Services
Limited Loan stock# 150,000 150,000 3.52
Other unquoted loan notes 696,436 0 0.00
Non-qualifying equity investments
and loan stock* # (536,148) (222,887) (5.23))
Total qualifying investments 4,047,223 3,056,354 71.68
Quoted funds
Neptune Income Fund Income
A Class 431,435 497,688 11.67
Neptune Quarterly lncome Fund
Income Units 444,327 483,752 11.35
Money market funds 3,149 3,150 0.07
Non-qualifying equity investments
and loan stock* # 536,148 222,887 5.23
Total non-qualifying investments 1,415,059 1,207,477 28.32
Total investments 5,462,282 4,263,831 100.00
* The valuations of certain investments include small purchases made which are non-qualifying investments. These cost GBP12,750 and are valued at GBP1,480.
The valuation of other unquoted loan notes includes rolled up interest for Heritage House Media Limited which is non-qualifying. This cost GBP309,118 and is valued at GBPnil.
# The Triage Holdings Limited loan stock and the MicroEnergy Generation Services Limited loan stock are non-qualifying.
UNAUDITED INCOME STATEMENT
for the six months to 30 June 2015
Six months Six months Year to
to to 31 December
30 June 30 June 2014*
2015 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses)
on investments
at fair value - 250 250 - 74 74 - 788 788
Investment
income 67 - 67 46 - 46 107 - 107
Investment
management
fee (5) (15) (20) (4) (13) (17) (14) (42) (56)
Other expenses (72) - (72) (75) - (75) (148) - (148)
(Deficit)/return
on ordinary
activities
before taxation (10) 235 225 (33) 61 28 (55) 746 691
Taxation on
ordinary activities 4 - - - - - - - - -
(Deficit)/return
attributable
to Ordinary
shareholders (10) 235 225 (33) 61 28 (55) 746 691
(Deficit)/return
per Ordinary (0.09) 2.08 1.99 0.54 0.25
Share 3 p p p (0.29)p p p (0.49)p 6.60p 6.11 p
*These figures are audited.
The total column of this statement is the profit and loss account of the Company. The revenue and capital columns are provided as supplementary information in accordance with The Association of Investment Companies Statement of Recommended Practice.
All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.
There is no statement of recognised gains and losses as there were no other gains and losses.
The relevant accompanying notes are an integral part of this statement.
UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months to 30 June 2015
Capital
Share Share Special redemption Capital Revenue
capital premium reserve reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the period
1 January 2015
to 30 June 2015
1 January 2015 1,131 - 8,356 510 (4,105) (54) 5,838
Net return/(deficit)
after taxation
for the period - - - - 235 (10) 225
Dividends paid - - (792) - - - (792)
30 June 2015 1,131 - 7,564 510 (3870) (64) 5,271
For the period
1 January 2014
to 30 June 2014
1 January 2014 1,131 - 8,695 510 (4,851) 1 5,486
Net return after
taxation
for the period - - - - 61 (33) 28
Dividends paid - - (225) - - (1) (226)
30 June 2014 1,131 - 8,470 510 (4,790) (33) 5,288
For the year 1
January 2014
to 31 December
2014*
1 January 2014 1,131 - 8,695 510 (4,851) 1 5,486
Net deficit after
taxation
for the year - - - - 746 (55) 691
Dividends paid - - (339) - - - (339)
31 December 2014* 1,131 - 8,356 510 (4,105) (54) 5,838
*These figures are audited.
The relevant accompanying notes are an integral part of this statement.
UNAUDITED BALANCE SHEET
as at 30 June 2015
30 June 30 June 31 December
2015 2014 2014*
Note GBP'000 GBP'000 GBP'000
Fixed Assets
Investments at fair value
through profit or loss 4,264 5,296 3,949
Current Assets
Debtors 54 14 21
Cash at bank 1,001 35 1,979
1,055 49 2,000
Creditors: Amounts falling
due within one year
Creditors (48) (57) (111)
Net Current (Liabilities)/Assets 1,007 (8) 1,889
Net Assets 5,271 5,288 5,838
Represented by:
CALLED UP SHARE CAPITAL
AND RESERVES
Share capital 6 1,131 1,131 1,131
Special reserve 7,564 8,470 8,356
Capital redemption reserve 510 510 510
Capital reserve - other (2,672) (4,214) (2,640)
Capital reserve - investment
holding loss (1,198) (576) (1,465)
Revenue reserve (64) (33) (54)
Total Ordinary shareholders'
funds 5,271 5,288 5,838
Net asset value per Ordinary
Share 5 46.60p 46.75p 51.61p
*These figures are audited.
The relevant accompanying notes are an integral part of this statement.
UNAUDITED CASH FLOW STATEMENT
for the six months to 30 June 2015
Six months Six months
to 30 to 30 Year to
June June 31 December
2015 2014 2014*
Note GBP'000 GBP'000 GBP'000
Operating activities
Investment income received 35 45 98
Investment management fees
paid (67) - -
Administration fees paid (25) - -
Other cash payments (64) (73) (130)
Net cash outflow from operating
activities 7 (121) (28) (32)
Investing activities
Purchase of investments (301) (100) (160)
Sale of investments 236 301 2,422
Net cash inflow from investing
activities (65) 201 2,262
Equity dividends paid (792) (226) (339)
Financing
Purchase of own shares - - -
Net proceeds of Ordinary
Share issue - - -
Share issue costs - - -
Share premium cancellation
costs - - -
Net cash outflow from financing - - -
(Decrease)/increase in
cash for the period (978) (53) 1,891
*These figures are audited.
The relevant accompanying notes are an integral part of this statement.
CONDENSED NOTES TO THE ACCOUNTS
1 Nature of Financial Information
The unaudited half-yearly financial information does not constitute statutory financial statements as defined in Section 434 of the Companies Act 2006 and has not been reviewed nor audited by the auditors. This information has been prepared on the basis of the accounting policies used in the statutory financial statements of the Company for the year ended 31 December 2014. The statutory financial statements for the year ended 31 December 2014, which contained an unqualified auditors' report, have been lodged with the Registrar of Companies, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.
2 Dividends
The Directors have declared an interim dividend of 1.5 pence per Ordinary Share. This dividend is payable on 14 October 2015 to shareholders on the register on 18 September 2015.
3 Return per Ordinary Share
Year to
Six months to Six months to 31 December
30 June 2015 30 June 2014 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Ordinary (0.09) 2.08 1.99
Share p p p (0.29) 0.54 0.25 (0.49) 6.60 6.11
Revenue return per Ordinary Share is based on the net deficit on ordinary activities attributable to the Ordinary Shares of GBP10,351 (30 June 2014: net deficit GBP33,000, 31 December 2014: net deficit GBP55,000) and on 11,311,329 (30 June 2014: 11,311,329, 31 December 2014: 11,311,329) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period.
Capital return per Ordinary Share is based on the net capital return for the period of GBP235,560 (30 June 2014: net capital return GBP61,000, 31 December 2014: net capital return GBP746,000) and on 11,311,329 (30 June 2014: 11,311,329, 31 December 2014: 11,311,329) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period.
Total return per Ordinary Share is based on the total return on ordinary activities attributable to the Ordinary Shares of GBP225,209 (30 June 2014: net return GBP28,000, 31 December 2014: net return GBP691,000) and on 11,311,329 (30 June 2014: 11,311,329, 31 December 2014: 11,311,329) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period.
4 Taxation on ordinary activities
The tax charge for the half year is GBPnil (30 June 2014: GBPnil, 31 December 2014: GBPnil). The estimated effective tax rate is 0% as investment gains are exempt from tax due to the company's status as an investment company and there is an excess of management charges to carry forward against future taxable profits.
5 Net asset value per Ordinary Share
30 June 30 June 31 December
2015 2014 2014
pence pence pence
Ordinary Shares of 10p each 46.60 46.75 51.61
The basic net asset value per Ordinary Share is based on net assets (including current period revenue) of GBP5,271,000 (30 June 2014: GBP5,288,000, 31 December 2014: GBP5,838,000) and on 11,311,329 (30 June 2014: 11,311,329, 31 December 2014: 11,311,329) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period.
6 Called up share capital
Ordinary Shares
Six months Year to
Issued and fully to Six months to 31 December
paid: 30 June 2015 30 June 2014 2014
Ordinary Shares
of 10p each Number GBP'000 Number GBP'000 Number GBP'000
As at 1 January 11,311,329 1,131 11,311,329 1,131 11,311,329 1,131
Purchase of
shares - - - - - -
Shares issued - - - - - -
As at 30 June 11,311,329 1,131 11,311,329 1,131 11,311,329 1,131
During the period, the Company did not issue or purchase for cancellation any Ordinary Shares.
7 Reconciliation of net return/ (deficit) before taxation to net cash outflow from operating activities
Six months Six months
to to Year to
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Net return before taxation 225 28 691
Net capital (return)/deficit (235) (61) (745)
(Increase)/decrease in debtors (33) 9 2
(Decrease)/increase in creditors (63) 9 62
Investment management fee
charged to capital (15) (13) (42)
Net cash outflow from operating
activities (121) (28) (32)
8 Contingent assets and contingent liabilities
There were no contingent assets or contingent liabilities in existence at 30 June 2015 (30 June 2014: GBPnil, 31 December 2014: GBPnil).
9 Financial Instruments
As required by Financial Reporting Standard 29 'Financial Instruments: Disclosures' (the Standard) an analysis of financial assets and liabilities, which identifies the risk of the Company's holding of such items is provided. The Standard requires an analysis of investments carried at fair value based on the reliability and significance of the information used to measure their fair value.
In order to provide further information on the valuation techniques used to measure assets carried at fair value, the measurement bases are categorised into a "fair value hierarchy" as follows:
- Level A
Inputs to Level A fair values are quoted prices in active markets for identical assets. An active market is one in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The Company's investments in AIM quoted equities, money market funds and the quoted Neptune funds are classified within this category.
- Level B
Inputs to Level B fair values are inputs other than quoted prices included within Level A that are observable for the asset, either directly or indirectly. The Company has no investments classified within this category.
- Level C
i) Fair value is measured using a valuation technique that is based on observable market and
ii) Fair value is measured using a valuation technique that is not based on data from an observable market
The Company's unquoted equities, preference shares and loan stocks are classified within this category. Unquoted investments are valued in accordance with IPEVCA guidelines.
Financial assets at fair value through
profit or loss
as at 30 June 2015
Level A Level B Level Ci Level Cii Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Equity investments 546 - - 1,803 2,349
Preference
share investments - - - - -
Fixed interest
investments - - - 931 931
Money market
funds 2 - - - 2
Quoted funds 982 - - - 982
1,530 - - 2,734 4,264
Financial assets at fair value through
profit or loss
as at 31 December 2014
Level A Level B Level Ci Level Cii Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Equity investments 560 - - 1,597 2,157
Preference
share investments - - - - -
Fixed interest
investments - - - 829 829
Money market
funds 3 - - - 3
Quoted funds 960 - - - 960
1,523 - - 2,426 3,949
Financial assets at fair value through
profit or loss
as at 30 June 2014
Level A Level B Level Ci Level Cii Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Equity investments 689 - - 2,361 3,050
Preference
share investments - - - 39 39
Fixed interest
investments - - - 1,134 1,134
Money market
funds 2 - - - 2
Quoted funds 1,071 - - - 1,071
1,762 - - 3,534 5,296
The table below shows movements in the assets measured at fair value based on Level C-ii valuation techniques for which any significant input is not based on observable market data. During the year there were no transfers between levels A, B or Ci, Cii
Level Cii financial assets at
fair value through profit or loss
as at 30 June 2015
Preference Fixed
share interest
Equity investments investments investments* Total
GBP'000 GBP'000 GBP'000 GBP'000
Opening balance at 1 January
2015 1,597 - 829 2,426
Purchases 10 - 290 300
Sales - - (235) (235)
Total net losses recognised
in the
Income Statement 196 - 47 243
Closing balance at 30
June 2015 1,803 - 931 2,734
Level Cii financial assets at
fair value through profit or loss
as at 31 December 2014
Preference Fixed
share interest
Equity investments investments investments* Total
GBP'000 GBP'000 GBP'000 GBP'000
Opening balance at 1 January
2014 2,241 64 1,093 3,398
Purchases - - 160 160
Sales (568) (64) (106) (738)
Total net losses recognised
in the Income Statement (76) - 318 394
Closing balance at 31
December 2014 1,597 - 829 2,426
Level Cii financial assets at
fair value through profit or loss
as at 30 June 2014
Preference Fixed
share interest
Equity investments investments investments* Total
GBP'000 GBP'000 GBP'000 GBP'000
Opening balance at 1 January
2014 2,241 64 1,093 3,398
Purchases - - 100 100
Sales - - (70) (70)
Total net (losses)/gains
recognised
in the Income Statement 120 (25) 11 106
Closing balance at 30
June 2014 2,361 39 1,134 3,534
10 Related party transactions
The Company's qualifying investments are managed by Calculus Capital Limited. John Glencross, a Director of the Company, has an interest in Calculus Capital Limited.
Six months Six months
to to Year to
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Investment management and
administration fees 28 17 56
11 Transactions with the Investment Manager
The Company's qualifying investments are managed by Calculus Capital Limited. The investment management and administration fees paid to the Investment Manager are disclosed in note 10. John Glencross, a director of the Company, has an interest in Calculus Capital Limited and is a director of Terrain Energy Limited. John Glencross was also a director of Hembuild Group Limited from 1st January 2014 to 31st October 2014, when he resigned from the Board. Calculus Capital Limited receives annual fees from Terrain Energy Limited for the provision of John Glencross as a director, as well as annual monitoring fees. Calculus Capital Limited also received a fee from Hembuild Group Limited for the provision of John Glencross as a director until 31st October 2014. Other employees of Calculus Capital Limited are directors of Human Race Group, Hampshire Cosmetics Limited and Dryden Human Capital Group. Calculus Capital Limited receives annual fees from these companies for the provision of a director. Calculus Capital Limited receives an annual monitoring fee from Hembuild Group Limited, MicroEnergy Generation Services Limited, Hampshire Cosmetics Limited and Human Race Group Limited. Other funds under the management or advice of Calculus Capital Limited have also invested in Terrain Energy Limited, Hembuild Group Limited, MicroEnergy Generation Services Limited, Hampshire Cosmetics Limited, Human Race Group Limited and Dryden Human Capital Group Limited. In the six months to 30 June 2015, the amount payable to Calculus which was attributable to the investment made by the Company was GBP1,339 (30 June 2014: GBP1,250; 31 December 2014: GBP2,640) (excluding VAT) from Terrain Energy Limited; GBP83 (30 June 2014: GBP2,301; 31 December 2014: GBP5,780) (excluding VAT) from Hembuild Group Limited; GBP139 (30 June 2014: GBP179; 31 December 2014: GBP235) (excluding VAT) from MicroEnergy Generation Services Limited; GBP1,586 (30 June 2014: GBP1,682; 31 December 2014: GBP3,138) (excluding VAT) from Human Race Group Limited; GBP336 (30 June 2014 GBP367; 31 December 2014 GBP699) from Hampshire Cosmetics Limited. Calculus Capital Limited also receives fees relating to a directorship for Dryden Human Capital Limited. In the six months to 30 June 2015, the amount payable to Calculus Capital Limited which was attributable to the investment made by the Company was GBP610 (30 June 2014: GBP1514; 31 December 2014: GBP2,875) (excluding VAT) from Dryden Human Capital Limited.
12 Post balance sheet events
There are no post balance sheet events to report.
DISCLOSURES
The Company is required to make the following disclosures in its Half-Yearly Report:
Principal risks and uncertainties
The Board regularly reviews the risks the business faces and their potential impact on the Company. The Company's principal risks are regulatory risk, market risk, credit risk, investment and liquidity risk. These risks are described In more detail in the strategic report in the Company's annual report and accounts for the year ended 31 December 2014.The Company's principal risks and uncertainties have not changed materially since the date of that report.
Going concern
The Board receives regular reports from the Investment Manager and the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements as outlined in the Annual Report for the year ended 31 December 2014.
Statement of Directors' responsibilities
The half-yearly financial report, which has not been audited or reviewed by the Company's auditors is the responsibility of, and has been approved by, the Directors. The Directors confirm that to the best of their knowledge the half-yearly financial report, which has been prepared in accordance with the UK Listing Authority Disclosure and Transparency Rules ("DTR") and in accordance with the Financial reporting Council's Financial Reporting Standard 104:'Interim Financial reporting' gives a true and fair view of the assets, liabilities, financial position and the net return of the Company as at 30 June 2015
The Directors confirm that the Chairman's Statement, the Investment Manager's Review, the disclosures above and notes 10 and 11, include a fair review of the information required by DTR 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year, and DTR 4.2.8R.
The Directors of Neptune-Calculus Income and Growth VCT plc are:
Philip Stephens
John Glencross
David Kempton
By order of the Board
Philip Stephens
Chairman
13 August 2015
The half yearly report will shortly be posted to shareholders. Copies of the report will also be available from the Company's registered office at 104 Park Street, London, W1K 6NF or from the Qualifying Investment Manager's website at: http://www.calculuscapital.com/neptune-income-growth-vct/
This information is provided by RNS
The company news service from the London Stock Exchange
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