REG - Athelney Trust plc - Annual Financial Report <Origin Href="QuoteRef">ATTR.L</Origin> - Part 2

Athelney TrustAnnouncement

16/02/2018 07:05

- Part 2: For the preceding part double click  ID:nRSP8733Ea 

to significant risk due to fluctuations in the prevailing levels of
market interest rates. 
 
The carrying amounts of financial assets best represent the maximum credit
risk exposure at the balance sheet date. Bankruptcy or insolvency of the
custodian may cause the Company's rights with respect to securities held with
the custodian to be delayed. 
 
Liquidity Risk 
 
Liquidity Risk is the risk that the Company may have difficulty in meeting
obligations associated with financial liabilities.  The Company is able to
reposition its investment portfolio when required so as to accommodate
liquidity needs.  However it may be difficult to realise its investment
portfolio in adverse market conditions. 
 
Maturity Analysis of Financial Liabilities 
 
The Company's financial liabilities consist of creditors as disclosed in note
10. All items are due within one year. 
 
12. Financial Instruments (continued) 
 
Capital management policies and procedures 
 
The Company's capital management objectives are: 
 
·           to ensure the Company's ability to continue as a going concern; 
 
·           to provide an adequate return to shareholders; 
 
·           to support the Company's stability and growth; 
 
·           to provide capital for the purpose of further investments. 
 
The Company actively and regularly reviews and manages its capital structure
to ensure an optimal capital structure, taking into consideration the future
capital requirements of the Company and capital efficiency, projected
operating cash flows and projected strategic investment opportunities. The
management regards capital as total equity and reserves, for capital
management purposes. 
 
Fair values of financial assets and financial liabilities 
 
Fixed asset investments (see note 8) are valued at market bid price where
available which equates to their fair values. The fair values of all other
assets and liabilities are represented by their carrying values in the balance
sheet. 
 
Financial instruments by category 
 
The financial instruments of the Company fall into the following categories 
 
 31 December 2017                      At Amortised Cost£  Assets at fair value through profit or loss£  Total£       
 Assets as per the balance sheet                                                                                      
 Investments                           -                   5,966,679                                     5,966,679    
 Debtors                               156,798             -                                             156,798      
 Cash at bank                          45,289              -                                             45,289       
 Total                                 202,087             5,966,679                                     6,168,766    
                                                                                                                      
 Liabilities as per the balance sheet                                                                                 
 Creditors                             23,242              -                                             23,242       
 Total                                 23,242              -                                             23,242       
                                                                                                                    
 31 December 2016                      At Amortised Cost£  Assets at fair value through profit or loss£  Total£     
 Assets as per the balance sheet                                                                                    
 Investments                           -                   5,117,268                                     5,117,268  
 Debtors                               256,964             -                                             256,964    
 Cash at bank                          59,133              -                                             59,133     
 Total                                 316,097             5,117,268                                     5,433,365  
                                                                                                                    
 Liabilities as per the balance sheet                                                                               
 Creditors                             14,832              -                                             14,832     
 Total                                 14,832              -                                             14,832     
                                                                                                                        
 
 
12. Financial Instruments (continued) 
 
Fair value hierarchy 
 
In accordance with FRS 102, the Company must disclose the fair value hierarchy
of financial instruments. 
 
The fair value hierarchy consists of the following three classifications: 
 
Classification A - Quoted prices in active markets for identical assets or
liabilities. 
 
Quoted in an active market in this context means quoted prices are readily and
regularly available and those prices represent actual and regularly occurring
market transactions on an arm's length basis. 
 
Classification B - The price of a recent transaction for an identical asset,
where quoted prices are unavailable. 
 
The price of a recent transaction for an identical asset provides evidence of
fair value as long as there has not been a significant change in economic
circumstances or a significant lapse of time since the transaction took place.
If it can be demonstrated that the last transaction price is not a good
estimate of fair value (e.g. because it reflects the amount that an entity
would receive or pay in a forced transaction, involuntary liquidation or
distress sale), that price is adjusted. 
 
Classification C - Inputs for the asset or liability that are based on
observable market data and unobservable market data, to estimate what the
transaction price would have been on the measurement data in an arm's length
exchange motivated by normal business considerations. 
 
The Company only holds classification A investments (2016: classification A
investments only). 
 
13. Net Asset Value per Share 
 
The net asset value per share is based on net assets of £6,145,524 (2016:
£5,418,533) divided by 2,157,881 (2016: 2,157,881) ordinary shares in issue at
the year end. 
 
                              2017      2016    
                                                
 Net asset value per share    284.8p    251.1p  
 
 
14. Dividends paid to Directors 
 
During the year the following dividends were paid to the Directors of the
Company as a result of their total shareholding: 
 
 Mr Robin Boyle  £38,619²  
 Dr. Manny Pohl  £25,573¹  
 Mr Simon Moore  £2,752    
 
 
Notes: 
 
1.    Dr Manny Pohl's relationship with Global Masters Fund Limited is
described in Note 1 to the table of Directors' interests on page 31. During
the year a dividend of £25,573 was paid to Global Masters Fund Limited. 
 
2.    This figure includes £33,678 paid to Trehellas House Limited. Mr Robin
Boyle's interest in Trehellas House Limited is described in Note 2 to the
table of Directors' interests on page 31. 
 
For further information: 
 
Robin Boyle, Managing Director 
 
Athelney Trust plc 
 
020 7628 7937 
 
This information is provided by RNS
The company news service from the London Stock Exchange