REG-BlackRock Throg Tst: Final Results <Origin Href="QuoteRef">THRG.L</Origin> - Part 2
12/02/2018 07:50
- Part 2: For the preceding part double click ID:nPRrAB305a
Tax Act 2010 are not breached and the results are reported to the Board at each meeting. Following authorisation under the Alternative Investment Fund Managers’ Directive (AIFMD), the Company and its appointed Alternative Investment Fund Manager (AIFM) are subject to the risks that the requirements of this Directive are not correctly complied with. The Board and the AIFM also monitor changes in government policy and legislation which may have an impact on the Company. Compliance with the accounting standards applicable to quoted companies and those applicable to investment trusts are also regularly monitored to ensure compliance. The Company Secretary and the Company’s professional advisers monitor developments in relevant laws and regulations and provide regular reports to the Board in respect of the Company’s compliance.
Corporation Tax Act 2010. As such, the Company is exempt from capital gains tax on the profits realised from the sale of its investments. Any breach of the relevant eligibility conditions could lead to the Company losing its investment trust status and
being subject to corporation tax on capital gains realised within the Company’s portfolio. In such event the investment returns of the Company may be adversely affected. Any serious breach could result in the Company and/or the Directors being fined or the
subject of criminal proceedings or the suspension of the Company’s shares which would in turn lead to a breach of the Corporation Tax Act 2010. Amongst other relevant laws and regulations, the Company is required to comply with the provisions of the
Companies Act 2006, the Alternative Investment Fund Managers’ Directive, the Market Abuse Regulation, the UK Listing Rules and the Disclosure & Transparency Rules.
Counterparty risk The potential loss that the Company could incur if a counterparty is unable (or unwilling) to perform on its commitments. The Company’s investment policy also permits the use of both exchange-traded and over-the-counter derivatives Due diligence is undertaken before contracts are entered into and exposures are diversified across a number of counterparties. The Board reviews the controls put in place by the Investment Manager to monitor and to minimise counterparty exposure, which include intra-day monitoring of exposures to ensure that these are within set limits. The Depository is liable for restitution for the loss of financial instruments held in Custody, unless it is able to demonstrate that the loss was due to an event beyond its reasonable control.
(including contracts for difference).
The risk register, its method of preparation and the operation of key controls
in the Manager’s and third party service providers’ systems of internal
control are reviewed on a regular basis by the Audit Committee. In order to
gain a more comprehensive understanding of the Manager’s and other third
party service providers’ risk management processes and how these apply to
the Company’s business, the Audit Committee periodically receives
presentations from BlackRock’s Internal Audit and Risk & Quantitative
Analysis teams. Where produced, the Audit Committee also reviews summaries of
the SOC 1 reports from the Company’s service providers.
As required by the UK Corporate Governance Code, the Board has undertaken a
robust assessment of the principal risks facing the Company, including those
that would threaten its business model, future performance, solvency or
liquidity. The principal risks have been described on pages 11 and 12 of the
Annual Report and Financial Statements, together with an explanation of how
they are managed and mitigated. The Board will continue to assess these risks
on an ongoing basis.
VIABILITY STATEMENT
The Directors have assessed the prospects of the Company over a longer period
than the 12 months referred to by the “Going Concern” guidelines.
The Board conducted this review for the period up to the AGM in 2023, being a
five year period from the date that this Annual Report will be approved by
shareholders. This is generally the investment holding period investors
consider while investing in the smaller companies sector. In making this
assessment the Board has considered the following factors:
*
the Company’s principal risks as set out on pages 11 and 12 of the Annual
Report and Financial Statements;the impact of a significant fall in UK equity
markets on the value of the Company’s investment portfolio;
*
the ongoing relevance of the Company’s investment objective; and
*
the level of demand for the Company’s shares
The Directors have also considered the Company’s revenue and expense
forecasts and the fact that expenses and liabilities are relatively stable.
The Company also has a portfolio of investments which provides a level of cash
receipts in the form of dividends and which are considered to be relatively
realisable if required.
The Directors reviewed the assumptions and considerations underpinning the
Company’s existing going concern assertion which are based on:
*
processes for monitoring costs;
*
key financial ratios;
*
evaluation of risk management and controls;
*
compliance with the investment objective;
*
the Company’s ability to meet its liabilities as they fall due;
*
portfolio risk profile;
*
share price discount to NAV;
*
gearing; and
* counterparty exposure and liquidity risk.
The Company has a relatively liquid portfolio and largely fixed overheads
(excluding any applicable performance fees) which comprise a very small
percentage of net assets (0.9%). In addition, with effect from 1 December
2017, the effective performance fee cap in the event that the fund return
exceeds the benchmark return over the performance period was reduced to 0.9%
of the Performance Fee Market Value and the applicable percentage to be
applied to the outperformance of the NAV total return over the benchmark
return was changed from 10% to 15%. In addition, the maximum cap on total
fees was reduced from 1.70% (measured over a one year period) to 1.25% of
average gross assets (measured over a rolling two year period). Therefore, the
Board has concluded that the Company would be able to meet its ongoing
operating costs as they fall due.
The Board has also considered the current and potential future impact on the
Company of the UK’s decision to leave the European Union following the
referendum held in June 2016. It has concluded that the Company’s business
model and strategy are not threatened by this event.
In reaching this conclusion the Board considered whether this event has, or
would be likely to have, a significant impact on the Company’s activities
and whether or not the Investment Manager would be impeded in achieving its
investment objectives as a result of the impact of the leave vote. The Board
also considered the impact of potential changes in law, regulation, foreign
exchange and taxation. However, due to the complexity and general lack of
information available at present, it is challenging to accurately assess the
future impact of the UK’s exit from the European Union. Therefore, the Board
intends to closely monitor the situation as it develops and will regularly
reappraise its position.
Based on the results of their analysis, the Directors have a reasonable
expectation that the Company will be able to continue in operation and meet
its liabilities as they fall due over the period of their assessment.
FUTURE PROSPECTS
The Board’s main focus is on the achievement of capital growth and the
future of the Company is dependent upon the success of the investment
strategy. The outlook for the Company is discussed in the Chairman’s
Statement and in the Investment Manager’s Report.
SOCIAL, COMMUNITY AND HUMAN RIGHTS ISSUES
As an investment trust, the Company has no direct social or community
responsibilities. However, the Company believes that it is in shareholders’
interests to consider human rights issues, environmental, social and
governance factors when selecting and retaining investments. Details of the
Company’s policy on socially responsible investment are set out on page 35
of the Annual Report and Financial Statements.
MODERN SLAVERY ACT
As an investment vehicle the Company does not provide goods or services in the
normal course of business, and does not have customers. Accordingly, the
Directors consider that the Company is not required to make any slavery or
human trafficking statement under the Modern Slavery Act 2015. The Board
considers the Company’s supply chain, dealing predominantly with
professional advisers and service providers in the financial services
industry, to be low risk in relation to this matter.
GLOBAL GREENHOUSE GAS EMISSIONS FOR THE PERIOD 1 DECEMBER 2016 TO 30 NOVEMBER
2017
The Company has no greenhouse gas emissions to report from its operations, nor
does it have responsibility for any other emissions producing sources under
the Companies Act 2006 (Strategic Report and Directors’ Reports) Regulations
2013.
DIRECTORS, EMPLOYEES AND GENDER REPRESENTATION
The Directors of the Company on 30 November 2017, all of whom held office
throughout the year, are set out on pages 20 and 21 of the Annual Report and
Financial Statements. The Board recognises the importance of having a range of
experienced Directors who, both individually and collectively, possess a
suitable balance of skills, knowledge and diversity to enable it to fulfil its
obligations. As at 30 November 2017, the Board consisted of four men and one
woman.
The Company has no employees and all of its Directors are non-executive.
Therefore, there are no disclosures to be made in respect of employees.
The information on pages 15 to 19 of the Annual Report and Financial
including the Investment Manager’s Report forms part of this Strategic
Report.
The Strategic Report was approved by the Board at its meeting on 9 February
2018.
BY ORDER OF THE BOARD
KEVIN MAYGER, FOR AND ON BEHALF OF
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED
Company Secretary
9 February 2018
RELATED PARTY TRANSACTIONS
BlackRock Fund Managers Limited (BFM) provides management and administration
services to the Company under a contract which is terminable on six months’
notice. BFM has (with the Company’s consent) delegated certain portfolio and
risk management services, and other ancillary services, to BlackRock
Investment Management (UK) Limited (BIM (UK)). Further details of the
investment management contract are disclosed in the Directors’ Report on
pages 22 and 23 of the Annual Report and Financial Statements.
The investment management fee due for the year ended 30 November 2017 amounted
to £2,643,000 (2016: £2,483,000). In addition, a performance fee is payable
of £4,659,000 (2016: £768,000). At the year end, £1,942,000 was outstanding
in respect of management fees (2016: £656,000) and £4,659,000 (2016:
£768,000) was outstanding in respect of performance fees.
In addition to the above services, BlackRock has provided marketing services.
The total fees paid or payable for these services for the year ended 30
November 2017 amounted to £54,000 excluding VAT (2016: £92,000). Marketing
fees of £92,000 (2016: £113,000) were outstanding at the year end.
The Company has an investment in BlackRock’s Institutional Cash Series plc
– Sterling Liquidity Fund of £13,004,000 (2016: £5,390,000) at the year
end.
The related party transactions with Directors are set out in the Directors’
Remuneration Report on pages 28 to 31 of the Annual Report and Financial
Statements. Disclosures of the Directors’ interests in the ordinary shares
of the Company and fees and expenses payable to the Directors are set out in
the Directors’ Remuneration Report on pages 28 and 31 of the Annual Report
and Financial Statements. At 30 November 2017, £11,000 (2016: £12,000) was
outstanding in respect of Directors’ fees.
The Board consists of five non-executive Directors, all of whom are considered
to be independent by the Board. None of the Directors has a service contract
with the Company. For the year ended 30 November 2017, the Chairman received
an annual fee of £36,000, the Chairman of the Audit and Management Engagement
Committee received an annual fee of £28,000 and each other Director received
an annual fee of £24,000.
As at 30 November 2017, all members of the Board held shares in the Company.
Christopher Samuel held 11,000 ordinary shares, Loudon Greenlees held 15,000
ordinary shares, Simon Beart held 45,661 ordinary shares (including 15,020
ordinary shares held by Mrs Beart), Jean Matterson held 46,000 ordinary shares
and Andrew Pegge held 2,000 ordinary shares.
All of the holdings of the Directors are beneficial. Since the year end there
have been a number of changes to the Directors’ share interests. As at the
date of this report Mr Beart holds 46,291 ordinary shares (including 15,335
ordinary shares held by Mrs Beart). All other shareholdings remain unchanged.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT AND
FINANCIAL STATEMENTS
The Directors are responsible for preparing the Annual Report and Financial
Statements, the Directors’ Remuneration Report and the financial statements
in accordance with applicable United Kingdom law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law, the Directors are required to prepare the
financial statements in accordance with IFRS as adopted by the European Union.
Under Company law the Directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of
affairs of the Company and of the profit or loss of the Company for that
period.
In preparing these financial statements, the Directors are required to:
*
present fairly the financial position, financial performance and cash flows of
the Company;
*
select suitable accounting policies in accordance with IAS8: Accounting
Policies, Changes in Accounting Estimates and Errors and then apply them
consistently;
*
present information, including accounting policies, in a manner that provides
relevant, reliable, comparable and understandable information;
*
make judgements and estimates that are reasonable and prudent;
*
state whether the financial statements have been prepared in accordance with
IFRS as adopted by the European Union, subject to any material departures
disclosed and explained in the financial statements;
*
provide additional disclosures when compliance with the specific requirements
in IFRS as adopted by the European Union is insufficient to enable users to
understand the impact of particular transactions, other events and conditions
on the Company’s financial position and financial performance; and
*
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company’s transactions and disclose with
reasonable accuracy at any time the financial position of the Company and
enable them to ensure that the financial statements comply with the Companies
Act 2006. They are also responsible for safeguarding the assets of the Company
and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities. The Directors are also responsible for
preparing the Strategic Report, the Directors’ Report, the Directors’
Remuneration Report and the Corporate Governance Statement in accordance with
the Companies Act 2006 and applicable regulations, including the requirements
of the Listing Rules and the Disclosure and Transparency Rules. The Directors
have delegated responsibility to the Investment Manager and the AIFM for the
maintenance and integrity of the Company’s corporate and financial
information included on BlackRock’s website. Legislation in the United
Kingdom governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Each of the Directors, whose names are listed on pages 20 and 21 of the Annual
Report and Financial Statements, confirms to the best of his or her knowledge
that:
*
the financial statements, which have been prepared in accordance with IFRS as
adopted by the European Union, give a true and fair view of the assets,
liabilities, financial position and net return of the Company; and
*
the Annual Report and Financial Statements include a fair review of the
development and performance of the business and the position of the Company,
together with a description of the principal risks and uncertainties that it
faces.
The 2016 UK Corporate Governance Code also requires Directors to ensure that
the Annual Report and Financial Statements are fair, balanced and
understandable. In order to reach a conclusion on this matter, the Board has
requested that the Audit Committee advise on whether it considers that the
Annual Report and Financial Statements fulfils these requirements. The process
by which the Committee has reached these conclusions is set out in the Audit
Committee’s report on pages 37 to 39 of the Annual Report and Financial
Statements. As a result, the Board has concluded that the Annual Report and
Financial Statements for the year ended 30 November 2017, taken as a whole, is
fair, balanced and understandable and provides the information necessary for
shareholders to assess the Company’s position, performance, business model
and strategy.
FOR AND ON BEHALF OF THE BOARD
CHRISTOPHER SAMUEL
Chairman
9 February 2018
FIFTY LARGEST INVESTMENTS AS AT 30 NOVEMBER 2017
Company Market value £’000 % of net assets Description
Dechra Pharmaceuticals Ordinary Shares Long CFD Position 10,287 1,820 3.1 Development and supply of pharmaceutical and other products focused on the veterinary market
4imprint Group Ordinary Shares Long CFD Position 8,853 1,581 2.6 Supply of promotional merchandise in the US
Ibstock Ordinary Shares Long CFD Position 7,618 1,341 2.3 Manufacture of clay bricks and concrete products
Hill & Smith Ordinary Shares Long CFD Position 8,045 638 2.2 Production of infrastructure products and supply of galvanising services
Big Yellow Ordinary Shares 8,603 2.2 Provision of self-storage services
Accesso Technology* Ordinary Shares Long CFD Position 6,707 1,586 2.1 Development and supply of ticketing and virtual queuing solutions
Robert Walters Ordinary Shares 8,287 2.1 Provision of specialist recruitment services
CVS Group* Ordinary Shares Long CFD Position 6,048 2,140 2.1 Operation of veterinary surgeries
Ascential Ordinary Shares Long CFD Position 4,516 3,398 2.0 Global business-to-business media company
Avon Rubber Ordinary Shares 7,778 2.0 Production of safety masks and dairy related products
Johnson Service Group* Ordinary Shares Long CFD Position 5,727 1,983 1.9 Provision of textile related services
Restore* Ordinary Shares Long CFD Position 6,196 1,357 1.9 Management of business information in both paper and digital form
Advanced Medical Solutions* Ordinary Shares Long CFD Position 6,250 981 1.8 Development and manufacture of wound care and closure products
Bodycote Ordinary Shares Long CFD Position 6,174 560 1.7 Provision of thermal processing services
Melrose Industrials Ordinary Shares Long CFD Position 2,895 3,735 1.7 Purchasing and improvement of manufacturing business
Trifast Ordinary Shares 6,628 1.7 Manufacturing and distribution of industrial fastenings
Hiscox Ordinary Shares Long CFD Position 4,243 2,079 1.6 Provision of insurance services
Central Asia Metals* Ordinary Shares 6,279 1.6 Copper mining
Marshalls Ordinary Shares Long CFD Position 5,194 1,020 1.6 Manufacture and sale of concrete stone paving and related products
Workspace Group Ordinary Shares Long CFD Position 5,219 966 1.6 Supply of flexible workspace to businesses in London
Headlam Group Ordinary Shares 6,039 1.5 Distribution of carpets and other floor coverings
Premier Asset Management Group* Ordinary Shares 5,968 1.5 Retail asset management
Keywords Studios* Ordinary Shares Long CFD Position 4,453 1,405 1.5 Provision of services to the global video games industry
Morgan Sindall Ordinary Shares 5,827 1.5 Supply of office fit-out, construction and urban regeneration services
Scapa* Ordinary Shares Long CFD Position 4,233 1,446 1.4 Manufacturing of adhesive products
Savills Ordinary Shares Long CFD Position 4,916 465 1.4 Provision of property services
Vesuvius Ordinary Shares Long CFD Position 5,011 282 1.3 Provider of metal flow engineering services and solutions to the steel and foundry industries
Coats Group Ordinary Shares 5,290 1.3 Manufacturer of threads and yarns
First Derivatives* Ordinary Shares Long CFD Position 3,630 1,566 1.3 Provider of software and consulting services to finance, technology and energy organisations
YouGov* Ordinary Shares Long CFD Position 4,335 856 1.3 Provision of research and consultancy services
Polar Capital Holdings* Ordinary Shares 5,066 1.3 Provision of investment management services
Sanne Ordinary Shares Long CFD Position 3,653 1,281 1.2 Provision of corporate, fund and private client administration, reporting and fiduciary services
KAZ Minerals Ordinary Shares 4,930 1.2 Copper mining
Fevertree Drinks* Ordinary Shares Long CFD Position 3,301 1,599 1.2 Development and sale of soft drinks and mixers
Bellway Ordinary Shares Long CFD Position 3,931 926 1.2 UK housebuilder focused on affordable housing outside of London
St. Modwen Properties Ordinary Shares 4,779 1.2 Investment and development of property
SSP Ordinary Shares Long CFD Position 3,168 1,455 1.2 Operator of food and beverage concessions in travel locations
XLMedia* Ordinary Shares 4,586 1.2 Provider of digital marketing services used by customers to generate online and mobile traffic
Supergroup Ordinary Shares Long CFD Position 3,658 897 1.1 Distinctive fashion retailer behind the Superdry brand
Next Fifteen Communications* Ordinary Shares 4,548 1.1 Provision of digital communication products and services
Sophos Group Ordinary Shares Long CFD Position 1,800 2,678 1.1 Provider of cloud-enabled end-user and network security solutions
888 Ordinary Shares Long CFD Position 3,207 1,068 1.1 Provision of online gaming entertainment and solutions
GB Group* Ordinary Shares 4,262 1.1 Development and supply of identity verification solutions
Gooch & Housego* Ordinary Shares Long CFD Position 3,651 590 1.0 Manufacturer of photonics technologies
Ocean Wilsons Ordinary Shares 4,123 1.0 Port servicing and related manufacturing
Fuller Smith & Turner Ordinary Shares Long CFD Position 3,814 294 1.0 Ownership and operation of pubs mainly in the London area
Derwent London Ordinary Shares Long CFD Position 3,101 954 1.0 Owns and manages properties in London’s West End
Countryside Properties Ordinary Shares 3,951 1.0 Housebuilding and urban regeneration
Faroe Petroleum* Ordinary Shares 3,917 1.0 Oil & gas exploration
Liontrust Asset Management Ordinary Shares 3,880 1.0 Investment management company
----------- -------
50 largest investments 301,522 76.0
---------- --------
* Traded on the Alternative Investment Market (AIM) of the London
Stock Exchange.
Net portfolio is calculated as long only equity portfolio plus long CFD
portfolio less short CFD portfolio. All investments are in equity shares
unless otherwise stated.
At 30 November 2017, the Company did not hold any equity interest representing
more than 3% of any company’s share capital.
A list of the Company’s long only equity portfolio and long CFD portfolio is
available on the Company’s website.
2016 COMPARATIVE FOR TEN LARGEST INVESTMENTS
Company 30 November 2016 Market value £’000 % of net assets
CVS Group Ordinary shares Long CFD position 8,460 1,990 3.5
4imprint Group Ordinary shares Long CFD position 8,108 1,502 3.2
JD Sports Fashion Ordinary shares Long CFD position 5,471 2,763 2.7
Dechra Pharmaceuticals Ordinary shares Long CFD position 5,956 1,529 2.5
Hill & Smith Ordinary shares Long CFD position 5,957 612 2.2
Avon Rubber Ordinary shares 6,152 2.0
Accesso Technology Ordinary shares Long CFD position 4,243 1,200 1.8
Cineworld Group Ordinary shares Long CFD position 3,607 1,772 1.8
Workspace Group Ordinary shares Long CFD position 4,841 423 1.7
Restore Ordinary shares Long CFD position 3,992 844 1.6
FAIR VALUE AND GROSS MARKET EXPOSURE OF INVESTMENTS
Portfolio Fair value (1) £’000 Gross market exposure (2) £’000 Gross market exposure as a % of net assets (3) 2017 Gross market exposure as a % of net assets (3) 2016
Equity investments (excluding BlackRock’s Institutional Cash Fund) and CFDs 390,326 390,326 98.4 98.5
Total long CFD positions (886) 74,071 18.7 18.7
Total short CFD positions and index futures 193 (34,642) (8.7) (8.5)
-------- -------- -------- --------
Total Investments 389,633 429,755 108.4 108.7
Cash and cash equivalents (4) 44 (40,078) (10.2) (9.5)
BlackRock’s Institutional Cash Fund (4) 13,004 13,004 3.3 1.8
Other net current liabilities (5,835) (5,835) (1.5) (1.0)
-------- -------- -------- --------
Net assets 396,846 396,846 100.0 100.0
-------- -------- -------- --------
1. Fair value is determined as follows:
– Listed and AIM quoted investments are valued at bid prices where
available, otherwise at published price quotations.
– The sum of the fair value column for the CFD contracts represents
the fair valuation of all the CFD contracts, which is determined based on the
difference between the purchase price and value of the underlying shares in
the contract (in effect the unrealised gains/(losses) on the exposed
positions). The cost of purchasing the securities held through long CFD
positions directly in the market would have amounted to £74,957,000 at the
time of purchase, and subsequent market falls in prices have resulted in
unrealised losses on the CFD contracts of £886,000, resulting in the value of
the total market exposure to the underlying securities decreasing to
£74,071,000 as at 30 November 2017. The notional price of selling the
securities to which exposure was gained via the short CFD positions and index
futures would have been £34,835,000 at the time of entering into the
contract, and subsequent price falls have resulted in unrealised gains on the
short CFD positions of £193,000 and the value of the market exposure of these
investments decreasing to £34,642,000 at 30 November 2017. If the short
position had been closed on 30 November 2017 this would have resulted in a
gain of £193,000 for the Company.
2. Market exposure in the case of equity investments is the same as fair
value. In the case of CFDs it is the market value of the underlying shares to
which the portfolio is exposed via the contract.
3. % based on the total market exposure.
4. The gross market exposure column for Cash and Cash Fund investments
has been adjusted to assume the Company traded direct holdings rather than
exposure being gained through CFDs.
DISTRIBUTION OF INVESTMENTS AS AT 30 NOVEMBER 2017
PORTFOLIO BY MAIN INDEX MEMBERSHIP
AT 30 NOVEMBER 2017
Gross Basis (1) Net Basis (2)
FTSE 250 42.6% 37.1%
FTSE AIM 31.3% 35.3%
FTSE Small Cap 23.9% 25.2%
Other 1.9% 2.0%
International 0.3% 0.4%
Source: BlackRock.
1. Long and short portfolios in aggregate plus long only equity
portfolio excluding investment in BlackRock’s Institutional Cash Fund.
2. Long portfolio less short portfolio plus long only equity portfolio
excluding investment in BlackRock’s Institutional Cash Fund.
MARKET CAPITALISATION AS AT 30 NOVEMBER 2017
Long Positions (including the long only portfolio and the long derivative portfolio) Short Positions
£1bn+ 35.8% -3.1%
£400m to £1bn 41.2% -1.4%
£100m to £400m 27.8% -1.2%
£0m to £100m 0.9% 0.0%
Source: BlackRock.
POSITION SIZE AS AT 30 NOVEMBER 2017
Long Positions (including the long only portfolio and the long derivative portfolio) Short Positions
£2m+ 81 0
£1m to £2m 38 -5
£0m to £1m 21 -34
Source: BlackRock.
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 NOVEMBER 2017
Notes Revenue 2017 £’000 Revenue 2016 £’000 Capital 2017 £’000 Capital 2016 £’000 Total 2017 £’000 Total 2016 £’000
Income from investments held at fair value through profit or loss 3 8,216 6,794 – – 8,216 6,794
Net income from contracts for difference 3 370 76 – – 370 76
Other income 3 15 1 – – 15 1
-------- -------- -------- -------- -------- --------
Total revenue 8,601 6,871 – – 8,601 6,871
-------- -------- -------- -------- -------- --------
Net profit on investments held at fair value through profit or loss – – 88,130 10,419 88,130 10,419
Net loss on foreign exchange – – (70) (24) (70) (24)
Net profit from contracts for difference and futures – – 12,535 6,746 12,535 6,746
-------- -------- -------- -------- -------- --------
Total 8,601 6,871 100,595 17,141 109,196 24,012
-------- -------- -------- -------- -------- --------
Expenses
Investment management and performance fees 4 (661) (621) (6,641) (2,630) (7,302) (3,251)
Other operating expenses 5 (525) (519) (16) (18) (541) (537)
-------- -------- -------- -------- -------- --------
Total operating expenses (1,186) (1,140) (6,657) (2,648) (7,843) (3,788)
-------- -------- -------- -------- -------- --------
Net profit on ordinary activities before finance costs and taxation 7,415 5,731 93,938 14,493 101,353 20,224
Finance costs (1) (1) (2) (3) (3) (4)
-------- -------- -------- -------- -------- --------
Net profit on ordinary activities before taxation 7,414 5,730 93,936 14,490 101,350 20,220
Taxation (18) (7) – – (18) (7)
-------- -------- -------- -------- -------- --------
Profit for the year 7,396 5,723 93,936 14,490 101,332 20,213
======== ======== ======== ======== ======== ========
Earnings per ordinary share (pence) 7 10.11 7.83 128.45 19.81 138.56 27.64
======== ======== ======== ======== ======== ========
The total column of this statement is prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union (EU). The supplementary revenue and capital columns are both prepared
under guidance published by the Association of Investment Companies (AIC). All
items in the above statement derive from continuing operations. No operations
were acquired or discontinued during the year. All income is attributable to
the equity holders of the Company.
The Company does not have any other comprehensive income. The total net profit
for the year disclosed above represents the Company’s total comprehensive
income.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2017
Notes Called up share capital £’000 Share premium account £’000 Capital redemption reserve £’000 Special reserve £’000 Capital reserves £’000 Revenue reserve £’000 Total £’000
For the year ended
30 November 2017
At 30 November 2016 4,026 21,049 11,905 35,272 219,011 10,284 301,547
Total Comprehensive Income:
Net profit for the year – – – – 93,936 7,396 101,332
Transactions with owners, recorded directly to equity:
Dividends paid* 6 – – – – – (6,033) (6,033)
-------- -------- -------- -------- -------- -------- --------
At 30 November 2017 4,026 21,049 11,905 35,272 312,947 11,647 396,846
-------- -------- -------- -------- -------- -------- --------
For the year ended
30 November 2016
At 30 November 2015 4,026 21,049 11,905 35,272 204,521 9,570 286,343
Total Comprehensive Income:
Net profit for the year – – – – 14,490 5,723 20,213
Transactions with owners, recorded directly to equity:
Dividends paid** 6 – – – – – (5,009) (5,009)
-------- -------- -------- -------- -------- -------- --------
At 30 November 2016 4,026 21,049 11,905 35,272 219,011 10,284 301,547
-------- -------- -------- -------- -------- -------- --------
* Final dividend of 6.25p per share for the year ended 30 November
2016, declared on 6 February 2017 and paid on 29 March 2017 and interim
dividend of 2.00p per share for the year ended 30 November 2017, declared on
24 July 2017 and paid on 23 August 2017.
** Final dividend of 5.60p per share for the year ended 30 November
2015, declared on 12 February 2016 and paid on 5 April 2016 and interim
dividend of 1.25p per share for the year ended 30 November 2016, declared on
18 July 2016 and paid on 19 August 2016.
STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2017
Notes 30 November 2017 £’000 30 November 2016 £’000
Non current assets
Investments held at fair value through profit or loss 390,326 297,072
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Current assets
Other receivables 1,703 1,346
Derivative financial assets held at fair value through profit or loss 189 1,934
Cash collateral held with brokers 1,117 152
Cash and cash equivalents 13,048 5,509
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