REG-BlackRock Throg Tst: Final Results <Origin Href="QuoteRef">THRG.L</Origin> - Part 3
12/02/2018 07:50
- Part 3: For the preceding part double click ID:nPRrAB305b
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16,057 8,941
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Total assets 406,383 306,013
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Current liabilities
Other payables (7,375) (3,024)
Derivative financial liabilities held at fair value through profit or loss (882) (19)
Cash collateral received in respect of contracts for difference (1,280) (1,423)
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(9,537) (4,466)
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Net assets 396,846 301,547
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Equity attributable to equity holders
Called up share capital 8 4,026 4,026
Share premium account 9 21,049 21,049
Capital redemption reserve 9 11,905 11,905
Special reserve 9 35,272 35,272
Capital reserves 9 312,947 219,011
Revenue reserve 9 11,647 10,284
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Total equity 396,846 301,547
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Net asset value per ordinary share (pence) 7 542.66 412.34
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CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2017
30 November 2017 £’000 30 November 2016 £’000
Operating activities
Net profit on ordinary activities before taxation 101,350 20,220
Add back finance costs 3 4
Net profit on investments and contracts for difference held at fair value through profit or loss (including transaction costs) (101,032) (17,512)
Net loss on foreign exchange 70 24
Sales of investments held at fair value through profit or loss 171,534 110,936
Purchases of investments held at fair value through profit or loss (176,658) (110,369)
Realised gains on closure of contracts for difference 43,446 35,038
Realised losses on closure of contracts for difference (27,449) (28,282)
Realised losses on closure of futures contracts (487) (461)
Collateral (pledged)/received in respect of contracts for difference (1,108) 37
(Increase)/decrease in other receivables (242) 65
Increase/(decrease) in other payables 5,058 (3,253)
(Increase)/decrease in amounts due from brokers (115) 1,655
(Decrease)/increase in amounts due to brokers (707) 106
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Net cash inflow from operating activities before interest and taxation 13,663 8,208
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Taxation on investment income included within gross income (18) (7)
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Net cash inflow from operating activities 13,645 8,201
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Financing activities
Interest paid (3) (3)
Dividends paid (6,033) (5,009)
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Net cash outflow from financing activities (6,036) (5,012)
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Increase in cash and cash equivalents 7,609 3,189
Effect of foreign exchange rate changes (70) (24)
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Change in cash and cash equivalents 7,539 3,165
Cash and cash equivalents at start of year 5,509 2,344
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Cash and cash equivalents at end of the year 13,048 5,509
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Comprised of:
Cash at bank 44 119
BlackRock’s Institutional Cash Series plc – Sterling Liquidity Fund 13,004 5,390
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13,048 5,509
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NOTES TO THE FINANCIAL STATEMENTS
1. PRINCIPAL ACTIVITY
The principal activity of the Company is that of an investment trust company
within the meaning of section 1158 of the Corporation Tax Act 2010.
2. ACCOUNTING POLICIES
The principal accounting policies adopted by the Company are set out below.
(a) Basis of preparation
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union and as
applied in accordance with the provisions of the Companies Act 2006. All of
the Company’s operations are of a continuing nature.
Insofar as the Statement of Recommended Practice (SORP) for investment trust
companies and venture capital trusts issued by the Association of Investment
Companies (AIC), revised in November 2014, is compatible with IFRS, the
financial statements have been prepared in accordance with guidance set out in
the SORP.
Substantially all of the assets of the Company consist of securities that are
readily realisable and, accordingly, the Directors believe that the Company
has adequate resources to continue in operational existence for the
foreseeable future. Consequently, the Directors have determined that it is
appropriate for the financial statements to be prepared on a going concern
basis.
The Company’s financial statements are presented in sterling, which is the
functional currency of the Company and the currency of the primary economic
environment in which the Company operates. All values are rounded to the
nearest thousand pounds (£’000) except where otherwise indicated.
A number of new standards, amendments to standards and interpretations that
became effective during the year, had no significant impact on the amounts
reported in these financial statements but may impact accounting for future
transactions and arrangements.
At the date of authorising these financial statements the following standards
and interpretations which had not been applied in these financial statements
were in issue but not yet effective.
IFRS 9 Financial Instruments (2014) replaces IAS 39 and deals with a package
of improvements including principally a revised model for classification and
measurement of financial instruments, a forward looking expected loss
impairment model and a revised framework for hedge accounting. In terms of
classification and measurement the revised standard is principles based
depending on the business model and nature of cash flows. Under this approach,
instruments are measured at either amortised cost or fair value. Under IFRS 9
equity and derivative investments will be held at fair value because they fail
the ‘solely payments of principal and interest’ test and debt investments
will be held at fair value if the business model is to manage them on a fair
value basis. The standard is effective from 1 January 2018 with earlier
application permitted. The Company does not plan to early adopt this standard.
The standard is not expected to have any impact on the Company as all its
investments are held at fair value through profit or loss.
Amendments to IAS 7 – Disclosure initiative Statement of Cash Flows
(effective 1 January 2017). The amendments will not have a significant effect
on the presentation of the Cash Flow Statement within the financial statements
of the Company as the Company does not have any debt.
Amendments to IAS 12 – Recognition of deferred tax assets for unrealised
losses (effective 1 January 2017). The amendment will not have a significant
effect on the measurement of amounts recognised in the financial statements of
the Company.
IFRS 15 – Revenue from Contracts with Customers (effective 1 January 2018)
specifies how and when an entity should recognise revenue and enhances the
nature of revenue disclosures. Given the nature of the Company’s revenue
streams from financial instruments, the provisions of this standard are not
expected to have a material impact.
(b) Presentation of Statement of Comprehensive Income
In order to better reflect the activities of an investment trust company and
in accordance with guidance issued by the AIC, supplementary information which
analyses the Statement of Comprehensive Income between items of a revenue and
a capital nature has been presented alongside the Statement of Comprehensive
Income.
(c) Segmental reporting
The Directors are of the opinion that the Company is engaged in a single
segment of business being investment business.
(d) Income
Dividends receivable on equity shares are recognised as revenue for the year
on an ex-dividend basis. Where no ex-dividend date is available, dividends
receivable on or before the year end are treated as revenue for the year.
Provision is made for any dividends not expected to be received. Special
dividends, if any, are treated as a capital or a revenue receipt depending on
the facts or circumstances of each particular case. Interest income and
deposit interest is accounted for on an accruals basis.
Where the Company has elected to receive its dividends in the form of
additional shares rather than cash, the cash equivalent of the dividend is
recognised as income. Any excess in the value of the shares received over the
amount of the cash dividend is recognised in capital.
(e) Expenses
All expenses, including finance costs, are accounted for on an accruals basis.
Expenses have been charged wholly to the revenue column of the Statement of
Comprehensive Income, except as follows:
*
expenses which are incidental to the acquisition or sale of an investment are
charged to the capital column of the Statement of Comprehensive Income.
Details of transaction costs on the purchases and sales of investments are
disclosed within note 10 to the financial statements on page 56 of the Annual
Report and Financial Statements.
*
expenses are treated as capital where a connection with the maintenance or
enhancement of the value of the investments can be demonstrated.
*
the investment management fee and finance costs have been allocated 75% to the
capital column and 25% to the revenue column of the Statement of Comprehensive
Income in line with the Board’s expected long term split of returns, in the
form of capital gains and income respectively, from the investment portfolio.
* performance fees are allocated 100% to the capital column of the Statement
of Comprehensive Income as fees are generated in connection with enhancing the
value of the investment portfolio.
(f) Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax. The tax currently payable is based on the taxable profit for the year.
Taxable profit differs from net profit as reported in the Statement of
Comprehensive Income because it excludes items of income or expenses that are
taxable or deductible in other years and it further excludes items that are
never taxable or deductible. The Company’s liability for current tax is
calculated using tax rates that were applicable at the balance sheet date.
Where expenses are allocated between capital and revenue, any tax relief in
respect of the expenses is allocated between capital and revenue returns on
the marginal basis using the Company’s effective rate of corporation
taxation for the accounting period.
Deferred taxation is recognised in respect of all temporary differences that
have originated but not reversed at the financial reporting date, where
transactions or events that result in an obligation to pay more tax in the
future or a right to less tax in the future have occurred at the financial
reporting date. This is subject to deferred tax assets only being recognised
if it is considered more likely than not that there will be suitable profits
from which the future reversal of the temporary differences can be deducted.
Deferred tax assets and liabilities are measured at the rates applicable to
the legal jurisdictions in which they arise.
(g) Investments held at fair value through profit or loss
The Company’s investments are designated upon initial recognition as held at
fair value through profit or loss in accordance with IAS 39 – Financial
Instruments: Recognition and Measurement and are managed and evaluated on a
fair value basis in accordance with its investment strategy.
All investments are measured initially and subsequently at fair value through
profit or loss. Purchases of investments are recognised on a trade date basis.
The sales of assets are recognised at the trade date of the disposal. Proceeds
are measured at fair value, which is regarded as the proceeds of sale less any
transaction costs.
The fair value of the equity investments is based on their quoted bid price at
the financial reporting date, without deduction for the estimated future
selling costs. This policy applies to all current and non current asset
investments held by the Company.
Changes in the value of investments held at fair value through profit or loss
and gains and losses on disposal are recognised in the Statement of
Comprehensive Income as Net profit on investments held at fair value through
profit or loss. Also included within this heading are transaction costs in
relation to the purchase or sale of investments.
(h) Derivatives
The Company can hold long and short positions in contracts for difference
(CFD) and index futures which are held at fair value based on the bid prices
of the underlying securities in respect of long positions, and the offer
prices of the underlying securities in respect of short positions.
Profits and losses on derivative transactions are recognised in the Statement
of Comprehensive Income. They are shown in the capital column of the Statement
of Comprehensive Income if they are of a capital nature and are shown in the
revenue column of the Statement of Comprehensive Income if they are of a
revenue nature. To the extent that any profits or losses are of a mixed
revenue and capital nature, they are apportioned between revenue and capital
accordingly.
(i) Other receivables and other payables
Other receivables and other payables do not carry any interest and are short
term in nature and are accordingly stated at their nominal value.
(j) Dividends payable
Under IFRS, final dividends should not be accrued in the financial statements
unless they have been approved by shareholders before the financial reporting
date. Interim dividends should not be accrued in the financial statements
unless they have been paid.
Dividends payable to equity shareholders are recognised in the Statement of
Changes in Equity.
(k) Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling at
the date of the transaction. Foreign currency monetary assets and liabilities
and non monetary assets held at fair value are translated into sterling at the
rate ruling on the financial reporting date. Foreign exchange differences
arising on translation are recognised in the Statement of Comprehensive Income
as a revenue or capital item depending on the income or expense to which they
relate. For investment transactions and investments held at the year end,
denominated in a foreign currency, the resulting gains or losses are included
in Net profit on investments held at fair value through profit or loss in the
Statement of Comprehensive Income.
(l) Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents are short
term, highly liquid investments, that are readily convertible to known amounts
of cash and that are subject to an insignificant risk of changes in value.
(m) Bank borrowings
Bank borrowings are recorded as the proceeds are received. Finance charges are
accounted for on an accruals basis in the Statement of Comprehensive Income
using the effective interest rate method and are added to the carrying amount
of the instruments to the extent that they are not settled in the period in
which they arise.
3. INCOME
2017 £’000 2016 £’000
Investment income:
UK listed dividends 5,866 5,430
UK listed special dividends 441 403
UK listed stock dividend 58 36
UK listed REIT dividends 482 405
Overseas listed dividends 1,192 474
Overseas listed special dividends 177 46
Income from contracts for difference 370 76
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8,586 6,870
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Other income:
Deposit interest 2 1
Underwriting commission 13 –
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Total income 8,601 6,871
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Dividends and interest received during the year amounted to £8,344,000 and
£2,000 (2016: £6,364,000 and £1,000).
A special dividend of £8,000 has been recognised in capital (2016: dividends
of £131,000).
4. INVESTMENT MANAGEMENT AND PERFORMANCE FEES
2017 2016
Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000
Investment management fee 661 1,982 2,643 621 1,862 2,483
Performance fee – 4,659 4,659 – 768 768
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Total 661 6,641 7,302 621 2,630 3,251
===== ===== ===== ===== ===== =====
Performance fees have been wholly allocated to the capital column of the
Statement of Comprehensive Income as the performance has been predominantly
generated through capital returns from the investment portfolio. As at 30
November 2017, the performance fee payable to the Investment Manager amounted
to £4,659,000 (2016: £768,000).
With effect from 1 December 2017 the performance fee will be changed from 10%
to 15% of Net Asset Value total return outperformance of the benchmark
measured over a two year rolling basis and will be applied on the average
gross assets over two years. The previous cap on the performance fee of 1% of
average gross assets over a one year period has been replaced with a cap on
total management and performance fees of 1.25% of average gross assets over a
two year period which has the effect of capping performance fees at 0.9% of
average gross assets over two years. This has been effective from 1 December
2017.
The rate charged for investment management fees changed with effect from 1
August 2017 from 0.70% per annum to 0.35% per annum on month end gross assets.
The management fee is charged 25% to revenue and 75% to capital.
5. OTHER OPERATING EXPENSES
2017 £’000 2016 £’000
Allocated to revenue:
Custody fee 8 7
Auditor's remuneration:
– audit services 37 36
– other assurance services 6 6
Registrar’s fee 33 33
Directors’ emoluments 167 150
Broker fees 37 37
Depositary fees 49 39
Marketing fees 92 126
Marketing fee accrual written back (38) (34)
Other administrative costs 134 119
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525 519
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Allocated to capital:
Custody transaction charges 16 18
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16 18
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The Company’s ongoing charges, calculated as a percentage of average net assets and using expenses, excluding performance fees, finance costs, and taxation were: 0.9% 1.1%
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The Company’s ongoing charges, calculated as a percentage of average net assets and using expenses, including performance fees but excluding finance costs and taxation were: 2.2% 1.3%
======== ========
Details of the calculation methodology for ongoing charges can be found in the
Glossary on page 81 of the Annual Report and Financial Statements.
Auditor’s remuneration for other assurance services comprised £6,000
relating to the interim review (2016: £6,000). For the year ended
30 November 2017, expenses of £16,000 (2016: £18,000) were charged to the
capital column of the Statement of Comprehensive Income. These relate to
transaction costs charged by the custodian on sale and purchase trades.
Details of the Directors’ emoluments are given in the Directors’
Remuneration Report on pages 28 to 31 of the Annual Report and Financial
Statements.
6. DIVIDENDS
Dividends paid on equity shares
Record date Payment date 2017 £’000 2016 £’000
Final dividend of 6.25p per share for the year ended 30 November 2016 (2015: 5.60p) 17 February 2017 29 March 2017 4,571 4,095
Interim dividend of 2.00p per share for the year ended 30 November 2017 (2016: 1.25p) 4 August 2017 23 August 2017 1,462 914
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6,033 5,009
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The total dividends payable in respect of the year ended 30 November 2017
which form the basis of section 1158 of the Corporation Tax act 2010 and
section 833 of the Companies Act 2006, and the amounts proposed, meet the
relevant requirements as set out in this legislation.
Dividends paid, proposed or declared on equity shares: 2017 £’000 2016 £’000
Interim dividend of 2.00p per share for the year ended 30 November 2017 (2016: 1.25p) 1,462 914
Final dividend of 7.00p per share for the year ended 30 November 2017* (2016: 6.25p) 5,119 4,571
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6,581 5,485
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* Based on 73,130,326 (2016: 73,130,326) ordinary shares in issue
on 9 February 2018.
7. EARNINGS AND NET ASSET VALUE PER ORDINARY SHARE
Total revenue and capital return per share and net asset value per share are
shown below and have been calculated using the following:
2017 £’000 2016 £’000
Net revenue profit attributable to ordinary shareholders (£’000) 7,396 5,723
Net capital profit attributable to ordinary shareholders (£’000) 93,936 14,490
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Total profit attributable to ordinary shareholders (£’000) 101,332 20,213
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Equity shareholders’ funds (£’000) 396,846 301,547
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The weighted average number of ordinary shares in issue during the year, on which the earnings per ordinary share was calculated was: 73,130,326 73,130,326
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The actual number of ordinary shares in issue at the year end, on which the net asset value per ordinary share was calculated was: 73,130,326 73,130,326
======== ========
Return per share
Revenue earnings per share – (pence) 10.11 7.83
Capital earnings per share – (pence) 128.45 19.81
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Total earnings per share – (pence) 138.56 27.64
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Net asset value per ordinary share – (pence) 542.66 412.34
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Ordinary share price – (pence) 457.50 325.00
======== ========
There were no dilutive securities at the year end.
8. CALLED UP SHARE CAPITAL
Number of ordinary shares in issue Treasury shares Total shares Nominal value £’000
Allotted, called up and fully paid share capital comprised:
Ordinary shares of 5p each:
At 30 November 2016 73,130,326 7,400,000 80,530,326 4,026
-------- -------- -------- --------
At 30 November 2017 73,130,326 7,400,000 80,530,326 4,026
======== ======== ======== ========
No ordinary shares were issued, purchased or cancelled in the year (2016:
nil).
9. RESERVES
Share premium account £’000 Capital redemption reserve £’000 Special reserve £’000 Capital reserve arising on investments sold £’000 Capital reserve arising on revaluation of investments held £’000 Revenue reserve £’000
At 30 November 2016 21,049 11,905 35,272 151,834 67,177 10,284
Movement during the year:
Total Comprehensive Income:
Net capital profit for the year – – – 41,433 52,503 -
Net revenue profit for the year – – – – – 7,396
Transactions with owners, recorded directly to equity:
Dividends paid – – – – – (6,033)
-------- -------- -------- -------- -------- --------
At 30 November 2017 21,049 11,905 35,272 193,267 119,680 11,647
===== ===== ===== ====== ====== =====
The share premium account and capital redemption reserve are not distributable
profits under the Companies Act 2006. The special reserve may be used as
distributable profits for all purposes and, in particular, for the repurchase
by the Company of its ordinary shares and for payment as dividends. In
accordance with the Company’s articles, net capital returns may be
distributed by way of dividend.
10. VALUATION OF FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are either carried in the Statement
of Financial Position at their fair value (investment and derivatives) or at
an amount which is a reasonable approximation of fair value (due from brokers,
dividends and interest receivable, due to brokers, accruals, cash at bank and
bank overdrafts). IFRS 13 requires the Company to classify fair value
measurements using a fair value hierarchy that reflects the significance of
inputs used in making the measurements. The valuation techniques used by the
Company are explained in the accounting policies note 2(g) to the Financial
Statements on page 51 of the Annual Report and Financial Statements.
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset as follows.
The fair value hierarchy has the following levels:
Level 1 – Quoted market price in an active market for an identical
instrument. A financial instrument is regarded as quoted in an active market
if quoted prices are readily and regularly available from an exchange, dealer,
broker, industry group, pricing service, or regulatory agency, and those
prices represent actual and regularly occurring market transactions on an
arm’s length basis. The Company does not adjust the quoted price for these
instruments.
Level 2 – Valuation techniques used to price securities based on observable
inputs. This category includes instruments valued using quoted market prices
in active markets for similar instruments; quoted prices for similar
instruments in markets that are considered less than active; or other
valuation techniques where all significant inputs are directly or indirectly
observable from market data. Valuation techniques used for non-standardised
financial instruments such as options, currency swaps and other
over-the-counter derivatives include the use of comparable recent arm’s
length transactions, reference to other instruments that are substantially the
same, discounted cash flow analysis, option pricing models and other valuation
techniques commonly used by market participants making the maximum use of
market inputs and relying as little as possible on entity specific inputs.
As at the year end the CFDs were valued using the underlying equity bid price
and the contract price at the inception of the CFD trade or at the trade reset
date. There have been no changes to the valuation technique since the previous
year or as at the date of this report.
Level 3 – Valuation techniques using significant unobservable inputs. This
category includes all instruments where the valuation technique includes
inputs not based on observable data and these inputs could have a significant
impact on the instrument’s valuation. This category includes instruments
that are valued based on quoted prices for similar instruments where
significant entity determined adjustments or assumptions are required to
reflect differences between the instruments and instruments for which there is
no active market. The level in the fair value hierarchy within which the fair
value measurement is categorised in its entirety is determined on the basis of
the lowest level input that is significant to the fair value measurement in
its entirety.
For this purpose, the significance of an input is assessed against the fair
value measurement in its entirety. If a fair value measurement uses observable
inputs that require significant adjustment based on unobservable inputs, that
measurement is a Level 3 measurement. Assessing the significance of a
particular input to the fair value measurement in its entirety requires
judgement, considering factors specific to the asset or liability.
The determination of what constitutes ‘observable’ requires significant
judgement by the Investment Manager. The Investment Manager considers
observable data to be that market data that is readily available, regularly
distributed or updated, reliable and verifiable, not proprietary, and provided
by independent sources that are actively involved in the relevant market.
Contracts for difference have been classified as Level 2 investments as their
valuation has been based on market observable inputs represented by the market
prices of the underlying quoted securities to which these contracts expose the
Company. Index futures have also been classified as level 2 investments.
Fair values of financial assets and financial liabilities
The table below sets out fair value measurements using the IFRS 13 fair value
hierarchy.
Financial assets/(liabilities) at fair value through profit or loss at 30 November 2017 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000
Assets:
Equity investments 390,326 – – 390,326
Contracts for difference (gross exposure on long positions) – 74,071 – 74,071
Liabilities:
Contracts for difference (gross exposure on short positions) – (25,020) – (25,020)
Index futures – (gross exposure on short position) – (9,622) – (9,622)
----------- ---------- ----------- ------------
390,326 39,429 – 429,755
====== ====== ====== =======
Financial assets/(liabilities) at fair value through profit or loss at 30 November 2016 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000
Assets:
Equity investments 297,072 - – 297,072
Contracts for difference (gross exposure on long positions) – 56,467 – 56,467
Liabilities:
Contracts for difference (gross exposure on short positions) – (23,260) – (23,260)
Index futures – (gross exposure on short position) – (2,452) – (2,452)
----------- ---------- ------------ -----------
297,072 30,755 – 327,827
====== ====== ====== ======
There were no transfers between levels for financial assets and financial
liabilities during the year recorded at fair value as at 30 November 2017 and
30 November 2016. The Company did not hold any Level 3 securities throughout
the financial year or as at 30 November 2017 (2016: nil).
11. CONTINGENT LIABILITIES
There were no contingent liabilities at 30 November 2017 (2016: nil).
12. ANNUAL REPORT
Copies of the Annual Report and Financial Statements will be sent to members
shortly and will be available from the registered office, c/o The Company
Secretary, BlackRock Throgmorton Trust plc, 12 Throgmorton Avenue, London EC2N
2DL.
13. ANNUAL GENERAL MEETING
The Annual General Meeting of the Company will be held at 12 Throgmorton
Avenue, London EC2N 2DL on Thursday, 22 March 2018 at 11.00 a.m.
This announcement contains inside information as defined in EU Regulation No.
596/2014 and is in accordance with the Company's obligations under Article 17
of that Regulation. Upon the publication of this announcement the inside
information within is now considered to be in the public domain.
ENDS
The Annual Report will also be available on the BlackRock website at
blackrock.co.uk/thrg. Neither the contents of the Manager’s website nor
the contents of any website accessible from hyperlinks on the Manager’s
website (or any other website) is incorporated into, or forms part of, this
announcement.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Simon White, Managing Director, Closed End Funds, BlackRock Investment
Management (UK) Limited
Tel: 020 7743 5884
Press Enquiries:
Lucy Horne, Lansons Communications – Tel: 020 7294 3689
E-mail: lucyh@lansons.com
9 February 2018
12 Throgmorton Avenue
London
EC2N 2DL
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