REG-SVM UK Emerging Fund Plc: Annual Financial Report
31/07/2024 09:15
SVM UK EMERGING FUND PLC (the “Fund”)ANNUAL FINANCIAL RESULTSFOR THE YEAR
ENDED 31 MARCH 2024
The Board is pleased to announce the Annual Financial Results for the year
ended 31 March 2024. The full Annual Report and Financial Statements, Notice
of Annual General Meeting and Form of Proxy will be posted to shareholders and
be available shortly on the Manager's website at www.svmonline.co.uk
Copies of the Annual Report will be submitted to the FCA's National Storage
Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism in due course.
Highlights* Over the 12 months to 31 March 2024, net asset value per share
gained 4.0% to 96.73p compared to a return of 7.5% in the chosen comparator,
the IA UK Companies Sector Average. Over the same period the share price fell
6.1%
* Over the five years to 31 March 2024, net asset value has fallen 12.1% and
the share price 26.8%, against the comparator return of +24.0%
* There was a strong rebound in the market in general from October 2023 lows,
with takeovers of a number of mid cap companies
* Smaller companies again lagged the broader market averages
* Portfolio position numbers were reduced, emphasising liquidity
* At 28 June 2024 net asset value was 96.99p
Financial Highlights
Year to 31 March 2024 Year to 31 March 2023
Total Return performance:
Net asset value total return * 4.0% -17.3%
Share price total return * -6.1% -25.1%
Comparator (IA UK All Companies Sector Average) ** 7.5% -1.9%
31 March 2024 31 March 2023 % Change
Net asset value per share (p) 96.73 93.03 4.0%
Share price (p) 61.50 65.50 -6.1%
MSCI UK Investable Market Index*** 2,277.47 2,093.18 8.8%
Discount* 36.4% 29.6%
Gearing* 0.7% 9.3%
Ongoing charges ratio:*
Investment management fees**** 0.30% 0.68%
Other operating expenses 2.51% 2.32%
Total 2.81% 3.00%
Total Return to 31 March 2024 (%) 1 Year 3 Years 5 Year 10 Years
Net Asset Value 4.0% -22.6% -12.1% 30.8%
Comparator ** 7.5% 11.2% 24.0% 59.6%
*For a definition of terms see the Glossary of Terms and Alternative
Performance Measures.
**The comparator for the Fund is the IA UK All Companies Sector Average.
*** The MSCI UK Investable Market Index is a representative index of the UK
Equity Market.
****Further information regarding investment management fees is included in
Note 11 to the accounts.
Investment Objective
The investment objective of SVM UK Emerging Fund plc (the “Fund” or the
“Company”) is long term capital growth from investments in smaller UK
companies. Its aim is to outperform the IA UK All Companies Sector Average
Index on a total return basis.
Chairmans Statement
Over the year to 31 March 2024, net asset value per share gained 4.0% to 96.7p
and the share price fell 6.1% compared to a return of 7.5% in the chosen
comparator, the IA UK Companies Sector Average. The Board appreciates that the
level of discount (36.4% at 31 March 2024 and 29.6% at 31 March 2023) is
unhelpful to shareholders wishing to realise their investment. The Board will
be monitoring this carefully as the Company approaches its scheduled vote on
the Company’s continuation in 2025.
The Company’s net asset value increased in the two months since the year end
to 96.99p at 28 June 2024 (total return, FE fundinfo, IA UK Companies Sector
Average for comparison purposes).
Review of the year
The year under review saw smaller companies fall to their worst
underperformance relative to the broader market indices in over 20 years,
before a rebound began in October 2023. Despite improving prospects for the UK
economy with the expectation of a cut in interest rates, recovery in recent
months has been moderate and sentiment towards UK equities remains subdued.
The performance of smaller companies has lagged that of medium and large
companies over the past 10 years. This pattern is not unique to the UK -
smaller companies have underperformed large companies in most developed
countries. However, the portfolio has benefited from some UK companies making
plans to move their primary listings to Wall Street with the prospect of
higher valuations. Also, a noticeable pickup in merger activity and takeovers
of UK smaller and medium sized companies has brought some life back into the
smaller company sector.
The strongest contributions to performance over the year were Dechra
Pharmaceuticals, 4Imprint Group, CRH, Howden Joinery and Intercontinental
Hotels Group. Dechra, Instem and Kape Technologies were taken over. Merger and
acquisition activity points to recognition that share prices of some
successful British businesses have become attractive as acquisition targets.
Negatives included Watches of Switzerland, JD Sports Fashion, FDM Group, XP
Power and Impax Asset Management.
Over the 12 months the number of positions in the portfolio was reduced from
62 to 45 and gearing was gradually unwound from 109.3% to an almost ungeared
position of 100.7% market exposure at the end of the period. New purchases
included Integrafin, Tesco, IMI, Conduit and Marks & Spencer, and significant
additions were made to existing investments in Howdens, Boku, Segro and Serco.
Complete sales were made of Dianomi, Rentokil, Oxford Instruments, Spectris,
RS Group, Loungers, Entain, Treatt and JD Sports Fashion.
Reducing the number of holdings has made little change to sector weightings or
the concentration in the largest ten positions. Representation of banks,
commodities and pharmaceuticals amongst smaller and medium sized companies is
low and accordingly the Fund has little investment in these areas.
Annual General Meeting
The Annual General Meeting will be held on Friday 6th September 2024 at SVM
Asset Management Limited's offices in Edinburgh. At the last General Meeting,
shareholders approved powers for the Company to issue shares and to buy back
for cancellation, or to hold in treasury. Your Board has directed the Manager
to implement this arrangement, operating within Board guidelines and
approvals. This was intended to improve liquidity in our shares, and your
Board did not expect this overall to be dilutive to shareholders. With effect
from 1 September 2023 the Manager agreed to waive its management fee until
further notice. This was in recognition of the higher than usual level of
expenses in the Company. This will be reviewed if circumstances change. On 1
December 2023 the full Investment Management and Secretarial Agreement was
transferred from SVM Asset Management Ltd to River Global Investors LLP by
deed of novation. There was no change to the terms of the agreement.
The Board and Manager are committed to investing in a responsible manner and
the Manager embeds Environmental, Social and Governance considerations into
the research and analysis undertaken as part of the investment process.
Outlook
The evidence suggests that the UK is now well past peak inflation with some
improving lead indicators. Valuations suggest that there is a substantial
opportunity in many UK smaller companies today. Some larger companies are
included in the portfolio to assist overall liquidity and participate in some
favourable trends and business characteristics not readily available in
smaller companies.
The portfolio focuses on resilient growing businesses, typically with a
competitive edge in their sector or niche that helps growth and assists in
protecting profit margins. The Fund is positioned to benefit from an improving
UK economy and recovery of interest by international investors. The Fund
remains fully invested.
Peter Dicks
Chairman
30 July 2024
Manager’s ReviewSummary
The twelve months under review saw UK shares initially lag other major
markets, with poor sentiment towards UK smaller companies in particular. These
concerns peaked as the UK economy began a weak final quarter in 2023. The Fund
lagged the broader indices that have greater emphasis on larger companies.
However, a stock market recovery began in October 2023, helped by the prospect
of interest rate cuts in 2024. The global economic outlook has improved in
recent months, despite heightened international tension and conflicts.
Although UK government borrowing is high, the economy is resilient, and data
now suggests that growth and inflation are running much in line with the
European averages, following a weaker recovery from the pandemic. The
principal UK concerns are high inflation in the service sector, a rising
benefits cost and a need to address public sector productivity. Business
investment, which had flatlined in the period after the Brexit vote has
recently begun to show signs of recovery. Corporate balance sheets are
generally sound and businesses, with the UK labour market still relatively
tight, are taking the opportunity to invest.
The UK Consumer is in reasonably good health. UK households have been - since
mid-2021 - without net debt. Current savings data and consumer lending
activity do not signal an imminent deterioration in this position. The 2023
pressures of rising interest rates and inflation draining consumer confidence
are easing. Mortgage costs and food inflation should become a lower burden on
households as the year progresses, with real wage growth now positive. The
unemployment rate remains relatively low by historical measures. During 2024,
consumer sentiment should be further boosted by sizable benefit and state
pension increases, alongside a higher minimum wage.
Portfolio review and investment strategy
The Fund emphasises businesses assessed by the Manager as having a credible
growth strategy that management can deliver. Typically, this involves a
competitive edge in their sector or niche that helps growth and assists in
protecting profit margins. Recognising the medium to longer term potential of
these businesses, portfolio turnover is lower than the industry average. The
aim is to follow smaller and medium sized companies as they grow to a size
that attracts more institutional investment and research coverage, with the
potential to improve valuation and liquidity. Some larger companies are
included in the portfolio to assist overall liquidity and participate in some
favourable trends and business characteristics not readily available in
smaller companies.
Repositioning of the portfolio has recognised stewardship and sustainability.
The Manager’s approach to investing integrates environmental, social and
governance analysis into its day-to-day investment activities, and this
combined with an active engagement approach seeks to influence change and
better practices from the companies in which it invests. Companies with
successful business models are usually transparent in their accounting and
reporting and communicate their strategy.
During the 12 months under review, all resolutions of portfolio companies were
reviewed in terms of corporate sustainability and governance. All voting on
behalf of the Fund is recorded, along with independent governance advice. On
several occasions voting was against or withheld despite recommendations from
the company boards involved. The contentious issues involved remuneration,
financial statements and pre- emption rights. Sadly, governance concerns were
often greatest within very small ‘microcap’ companies that should be even
more focused on engaging with shareholders in order to secure growth capital.
As a result, several microcap holdings were sold during the year with the
result that overall portfolio liquidity has been improved. Good stewardship of
shareholders’ capital is key to longer term growth; Greggs and Games
Workshop Group are examples in the portfolio of businesses that have been
managed to deliver long term growth with sustainable management of capital.
Ten new holdings were added during the twelve months. The portfolio includes
two non-life insurers, Beazley and Conduit, together representing just under
7% of the total portfolio value. Conduit was a new investment during the year.
It is capitalised at £870m and is benefitting from higher underwriting income
helped by a favourable industry background. It has reported that it is seeing
good opportunity to deploy capital. Beazley is capitalised at £4.5bn and in
early 2024 it reported record earnings and favourable underwriting conditions.
During the year additional investment was made in digital payments business,
Boku. Capitalised at £550m and UK-listed, it is US headquartered and services
clients internationally, with an emphasis on emerging markets that offer
growth and less competition. Boku has seen upgrades to profits expectations
and its shares, although premium-rated, are at a discount to larger
international competitors.
The sole investment in healthcare is Kooth, a provider of digital services
assisting youth mental well-being. Although a UK smaller company, Kooth
operates in the US as well as the UK, and in early 2024 it reported record
revenues.
Top 5 Contributors to Absolute Performance (%)
Company name Contribution
DECHRA PHARMACEUTICALS 1.30
4IMPRINT GROUP 1.17
CRH 1.15
HOWDEN JOINERY GROUP 0.95
INTERCONTINENTAL HOTELS GROUP 0.81
Bottom 5 Contributors to Absolute Performance (%)
Company name Contribution
MICROLISE GROUP - 0.59
KAINOS GROUP - 0.58
RENTOKIL INITIAL - 0.57
ENTAIN - 0.54
TEAM17 GROUP - 0.48
Outlook
Consumer and business confidence are improving in the UK. Low valuations
relative to long term averages point to opportunity from investing in UK
smaller companies today. Historically, in this phase of the economic cycle –
with broadening recovery and the prospect of interest rate cuts - smaller
companies have started to outperform. There is also a market pattern of
increasing takeover bid activity, particularly in mid-caps, suggesting some
share prices had fallen below true commercial value. The companies in the
portfolio typically benefit from economic growth.
There is the prospect of the Bank of England, together with its US and EU
counterparts, cutting interest rates later this year. Central banks appear
alert to the risk that inflation could fall below targets as some
disinflationary forces remain. In the UK, the general election has brought
further debate on the need for economic growth and this should be a positive
background for consumer discretionary sectors and housebuilding, despite the
possibility of higher taxes. UK growth should accelerate in 2025, and the
portfolio is fully invested, with exposure to companies that should benefit
from this improving background. Recent updates from most portfolio companies
have been positive. The portfolio emphasises exposure to businesses with
strong competitive positions and potential for organic growth.
Colin McLean
Investment Manager
30 July 2024
Analysis of Investment Portfolio
Sector analysis* ** % Listing* % Market Capitalisation* %
Industrials Financials Consumer Discretionary Consumer Staples Communication Services Real Estate Information Technology Materials Healthcare 28.4 17.9 17.2 10.1 8.3 8.0 5.7 2.9 1.5 Main Market AIM Other 87.5 12.5 - Mid Small Large 46.8 36.2 17.0
*Analysis is of gross exposure ** Sector analysis categories are per the Industry Classification Benchmark
Investment Portfolio
As at 31 March 2024
Market Exposure Market Exposure
2024 % of Net 2023
Name £000 Assets £000
1 4Imprint Group 301 5.2 335
2 Howden Joinery Group 217 3.7 154
3 Beazley 208 3.6 187
4 Unite Group 197 3.4 192
5 Boku 182 3.2 67
6 Serco Group 179 3.1 110
7 Ashtead Group 176 3.0 155
8 Games Workshop Group 175 3.0 140
9 Experian 173 3.0 133
10 CRH 169 2.9 –
Ten largest Investments 1,977 34.1
11 Conduit 165 2.8 –
12 Jet2 164 2.8 150
13 Compass Group 163 2.8 –
14 Alpha Group International 161 2.8 321
15 Cranswick 160 2.8 66
16 IMI 158 2.7 –
17 Computacenter 156 2.7 89
18 Marks & Spencer Group 154 2.7 –
19 Intercontinental Hotels Group 152 2.6 –
20 Tesco 151 2.6 –
Twenty largest investments 3,561 61.4
21 Whitbread * 150 2.6 66
22 Keystone Law Group 148 2.6 115
23 Londonmetric Property 144 2.5 70
24 JTC 134 2.3 –
25 Man Group 134 2.3 59
26 Segro 124 2.1 53
27 Hilton Food Group 124 2.1 102
28 Greggs 121 2.1 –
29 Renew 118 2.1 86
30 Flutter Entertainment * 113 1.9 145
Thirty largest investments 4,871 84.0
Other investments (15 holdings)*** 954 16.5
CFD positions (389) (6.7)
CFD unrealised gains 49 0.8
Total investments 5,485 94.6
CFD unrealised losses (9) (0.2)
Net current assets ** 323 5.6
Net assets 5,799 100.0
*Investment held as Contract for Difference ("CFD").
** Net current assets per this table do not include CFD unrealised losses as
these are disclosed separately for clarity. These losses are included in
creditors in the balance sheet and are therefore included within net current
assets in the balance sheet.
*** Includes CFDs.
Market exposure for equity investments held is the same as fair value and for
CFDs held is the market value of the underlying shares to which the portfolio
is exposed via the contract. The investment portfolio is grossed up to include
CFDs and the net CFD position is then deducted in arriving at the net asset
total. Further information is given in note 6 to the Financial Statements.
A full portfolio listing as at 31 March 2024 is detailed on the website.
Strategic Report
The Directors are pleased to submit the Strategic Report for the year to 31
March 2024. The information set out on in the Chairman’s Statement and the
Manager’s Review will form part of the Strategic Report.
Investment Objective
The investment objective of the Fund is long term capital growth from
investments in medium-sized and smaller UK companies. Its aim is to outperform
the IA UK All Companies Sector Average on a total return basis.
Investment Policy and Gearing Policy
The Fund aims to achieve its objective and to diversify risk by investing in
shares and related instruments, controlled by a number of limits on exposures.
Appropriate guidelines for the management of the investments, gearing and
financial instruments have been established by the Board. Limits are expressed
as percentages of shareholders’ funds, measured at market value.
Although the comparator is the IA UK Companies Sector Average, the pursuit of
the investment objective may involve exposure to companies on various
exchanges and to unlisted investments. A high conviction investment approach
is employed, which can involve strong sector or thematic positions.
No individual investment will exceed 10% of the portfolio on acquisition.
Total exposure to unlisted shares is also limited to a maximum of 25% of the
portfolio and, historically, has been considerably less. The Board has
instructed the Manager not to make any new investments into unlisted shares.
The two unlisted shares held in the portfolio during the year were valued at
nil.
The Fund has the ability to borrow money to enhance returns. This gearing can
enhance benefits to shareholders but, if the market falls, losses may be
greater. The level of gearing, including the use of derivatives, is closely
monitored by the Manager and the Board has set an upper limit of a total of
30% of net assets. It may also sell parts of the share portfolio and hold cash
or other securities when there may be a greater risk of falling stock markets.
The Board has granted the Manager a limited authority to invest in Contracts
for Difference (“CFDs”) (long positions) and similar instruments as an
alternative to holding actual shares. This means that the gross cost of
investment is not incurred. The total effect of such gearing (bank borrowings
plus the gross exposure of long positions less any hedging) is limited to a
total of 30% of the Fund’s net asset value. Additional limits have also been
set on individual hedging to assist risk control. The use of CFDs involves
counterparty credit risk.
The Fund may also make use of hedging as an additional investment tool. To
help reduce the potential for stock market weakness to adversely impact the
portfolio, the Board has granted the Manager limited authority to hedge risks,
within specified limits and to a maximum of 15% of the total portfolio. Such
hedging (short positions) may be conducted through CFDs or other index
instruments.
Hedging can be used to facilitate adjustment of the portfolio at a time of
economic uncertainty or increased risk. It is only used occasionally and aids
flexibility and can allow exposure to a sector to be reduced with less
disruption to the underlying long term portfolio. However, in a rising
stockmarket, this may adversely impact performance.
The Fund does not normally invest in fixed rate securities other than
securities that are convertible into equity. The Fund may, however, invest in
short dated Government Securities as an alternative to holding cash.
Strategy and Business Model
The Fund is an investment trust which invests in accordance with its objective
and investment policy as set out above. It has no employees and outsources the
management of its investment portfolio to the Manager. The Board of the Fund
is ultimately responsible for the stewardship of the Company’s affairs and
risks, acting in the interests of shareholders.
The Fund is required to comply with the Companies Act, the UK Listing Rules
and applicable accounting standards. In addition to the formal annual
financial statements, interim accounts and interim management statements, it
publishes monthly asset values and quarterly factsheets.
Key Performance Indicators
The Directors consider a number of key performance indicators (“KPIs”) to
measure the Fund’s success in achieving its objectives. The KPIs used to
measure the performance and development of the Fund are the Net Asset Value
per share (“NAV”), share price performance and the discount. The Board
assesses these on a regular basis. Further information on these indicators is
detailed in the Highlights page, Chairman’s Statement, the Manager’s
website www.river.global and quarterly factsheets. The Board also reviews the
performance of the Fund against its peers.
Historical record Year to 31 March NAV per Share (p) Share Price (p) Total Return (p) Rating Discount
2010 68.53 50.00 23.80 27.0%
2011 87.36 63.00 18.83 27.9%
2012 71.47 55.00 (15.89) 23.0%
2013 53.90 43.00 (17.57) 20.2%
2014 73.93 57.75 20.03 21.9%
2015 75.38 59.00 1.45 21.7%
2016 81.47 62.50 6.09 23.3%
2017 94.25 67.50 12.78 28.4%
2018 112.05 90.00 17.80 19.7%
2019 110.06 84.00 (1.99) 23.7%
2020 81.88 70.00 (28.20) 14.5%
2021 125.00 99.50 43.12 20.4%
2022 112.51 87.50 (12.49) 22.2%
2023 93.03 65.50 (19.48) 29.6%
2024 96.73 61.50 3.70 36.4%
Results
The total profit for the year of £222,000 (2023: loss of £1,168,000) has
been transferred to reserves. No dividend has been declared. The net asset
value total return was 4.0% for the year. At 31 March 2024, the net asset
value per share was 96.73p and the share price was 61.50p. The Chairman’s
Statement and Manager’s review include a review of the main developments
during the year.
Portfolio Analysis
An analysis of the Fund’s portfolio is provided on the page entitled
‘Investment Portfolio’ and in the Manager’s Review.
Principal Risks and Uncertainties
The Directors carry out a robust assessment of the Company's emerging and
principal risks including reviewing the policies implemented for identifying
and managing the principal risks faced by the Company.
Many of the Company’s investments are in small companies and may be seen as
carrying a higher degree of risk than their larger counterparts. These risks
are, where practical, mitigated through portfolio diversification, in- depth
company analysis, the experience of the Manager and a rigorous internal
control culture. Further information on the internal controls operated for the
Company is detailed in the Report of the Directors.
The principal risks facing the Company relate to the investment in financial
instruments and include market, liquidity, credit and interest rate risk. An
explanation of these risks and how they are mitigated is explained further
under “Financial”. Additional risks faced by the Fund are summarised
below.
Emerging risks – are risks that could have a future impact on the Company.
The Board considers that emerging risks exacerbate existing identified risks
e.g. market risk, rather than themselves being new risks. The Managers
subscribe to a range of daily investment research, including macro issues. The
investment team digest this and assess whether any developments represent new
or growing risks. The directors bring their own intelligence into board
meetings as context for the manager. Whilst there were no new specific
emerging risks added to the risk register during the year, certain other risks
have continued to develop or recede, with the conflict between Russia and
Ukraine being an example that continues to be considered. The Board recognise
the impact of inflationary pressures and rising interest rates as established
risks.
Investment strategy – The risk that an inappropriate investment strategy may
lead to the Fund underperforming its comparator, for example in terms of share
selection, asset allocation or gearing. The Board has given the Manager a
clearly defined investment mandate which incorporates various risk limits
regarding levels of borrowing and the use of derivatives. The Manager invests
in a diversified portfolio of holdings and monitors performance with respect
to the comparator. The Board regularly reviews the Fund’s investment mandate
and long term strategy. This is a stable risk.
Discount – The risk that a disproportionate widening of discount in
comparison to the Fund’s peers may result in loss of value for shareholders.
The discount varies depending upon performance, market sentiment and investor
appetite. The Board regularly reviews the discount and the Fund operates a
share buy-back programme. The Board acknowledge the discount rate has widened
and, by virtue of that in isolation, assess that the associated risk has
increased during the year.
Accounting, Legal and Regulatory – Failure to comply with applicable legal
and regulatory requirements could lead to a suspension of the Fund’s shares,
fines or a qualified audit report. In order to qualify as an investment trust
the Fund must comply with section 1158 of the Corporation Tax Act 2010
(“CTA”). Failure to do so may result in the Fund losing investment trust
status and being subject to corporation tax on realised gains within the
Fund’s portfolio. The Manager monitors movements in investments, income and
expenditure to ensure compliance with the provisions contained in section
1158. Breaches of other regulations, including the Companies Act 2006, the
Listing Rules of the UK Listing Authority or the Disclosure and Transparency
Rules of the UK Listing Authority, could lead to regulatory and reputational
damage. The Board relies on the Manager and its professional advisers to
ensure compliance with section 1158 CTA, Companies Act 2006 and the United
Kingdom Listing Authority Rules. This is a stable risk.
Operational – The risk of loss resulting from inadequate or failed internal
processes, people and systems or from external events. The Fund has no
employees and relies upon the services provided by third parties. The Manager
has comprehensive internal controls and processes in place to mitigate
operational risks. Risk controls are monitored by their assigned owner with
oversight from the Manager’s risk and compliance function as part of the
Manager’s risk and control framework, which is reviewed at least annually.
This is a stable risk.
Corporate Governance and Shareholder Relations – The risk that the Company
fails to meet legal, regulatory or best practice requirements in respect of
corporate governance, resulting in a legal or regulatory breach or censure
with the potential for being held to not having had due regard to the
interests of shareholders. Details of the Fund’s compliance with corporate
governance best practice, including information on relations with
shareholders, are set out in the Directors’ Statement on Corporate
Governance. This is a stable risk.
Financial – The Fund’s investment activities expose it to a variety of
financial risks including:
Market risk
The risk that the Fund may suffer a loss arising from adverse movements in the
fair value or future cash flows of an investment. Market risks include changes
to market prices, interest rates and currency movements. The Fund invests in a
diversified portfolio of holdings covering a range of sectors. The Manager
conducts continuing analysis of holdings and their market prices with an
objective of maximising returns to shareholders. Asset allocation, share
selection and market movements are reported to the Board on a regular basis.
This risk is variable, which is assessed by the Board and the Manager
throughout the year and is considered as broadly stable.
Liquidity risk
The risk that the Fund may encounter difficultly in meeting obligations
associated with financial liabilities. The Fund is permitted to invest in
shares traded on AIM or similar markets; these tend to be in companies that
are smaller in size and by their nature less liquid than larger companies. The
Manager conducts continuing analysis of the liquidity profile of the portfolio
and the Fund maintains an overdraft facility to ensure that it is not a forced
seller of investments. This risk is variable, depending on the liquidity of
the underlying investments and is assessed by the Board and the Manager
throughout the year and is considered as broadly stable.
Credit risk
The risk that the counterparty to a transaction fails to discharge its
obligation or commitment to the transaction resulting in a loss to the Fund.
Investment transactions are entered into using brokers that are on the
Manager’s approved list, the credit ratings of which are reviewed
periodically in addition to an annual review by the Manager’s board of
directors. The Fund’s principal bankers are State Street Bank & Trust
Company and the main broker for CFDs is UBS.
Interest rate risk
The risk that interest rate movements may affect the level of income
receivable on cash deposits. At most times the Fund operates with relatively
low levels of gearing, this has and will only be increased where an
opportunity exists to substantially add to the net asset value performance.
The Board note the increase in interest rates but assess the risk as stable.
The Board seeks to mitigate and manage these risks through continuous review,
policy setting and enforcement of contractual obligations. The Board receives
both formal and informal reports from the Manager and third party service
providers addressing these risks. The Board believes the Fund has a relatively
low risk profile as it has a simple capital structure; invests principally in
UK quoted companies; does not use derivatives other than CFDs and uses well
established and creditworthy counterparties. The capital structure comprises
only ordinary shares that rank equally. Each share carries one vote at general
meetings.
Statement of Directors’ Responsibilities in Respect of the Financial
Statements
The Directors are responsible for preparing the Annual Report, the
Directors’ Remuneration Report and the Financial Statements in accordance
with applicable law and regulations. Company law requires the Directors to
prepare financial statements for each financial year. Under that law, the
Directors prepared the financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting Standards
and applicable law). 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 Fund and of its gain or loss for that
period. In preparing these financial statements, the Directors are required
to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed,
subject to any material departures disclosed and explained in the financial
statements; and
• prepare the financial statements on the going concern basis, unless it is
inappropriate to presume the Fund will continue in business.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Fund’s transactions and disclose with
reasonable accuracy at any time the financial position of the Fund 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 Fund and
hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
The Directors have delegated responsibility to the Manager for the maintenance
and integrity of the Fund’s corporate and financial information included on
the Manager’s website. The work carried out by the Auditor does not involve
consideration of these matters and, accordingly, the Auditor accepts no
responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website. Legislation in
the UK governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
The Directors consider that the Annual Report and Financial Statements, taken
as a whole, are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Fund’s performance, business model
and strategy.
The Directors each confirm to the best of their knowledge that:
• the financial statements, prepared in accordance with the applicable
accounting standards, give a true and fair view of the assets, liabilities,
financial position and gain or loss of the Fund and;
• the Strategic Report includes a fair review of the development and
performance of the business and the position of the Fund together with a
description of the principal risks and uncertainties that it faces.
By Order of the Board
Peter Dicks
Chairman
30 July 2024
Income Statement
for the year to 31 March 2024
Notes Revenue £000 Capital £000 Total £000
Net gain on investments at fair value 6 – 272 272
Income 1 140 – 140
Investment management fees 2 – (17) (17)
Other expenses 3 (143) – (143)
(Loss)/Gain before finance costs
and taxation (3) 255 252
Finance costs (30) – (30)
(Loss)/Gain on ordinary activities
before taxation (33) 255 222
Taxation 4 – – –
(Loss)/Gain attributable to ordinary
shareholders (33) 255 222
(Loss)/Gain per Ordinary Share 5 (0.55)p 4.25p 3.70p
for the year to 31 March 2023
Notes Revenue £000 Capital £000 Total £000
Net loss on investments at fair value 6 – (1,065) (1,065)
Income 1 104 – 104
Investment management fees 2 – (42) (42)
Other expenses 3 (143) – (143)
Loss before finance costs
and taxation (39) (1,107) (1,146)
Finance costs (22) – (22)
Loss on ordinary activities
before taxation (61) (1,107) (1,168)
Taxation 4 – – –
Loss attributable to ordinary
shareholders (61) (1,107) (1,168)
Loss per Ordinary Share 5 (1.02)p (18.46)p (19.48)p
The Total column of this statement is the profit and loss account of the Fund.
All revenue and capital items are derived from continuing operations. No
operations were acquired or discontinued in the year. A Statement of
Comprehensive Income is not required as all gains and losses of the Fund have
been reflected in the above statement.
Balance Sheet
as at 31 March 2024
2024 2023
Notes £000 £000
Fixed Assets
Investments at fair value through profit or loss 6 5,485 4,882
Current Assets
Debtors 7 174 897
Cash at bank and on deposit 348 375
Total current assets 522 1,272
Creditors: amounts falling due within one year 8 (208) (577)
Net current assets 314 695
Total assets less current liabilities 5,799 5,577
Capital and Reserves
Share capital 9 300 300
Share premium 314 314
Special reserve 5,136 5,136
Capital redemption reserve 27 27
Capital reserve 649 394
Revenue reserve (627) (594)
Equity shareholders’ funds 5,799 5,577
Net asset value per Ordinary Share 5 96.73p 93.03p
Approved and authorised for issue by the Board of Directors on 30 July 2024
and signed on its behalf by Peter Dicks, Chairman. Company registered number:
SC211841
Statement of Changes in Equity
for the year to 31 March 2024
Share capital Share premium Special reserve* Capital redemption reserve** Capital reserve** Revenue reserve* Total
£000 £000 £000 £000 £000 £000 £000
As at 1 April 2023 300 314 5,136 27 394 (594) 5,577
Gain/(loss) attributable to shareholders – – – – 255 (33) 222
As at 31 March 2024 300 314 5,136 27 649 (627) 5,799
for the year to 31 March 2023
Share capital Share premium Special reserve* Capital redemption reserve** Capital reserve** Revenue reserve* Total
£000 £000 £000 £000 £000 £000 £000
As at 1 April 2022 300 314 5,136 27 1,501 (533) 6,745
Loss attributable to shareholders – – – – (1,107) (61) (1,168)
As at 31 March 2023 300 314 5,136 27 394 (594) 5,577
*Distributable reserves comprise of the Special Reserve and the Revenue
Reserve and were £4,509,000 at 31 March 2024 (31 March 2023: £4,542,000).
**Non-distributable reserves comprise the Capital Redemption Reserve and
Capital Reserve and were £676,000 at 31 March 2024 (31 March 2023 :
£421,000).
Accounting PoliciesBasis of preparation
The Financial Statements are prepared under the historical cost convention,
modified to include the revaluation of fixed asset investments which are
recorded at fair value, in accordance with FRS 102, the “Financial Reporting
Standard applicable in the UK and Republic of Ireland” and under the AIC’s
Statement of Recommended Practice “Financial Statements of Investment Trust
Companies and Venture Capital Trusts” (SORP) issued in July 2022. The
Directors have also prepared the Financial Statements on a going concern basis
and have a reasonable expectation that the Company has adequate resources to
continue in operational existence for at least twelve months from the date of
approval of these Financial Statements. In making their assessment the
Directors have reviewed income and expenditure projections, reviewed the
liquidity of the investment portfolio and considered the Company's ability to
meet liabilities as they fall due. This conclusion also takes in to account
the Directors' assessment of the continuing risks emerging from the conflict
in Ukraine. A shareholder vote on continuation of the Fund is due in September
2025. Shareholders amounting to c.30% have already indicated that they are
minded to vote in favour of continuing; additionally all previous votes have
been to continue with the Fund. The Board is confident that the next vote will
also be in favour. The Company is exempt from presenting a Cash Flow Statement
as a Statement of Changes in Equity is presented and substantially all of the
Company’s investments are highly liquid and are carried at market value.
Significant judgements and estimates
Preparation of financial statements can require management to make significant
judgements and estimates. There are no significant judgements or sources of
estimation uncertainty the Board considers need to be disclosed.
Income
Dividend income is included in the Income Statement on an ex-dividend basis
and includes dividends on both direct equity investments and synthetic equity
holdings via Contracts for Differences. Special dividends are recorded on an
ex-dividend basis and allocated to revenue or capital in line with the
underlying commercial circumstances of the dividend payment. Interest
receivable on bank balances is included in the Income Statement on an accruals
basis.
Expenses and interest
Expenses and interest payable are recognised on an accruals basis. All
expenses other than investment management fees are charged to revenue.
Investment management fees
Investment management fees are allocated 100 per cent to capital. The
allocation is in line with the Board’s expected long-term return from the
investment portfolio. The terms of the investment management agreement are
detailed in the Report of the Directors.
Taxation
Current tax is provided at the amounts expected to be paid or received.
Deferred taxation is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events that result in an obligation to pay more or a right to pay less tax in
the future have occurred at the balance sheet date measured on an undiscounted
basis and based on enacted or substantively enacted tax rates. This is subject
to deferred tax assets only being recognised if it is considered probable that
there will be suitable profits from which the future reversal of the
underlying timing differences can be deducted. Timing differences are
differences arising between the taxable profits and the results as stated in
the financial statements which are capable of reversal in one or more
subsequent periods.
Investments
The investments have been categorised as ‘‘fair value through profit or
loss’’. All investments are held at fair value. For listed investments
this is deemed to be at bid prices. A Contract for Difference (CFD) is a
synthetic equity comprising of a future contract to either purchase or sell a
specific asset at a specified future date for a specified price. The Company
can hold long and short positions in CFDs 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 CFDs are recognised in the Income Statement
as capital gains or losses on investments at fair value. Dividends and
interest on CFDs are included in revenue income. The year end fair value of
CFD positions which are assets is included in fixed asset investments, whilst
the year end fair value of CFD positions which are liabilities is included
within current liabilites in Note 8. Balances with brokers in respect of
margin calls are included within debtors in Note 7. Unlisted investments are
valued at fair value based on the latest available information and with
reference to International Private Equity and Venture Capital Valuation
Guidelines.
All changes in fair value and transaction costs on the acquisition and
disposal of portfolio investments are included in the Income Statement as a
capital item. Purchases and sales of investments are accounted for on trade
date.
Financial instruments
In addition to the investment transactions described above, basic financial
instruments are entered into that result in recognition of other financial
assets and liabilities, such as investment income due but not received, other
debtors and other creditors.
These financial instruments are receivable and payable within one year and are
stated at cost less impairment.
Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling as
at the date of the transaction. Sterling is the functional currency of the
Fund and all foreign currency monetary assets and liabilities are retranslated
into Sterling at the rate ruling on the financial reporting date.
Capital reserve
Gains and losses on realisations of fixed asset investments, and transactions
costs, together with appropriate exchange differences, are accounted for
within this reserve. All investment management fees, together with any tax
relief, are also taken to this reserve. Increases and decreases in the
valuation of fixed asset investments are recognised in this reserve.
Special reserve
On 29 June 2001, the court approved the redesignation of the Share Premium
Account, at that date, as a fully distributable Special Reserve.
Capital redemption reserve
This reserve represents the nominal value of own shares bought back.
Revenue reserve
Retained revenue profits and losses, are accounted for in this fully
distributable reserve.
Share capital
This account represents, allotted, issued and fully paid up shares of 5p each.
Share premium
This account represents the value received for issuing shares in excess of the
nominal value of 5p per share.
Notes to the Financial Statements
2024 2023
£000 £000
1. Income
Income from shares and securities
– dividends 138 103
– interest 2 1
140 104
2. Investment management fees
Investment management fees 17 42
3. Other expenses
Revenue
General expenses 75 79
Directors’ fees 25 25
Auditor’s remuneration 43 39
143 143
4. Taxation
Current taxation – –
Deferred taxation – –
Total taxation charge for the year – –
The tax assessed for the year is different from the standard small company
rate of corporation tax in the UK. The differences are noted below:
2024 2023
£000 £000
Gain/(loss) on ordinary activities before taxation 222 (1,168)
Corporation tax (25%, 2023 – 19%) 56 (222)
Effects of: Non taxable UK dividends (25) (15)
(Gains)/losses on CFD (125) 25
Non taxable investment losses on CFD 57 177
Non taxable overseas dividends (4) (1)
Movement in deferred tax rate on excess management charges – (11)
Movement in unutilised management expenses and NTLR deficits 41 47
Total taxation charge for the year – –
At 31 March 2024, the Fund had unutilised management expenses and non trade
loan relationship (“NTLR”) deficits of £1,988,000 (2023 – £1,824,000).
A deferred tax asset of £497,000 (2023 – £456,000) has not been recognised
on the unutilised management expenses as it is unlikely that there would be
suitable taxable profits from which the future reversal of the deferred tax
asset could be deducted.
5. Returns per share
Returns per share are based on a weighted average of 5,995,000 (2023 -
5,995,000) ordinary shares in issue during the year, not held in Treasury.
Total return per share is based on the total gain for the year of £222,000
(2023 - loss of £1,168,000). Capital return per share is based on the net
capital gain for the year of £255,000 (2023 - loss of
£1,107,000).
Revenue return per share is based on the revenue loss after taxation for the
year of £33,000 (2023 - loss of £61,000).
The net asset value per share is based on the net assets of the Fund of
£5,799,000 (2023 - £5,577,000) divided by the number of shares in issue at
the year end as shown in note 9.
2024 2023
£000 £000
6. Investments at fair value through profit or loss
Listed investments and CFDs 5,485 4,882
Unlisted investments – –
Valuation as at end of year 5,485 4,882
Listed £000 Unlisted £000 Total £000
Opening book cost 3,944 159 4,103 5,093
Opening investment holding gains/(losses) 938 (159) 779 1,315
Opening fair value* 4,882 – 4,882 6,408
Analysis of transactions made during the year Purchases at cost 1,994 – 1,994 513
Sales proceeds received** (1,147) (18) (1,165) (1,106)
(Losses)/gains on investments*** (244) 18 (226) (933)
Closing fair value 5,485 – 5,485 4,882
Closing book cost 4,005 (141) 4,146 4,103
Closing investment holding gains/(losses) 1,480 (141) 1,339 779
Closing fair value **** 5,485 – 5,485 4,882
(Losses)/gains on investments (244) 18 (226) (933)
Movement in CFD current liability 498 – 498 (132)
Net gains/(losses) on investments at fair value 254 18 272 (1,065)
The transaction costs in acquiring investments during the year were £9,000
(2023: £3,000). For disposals, transaction costs were £2,000 (2023:
£2,000).
The company received £1,165,000 (2023: £1,106,000) from investments sold in
the year. The book cost of these investments when they were purchased was
£1,951,000 (2023: £1,503,000). These investments have been revalued over
time and, until they were sold, any unrealised gains/losses were included in
the fair value of the investments.
*Opening fair value of £4,882,000 includes £22,000 of CFD gains.
**Sale proceeds received of £1,165,000 includes a negative balance of
£712,000 in relation to losses on CFDs.
***Losses on investments of £226,000 includes a balance of £712,000 in
relation to losses on CFDs, £75,000 in relation to losses on sales and
£561,000 in relation to unrealised gains on investment holdings.
****Closing fair value of £5,485,000 includes £49,000 of CFD gains.
2024 2023
£000 £000
7. Debtors
Investment income receivable 19 13
Amounts receivable relating to CFDs – being cash held at broker 135 868
Prepayments 15 13
Taxation 5 3
174 897
8. Creditors: amounts falling due within one year
Amounts due to broker relating to CFDs 9 507
Due to the Manager 32 10
Other creditors 167 60
208 577
9. Share capital
Allotted, issued and fully paid 6,005,000 ordinary 5p shares (2023 - 6,005,000) 300 300
As at the date of publication of this document, there was no change in the
issued share capital and each ordinary share carries one vote, other than the
10,000 shares held in treasury which carry no voting rights.
During current and prior year there were no Ordinary Shares bought back.
10. Financial instrumentsRisk Management
The Fund’s investment policy is to hold investments, CFDs and cash balances
with gearing being provided by the use of CFDs and a bank overdraft arranged
with State Street Bank and Trust Company. 100% (2023: 100%) of the Fund's net
asset value is held in investments that are denominated in Sterling and are
carried at fair value. Where appropriate, gearing can be utilised in order to
enhance net asset value. It does not invest in short dated fixed rate
securities other than where it has substantial cash resources. Fixed rate
securities held at 31 March 2024 were valued at £nil (2023 –
£nil). Investments, which comprise principally equity investments, are valued
as detailed in the accounting policies.
The Fund only operates short term gearing, which is limited to 30 per cent of
gross assets, and is undertaken through an unsecured variable rate bank
overdraft and the use of CFDs. The comparator rate which determines the
interest received on Sterling cash balances or paid on bank overdrafts is the
bank base rate which was 5.25% as at 31 March 2024 (2023 – 4.25%). There are
no undrawn committed borrowing facilities. Short-term debtors and creditors
are excluded from disclosure.
The Fund does not hold any (2023: nil) of the total net asset value in
investments with direct foreign currency exposure and is consequently not
currency hedged. Financial information on the investment portfolio is detailed
in note 6.
Assets Liabilities Assets Liabilities
2024 2024 2023 2023
£000 £000 £000 £000
Classification of financial instruments Level 1 5,436 – 4,860 –
Level 2 49 9 22 507
Level 3 - 2 investments (2023 - 3) – – – –
Level 1 reflects financial instruments quoted in an active market.
Level 2 reflects financial instruments whose fair value is evidenced by
comparison with other observable current market transactions in the same
instrument or based on a valuation technique whose variable include only data
from observable markets. The CFD positions are the sole Level 2 investments at
31 March 2024 and 2023.
Level 3 reflects financial instruments whose fair value is determined in whole
or in part using a valuation technique based on assumptions that are not
supported by prices from observable market transactions in the same instrument
and not based on available observable market data. The Board has instructed
the Manager not to make any new investments in unlisted shares.
There are 2 (2023-3) investments in the Fund which have values of £nil where
the respective share prices have been suspended, or are stale. The Fair Value
and Pricing Committee oversees and has ratified the positions.
The Board has established guidelines to grant the Manager a limited authority
to invest in CFDs to achieve some degree of gearing and/or hedging without
incurring the gross cost of investment. The Board requires the Manager to
operate within certain risk limits, as detailed in the Report of the
Directors. The following table details the CFD positions:
2024 2023
£000 £000
Number of CFD holdings (2024 - 4; 2023 - 9)
Gross exposure 389 892
Net exposure 389 892
Unrealised gains 49 22
Unrealised losses 9 507
The major risks inherent within the Fund are market risk, liquidity risk,
credit risk and interest rate risk. The Fund has an established environment
for the management of these risks which are continually monitored by the
Manager. Appropriate guidelines for the management of its financial
instruments and gearing have been established by the Board of Directors. It
has no significant exposure to foreign currency assets and therefore does not
use currency hedging. It does not use derivatives within the portfolio with
the exception of CFDs.
Market risk
The risk that the Fund may suffer a loss arising from adverse movements in the
fair value or future cash flows of an investment. Market risks include changes
to market prices of the underlying shares held in the Fund, interest rates and
currency movements. The Fund invests in a diversified portfolio of holdings
covering a range of sectors. The Manager conducts continuing analysis of
holdings and their market prices with an objective of maximising returns to
shareholders. Asset allocation, share selection and market movements are
reported to the Board on a regular basis.
Liquidity risk
The risk that the Fund may encounter difficultly in meeting obligations
associated with financial liabilities. The Fund is permitted to invest in
shares traded on AIM or similar markets; these tend to be in companies that
are smaller in size and by their nature less liquid than larger companies. The
Manager conducts continuing analysis of the liquidity profile of the portfolio
and the Fund maintains an overdraft facility to ensure that it is not a forced
seller of investments.
Credit risk
The risk that the counterparty to a transaction fails to discharge its
obligation or commitment to the transaction resulting in a loss to the Fund.
Investment transactions are entered into using brokers that are on the
Manager’s approved list, the credit ratings of which are reviewed
periodically in addition to an annual review by the Manager’s board of
directors. The Fund’s principal bankers are State Street Bank & Trust
Company, the main broker for CFDs is UBS and other approved execution broker
organisations authorised by the Financial Conduct Authority.
Interest rate risk
The risk that interest rate movements may affect the level of income
receivable on cash deposits. At most times the Fund operates with relatively
low levels of bank gearing, this has and will only be increased where an
opportunity exists to substantially add to the net asset value performance.
Sensitivity analysis
The following table details the impact on net asset value and return per share
of the Fund to changes in, what can be, the two principal drivers of
performance, namely investment returns, in relation to market risk, and
interest rates. The calculations are based on the balances at the respective
balance sheet dates and are not representative of the year as a whole.
2024 2023
£000 £000
Investment portfolio
Investment returns 5% increase +4.6p +4.1p
Investment returns 5% decrease -4.6p -4.1p
Other assets/liabilities
Interest rate 0.5% increase – –
Interest rate 0.5% decrease – –
Maximum credit risk analysis
As at the year end, the Fund’s maximum credit risk exposure was as follows:
Bank 348 375
Amounts receivable relating to CFDs 135 868
Investment income due but not received 19 13
Taxation 5 3
507 1,259
Contractual maturity analysis
Due not Due Due
later than 1 month £000 between 1 and 3 months £000 between 3 and 12 months £000 2024 Total £000
Bank 348 – – 348
Debtors 39 – 135 174
Creditors (208) – – (208)
Net liquidity 179 – 135 314
Due not Due Due
later than 1 month £000 between 1 and 3 months £000 between 3 and 12 months £000 2023 Total £000
Bank 375 – – 375
Debtors 29 – 868 897
Creditors (577) – – (577)
Net liquidity (173) – 868 695
Cash flows payable under financial liabilities by remaining contractual
liabilities are as stated above.
Capital management policies
The Fund’s management objectives are to provide shareholders with long term
capital growth.
2024 2023
£000 £000
Capital and reserves:
Share capital 300 300
Share premium 314 314
Special reserve 5,136 5,136
Capital redemption reserve 27 27
Capital reserve 649 394
Revenue reserve (627) (594)
Total shareholders’ funds 5,799 5,577
The Fund’s objectives for managing capital are detailed in the Strategic
Report and have been complied with throughout the year. It normally restricts
gearing to 30% of net assets, maintaining a minimum share capital of £50,000
(as a public company) and adheres to the capital restrictions imposed by
relevant company and tax legislation.
The revenue reserve is distributable and, to the extent it is positive,
dividends can be funded from it. The special reserve is distributable and the
cost of purchasing own shares has been accounted for in this reserve. The
Company’s Articles of Association prohibit the distribution of capital
profits by way of dividend.
11. Transactions with the Manager and SVM Asset Management Limited
The Management section of the Report of the Directors sets out the services
provided by the Manager to the Fund and fees earned. The share interests of
the Manager in the Fund are set out in the Substantial Shareholdings section
of the Report of the Directors. C W McLean is the Investment Manager at River
Global Investors LLP and is interested, directly or indirectly, in 1,749,932
shares representing 29.1% of the issued share capital of the Company.
There are no transactions with Directors other than aggregated remuneration
for services as Directors as disclosed in the Directors’ Remuneration Report
and note 3. Shareholdings of Directors are also set out in the Directors’
Remuneration Report.
The agreements for the provision of investment management and secretarial
services were novated from SVM Asset Management Ltd to River Global Investors
LLP with effect from 1 December 2023. There were no changes to the terms of
the agreement. The Manager is entitled to a fee for services, payable
quarterly in arrears, equivalent to 0.75% of the total assets of the Fund,
less current liabilities. The Manager elected to waive the investment
management fee from 1 September 2023 until further notice.
Amounts paid to the Manager in respect of Investment Management fees are
disclosed in note 2, with £nil (2023: £10,498) due at the year end.
During the year, SVM Asset Management Limited paid supplier invoices and
Directors' fees on behalf of the Fund. The balance due to SVM Asset Management
Limited is usually settled by the Fund in full twice a year; generally in
September and March.
12. Notices
The financial information contained within this announcement does not
constitute statutory accounts as defined in sections 434 and 435 of the
Companies Act 2006. The results for the years ended 31 March 2024 and 2023
are an abridged version of the statutory accounts for those years. The Auditor
has reported on the 2024 and 2023 accounts, their reports for both years were
unqualified and did not contain a statement under section 498 of the Companies
Act 2006. Statutory accounts for 2023 have been filed with the Registrar of
Companies and those for 2024 will be delivered in due course.
The Annual Report and Accounts for the year ended 31 March 2024 will be mailed
to shareholders shortly and copies will be available from the Manager’s
website www.svmonline.co.uk and the Fund’s registered office at 7 Castle
Street, Edinburgh, EH2 3AH.
The Annual General Meeting of the Fund will be held at 10.00 a.m. on Friday 6
September 2024 at 7 Castle Street, Edinburgh, EH2 3AH.
For further information, please contact:
River Global Investors LLP
Phone: +44 (0) 20 3327 5100
Email: sales.support@river.global
30 July 2023
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