REG-BACIT Limited: Annual Financial Report <Origin Href="QuoteRef">BACT.L</Origin> - Part 5
05/07/2016 07:05
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261,271 58,306 136,690 - 456,267
Bank and cash deposits 2,769 147 19,523 - 22,439
Trade and other receivables 242 11 3,983 - 4,236
Unrealised (losses)/gains on forward currency contracts
- (55,045) 55,710 - 665
Trade and other payables - - (34) - (34)
Distribution payable - - (4,422) - (4,422)
264,282 3,419 211,450 - 479,151
Foreign currency sensitivity analysis
The table below details the sensitivity of the Partnership’s fair value to
a 10% change in the Sterling exchange rate against the US Dollar, Euro and
Swedish Krona currencies with all other variables held constant. The resulting
impact on the NAV of the Group is detailed in the table below. The sensitivity
analysis percentage represents the Investment Manager’s assessment, based on
the foreign exchange rate movements over the relevant period and of a
reasonably possible change in foreign exchange rates.
31.03.16 31.03.16 31.03.16 31.03.15 31.03.15 31.03.15
USD EUR SEK USD EUR SEK
£'000 £'000 £'000 £'000 £'000 £'000
10% increase (10,603) 97 (357) (24,026) (311) -
10% decrease 12,958 (118) 436 29,365 379 -
Interest rate risk
Interest rate risk represents the uncertainty of investment return due to
changes in the market rates of interest. Interest receivable on bank deposits
or payable on bank overdraft is affected by fluctuations in interest rates.
All cash balances are at variable rates. Interest rate risk may exist in the
Partnership’s underlying investments, the analysis of which has not been
possible.
The Group is not exposed to significant interest rate risk on cash assets as
interest from bank balances is minimal due to low interest rates. Any excess
cash and cash equivalents of the Group are invested at short-term market
interest rates.
The Group’s continuing position in relation to interest rate risk is
monitored on an ongoing basis by the Investment Manager.
Interest rate sensitivity
No material impact on the Consolidated Statement of Comprehensive Income or
Consolidated Statement of Financial Position is expected due to the
immateriality of interest rate risk at the year end.
Credit Risk
Credit risk is the risk that an issuer or counterparty will be unable to meet
a commitment that it has entered into with the Group. Credit risk in relation
to securities transactions awaiting settlement is managed through the rules
and procedures of the relevant stock exchanges. In particular settlements for
transactions in listed securities are effected by the Custodian on a delivery
against payment or receipt against payment basis. Transactions in unlisted
securities are effected against binding subscription agreements. Credit risk
may exist in the Partnership’s underlying investments, the analysis of which
has not been possible.
The principal credit risks for the Group are in relation to deposits with
banks. Northern Trust (Guernsey) Limited (“NTGL”) acts as the principal
banker to the Group, and as custodian of its assets. The securities held by
NTGL as Custodian are held in trust and are registered in the name of BACIT
Investments LP Incorporated. NTGL is a wholly owned subsidiary of The Northern
Trust Corporation (“TNTC”). TNTC is publicly traded and a constituent of
the S&P 500. As at 31 March 2016, TNTC has a credit rating of A+ (31 March
2015: A+) from Standard & Poor’s and A2 (31 March 2015: A2) from Moody’s.
The credit risk associated with debtors is limited to any unrealised gains on
open forward foreign currency contracts, as detailed above, and other
receivables.
Credit risk analysis
The Group’s maximum credit exposure is limited to the carrying amount of
financial assets recognised as at the Consolidated Statement of Financial
Position date, as summarised below:
31.03.16 31.03.15
£'000 £'000
Cash and cash equivalents 41 23
Trade and other receivables 4,795 4,438
4,836 4,461
Liquidity risk
Liquidity risk is the risk that the Group will encounter in realising assets
or otherwise raising funds to meet financial commitments in a reasonable
timeframe or at a reasonable price.
The Group is exposed to the possibility that it may be unable to liquidate
its assets as it otherwise deems advisable as the Partnership’s underlying
funds or their managers may require minimum holding periods and restrictions
on redemptions. Further, there may be suspension or delays in payment of
redemption proceeds by underlying funds or holdbacks of redemption proceeds
otherwise payable to the Group until after the applicable underlying fund’s
financial records have been audited. Therefore, the Group may hold receivables
that may not be paid to the Group for a significant period of time, may not
accrue any interest and ultimately may not be paid to the Group. As at
31 March 2016, no discretionary restrictions existed in any of the Group’s
underlying investments (31 March 2015: none).
The table below details the Group’s liquidity analysis for its financial
assets and liabilities. The table has been drawn up based on the undiscounted
net cash flows on the financial assets and liabilities that settle on a net
basis and the undiscounted gross cash flows on those financial assets and
liabilities that require gross settlement.
Within 1 month 1 to 3 months 3 to 12 months Greater than 12 months 31.03.16*
Total
£'000 £'000 £'000 £'000 £'000
Financial assets at fair value
through profit or loss 123,103 40,882 225,433 82,876 472,294
Cash and cash equivalents 41 - - - 41
Trade and other receivables 4,795 - - - 4,795
Trade and other payables (133) - (4,752) - (4,885)
Total 127,806 40,882 220,681 82,876 472,245
Percentage 27.06% 8.66% 46.73% 17.55% 100.00%
Within 1 month 1 to 3 months 3 to 12 months Greater than 12 months 31.03.15*
Total
£'000 £'000 £'000 £'000 £'000
Financial assets at fair value
through profit or loss 143,537 165,012 131,226 39,376 479,151
Cash and cash equivalents 23 - - - 23
Trade and other receivables 4,438 - - - 4,438
Trade and other payables (129) - (4,419) - (4,548)
Total 147,869 165,012 126,807 39,376 479,064
Percentage 30.87% 34.44% 26.47% 8.22% 100.00%
*The tables above reflect the anticipated cash flows assuming notice was
given to all underlying funds as at 31 March 2016 (31 March 2015). They
include a provision for “audit hold back” which most hedge funds apply to
full redemptions and any other known restrictions the managers of the
underlying funds may have placed on redemptions. Where there is currently no
firm indication from the underlying manager on the expected timing of the
receipt of redemption proceeds, the relevant amount is included in the
“greater than 12 months” category. The cash flow projections are
therefore conservative estimates.
19. FAIR VALUE MEASUREMENT
IFRS 13 requires the Group to establish a fair value hierarchy that
prioritises the inputs to valuation techniques used to measure fair value. The
hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). The three
levels of the fair value hierarchy under IFRS 13 are set as follows:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or
liabilities;
Level 2 Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability either directly (that is, as prices) or
indirectly (that is, derived from prices) or other market corroborated inputs;
and
Level 3 Inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs).
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. 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 requires judgement, considering factors specific to the
asset or liability.
The determination of what constitutes ‘observable’ requires significant
judgement by the Group. The Group considers observable data to be that market
data that is readily available, regularly distributed or updated, reliable and
verifiable, and provided by independent sources that are actively involved in
the relevant market.
The following table presents the Group’s financial assets and liabilities
by level within the valuation hierarchy as of 31 March 2016:
31.03.16
Level 1 Level 2 Level 3 Total
Assets £'000 £'000 £'000 £'000
Financial assets at fair value
through profit or loss:
BACIT Investments LP Incorporated - 472,294 - 472,294
Total assets - 472,294 - 472,294
31.03.15
Level 1 Level 2 Level 3 Total
Assets £'000 £'000 £'000 £'000
Financial assets at fair value
through profit or loss:
BACIT Investments LP Incorporated - 479,151 - 479,151
Total assets - 479,151 - 479,151
As noted below, 8.0% of the Partnership’s fair value measurements consist
of positions residing in Level 3 of the fair value hierarchy (“the Level 3
investments”). IFRS 13 requires the fair value measurement of the
Partnership to be classified in the same level of the fair value hierarchy as
the lowest level input that is significant to the overall valuation of the
Partnership. Given their quantum, the Directors do not consider the Level 3
investments to be significant to the overall fair value of the investment. As
such, and in accordance with IFRS 13, the Partnership investment has been
disclosed within Level 2 in the fair value hierarchy. The directors have
provided additional information in respect of the assets and liabilities of
the Partnership below.
The following table presents the Partnership’s financial assets and
liabilities by level within the valuation hierarchy as of 31 March 2016:
31.03.16
Level 1 Level 2 Level 3 Total
Assets £'000 £'000 £'000 £'000
Financial assets at fair value
through profit or loss:
Listed investments 104,359 4,951 - 109,310
Unlisted investments - 313,859 - 313,859
Private equity investments - - 27,643 27,643
Oncology related investments - - 9,606 9,606
Unrealised gains on open forward
foreign currency contracts - 4,049 - 4,049
Total assets 104,359 322,859 37,249 464,467
31.03.15
Level 1 Level 2 Level 3 Total
Assets £'000 £'000 £'000 £'000
Financial assets at fair value
through profit or loss:
Listed investments 116,029 4,538 - 120,567
Unlisted investments - 320,915 - 320,915
Private equity investments - - 12,688 12,688
Oncology related investments - - 2,097 2,097
Unrealised gains on open forward
foreign currency contracts - 665 - 665
Total assets 116,029 326,118 14,785 456,932
Assets classified as Level 2 investments are underlying funds fair-valued
using the latest available NAV of each fund as reported by each fund’s
independent administrator, which are redeemable by the Group subject to
necessary notice being given. Included within the Level 2 investments above
are investments where the redemption notice period is greater than 90 days.
Such investments have been classified as Level 2 because their value is based
on observable inputs. The Group’s liquidity analysis is detailed in note 18.
Assets classified as Level 3 investments are underlying Limited Partnerships
which are not traded or available for redemption. The fair value of these
assets is derived from quarterly statements provided by each Limited
Partnership’s independent administrator.
There were no transfers between levels during the year (31 March 2015:
none).
The following table presents the movements in Level 3 investments for the
year ended 31 March 2016:
Oncology related investments Private equity investments 31.03.16 31.03.15
Total Total
£'000 £'000 £'000 £'000
Opening Balance 2,097 12,688 14,785 13,326
Purchases 2,748 11,415 14,163 6,977
Reduction in investment* - - - (3,754)
Return of capital - (575) (575) (2,391)
Gain on financial assets at fair value through profit or loss 4,761 4,115 8,876 627
9,606 27,643 37,249 14,785
*Due to accepting new investors, Infracapital Partners (NT) II LLP issued the
Partnership with equalisation notices totalling £Nil (31 March 2015:
£3,754,000).
The net gain for the year included in the Consolidated Statement of
Comprehensive Income in respect of Level 3 investments held at the year end
amounted to £8,876,000 (31 March 2015: £627,000).
The following table summarises the valuation methodologies used for the
Group’s investments categorised in Level 3 as of 31 March 2016:
Security description Fair Value Valuation methodology Unobservable inputs Ranges
£'000
Infracapital Partners (NT) II LP 11,718 NAV Valuation of underlying investments* N/A
Permira V LP2 11,997 NAV Valuation of underlying investments* N/A
BACIT Discovery Limited 9,606 NAV Valuation of underlying investments* N/A
Bridge 140 AB 3,928 Directors' valuation Valuation of underlying investments* N/A
* underlying investments held considered highly illiquid
Infracapital Partners (NT) II LP, Permira V LP 2, BACIT Discovery Limited and
Bridge 140 AB value their investments in accordance with the International
Private Equity and Venture Capital (“IPEVC”) guidelines. In line with the
investment methodology outlined in the IPEVC guidance, new investments are
valued equivalent to the cost of the investments. The Group does not have
transparency over the inputs of this valuation.
The investment in the Pioneer Fund has been made through BACIT Discovery
Limited. The Group has committed up to £20,000,000 to the Pioneer Fund. The
Pioneer Fund’s investment policy is to invest in projects and intellectual
property assets with a life science or medical technologies focus related to
oncology, including therapeutics and diagnostics. This commitment will be
called by the Pioneer Fund as and when required to fund investments.
Investment in Pioneer Fund is valued at fair value in accordance with IPEVC
guidelines.
On 25 May 2016, the agreement which the Group had entered into with Bridge
140 AB, a limited liability company incorporated under the laws of Sweden, was
terminated. The value of the investment is assessed by the Directors based on
the amount of cash returned to the Group after the year end and underlying
investments which are retained at cost.
20. CAPITAL RISK MANAGEMENT
The Group’s objectives when managing capital include the safeguard of the
Group’s ability to continue as a going concern in order to provide returns
for shareholders and benefits for other stakeholders and to maintain an
optimal capital structure to reduce the cost of capital.
The Group does not have externally-imposed capital requirements. See note 21
for financial commitments of the Group in respect of the underlying
investments.
The Group may incur indebtedness for the purpose of financing Share
repurchases or redemptions, making investments (including as bridge finance
for investment obligations), satisfying working capital requirements or to
assist in payment of the Charitable Donation, up to a maximum of 20% of the
NAV at the time of incurrence. While the Group has no intention to utilise
gearing to assist with the acquisition of the Group’s initial investments,
it may do so for investment purposes in the future if, at the time of
incurrence, it considers it prudent and desirable to do so in light of
prevailing market conditions. There is no limitation on indebtedness being
incurred at the level of the Partnership’s underlying investments.
21. COMMITMENTS
The Group had the following commitments through the Partnership as at
31 March 2016:
31.03.16
Security description Currency Total Commitment Drawn Commitment Undrawn Commitment
in 000's in 000's in 000's
Infracapital Partners (NT) II LP Sterling £25,000 £8,343* £16,657
Permira V LP 2 Euro €20,000 £10,161 £5,352
BACIT Discovery Limited Sterling £20,000 £4,845 £15,155
Bridge 140 AB Swedish Krona SEK 130,000 £4,794 £5,849
31.03.15
Security description Currency Total Commitment Drawn Commitment Undrawn Commitment
in 000's in 000's in 000's
Infracapital Partners (NT) II LP Sterling £25,000 £6,318* £18,682
Permira V LP 2 Euro €20,000 £5,564 £9,456
BACIT Discovery Limited Sterling £20,000 £2,097 £17,903
* As disclosed in note 19, due to accepting new investors, Infracapital
Partners (NT) II LLP issued the Company with equalisation notices totalling
£3,754,000 in the prior period. The £8,343,000 (31 March 2015: £6,318,000)
of drawn commitments includes amounts totalling £1,449,000 (31 March 2015:
£874,000) of return of capital to the Company, which are not able to be
redrawn as part of any future capital call. As such these have been included
within the total balance for the Drawn Commitment.
Prior to the change in investment policy on 15 December 2014, the Group
invested in one ICR Project, being a project to finance a programme of
research to develop a CHK1 inhibitor (the “CHK1 Project”) through BACIT
CHK1 Investment Limited. The Group’s fellow investors in the CHK1 Project
were Sareum Limited, a drug discovery company, and the Pioneer Fund.
Following the implementation of the revised investment policy, the Group
became an investor in the Pioneer Fund and, in doing so, contributed its
existing interest in the CHK1 Project to the Pioneer Fund. The investment in
the Pioneer Fund has been made through BACIT Discovery Limited (formerly BACIT
CHK1 Investment Limited).
The Partnership has committed up to £20,000,000 to the Pioneer Fund. The
Pioneer Fund’s investment policy is to invest in projects and intellectual
property assets with a life science or medical technologies focus related to
oncology, including therapeutics and diagnostics. This commitment will be
called by the Pioneer Fund as and when required to fund investments. The
Partnership will fund future calls in the Pioneer Fund through available cash
and the realisation of investments as necessary. The Group does not have
transparency over the inputs of this valuation.
There were no contingent liabilities as at the Consolidated Statement of
Financial Position date.
The Group intends to invest up to 1% of NAV each year to acquire interests in
drug development and medical innovation projects undertaken by the ICR or its
subsidiaries which have the potential for commercial development and
application (‘‘ICR Projects’’). To the extent that less than 1% of NAV
is allocated to ICR Projects in any given year, the amount available for
investment in such projects as and when appropriate opportunities become
available in subsequent years may be increased.
The Group may invest in the Pioneer Fund as if it were an ICR Project, save
that the Group may make up to a maximum capital commitment of £20 million
(including the contribution of its investment in the CHK1 Project).
The amount that the Group may contribute to drawdowns of the Pioneer Fund in
any one calendar year will not be subject to the one per cent. of net asset
value cap otherwise applicable to investments in ICR Projects.
In the event that drawdowns by the Pioneer Fund were to exceed this cap in
any one calendar year, the Group would not make any new commitments to or
investments in any ICR Project unless and until the cumulative amount that has
been invested by the Group in the Pioneer Fund and in other ICR Projects has
not exceeded an amount equal to the aggregate of one per cent. of the
Company’s net asset value for each year of the Company’s life. The Group
currently has invested £4,845,000 (31 March 2015: £2,097,000) in BACIT
Discovery Limited with a further £8,499,000 (31 March 2015: £6,496,000)
available at 31 March 2016 to invest in ICR Projects.
22. RECONCILIATION OF PUBLISHED NAV TO ACCOUNTING NAV PREPARED UNDER IFRS
31 March 2016 31 March 2016
NAV NAV per share (£)
£'000
Net assets reported to the London Stock Exchange 470,414 1.22
Adjustment in value of financial assets at fair value through profit and loss:
Increase in valuation of BACIT Discovery Limited 1,474 0.01
Increase in valuation of Permira V LP 2 357 -
Net assets per Financial Statements 472,245 1.23
The increase in valuation in each of BACIT Discovery Limited and Permira V LP
2 is due to the receipt of more up-to-date valuation statements after the 31
March 2016 NAV had been published.
The NAV per share is calculated by dividing the NAV attributable to holders
of Ordinary Shares by the number of Ordinary Shares in Issue. As at 31 March
2016 this was 384,665,158.
23. SUBSEQUENT EVENTS
These Consolidated Financial Statements were approved for issuance by the
Board on 4 July 2016. Subsequent events have been evaluated until this date.
A scrip dividend for the year ended 31 March 2016 of 2.2 pence per Ordinary
share will be paid on 19 August 2016 to those Shareholders on the register of
members of the Company as at 15 July 2016.
No significant post year end events have occurred in respect of the Group
that are considered material to the understanding of these audited
Consolidated Financial Statements.
Appendix – Charity List
The BACIT Foundation charity roster for the year ended 31 March 2016 is set
out below:
Alzheimer’s Research UK
Alzheimer’s Research UK is a dementia research charity specialising in
finding preventions, causes, treatments and a cure for dementia by funding
world-class, pioneering research at leading universities.
(www.alzheimersresearchuk.org)
The Alzheimer’s Society
The Alzheimer’s Society is a support and research charity for people with
dementia, their families and carers. Its mission is to change the face of
dementia research; demonstrate best practice in dementia care and support;
provide the best advice and support to anyone dealing with dementia and
influence government and society to enable those affected by dementia to live
as they wish to live. (www.alzheimers.org.uk)
Beating Bowel Cancer
Beating Bowel Cancer is dedicated to saving lives by working in partnership
with individuals, local communities, clinical communities and government to
improve public awareness of bowel cancer and to increase the rate of early
diagnosis. (www.beatingbowelcancer.org)
Butterfly Thyroid Cancer Trust
Founded in 2003, Butterfly Thyroid Cancer Trust is the first registered
charity in the UK dedicated solely to supporting people affected by thyroid
cancer. Working alongside an expert medical multi-disciplinary team and Cancer
Research UK, they can ensure access to the very best support for their
members. (www.butterfly.org.uk)
Child Bereavement UK
Child Bereavement UK supports families and educates professionals when a baby
or child of any age dies or is dying, and when a child is facing bereavement.
The charity provides ongoing professional support to bereaved children and
families and also supports the individuals and organisations that become
involved with these families. (www.childbereavement.org.uk)
Cure Leukaemia
Cure Leukaemia was established in 2003 to allow patients with blood cancer to
access new treatments. It supports the Centre for Clinical Haematology at
the Queen Elizabeth Hospital in Birmingham – one of the world’s leading
drug development and transplant centres – by raising money to fund
specialist nurses who administer trials of potentially life-saving drugs to
leukaemia patients across the West Midlands. The combination of the unique
demographic of the region and the network of well-supported nurses enables the
charity to leverage millions of pounds of pioneering drugs and gives patients
access to treatments not yet available on the NHS. (www.cureleukaemia.co.uk)
Downside Up
Downside Up provides support and advice for families raising children with
Down Syndrome, develops innovative children’s training and parents’
support methods, disseminates knowledge and experience among Russian
professionals and society, and works towards raising public awareness about
Down Syndrome with the aim of changing attitudes. (www.en.downsideup.org)
The Egmont Trust
The Egmont Trust is dedicated to improving the lives of children living with
HIV and AIDS in sub-Saharan Africa through one smart, cost-effective project
at a time. ( www.egmonttrust.org )
The Institute of Cancer Research
The Institute of Cancer Research, London, is one of the world’s most
influential cancer research institutes, with an outstanding record of
achievement dating back more than 100 years. Today, the ICR is ranked as the
UK’s leading academic research centre, and leads the world in isolating
cancer-related genes and discovering new targeted drugs for personalised
cancer treatment. The ICR employs leading scientists from over 50 countries
around the world and since 2005 alone, 16 drug development candidates have
been discovered based on ICR research, 6 of which have progressed into phase 1
clinical trials. The ICR has charitable status and relies on support from
partner organisations, charities and donors to fund its research and
innovation. (www.icr.ac.uk)
The James Wentworth-Stanley Memorial Fund
The James Wentworth-Stanley Memorial Fund was set up by James’s parents to
help raise awareness of anxiety, depression and suicide among young people and
to tackle the terrible and shocking statistic that suicide is the second
largest cause of death amongst young men in the UK. (www.jwsmf.org)
JDRF
JDRF (formerly known as the Juvenile Diabetes Research Foundation) is a
charitable organization dedicated to funding type 1 diabetes research.
JDRF’s stated mission is to improve the lives of all people affected by type
1 diabetes by accelerating progress on the most promising opportunities for
curing, better treating, and preventing type 1 diabetes. (www.jdrf.org.uk)
The Louis Dundas Centre for Children’s Palliative Care
The Louis Dundas Centre for Children’s Palliative Care is intended to be a
world-class centre of research, teaching and practice in palliative care for
children and young people. (www.gosh.org/louis-dundas-centre)
Maggie’s
Maggie’s is about empowering people to live with, through and beyond cancer
by bringing together professional help, communities of support and building
design to create exceptional centres for cancer care. Maggie’s runs centres
where people are welcome at any time, from having just being diagnosed, or
undergoing treatment, to post-treatment, recurrence, end of life or in
bereavement. (www.maggiescentres.org)
Marie Curie
Marie Curie is for people living with any terminal illness, and their
families. They offer expert care, guidance and support to help them get the
most from the time they have left. Their nurses work night and day, in
people’s homes across the UK, providing hands-on care and vital emotional
support. Their hospices offer specialist round-the-clock care. Marie Curie
also support people throughout their illness by giving practical information,
support from trained volunteers and being there when someone wants to talk.
(www.mariecurie.org.uk)
NSPCC
The NSPCC was founded in 1884. Its vision is still to end cruelty to children
in the UK. The NSPCC protects children across the UK through a wide range of
services for both children and adults, including national helplines and local
projects. (www.nspcc.org.uk)
The Rwanda Hope Foundation
The Rwanda Hope Foundation (RHF) represents a new approach to fighting
poverty. Through enterprise education programmes and a revolving debt/equity
fund, RHF helps local Rwandan entrepreneurs and social entrepreneurs to grow
their SMEs. Donations to RHF (www.rwandahopefoundation.co.uk)) are made to
Prism the Gift Fund for onward transmission by it to RHF. (
www.prismthegiftfund.co.uk )
Scope
Scope campaigns for the full inclusion and equal participation of disabled
people in society. It also operates support services such as schools, a
college, residential care, training, short breaks and a helpline providing
information and advice on disability. (www.scope.org.uk)
SSAFA
SSAFA is one of the UK’s leading armed forces charities. It provides
practical, financial and emotional support to anyone who is currently serving
or has served in the Army, Navy or RAF, and their families, and has been
running for over 125 years. (www.ssafa.org.uk)
Supporting Wounded Veterans (Skiing with Heroes)
Supporting Wounded Veterans’ aim is autonomy and independence, employment
and meaningful occupation, for wounded, mainly ex Iraq and Afghanistan,
campaign veterans, via skihabilitation, mentoring, a specific pain management
programme in partnership with King Edward VII hospital in London, and with
support into employment. (www.skiingwithheroes.com)
Women for Women International
Women for Women International works with socially excluded women in eight
countries where war and conflict have devastated lives and communities.
(www.womenforwomen.org.uk)
MANAGEMENT AND ADMINISTRATION
DIRECTORS INDEPENDENT AUDITOR
Jeremy Tigue (Chairman) Deloitte LLP
Arabella Cecil (appointed 9 September 2015) PO Box 137,
Peter Hames Regency Court,
Thomas Henderson Glategny Esplanade, St. Peter Port,
Colin Maltby Guernsey, GY1 3HW
Nicholas Moss
Jonathan Moulton (resigned 9 September 2015)
Martin Thomas (resigned 18 March 2016)
SPONSOR CUSTODIAN
J.P. Morgan Securities plc Northern Trust (Guernsey) Limited
25 Bank Street, PO Box 71,
Canary Wharf, Trafalgar Court,
London, E14 5JP Les Banques, St. Peter Port,
Guernsey, GY1 3DA
ADMINISTRATOR AND SECRETARY LEGAL ADVISORS (GUERNSEY)
Northern Trust International Carey Olsen Client Services
Fund Administration (Guernsey) Limited
Services (Guernsey) Limited PO Box 98,
PO Box 255,Trafalgar Court, Carey House,
Les Banques, St. Peter Port, Les Banques, St. Peter Port,
Guernsey, GY1 3QL Guernsey, GY1 4BZ
REGISTRAR LEGAL ADVISORS (UK)
Capita Registrars (Guernsey) Limited Freshfields Bruckhaus Deringer LLP
Mont Crevelt House, 65 Fleet Street,
Bulwer Avenue, St. Sampson, London, EC4Y 1HS
Guernsey, GY2 4LH
INVESTMENT MANAGER
BACIT (UK) Limited
2nd Floor, 10 Aldermanbury
London, EC2V 7RF
REGISTERED OFFICE
PO Box 255,
Trafalgar Court,
Les Banques, St. Peter Port,
Guernsey, GY1 3QL
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