Foresight 3 VCT PLC Foresight 3 Vct Plc : Annual -7-
25 Julho 2014 - 9:17AM
UK Regulatory
corporate and financial information included on the Company's website
(which is delegated to Foresight Group and incorporated into their
website). Legislation in the UK governing the preparation and
dissemination of financial statements may differ from legislation in
other jurisdictions.
Statement of Directors' Responsibilities in respect of the Annual
Financial Report
We confirm that to the best of our knowledge:
-- the financial statements, prepared in accordance with the applicable set
of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company;
-- the Annual Report includes a fair review of the development and
performance of the business and the position of the Company together with
a description of the principal risks and uncertainties that the Company
faces; and
-- the report and accounts, taken as a whole, are fair, balanced, and
understandable and provide the necessary information for the shareholders
to assess the company's performance, business model and strategy.
On behalf of the Board
Graham Ross Russell
Chairman
24 July 2014
Income Statement
for the year ended 31 March 2014
Year ended 31 March 2014 Year ended 31 March 2013
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Realised
gains/(losses) on
investments - 1,898 1,898 - (2,536) (2,536)
Investment holding
(losses)/gains - (816) (816) - 2,377 2,377
Income 787 - 787 445 - 445
Investment
management fees (237) (710) (947) (246) (737) (983)
Other expenses (390) - (390) (437) - (437)
Return/(loss) on
ordinary
activities before
taxation 160 372 532 (238) (896) (1,134)
Taxation - - - - - -
Return/(loss) on
ordinary
activities after
taxation 160 372 532 (238) (896) (1,134)
Return/(loss) per
Ordinary Share 0.3p 0.7p 1.0p (0.5)p (1.8)p (2.3)p
The total column of this statement is the profit and loss account of the
Company and the revenue and capital columns represent supplementary
information.
All revenue and capital items in the above Income Statement are derived
from continuing operations. No operations were acquired or discontinued
in the year.
The Company has no recognised gains or losses other than those shown
above, therefore no separate statement of total recognised gains and
losses has been presented.
Reconciliation of Movements in Shareholders' Funds
Called-up Share Capital Profit and
share premium redemption loss
capital account reserve account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Year ended 31
March 2013
As at 1 April
2012 503 - 1,872 36,605 38,980
Share issues
in the year 105 8,995 - - 9,100
Expenses in
relation to
share
issues - (125) - - (125)
Repurchase of
shares (93) (221) 93 (7,895) (8,116)
Loss for the
year - - - (1,134) (1,134)
As at 31
March 2013 515 8,649 1,965 27,576 38,705
Called-up Share Capital Profit and
share premium redemption loss
capital account reserve account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Year ended 31
March 2014
As at 1 April
2013 515 8,649 1,965 27,576 38,705
Share issues
in the year 4 331 - - 335
Expenses in
relation to
share
issues - (81) - - (81)
Repurchase of
shares (7) - 7 (429) (429)
Dividends - - - (1,031) (1,031)
Return for
the year - - - 532 532
As at 31
March 2014 512 8,899 1,972 26,648 38,031
Balance Sheet
at 31 March 2014
Registered Number: 03121772
As at As at
31 March 2014 31 March 2013
GBP'000 GBP'000
Fixed assets
Investments held at fair value
through profit or loss 36,086 35,447
36,086 35,447
Current assets
Debtors 1,762 2,122
Money market securities and other
deposits 277 475
Cash 87 739
2,126 3,336
Creditors
Amounts falling due within one
year (181) (78)
Net current assets 1,945 3,258
Net assets 38,031 38,705
Capital and reserves
Called-up share capital 512 515
Share premium account 8,899 8,649
Capital redemption reserve 1,972 1,965
Profit and loss account 26,648 27,576
Equity shareholders' funds 38,031 38,705
Net asset value per Ordinary Share 74.2p 75.2p
Cash Flow Statement
for the year ended 31 March 2014
Year Year
ended ended
31 March 31 March
2014 2013
GBP'000 GBP'000
Cash flow from operating activities
Investment income received 357 171
Dividends received from investments 283 -
Deposit and similar interest received 2 9
Investment management fees paid (922) (993)
Secretarial fees paid (126) (121)
Other cash payments (250) (449)
Net cash outflow from operating activities and returns
on investment (656) (1,383)
Taxation - -
Investing activities
Purchase of unquoted investments and investments quoted
on AiM (4,673) (2,163)
Net proceeds on sale of unquoted investments 4,157 847
Net proceeds on sale of quoted investments 566 159
Net capital outflow from financial investment 50 (1,157)
Equity dividends paid (1,031) -
Management of liquid resources
Movement in money market funds 198 2,311
198 2,311
Financing
Proceeds of fund raising 1,196 1,348
Expenses of fund raising (75) (125)
Repurchase of own shares (334) (486)
787 737
(Decrease)/increase in cash (652) 508
Reconciliation of net cash flow to movement in net
cash
(Decrease)/increase in cash for the year (652) 508
Net cash at start of the year 739 231
Net cash at end of year 87 739
Analysis of changes in net
debt At 1 April 2013 Cash flow As at 31 March 2014
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 1,214 (850) 364
Notes
1. The audited Annual Financial Report has been prepared on the basis of
accounting policies set out in the statutory accounts of the Company for
the year ended 31 March 2014. All investments held by the Company are
classified as 'fair value through the profit and loss'. Unquoted
investments have been valued in accordance with IPEVC guidelines. Quoted
investments are stated at bid prices in accordance with the IPEVC
guidelines and Generally Accepted Accounting Practice.
2. These are not statutory accounts in accordance with S436 of the
Companies Act 2006. The full audited accounts for the year ended 31
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