TIDMATY
RNS Number : 8737T
Athelney Trust PLC
24 July 2015
ATHELENY TRUST plc: INTERIM RESULTS
Athelney Trust plc, the investor in small companies and junior
markets, announces its unaudited results for the six months ended
June 30 2015.
Highlights:
1. Overall return of 6.4 per cent (Net Asset Value increase plus dividend paid)
2. Unaudited Net Asset Value at 236p per share up 4.9 per cent (June 2014: 224.8p)
3. Gross revenue increased by 12.2 per cent to GBP113,963 (June 2014: GBP101,530)
4. Revenue return per share up 16.9 per cent at 4.9p (June 2014: 4.2p)
5. Final dividend of 6.7p paid in April (2014: final dividend 5.5p)
Chairman Dr EC Pohl said: "International stock markets have had
to put up with a lot in the first half of 2015 including the
British General Election, protracted negotiations between the hated
troika and the Greek Government on yet another bail out and wild
price swings on the Shanghai and Shenzen markets.
"Is the global economy entering a soft patch? We are not in the
danger zone yet but there is only a thin safety buffer against any
economic shock such as China devaluing the reminbi to make its
exports more competitive and thus dealing the rest of the world a
deflationary shock. With interest rates at an all time low there
are alarmingly few tools in the box with which to combat the next
down-turn should it come.
"When interest rates were cut to their lowest ever levels in
March 2009, markets expected them to rise again within the year.
More than six years later rates remain the same and markets are
still obsessed with the timing of a rise instead of how slowly or
rapidly the rises will take place.
"My view is such rates will rise very, very slowly with every
movement carefully signalled by the Fed and the Bank of England
well in advance. Markets do not look particularly cheap but there
are still pockets of good value in small companies and major oil
and I think we should continue to hold what we have.
"Events unfolding in Greece and China however, must be watched
with great care".
-ends-
For further information:
Robin Boyle, Managing Director
Athelney Trust 020 7628 7937
Paul Quade 020 7248 8010
CityRoad Communications 07947 186694
CHAIRMAN'S STATEMENT AND BUSINESS REVIEW
I enclose the unaudited results for the six months to 30 June
2015. The salient points are as follows:
-- The overall return, which is the increase in NAV during the
half year plus the dividend paid, is 6.4 per cent.
-- Unaudited Net Asset Value (NAV) is 236p per share (31
December 2014: 228p, 30 June 2014: 224.8p), an increase of 3.5 per
cent for the half year and an increase of 4.9 per cent over the
past year.
-- Gross Revenue increased by 12.2 per cent to GBP113,963
compared with the half year ended 30 June 2014 of GBP101,530 (full
year to 31 December 2014 GBP189,458).
-- Revenue return per ordinary share was 4.9p, an increase of
16.9 per cent from the previous half year to 30 June 2014 (31
December 2014: 7.8p, 30 June 2014: 4.2p).
-- A final dividend of 6.7p was paid in April 2015 (2014: final dividend 5.5p).
Review of 1 January 2015 to 30 June 2015
John Maynard Keynes essentially said, don't try and figure out
what the market is doing. Figure out a business you understand and
concentrate. - Warren Buffett.
If you remember nothing else about P/E ratios, remember to avoid
stocks with excessively high ones. A company with a high P/E must
have incredible earnings growth to justify its high price. - Peter
Lynch.
Things are seldom what they seem. Skim milk masquerades as
cream. Gilbert & Sullivan, HMS Pinafore.
International stock markets have had to put up with a lot in the
first half of 2015: the British general election, protracted
negotiations between the hated troika and the Greek government on
yet another bail-out but, for thrills and spills, you cannot beat
Chinese share markets. Recent wild price swings on the Shanghai and
Shenzhen markets and fortunes being made and lost by retail
investors have made gripping reading. Progress in most of the rest
of the world, however, was rather more prosaic. New York, Tokyo and
London rose by 0.8 per cent, 19.6 per cent and 4.2 per cent
respectively - Shanghai was up an astonishing 44.9 per cent and
Shenzhen more-or-less doubled at one stage. Elsewhere, Hungary,
Denmark and Italy led the field with rises of 31.3 per cent, 27.6
per cent and 23.3 per cent respectively. Laggards were Greece,
Indonesia and Egypt with falls of 5.5, 5.3 and 5.2 per cent
respectively. Smaller companies in London by-and-large did well
with the FTSE Smaller Companies, Fledgling and Aim All-share being
up by 7.1, 15.6 and 8.2 per cent respectively. The overall return
on Athelney Trust shares, by which I mean the growth in the net
asset value plus the dividend, was 6.4 per cent.
Question: What do you know about money?
Young man: Not a lot
Answer: It's how they keep score.
Bill James, Gospel.
Is the global economy entering a soft patch? We are not in the
danger zone yet but there is only a thin safety buffer against any
economic shock such as China devaluing the reminbi to make its
exports more competitive and thus dealing the rest of the world a
deflationary shock. With interest rates at an all-time low, there
are alarmingly few tools in the box with which to combat the next
down-turn should it come. The recovery from each of the past four
US recessions has been weaker than the previous one. The average
growth rate has fallen from 4.5 per cent in the early 1980s to
nearer 2 per cent this time. The US fiscal deficit has dropped to
2.8 per cent but is expected to climb again as pension and
healthcare costs rise even if the economy does well. So the US
could not easily launch a New Deal: public debt was only 38 per
cent of GDP when Franklin Roosevelt took power in 1933. Over
100,000 lay-offs in the oil and gas sectors seem to have taken
their toll on consumer confidence. China accounted for 85 per cent
of global growth in 2012, 54 per cent in 2013, 30 per cent in 2014
and probably 24 per cent this year so it is good to see electricity
consumption rise and rail freight usage increase as well as
property prices in the big cities. Russia, Brazil, Argentina, and
Venezuela are all contracting sharply whereas Europe is doing
better but hardly booming. To my mind, it is vitally important the
central bankers ignore the siren voices which call for a premature
rise in interest rates.
I am indebted to Private Eye for its Complete Guide to
Buy-to-Let:-
1. Cash in your pension pot and use that money to buy loads of
new-build flats off-plan, utilising record low interest rates.
2. Watch the value of your property portfolio surge.
3. Buy more flats just at the top of the market, just as the economy starts to tank.
4. Watch the value of your portfolio plummet as the housing
market crashes, just as it did after the last buy-to-let boom.
5. Be forced to re-mortgage your now largely worthless flats at hugely increased rates.
6. Hide behind the sofa as the bailiffs arrive to seize your house.
7. Lose everything that you own.
8. Er....
9. That's it.
HM Revenue & Customs admitted in June that it was being
crushed under the weight of hundreds of thousands of postal appeals
against the fixed GBP100 penalty which, to my mind, is a shocking
indictment of our tax system. Nearly 1m of us were automatically
fined GBP100 for not submitting a tax return by January's deadline,
the number being boosted by rising numbers of the self-employed and
parents above the child benefit cap. The last Budget hailed the
death of the tax return but this will not happen until 2020 at the
earliest. As more of us are swept into self-assessment, it is
obvious that the system needs a shake-up. A good start would be to
take more out of it: currently, 16 per cent of tax returns result
in a nil tax liability with a further 8 per cent showing a
liability of less than GBP20. Late-return fines apply to these, of
course. The number of taxpayers leaving their tax return to the
last minute doesn't help. In January, those registering for on-line
submission for the first time may well have thought a few clicks
and it will be done but not so since they needed an HMRC activation
code that had to be - yes, you've guessed it - posted to them
before proceeding. How about a small carrot for those filing early
which would even out the peaks and troughs of paperwork? There is a
risk that the 11m of us within the self-assessment system are
losing patience with its complexities, the appeals, contested tax
codes and unavoidable delays for rebates. If you are left holding
on for ever to the help-line, it is tempting to think that the same
department will not have the resources to find you. In the millions
of letters that HMRC is opening, this is a message that it should
not ignore.
How about buying the shares of a company that has just completed
another investment round? Its valuation is up 56 per cent, since it
first sought backers, to GBP5 billion. Apparently, it allows users
to create messages by moving a stylus across a thin membrane and
then send them to a named recipient leaving no electronic
footprint. What do you mean, you don't fancy any more Royal Mail
shares?
My favourite radio programme by a long way is Radio 4's More or
Less which shines a clear light on dodgy statistics. But, as far as
I know, UK households really do own a total of GBP1.4 trillion in
savings of which GBP729 billion, about half, is sitting in cash. A
rather worrying GBP329 billion is idling in instant access accounts
currently earning between nothing and 0.4 per cent in interest.
With rates that low, one might think that savers would switch
accounts from time to time but, not so, 85 per cent of instant
access accounts have remained unchanged in the last three years.
Banks call this, rather unkindly I feel, muppet money: banks and
building societies are paying less than 1 per cent on the full
range of their accounts so households are earning a miserly GBP7
billion at the moment. Some level of cash is obviously important,
say the equivalent of three months' income plus GBP2,500 or so in
case of problems with the roof or car plus savings for children.
That would leave GBP450 billion that should be working much harder
than it is. If that were put to work in a mixture of high-quality
shares, it would earn GBP18 billion or GBP11 billion more than at
present - as much as GBP440 per household. A gradual process of
switching into assets offering a much better income could go a long
way to increasing prosperity in the UK - we should be muppets no
longer!
Most General Election jokes are not funny anymore - even so, I
quite like the story about the Mirror newspaper. It had confidently
hired a spoof removal van which the paper had intended to drive as
close as possible to Downing Street for a photo-opportunity to mark
what it hoped would be David Cameron's final morning in Number 10
(a mock-up of the vehicle, complete with We Pack While You Chillax
logo appeared on the paper's front page on polling day). Sadly, the
actual result - marked by the Mirror's first edition with the
headline Five More Damned Years?, and on subsequent editions minus
the question mark - meant that the van stayed firmly in the
garage
Greece has been through the trauma of default and currency
collapse before. In 1932, Greece turned to the League of Nations
and British bankers in a last-ditch attempt to defend the drachma
under the Gold Standard as reserves drained away. No came the
answer about three months later so Greece devalued and imposed a 70
per cent haircut on the loans that it had taken out. It must have
seemed like getting out of jail for a time but Greek industry was
too weak to exploit the much lower exchange rate. Things did not
get better: there were four attempted coups d'etat ending in a
military dictatorship - political parties were abolished and Greece
fell under the spell of Balkan fascism. Does any of this
resonate?
In May, a UK court again refused affordable bail to Navinder
Sarao, the independent trader who allegedly contributed to the 2010
US flash crash. But is a man who lives with his mum and dad in West
London really a greater flight risk than previous suspects? These
include Polly Peck fraudster Asil Nadir, bailed for GBP250,000 in
2010 after jumping bail in 1993. Another was Boris Berezovsky whose
surety was GBP100,000 compared with GBP5m for Navinder. The US has
frozen the latter's assets: relatives have scraped together
GBP50,000 and his parents have offered to pledge their house all to
no avail. Zeal is one thing, fairness another.
Phew! What a relief. May saw the foreign exchange fines coming
in a little lower than forecast, the settlements provided some
certainty and the damage was limited. UBS's combined $545 million
of fines (for forex and LIBOR), for example, were equivalent to 1.8
per cent of tier 1 (i.e. core capital) and 2.1 per cent of its
annual cost base. No-one was going to lose any sleep over that so
up went bank share prices. But relief is deeply wrong-headed: May
events were infuriating, partly because total misconduct fines of
$5.6 billion will have to be deducted from capital, new lending or
shareholder dividends, going instead into government vaults. Then
again, the process of fining banks is astonishingly opaque. Lots of
US and UK agencies have dipped their paws into the honey-pot over
forex. A few hundred million from this bank, a few hundred million
from that and it all adds up. But how the agencies decide what
fines to impose is a mystery to me and, I suspect, the banks
themselves. Other misconduct issues remain to be resolved - the
provisions and contingent liabilities note in the UBS annual report
is, er, ten pages long; Barclays offers up nine pages of legal,
competition and regulatory matters; JP Morgan's litigation section
is seven pages. Big though these fines are, it is not clear to me
that they frighten individual bankers enough to change their risky
behaviour. We will not know until a number of years have passed
without further incident. The fines are material, unfinished,
unpredictable and possibly ineffective. Shareholders should be
livid.
June saw David Cameron's homily to other EU leaders about
re-negotiation/referendum. If we left the EU, we would be the only
major country not belonging to a trading bloc. Mr Cameron could, of
course, seek membership of The European Free Trade Area which is an
annex to the EU for countries with commitment issues and includes
such power players as Liechtenstein (population 37,000), which is a
tax haven just like the UK. The North American Free Trade Area has
increased trade by $800bn and the UK's geographical position should
be no obstacle in a time when Australia can compete in Eurovision.
The European Union is a compelling, if left-field, contender with
27 states and over 400m people. The EU also offers access to third
countries such as Korea with which the UK would have to negotiate
fiddly bilateral agreements. Given the advantages, one wonders why
the UK is contemplating leaving at all..........
The Committee of the Commissioners for the Reduction of the
National Debt will meet in July for the first time since a dinner
in 1986 commemorated the 200(th) anniversary of its establishment
by William Pitt. It must have seemed like a good idea in 1786,
since the National Debt had ballooned to GBP250 million and his
government wanted to be seen to be doing something about it. That
sum would finance the present-day government for about three hours
so I guess that most observers would conclude that the committee
had failed dismally. The present level of debt is GBP1.5 trillion,
or about GBP25,000 for every man, woman and child in the country.
However, GBP375 billion of this debt is held by the Bank of England
following its quantitative easing programme in recent years. The
Bank of England is owned by the government so there is a perfectly
respectable argument for saying that the national debt is only
GBP1.125 trillion. So that's all right, then!
Trust in Pollsters Falls, According to New Poll - Scotsman
headline 20 May.
From the outside, Britain's economy looks as if it is ticking
over nicely. Last year it grew by 2.8 per cent, more than any other
economy is the G7 group of rich countries, and employment has never
been higher. But economists believe that the biggest risk to our
growth prospects is poor productivity. GDP per hour is lower now
than in 2007 whereas American workers' output is 9 per cent higher
and, even in much-derided France, it has increased by 2 per cent.
When the economy stumbled into recession in 2008, many firms
decided that, rather than sack workers, they would retain them to
avoid costly rehiring later. Employing the same number of people
while producing less meant that, at the risk of stating the
obvious, output per hour fell. As expected, when the economy began
to recover, so did output per hour, rising by 3 per cent between
2009 and 2011. Then something strange happened: employers went on a
hiring spree so that Britain added 1.3 million jobs between 2010
and 2014. Experience is not uniform across the economy and it
emerges that the 345,000 workers producing cars, planes and trains
produced 56 per cent more than in 2009 thanks to new technology,
supply-chain efficiency and better management. Rolls-Royce has
halved the time that it takes to manufacture fan and turbine discs.
But a surprising underperformer is chemical and pharma, where
productivity has dropped by 11 per cent since 2009 possibly because
of a failure to invest. That means that many workers are toiling
with out-of-date kit and have scant chance of being more
productive. Productivity gains are there if one looks for them but
we need lighter planning rules, a social-housing system less
reliant on waiting lists would help workers move from region to
region and more streamlined bankruptcy laws would allow money to
flow out of failing businesses and into growing ones. Without these
and other reforms, Britain will grind forward with the hand-brake
on.
Results
Gross revenue increased to GBP113,963 compared to the same
period last year of GBP101,530.
The Board
Hugo Deschampsneufs resigned as Non-executive Chairman in May
after over 20 years of sterling service. I know of no other
Chairman who has contributed so much over such a long time-scale.
David Horner resigned in January after 12 years- his contribution
is gratefully acknowledged. We are delighted to welcome Simon Moore
to the board whose C.V can be found on our website.
Portfolio Review
Holdings of AEW UK, Harworth Group, Japan Residential, Jupiter
Fund Management, Record, River & Mercantile and Safestyle Uk
were all purchased for the first time. Additional holdings of
Begbies Traynor Group, Capital & Regional, Charles Taylor
Consulting, Picton Property Income and Quarto Group were also
acquired. Brit, GLI Finance, Hydrogen, ISG, NewRiver Retail, Plus
500, Redefine, Renew Holdings and RWS Holdings were sold. In
addition a total of 4 holdings were top-sliced to provide capital
for new purchases.
Corporate Activity
We accepted take-over bids for the holdings of Catlin and
Nationwide Accident Repair, which gave us a profit/(loss) on book
value of 21.5 per cent and (14.1) per cent respectively.
Dividend
As is the Board's practice, consideration of a dividend will be
left until the final results are known.
Risks
The Company's assets consist mainly of listed securities and its
principal risks are therefore market-related. The Company is also
exposed to currency risk in respect of a small number of
investments held in overseas markets.
The major risks associated with the Company are market and
liquidity risk. The Company has established a framework for
managing these risks. The directors have guidelines for the
management of investments and financial instruments.
Market Risk
Market risk arises from changes in interest rates, valuations
awarded to equities, movements in prices and the liquidity of
financial instruments.
Liquidity Risk
Liquidity Risk is the risk that the Company may have difficulty
in meeting obligations associated with financial liabilities. The
Company has no borrowings; therefore there is no exposure to
interest rate changes.
The company is able to reposition its investment portfolio when
required so as to accommodate liquidity needs.
Outlook
It is curious to reflect that, when US and UK policy interest
rates were cut to their lowest ever levels in March 2009, markets
expected them to rise again within the year. More than six years
later, rates remain the same and markets are still obsessed with
the timing of a rise instead of how slowly or rapidly the rises
will take place. My view is such rates will rise very, very slowly
with every movement carefully signalled by the Fed and the Bank of
England well in advance. Yes, markets do not look particularly
cheap but there are still pockets of good value in small companies
and major oil and I think that we should continue to hold what we
have. Events unfolding in Greece and China, however, must be
watched with great care.
Dr. E.C. Pohl
23 July 2015
HALF YEARLY INCOME STATEMENT
(INCORPORATING THE REVENUE ACCOUNT)
Audited
Year ended
Unaudited Unaudited 31 December
6 months ended 30 June 6 months ended 30 June
2015 2014 2014
Revenue Capital Total Revenue Capital Total Total
GBP GBP GBP GBP GBP GBP GBP
Gains on investments
held at fair
value - 197,363 197,363 - 309,890 309,890 221,717
Income from
investments 113,963 - 113,963 101,530 - 101,530 189,458
Investment
Management
expenses (2,495) (22,754) (25,249) (2,780) (25,432) (28,212) (57,305)
Other expenses (13,909) (29,041) (42,950) (14,441) (21,056) (35,497) (72,824)
Net return
on ordinary
activities
before taxation 97,559 145,568 243,127 84,309 263,402 347,711 281,046
Taxation - - - - - - -
Net return
on ordinary
activities
after taxation 97,559 145,568 243,127 84,309 263,402 347,711 281,046
Dividends Paid:
Dividend (132,866) - (132,866) (109,069) - (109,069) (109,069)
Transferred
to reserves (35,307) 145,568 110,261 (24,760) 263,402 238,642 171,977
========== ========= ========== ============ =========== ========== ============
Return per
ordinary share 4.9p 7.3p 12.2p 4.2p 13.3p 17.5p 14.1p
The total column of this statement is the profit and loss
account for the Company.
All revenue and capital items in the above statement derive from
continuing operations.
No operations were acquired or discontinued during the above
financial periods.
A Statement of Comprehensive Income is not required as all gains
and losses of the Company have been reflected in the above
Statement.
HALF-YEARLY STATEMENT OF CHANGES IN EQUITY
For the Six Months Ended 30 June 2015 (Unaudited)
Called-up Capital Capital Total
Share Share reserve reserve Retained Shareholders'
Capital Premium realised unrealised earnings Funds
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2015 495,770 545,281 1,336,934 1,851,828 291,857 4,521,670
Net gains on realisation
of investments - - 197,363 - - 197,363
Increase in unrealised
Appreciation - - - 48,238 - 48,238
Expenses allocated
to
Capital - - (51,795) - - (51,795)
Profit for the
period - - - - 97,559 97,559
Dividend paid in
year - - - - (132,866) (132,866)
Shareholders' Funds
at 30 June 2015 495,770 545,281 1,482,502 1,900,066 256,550 4,680,169
========== ======== ========== =========== ========== ==============
For the Six Months Ended 30 June 2014 (Unaudited)
Called-up Capital Capital Total
Share Share reserve Reserve Retained Shareholders'
Capital Premium realised Unrealised earnings Funds
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2014 495,770 545,281 953,991 2,108,854 245,797 4,349,693
Net gains on realisation - - 309,890 - - 309,890
of investments
Decrease in unrealised - - - (129,917) - (129,917)
Appreciation
Expenses allocated
to - - (46,488) - - (46,488)
Capital
Profit for the
year - - - - 84,309 84,309
Dividend paid in
year (109,069) (109,069)
Shareholders' Funds
at 30 June 2014 495,770 545,281 1,217,393 1,978,937 221,037 4,458,418
========== ======== ========== =========== =========== ==============
For the Year Ended 31 December 2014 (Audited)
Called-up Capital Capital Total
Share Share reserve Reserve Retained Shareholders'
Capital Premium realised Unrealised earnings Funds
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2014 495,770 545,281 953,991 2,108,854 245,797 4,349,693
Net gains on realisation - - 478,743 - - 478,743
of investments
(Decrease)/Increase
in - - - (257,026) - (257,026)
unrealised appreciation
Expenses allocated
to - - (95,800) - - (95,800)
Capital
Profit for the
year - - - - 155,129 155,129
Dividend paid in
year - - - - (109,069) (109,069)
Shareholders' Funds
at 31 December
2014 495,770 545,281 1,336,934 1,851,828 291,857 4,521,670
========== ======== ========== =========== ========== ==============
HALF YEARLY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE
2015
Audited
Unaudited Unaudited 31 December
30 June 30 June
2015 2014 2014
GBP GBP GBP
Fixed assets
Investments held at
fair value through
profit and loss 4,493,609 4,372,861 4,432,113
---------- ---------- ------------
Current assets
Trade receivables 143,090 50,399 87,246
Cash at bank and in
hand 55,151 47,410 18,137
198,241 97,809 105,383
Creditors: amounts falling
due within one year (11,681) (12,252) (15,826)
---------- ---------- ------------
Net current assets 186,560 85,557 89,557
---------- ---------- ------------
Total assets less current
liabilities 4,680,169 4,458,418 4,521,670
Provisions for liabilities
and charges - - -
Net assets 4,680,169 4,458,418 4,521,670
========== ========== ============
Capital and reserves
Called up share capital 495,770 495,770 495,770
Share premium account 545,281 545,281 545,281
Other reserves (non
distributable)
Capital reserve - realised 1,482,502 1,217,393 1,336,934
Capital reserve - unrealised 1,900,066 1,978,937 1,851,828
Retained earnings 256,550 221,037 291,857
Shareholders' funds
- all equity 4,680,169 4,458,418 4,521,670
========== ========== ============
Net Asset Value per
share 236.0p 224.8p 228.0p
Number of shares in
issue 1,983,081 1,983,081 1,983,081
HALF YEARLY STATEMENT OF CASHFLOWS FOR THE SIX MONTHS ENDING
30 JUNE 2015
Notes Unaudited Unaudited Audited
6 months
6 months ended ended Year ended
30 June 31 December
30 June 2015 2014 2014
GBP GBP GBP
Operating Activities
Revenue return before
taxation 97,523 84,262 155,074
Adjustments 1 (51,800) (46,488) (95,800)
Net changes in working
capital 2 (59,989) (12,083) (45,355)
------------------- ------------- -----------------
Cash flow from operating
activities (14,266) 25,691 13,919
------------------- ------------- -----------------
Investing Activities
Purchase of fixed assets (430,174) (426,702) (679,659)
Proceeds from disposal
of fixed assets 614,284 532,734 768,182
Interest received 36 47 55
------------------- ------------- -----------------
Cash flow from investing
activities 184,146 106,079 88,578
------------------- ------------- -----------------
Financing Activities
Dividends paid (132,866) (109,069) (109,069)
------------------- ------------- -----------------
Cash flow from financing
activities (132,866) (109,069) (109,069)
------------------- ------------- -----------------
Net change in cash and
cash equivalents 37,014 22,701 (6,572)
Cash and cash equivalents
at start of year 18,137 24,709 24,709
Cash and cash equivalents
at the end of the period 55,151 47,410 18,137
=================== ============ ================
Note 1
Investment management
expenses charged to capital (22,754) (25,432) (51,644)
Other expenses charged
to capital (29,046) (21,056) (44,156)
------------------- ------------- -----------------
Total adjustments (51,800) (46,488) (95,800)
------------------- ------------- -----------------
Note 2
(Increase)/decrease in
debtors (55,844) (8,618) (45,464)
(Decrease)/increase in
creditors (4,145) (3,465) 109
------------------- ------------- -----------------
Net changes in working
capital (59,989) (12,083) (45,355)
------------------- ------------- -----------------
NOTES TO THE HALF YEARLY FINANCIAL STATEMENTS
1. The financial information contained in these Half Yearly
Financial Statements comprises non-statutory accounts as defined in
Sections 434 to 436 of the Companies Act 2006. The financial
information for the year ended 31 December 2014 has been extracted
from the statutory accounts which have been filed with the
Registrar of Companies and which contain an unqualified Auditors'
Report and do not contain a statement under Sections 498(2) or
498(3) of the Companies Act 2006.
2. The condensed financial statements for the period ended 30
June 2015 have been prepared on the basis of the same accounting
policies adopted as set out in the Annual Report for the year ended
31 December 2014 and in accordance with the Financial Reporting
Council's Statement "Half Yearly Financial Reports". They have not
been audited or reviewed by the auditors pursuant to the Auditing
Practices Board Guidance on "Review of Interim Financial
Information"
3. To the best of our knowledge and belief there are no related
party transactions within the meaning required by the Disclosure
and Transparency Rules 4.2.8R (disclosure of related party
transactions and changes therein).
4. The calculation of earnings per share for the six months
ended 30 June 2015 is based on the attributable return on ordinary
activities after taxation and on the weighted average number of
shares in issue during the period.
6 months ended 30 June 6 months ended 30 June
2015 (Unaudited) 2014 (Unaudited)
Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP
Attributable return
on
ordinary activities
after taxation 97,559 145,568 243,127 84,309 263,402 347,711
Weighted average
number of shares 1,983,081 1,983,081
Return per ordinary
share 4.9p 7.3p 12.2p 4.2p 13.3p 17.5p
12 months ended 31 December
2014 (Audited)
Revenue Capital Total
GBP GBP GBP
Attributable return
on
ordinary activities
after taxation 155,129 125,917 281,046
Weighted average
number of shares 1,983,081
Return per ordinary
share 7.8p 6.3p 14.1p
5. Net Asset Value (NAV) per share is calculated by dividing
shareholders' funds by the weighted average number of shares in
issue at 30 June 2015 of 1,983,081 (30 June 2014: 1,983,081 and 31
December 2014: 1,983,081).
6. Copies of the Half Yearly Financial Statements for the six
months ended 30 June 2015 will be available on the Company's
website www.athelneytrust.co.uk as soon as practicable.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GIGDRBXDBGUX
Athelney (LSE:ATY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Athelney (LSE:ATY)
Historical Stock Chart
From Apr 2023 to Apr 2024
