TIDMILV1
RNS Number : 8255M
Ingenious Live VCT 1 plc
23 August 2011
INGENIOUS LIVE VCT 1 PLC
23 August 2011
Half-yearly results for the six months to 30 June 2011
INTERIM MANAGEMENT REPORT
We are delighted to present the half-yearly financial report of
Ingenious Live VCT 1 plc (the Company) covering the six months
ended 30 June 2011 (the Reporting Period).
Overview of Activities
The Company has now completed its investment strategy and is
fully invested under the VCT regulations. It will now continue to
focus upon maximising the returns from the investments made. The
Company is pleased to announce that 2011 is set to be another
successful year with a number of the summer events already
estimating record attendances.
For example, Creamfields is sold out for the third year in a row
with its increased capacity of 50,000 per day. Rewind Festival (19
to 21 August) and Field Day (6 August), were also complete
sellouts.
Investment Objective
The Company's main objective is to invest in companies
established to create and bring to market live events and premium
entertainment content which will provide shareholders with an
attractive return. This strategy will aim to maximise the
opportunities for making tax-free dividends to shareholders from
both the actual income received and capital profits on the sale of
the Investee Companies or their assets.
The Company has been fully invested since December 2009 and the
Manager continues to focus solely on the portfolio of investments
in order to deliver strong annual profits and, crucially, target
exceptional back--end values as the Company exits its investments
after the qualifying five-year period.
Results
The Company made a loss on ordinary activities of GBP114,000 for
the six months ended 30 June 2011 (31 December 2010: profit of
GBP89,000; 30 June 2010: loss of GBP137,000).
The net asset value per share is 82.8 pence (31 December 2010:
91.0 pence; 30 June 2010: 88.6 pence), although this is after the
deduction of the interim dividend of 7.0 pence per share in the
Reporting Period, as well as after the deduction of an interim
dividend of 7.0 pence per share in the period to 30 June 2010.
Festivals
Creamfields
Ingenious Live VCT 1 Investment amount: GBP850,000
(GBP1,700,000 across the Ingenious Live VCTs)
The success of Creamfields as the country's leading dance
festival has been highlighted through the numerous awards that it
has earned over the past few years. In 2011 Creamfields was awarded
'Best Dance Event' at the prestigious UK Festival Awards for the
second year running and it was also honoured as 'Best Festival' at
the 2010 Music Week Awards, beating festivals such as Glastonbury,
V Festival, Reading and Leeds.
The 2010 event delivered record profits for the second year in a
row. The 2011 event, which will take place between 26 and 28
August, has been extended to open on a Friday for the first time
and, with its increased capacity of 50,000 per day, Creamfields is
once again set to deliver significantly increased profits.
This year's event will be headlined by The Chemical Brothers,
Swedish House Mafia, Tiesto and David Guetta and boasts an array of
electronic artists that has clearly once more struck a strong chord
with its audience.
Rewind Festival & 80s Rewind Tour
Ingenious Live VCT 1 Investment amount (80s Rewind Festival):
GBP346,598
(GBP693,196 across the Ingenious Live VCTs)
(GBP545,196 across the Ingenious Entertainment VCTs)
Ingenious Live VCT 1 Investment amount (80s Rewind Tour):
GBP328,350
(GBP656,700 across the Ingenious Live VCTs)
In December 2008, the Company, alongside The Rival Organisation,
co-promoted the Rewind Festival, a two-day music event in
Henley-Upon-Thames. The 2010 event, held in August experienced an
impressive increase in attendance figures, with a total audience of
over 35,000 across both days. Highlights included performances by
Boy George and Tony Hadley.
This year's event was held between 19 and 21 August and was a
complete sell out (20,000 per day capacity). Highlights this year
included Village People and The Human League and we are delighted
that Rewind has very quickly established itself as the country's
leading celebration of 80s music.
The brand creation strategy that the Manager very much focuses
upon is further supported by the fact that in July 2011 a licence
was granted for a Rewind Festival to be held in Australia. This
event will take place in late October 2011.
Underage & Field Day Festivals
Ingenious Live VCT 1 Investment amount: GBP500,000
(GBP1,000,000 across the Ingenious Live VCTs)
Field Day Festival has become the festival of choice for those
hoping to see 'the next big thing'. Over the years leading artists
such as Florence and the Machine, Mumford and Sons and Laura
Marling have all played at Field Day before making their big break.
The 2010 event gave the impression that the Field Day brand had
finally arrived and this has been borne out by the fact that the
attendance for this year's event far exceeded the previous
year.
Underage, the sister festival to Field Day, is equally unique in
that it is the only festival in the country dedicated to 13 to 17
year olds. As in 2010, Underage was broadcast live on BBC Radio One
and continues to hold its market niche as the key summer music
festival for under 18 year olds.
We believe that the Underage and Field Day brands still have
strong potential to be 'rolled out', both in the UK and overseas,
although they continue to make a good level of profit solely based
upon the UK festival.
Field Day and Underage are held each year in Victoria Park,
London. This year, Underage was held on 5 August and Field Day on 6
August 2011.
Exhibitions
Brand Events - Taste of Christmas & The Taste Festivals
Ingenious Live VCT 1 Investment amount (Taste of Christmas):
GBP902,489
(GBP1,804,978 across the Ingenious Live VCTs)
Ingenious Live VCT 1 Investment amount (The Taste Festivals):
GBP1,000,000
(GBP2,000,000 across the Ingenious Live VCTs)
Taste of Christmas, the festive food and drink event returned
for the third year to the ExCel Centre in London during December
2010 and attracted over 20,000 people. Despite the severe weather
conditions, the exhibition was extremely well attended and as a
result, the event became profitable for the first time. A high
proportion of exhibitors and sponsors have already signed up for
the next exhibition to be held in December 2011, which will once
again inspire and educate consumers while offering them the very
best in food shopping, fine wines and access to celebrity
chefs.
The Taste Festivals are established as successful outdoor food
and wine events featuring a number of famous chefs including Gary
Rhodes, Michel Roux Jr., Giorgio Locatelli and Theo Randall who
serve up their signature dishes for the public to taste. The London
event took place in Regent's Park in June 2011, whilst the
Edinburgh event was held in Inverleith Park in May 2011.
Taste of London is the jewel in The Taste Festivals' crown,
attracting 50,000 visitors to Regent's Park every year. The Taste
Festivals have set a new benchmark for food and drink events
worldwide with 12 Taste Festivals now being hosted around the world
including Dublin, Cape Town, Sydney and Dubai. The investment
generated a small profit to the Company.
Golf Live
Ingenious Live VCT 1 Investment amount: GBP275,000
(GBP550,000 across the Ingenious Live VCTs)
(GBP550,000 across the Ingenious Entertainment VCTs)
Golf Live is a three day interactive golf event which was staged
at The London Golf Club between 18 and 20 May 2011. IMG, managers
to a large number of leading golfers, has also invested into the
event. The long term aim is to roll the event out to further
prestigious golf courses around the world and it has already
attracted sponsorship partners of the quality of O2, Jaguar,
Turkish Airlines and the European Golf Tour. The event represents a
highly creative way of bringing the sports and exhibition markets
closely together.
In 2011 Golf Live was hosted by last year's Ryder Cup captain,
Colin Montgomerie, alongside many other stars from within the world
of golf. The event was extremely well received by both the
corporate partners as well as the paying public and its audience
satisfaction rating was the highest that Brand Events had ever
received for one of their events.
The partners were delighted with the financial performance of
the event in year two whereby it broke even and they feel very
confident that Golf Live is poised to move into profitability for
2012. The anticipated international roll-out of the brand is also
likely to commence next year.
Live Venues
Scarborough Open Air Theatre
Ingenious Live VCT 1 Investment amount: GBP1,000,000
(GBP2,000,000 across the Ingenious Live VCTs)
(GBP2,000,000 across the Ingenious Entertainment VCTs)
In December 2009, the Ingenious Live VCTs entered into an
arrangement to exclusively co-promote a variety of live events at
Scarborough Open Air Theatre, the largest open air theatre in
Europe. The theatre, which is situated on the Yorkshire coast,
seats over 6,000 people and is a major venue in the North East of
England for theatrical performances, concerts, opera and dance.
The venue was built by Scarborough Council, who has granted a
twenty five year license to operate the venue when it was opened by
HRH the Queen in May 2010. The co-promoters of the venue are the
Apollo Theatre Group, a very experienced live event promoter and
the Manager feels that the venue has a great deal of potential.
The 2011 season was opened with a performance by the legendary
Sir Elton John, who sold out the venue in a record breaking three
hours. Other major shows to be staged this season include Rewind
(returning after last year's sold out performance), Last Night of
the Proms (featuring Kiri Te Kanawa who also sold out the venue
during 2010's Gala Opening), as well as popular chart stars
N-Dubz.
The 2010 season generated a trading loss but, as already stated,
the Manager remains confident that the venue will deliver
longer-term profits to the shareholders.
Television Format
Let's Dance
Ingenious Live VCT 1 Investment amount: GBP500,000
(GBP1,000,000 across the Ingenious Live VCTs)
(GBP1,000,000 across the Ingenious Entertainment VCTs)
In January 2009, GBP2,000,000 was invested across both the Live
and Entertainment VCTs to back the television dance format Let's
Dance. This was the second co-investment between the Ingenious Live
and Entertainment VCTs.
For the past three years BBC One has commissioned Whizz Kid
Entertainment to produce this hugely popular celebrity-led series
for both Comic Relief and Sports Relief. In 2011 the programme was
aired to over 8.3 million viewers and enjoyed the prime time
Saturday night slot on BBC One. Following the ratings success of
the UK series, the Let's Dance format has been sold and aired in a
number of different countries including Germany, the Netherlands,
Sweden, Russia, Slovakia and Indonesia.
The series has also been re-commissioned for a fourth UK series
to be aired in 2012 and, as a result of this success, the
international sales agents for both the US (William Morris) and the
Rest of the World (Fremantle) are continuing to push forward with
the international sale of the format. Our financial forecasts show
that the format revenues generated will already at least cover the
investment made and the Manager fully expects that there will be
some significant upside in the investment in future years.
Outlook
The economic environment continues to display challenges for the
Company as a whole, however the Manager is extremely pleased to
report that its portfolio is proving highly robust in the current
climate. We remain confident that we are developing a number of
brands that have strong international potential and which will
create significant asset values in addition to ongoing annual
trading profits.
Some of these event opportunities will take time to develop, but
we firmly believe that the Company will deliver strong shareholder
value within each five year investment cycle.
The Manager's focus remains very firmly upon maximising the
returns from investments made. In addition, we believe that the
Company's strategy, which aims to successfully balance equity risk
with a strong level of downside protection through minimum revenue
arrangements of at least 75% in respect of each investment, is
perfectly suited to the current economic environment whereby
shareholders are very much focused upon capital preservation.
Ingenious Ventures
23 August 2011
For further information, please visit: www.ingeniousvcts.co.uk
or contact:
Ingenious Ventures
Paul Bedford 020 7319 4000
CONDENSED income statement (unaudited)
for the six months ended 30 June 2011
Six months ended 30
June 2011 (unaudited)
-------------------------------
Revenue Capital Total
Note GBP'000 GBP'000 GBP'000
-------------------------------------- ----- --------- --------- ---------
Gain on disposal of investments - 71 71
Decrease in fair value of investments
held - (169) (169)
Investment income 115 - 115
Investment management fees (40) (40) (80)
Other expenses (51) - (51)
-------------------------------------- ----- --------- --------- ---------
Profit/(loss) on ordinary activities
before taxation 24 (138) (114)
Tax on ordinary activities - - -
-------------------------------------- ----- --------- --------- ---------
Profit/(loss) attributable to
equity shareholders 24 (138) (114)
-------------------------------------- ----- --------- --------- ---------
Basic and diluted return per
share (pence) 2 0.3 (1.5) (1.2)
-------------------------------------- ----- --------- --------- ---------
The Company has no recognised gains and losses other than those
disclosed above.
The total column is the income statement of the Company for the
six months ending 30 June 2011. The supplementary capital and
revenue columns are prepared with guidance published by the
Association of Investment Companies (AIC).
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
(UNAUDITED)
for the six months ended 30 June 2011
30 June 30 June
2011 2010 31 December 2010
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------ ------------ ------------ ----------------
Opening shareholders' funds 8,415 8,973 8,973
Dividends (647) (647) (647)
(Loss)/profit for the period (114) (137) 89
------------------------------ ------------ ------------ ----------------
Closing shareholders' funds 7,654 8,189 8,415
------------------------------ ------------ ------------ ----------------
The accompanying notes form an integral part of these financial
statements.
Six months ended 30
June 2010 (unaudited)
-------------------------------
Revenue Capital Total
Note GBP'000 GBP'000 GBP'000
-------------------------------------- ----- --------- --------- ---------
Gain on disposal of investments - 57 57
Decrease in fair value of investments
held - (214) (214)
Investment income 162 - 162
Investment management fees (45) (45) (90)
Other expenses (52) - (52)
-------------------------------------- ----- --------- --------- ---------
Profit/(loss) on ordinary activities
before taxation 65 (202) (137)
Tax on ordinary activities - - -
-------------------------------------- ----- --------- --------- ---------
Profit/(loss) attributable to
equity shareholders 65 (202) (137)
-------------------------------------- ----- --------- --------- ---------
Basic and diluted return per
share (pence) 2 0.7 (2.2) (1.5)
-------------------------------------- ----- --------- --------- ---------
Year ended 31 December
2010 (audited)
-------------------------------
Revenue Capital Total
Note GBP'000 GBP'000 GBP'000
-------------------------------------- ----- --------- --------- ---------
Gain on disposal of investments - 63 63
Decrease in fair value of investments
held - (111) (111)
Investment income 410 - 410
Investment management fees (86) (86) (172)
Other expenses (101) - (101)
-------------------------------------- ----- --------- --------- ---------
Profit/(loss) on ordinary activities
before taxation 223 (134) 89
Tax on ordinary activities - - -
-------------------------------------- ----- --------- --------- ---------
Profit/(loss) attributable to
equity shareholders 223 (134) 89
-------------------------------------- ----- --------- --------- ---------
Basic and diluted return per
share (pence) 2 2.4 (1.4) 1.0
-------------------------------------- ----- --------- --------- ---------
CONDENsED balance sheet (unaudited)
as at 30 June 2011
30 June 31 December
30 June 2010 2010
2011 (unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
---------------------- ----- ------------------ ------------- ------------
Fixed assets
Qualifying
investments 6,521 6,242 6,521
---------------------- ----- ------------------ ------------- ------------
Current assets
Debtors 158 68 138
Non-qualifying
investments 3 971 1,776 1,717
Cash at bank and in
hand 24 127 63
---------------------- ----- ------------------ ------------- ------------
1,153 1,971 1,918
Creditors: amounts
falling due within
one year (20) (24) (24)
---------------------- ----- ------------------ ------------- ------------
Net current assets 1,133 1,947 1,894
---------------------- ----- ------------------ ------------- ------------
Net assets 7,654 8,189 8,415
---------------------- ----- ------------------ ------------- ------------
Capital and reserves
Called-up share
capital 92 92 92
Share premium account 4,383 4,383 4,383
Other reserves 3,088 3,735 3,735
Capital reserve 344 414 482
Revenue reserve (253) (435) (277)
---------------------- ----- ------------------ ------------- ------------
Equity shareholders'
funds 7,654 8,189 8,415
---------------------- ----- ------------------ ------------- ------------
Net asset value
(pence per share) 4 82.8 88.6 91.0
---------------------- ----- ------------------ ------------- ------------
The accompanying notes form an integral part of these financial
statements.
condensed cash flow statement (unaudited)
for the six months ended 30 June 2011
Six months ended Six months ended Year ended
30 June 2011 30 June 2010 31 December 2010
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------- ------------------ ----------------- ----------------
Net cash outflow
from operating
activities (71) (89) (211)
--------------------- ------------------ ----------------- ----------------
Financial investment
Purchase of
qualifying
investments - (74) (74)
Disposal of
qualifying
investments - 74 74
--------------------- ------------------ ----------------- ----------------
Net cash flow from
financial
investment - - -
--------------------- ------------------ ----------------- ----------------
Management of liquid
resources
Disposal of
non-qualifying
investments 679 770 828
--------------------- ------------------ ----------------- ----------------
Net cash inflow from
liquid resources 679 770 828
--------------------- ------------------ ----------------- ----------------
Financing
Dividends (647) (647) (647)
--------------------- ------------------ ----------------- ----------------
Net cash outflow
from financing (647) (647) (647)
--------------------- ------------------ ----------------- ----------------
(Decrease)/increase
in cash (39) 34 (30)
--------------------- ------------------ ----------------- ----------------
Reconciliation of (loss)/profit before taxation to net cash flow
from operating activities
GBP'000 GBP'000 GBP'000
------------------------------------------------ -------- -------- --------
(Loss)/profit on ordinary activities before tax (114) (137) 89
Decrease in fair value of investments held 169 214 111
Investment income (102) (162) (337)
Increase in receivables (20) - (70)
Decrease in payables (4) (4) (4)
------------------------------------------------ -------- -------- --------
Net cash outflow from operating activities (71) (89) (211)
------------------------------------------------ -------- -------- --------
Reconciliation of net cash flow to movement in net funds
GBP'000 GBP'000 GBP'000
--------------------------- -------- -------- --------
Opening cash balances 63 93 93
Net cash (outflow)/inflow (39) 34 (30)
--------------------------- -------- -------- --------
Closing cash balances 24 127 63
--------------------------- -------- -------- --------
notes to the financial statements (unaudited)
for the six months ended 30 June 2011
1. Accounting Policies
a) Basis of Accounting
The financial statements for the Reporting Period have been
prepared in compliance with UK Generally Accepted Accounting
Practice, and with the Statement of Recommended Practice (the SORP)
entitled "Financial Statements of Investment Trust Companies and
Venture Capital Trusts" which was issued in January 2009.
These financial statements have been drawn up adopting the
accounting policies set out in the Annual Report and Accounts for
the year to 31 December 2010.
b) Valuation of Investments
The Company's business is investing in financial assets with a
view to profiting from their total return in the form of income and
capital growth. As set out in the prospectus all investments are
designated at fair value.
International Private Equity and Venture Capital Valuation
Guidelines
Unquoted investments, including equity and loan investments are
designated at fair value and valued in accordance with the
International Private Equity and Venture Capital Guidelines and
Financial Reporting Standard 26 "Financial Instruments: Recognition
and Measurement" (FRS 26). Investments are initially recognised at
fair value. The investments are subsequently re-measured at fair
value, as estimated by the Directors with prudence and good faith.
Investment holding gains or losses arising from the revaluation of
investments are taken directly to the income statement. Fair value
is determined as follows:
-- Fair value is the amount for which an asset could be
exchanged between knowledgeable, willing parties in an arm's length
transaction.
-- In estimating fair value for an investment, the Investment
Manager will apply a methodology that is appropriate in light of
the nature, facts and circumstances of the investment and its
materiality in the context of the total investment portfolio and
will use reasonable assumptions and estimations.
-- An appropriate methodology incorporates available information
about all factors that are likely to materially affect the fair
value of the investment. The valuation methodologies are applied
consistently from period to period, except where a change would
result in a better estimate of fair value. Any changes in valuation
methodologies will be clearly disclosed in the financial
statements.
The most widely used methodologies are listed below. In
assessing which methodology is appropriate, the Directors are
predisposed towards those methodologies that draw upon
market--based measures of risk and return.
-- Price of recent investment
-- Earnings multiple
-- Net assets
-- Available market prices
Of these the two methodologies most applicable to the Company's
investments are:
1 - Price of recent investment
Where the investment being valued was made recently, its cost
will generally provide a good indication of value. It is generally
considered that this would only apply for a limited period; in
practice a period up to the start of the first live event which
forms the investment is often applied as the long stop date for
such a valuation.
2 - Discounted cash flows/earnings of the underlying
business
Investments can be valued by calculating the net present value
of expected future cashflows of the companies in which the Company
has invested (the Investee Companies). In relation to the Company's
investments, anticipating future cashflows in excess of the
guaranteed amounts would clearly require highly subjective
judgements to be made in the early stage of each investment and
therefore would not be an appropriate methodology to apply in the
early stage of the investment.
In the period prior to the first live event it is considered
appropriate to use the price paid for the recent investment as the
latest available information. Thereafter, the portfolio of
investments is fair valued on the discounted cash flow/earnings
basis using the latest available information on the performance of
the live event or entertainment content. Gains or losses arising
from changes in the fair value of the 'financial assets at fair
value through profit or loss' category are presented in the income
statement in the period in which they arise.
As a result of the above basis of valuation, there is
significant judgement associated with the valuation of
investments.
Non-qualifying Investments - Open Ended Investment Companies
The Company's non-qualifying investments in interest bearing
money market Open Ended Investment Companies (OEICs) are valued at
fair value which is bid price. They have been designated as fair
value through profit and loss for the purposes of FRS 26.
Gains and losses arising from changes in fair value of
qualifying and non-qualifying investments are recognised as part of
the capital return within the income statement and allocated to the
realised or unrealised capital reserve as appropriate. Transaction
costs attributable to the acquisition or disposal of investments
are charged to capital within the income statement.
c) Investment Income
Interest income is recognised in the income statement under the
effective interest rate method. The effective interest rate is the
rate required to discount the expected future income streams over
the life of the loan to its initial carrying amount. The main
impact for the Company in that regard is the accounting treatment
of the loan note premiums. Where those loan note premiums are
charged in lieu of higher interest then they are credited to income
over the life of the advance to the extent those premiums are
anticipated to be collected.
d) Dividend Income
Dividend income is recognised in the income statement once
declared by any investee company.
e) Expenses
All expenses are accounted for on an accruals basis. Expenses
are charged to the revenue account within the income statement
except that:
-- expenses which are incidental to the acquisition or disposal
of an investment are charged to capital in the income statement as
incurred; and
-- expenses are split and presented partly as capital items
where a connection with the maintenance or enhancement of the value
of the investments held can be demonstrated; and
-- the management fee has been allocated 50% to revenue and 50%
to capital, which represents the split of the Company's long term
returns.
f) Deferred Taxation
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. This is subject to
deferred tax assets only being recognised if it is considered more
likely than not that there will be suitable profits from which the
future reversal of the underlying timing differences can be
deducted. Timing differences are differences arising between the
Company's taxable profits and its results as stated in the
financial statements which are capable of reversal in one or more
subsequent periods.
2. Basic and Diluted Return per Share
The calculation of basic return per share is based on the return
on ordinary activities after tax for the period and on a weighted
average of 9,242,845 ordinary shares in issue for the six months
ended 30 June 2011 (31 December 2010: 9,242,845; 30 June 2010:
9,242,845).
There are no dilutive elements and therefore the basic return
per share is the same as the diluted return per share.
3. Non-qualifying Investments
In order to safeguard the capital available for investment in
VCT qualifying investments and balance this with the need to
provide good returns to investors, available funds from the net
proceeds are invested in appropriate securities (money market
securities and cash funds) until required for qualifying investment
purposes.
4. Net Asset Value per Share
The net asset value per share has been calculated based on
9,242,845 ordinary shares being the number of ordinary shares in
issue as at 30 June 2011 (31 December 2010: 9,242,845; 30 June
2010: 9,242,845).
5. Related Party Transactions
a) Ingenious Ventures Limited was the Investment Manager until
28 February 2008, when the investment management agreement was
novated to Ingenious Asset Management Limited, and Ingenious
Ventures became a trading division of Ingenious Asset Management
Limited. Patrick McKenna is a director of Ingenious Asset
Management Limited and was a director of Ingenious Ventures Limited
until 1 June 2009, which are both subsidiaries within the Ingenious
Media Holdings plc group of companies (the Ingenious Group), which
is controlled by Patrick McKenna.
Ingenious Ventures (the Manager), as per the management
agreement, receives a management fee of 0.5% (2.0% annually) of the
net asset value payable quarterly in advance. The Manager also
charges an administration fee of GBP19k per annum and irrecoverable
VAT.
b) The funds invested in OEICs are managed by Ingenious Asset
Management Limited, a company of which Patrick McKenna is a
director. Ingenious Asset Management Limited is a subsidiary of the
Ingenious Group, which is controlled by Patrick McKenna. There is
no fee associated with this transaction.
During the period the Company has entered into transactions with
the above-mentioned related parties in the normal course of
business and on an arm's length basis:
Expenditure Paid Amounts Due
31
30 June 30 June 31 December 30 June 30 June December
2011 2010 2010 2011 2010 2010
Entity Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ----- ------- ------- ----------- ------- ------- --------
Ingenious Asset
Management Limited
Investment
management
fee a 80 90 172 - - -
Administration
fee a 10 10 19 - - -
Irrecoverable
VAT a 2 - 1 - 4 2
--------------- ----- ------- ------- ----------- ------- ------- --------
Transactions Between Related Parties
Ingenious Media Consulting Limited, a company which is a
subsidiary of the Ingenious Group, which is controlled by Patrick
McKenna, has entered into consultancy agreements with each of the
Company's investee companies to provide management services. For
the provision of such services, consulting fees totalling GBP173k
excluding VAT (31 December 2010: GBP166k; 30 June 2010: GBP110k),
have been invoiced in the period, GBP62k remains outstanding as at
30 June 2011 (31 December 2010: GBPNil; 30 June 2010: GBPNil).
Ingenious Corporate Finance Limited, a company which is a
subsidiary of the Ingenious Group, which is controlled by Patrick
McKenna, was engaged by one of the investee companies for advice
during the period incurring fees of GBP25,000 excluding VAT (31
December 2010: GBPNil; 30 June 2010: GBPNil).
6. Comparative Information
The unaudited half-yearly financial report for the period ended
30 June 2011 does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006 and has not been
delivered to the Registrar of Companies.
The Company's statutory financial statements for the year ended
31 December 2010 have been delivered to the Registrar of Companies.
The auditor's report on those financial statements was unqualified
and did not contain statements under Section 498 (2) or section 498
(3) of the Companies Act 2006.
7. Availability of the Half-Yearly Financial Report
Copies of the half-yearly financial report are being sent, or
made available electronically, to all shareholders. Further copies
can be downloaded from the Company's website:
www.ingeniousvcts.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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