TIDMKAY
Kings Arms Yard VCT PLC
LEI Code 213800DK8H27QY3J5R45
As required by the UK Listing Authority's Disclosure Guidance and
Transparency Rule 4.2, Kings Arms Yard VCT PLC today makes public its
information relating to the Half-yearly Financial Report (which is
unaudited) for the six months to 30 June 2020. This announcement was
approved by the Board of Directors on 3 September 2020.
The full Half-yearly Financial Report (which is unaudited) for the
period to 30 June 2020, will shortly be sent to shareholders and will be
available on the Albion Capital Group LLP website by clicking
https://www.globenewswire.com/Tracker?data=F-1vgJ3-g1MpTObDfBJcywtL3aCqYaGg_gIZeql0Nwk6_UUGh3oaMvAvjmFrC8JGcjKMr6A4anLN3Lz4Z46V4MMRRIwl6wBLlKmMUBiWrkJL9R9jp9wHwIXfdNqNt3OZaLbQyJ75g3YAyERL75adMNCPqbRgEgl9PsIyFBq3Htk=
www.albion.capital/funds/KAY/30Jun2020.pdf.
Investment policy
Kings Arms Yard VCT PLC is a Venture Capital Trust and the investment
policy is intended to produce a regular dividend stream with an
appreciation in capital value.
The Company will invest in a broad portfolio of higher growth businesses
across a variety of sectors of the UK economy including higher risk
technology companies. Allocation of assets will be determined by the
investment opportunities which become available but efforts will be made
to ensure that the portfolio is diversified both in terms of sector and
stage of maturity of company.
Funds held pending investment or for liquidity purposes are held as cash
on deposit or similar instruments with banks or other financial
institutions with high credit ratings assigned by international credit
rating agencies.
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses within
venture capital trust qualifying industry sectors using a mixture of
securities. The maximum amount which the Company will invest in a single
portfolio company is 15 per cent. of the Company's assets at cost, thus
ensuring a spread of investment risk. The value of an individual
investment may increase over time as a result of trading progress and it
is possible that it may grow in value to a point where it represents a
significantly higher proportion of total assets prior to a realisation
opportunity being available.
The Company's maximum exposure in relation to gearing is restricted to
the amount equal to its adjusted capital and reserves.
Financial calendar
Record date for second dividend 2 October 2020
Payment date of second dividend 30 October 2020
Financial year end 31 December
Financial summary
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
(pence per share) (pence per share) (pence per share)
--------------- ------------------- ------------------- -------------------
Opening net
asset value 22.02 22.78 22.78
Revenue return 0.15 0.24 0.44
Capital
(loss)/return (1.31) 0.11 (0.02)
--------- ------- ---------
Total
(loss)/return (1.16) 0.35 0.42
Impact from
share capital
movements 0.04 - 0.02
Dividends paid (0.60) (0.60) (1.20)
-------- ---------- --------
Net asset value 20.30 22.53 22.02
--------------- ------------------- ------------------- -------------------
Shareholder return and shareholder value (pence per share)
Shareholder return from launch to 1 January 2011:
Total dividends paid to 1 January 2011 58.66
Decrease in net asset value (83.40)
------------------------------------------------------ -----------------
Total shareholder return to 1 January 2011 (24.74)
------------------------------------------------------ -----------------
Shareholder return from 1 January 2011 to 30 June
2020 (period that Albion Capital has been investment
manager):
Total dividends paid 9.67
Increase in net asset value 3.70
------------------------------------------------------ -----------------
Total shareholder return from 1 January 2011 to 30
June 2020 13.37
------------------------------------------------------ -----------------
Shareholder value since launch:
Total dividends paid to 30 June 2020 68.33
Net asset value as at 30 June 2020 20.30
------------------------------------------------------ -----------------
Total shareholder value as at 30 June 2020 88.63
------------------------------------------------------ -----------------
The Directors have declared a second dividend of 0.51 pence per share
for the year ending 31 December 2020, which will be paid on 30 October
2020 to shareholders on the register on 2 October 2020.
The details of the new dividend policy can be found in the Interim
management report below.
The above financial summary is for the Company, Kings Arms Yard VCT PLC
only. Details of the financial performance of the various Quester, SPARK
and Kings Arms Yard VCT 2 PLC companies, which have been merged into the
Company, can be found at
https://www.globenewswire.com/Tracker?data=F-1vgJ3-g1MpTObDfBJcywtL3aCqYaGg_gIZeql0NwnArDScq9FGFYh0_b0n4gHD3B_RYxqe4ix9A680Ra8Ug7xw_df6mUFYUDlKjbuyrwy_oQpGUwFv_3sGjUy8nsUt
www.albion.capital/funds/KAY under the 'Financial summary for previous
funds' section.
Interim management report
Introduction
The duration and the final scale of the global Covid-19 pandemic are
still unknown. What we do know is that many industries have been very
severely disrupted, many businesses are struggling for survival and a
rash of quoted companies have suspended or drastically reduced their
dividends for the first time in decades. Against this background Kings
Arms Yard has proved resilient. Despite a decline of 5% in NAV since 31
December 2019, none of our investee companies have ceased trading, few
have been adversely affected and the majority continue to grow strongly
given the focus on the software and healthcare sectors which have
benefitted from the shift to remote working, the increasing adoption of
software and the increased interest in healthcare.
Valuations and results
Since the year ended 31 December 2019, the Board has been closely
monitoring the ongoing disruption caused by the Covid-19 pandemic and
its current and potential impact on portfolio companies.
The net effect of the Board's regular portfolio revaluation has been an
overall loss on investments of GBP4.3m. The key movements in the period
include: a GBP1.6m uplift in the valuation of Quantexa following a GBP50
million externally led fundraising, a GBP1.2m uplift in the valuation of
Proveca, offset by a GBP0.9m reduction in the valuation of Sandcroft
Avenue (T/A Hussle), a GBP0.9m reduction in the valuation of Elateral
Group and based on the disruption caused by Covid-19 to the rail sector,
the valuation of Perpetuum was written down significantly. After the
period end, contracts were exchanged, subject to regulatory approval,
for the sale of Perpetuum at a small uplift to its carrying value at 30
June 2020.
Further details of the portfolio of investments can be found below.
This has resulted in a total loss for the six month period to 30 June
2020 of 1.16 pence per share, compared to a total return of 0.35 pence
per share for the six month period to 30 June 2019.
Net asset value decreased from 22.02 pence per share at 31 December 2019
to 20.30 pence per share at 30 June 2020, following the loss during the
period and the payment of a 0.60 pence per share dividend on 30 April
2020.
New dividend policy
The Board is aware of the importance of dividends to shareholders and it
remains its intention to continue to pay regular dividends, as far as
liquidity permits. Given the uncertainty that the current pandemic has
created and the volatile nature of investing in small unquoted growth
businesses, the Board considers it appropriate to move to a variable
dividend policy targeting an annual dividend yield of around 5%.
Semi-annual dividends will be paid calculated as 2.5% of the most
recently announced net asset value when the dividend is declared (in
most cases this will be the net asset value announced in the Half-yearly
Financial Report or in the Annual Report and Financial Statements). This
has the advantage of avoiding unsustainably high dividends if the net
asset value falls, whilst rewarding shareholders more immediately if the
net asset value rises.
This new policy will take effect immediately and apply to the second
dividend for the financial year ending 31 December 2020 and dividends
declared thereafter. The Board is therefore pleased to declare a second
dividend for the financial year ending 31 December 2020 of 0.51 pence
per share (31 October 2019: 0.60 pence per share) payable on 30 October
2020 to shareholders on the register on 2 October 2020.
The Company continues to offer a Dividend Reinvestment Scheme whereby
shareholders can elect to receive dividends in the form of new shares.
Investment activity
Largely as a result of the Government lockdown, investment activity in
the six months ended 30 June 2020 has been slower than in previous
periods. The Company has invested GBP649,000 into 3 new portfolio
companies with the expectation of further funding rounds over time to
support success. In addition, the Company invested GBP714,000 to support
growth in 5 existing portfolio companies. Since the period end
investment activity has increased and the Company has made GBP1.7
million of investments, the largest being GBP891,000 into Quantexa.
Further details of post balance sheet events can be found in note 9.
New investments in the period were:
-- An initial investment of GBP308,000 (Albion VCTs: GBP5.0m) in Concirrus,
a software provider bringing real time behavioural data analytics to the
marine and transport insurance industries;
-- An initial investment of GBP185,000 (Albion VCTs: GBP3.0m) in Credit
Kudos, a challenger credit bureau helping lenders optimise and automate
their affordability and risk assessments; and
-- An initial investment of GBP156,000 (Albion VCTs: GBP1.5m) in TransFICC,
a provider of connectivity solutions, connecting financial institutions
with trading venues via a single API.
There were no disposals during the six month period to 30 June 2020. For
further information on loan stock repayments and escrow adjustments,
please see the realisations table below.
Portfolio sector allocation
The pie chart at the end of this announcement outlines the different
sectors in which the Company's assets, at carrying value, were invested
at 30 June 2020.
Transactions with the Manager
Details of transactions with the Manager for the reporting period can be
found in note 4. Details of related party transactions can be found in
note 10.
Albion VCTs Top Up Offers
The Company is pleased to announce that its participation in the Albion
VCTs Prospectus Top Up Offers 2019/20 was fully subscribed and closed
early raising net proceeds of GBP9.6m. Further details can be found in
note 7. The proceeds of the Offer are being deployed into new
investments as mentioned above and supporting further funding of
existing portfolio companies to promote growth.
Corporate broker and share buy-backs
The Board was pleased to announce on 17 June 2020 the appointment of
Panmure Gordon (UK) Limited as corporate broker.
It remains the Board's policy to buy-back shares in the market, subject
to the overall constraint that such purchases are in the Company's
interest. This includes the maintenance of sufficient cash resources for
investment in new and existing portfolio companies and the continued
payment of dividends to shareholders. The Board has decided to limit the
amount of share buybacks in the six month period to 31 December 2020 to
GBP1 million.
It is the Board's intention over time for such buy-backs to be in the
region of a 5% discount to net asset value, so far as market conditions
and liquidity permit.
Risks and uncertainties
The implication of the financial turmoil arising from the Covid-19
crisis is the key risk facing the Company. There are also potential
implications of increasing tensions in international trade and of the UK
leaving the European Union which may adversely affect our underlying
portfolio companies. The Manager is continually assessing the exposure
to these risks for each portfolio company, and appropriate actions,
where possible, are being implemented.
Other risks and uncertainties remain unchanged and are detailed in note
12 below.
Outlook
The outlook for the UK and the world economy has perhaps not been so
uncertain for a generation. Covid-19, together with growing
interference in free trade may change the global economic picture in
ways that will dwarf Brexit.
The one thing of which we can be certain is continuing change and a
greater reliance on technology. Our policy of investing in young
businesses with emerging technologies has proved robust so far and the
Board has every confidence that it continues to offer the best course
going forward.
Robin Field
Chairman
3 September 2020
Responsibility statement
The Directors, Robin Field, Thomas Chambers, Martin Fiennes and Fiona
Wollocombe, are responsible for preparing the Half-yearly Financial
Report. In preparing these condensed Financial Statements for the period
to 30 June 2020 we, the Directors of the Company, confirm that to the
best of our knowledge:
(a) the condensed set of Financial Statements, which has been prepared
in accordance with Financial Reporting Standard 104 "Interim Financial
Reporting", gives a true and fair view of the assets, liabilities,
financial position and profit and loss of the Company as required by DTR
4.2.4R;
(b) the Interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
(c) the Interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
This Half-yearly Financial Report has not been audited or reviewed by
the Auditor.
For and on behalf of the Board
Robin Field
Chairman
3 September 2020
Portfolio of investments
As at 30 June 2020
---------------------------------------
Cumulative movement Change in
Fixed asset % voting Cost(1) in value Value value for the period(2)
investments rights GBP'000 GBP'000 GBP'000 GBP'000
------------------- -------- -------- ------------------- -------- ------------------------
Active Lives Care
Limited 20.3 4,395 2,690 7,085 (468)
Proveca Limited 15.1 2,259 4,668 6,927 1,166
Ryefield Court Care
Limited 18.7 3,070 1,786 4,856 (618)
Egress Software
Technologies
Limited 4.8 1,644 2,901 4,545 -
Quantexa Limited 1.7 438 2,971 3,409 1,593
Chonais River Hydro
Limited 6.5 2,428 939 3,367 10
Antenova Limited 28.7 1,733 617 2,350 (590)
The Street by
Street Solar
Programme Limited 10.0 1,040 809 1,849 (57)
Regenerco Renewable
Energy Limited 9.8 988 622 1,610 (58)
Alto Prodotto Wind
Limited 11.1 882 607 1,489 3
MyMeds&Me Limited 15.4 1,459 (71) 1,388 7
OmPrompt Holdings
Limited 14.8 1,377 (45) 1,332 -
Dragon Hydro
Limited 17.2 684 435 1,119 33
G.Network
Communications
Limited 2.0 204 901 1,105 -
Shinfield Lodge
Care Limited 2.9 535 528 1,063 2
Sift Limited 42.1 2,306 (1,331) 975 228
Black Swan Data
Limited 2.3 941 - 941 -
Perpetuum Limited 11.9 3,136 (2,280) 856 (2,188)
Gharagain River
Hyrdo Limited 5.0 620 199 819 16
Academia Inc. 3.0 351 380 731 (316)
Symetrica Limited 3.7 685 19 704 (163)
Elateral Group
Limited 47.9 5,488 (4,798) 690 (897)
AVESI Limited 14.8 484 197 681 (42)
Oviva AG 2.0 585 90 675 (121)
The Evewell (Harley
Street) Limited 4.7 642 (59) 583 (58)
MPP Global
Solutions Limited 1.7 550 - 550 -
SBD Automotive
Limited 1.7 260 267 527 21
Avora Limited 2.8 510 - 510 -
Convertr Media
Limited 3.0 482 13 495 2
Elliptic
Enterprises
Limited 0.6 488 - 488 -
Panaseer Limited 1.5 342 128 470 -
Cantab Research
Limited (T/A
Speechmatics) 1.1 460 - 460 -
Beddlestead Limited 5.1 606 (160) 446 (157)
Greenenerco Limited 8.6 259 185 444 (2)
Koru Kids Limited 1.6 345 36 381 (156)
Phrasee Limited 1.8 374 - 374 -
Locum's Nest
Limited 3.6 375 (12) 363 7
Anthropics
Technology
Limited 13.8 19 312 331 (151)
Concirrus Limited 0.6 308 - 308 -
ePatient Network
Limited (T/A
Raremark) 2.4 230 53 283 (27)
uMotif Limited 1.0 240 32 272 98
InCrowd Sports
Limited 2.1 272 (6) 266 (85)
Limitless
Technology
Limited 1.7 260 - 260 -
Abcodia Limited 4.3 735 (475) 260 -
Celoxica Holdings
plc 4.4 513 (255) 258 -
Aridhia Informatics
Limited 2.1 409 (152) 257 203
Clear Review
Limited 1.6 203 51 254 51
Arecor Limited 1.2 220 - 220 -
Healios Limited 0.7 216 - 216 -
Mirada Medical
Limited 1.8 390 (198) 192 (288)
Credit Kudos
Limited 0.9 185 - 185 -
TransFICC Limited 1.0 156 - 156 -
Erin Solar Limited 5.7 160 (22) 138 (16)
Cisiv Limited 3.1 278 (144) 134 (27)
Innovation Broking
Group Limited 4.5 45 72 117 16
Sandcroft Avenue
Limited (T/A
Hussle) 5.1 1,026 (929) 97 (915)
Imandra Inc. 1.0 91 - 91 -
Harvest AD
Limited(i) - 70 1 71 (4)
Zift Channel
Solutions Inc. 0.6 321 (260) 61 (122)
Forward Clinical
Limited (T/A
Pando) 1.5 184 (123) 61 (47)
Xention Limited 10.6 38 (28) 10 -
Other holdings (5
companies) 26 (21) 5 -
------------------------
Total fixed asset investments 50,020 11,140 61,160 (4,117)
----------------------------- -------- ------------------- -------- ------------------------
1. Amounts shown as cost represent the acquisition cost in the case of
investments originally made by the Company and/or the valuation
attributed to the investments acquired from Quester VCT 2 plc and Quester
VCT 3 plc at the date of the merger in 2005, and those acquired from
Kings Arms Yard VCT 2 PLC at the merger on 30 September 2011, plus any
subsequent acquisition costs, as reduced in certain cases by amounts
written off as representing an impairment value.
2. The column shows the movement in the period from the opening balance as
at 1 January 2020 to the closing balance as at 30 June 2020 after
adjustments for additions and disposals.
(i) Early stage investment of convertible loan stock.
Realisations
in the period Opening
to 30 June Cost carrying value Disposal proceeds Realised gain on cost Gain on opening or acquired value
2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- -------- --------------- ----------------- ----------------------- ---------------------------------
Loan stock
repayments
and other:
-------------
Alto Prodotto
Wind
Limited 24 36 36 12 -
Greenenerco
Limited 7 10 10 3 -
Escrow
adjustments - - 19 19 19
Total 31 46 65 34 19
------------- -------- --------------- ----------------- ----------------------- ---------------------------------
Total change in value of investments for the period (4,117)
Movement in loan stock accrued interest (188)
-------
Unrealised losses on fixed asset investments sub-total (4,305)
Realised gains in current period 19
Total losses on investments as per Income statement (4,286)
----------------------------------------------------------- -------
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
---------------------------------------------------------- ---- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
(Losses)/gains on investments 2 - (4,286) (4,286) - 865 865 - 1,002 1,002
Investment income 3 917 - 917 1,112 - 1,112 2,144 - 2,144
Investment management fee 4 (185) (554) (739) (175) (524) (699) (364) (1,092) (1,456)
Other expenses (182) - (182) (163) - (163) (331) - (331)
(Loss)/profit on ordinary activities before tax 550 (4,840) (4,290) 774 341 1,115 1,449 (90) 1,359
Tax on ordinary activities - - - - - - - - -
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
(Loss)/profit and total comprehensive income attributable
to shareholders 550 (4,840) (4,290) 774 341 1,115 1,449 (90) 1,359
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Basic and diluted (loss)/return per share (pence)* 6 0.15 (1.31) (1.16) 0.24 0.11 0.35 0.44 (0.02) 0.42
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
*adjusted for treasury shares
The accompanying notes below form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2019 and the audited
statutory accounts for the year ended 31 December 2019.
The total column of this Condensed income statement represents the
profit and loss account of the Company. The supplementary revenue and
capital columns have been prepared in accordance with The Association of
Investment Companies' Statement of Recommended Practice.
Condensed balance sheet
Unaudited Unaudited Audited
30 June 2020 30 June 2019 31 December 2019
Note GBP'000 GBP'000 GBP'000
-------------------------- ---- ------------- ------------- -----------------
Fixed asset investments 61,160 63,259 63,960
Current assets
Trade and other
receivables less than one
year 105 887 115
Cash and cash equivalents 15,554 11,872 9,867
------------- ------------- -----------------
15,659 12,759 9,982
Total assets 76,819 76,018 73,942
Payables: amounts falling
due within one year
Trade and other payables
less than one year (461) (449) (486)
------------- ------------- -----------------
Total assets less current
liabilities 76,358 75,569 73,456
------------- ------------- -----------------
Equity attributable to
equity holders
Called up share capital 7 4,333 3,872 3,883
Share premium 45,253 35,595 35,825
Capital redemption reserve 11 11 11
Unrealised capital reserve 10,387 15,343 14,707
Realised capital reserve 8,680 8,995 9,200
Other distributable
reserve 7,694 11,753 9,830
------------- ------------- -----------------
Total equity shareholders'
funds 76,358 75,569 73,456
------------- ------------- -----------------
Basic and diluted net
asset value per share
(pence)* 20.30 22.53 22.02
-------------------------- ---- ------------- ------------- -----------------
*excluding treasury shares
The accompanying notes below form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2019 and the audited
statutory accounts for the year ended 31 December 2019.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 3 September 2020 and were signed on its behalf
by
Robin Field
Chairman
Company number: 03139019
Condensed statement of changes in equity
Capital Unrealised Realised Other
Called up share Share redemption capital capital distributable
capital premium reserve reserve reserve* reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
At 1 January 2020 3,883 35,825 11 14,707 9,200 9,830 73,456
(Loss)/profit and total comprehensive income for the
period - - - (4,305) (535) 550 (4,290)
Transfer of previously unrealised gains on disposal
of investments - - - (15) 15 - -
Purchase of own shares for treasury - - - - - (447) (447)
Issue of equity 450 9,662 - - - - 10,112
Cost of issue of equity - (234) - - - - (234)
Dividends paid - - - - - (2,239) (2,239)
At 30 June 2020 4,333 45,253 11 10,387 8,680 7,694 76,358
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
At 1 January 2019 3,519 27,896 11 15,358 8,639 13,727 69,150
Profit/(loss) and total comprehensive income for the
period - - - 443 (102) 774 1,115
Transfer of previously unrealised gains on disposal
of investments - - - (458) 458 - -
Purchase of own shares for treasury - - - - - (745) (745)
Issue of equity 353 7,888 - - - - 8,241
Cost of issue of equity - (189) - - - - (189)
Dividends paid - - - - - (2,003) (2,003)
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
At 30 June 2019 3,872 35,595 11 15,343 8,995 11,753 75,569
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
At 1 January 2019 3,519 27,896 11 15,358 8,639 13,727 69,150
Profit/(loss) and total comprehensive income for the
period - - - 274 (364) 1,449 1,359
Transfer of previously unrealised gains on disposal
of investments - - - (925) 925 - -
Purchase of own shares for treasury - - - - - (1,367) (1,367)
Issue of equity 364 8,120 - - - - 8,484
Cost of issue of equity - (191) - - - - (191)
Dividends paid - - - - - (3,979) (3,979)
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
At 31 December 2019 3,883 35,825 11 14,707 9,200 9,830 73,456
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
*The total distributable reserves are GBP16,374,000 (30 June 2019:
GBP20,748,000; 31 December 2019: GBP19,030,000).
The accompanying notes below form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2019 and the audited
statutory accounts for the year ended 31 December 2019.
Condensed statement of cash flows
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
------------------ ----------------- ----------------- -----------------
Cash flow from
operating
activities
Investment income
received 656 1,020 2,000
Deposit interest
received 25 18 35
Dividend income
received 49 228 254
Investment
management fee
paid (745) (694) (1,425)
Performance
incentive fee
paid - (637) (637)
Other cash payments (198) (154) (309)
UK corporation tax
paid - - -
----------------- ----------------- -----------------
Net cash flow from
operating
activities (213) (219) (82)
Cash flow from
investing
activities
Purchase of fixed
asset investments (1,363) (3,053) (5,637)
Disposal of fixed
asset investments 60 2,344 5,172
----------------- ----------------- -----------------
Net cash flow from
investing
activities (1,303) (709) (465)
Cash flow from
financing
activities
Issue of share
capital 9,588 7,804 7,804
Cost of issue of
equity (2) (2) (4)
Purchase of own
shares (including
costs) (447) (745) (1,367)
Equity dividends
paid* (1,936) (1,742) (3,504)
----------------- ----------------- -----------------
Net cash flow from
financing
activities 7,203 5,315 2,929
Increase in cash
and cash
equivalents 5,687 4,387 2,382
Cash and cash
equivalents at
start of period 9,867 7,485 7,485
----------------- ----------------- -----------------
Cash and cash
equivalents at end
of period 15,554 11,872 9,867
------------------- ----------------- ----------------- -----------------
* The equity dividend paid in the cash flow is different to the dividend
disclosed in note 5 due to the non-cash effect of the Dividend
Reinvestment Scheme.
The accompanying notes below form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2019 and the audited
statutory accounts for the year ended 31 December 2019.
Notes to the condensed Financial Statements
1. Accounting policies
Basis of accounting
The condensed Financial Statements have been prepared in accordance with
applicable United Kingdom law and accounting standards, including
Financial Reporting Standard 102 ("FRS 102"), Financial Reporting
Standard 104 -- Interim Financial Reporting ("FRS 104"), and with the
Statement of Recommended Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" ("SORP") issued by The
Association of Investment Companies ("AIC"). The Financial Statements
have been prepared on a going concern basis.
The preparation of the Financial Statements requires management to make
judgements and estimates that affect the application of policies and
reported amounts of assets, liabilities, income and expenses. The most
critical estimates and judgements relate to the determination of
carrying value of investments at fair value through profit and loss
("FVTPL"). The Company values investments by following the International
Private Equity and Venture Capital Valuation ("IPEV") Guidelines and
further detail on the valuation techniques used are outlined below.
This Half-yearly Financial Report has not been audited, nor has it been
reviewed by the auditor pursuant to the FRC's guidance on Review of
interim financial information.
Company information can be found on page 2 of the Half-yearly Financial
Report.
Fixed asset 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. This portfolio of financial assets is managed and its
performance evaluated on a fair value basis, in accordance with a
documented investment policy, and information about the portfolio is
provided internally on that basis to the Board.
In accordance with the requirements of FRS 102, those undertakings in
which the Company holds more than 20% of the equity as part of an
investment portfolio are not accounted for using the equity method. In
these circumstances the investment is measured at FVTPL.
Upon initial recognition (using trade date accounting) investments, are
designated by the Company as FVTPL and are included at their initial
fair value, which is cost (excluding expenses incidental to the
acquisition which are written off to the Income statement).
Subsequently, the investments are valued at 'fair value', which is
measured as follows:
-- Investments listed on recognised exchanges are valued at their bid prices
at the end of the accounting period or otherwise at fair value based on
published price quotations;
-- Unquoted investments, where there is not an active market, are valued
using an appropriate valuation technique in accordance with the IPEV
Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, the level of third party
offers received, cost or price of recent investment rounds, net assets
and industry valuation benchmarks. Where price of recent investment is
used as a starting point for estimating fair value at subsequent
measurement dates, this has been benchmarked using an appropriate
valuation technique permitted by the IPEV guidelines.
-- In situations where cost or price of recent investment is used,
consideration is given to the circumstances of the portfolio company
since that date in determining fair value. This includes consideration
of whether there is any evidence of deterioration or strong definable
evidence of an increase in value. In the absence of these indicators, the
investment in question is valued at the amount reported at the previous
reporting date. Examples of events or changes that could indicate a
diminution include:
-- the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was
based;
-- a significant adverse change either in the portfolio company's
business or in the technological, market, economic, legal or
regulatory environment in which the business operates; or
-- market conditions have deteriorated, which may be indicated by a
fall in the share prices of quoted businesses operating in the
same or related sectors.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of the
sale of an investment.
Dividend income is not recognised as part of the fair value movement of
an investment, but is recognised separately as investment income through
the Income statement when a share becomes ex-dividend.
Current assets and payables
Receivables and payables and cash are carried at amortised cost, in
accordance with FRS 102. There are no financial liabilities other than
payables.
Gains and losses on investments
Gains and losses arising from changes in the fair value of the
investments are included in the Income statement for the period as a
capital item and are allocated to the unrealised capital reserve.
Investment income
Equity income
Dividend income is included in revenue when the investment is quoted
ex-dividend.
Unquoted loan stock and other preferred income
Fixed returns on non-equity shares and debt securities are recognised
when the Company's right to receive payment and expected settlement is
established. Where interest is rolled up and/or payable at redemption
then it is recognised as income unless there is reasonable doubt as to
its receipt.
Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.
Investment management fee, performance incentive fee and other expenses
All expenses have been accounted for on an accruals basis. Expenses are
charged through the other distributable reserve except the following
which are charged through the realised capital reserve:
-- 75 per cent. of management fees and performance incentive fees are
allocated to the realised capital reserve. This is in line with the
Board's expectation that over the long term 75 per cent. of the
Company's investment returns will be in the form of capital gains; and
-- expenses which are incidental to the purchase or disposal of an
investment are charged through the realised capital reserve.
Taxation
Taxation is applied on a current basis in accordance with FRS 102.
Current tax is tax payable (refundable) in respect of the taxable profit
(tax loss) for the current period or past reporting periods using the
tax rates and laws that have been enacted or substantively enacted at
the financial reporting date. Taxation associated with capital expenses
is applied in accordance with the SORP.
Deferred tax is provided in full on all timing differences at the
reporting date. Timing differences are differences between taxable
profits and total comprehensive income as stated in the Financial
Statements that arise from the inclusion of income and expenses in tax
assessments in periods different from those in which they are recognised
in the Financial Statements. As a VCT the Company has an exemption from
tax on capital gains. The Company intends to continue meeting the
conditions required to obtain approval as a VCT in the foreseeable
future. The Company therefore, should have no material deferred tax
timing differences arising in respect of the revaluation or disposal of
investments and the Company has not provided for any deferred tax.
Reserves
Share premium
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own
shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the
period end against cost are included in this reserve.
Realised capital reserve
The following are disclosed in this reserve:
-- gains and losses compared to cost on the realisation of investments;
-- expenses, together with the related taxation effect, charged in
accordance with the above policies; and
-- dividends paid to equity holders.
Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve were
combined in 2012 to form a single reserve named other distributable
reserve.
This reserve accounts for movements from the revenue column of the
Income Statement, the payment of dividends, the buy-back of shares and
other non-capital realised movements.
Dividends
Dividends by the Company are accounted for in the period in which the
dividend is paid or approved at the Annual General Meeting.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single
operating segment of business, being investment in smaller companies
principally based in the UK.
2. (Losses)/gains on investments
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
--------------- ----------------- ----------------- ------------------
Unrealised
(losses)/gains
on fixed asset
investments (4,305) 816 647
Unrealised
losses on
current asset
investments - (373) (373)
Realised gains
on fixed asset
investments 19 422 728
(4,286) 865 1,002
----------------- ----------------- ------------------
3. Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
---------------- ----------------- ----------------- ------------------
Interest from
loans to
portfolio
companies 844 863 1,855
Dividends 49 231 254
Bank deposit
interest 24 18 35
917 1,112 2,144
----------------- ----------------- ------------------
4. Investment management fee
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
---------------- ----------------- ----------------- ------------------
Investment
management fee
charged to
revenue 185 175 364
Investment
management fee
charged to
capital 554 524 1,092
739 699 1,456
----------------- ----------------- ------------------
Further details of the Management agreement under which the investment
management fee and any performance incentive fee are paid are given in
the Strategic report on page 13 of the Annual Report and Financial
Statements for the year ended 31 December 2019.
During the period, services with a value of GBP739,000 (30 June 2019:
GBP699,000; 31 December 2019: GBP1,456,000) and GBP25,000 (30 June 2019:
GBP25,000; 31 December 2019: GBP50,000) were purchased by the Company
from Albion Capital Group LLP in respect of management and
administration fees respectively. At the period end, the amount due to
Albion Capital Group LLP in respect of these services disclosed as
accruals was GBP385,000 (30 June 2019: GBP366,000; 31 December 2019:
GBP391,000).
Albion Capital Group LLP is, from time to time, eligible to receive
arrangement fees and monitoring fees from portfolio companies. During
the period, fees of GBP155,000 (30 June 2019: GBP168,000; 31 December
2019: GBP200,000) attributable to the investments of the Company were
paid pursuant to these arrangements.
Albion Capital Group LLP, its partners and staff hold 1,399,153 Ordinary
shares in the Company as at 30 June 2020.
The Company entered into an offer agreement relating to the Offers with
the Company's investment manager Albion Capital Group LLP ("Albion"),
pursuant to which Albion received a fee of 2.5% of the gross proceeds of
the Offers and out of which Albion paid the costs of the Offers, as
detailed in the Prospectus. The Offers closed on 16 January 2020.
5. Dividends
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
--------------------------------------------------- ----------------- ----------------- -----------------
First dividend of 0.60 pence per share paid on 30
April 2019 - 2,010 2,010
Second dividend of 0.60 pence per share paid on 31
October 2019 - - 2,005
First dividend of 0.60 pence per share paid on 30
April 2020 2,256 - -
Unclaimed dividends returned to the Company (17) (7) (36)
2,239 2,003 3,979
----------------- ----------------- -----------------
The Directors have declared a second dividend of 0.51 pence per share
for the year ending 31 December 2020, which will be paid on 30 October
2020 to shareholders on the register on 2 October 2020. Details of the
new dividend policy can be found in the Interim management report above.
6. Basic and diluted (loss)/return per share
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
Revenue Capital Revenue Capital Revenue Capital
------------------------------------------------------- -------- --------- -------- --------- -------- ---------
(Loss)/profit attributable to shareholders (GBP'000) 550 (4,840) 774 341 1,449 (90)
Weighted average shares in issue (excluding treasury
shares) 369,249,306 319,703,183 327,246,191
(Loss)/return attributable per equity share (pence) 0.15 (1.31) 0.24 0.11 0.44 (0.02)
The weighted average number of Ordinary shares is calculated after
adjusting for treasury shares of 57,096,607 (30 June 2019: 51,789,000;
31 December 2019: 54,723,000).
There are no convertible instruments, derivatives or contingent share
agreements in issue so basic and diluted (loss)/return per share are the
same.
7. Called up share capital
Allotted, called up and fully paid Ordinary shares Unaudited Unaudited Audited
of 1 penny each 30 June 2020 30 June 2019 31 December 2019
--------------------------------------------------- ------------- ------------- -----------------
Number of shares 433,336,785 387,227,906 388,335,260
Nominal value of allotted shares (GBP'000) 4,333 3,872 3,883
Voting rights (number of shares net of treasury
shares) 376,240,178 335,438,906 333,612,260
The Company operates a share buy-back programme, as detailed in the
Interim management report above. During the period the Company purchased
2,373,607 Ordinary shares with a nominal value of GBP23,736 (30 June
2019: 3,516,000; 31 December 2019: 6,450,000) representing 0.5% of the
issued called up share capital as at 30 June 2020, at a cost of
GBP447,000 (30 June 2019: GBP745,000; 31 December 2019: GBP1,367,000),
including stamp duty, to be held in treasury. The Company holds a total
of 57,096,607 Ordinary shares in treasury, representing 13.2% of the
issued Ordinary share capital as at 30 June 2020.
During the period from 1 January 2020 to 30 June 2020, the Company
issued the following new Ordinary shares of 1 penny each under the terms
of the Dividend Reinvestment Scheme Circular dated 19 April 2011:
Number of
Date of shares Aggregate nominal value of shares Issue price Net invested Opening market price on allotment date
allotment allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
---------- --------- ----------------------------------- ------------------ ------------ --------------------------------------
30 April
2020 1,521,895 15 19.19 290 18.50
Under the terms of the Albion VCTs Prospectus Top Up Offers 2019/20, the
following new Ordinary shares of nominal value 1 penny each were
allotted during the period to 30 June 2020:
Number of
shares Aggregate nominal value of shares Issue price Net consideration received Opening market price on allotment date
Date of allotment allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
------------------- ---------- ----------------------------------- ------------------ -------------------------- --------------------------------------
31 January 2020 5,082,101 51 22.40 1,121 21.10
31 January 2020 1,019,398 10 22.50 225 21.10
31 January 2020 36,336,304 363 22.70 8,042 21.10
30 April 2020 418,451 4 19.50 80 18.50
30 April 2020 623,376 6 19.70 120 18.50
43,479,630 435 9,588
---------- ----------------------------------- --------------------------
8. Commitments, contingencies and guarantees
As at 30 June 2020, the Company had no financial commitments (30 June
2019: GBPnil; 31 December 2019: GBPnil).
There were no contingent liabilities or guarantees given by the Company
as at 30 June 2020 (30 June 2019: GBPnil; 31 December 2019: GBPnil).
9. Post balance sheet events
Since 30 June 2020, the Company has had the following post balance sheet
events:
--Investment of GBP891,000 in Quantexa Limited;
--Investment of GBP361,000 in a new portfolio company, which provides a
cloud platform that enables corporates to purchase digital gift cards
and to distribute them to employees and customers;
--Investment of GBP274,000 in Phrasee Limited;
--Investment of GBP175,000 in uMotif Limited;
--Investment of GBP29,000 in The Evewell (Harley Street) Limited; and
--Contracts were exchanged for the sale of Perpetuum Limited.
10. Related party disclosures
Other than transactions with the Manager as disclosed in note 4, there
are no related party transactions or balances requiring disclosure.
11. Going concern
The Board has conducted a detailed assessment of the Company's ability
to meet its liabilities as they fall due. Cash flow forecasts are
updated and discussed quarterly at Board level and have been stress
tested to allow for the forecasted impact of Coronavirus (Covid-19). The
Board have revisited and updated their assessment of liquidity risk and
concluded that it remains unchanged since the last Annual Report and
Financial Statements. Further details can be found on pages 66 and 67 of
the Annual Report and Financial Statements for the year ended 31
December 2019.
The portfolio of investments is diversified in terms of sector, and the
major cash outflows of the Company (namely investments, dividends and
share buy-backs) are within the Company's control. Accordingly, after
making diligent enquiries, the Directors have a reasonable expectation
that the Company has adequate cash and liquid resources to continue in
operational existence for the foreseeable future. For this reason, the
Directors have adopted the going concern basis in preparing this
Half-yearly Financial Report and this is in accordance with the Guidance
on Risk Management, Internal Control and Related Financial and Business
Reporting issued by the Financial Reporting Council.
12. Risks and uncertainties
In addition to the risks and uncertainties outlined in the Interim
management report, the Board confirms that the following major risks and
uncertainties facing the Company have not materially changed from those
identified in the Annual Report and Financial Statements for the year
ended 31 December 2019. The impact of the Coronavirus (Covid-19)
pandemic has created heightened uncertainty but has not changed the
nature of these risks. The Board considers that the processes for
mitigating these risks remain appropriate.
1. Investment, performance and valuation risk
The risk of investment in poor quality businesses, which could reduce
the capital and income returns to shareholders, and could negatively
impact on the Company's current and future valuations. By nature,
smaller unquoted businesses, such as those that qualify for venture
capital trust purposes, are more volatile than larger, long established
businesses. Investments in open-ended equity funds result in exposure to
market risk through movements in price per unit. The Company's
investment valuation methodology is reliant on the accuracy and
completeness of information that is issued by portfolio companies. In
particular, the Directors may not be aware of or take into account
certain events or circumstances which occur after the information issued
by such companies is reported.
To reduce this risk, the Board places reliance upon the skills and
expertise of the Manager and its track record over many years of making
successful investments in this segment of the market. In addition, the
Manager operates a formal and structured investment appraisal and review
process, which includes an Investment Committee, comprising investment
professionals from the Manager and at least one external investment
professional. The Manager also invites and takes account of comments
from non-executive Directors of the Company on matters discussed at the
Investment Committee meetings. Investments are actively and regularly
monitored by the Manager (investment managers normally sit on portfolio
company boards), including the level of diversification in the portfolio,
and the Board receives detailed reports on each investment as part of
the Manager's report at quarterly board meetings. The unquoted
investments held by the Company are designated at fair value through
profit or loss and valued in accordance with the International Private
Equity and Venture Capital Valuation Guidelines. These guidelines set
out recommendations, intended to represent current best practice on the
valuation of venture capital investments. The valuation takes into
account all known material facts up to the date of approval of the
Financial Statements by the Board.
2. VCT approval risk
The Company must comply with section 274 of the Income Tax Act 2007
which enables its investors to take advantage of tax relief on their
investment and on future returns. Breach of any of the rules enabling
the Company to hold VCT status could result in the loss of that status.
To reduce this risk, the Board has appointed the Manager, which has a
team with significant experience in venture capital trust management,
and are used to operating within the requirements of the venture capital
trust legislation. In addition, to provide further formal reassurance,
the Board has appointed Philip Hare & Associates LLP as its taxation
adviser, who report quarterly to the Board to independently confirm
compliance with the venture capital trust legislation, to highlight
areas of risk and to inform on changes in legislation. Each investment
in a portfolio company is also pre-cleared with our professional
advisers or H.M. Revenue & Customs.
3. Regulatory and compliance risk
The Company is listed on The London Stock Exchange and is required to
comply with the rules of the UK Listing Authority, as well as with the
Companies Act, Accounting Standards and other legislation. Failure to
comply with these regulations could result in a delisting of the
Company's shares, or other penalties under the Companies Act or from
financial reporting oversight bodies.
Board members and the Manager have experience of operating at senior
levels within or advising quoted companies. In addition, the Board and
the Manager receive regular updates on new regulation, including
legislation on the management of the Company, from its auditor, lawyers
and other professional bodies. The Company is subject to compliance
checks through the Manager's compliance officer, and any issues arising
from compliance or regulation are reported to its own board on a monthly
basis. These controls are also reviewed as part of the quarterly Board
meetings, and also as part of the review work undertaken by the
Manager's compliance officer. The report on controls is also evaluated
by the internal auditors.
4. Operational and internal control risk
The Company relies on a number of third parties, in particular the
Manager, for the provision of investment management and administrative
functions. Failures in key systems and controls within the Manager's
business could place assets of the Company at risk or result in reduced
or inaccurate information being passed to the Board or to shareholders.
The Company and its operations are subject to a series of rigorous
internal controls and review procedures exercised throughout the year,
and receives reports from the Manager on internal controls and risk
management, including on matters relating to cyber security. The Audit
Committee reviews the Internal Audit Reports prepared by the Manager's
internal auditors, PKF Littlejohn LLP and has access to the internal
audit partner of PKF Littlejohn LLP to provide an opportunity to ask
specific detailed questions in order to satisfy itself that the Manager
has strong systems and controls in place including those in relation to
business continuity and cyber security. From 1 October 2018, Ocorian
(UK) Limited was appointed as Depositary to oversee the custody and cash
arrangements and provide other AIFMD duties. The Board reviews the
quarterly reports prepared by Ocorian (UK) Limited to ensure that Albion
Capital is adhering to its duties as a full-scope Alternative Investment
Fund Manager under the AIFMD. In addition, the Board regularly reviews
the performance of its key service providers, particularly the Manager,
to ensure they continue to have the necessary expertise and resources to
deliver the Company's investment policy. The Manager and other service
providers have also demonstrated to the Board that there is no undue
reliance placed upon any one individual.
5. Economic, political and social risk
Changes in economic conditions, including, for example, interest rates,
rates of inflation, industry conditions, competition, political and
diplomatic events and other factors could substantially and adversely
affect the Company's prospects in a number of ways. This also includes
risks of social upheaval, including from infection and population
re-distribution, as well as economic risk challenges as a result of
healthcare pandemics/infection.
The Company invests in a diversified portfolio of companies across a
number of industry sectors and in addition often invests in a mixture of
instruments in portfolio companies and has a policy of minimising any
external bank borrowings within portfolio companies. At any given time,
the Company has sufficient cash resources to meet its operating
requirements, including share buy backs and follow on investments. In
common with most commercial operations, exogenous risks over which the
Company has no control are always a risk and the Company does what it
can to address these risks where possible, not least as the nature of
the investments the Company makes are long term.
6. Market value of Ordinary shares
The market value of Ordinary shares can fluctuate. The market value of
an Ordinary share, as well as being affected by its net asset value and
prospective net asset value, also takes into account its dividend yield
and prevailing interest rates. As such, the market value of an Ordinary
share may vary considerably from its underlying net asset value. The
market prices of shares in quoted investment companies can, therefore,
be at a discount or premium to the net asset value at different times,
depending on supply and demand, market conditions, general investor
sentiment and other factors, including the ability to exercise share
buybacks. Accordingly, the market price of the Ordinary shares may not
fully reflect their underlying net asset value.
The Company operates a share buyback policy, which is designed to limit
the discount at which the Ordinary shares trade to around 5 per cent. to
net asset value, by providing a purchaser through the Company in absence
of market purchasers. From time to time buy-backs cannot be applied, for
example when the Company is subject to a close period, or if it were to
exhaust and could not renew any buyback authorities. New Ordinary shares
are issued at sufficient premium to net asset value to cover the costs
of issue and to avoid asset value dilution to existing investors.
13. Other information
The information set out in this Half-yearly Financial Report does not
constitute the Company's statutory accounts within the terms of section
434 of the Companies Act 2006 for the periods ended 30 June 2020 and 30
June 2019, and is unaudited. The information for the year ended 31
December 2019 does not constitute statutory accounts within the terms of
section 434 of the Companies Act 2006 and is derived from the statutory
accounts for that financial year, which have been delivered to the
Registrar of Companies. The Auditor reported on those accounts; their
report was unqualified and did not contain a statement under s498 (2) or
(3) of the Companies Act 2006.
14. Publication
This Half-yearly Financial Report is being sent to shareholders and
copies will be made available to the public at the registered office of
the Company, Companies House, the National Storage Mechanism and also
electronically at www.albion.capital/funds/KAY, where the Report can be
accessed from the 'Financial Reports and Circulars' section.
Attachment
-- Portfolio sector split
https://ml-eu.globenewswire.com/Resource/Download/31c34c69-f092-4625-990d-8ffc2f1991cf
(END) Dow Jones Newswires
September 03, 2020 09:20 ET (13:20 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Kings Arms Yard Vct (LSE:KAY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kings Arms Yard Vct (LSE:KAY)
Historical Stock Chart
From Apr 2023 to Apr 2024