Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksIngenious 1 G Regulatory News (IE1G)

Share Price Information for Ingenious 1 G (IE1G)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 5.2225
Bid: 5.209
Ask: 5.217
Change: 0.00 (0.00%)
Spread: 0.008 (0.154%)
Open: 5.2225
High: 0.00
Low: 0.00
Prev. Close: 5.2225
IE1G Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Half-yearly Report - Replacement

31 Aug 2012 13:00

The issuer advises that the following replaces the INGENIOUS ENTERTAINMENT VCT 1 PLC Half-yearly Report announcement released at 07:00 BST on 29th August, 2012.

In the third table in the section titled 'NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE ORDINARY, C, D, E, F AND G SHARE FUNDS, CONDENSED BALANCE SHEET (UNAUDITED)', the reference to "audited" has now been changed to "unaudited".

All other details remain unchanged.

The full corrected version is shown below.

INGENIOUS ENTERTAINMENT VCT 1 PLC

31 August 2012

Replacement: Half-yearly results for the six months to 30 June 2012

INTERIM MANAGEMENT REPORT

We are delighted to present the half-yearly financial report of Ingenious Entertainment VCT 1 plc (the Company) covering the six months ended 30 June 2012 (the Reporting Period).

Overview of Activities

The Company has now completed the investment strategy for both its Ordinary and C Share classes and is fully invested under VCT regulations in respect of these Share classes. The management team will now focus upon maximising the returns from the investments made.

The Company continues to actively source and review investment opportunities for its remaining Share classes. One investment was made during the reporting period into the D Share class. This was an investment into Liverpool Sound City Limited, an established and profitable live music festival and digital business conference which is looking to grow and expand internationally.

Fund Raising

In November 2011, Ingenious Entertainment VCT 1 plc and Ingenious Entertainment VCT 2 plc (the Ingenious Entertainment VCTs) launched the G Share offer for subscription. At 30 June 2012, a combined total of £5.5m across the Ingenious Entertainment VCTs had been raised. The Ingenious Entertainment VCTs have now raised in excess of £53 million through all Share classes.

Results

The Ordinary Shares, C Shares, D Shares, E Shares, F Shares and G Shares are accounted for as separate pools of funds necessitating separate reporting.

Each of the Share classes reported a loss, as expected. This is a reflection of the running costs as well as the fact that there were no significant realisations in the Reporting Period.

The Ordinary Shares made a loss on ordinary activities of £82,000 (31 December 2011: loss of £144,000, 30 June 2011: loss of £106,000). The C Shares made a loss of £41,000 (31 December 2011: loss of £84,000, 30 June 2011: loss of £34,000). The D Shares made a loss of £102,000 (31 December 2011: loss of £128,000, 30 June 2011: loss of £64,000). The E Shares made a loss of £27,000 (31 December 2011: loss of £72,000, 30 June 2011: loss of £44,000). The F Shares made a loss of £12,000 (31 December 2011: loss of £37,000, 30 June 2011: loss of £22,000). The G shares made a loss of £49,000 (31 December 2011: N/A, 30 June 2011: N/A)

The net asset value per Ordinary Share is 75.4 pence (31 December 2011: 81.2 pence; 30 June 2011: 81.6 pence) although this is after the deduction of the interim dividend of 5.0 pence per share in the Reporting Period, an interim dividend of 5.0 pence per share for the year ended 31 December 2011 and an interim dividend of 5.0 pence per share in the six months to 30 June 2010. The net asset value including distributions to date is therefore 90.4 pence per share.

The net asset value per C Share is 70.0 pence (31 December 2011: 76.4 pence; 30 June 2011: 78.2 pence) although this is after the deduction of the interim dividend of 5.0 pence per share in the Reporting Period, an interim dividend of 5.0 pence per share for the year ended 31 December 2011 and an interim dividend of 5.0 pence per share in the six months to 30 June 2010. The net asset value including distributions to date is therefore 85.0 pence per share.

The net asset value per D Share is 79.5 pence (31 December 2011: 86.0 pence; 30 June 2011: 91.9 pence) although this is after the deduction of the interim dividend of 5.0 pence per share in the Reporting Period and an interim dividend of 5.0 pence per share for the year ended 31 December 2011. The net asset value including distributions to date is therefore 89.5 pence per share.

The net asset value per E Share is 87.1 pence (31 December 2011: 93.1 pence; 30 June 2011: 94.0 pence) although this is after the deduction of the interim dividend of 5.0 pence per share in the Reporting Period. The net asset value including distributions to date is therefore 92.1 pence per share.

The net asset value per F Share is 87.5 pence (31 December 2011: 93.3 pence; 30 June 2011: 94.1 pence) although this is after the deduction of the interim dividend of 5.0 pence per share in the Reporting Period. The net asset value including distributions to date is therefore 92.5 pence per share.

The net asset value per G Share is 93.8 pence (31 December 2011: N/A; 30 June 2011: N/A). No dividends have been declared or paid to date.

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 paying tax-free dividends to shareholders from both the actual income received and capital profits on the sale of the Investee Companies.

Festivals

Rewind Festival & Rewind North (rebranded from 80s Rewind Festival & 80s Rewind North)

Ingenious Entertainment VCT 1 Investment amount (Rewind Festival): £272,598

(£545,196 across the Ingenious Entertainment VCTs)

(£693,196 across the Ingenious Live VCTs)

Ingenious Entertainment VCT 1 Investment amount (Rewind North): £500,000

(£1,000,000 across the Ingenious Entertainment VCTs)

In December 2008, the Company invested in Into the Groove Limited alongside The Rival Organisation to co-promote Rewind Festival, a two-day music festival in Henley-on-Thames. The 2011 event sold out with 40,000 people attending over the two days. Highlights included performances from Holly Johnson and The Human League.

This year's event was held between 17 and 19 August and was also sold out (20,000 per day capacity). Highlights this year included performances from OMD and Kool and the Gang. This continued success once again demonstrates that Rewind is the country's leading celebration of 80s music.

The success of Rewind in the South of England gave rise to the opportunity to create a second festival and in October 2010, the Ingenious Entertainment VCTs made a fresh investment in another company to co-promote Rewind North which took place for the first time in July 2011 at Scone Palace in Perthshire, Scotland. The festival had a star studded line up including Billy Ocean and Tony Hadley among the twenty plus acts appearing across the weekend.

The 2012 event, which was held between 20 and 22 July, saw ticket sales increase by 45% on 2011 levels and the festival delivered a profit in excess of £150,000. This year the event included performances from other popular artists such as The Village People, ABC, Big Country, Chesney Hawkes and Right Said Fred.

The brand creation strategy that the Manager focuses upon is further underlined by the fact that in February 2012 the first licensed international Rewind event was held in South Africa. Discussions are currently underway to return to South Africa and to license the Rewind event to a number of other territories.

Shakedown & We, The People Festivals

Ingenious Entertainment VCT 1 Investment amount: £750,000

(£1,500,000 across the Ingenious Entertainment VCTs)

In February 2011 the Ingenious Entertainment VCTs invested £1,500,000 in Venn Music Limited to stage and promote two new music festivals, Shakedown & We, The People.

The first Shakedown festival was held in Brighton on 17 September 2011 and hosted performances by Razorlight and Example as well as many other popular acts. Over 9,000 tickets were sold and the event was critically acclaimed. The capacity of the event has been increased to 20,000 for 2012 and the promoters believe that there is enormous potential for this event to become 'Brighton's own festival'.

The first We, The People festival, took place in the centre of Bristol on 4 and 5 June 2011 and attracted nearly 15,000 attendees over the two days. The headliners included popular dance act Chase and Status and a final farewell performance from The Streets as well as many other leading artists and local favourites. The event was not commercially successful and the promoters have decided to instead focus their energies fully upon the more commercially viable Shakedown festival.

Love Supreme Jazz Festival

Ingenious Entertainment VCT 1 Investment amount: £1,000,000

(£2,000,000 across the Ingenious Entertainment VCTs)

In December 2011, the Ingenious Entertainment VCTs invested £2,000,000 in Love Supreme Festival Limited to promote the Love Supreme Jazz Festival which will first be staged in July 2013.

The Manager is confident that the partnership between the Ingenious Entertainment VCTs, Jazz FM and Neapolitan Music will create a unique event in this popular genre, which is currently underserved in the UK festival marketplace. This three day open-air camping festival will play host to some of the world's finest jazz musicians and plans for the event are progressing well.

Liverpool Sound City Limited

Ingenious Entertainment VCT 1 Investment amount: £600,000

(£1,200,000 across the Ingenious Entertainment VCTs)

In April 2012, the Ingenious Entertainment VCTs invested £1,200,000 in Liverpool Sound City Limited to further expand the Sound City brand both nationally and internationally.

Sound City currently runs a profitable three day international music, media and technology conference and live arts and music festival in Liverpool which is held in May each year. The company has also organised international events in both New York and Abu Dhabi and plans to further expand the brand worldwide.

London Electronic Dance (LED) Festival

Ingenious Entertainment VCT 1 Investment amount: £500,000

(£1,000,000 across the Ingenious Entertainment VCTs)

In August 2010 the Ingenious Entertainment VCTs invested in CLS Concerts Limited to co-promote the LED Festival in partnership with AEG Live, Cream and Loudsound.

In 2011 the event hosted performances by some of the world's leading dance acts including Deadmau5, Calvin Harris, Zane Lowe and many more. The show attracted over 23,000 people and generated a profit in excess of £200,000. The promoters feel that the LED brand is now very well positioned and has quickly established itself as London's leading electronic music festival.

The event will not be held in 2012 due to the uncertainty created in the London market by the staging of the Olympic Games and the subsequent creation of a number of 'free' events, but the promoters are currently considering their options for 2013.

The capital originally invested has been fully recouped from the LED events staged to date.

Exhibitions

Golf Live

Ingenious Entertainment VCT 1 Investment amount: £275,000

(£550,000 across the Ingenious Entertainment VCTs)

(£550,000 across the Ingenious Live VCTs)

Golf Live is a three day interactive golf event which was staged at The London Golf Club between 18 and 20 May 2012. IMG, manager to a large number of leading golfers, also invested into the event. The long term aim was always to roll the event out to further prestigious golf courses around the world and it has already attracted sponsorship partners of the quality of Virgin Atlantic, Tommy Hilfiger, Golf Breaks, Celtic Manor and Bushnell. The event represents a highly creative way of bringing the sports and exhibition markets closely together.

In 2012 Golf Live was hosted by Colin Montgomerie, alongside many other stars from within the world of golf, including Gary Player, Paul Casey, Holly Fisher, Carly Booth and Thomas Levet. The event was extremely well received by both the corporate partners as well as the paying public.

The event has, however, struggled to become profitable and the promoters are currently undertaking an in depth evaluation to determine how best to move forward with the Golf Live brand.

Titans of Cricket

Ingenious Entertainment VCT 1 Investment amount: £1,000,000

(£2,000,000 across the Ingenious Entertainment VCTs)

In June 2011 an investment of £2,000,000 was made by the Ingenious Entertainment VCTs into This Is Cricket Limited to promote a new sports event, Titans of Cricket.

Titans of Cricket was staged in October 2011 and mixed the best of Twenty20, the Indian Premier League and World Cup Cricket, combining them in a new show that demonstrates the skills of some of the world's top cricketing stars both past and present including Freddie Flintoff and Sanath Jayasuriya. The first event took place at the O2 in London and attracted positive reviews but did not perform well financially.

The Titans of Cricket brand is currently under review, but it is unlikely that an event will be staged in 2012. A provision has been made in these financial statements in respect of the Company's share of losses to date.

Live Venues

XOYO

Ingenious Entertainment VCT 1 Investment amount: £400,000

(£800,000 across the Ingenious Entertainment VCTs)

In March 2010, an investment of £800,000 was made with Assorted Works Limited to open a new live venue in Shoreditch, East London. XOYO is a 900 capacity live entertainment venue split over two floors. It programs, books and promotes an exciting range of live music, club nights, visual art and other creative media events. XOYO has a prime location in Shoreditch, the hub of London's music, art and party scene. Recent events included performances by chart stars such as The Gossip and Michael Kiwanuka.

The venue quickly carved out its niche in the Shoreditch bar and music scene, but struggled to deliver the levels of financial return that we had originally anticipated. We are delighted to announce, however, that in late July 2012 the venue was sold to a third party for a sum that delivered a profit to all of the original investors in the venture. The Ingenious Entertainment VCTs made a profit of around £30,000 on their investment and we feel that, given the circumstances, this course of action delivered the best possible solution for the shareholders.

Jetstream Live Events

Ingenious Entertainment VCT 1 Investment amount: £1,000,000

(£2,000,000 across the Ingenious Entertainment VCTs)

In December 2010, Ingenious Entertainment VCTs agreed with the directors of Apollo Resorts and Leisure Limited to invest further funding into Jetstream Events Limited to co-promote potential new projects in similar 'seaside' opportunities such as the Ingenious Live VCTs' co-promotion of the Scarborough Open Air Theatre. There are a number of potential ventures that are currently under discussion in venues such as Yarmouth, Blackpool and Brighton.

Jongleurs Comedy Live

Ingenious Entertainment VCT 1 Investment amount: £1,000,000

(£2,000,000 across the Ingenious Entertainment VCTs)

In October 2010 an investment of £2,000,000 was made into Jongleurs Comedy Live Limited to promote a variety of comedy events.

In June 2011 it was decided to withdraw from the Jongleurs investment. The full amount of the investment has now been recouped and accordingly, it is considered appropriate to value the investment at cost at the present time.

Television Format and Distribution

Let's Dance

Ingenious Entertainment VCT 1 Investment amount: £500,000

(£1,000,000 across the Ingenious Entertainment VCTs)

(£1,000,000 across the Ingenious Live VCTs)

In January 2009, £2,000,000 was invested across both the Ingenious 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 four years BBC One has commissioned Whizz Kid Entertainment to produce this hugely popular celebrity-led series for both Comic Relief and Sports Relief. In 2012, the programme was aired to over 28 million viewers across the series and starred celebrities such as Rowland Rivron, Arabella Weir and Ulrika Jonsson. 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.

As a result of the format's 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. The original capital invested has now been fully recouped.

We are pleased to announce that the BBC has re-commissioned a fifth UK series to be aired in 2013.

Digital Rights Group

Ingenious Entertainment VCT 1 Investment amount: £1,000,000

(£2,000,000 across the Ingenious Entertainment VCTs)

In June 2009, the Ingenious Entertainment VCTs invested in DRG Media Assets Limited with independent television distributor Digital Rights Group Limited (DRG or DRG Group) to jointly acquire, market and distribute a series of television programmes.

DRG is a leading independent distributor of content in the UK with various brands in the DRG Group supporting all genres including drama, comedy, reality and other TV formats. DRG has worked on shows as diverse as The Inbetweeners, Kingdom starring Stephen Fry, the Martin Clunes drama Doc Martin, Australian series Sea Patrol, a wide variety of children's programmes and factual documentaries. The investment has generated a small positive return for the Company.

SuperVision Media

Ingenious Entertainment VCT 1 Investment amount: £1,000,000

(£2,000,000 across the Ingenious Entertainment VCTs)

In August 2010, an investment was made in SuperVision Media to co-promote and co-distribute alternative content. SuperVision Media is one of the leading owners and distributors of alternative content for cinemas around the globe in both the sport and entertainment fields. Their aim is to provide people with experiences that are the next best thing to being at the event whilst screening live, uninterrupted content mainly in 3D format, accompanied by surround sound.

In July 2010, SuperVision Media distributed the Football World Cup in 3D. Management continues to deliver sports content both in the UK and internationally. The company also secured the exclusive rights to screen Michael Flatley's Lord of The Dance in 3D, which was screened in major cinema chains across the US, UK, and Europe in March 2011.

Supervision Media screened the 2011 and 2012 Gentlemen's Singles Final from Wimbledon across the UK in a number of cinemas as well as airing the recent boxing match between David Haye and Derek Chisora.

Supervision Media made a loss in its first period of trading under this agreement, but the Manager believes that digital content will begin to firmly establish itself in the theatrical marketplace over the course of the next three years. Both SuperVision Media and the Manager continue to actively search for new deals.

Saturn Explosion

Ingenious Entertainment VCT 1 Investment amount: £1,000,000

(£2,000,000 across Ingenious Entertainment VCTs)

In December 2010, Ingenious Entertainment VCTs agreed with the directors of SuperVision Media to form a new company, Saturn Explosion Limited, to carry on the trade of the production, promotion and exploitation of alternative digital content (including but not limited to event based entertainment and sport content such as music concerts, festivals, theatrical productions and live sporting events) across a range of media including television and cinema.

The purpose of this funding was to acquire content that could be exploited across the various platforms but whereby any investment would be underpinned by minimum revenues through third party advances from distributors as well as potential payments by sponsorship partners wishing to be connected with the content.

Saturn Explosion has considered a number of potential investment opportunities over the last 12 months, but has yet to agree appropriate terms on any of these.

Outlook

The economic climate continues to cast a shadow over commercial investment, but we believe that our strategy of investing in a sector of the economy that continues to perform robustly has been fully justified.

The sister funds to the company, Ingenious Live VCT 1 and Ingenious Live VCT 2, have just reached their fifth anniversaries and are poised to deliver strong returns to their shareholders (in excess of 8% per annum tax free, which would now equate to approximately 16% gross per annum for a 50% taxpayer). The Manager's aim is to deliver similar returns in relation to the various Ingenious Entertainment VCT Share classes. It is interesting to note that these so called 'alternative assets' have now become extremely popular with advisors as they are completely uncorrelated to the extremely volatile equity markets that prevail.

The Manager's focus remains very firmly upon ensuring that each investment is carefully sourced and structured in order to balance potential upside against capital risk. We believe that the investment portfolio already sourced readily supports the fact that the Company is already well advanced in achieving this requirement. 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
28 August 2012
CONDENSED INCOME STATEMENT (UNAUDITED)
for the six months ended 30 June 2012
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - 14 14 - 32 32 - 91 91
Decrease in fair value of investments held - (184 ) (184 ) - (132 ) (132 ) - (282 ) (282 )
Investment income 161 - 161 128 - 128 297 - 297
Arrangement fees (30 ) - (30 ) (47 ) - (47 ) (49 ) - (49 )
Investment management fees (94 ) (94 ) (188 ) (83 ) (83 ) (166 ) (174 ) (174 ) (348 )
Other expenses (86 ) - (86 ) (85 ) - (85 ) (174 ) - (174 )
Loss on ordinary activities before taxation (49 ) (264 ) (313 ) (87 ) (183 ) (270 ) (100 ) (365 ) (465 )
Tax on ordinary activities - - - - - - - - -
Loss attributable to equity shareholders (49 ) (264 ) (313 ) (87 ) (183 ) (270 ) (100 ) (365 ) (465 )
Basic and diluted return per share (pence)
Ordinary Share 2 0.7 (1.5 ) (0.8 ) 0.4 (1.4 ) (1.0 ) 1.2 (2.6 ) (1.4 )
C Share 2 (0.3 ) (1.2 ) (1.5 ) (0.6 ) (0.6 ) (1.2 ) (1.0 ) (2.0 ) (3.0 )
D Share 2 (0.4 ) (1.1 ) (1.5 ) (0.7 ) (0.2 ) (0.9 ) (1.3 ) (0.6 ) (1.9 )
E Share 2 (0.8 ) (0.2 ) (1.0 ) (2.9 ) (0.2 ) (3.1 ) (3.1 ) (0.3 ) (3.4 )
F Share 2 (1.0 ) 0.2 (0.8 ) (3.0 ) 0.3 (2.7 ) (3.3 ) 0.2 (3.1 )
G Share 2 (3.2 ) (0.4 ) (3.6 ) - - - - - -

The Company has no recognised gains and losses other than those disclosed above.

The total column is the Income Statement of all Share classes for the period. The supplementary capital and revenue columns are prepared following guidance published by the Association of Investment Companies (AIC).

The accompanying notes form an integral part of these financial statements.

The Company had no G Shares in issue in the periods to 31 December 2011 or 30 June 2011.

NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE ORDINARY, C, D, E, F AND G SHARE FUNDS
CONDENSED INCOME STATEMENT (UNAUDITED)
for the six months ended 30 June 2012

Ordinary Shares C Shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - 1 1 - - -
Decrease in fair value of investments held - (116 ) (116 ) - (25 ) (25 )
Investment income 129 - 129 15 - 15
Arrangement fees - - - - - -
Investment management fees (35 ) (35 ) (70 ) (9 ) (9 ) (18 )
Other expenses (26 ) - (26 ) (13 ) - (13 )
Profit/(loss) on ordinary activities before taxation 68 (150 ) (82 ) (7 ) (34 ) (41 )
Tax on ordinary activities - - - - - -
Profit/(loss) attributable to equity shareholders 68 (150 ) (82 ) (7 ) (34 ) (41 )
Basic and diluted return per share (pence) 0.7 (1.5 ) (0.8 ) (0.3 ) (1.2 ) (1.5 )
D Shares E Shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - 10 10 - - -
(Decrease)/increase in fair value of investments held - (57 ) (57 ) - 7 7
Investment income 15 - 15 1 - 1
Arrangement fees - - - - - -
Investment management fees (25 ) (25 ) (50 ) (12 ) (12 ) (24 )
Other expenses (20 ) - (20 ) (11 ) - (11 )
Loss on ordinary activities before taxation (30 ) (72 ) (102 ) (22 ) (5 ) (27 )
Tax on ordinary activities - - - - - -
Loss attributable to equity shareholders (30 ) (72 ) (102 ) (22 ) (5 ) (27 )
Basic and diluted return per share (pence) (0.4 ) (1.1 ) (1.5 ) (0.8 ) (0.2 ) (1.0 )

F Shares G Shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - 3 3 - - -
Increase in fair value of investments held - 7 7 - - -
Investment income 1 - 1 - - -
Arrangement fees - - - (30 ) - (30 )
Investment management fees (7 ) (7 ) (14 ) (6 ) (6 ) (12 )
Other expenses (9 ) - (9 ) (7 ) - (7 )
(Loss)/profit on ordinary activities before taxation (15 ) 3 (12 ) (43 ) (6 ) (49 )
Tax on ordinary activities - - - - - -
(Loss)/profit attributable to equity shareholders (15 ) 3 (12 ) (43 ) (6 ) (49 )
Basic and diluted return per share (pence) (1.0 ) 0.2 (0.8 ) (3.2 ) (0.4 ) (3.6 )

The Company has no recognised gains and losses other than those disclosed above.

The total column is the Income Statement per Share class for the period. The supplementary capital and revenue columns are prepared following guidance published by the Association of Investment Companies (AIC).

NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE ORDINARY, C, D, E, F AND G SHARE FUNDS
CONDENSED INCOME STATEMENT (UNAUDITED)
for the six months ended 30 June 2011
Ordinary Shares C Shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - 20 20 - 7 7
Decrease in fair value of investments held - (131 ) (131 ) - (15 ) (15 )
Investment income 113 - 113 10 - 10
Arrangement fees - - - - - -
Investment management fees (38 ) (38 ) (76 ) (10 ) (10 ) (20 )
Other expenses (32 ) - (32 ) (16 ) - (16 )
Profit/(loss) on ordinary activities before taxation 43 (149 ) (106 ) (16 ) (18 ) (34 )
Tax on ordinary activities - - - - - -
Profit/(loss) attributable to equity shareholders 43 (149 ) (106 ) (16 ) (18 ) (34 )
Basic and diluted return per share (pence) 0.4 (1.4 ) (1.0 ) (0.6 ) (0.6 ) (1.2 )
D Shares E Shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - 5 5 - - -
Increase in fair value of investments held - 7 7 - 2 2
Investment income 5 - 5 - - -
Arrangement fees - - - (30 ) - (30 )
Investment management fees (27 ) (27 ) (54 ) (5 ) (5 ) (10 )
Other expenses (27 ) - (27 ) (6 ) - (6 )
Loss on ordinary activities before taxation (49 ) (15 ) (64 ) (41 ) (3 ) (44 )
Tax on ordinary activities - - - - - -
Loss attributable to equity shareholders (49 ) (15 ) (64 ) (41 ) (3 ) (44 )
Basic and diluted return per share (pence) (0.7 ) (0.2 ) (0.9 ) (2.9 ) (0.2 ) (3.1 )

F Shares

G Shares

Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - - -

-

-

-

Increase in fair value of investments held - 5 5

-

-

-

Investment income - - -

-

-

-

Arrangement fees (17 ) - (17 )

-

-

-

Investment management fees (3 ) (3 ) (6 )

-

-

-

Other expenses (4 ) - (4 )

-

-

-

(Loss)/profit on ordinary activities before taxation (24 ) 2 (22 )

-

-

-

Tax on ordinary activities - - -

-

-

-

(Loss)/profit attributable to equity shareholders (24 ) 2 (22 )

-

-

-

Basic and diluted return per share (pence) (3.0 ) 0.3 (2.7 )

-

-

-

The Company had no recognised gains and losses other than those disclosed above.

The total column is the Income Statement per Share class for the period. The supplementary capital and revenue columns are prepared following guidance published by the Association of Investment Companies (AIC).

The Company had no G Shares in issue in the period to 30 June 2011.

NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE ORDINARY, C, D, E, F AND G SHARE FUNDS
CONDENSED INCOME STATEMENT (UNAUDITED)
for the year ended 31 December 2011
Ordinary Shares C Shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - 55 55 - 16 16
Decrease in fair value of investments held - (245 ) (245 ) - (53 ) (53 )
Investment income 257 - 257 24 - 24
Arrangement fees - - - - - -
Investment management fees (74 ) (74 ) (148 ) (20 ) (20 ) (40 )
Other expenses (63 ) - (63 ) (31 ) - (31 )
Profit/(loss) on ordinary activities before taxation 120 (264 ) (144 ) (27 ) (57 ) (84 )
Tax on ordinary activities - - - - - -
Profit/(loss) attributable to equity shareholders 120 (264 ) (144 ) (27 ) (57 ) (84 )
Basic and diluted return per share (pence) 1.2 (2.6 ) (1.4 ) (1.0 ) (2.0 ) (3.0 )
D Shares E Shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - 18 18 - 2 2
(Decrease)/increase in fair value of investments held - (3 ) (3 ) - 8 8
Investment income 16 - 16 - - -
Arrangement fees - - - (32 ) - (32 )
Investment management fees (54 ) (54 ) (108 ) (17 ) (17 ) (34 )
Other expenses (51 ) - (51 ) (16 ) - (16 )
Loss on ordinary activities before taxation (89 ) (39 ) (128 ) (65 ) (7 ) (72 )
Tax on ordinary activities - - - - - -
Loss attributable to equity shareholders (89 ) (39 ) (128 ) (65 ) (7 ) (72 )
Basic and diluted return per share (pence) (1.3 ) (0.6 ) (1.9 ) (3.1 ) (0.3 ) (3.4 )

F Shares

G Shares

Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on disposal of investments - - -

-

-

-

Increase in fair value of investments held - 11 11

-

-

-

Investment income - - -

-

-

-

Arrangement fees (17 ) - (17 ) - - -
Investment management fees (9 ) (9 ) (18 )

-

-

-

Other expenses (13 ) - (13 )

-

-

-

(Loss)/profit on ordinary activities before taxation (39 ) 2 (37 )

-

-

-

Tax on ordinary activities - - -

-

-

-

(Loss)/profit attributable to equity shareholders (39 ) 2 (37 )

-

-

-

Basic and diluted return per share (pence) (3.3 ) 0.2 (3.1 )

-

-

-

The Company had no recognised gains and losses other than those disclosed above.

The total column is the Income Statement per Share class for the period. The supplementary capital and revenue columns are prepared following guidance published by the Association of Investment Companies (AIC).

The Company had no G Shares in issue in the year to 31 December 2011.

CONDENSED BALANCE SHEET (UNAUDITED)
as at 30 June 2012
30 June 30 June 31 December
2012 2011 2011
(unaudited) (unaudited) (audited)
Note £'000 £'000 £'000
Fixed assets
Qualifying Investments 10,831 9,295 10,309
Current assets
Debtors 132 60 80
Non-qualifying Investments 3 7,918 11,009 9,823
Cash at bank and in hand 2,631 360 181
10,681 11,429 10,084
Creditors: amounts falling due within one year (60 ) (40 ) (53 )
Net current assets 10,621 11,389 10,031
Net assets 21,452 20,684 20,340
Capital and reserves
Called-up share capital 269 240 242
Share premium account 2,607 3,994 -
Other reserve account 19,949 17,315 21,158
Capital reserve (617 ) (171 ) (353 )
Revenue reserve (756 ) (694 ) (707 )
Shareholders' funds 21,452 20,684 20,340
Net asset value per Ordinary Share 4 75.4 81.6 81.2
Net asset value per C Share 4 70.0 78.2 76.4
Net asset value per D Share 4 79.5 91.9 86.0
Net asset value per E Share 4 87.1 94.0 93.1
Net asset value per F Share 4 87.5 94.1 93.3
Net asset value per G Share 4 93.8 - -

The accompanying notes form an integral part of these financial statements.

The condensed set of financial statements were approved by the Board of Directors on 28 August 2012 and signed on its behalf by:

Keith Turner
Director
Company Registration Number: 6395011 (England & Wales)
NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE ORDINARY, C, D, E, F AND G SHARE FUNDS
CONDENSED BALANCE SHEET (UNAUDITED)
As at 30 June 2012 (unaudited)
Ordinary C D E F G
Shares Shares Shares Shares Shares Shares
£'000 £'000 £'000 £'000 £'000 £'000
Fixed assets
Qualifying Investments 6,608 1,716 2,257 125 125 -
Current assets
Debtors 132 - - - - -
Non-qualifying Investments 968 245 3,098 2,356 1,251 -
Cash at bank and in hand 7 7 8 3 1 2,605
1,107 252 3,106 2,359 1,252 2,605
Creditors: amounts falling due within one year (21 ) (2 ) (11 ) (4 ) (2 ) (20 )
Net current assets 1,086 250 3,095 2,355 1,250 2,585
Net assets 7,694 1,966 5,352 2,480 1,375 2,585
Capital and reserves
Called-up share capital 102 28 68 28 16 27
Share premium account - - - - - 2,607
Other reserve account 8,101 2,212 5,677 2,551 1,408 -
Capital reserve (362 ) (113 ) (129 ) (12 ) 5 (6 )
Revenue reserve (147 ) (161 ) (264 ) (87 ) (54 ) (43 )
Shareholders' funds 7,694 1,966 5,352 2,480 1,375 2,585
Net asset value excluding distributions to date (pence per share) 75.4 70.0 79.5 87.1 87.5 93.8
Net asset value including distributions to date (pence per share) 90.4 85.0 89.5 92.1 92.5 93.8
As at 30 June 2011 (unaudited)
Ordinary C D E F G
Shares Shares Shares Shares Shares Shares
£'000 £'000 £'000 £'000 £'000 £'000
Fixed assets
Qualifying Investments 6,600 1,370 1,325 - - -
Current assets
Debtors 60 - - - - -
Non-qualifying Investments 1,628 682 4,766 2,529 1,404 -
Cash at bank and in hand 58 150 110 24 18 -
1,746 832 4,876 2,553 1,422 -
Creditors: amounts falling due within one year (22 ) (4 ) (9 ) (3 ) (2 ) -
Net current assets 1,724 828 4,867 2,550 1,420 -
Net assets 8,324 2,198 6,192 2,550 1,420 -
Capital and reserves
Called-up share capital 102 28 68 27 15 -
Share premium account - - - 2,567 1,427 -
Other reserve account 8,611 2,353 6,351 - - -
Capital reserve (97 ) (40 ) (33 ) (3 ) 2 -
Revenue reserve (292 ) (143 ) (194 ) (41 ) (24 ) -
Shareholders' funds 8,324 2,198 6,192 2,550 1,420 -
Net asset value excluding distributions to date (pence per share) 81.6 78.2 91.9 94.0 94.1 -
Net asset value including distributions to date (pence per share) 91.6 88.2 91.9 94.0 94.1 -

The Company had no G Shares in issue in the period to 30 June 2011.

As at 31 December 2011 (unaudited)

Ordinary C D E F G
Shares Shares Shares Shares Shares Shares
£'000 £'000 £'000 £'000 £'000 £'000
Fixed assets
Qualifying Investments 6,632 1,727 1,700 125 125 -
Current assets
Debtors 80 - - - - -
Non-qualifying Investments 1,588 374 4,090 2,478 1,293 -
Cash at bank and in hand 21 51 8 51 50 -
1,689 425 4,098 2,529 1,343 -
Creditors: amounts falling due within one year (35 ) (4 ) (7 ) (5 ) (2 ) -
Net current assets 1,654 421 4,091 2,524 1,341 -
Net assets 8,286 2,148 5,791 2,649 1,466 -
Capital and reserves
Called-up share capital 102 28 68 28 16 -
Share premium account - - - - - -
Other reserve account 8,611 2,353 6,014 2,693 1,487 -
Capital reserve (212 ) (79 ) (57 ) (7 ) 2 -
Revenue reserve (215 ) (154 ) (234 ) (65 ) (39 ) -
Shareholders' funds 8,286 2,148 5,791 2,649 1,466 -
Net asset value excluding distributions to date (pence per share) 81.2 76.4 86.0 93.1 93.3 -
Net asset value including distributions to date (pence per share) 91.2 86.4 91.0 93.1 93.3 -

The Company had no G Shares in issue in the year to 31 December 2011.

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
as at 30 June 2012
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Opening shareholders' funds 20,340 17,569 17,569
Capital subscribed 2,756 4,221 4,418
Issue costs (122 ) (185 ) (194 )
Dividends (1,209 ) (651 ) (988 )
Loss for the period (313 ) (270 ) (465 )
Closing shareholders' funds 21,452 20,684 20,340
NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE ORDINARY, C, D, E, F AND G SHARE FUNDS
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
as at 30 June 2012
Ordinary
Shares C Shares D Shares E Shares F Shares G Shares
£'000 £'000 £'000 £'000 £'000 £'000
Opening shareholders' funds 8,286 2,148 5,791 2,649 1,466 -
Capital subscribed - - - - - 2,756
Issue costs - - - - - (122 )
Dividends (510 ) (141 ) (337 ) (142 ) (79 ) -
Loss for the period (82 ) (41 ) (102 ) (27 ) (12 ) (49 )
Closing shareholders' funds 7,694 1,966 5,352 2,480 1,375 2,585
NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE ORDINARY, C, D, E, F AND G SHARE FUNDS
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
as at 30 June 2011
Ordinary
Shares C Shares D Shares E Shares F Shares G Shares
£'000 £'000 £'000 £'000 £'000 £'000
Opening shareholders' funds 8,940 2,373 6,256 - - -
Capital subscribed - - - 2,713 1,508 -
Issue costs - - - (119 ) (66 ) -
Dividends (510 ) (141 ) - - - -
Loss for the period (106 ) (34 ) (64 ) (44 ) (22 ) -
Closing shareholders' funds 8,324 2,198 6,192 2,550 1,420 -
NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE ORDINARY, C, D, E, F AND G SHARE FUNDS
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
as at 31 December 2011
Ordinary
Shares C Shares D Shares E Shares F Shares G Shares
£'000 £'000 £'000 £'000 £'000 £'000
Opening shareholders' funds 8,940 2,373 6,256 - - -
Capital subscribed - - - 2,846 1,572 -
Issue costs - - - (125 ) (69 ) -
Dividends (510 ) (141 ) (337 ) - - -
Loss for the period (144 ) (84 ) (128 ) (72 ) (37 ) -
Closing shareholders' funds 8,286 2,148 5,791 2,649 1,466 -
CASH FLOW STATEMENT (UNAUDITED)
for the six months ended 30 June 2012
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net cash outflow from operating activities (300 ) (289 ) (477 )
Financial investment
Purchase of Qualifying Investments (600 ) (1,625 ) (2,750 )
Return of Qualifying Investments - - 119
Net cash outflow from financial investment (600 ) (1,625 ) (2,631 )
Management of liquid resources
Purchase of Non-qualifying Investments - (3,926 ) (6,999 )
Disposal of Non-qualifying Investments 1,925 2,666 6,903
Net cash inflow/(outflow) from liquid resources 1,925 (1,260 ) (96 )

Financing
Issue of shares 2,756 4,221 4,418
Issue costs of shares (122 ) (185 ) (194 )
Net cash inflow from financing 2,634 4,036 4,224
Dividends
Payment of dividends (1,209 ) (651 ) (988 )
Net cash outflow from dividends (1,209 ) (651 ) (988 )
Increase in cash 2,450 211 32

Reconciliation of loss before taxation to net cash flow from operating activities

£'000 £'000 £'000
Loss on ordinary activities before tax (313 ) (270 ) (465 )
Decrease in fair value of investments held 184 132 282
Investment income (126 ) (128 ) (264 )
(Increase)/decrease in receivables (52 ) 21 1
Increase/(decrease) in payables 7 (44 ) (31 )
Net cash outflow from operating activities (300 ) (289 ) (477 )

Reconciliation of net cash flow to movement in net funds

£'000 £'000 £'000
Opening cash balances 181 149 149
Net cash inflow 2,450 211 32
Closing cash balances 2,631 360 181
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
for the six months ended 30 June 2012

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, which have not been audited or reviewed by the Auditors, have been drawn up adopting the accounting policies set out in the Annual Report and Accounts for the year to 31 December 2011.

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. 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 through profit or loss 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 cost. The investments are subsequently re-measured at fair value, as estimated by the Directors in 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 the fair value for an investment, the Directors 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 estimates. 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 Discounted cash flows/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 or entertainment content 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 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 at such an early stage of the investment.

In the period prior to the second live event or entertainment content it is considered appropriate to use the price paid for the recent investment as the latest available information. Thereafter, the investment 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 - OEICs

The Company's Non-qualifying Investments in interest bearing money market OEICs are valued at fair value which is mid price. They have been designated as fair value through profit or 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, 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 it is declared by the Investee Companies.

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; 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 expected 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.

g) Ordinary Shares, C Shares, D Shares, E Shares, F Shares and G Shares

The Company has six classes of Shares: Ordinary Shares, C Shares, D Shares, E Shares, F Shares and G Shares. Each Share class has a separate pool of income and expenses as well as assets and liabilities attributable to it. All Share classes rank pari passu with each other in terms of voting and other rights.

2. Basic and Diluted Return per Share

The calculation of basic return per Ordinary Share is based on the return on ordinary activities after tax for the period and on a weighted average of 10,205,011 Ordinary Shares in issue for the six months ended 30 June 2012 (31 December 2011: 10,205,011; 30 June 2011: 10,205,011). The basic return per C Share has been calculated on a weighted average of 2,810,596 C Shares in issue for the six months ended 30 June 2012 (31 December 2011: 2,810,596; 30 June 2011: 2,810,596). The basic return per D Share has been calculated on a weighted average of 6,735,624 D Shares in issue for the six months ended 30 June 2012 (31 December 2011: 6,735,624; 30 June 2011: 6,735,624). The basic return per E Share has been calculated on a weighted average of 2,846,122 E Shares in issue for the six months ended 30 June 2012 (31 December 2011: 2,123,163; 30 June 2011: 1,413,240). The basic return per F Share has been calculated on a weighted average of 1,572,095 F Shares in issue for the six months ended 30 June 2012 (31 December 2011: 1,184,388; 30 June 2011: 802,213). The basic return per G Share has been calculated on a weighted average of 1,353,098 G Shares in issue for the six months ended 30 June 2012 (31 December 2011: N/A; 30 June 2011: N/A).

There are no dilutive potential Ordinary Shares, C Shares, D Shares, E Shares, F Shares or G Shares, including convertible instruments, options or contingent share agreements in issue for the Company. The basic return per share is therefore 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 Ordinary Share has been calculated based on 10,205,011 Ordinary Shares being the number of Ordinary Shares in issue as at 30 June 2012 (31 December 2011: 10,205,011; 30 June 2011: 10,205,011).

The net asset value per C Share has been calculated based on 2,810,596 C Shares being the number of C Shares in issue as at 30 June 2012 (31 December 2011: 2,810,596; 30 June 2011: 2,810,596).

The net asset value per D Share has been calculated based on 6,735,624 D Shares being the number of D Shares in issue as at 30 June 2012 (31 December 2011: 6,735,624; 30 June 2011: 6,735,624).

The net asset value per E Share has been calculated based on 2,846,122 E Shares being the number of E Shares in issue as at 30 June 2012 (31 December 2011: 2,846,122; 30 June 2011: 2,712,935).

The net asset value per F Share has been calculated based on 1,572,095 F Shares being the number of F Shares in issue as at 30 June 2012 (31 December 2011: 1,572,095; 30 June 2011: 1,508,434).

The net asset value per G Share has been calculated based on 2,756,760 G Shares being the number of G Shares in issue as at 30 June 2012 (31 December 2011: N/A; 30 June 2011: N/A).

5. Related Party Transactions

a) The Company has appointed Ingenious Media Investments Limited, a company of which Patrick McKenna is a director, to be its promoter. Ingenious Media Investments Limited is a wholly owned subsidiary within the Ingenious Media Holdings plc group of companies (the Ingenious Group) which is controlled by Patrick McKenna. The Company paid the promoter a fee of 5.5% of the gross proceeds of the offer for G Shares which was paid in consideration of the service provided.

b) The Company has appointed Ingenious Ventures as Manager. Ingenious Ventures was a trading division of Ingenious Asset Management Limited up to 5 April 2012 after which it became a trading name of Ingenious Capital Management Limited. Patrick McKenna is a director of Ingenious Asset Management Limited and Ingenious Capital Management Limited which are subsidiaries within the Ingenious Group, which is controlled by Patrick McKenna.

Ingenious Ventures (the Manager), as per the management agreement, receives a management fee of 0.4375% of the net asset value payable quarterly in advance (1.75% annualised). The Manager also receives an administration fee of £84k per annum and irrecoverable VAT from the Company.

c) 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.

d) Patrick McKenna is a director and a shareholder of Ingenious Entertainment VCT 2 plc. The Company and Ingenious Entertainment VCT 2 plc have jointly agreed to form a new company, Liverpool Sound City Limited, to co-promote a new festival called Sound City in Liverpool. In April 2012 the Company invested £600k for a total of 15% of the equity in Liverpool Sound City Limited. Ingenious Entertainment VCT 2 plc also invested £600k for 15% of the equity in Liverpool Sound City Limited.

During the period the Company has carried out a number of transactions with the above-mentioned related parties in the normal course of business and on an arm's length basis:

Expenditure Paid Amounts Due
30 June 30 June 31 December 30 June 30 June 31 December
2012 2011 2011 2012 2011 2011
Entity Note £'000 £'000 £'000 £'000 £'000 £'000
Ingenious Asset Management Limited/
Ingenious Capital Management Limited
- Investment management fee b 188 166 348 - - -
- Administration fee b 42 32 69 - - -
- Irrecoverable VAT b - 2 4 3 2 -
Ingenious Media Investments Limited
- Arrangement fee a 152 232 243 - - -

Transactions Between Related Parties

Ingenious Media Consulting Limited, a company which is a wholly-owned subsidiary in 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 £304k excluding VAT (31 December 2011: £172k; 30 June 2011: £68k) have been invoiced for the period. No balance is outstanding as at 30 June 2012 (31 December 2011: £50k; 30 June 2011: £7k).

6. Events After the Balance Sheet Date

a) In July 2012, the Ingenious Entertainment VCTs successfully sold their shareholding in Essential Experience Limited to a third party for a sum that delivered a profit to all of the original investors in the venture. The Ingenious Entertainment VCTs made a profit of around £30k on their investment.

b) In July and August 2012, the Ingenious Entertainment VCTs acquired the Ingenious Live VCTs' shareholdings in the following companies based upon independent valuations on behalf of both parties: Into The Groove Limited (Rewind Festival) for a total consideration of £547k; Dance Floor Limited (Let's Dance) for a total consideration of £5k and Golf Mania Limited (Golf Live) for a total consideration of £1k.

The Company's statutory financial statements for the year ended 31 December 2011 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.

This condensed interim information for the period does not constitute statutory financial statements within the meaning of s434 of the Companies Act 2006.

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

Copyright Business Wire 2012

Date   Source Headline
23rd May 20247:10 amRNSNet Asset Value(s)
22nd May 20247:10 amRNSNet Asset Value(s)
21st May 20247:10 amRNSNet Asset Value(s)
20th May 20247:10 amRNSNet Asset Value(s)
17th May 20247:10 amRNSNet Asset Value(s)
16th May 20247:10 amRNSNet Asset Value(s)
15th May 20247:10 amRNSNet Asset Value(s)
14th May 20247:10 amRNSNet Asset Value(s)
13th May 20247:10 amRNSNet Asset Value(s)
10th May 20247:10 amRNSNet Asset Value(s)
9th May 20247:10 amRNSNet Asset Value(s)
8th May 20247:10 amRNSNet Asset Value(s)
7th May 20247:10 amRNSNet Asset Value(s)
3rd May 20247:10 amRNSNet Asset Value(s)
2nd May 20247:10 amRNSNet Asset Value(s)
1st May 20247:10 amRNSNet Asset Value(s)
30th Apr 20247:10 amRNSNet Asset Value(s)
29th Apr 20247:10 amRNSNet Asset Value(s)
26th Apr 20247:10 amRNSNet Asset Value(s)
25th Apr 20247:10 amRNSNet Asset Value(s)
24th Apr 20247:10 amRNSNet Asset Value(s)
23rd Apr 20247:10 amRNSNet Asset Value(s)
22nd Apr 20247:10 amRNSNet Asset Value(s)
19th Apr 20247:10 amRNSNet Asset Value(s)
18th Apr 20247:10 amRNSNet Asset Value(s)
17th Apr 20247:10 amRNSNet Asset Value(s)
16th Apr 20247:10 amRNSNet Asset Value(s)
15th Apr 20247:10 amRNSNet Asset Value(s)
12th Apr 20247:10 amRNSNet Asset Value(s)
11th Apr 20247:10 amRNSNet Asset Value(s)
10th Apr 20247:10 amRNSNet Asset Value(s)
9th Apr 20247:10 amRNSNet Asset Value(s)
8th Apr 20247:10 amRNSNet Asset Value(s)
5th Apr 20247:10 amRNSNet Asset Value(s)
4th Apr 20247:10 amRNSNet Asset Value(s)
3rd Apr 20247:10 amRNSNet Asset Value(s)
2nd Apr 20247:10 amRNSNet Asset Value(s)
28th Mar 20247:10 amRNSNet Asset Value(s)
27th Mar 20247:10 amRNSNet Asset Value(s)
26th Mar 20247:10 amRNSNet Asset Value(s)
25th Mar 20247:10 amRNSNet Asset Value(s)
22nd Mar 20247:10 amRNSNet Asset Value(s)
21st Mar 20247:10 amRNSNet Asset Value(s)
20th Mar 20247:10 amRNSNet Asset Value(s)
19th Mar 20247:10 amRNSNet Asset Value(s)
18th Mar 20247:10 amRNSNet Asset Value(s)
15th Mar 20247:10 amRNSNet Asset Value(s)
14th Mar 20247:10 amRNSNet Asset Value(s)
13th Mar 20247:10 amRNSNet Asset Value(s)
12th Mar 20247:10 amRNSNet Asset Value(s)

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.