CHELVERTON UK DIVIDEND TRUST PLC of non-compliance throughout our audit; ? Considering the risk of acts by the group and the parent company which were contrary to the applicable laws and
regulations, including fraud.
Our audit procedures in relation to fraud included but were not limited to: ? Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged
fraud; ? Gaining an understanding of the internal controls established to mitigate risks related to fraud; ? Discussing amongst the engagement team the risks of fraud; and ? Addressing the risks of fraud through management override of controls by performing journal entry testing.
We consider that our procedures are suf?cient to detect irregularities, including fraud, although they are not designed speci?cally for the detection of irregularities. The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. As with any audit, there remains a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. The risks of material misstatement that had the greatest effect on our audit, including fraud, are discussed under "Audit Approach" within this report.
A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Other matters which we are required to address
Following the recommendation of the Audit Committee, we were appointed by the Board on 13 October 2017 to audit the ?nancial statements for the year ending 30 April 2018 and subsequent ?nancial periods. The period of total uninterrupted engagement including previous renewals and reappointments of the ?rm is 15 years, covering the years ending 2007 to 2021.
The non-audit services prohibited by the FRC's Ethical Standard were not provided to the Group or the Parent Company and we remain independent of the Group and Parent Company in conducting our audit.
Our audit opinion is consistent with the additional report to the audit committee. Use of this report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Ryan Hancock (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor Cheltenham
24 June 2021
Consolidated Statement of Comprehensive Income
for the year ended 30 April 2021
2021 2020
Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses) on investments at fair
value through pro?t or loss 10 - 23,110 23,110 - (17,046) (17,046)
Investment income 2 1,708 - 1,708 2,414 - 2,414
Investment management fee 3 (124) (372) (496) (135) (407) (542)
Other expenses 4 (280) (10) (290) (270) (13) (283)
Net surplus/(de?cit) before ?nance
costs and taxation 1,304 22,728 24,032 2,009 (17,466) (15,457)
Finance costs 6 - (630) (630) - (607) (607)
Net surplus/(de?cit) before taxation 1,304 22,098 23,402 2,009 (18,073) (16,064)
Taxation 7 (27) - (27) (38) - (38)
Total comprehensive income/
(expense) for the year 1,277 22,098 23,375 1,971 (18,073) (16,102)
Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence
Net return per:
Ordinary share 8 6.12 105.99 112.11 9.45 (86.68) (77.23)
Zero Dividend Preference share 2025 8 - 4.34 4.34 - 4.19 4.19 The total column of this statement is the Statement of Comprehensive Income of the Group prepared in accordance with international accounting standards and in conformity with the requirements of the Companies Act 2006. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. All of the net return for the period and the total comprehensive income for the period is attributable to the shareholders of the Group. The supplementary revenue and capital return columns are presented for information purposes as recommended by the Statement of Recommended Practice issued by the AIC.
The notes on pages 51 to 70 form part of these ?nancial statements. Changes in Net Equity
for the year ended 30 April 2021
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Year ended 30 April 2021 30 April 2020 5,213 17,517 5,004 (5,148) 3,448 26,034 Total comprehensive income for the year - - - 22,098 1,277 23,375 Dividends paid 9 - - - - (2,064) (2,064) 30 April 2021 5,213 17,517 5,004 16,950 2,661 47,345 Year ended 30 April 2020 30 April 2019 5,213 17,517 5,004 12,925 4,000 44,659 Total comprehensive (expense)/ income for the year - - - (18,073) 1,971 (16,102) Dividends paid 9 - - - - (2,523) (2,523) 30 April 2020 5,213 17,517 5,004 (5,148) 3,448 26,034
The notes on pages 51 to 70 form part of these ?nancial statements. Consolidated and Parent Company Balance Sheets
as at 30 April 2021
Group Group Company Company 2021 2020 2021 2020 Note GBP'000 GBP'000 GBP'000 GBP'000 Non-current assets
Investments at fair value through pro?t or loss 10 62,768 40,588 62,768 40,588 Investments in subsidiary
12 - -
13 13
62,768 40,588 62,781 40,601 Current assets
Trade and other receivables 13 757 186 757 186
Cash and cash equivalents 488 1,266 488 1,266
1,245 1,452 1,245 1,452
Total assets 64,013 42,040 64,026 42,053
Current liabilities
Trade and other payables 14 (136) (104) (149) (117)
(136) (117)
(104) (149)
Total assets less current liabilities 63,877 41,936
41,936 63,877
Non-current liabilities
Zero Dividend Preference shares 15 (16,532) (15,902) - -
Loan from subsidiary 16 - - (16,532) (15,902)
(15,902)
(16,532) (15,902) (16,532)
Total liabilities (16,668) (16,006) (16,681) (16,019)
Net assets 26,034
47,345 26,034 47,345
Represented by:
Share capital 17 5,213 5,213 5,213 5,213
Share premium account 17,517 17,517 17,517 17,517
Capital redemption reserve 5,004 5,004 5,004 5,004
Capital reserve 16,950 (5,148) 16,950 (5,148)
Revenue reserve 2,661 3,448 2,661 3,448
Equity shareholders' funds 47,345 47,345 26,034
26,034
The notes on pages 51 to 70 form part of these ?nancial statements.
These ?nancial statements were approved by the Board of Chelverton UK Dividend Trust PLC and authorised for issue on 24 June 2021. Lord Lamont of Lerwick
Chairman
Company Registered Number: 03749536 Cash Flows
for the year ended 30 April 2021
2021 2020
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