NEW STAR INVESTMENT TRUST PLC
NEW STAR INVESTMENT TRUST PLC
This announcement constitutes regulated information.
UNAUDITED RESULTS
FOR THE YEAR ENDED 30TH JUNE 2014
New Star Investment Trust plc (the `Company'), whose objective is to achieve
long-term capital growth, announces its consolidated results for the year ended
30th June 2014.
FINANCIAL HIGHLIGHTS
30th June 30th June %
2014 2013 Change
PERFORMANCE
Net assets (£ `000) 76,227 73,320 4.0
Net asset value per Ordinary share 107.33p 103.23p 4.0
Mid-market price per Ordinary share 71.50p 67.50p 5.9
Discount of price to net asset value 33.4% 34.6% N/A
NAV performance 4.0% 7.7%
IMA Mixed Investment 40% - 85% Shares 8.0% 15.0%
(total return)
MSCI AC World Index (total return, sterling 9.6% 21.2%
adjusted)
MSCI UK Index (total return) 12.3% 15.7%
1st July 2013 to 1st July 2012 to
30th June 2014 30th June 2013
REVENUE
Return per Ordinary share 0.11p (0.05)p
Dividend per Ordinary share - -
TOTAL RETURN
Net assets 4.0% 7.7%
CHAIRMAN'S STATEMENT
Performance
Your Company's net asset value rose 3.97% over the year to 30th June 2014. This
took the year-end NAV per ordinary share to 107.33p. By comparison, the
Investment Management Association's Mixed Investment 40-85% Shares index gained
8.03%. Your directors believe this benchmark comparison is appropriate because
your Company has since inception been invested in a broad range of asset
classes. Equity markets were buoyant, with the MSCI AC World Total Return Index
and the MSCI UK Total Return Index rising 9.62% and 12.31% respectively over
the financial year while UK government bonds returned 2.33%. Further
information is provided in the Investment Manager's report.
Increased investment income helped the Company to a net revenue profit before
taxation.
Outlook
Investor expectations about central bank monetary policy are likely to drive
financial markets as the Federal Reserve gradually reduces and then halts the
exceptional measures taken to restore economic stability in the wake of the
global financial crisis of 2007-09. Such measures may affect the performance of
US equities and your Company is focussed on other markets with lower valuations
and greater recovery potential and where interest rates are likely to stay low
for a longer period. Such markets include Europe excluding the UK, Asia
excluding Japan and some emerging markets.
Gearing and dividends
Your Company has no borrowings and ended its financial year with cash
representing 14.65% of its net asset value. Your Company is likely to maintain
a significant cash position. Your Company has a small revenue deficit in its
retained revenue reserve; your directors do not recommend the payment of a
final dividend.
Discount
During the year under review, your Company's shares continued to trade at a
significant discount to their net asset value. Your directors have explored
various possibilities with a view to reducing this discount but no satisfactory
solution has yet been found. This position is, however, kept under continual
review by your directors.
Investment in Brompton funds
From the outset of your Company in 2000, one of its principal aims has been to
invest in the in-house funds of its investment manager. During the year under
review, investments were taken in three multi-asset funds within the FP
Brompton Multi-Manager OEIC - Global Growth, Global Balanced and Global
Conservative. Such investments are excluded when the investment management fee
is calculated.
The Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive (AIFMD) is a European Union
directive creating a EU-wide framework for the regulation of managers of
Alternative Investment Funds (AIFs), which include investment trusts. The
directive requires all AIFs to appoint an Alternative Investment Fund Manager
(AIFM), which can be the company itself or a third-party manager. Your Board
has decided to take advantage of the reduced reporting requirements available
if it becomes its own AIFM. This approach minimises the cost to shareholders of
implementing the directive without affecting the management of your Company.
New reporting requirements
Various changes have been made to the annual report in response to legislative
changes to reporting requirements. There is a new strategic report and changes
to the directors' remuneration report as well as expanded reports from the
Audit Committee and the Auditors outlining the major risks to the financial
statements and how they are have been covered. These changes aim to provide
shareholders with greater information.
Annual meeting
The Annual General Meeting will be held on Thursday, 6th November 2014 at 11.00
a.m.
Net asset value
Your Company's unaudited net asset value at 31st August 2014 was 108.87p.
INVESTMENT MANAGER'S REPORT
Market review
From the point when the Federal Reserve first confirmed its intention to taper
monetary expansion in December 2013, it stayed true to its course and reduced
asset purchases at each subsequent policy-setting meeting over the first half
of 2014. At the end of the year under review, US quantitative easing, the
defining central bank policy of the post-credit crisis years, was expected to
halt entirely in October. The first US interest rate increase is widely
expected to occur in mid-2015. Equity and bond markets fell initially in May
2013 when tapering was first announced but both major asset classes
subsequently recovered and rose during the year under review. This was because
investors became convinced that monetary policy would remain highly
accommodative for some time and that the pace of future interest rate increases
would be slow.
In January, doubts emerged over the strength of US economic growth but
investors ultimately shrugged off the weather-related 2.9% annualised
contraction in first quarter gross domestic product as economic data improved.
During the second half of your Company's financial year, the US economy
generated an average of more than 200,000 net new jobs per month. This was the
strongest period of job creation since the credit crisis, taking unemployment
down to 6.1%. Janet Yellen, the Fed chairman, remained sanguine on the
inflation outlook although strong employment growth may ultimately result in
pressure on wage-inflation particularly if productivity growth remains weak.
Your company has almost no exposure to US equities which gained 10.53% in
sterling during the year. The majority of the cash is held in US dollars for
defensive reasons as the US dollar can prove a "safe-haven" asset in times of
stress in financial markets. The US dollar fell 11.30% against sterling during
the year. The low allocation to US equities and the significant investment in
US dollars both hurt performance during the year.
Geo-political events, however, rather than global economic trends dominated
markets over the first half of 2014. Escalating conflicts in the Middle East
and the Ukraine fostered a general flight to "safe-haven" assets such as gold
and government bonds. European equity markets were adversely impacted because
Russia is a major regional energy supplier, with German industry, for example,
heavily dependent on Russian gas exports. The eurozone economy remained fragile
despite the 16.77% gain from Europe ex-UK equity markets during the Company's
financial year. The European Central Bank (ECB) cut interest rates twice during
the year, in November 2013 and again in June 2014, when further measures were
also introduced to improve liquidity. Inflation remained perilously low,
falling to just 0.3% immediately after the Company's year end. German and
French 10-year government bond yields ended the year under review significantly
lower than US and UK yields because interest rates were expected to stay lower
for longer in the region. The ECB remained under pressure to do more and
indicated that radical monetary measures were within its remit.
The Ukraine crisis and attendant trade sanctions resulted in sharp falls in
Russian equities. Russia's place in the global financial system means the power
struggle in the Ukraine is being resolved in capital markets as well as through
armed conflict. The Bank of Russia raised interest rates to defend the rouble
and deter capital flight but could not prevent the 14.49% decline in the rouble
against sterling during the financial year.
Asia ex-Japan and emerging market equities underperformed developed economy
peers although there were encouraging signs of stabilisation in China during
the first half of 2014. The overall level of debt in the Chinese banking system
remained a concern but the People's Bank of China announced small-scale,
targeted measures to improve liquidity and support key sectors of the economy.
The exclusion of loans to smaller companies from banks' loan-to-deposit ratios
is one such measure and this should improve access to capital for these
businesses. Indian equities, however, recovered strongly on the election of
Narendra Modi as prime minister, gaining 13.01% in sterling.
Portfolio review
The net asset value of the New Star Investment Trust rose 3.97% during the year
under review. Your company ended the year with significant investments in cash,
gold and gold securities while having the majority of its investments in global
equities. By comparison, the Investment Management Association's Mixed
Investment 40-85% Shares Index, which measures a peer group of funds with a
multi-asset approach to investing and a typical investment in global equities
in the 40-85% range, rose 8.03% during the year. The MSCI AC World Total Return
Index and the MSCI UK Total Return Index gained 9.62% and 12.31% respectively,
reflecting a year of gains for equity markets. UK equities outperformed as UK
economic growth gathered pace and sterling strengthened in anticipation of a
rise in UK interest rates.
The Aberforth Geared Income Trust was once again the best-performing fund
during the year, returning 44.15% as UK smaller companies benefitted from the
improvement in the domestic economy. Almost all the gain was delivered in the
first half, however, as the rise in sterling proved a headwind as the year
progressed. Artemis UK Special Situations and PFS Brompton UK Recovery also
benefited from the strong performance of UK small and medium-sized companies,
rising 14.64% and 14.52% respectively.
Standard Life European Income and Henderson European Special Situations rose
10.98% and 10.19% respectively as signs of economic stabilisation in the
eurozone and expectations of further supportive measures from the ECB
outweighed the impact of escalating violence in the Ukraine and the attendant
rounds of trade sanctions. Neptune Russia and Greater Russia was, however,
directly impacted, falling 8.09%. Russian equities fell 11.79% in one day in
early March as the crisis broke. Your Company increased its investment in this
fund in late March.
Your Company's investments in developing economy equity investments generally
underperformed developed economy equity markets and the IMA 40-85% Shares
Index. First State Indian Equity did best, rising 22.36% and outperforming the
13.01% rise in Indian equities in sterling. Indian equity markets recovered
strongly as Narendra Modi was elected prime minister with a mandate to reform
India politically and economically. By contrast, Liontrust Asia Income and
Aberdeen Asia Pacific fell 0.18% and 3.05% respectively. The overall allocation
to emerging market equities was reduced during the year through taking profits
in the Investec Africa holding and the outright disposal of Atlantis China
Healthcare. The overall investment in Chinese equities was reduced on concerns
regarding the economic impact of rising non-performing loans on Chinese
economic growth. The investment in Wells Fargo China, which returned 4.29%, was
retained.
The gold price fell 4.46% during your Company's financial year but recovered
6.43% in sterling in the second half as investors sought "safe-haven" assets.
The Company's investment in Gold Bullion Securities fell 2.55% in sterling. The
stabilisation in the gold price was, however, supportive for gold equities and
Blackrock Gold & General rose 9.63%.
During the year, the Company's total allocation to cash fell from 20.42% to
14.65%. Although cash was increased through the receipt of liquidation proceeds
from the Henderson Private Equity Investment Trust and the Brompton UK Quant
Fund, the Company invested a total of £6.9 million at launch in three FP
Brompton multi-asset funds, Global Growth, Global Balanced and Global
Conservative. The £3.3 million investment in FP Brompton Global Conservative,
which has a lower-risk investment approach than your Company, justified the
modest overall reduction in cash. All three funds delivered positive returns
from their respective launch dates to the Company's year end. The
best-performing of the six Brompton multi-asset funds was FP Brompton Global
Income, which returned 9.11% over the year as higher-yielding investments
attracted investors in a low interest rate environment.
Outlook
Markets are likely to remain highly sensitive to changes in expectations
regarding monetary policy as the Fed seeks gradually to reduce and then halt
altogether the extraordinary measures it adopted to increase liquidity in the
aftermath of the credit crisis. In early autumn 2014, investors remained
sanguine in the face of these developments. Volatility was extremely low, bond
yields were close to historic lows and US equities reached new all-time highs.
While the health of the US economy is important for equity markets generally,
your Company remains focused on equity markets such as Europe ex-UK, Asia
ex-Japan and some emerging markets where valuations are lower, recovery
potential is greater and monetary policy is likely to remain supportive for
longer.
The second half of the financial year was a challenging period for investors as
geo-political threats took precedence over more fundamental considerations of
price and expected return. In such circumstances, your Company's diversified
approach across asset classes and significant exposure to cash provides a
degree of protection from further potential shocks to global markets.
SCHEDULE OF TWENTY LARGEST INVESTMENTS
at 30th June 2014
30th June
2014
Holding Activity Bid-market Percentage
value of
£ `000 invested
portfolio
Henderson Euro Special Situations Investment Fund 7,912 12.19
Fund
Fundsmith Equity Fund Investment Fund 5,071 7.81
Artemis UK Special Situations Fund Investment Fund 3,859 5.95
FP Brompton Global Conservative Investment Fund 3,352 5.17
Fund
BlackRock Gold & General Fund Investment Fund 3,347 5.16
Aberforth Geared Income Trust Investment Company 3,332 5.14
Trojan Investment Fund Investment Fund 3,048 4.70
Aquilus Inflection Fund Investment Fund 2,631 4.05
Neptune Russia & Greater Russia Investment Fund 2,517 3.88
Fund
Investec Africa Fund Investment Fund 2,367 3.65
Polar Capital Global Technology Investment Fund 2,053 3.16
Fund
Gold Bullion Securities ETF Exchange Traded 2,051 3.16
Fund
FP Brompton Global Opportunities Investment Fund 1,982 3.05
Fund
FP Brompton Global Income Fund Investment Fund 1,961 3.02
FP Brompton Global Growth Fund Investment Fund 1,961 3.02
First State Indian Subcontinent Investment Fund 1,936 2.98
Fund
PFS Brompton UK Recovery Unit Trust Investment Fund 1,925 2.97
FP Brompton Global Equity Fund Investment Fund 1,725 2.66
Standard Life Investment European Investment Fund 1,692 2.61
Income Fund
FP Brompton Global Balanced Fund Investment Fund 1,679 2.59
56,401 86.92
Balance held in 18 investments 8,489 13.08
Total investments 64,890 100.00
The investment portfolio can be further analysed as
follows:
£ `000
Equities (including Investment 6,373
Companies)
Loan 56
Investment funds and ETF's 58,461
64,890
All the Company's investments are either unlisted or are unit trusts/OEIC funds
with the exception of Aberforth Geared Income Trust, BH Global Limited, Miton
Group, Gold Bullion Securities ETF, Immedia Group Plc and Asia Resource
Minerals.
SCHEDULE OF TWENTY LARGEST INVESTMENTS
at 30th June 2013
30th June
2013
Holding Activity Bid-market Percentage
value of
£ `000 invested
portfolio
Henderson Euro Special Situations Investment Fund 7,180 12.31
Fund
Investec Africa Fund Investment Fund 4,730 8.11
Fundsmith Equity Fund Investment Fund 4,720 8.09
Artemis UK Special Situations Fund Investment Fund 3,340 5.73
BlackRock Gold & General Fund Investment Fund 3,049 5.23
Trojan Investment Fund Investment Fund 2,966 5.09
Aquilus Inflection Fund Investment Fund 2,625 4.50
Brompton UK Quant Fund Investment Fund 2,487 4.26
Aberforth Geared Income Trust Investment Company 2,446 4.19
Gold Bullion Securities ETF Exchange Traded 2,137 3.66
Fund
IFDS Brompton Income Fund Investment Fund 1,851 3.17
IFDS Brompton Diversified Fund Investment Fund 1,821 3.12
Polar Capital Global Technology Investment Fund 1,789 3.07
Fund
PFS Brompton UK Recovery Unit Trust Investment Fund 1,681 2.88
IFDS Brompton Global Growth Fund Investment Fund 1,600 2.74
Standard Life Investment European Investment Fund 1,582 2.71
Income Fund
First State Indian Subcontinent Investment Fund 1,568 2.69
Fund
Neptune Russia & Greater Russia Investment Fund 1,466 2.51
Fund
Fidelity Global Inflation Linked Investment Fund 1,369 2.35
Bond Fund
Aberdeen Asia Pacific Fund Investment Fund 1,317 2.26
51,724 88.67
Balance held in 16 investments 6,602 11.33
Total investments 58,326 100.00
The investment portfolio can be further analysed as
follows:
£ `000
Equities (including Investment 6,084
Companies)
Loan 144
Investment funds and ETF's 52,098
58,326
All the Company's investments are either unlisted or are unit trusts/OEIC funds
with the exception of Aberforth Geared Income Trust, BH Global Limited, Miton
Group, Gold Bullion Securities ETF, Immedia Group Plc and Bumi Plc.
STRATEGIC REVIEW
The strategic review is designed to provide information primarily about the
Company's business and results for the year ended 30th June 2014. The strategic
review should be read in conjunction with the Chairman's Statement and the
Investment Manager's Report, which provide a review of the year's investment
activities of the Company and the outlook for the future.
STATUS
The Company is incorporated and registered in England and Wales and is
domiciled in the United Kingdom. The Company number is 3969011.
The Company is an investment company under section 833 of the Companies Act
2006. It is an Approved Company under the Investment Trust (Approved Company)
(Tax) Regulations 2011 (the `Regulations') for accounting periods commencing on
or after 30th June 2012, and conducts its affairs in accordance with those
Regulations so as to continue to gain exemption from liability to United
Kingdom capital gains tax.
HM Revenue & Customs granted the Company approval as an investment trust under
section 1158 Corporation Tax Act 2010 for the financial year ended 30th June
2013, subject to no subsequent enquiry into the Company's corporation tax
self-assessment being raised.
The Company is listed on the London Stock Exchange and conducts its affairs in
accordance with the Listing Rules issued by the UK Listing Authority, and the
Disclosure and Transparency Rules issued by the Financial Conduct Authority.
INVESTMENT OBJECTIVE AND POLICY
Investment Objective
The Company's investment objective is to achieve long-term capital growth.
Investment Policy
The Company's investment policy is to allocate assets to global investment
opportunities through investment in equity, bond, commodity, real estate,
currency and other markets. The Company's assets may have significant
weightings to any one asset class or market, including cash.
The Company will invest in pooled investment vehicles, exchange traded funds,
futures, options, limited partnerships and direct investments in relevant
markets. The Company may invest up to 15% of its net assets in direct
investments in relevant markets.
The Company will not follow any index with reference to asset classes,
countries, sectors or stocks. Aggregate asset class exposure to any one of the
United States, the United Kingdom, Europe ex UK, Asia ex Japan, Japan or
Emerging Markets and to any individual industry sector will be limited to 50%
of the Company's net assets, such values being assessed at the time of
investment and for funds by reference to their published investment policy or,
where appropriate, the underlying investment exposure.
The Company may invest up to 20% of its net assets in unlisted securities
(excluding unquoted pooled investment vehicles) such values being assessed at
the time of investment.
The Company will not invest more than 15% of its net assets in any single
investment, such values being assessed at the time of investment.
Derivative instruments and forward foreign exchange contracts may be used for
the purposes of efficient portfolio management and currency hedging.
Derivatives may also be used outside of efficient portfolio management to meet
the Company's investment objective. The Company may take outright short
positions in relation to up to 30% of its net assets, with a limit on short
sales of individual stocks of up to 5% of its net assets, such values being
assessed at the time of investment.
The Company may borrow up to 30% of net assets for short term funding or long
term investment purposes.
No more than 10%, in aggregate, of the value of the Company's total assets may
be invested in other closed-ended investment funds except where such funds have
themselves published investment policies to invest no more than 15% of their
total assets in other listed closed-ended investment funds.
Information on the Company's portfolio of assets with a view to spreading
investment risk in accordance with its investment policy is given above.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks associated with the Company that have been identified by
the Board, together with the steps taken to mitigate them can be summarised as
follows:
Investment strategy
Inappropriate long-term strategy, asset allocation and manager selection might
lead to the underperformance of the Company.
The Company's strategy is kept under regular review by the Board. Investment
performance is discussed at every Board meeting and the Directors receive a
monthly report which details the Company's asset allocation, investment
selection and performance.
Business conditions and general economy
The Company's investment returns are influenced by general economic conditions
in the UK and globally. Factors such as interest rates, inflation, investor
sentiment and the availability and cost of credit could adversely affect
investment returns. The Board regularly considers the economic environment in
which the Company operates.
The portfolio is managed with a view to mitigating risk by investing in a
spread of different asset classes and geographic regions.
Portfolio risks - Market price, foreign currency and interest rate risks
The downward valuation of investments contained in the portfolio would lead to
a reduction in the Company's net asset value. A proportion of the Company's
portfolio is invested in investments denominated in foreign currencies and
movements in exchange rates can significantly affect their sterling value. It
is the Board's policy to hold an appropriate spread of investments in order to
reduce the risk arising from factors specific to a particular investment or
sector. The Investment Manager takes account of foreign currency risk and
interest rate risk when making investment decisions.
The Company does not normally hedge against foreign currency movements
affecting the value of the portfolio, although hedging techniques may be
employed in appropriate circumstances.
Investment Manager
The quality of the management team employed by the Investment Manager is an
important factor in delivering good performance and the loss by the Investment
Manager of key staff could adversely affect investment returns. The Board
receives a monthly financial report which includes information on performance,
and a representative of the Investment Manager attends each Board meeting. The
Board is kept informed of any personnel changes to the investment team employed
by the Investment Manager.
Tax and regulatory risks
A breach of The Investment Trusts (Approved Companies)(Tax) Regulations 2011
(the `Regulations') could lead to a loss of investment trust status, resulting
in capital gains realised within the portfolio being subject to United Kingdom
capital gains tax. A breach of the UKLA Listing Rules could result in
suspension of the Company's shares, while a breach of company law could lead to
criminal proceedings, or financial or reputational damage. The Board employs
Brompton as Investment Manager and Phoenix Administration Services Limited as
Secretary & Administrator, to help manage the Company's legal and regulatory
obligations. The Board receives a monthly financial report which includes
information on the Company's compliance with the Regulations.
Operational
Disruption to, or failure of, the Investment Manager's or Administrator's
accounting, dealing or payment systems or the Custodian's records could prevent
the accurate reporting and monitoring of the Company's financial position. The
Company is also exposed to the operational risk that one or more of its
suppliers may not provide the required level of service.
MANAGEMENT ARRANGEMENTS
In common with most investment trusts, the Company does not have any executive
directors or employees. The day-to-day management and administration of the
Company, including investment management, accounting and company secretarial
matters, and custodian arrangements are delegated to specialist companies.
Investment management services
The Company's investments are managed by Brompton Asset Management LLP (the
`Investment Manager'). This relationship is governed by an agreement dated 23rd
December 2009. The portfolio manager is Gill Lakin.
Brompton receives a management fee, payable quarterly in arrears, equivalent to
an annual 0.75 per cent of total assets after the deduction of the value of any
investments managed by the Investment Manager or its associates (as defined in
the investment management agreement). The investment management agreement may
be terminated by either party giving three months written notice to expire on
the last calendar day of any month.
With effect from 1st September 2008, the Investment Manager has also been
entitled to a performance fee of 15 per cent of the growth in net assets over a
hurdle of 3 month Sterling LIBOR plus 1 per cent per annum, payable six monthly
in arrears, subject to a high watermark. The aggregate of the Company's
management fee and performance fee are subject to a cap of 4.99 per cent of net
assets in any financial year (with any performance fee in excess of this cap
capable of being earned in future years).
During the year under review the investment management fee amounted to £491,000
(2013: £493,000). No performance fee was accrued or paid in respect of the year
ended 30th June 2014 (2013: £nil).
Secretarial, administration and accounting services
Company secretarial services, general administration and accounting services
for the Company are undertaken by Phoenix Administration Services Limited (the
`Administrator').
Custodian services
Brown Brothers Harriman & Co is the independent custodian to the Company.
RELATED PARTY TRANSACTIONS
Mr Duffield is the senior partner of Brompton Asset Management Group LLP the
ultimate parent of the Investment Manager.
The investment management fee payable to the investment manager in relation to
the year ended 30th June 2014 was £491,000 (2013: £493,000). No performance fee
was payable in respect of the year ended 30th June 2014 (2013: £nil).
During the year the Group's investments included eight funds managed by the
Investment Manager or by associates of the Investment Manager. At 30th June
2014, the Company held seven such investments. No investment management fees
were payable directly by the Company in respect of these investments.
FINANCIAL REVIEW
Assets
Net assets at 30th June 2014 amounted to £76,227,000 compared with £73,320,000
at 30th June 2013. In the year under review, the net asset value per Ordinary
share increased by 4% from 103.23p to 107.33p.
Costs
Total expenses for the year amounted to £709,000 (2013: £730,000). In the year
under review the investment management fee amounted to £491,000 (2013: £
493,000). No performance fee was payable in respect of the year under review as
the Company has not outperformed the cumulative hurdle rate.
Revenue
The Group's gross revenue increased to £786,000 (2013: £695,000). After
deducting expenses and taxation the revenue profit for the year was £77,000
(2013: loss of £35,000).
Dividends
Dividends do not form a central part of the Company's investment objective. The
Directors have not declared a final dividend for the year ended 30th June 2014
(2013: nil).
Funding
The primary source of the Company's funding is shareholder funds. The Company
is typically ungeared.
VAT
No VAT is charged on investment management fees but is payable at standard rate
on other services provided to the Company.
Future developments
While the future performance of the Company is dependent, to a large degree, on
the performance of international financial markets, which, in turn, are subject
to many external factors, the Board's intention is that the Company will
continue to pursue its stated investment objective in accordance with the
strategy outlined above. Further comments on the outlook for the Company for
the next 12 months are set out in the Chairman's Statement.
PERFORMANCE MEASUREMENT AND KEY PERFORMANCE INDICATORS
In order to measure the success of the Company in meeting its objectives and to
evaluate the performance of the Investment Manager, the Directors review and
compare, at each meeting the net asset value, the income and costs and the
share price of the Company. The Directors take into account a number of
different indicators as the Company does not have a formal benchmark.
30th June 30th June %
2014 2013 Change
PERFORMANCE
Net assets (£ `000) 76,227 73,320 4.0
Net asset value per share 107.33p 103.23p 4.0
Share price 71.50p 67.50p 5.9
Discount of price to net asset value 33.4% 34.6% N/A
Total return per share 4.09p 7.40p
NAV performance 4.0% 7.7%
IMA Mixed Investment 40% - 85% Shares 8.0% 15.0%
(total return)
MSCI AC World Index (total return, sterling 9.6% 21.2%
adjusted)
MSCI UK Index (total return) 12.3% 15.7%
The Directors consider the asset allocation of the Company and monitor the
level of the discount of share price to net asset value. The Investment
Manager's report discusses performance.
ENVIRONMENTAL, SOCIAL AND COMMUNITY ISSUES
The Company has no employees, with day-to-day management and administration of
the Company being delegated to the Investment Manager and the Administrator.
The Company's portfolio is managed in accordance with the investment objective
and policy; environmental, social and community matters are considered to the
extent that they potentially impact on the Company's investment returns.
Additionally, as the Company has no premises, properties or equipment, it has
no carbon emissions to report on.
GENDER DIVERSITY
The Board of Directors comprises three male Directors. The Board's primary
consideration when appointing new Directors is their experience and ability to
make a positive contribution to the Board's decision making, regardless of
gender.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30th June 2014
Year ended Year ended
30th June 2014 30th June 2013
Revenue Capital Revenue Capital
Return Return Total Return Return Total
Notes £ `000 £ `000 £ `000 £ `000 £ `000 £ `000
INVESTMENT INCOME 2 778 - 778 688 - 688
Other operating income 2 8 - 8 7 - 7
786 - 786 695 - 695
GAINS AND LOSSES ON
INVESTMENTS
Gains on investments at 9 - 3,545 3,545 - 4,996 4,996
fair
value through profit or
loss
Other exchange (losses)/ - (726) (726) - 109 109
gains
Trail rebates - 11 11 - 34 34
786 2,830 3,616 695 5,139 5,834
EXPENSES
Management fees 3 (491) - (491) (493) - (493)
Other expenses 4 (218) - (218) (237) - (237)
(709) - (709) (730) - (730)
PROFIT/(LOSS) BEFORE 77 2,830 2,907 (35) 5,139 5,104
FINANCE
COSTS AND TAX
Finance costs - - - - - -
PROFIT/(LOSS) BEFORE TAX 77 2,830 2,907 (35) ,139 5,104
Tax 5 - - - - 149 149
PROFIT/(LOSS) FOR THE 77 2,830 2,907 (35) 5,288 5,253
YEAR
EARNINGS PER SHARE
Ordinary shares (pence) 7 0.11p 3.98p 4.09p (0.05) 7.45 7.40
The total column of this statement represents the Group's profit and loss
account, prepared in accordance with IFRS, as adopted by the European Union.
The supplementary Revenue Return and Capital Return columns are both prepared
under guidance published by the Association of Investment Companies. All
revenue and capital items in the above statement derive from continuing
operations.
The Company did not have any income or expense that was not included in `profit
for the year'. Accordingly, the `profit for the year' is also the `Total
comprehensive income for the year', as defined in IAS1 (revised) and no
separate Statement of Other Comprehensive Income has been presented.
No operations were acquired or discontinued during the year.
All income is attributable to the equity holders of the parent company. There
are no minority interests.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30th June 2014
Share Share Special Retained
capital premium reserve earnings Total
£ `000 £ `000 £ `000 £ `000 £ `000
AT 30TH JUNE 2013 710 21,573 56,908 (5,871) 73,320
Total comprehensive income for - - - 2,907 2,907
the year
AT 30TH JUNE 2014 710 21,573 56,908 (2,964) 76,227
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30th June 2013
Share Share Special Retained
capital premium reserve earnings Total
£ `000 £ `000 £ `000 £ `000 £ `000
AT 30TH JUNE 2012 710 21,573 56,908 (11,124) 68,067
Total comprehensive income for the - - - 5,253 5,253
year
AT 30TH JUNE 2013 10 21,573 56,908 (5,871) 73,320
CONSOLIDATED BALANCE SHEET
at 30th June 2014
Notes 30th June 30th June
2014 2013
£ `000 £ `000
NON-CURRENT ASSETS
Investments at fair value through profit or loss 9 64,890 58,326
CURRENT ASSETS
Other receivables 11 361 251
Cash and cash equivalents 12 11,171 14,969
11,532 15,220
TOTAL ASSETS 76,422 73,546
CURRENT LIABILITIES
Other payables 13 (195) (226)
TOTAL ASSETS LESS CURRENT LIABILITIES 76,227 73,320
NON-CURRENT LIABILITIES
Deferred tax liability 5 - -
NET ASSETS 76,227 73,320
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
Called-up share capital 14 710 710
Share premium 15 21,573 21,573
Special reserve 15 56,908 56,908
Retained earnings 15 (2,964) (5,871)
TOTAL EQUITY 76,227 73,320
NET ASSET VALUE PER ORDINARY SHARE (Pence) 16 107.33 103.23
CONSOLIDATED CASH FLOW STATEMENTS
for the year ended 30th June 2014
Year Year
ended ended
30th June 30th June
2014 2013
Note Group Group
£ `000 £ `000
NET CASH INFLOW FROM OPERATING 88 22
ACTIVITIES
INVESTING ACTIVITIES
Purchase of Investments (10,363) (15,008)
Sale of Investments 7,203 12,665
NET CASH OUTFLOW FROM INVESTING (3,160) (2,343)
ACTIVITIES
NET CASH OUTFLOW BEFORE FINANCING (3,072) (2,321)
DECREASE IN CASH (3,072) (2,321)
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET FUNDS
Decrease in cash resulting from cash (3,072) (2,321)
flows
Exchange movements (72) 109
Movement in net funds (3,798) (2,212)
Net funds at 1st July 14,969 17,181
NET FUNDS AT END OF YEAR 17 11,171 14,969
RECONCILIATION OF PROFIT BEFORE
FINANCE
COSTS AND TAXATION TO NET CASH FLOW
FROM
OPERATING ACTIVITIES
Profit before finance costs and 2,907 5,104
taxation
Gains on investments (3,545) (4,996)
Exchange differences 726 (109)
Capital trail rebates (11) (34)
Net revenue gains/(loss) before 77 (35)
finance costs and taxation
Increase in debtors - (6)
Decrease in creditors (31) (6)
Taxation 31 35
Capital trail rebates 11 34
NET CASH INFLOW FROM OPERATING 88 22
ACTIVITIES
NOTES TO THE ACCOUNTS
for the year ended 30th June 2014
1. ACCOUNTING POLICIES
The financial statements of the Group have been prepared in accordance with
International Financial Reporting Standards ('IFRS'). These comprise standards
and interpretations approved by the International Accounting Standards Board
('IASB'), together with interpretations of the International Accounting
Standards and Standing Interpretations Committee ('IASC') that remain in
effect, and to the extent that they have been adopted by the European Union.
These financial statements are presented in pounds sterling, the Group's
functional currency, being the currency of the primary economic environment in
which the Group operates, rounded to the nearest thousand.
(a) Basis of preparation: The financial statements have been prepared on a
going concern basis. The principal accounting policies adopted are set out
below.
Where presentational guidance set out in the Statement of Recommended Practice
('SORP') for investment trusts issued by the Association of Investment
Companies ('AIC') in January 2009 is consistent with the requirements of IFRS,
the Directors have sought to prepare the financial statements on a basis
compliant with the recommendations of the SORP.
(b) Basis of consolidation: The Consolidated Financial Statements include the
Accounts of the Company and its subsidiary made up to 30th June 2014. No
Statement of Comprehensive Income is presented for the parent company as
permitted by Section 408 of the Companies Act 2006.
(c) Presentation of Statement of Comprehensive Income: In order to better
reflect the activities of an investment trust company and in accordance with
guidance issued by the AIC, supplementary information which analyses the
Consolidated Statement of Comprehensive Income between items of a revenue and
capital nature has been presented alongside the Consolidated Statement of
Comprehensive Income.
In accordance with the Company's Articles of Association, net capital returns
may not be distributed by way of a dividend. Additionally, the net revenue is
the measure the Directors believe is appropriate in assessing the Group's
compliance with certain requirements set out in section 1159 of the Corporation
Tax Act 2010.
(d) Use of estimates: The preparation of financial statements requires the
Group to make estimates and assumptions that affect items reported in the
Consolidated and Company Balance Sheets and Consolidated Statement of
Comprehensive Income and the disclosure of contingent assets and liabilities at
the date of the financial instruments. Although these estimates are based on
the Directors' best knowledge of current facts, circumstances and, to some
extent, future events and actions, the Group's actual results may ultimately
differ from those estimates, possibly significantly.
(e) Revenue: Dividends and other such distributions from investments are
credited to the revenue column of the Consolidated Statement of Comprehensive
Income on the day in which they are quoted ex-dividend. Interest on fixed
interest securities and deposits is accounted for on an effective yield basis.
Where the Company has elected to receive its dividends in the form of
additional shares rather than in cash and the amount of the cash dividend is
recognised as income, any excess in the value of the shares received over the
amount recognised is credited to the capital reserve. Deemed Revenue from non
reporting funds is credited to the Revenue account. Deposit interest is taken
into account on a receipts basis.
(f) Expenses: Expenses are accounted for on an accruals basis. Management fees,
administration and other expenses, with the exception of transaction charges,
are charged to the revenue column of the Consolidated Statement of
Comprehensive Income. Transaction charges are charged to the capital column of
the Consolidated Statement of Comprehensive Income.
(g) Investments held at fair value: Purchases and sales of investments are
recognised and derecognised on the trade date where a purchase or sale is under
a contract whose terms require delivery within the timeframe established by the
market concerned, and are initially measured at fair value.
All investments are classified as held at fair value through profit or loss on
initial recognition and are measured at subsequent reporting dates at fair
value, which is either the bid price or the last traded price, depending on the
convention of the exchange on which the investment is quoted. Investments in
units of unit trusts or shares in OEICs are valued at the bid price for dual
priced funds, or single price for non-dual priced funds, released by the
relevant investment manager. Unquoted investments are valued by the Directors
at the balance sheet date based on recognised valuation methodologies, in
accordance with International Private Equity and Venture Capital ('IPEVC')
Valuation Guidelines such as dealing prices or third party valuations where
available, net asset values and other information as appropriate.
(h) Taxation: The charge for taxation is based on taxable income for the year.
Withholding tax deducted from income received is treated as part of the
taxation charge against income. Taxation deferred or accelerated can arise due
to temporary differences between the treatment of certain items for accounting
and taxation purposes. Full provision is made for deferred taxation under the
liability method on all temporary differences not reversed by the Balance Sheet
date. No deferred tax provision is made against deemed reporting offshore
funds.
(i) Foreign currency: Assets and liabilities denominated in foreign currencies
are translated at the rates of exchange ruling at the Balance Sheet date.
Foreign currency transactions are translated at the rates of exchange
applicable at the transaction date. Exchange gains and losses are taken to the
revenue or capital column of the consolidated statement of comprehensive income
depending on the nature of the underlying item.
(j) Capital reserve: The following are accounted for in this reserve:
- gains and losses on the realisation of investments together with the related
taxation effect;
- foreign exchange gains and losses on capital transactions, including those on
settlement, together with the related taxation effect;
- revaluation gains and losses on investments; and
- trail rebates received from the managers of the Company's investments.
The capital reserve is not available for the payment of dividends.
(k)Special reserve: The special reserve can be used to finance the redemption
and/or purchase of shares in issue.
(l) Cash and cash equivalents: Cash and cash equivalents comprise current
deposits, overdrafts with banks and bank loans. Cash and cash equivalents may
be held for the purpose of either asset allocation or managing liquidity.
(m) Dividends payable: Dividends are recognised from the date on which they are
irrevocably committed to payment.
(n) Segmental Reporting: The Directors consider that the Group is engaged in a
single segment of business with the primary objective of investing in
securities to generate long term capital growth for its shareholders.
Consequently no business segmental analysis is provided.
(o) Adoption of new and revised standards: The Group has adopted IFRS 13 Fair
Value Measurement, effective for annual periods beginning on or after 1 January
2013. IFRS 13 establishes a single source of guidance under IFRS for all fair
value measurements. IFRS 13 does not change when an entity is required to use
fair value, but rather provides guidance on how to measure fair value under
IFRS when fair value is required or permitted. It also replaces and expands the
disclosure requirements about fair value measurements in other IFRSs, including
IFRS 7 `Financial Instruments: Disclosures'. It does not introduce any new
requirements to measure an asset or a liability at fair value, change what is
measured at fair value in IFRS, or address how to present changes in fair
value. The adoption of this standard has therefore had no impact on the Group's
financial position.
(p) Accounting standards issued but not yet effective: Standards issued but not
yet effective up to the date of issuance of the Group's Financial Statements
are listed below. This listing of standards and interpretations issued are
those the Group reasonably expects will have an impact on disclosure, financial
position and/or financial performance, when applied at a future date. The Group
intends to adopt those standards (where applicable) when they become effective.
The revised IFRS 10 Consolidated Financial Statement provides an exemption in
respect of consolidation for investment trusts when certain criteria are met.
However, the one subsidiary does not meet these criteria and hence the
accounting policy for consolidation has not been affected.
The revised IFRS 12 Disclosure of interests in other entities introduced
disclosure requirements to enable users of Financial Statements to evaluate the
nature of, and risks associated with, its interests in other entities and the
effects of those interests on its financial position, financial performance and
cash flows. New Star Investment Trust Plc's only subsidiary, JIT Securities
Limited, is immaterial to the Group and has been 100% owned by the Company
since inception, and hence the Financial Statements provide sufficient
transparency to comply with this standard.
The revised IAS 27 Separate Financial Statements prescribes the accounting and
disclosure requirements for investments in subsidiaries, joint ventures and
associates when an entity prepares separate financial statements. The
requirements of the standard are met as these Financial Statements clearly
differentiate between the Company and the Group, and disclose how the
subsidiary is accounted for in the Company's Financial Statements (i.e. at fair
value through profit or loss).
The revised IFRS 9 Financial Instruments replaces IAS 39 and applies to the
classification and measurement and impairment of financial assets and financial
liabilities, and hedge accounting. The adoption of IFRS 9 will have an effect
on the classification and measurement of the Groups financial assets, but will
potentially have no impact on the classification and measurement of financial
liabilities. It will also introduce a new expected loss impairment model
requiring more timely recognition of expected credit losses and a reformed
model for hedge accounting with enhanced disclosure of risk management
activity. The standard is effective for annual periods beginning on or after 1
January 2018.
IFRS 15 Revenue from Contracts with Customers recognises revenue to depict the
transfer of goods or services to customers in amounts that reflect the
consideration to which the company expects to be entitled in exchange for those
goods or services. This standard will result in enhanced disclosure about
revenue, provide guidance for transactions that were not previously addressed
comprehensively and improve guidance for multiple-element arrangements. The
standard is effective for years beginning on or after 1 January 2017.
2. INVESTMENT INCOME
Year ended Year ended
30th June 30th June
2014 2013
£ `000 £ `000
INCOME FROM INVESTMENTS
UK net dividend income 737 561
Unfranked investment income 41 127
778 688
OTHER OPERATING INCOME
Bank interest receivable 8 7
TOTAL INCOME COMPRISES
Dividends 778 688
Other income 8 7
786 695
3. MANAGEMENT FEES
Year ended Year ended
30th June 2014 30th June 2013
Revenue Capital Total Revenue Capital Total
£ `000 £ `000 £ `000 £ `000 £ `000 £
`000
Investment management fee 491 - 491 493 - 493
Performance fee - - - - - -
491 - 491 493 - 493
At 30th June 2014 there were amounts accrued of £116,000 (2013: £120,000) for
investment management fees.
4. OTHER EXPENSES
Year ended Year ended
30thJune 30th June
2014 2013
£ `000 £ `000
Legal fees 18 -
Directors' remuneration 50 50
Administrative and secretarial fee 90 87
Auditors' remuneration
- Audit 29 27
- Interim review 7 7
-Taxation compliance services 11 10
Other 13 56
218 237
Allocated to:
- Revenue 218 237
- Capital - -
218 237
5. TAXATION
a. Analysis of tax charge for the year:
Year ended Year ended
30th June 2014 30th June 2013
Revenue Capital Total Revenue Capital Total
£ `000 £ `000 £ `000 £ `000 £ `000 £
`000
UK corporation tax - - - - - -
Overseas tax - - - - - -
Tax relief to income - - - - - -
Irrecoverable income tax - - - - - -
Prior year adjustment - - - - - -
Total current tax for the year - - - - - -
Deferred tax - - - - (149) (149)
Total tax for the year (note 5b) - - - - (149) (149)
(b)Factors affecting tax charge for the year:
The charge for the year can be reconciled to the profit per the Consolidated
Statement of Comprehensive Income as follows:
Year ended Year ended
30thJune 30th June
2014 2013
£ `000 £ `000
Profit before tax 2,907 5,104
Theoretical tax at the UK corporation tax rate of 22.5%* 654 1,212
(2013: 23.75%)
Effects of:
Non-taxable UK dividend income (166) (133)
Gains and losses on investments that are not taxable (634) (1,225)
Movement in unrealised gains on non-qualifying offshore - (149)
funds
Excess expenses not utilised 152 146
Overseas dividends which are not taxable (6) -
Total tax for the year - (149)
* Under the Finance Act 2011, the rate of Corporation Tax was lowered to 21%
from 23% on 1st April 2014. An average rate of 22.5% was applicable for the
year ended 30th June 2014.
Due to the Company's tax status as an investment trust and the intention to
continue meeting the conditions required to obtain approval of such status in
the foreseeable future, the Company has not provided tax on any capital gains
arising on the revaluation or disposal of the majority of investments.
(c) Provision for deferred tax:
Group and Company
Year ended Year ended
30th June 30th June
2014 2013
£ `000 £ `000
Provision at start of year - 149
Deferred tax credit for the year - (149)
Provision at end of year - -
There is no deferred tax (2013: credit of £149,000) in the capital account of
the Company. There is no deferred tax charge in the revenue account (2013:
nil). No deferred tax provision has been made for deemed reporting offshore
funds.
At the year end there is an unrecognised deferred tax asset of £195,000 (2013:
£43,000) as a result of excess expenses.
6. COMPANY RETURN FOR THE YEAR
The Company's total return for the year was £2,907,000 (2013: £5,253,000).
7. RETURN PER ORDINARY SHARE
Total return per Ordinary share is based on the Group total return on ordinary
activities after taxation of £2,907,000 (2013: £5,253,000) and on 71,023,695
(2013: 71,023,695) Ordinary shares, being the weighted average number of
Ordinary shares in issue during the year.
Revenue return per Ordinary share is based on the Group revenue profit on
ordinary activities after taxation of £77,000 (2013: (£35,000)) and on
71,023,695 (2013: 71,023,695) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the year.
Capital return per Ordinary share is based on net capital gains for the year of
£2,830,000 (2013: £5,288,000) and on 71,023,695 (2013: 71,023,695) Ordinary
shares, being the weighted average number of Ordinary shares in issue during
the year.
8. DIVIDENDS ON EQUITY SHARES
Amounts recognised as distributions in the year:
Year ended Year ended
30th June 30th June
2014 2013
£ `000 £ `000
Dividends paid for the year ended
30th June 2014: nil (2013: nil) per share - -
The total dividend payable in respect of the financial year, which is the basis
on which the requirements of section 1159 of the Corporation Tax Act 2010 are
considered, is set out below.
Year ended Year ended
30th June 30th June
2014 2013
£ `000 £ `000
Final dividend for the year ended
30th June 2014: nil (2013: nil) - -
9. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
Year ended Year ended
30th June 30th June
2014 2013
£ `000 £ `000
GROUP 64,890 58,326
ANALYSIS OF INVESTMENT
PORTFOLIO - GROUP
Listed* Unlisted Total
£ `000 £ `000 £ `000
Opening book cost 48,997 4,808 53,805
Opening investment holding gains 7,619 (3,098) 4,521
Opening valuation 56,616 1,710 58,326
Movement in period
Purchases at cost 10,354 9 10,363
Sales
- Proceeds (6,917) (427) (7,344)
- Realised gains on sales 666 64 730
Movement in investment holding gains for the year 3,025 (210) 2,815
Closing valuation 63,744 1,146 64,890
Closing book cost 53,101 4,454 57,555
Closing investment holding gains/(losses) 10,643 (3,308) 7,335
Closing valuation 63,744 1,146 64,890
* Listed investments include unit trust and OEIC funds.
Year ended Year ended
30th June 30th June
2014 2013
£ `000 £ `000
ANALYSIS OF CAPITAL GAINS AND LOSSES
Realised gains on sales of investments 730 1,624
Increase in investment holding gains 2,815 3,372
Net gains on investments attributable to ordinary 3,545 4,996
shareholders
Transaction costs
The purchases and sales proceeds figures above include transaction costs on
purchases of £nil (2013: £nil) and on sales of £nil (2013: £nil).
10. INVESTMENT IN SUBSIDIARY UNDERTAKING
The Company owns the whole of the issued share capital (£1) of JIT Securities
Limited, an investment company registered in England and Wales.
The financial position of the subsidiary is summarised as follows:
Year ended Year ended
30th June 30th June
2014 2013
£ `000 £ `000
Net assets brought forward 500 499
Profit for year 1 1
NET ASSETS CARRIED FORWARD 501 500
11. OTHER RECEIVABLES
30th June 30th June
2014 2013
Group Group
£ `000 £ `000
Amounts due from brokers 294 153
Prepayments and accrued income 53 53
Taxation 14 45
Amounts owed by subsidiary - -
undertakings
361 251
12. CASH AND CASH EQUIVALENTS
30th June 30th June
2014 2013
Group Group
£ `000 £ `000
Cash at bank 11,171 14,969
13. OTHER PAYABLES
30th June 30th June
2014 2013
Group Group
£ `000 £ `000
Accruals 195 226
14. CALLED UP SHARE CAPITAL
30th June 30th June
2014 2013
£ `000 £ `000
Authorised
305,000,000 (2013: 305,000,000) Ordinary shares of £ 3,050 3,050
0.01 each
Issued and fully paid
71,023,695 (2013: 71,023,695) Ordinary shares of £0.01 710 710
each
15. RESERVES
Share Special Retained
Premium Reserve earnings
account £ `000 £ `000
£ `000
GROUP
At 30th June 2013 21,573 56,908 (5,871)
Increase in investment holding gains - - 2,815
Net gains on realisation of investments - - 730
Loss on foreign currency - - (726)
Trail rebates - - 11
Retained revenue profit for year - - 77
At 30th June 2014 21,573 56,908 (2,964)
The components of retained earnings are set out below:
30th June 30th June
2014 2013
£ `000 £ `000
GROUP
Capital reserve-realised (10,381) (10,397)
Capital reserve-revaluation 7,335 4,521
Revenue reserve 82 5
(2,964) (5,871)
COMPANY
Capital reserve-realised (10,733) (10,748)
Capital reserve-revaluation 7,836 5,020
Revenue reserve (67) (143)
(2,964) (5,871)
16. NET ASSET VALUE PER ORDINARY SHARE
The net asset value per Ordinary share is calculated on net assets of £
76,227,000 (2013: £73,320,000) and 71,023,695 (2013: 71,023,695) Ordinary
shares in issue at year end.
17. ANALYSIS OF CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
At 1st Cash Exchange At 30th
July flow movement June2014
2013 £ `000
£ `000
GROUP
Cash at bank and on deposit 14,969 (3,072) (726) 11,171
18. FINANCIAL INFORMATION
2014Financial information
The figures and financial information for 2014 are unaudited and do not
constitute the statutory accounts for the year. The preliminary statement has
been agreed with the Company's auditors and the Company is not aware of any
likely modification to the auditor's report required to be included with the
annual report and accounts for the year ended 30th June 2014.
2013Financial information
The figures and financial information for 2013 are extracted from the published
Annual Report and Accounts for the year ended 30th June 2013 and do not
constitute the statutory accounts for that year. The Annual Report and Accounts
(available on the Company's website www.nsitplc.com) has been delivered to the
Registrar of Companies and includes the Report and Independent Auditors which
was unqualified and did not contain a statement under either section 498(2) or
section 498(3) of the Companies Act 2006.
Annual Report and Accounts
The accounts for the year ended 30th June 2014 will be sent to shareholders in
October 2014 and will be available on the Company's website or in hard copy
format at the Company's registered office, 1 Knightsbridge Green, London SW1X
7QA.
The Annual General Meeting of the Company will be held on 6th November 2014 at
11.00am at 1 Knightsbridge Green, London SW1X 7QA.NEW STAR INVESTMENT : Annual Financial Report
September 25, 2014 at 05:26 am EDT
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