NEW STAR INVESTMENT TRUST PLC (r) New standards, interpretations and amendments issued which are not yet effective and applicable for the periods beginning on or after 1st July 2021: There are no new standards, amendments to standards and interpretations that will impact the Group and should be disclosed. 2. INVESTMENT INCOME
Year ended Year ended
30th June 30th June
2021 2020
GBP '000 GBP '000
INCOME FROM INVESTMENTS
UK net dividend income 1,278 1,844
Unfranked investment income 238 325
UK fixed interest 3 -
1,519 2,169
OTHER OPERATING INCOME
Bank interest receivable 3 250
3 250
TOTAL INCOME COMPRISES
Dividends 1,516 2,169
Other income 6 250
1,522 2,419 The above dividend and interest income has been included in the profit before finance costs and taxation included in the cash flow statements.
3. MANAGEMENT AND PERFORMANCE FEES
Year ended Year ended
30th June 2021 30th June 2020
Revenue Capital Total Revenue Capital Total
GBP '000 GBP '000
GBP '000 GBP '000 GBP '000 GBP '000
Investment management fee 774 - 774 697 - 697
Performance fee - - - - 623 623
774 - 774 697 623 1,320 At 30th June 2021 there were amounts accrued of GBP214,000 (2020: GBP177,000) for investment management fees and GBPnil (2020: GBP623,000) for performance fees.
4. OTHER EXPENSES
Year ended Year ended
30th June 30th June
2021 2020
GBP '000 GBP '000
Directors' remuneration 65 65
Administrative and secretarial fee 95 95
Auditors' remuneration
- Audit 41 32
- Interim review 8 8
Other 110 197
319 397
Allocated to:
- Revenue 319 397
- Capital - -
319 397 5. TAXATION
(a) Analysis of tax charge for the year:
Year ended Year ended
30th June 2021 30th June 2020
Revenue Return
Capital Return Revenue Return Capital Return
GBP '000 GBP '000 Total GBP '000 Total
GBP '000 GBP '000 GBP '000
Overseas tax 9 - 9 1 - 1
Recoverable income tax (9) - (9) (1) - (1)
Total current tax for the year - - - - - -
Deferred tax - - - - - -
Total tax for the year (note 5b) - - - - - - (b) Factors affecting tax charge for the year:
The charge for the year of GBPnil (2020: GBPnil) can be reconciled to the profit per the consolidated statement of comprehensive income as follows:
Year ended Year ended
30th June 30th June
2021 2020
GBP '000 GBP '000
Total profit before tax 25,241 908
Theoretical tax at the UK corporation tax rate of 19.00% (2020: 19.00%) 4,796 172
Effects of:
Non-taxable UK dividend income (243) (350)
Gains and losses on investments that are not taxable (4,714) (38)
Excess expenses not utilised 188 249
Overseas dividends which are not taxable (27) (33)
Overseas tax 9 1
Recoverable income tax (9) (1)
Total tax for the year - - Due to the Company's tax status as an investment trust and the intention to continue meeting the conditions required to maintain 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 investments.
There is no deferred tax (2020: GBPnil) in the capital account of the Company. There is no deferred tax charge in the revenue account (2020: GBPnil).
At the year-end there is an unrecognised deferred tax asset of GBP669,000 (2020: GBP643,000) based on the enacted tax rates of 19% for financial years beginning 1st April 2021, as a result of excess expenses.
6. COMPANY RETURN FOR THE YEAR
The Company's total return for the year was GBP25,241,000 (2020: GBP908,000).
7. RETURN PER ORDINARY SHARE
Total return per Ordinary share is based on the Group total return on ordinary activities after taxation of GBP25,241,000 (2020: GBP908,000) and on 71,023,695 (2020: 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 GBP429,000 (2020: GBP1,325,000) and on 71,023,695 (2020: 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/(losses) for the year of GBP24,812,000 (2020: GBP (417,000)) and on 71,023,695 (2020: 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
2021 2020
GBP '000 GBP '000
Dividends paid during the year 994 994
Dividends payable in respect of the year ended:
30th June 2021: 1.4p (2020: 1.4p) per share 994 994 It is proposed that a dividend of 1.4p per share will be paid in respect of the current financial year.
9. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
Year ended Year ended
30th June 30th June
2021 2020
GBP '000 GBP '000
GROUP AND COMPANY 129,727 103,015 ANALYSIS OF INVESTMENT
PORTFOLIO - GROUP AND COMPANY
Quoted* Unquoted Total
GBP '000 GBP '000 GBP '000
Opening book cost 67,731 8,448 76,179
Opening investment holding gains 26,816 20 26,836
Opening valuation 94,547 8,468 103,015
Movement in period
Purchases at cost 8,737 980 9,717
Sales
- Proceeds (8,932) - (8,932)
- Realised gains/(losses) on sales 745 - 745
Movement in investment holding gains for the year 17,384 7,798 25,182
Closing valuation 112,481 17,246 129,727
Closing book cost 68,281 9,428 77,709
Closing investment holding gains 44,200 7,818 52,018
Closing valuation 112,481 17,246 129,727 * Quoted investments include unit trust and OEIC funds and one monthly priced fund.
Year ended Year ended
30th June 30th June
2021 2020
GBP '000 GBP '000
ANALYSIS OF CAPITAL GAINS AND LOSSES
Realised gains/(losses) on sales of investments 745 (2,086)
Increase in investment holding gains 25,182 1,874
Net gains on investments attributable to ordinary shareholders 25,927 (212) Transaction costs
The purchase and sale proceeds figures above include transaction costs on purchases of GBP680 (2020: GBP2,002) and on sales of GBPnil (2020: GBPnil).
10. INVESTMENT IN SUBSIDIARY UNDERTAKING
The Company owns the whole of the issued share capital (GBP1) of JIT Securities Limited, a company registered in England and Wales.
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