NEW STAR INVESTMENT TRUST PLC
GBP '000
GBP '000 GBP '000
NET CASH INFLOW FROM OPERATING ACTIVITIES 318 501 382
INVESTING ACTIVITIES
Purchase of investments (6,500) (2,722) (12,725)
Sale of investments 8,931 8 3,280
NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES
FINANCING 2,431 (2,714) (9,445)
Equity dividend paid (994) (994) (994)
NET CASH INFLOW/(OUTFLOW) AFTER FINANCING
1,755 (3,207) (10,057)
INCREASE /(DECREASE) IN CASH 1,755 (3,207) (10,057)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Increase/(Decrease) in cash resulting from cash flows 1,755 (3,207) (10,057)
Exchange movements (1,035) (612) 414
Movement in net funds 720 (3,819) (9,643)
Net funds at start of period/year 10,962 20,605 20,605
NET FUNDS AT END OF PERIOD/YEAR 11,682 16,786 10,962
RECONCILIATION OF PROFIT BEFORE FINANCE COSTS AND TAXATION TO NET CASH FLOW FROM
OPERATING ACTIVITIES
Profit before finance costs and taxation * 9,922 4,582 908
(Gains)/Losses on investments (10,677) (5,022) 212
Exchange differences 1,035 612 (414)
Management fee rebates (1) (2) (4)
Revenue profit before finance costs and taxation 279 170 702
Decrease in debtors 36 120 81
Increase/(Decrease) in creditors 2 209 (407)
Taxation - - 2
Management fee rebates 1 2 4
NET CASH INFLOW FROM OPERATING ACTIVITIES 318 501 382 * Includes dividends received in cash of GBP693,000 (30th June 2020: GBP1,977,000) (2019: GBP1,013,000), accumulation income of GBP173,000 (30th June 2020: GBP245,000) (2019: GBP225,000) and interest income of GBP3,000 (30th June 2020: GBP250,000) (2019: GBP167,000)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
for the six months ended 31st December 2020
1. ACCOUNTING POLICIES
The condensed consolidated interim financial statements comprise the unaudited results of the Company and its subsidiary, JIT Securities Limited (together "the Group"), for the six months to 31st December 2020. The comparative information for the six months to 31st December 2019 and the year to 30th June 2020 are a condensed set of accounts and do not constitute statutory accounts under the Companies Act 2006. Full statutory accounts for the year to 30th June 2020 included an unqualified audit report, did not contain any statements under section 498 of the Companies Act 2006, and have been filed with the Registrar of Companies.
The half year financial statements have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting', and are presented in pounds sterling, as this is the Group's functional currency.
The same accounting policies have been followed in the interim financial statements as applied to the accounts for the year ended 30th June 2020, which were prepared in accordance with IFRSs.
No segmental reporting is provided as the Group is engaged in a single segment.
2. TOTAL INCOME
Year ended 30th June
Six months ended 31st December 2020
Six months ended 31st December 2019 2020
GBP'000
GBP'000
GBP'000
Income from Investments
UK net dividend income 677 1,045 1,844
Unfranked investment income 118 82 325
795 1,127 2,169
Other Income
Bank interest receivable 3 167 250
Loan interest income - - -
3 167 250
Year ended 30th June
Six months ended 31st December 2020
Six months ended 31st December 2019 2020
GBP'000
GBP'000
GBP'000
Total income comprises
Dividends 795 1,127 2,169
Other income 3 167 250
798 1,294 2,419 3. MANAGEMENT FEES
Year ended 30th June
Six months ended 31st December 2020
Six months ended 31st December 2019 2020
GBP'000
GBP'000
GBP'000
Investment management fee 370 364 697
Performance fee - 623 623
370 986 1,320 The Investment Manager 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 Company agreed with the Investment Manager that the performance fee was not appropriate in a low interest rate environment. Accordingly the performance fee agreement ceased with effect from 1st January 2020.
4. RETURN PER ORDINARY SHARE
Year ended 30th
Six months ended 31st December June
2020 Six months ended 31st December
2019 2020
GBP'000
GBP'000
GBP'000
Revenue return 279 792 1,325
Capital return 9,643 3,790 (417)
Total return 9,922 4,582 908
Weighted average number of Ordinary 71,023,695 71,023,695 71,023,695
shares
Revenue return per Ordinary share 0.39p 1.11p 1.87p
Capital return per Ordinary share 13.58p 5.34p (0.59)p
Total return per Ordinary share 13.97p 6.45p 1.28p (MORE TO FOLLOW) Dow Jones Newswires
March 22, 2021 03:01 ET (07:01 GMT)
