The Directors have made an assessment of the Group’s ability to continue as a going concern. This has included

consideration of the reconstruction in July 2023 as discussed in the Post Balance Sheet Events note on pages 67

to 69, portfolio liquidity, the Group’s financial position in respect of its cash flows and investment commitments (of

which there are none of significance), the working arrangements of key service providers, the continued eligibility to

be approved as an investment trust company, the impact of the current economic environment and the conflict in

Ukraine. In addition, the Directors are not aware of any material uncertainties that may cast significant doubt upon

the Group’s ability to continue as a going concern.

The Directors are satisfied that the Group has sufficient resources to continue in business for the foreseeable future

being a period of at least 12 months from the date that these financial statements were approved. Therefore, the

Cash comprises cash at bank and demand deposits. Cash equivalents are short-term, highly liquid investments that

are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

For the purpose of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as

The tax expense represents the sum of the tax currently payable. The tax payable is based on the taxable profit

for the year. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it

excludes items that are taxable or deductible in other years and it further excludes items that are never taxable or

deductible. The Group’s liability for current tax is calculated using tax rates applicable at the Balance Sheet date.

No taxation liability arises on gains from sales of fixed asset investments by the Group by virtue of its investment

trust status. However, the net revenue (excluding UK dividend income) accruing to the Group is liable to corporation

Issued share capital consists of ordinary shares with voting rights and issued preference shares which are non-voting.

The issued preference shares, owned in their entirety by New Centurion Trust Limited, a wholly-owned subsidiary of

the Company, are entitled to receive a cumulative dividend of 0.01p per share per annum, and are entitled to receive

The reserve represents the nominal value of the shares bought back and cancelled. This reserve is not distributable.

Capital Reserve

Capital expenses, gains or losses on realisation of investments held at fair value through profit or loss and changes

in fair value of investments are transferred to the capital reserve.

The following are taken to this reserve:

•

gains and losses on the disposal of investments;

•

net movement arising from changes in the fair value of investments held and subsidiaries classified as at “fair

value through profit or loss”;

•

exchange differences and appropriate costs of a capital nature;

•

expenses together with the related taxation effect, allocated to this reserve in accordance with the above policies; and

•

the cost of the Tender Offer as discussed in Note 19.

Realised gains on investments less expenses, provisions and unrealised gains may be considered by the Board for

distribution. This reserve is not distributable.

Revenue Reserves

The net revenue for the year is transferred to the revenue reserve and any dividends paid are deducted from the

revenue reserve.

generate sufficient taxable income in the future to use these expenses to reduce future tax charges and therefore no

deferred tax asset has been recognised.

Deferred tax is not provided on capital gains and losses arising on the revaluation or disposal of investments because

the Company meets (and intends to continue for the foreseeable future to meet) the conditions for approval as an

Market price risk arises mainly from uncertainty about future prices of financial instruments used in the Group’s

business. It represents the potential loss the Group might suffer through holding market positions by way of price

movements, interest rate movements and exchange rate movements. The Board assesses the exposure to market

price risk when making each investment decision and monitor these risks on the whole of the investment portfolio

During the year, the Group’s total return and net assets were affected by currency translation movements as a

significant proportion of the Company’s assets were denominated in currencies other than Sterling, which is the

Group’s functional currency. It was not the Group’s policy to hedge this currency risk. Under the new investment

policy, voted for on 26 June 2023, the Company will invest in UK companies only, hence this risk will have little direct

This is the risk that that the Group will encounter difficulty in meeting its obligations associated with financial liabilities.

All liabilities are due within one year.

The Group invests in a spread of investments which are traded on recognised stock markets and which can be readily

The Group does not have any significant exposure to credit risk arising from one individual party. Credit risk is spread

across a number of counterparties, each having an immaterial effect on the Group’s cash flows should a default

happen. The Group assesses its debtors from time to time to ensure they are neither past due or impaired.

The maximum exposure of financial assets to credit risk at the Balance Sheet date was as follows:

Group

Company

2023

£

2022

£

2023

£

2022

£

Financial assets neither past due or impaired

Trade and other receivables

25,068

30,358

80,759

89,097

Cash and cash equivalents

8,282,426

678,592

8,281,759

663,863

8,307,494

708,950

8,362,518