Unaudited Statement of Results – half year ended 30.6.18

An investment company within the meaning of Section 833 of the Companies Act 2006
Registered in England and Wales, Company Registration No. 12901
Registered Office: Exchange House, Primrose Street, London EC2A 2NY




Foreign & Colonial Investment Trust PLC

Exchange House, Primrose Street, London EC2A 2NY
Telephone +44 (0)20 7628 8000 Facsimile +44 (0)20 7628 8188
www.foreignandcolonial.com



Date: 30 July 2018

Contact: Paul Niven – Fund Manager
0207 011 4385
F&C Investment Business Limited


FOREIGN & COLONIAL INVESTMENT TRUST PLC
Unaudited Statement of Results
for the half-year ended 30 June 2018


SUMMARY OF UNAUDITED RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2018

• Our share price was 693.0 pence representing a total return of 8.0%

• Our net asset value total return was 3.7% which compares with 2.1% from our benchmark, the
FTSE All-World Index

• Our share price discount to NAV narrowed to just 0.2%; the lowest discount level for over twenty
years

• The first interim dividend will be 2.7 pence per share while another above-inflation rise is planned
for the 2018 total dividend. This will mark the 48th consecutive annual increase


Chairman’s Statement

Markets and performance
In our 150th year I am pleased to report further outperformance. Our shareholder and Net Asset Value
(“NAV”) returns exceeded the benchmark: total shareholder return was 8.0% and NAV return 3.1%
versus 2.1% from the benchmark FTSE All-World Index. Our share price discount to NAV narrowed to
just 0.2% over the first half, the lowest discount level for over twenty years. This starts to meet our long-
held aspiration of seeing the Company’s shares trading at or close to NAV. There were no buybacks in
the period. Year on year, the share price total return was 20.3%.
While positive corporate earnings and a generally robust global economy supported sentiment for much
of the period, rising US inflation and worries over Federal Reserve rate tightening weighed on global
equity markets as the period progressed. There were also increasing worries about the prospect of a
full-blown trade war, especially after the Trump administration unveiled planned tariffs of a variety of
foreign imports. The threat of retaliation from China and other nations prompted fears of escalation, with
negative repercussions for the global economy and corporate earnings.

With regard to earnings, the US again led globally, with upgrades to expectations helping to drive
returns. Indeed, optimism over the outlook took equity markets markedly higher in the early part of the
period with accelerating gains driving the US and UK indices to new record highs before a reappraisal
of prospects led to a tempering of enthusiasm and, following a sharp setback, more modest returns.
It was, once again, the so-called ‘disruptors’ which produced a large portion of market gains. Amazon,
for example, posted spectacular gains of over 45% in the first six months of the year, closing the gap
on Apple in the race to be the first US company to reach a value of $1 trillion. Gains in these growth
stocks, the key drivers of this long bull market, were supplemented by strong returns from oil companies
as the crude price rallied in response to renewed sanctions on Iran and concerns over a reduction in
supply. By contrast, it was a poor period for performance of banks, with European exposure particularly
weak as disappointing economic data, concerns relating to Italian politics and ongoing woes of
Deutsche Bank (not held by the portfolio but down by over 40%) weighed on sentiment.
Within our portfolio North American strategies produced the strongest returns in both absolute and
relative terms. Gains from US growth stocks, of 14.9%, led to a return of 8.8% from this region. Only
our private equity holdings, posting returns of 9.6% in the first half, exceeded this regional gain. Both
these areas benefited from a modest decline in sterling versus the US dollar which, after early gains,
fell back as sentiment on the ongoing Brexit negotiations continued to weigh.
Other areas of the portfolio generally exceeded market comparators but produced more muted returns.
Our European exposure eked out a gain of 0.3%, ahead of market losses there while our UK exposure
produced a return of 3.2%, ahead of the 1.6% gain from the market. Elsewhere, our Global Strategies
outperformed, buoyed by a 6.4% gain from Small Cap exposure while Emerging Markets lagged
developed market returns, suffering from strength in the US dollar, rising US interest rates and concerns
over trade. Our exposure here declined by 3.3%, falling by less than market comparators. Japan lagged
market returns and also declined in value by 2.2% over the period.
Globally, interest rates now appear to be on a rising path with the US Federal Reserve hiking to 2% and
the European Central Bank indicating their intention to cap their bond-buying programme by year-end.
Even in the UK, which has seen a marked slowdown in growth and some rise in inflation, the Bank
appears more balanced with regards to their intentions on future rates rises. Against this backdrop, we
took advantage of attractive borrowing rates to secure a 30 year private placement, borrowing £75m at
a rate of 2.92%. Our gearing level rose modestly to end the period at 6.8%.
Contributors to total returns in first half of 2018
%
Portfolio return 3.7
Management fees (0.2)
Interest and other expenses (0.1)
Buybacks 0.0
Change in value of debt 0.0
Gearing/other 0.3
Net asset value total return* 3.7
Decrease in discount 4.3
Share price total return 8.0
FTSE All-World Total Return 2.1
*Debt at market value Source: F&C

Income and Dividends
Our net revenue return per share rose 7.5%, to 7.78p, in the first six months of the year on the equivalent
period of 2017. We benefited from a rise in special dividends, which rose to £3.9m, from £2.1m in the
comparative period of 2017.
We paid a third interim dividend of 2.7p per share for the year ended 31 December 2017 in February
2018 and a final dividend of 2.7p in May. The first interim dividend of 2.7p for 2018 will be paid on 1
August. It is the intention of the Board to deliver another real rise in dividends for 2018. This will mark
the forty-eighth consecutive rise in annual dividends from your Company.
150
th
Anniversary and beyond
Your Company celebrated its 150
th
anniversary in March of this year. A key feature of its success
over time has been its steadfast focus on the longer term.
To ensure this milestone is celebrated in keeping with these values and in a meaningful way for all
shareholders, we have taken the opportunity to undertake a wide range of activities designed to
strengthen its position in the future financial landscape. These include financial education across
schools and universities as we reach out to the next generation of investors.
Change of Name and branding of the savings plans
Following shareholder approval in April, the Directors will change the legal name of your Company to
“F&C Investment Trust PLC” later in the year. In deciding on this change, and in keeping with our focus
on the future, we took into consideration its identification and ease of access on platforms and other
digital media.
Our Fund Manager, F&C Asset Management, recently announced their intention to transition their
remaining F&C branded products and funds to their parent company brand later in the year; that is to
say, to the “BMO” (Bank of Montreal) brand that has appeared on much of their literature over the past
three years. Their savings plans, through which many of our shareholders invest, will also align to the
BMO brand.
Outlook
Our current assessment is that, while risks and concerns over issues such as trade and the impact of
rising interest rates abound, the fundamental backdrop remains broadly supportive for equity
investment. Selectivity within our strategies will again be needed and it will remain important to adopt a
diversified approach as risks rise. Over the longer-term our strategies are typically focused on
businesses with sustainable business franchises supported by strong cash flow generation and
attractive valuations against growth prospects. This selective approach should continue to offer
attractive returns against other assets, where valuations appear particularly extended. Your Company
remains well positioned to withstand any short-term volatility and to continue to deliver long-term growth
in capital and income.

Simon Fraser
Chairman
27 July 2018

Weightings, stock selection and performance in each investment portfolio strategy
and underlying geographic exposure versus index as at 30 June 2018
Investment
portfolio
strategy

Our portfolio
strategy
weighting
%
Underlying
geographic
exposure*
%
Benchmark
weighting
%
Our strategy
performance in
sterling
%
Index
performance in
sterling
%

UK 3.8 6.5 6.0 3.2 1.6

North America 36.0 50.1 55.4 8.8 5.1

Europe ex UK 12.2 18.4 14.6 0.3 (1.0)

Japan 8.1 9.8 8.4 (2.2) 0.5

Emerging
Markets 10.5 12.7 11.5 (3.3) (4.4)

Developed
Pacific - 2.6 4.1 - 0.5

Global
Strategies 22.7 - - 2.9 2.1

Private Equity 6.7 - - 9.6 -
Source: F&C
*Represents the geographic exposure of the portfolio, including underlying exposures in
private equity and fund holdings

UNAUDITED CONDENSED INCOME STATEMENT



6 months to 30 June 2018 6 months to 30 June 2017
Notes

Revenue
£’000s
Capital
£’000s
Total
£’000s
Revenue
£’000s
Capital
£’000s
Total
£’000s

Gains on investments and
derivatives
- 99,822 99,822
- 254,320 254,320
Exchange (losses)/gains
(77) (1,409) (1,486)
69 389 458
3 Income
51,851 - 51,851
47,821 - 47,821
4 Fees and other expenses
(4,280) (6,241) (10,521)
(3,265) (5,411) (8,676)

Net return before finance costs
and taxation
47,494 92,172 139,666 44,625 249,298 293,923
4
Interest payable and similar
charges
(1,004) (3,011) (4,015) (899) (2,698) (3,597)

Net return on ordinary activities
before taxation
46,490
89,161 135,651
43,726 246,600 290,326
5 Taxation on ordinary activities
(4,333) - (4,333) (4,282) (160) (4,442)
6
Net return attributable to
shareholders
42,157
89,161 131,318
39,444 246,440 285,884
6
Net return per share - basic
(pence)

7.78

16.44

24.22

7.24

45.22

52.46


The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.

UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY


Capital Total
Share Redemptio
n
Capital Revenue shareholder
s’
capital Reserve reserves reserve funds
Not
es
Half-year ended 30 June 2018 £’000s £’000s £’000s £’000s £’000s
Balance brought forward
31 December 2017

140,45
5

122,307

3,313,941

91,320

3,668,023
Movements during the half-year
ended
30 June 2018

7 Dividends paid - - - (29,278) (29,278)
Return attributable to shareholders - - 89,161 42,157 131,318
Balance carried forward
30 June 2018
140,45
5 122,307 3,403,102 104,199 3,770,063


Capital Total
Share redemptio
n
Capital Revenue shareholder
s’
capital reserve reserves reserve funds
Note
s
Half-year ended 30 June 2017 £’000s £’000s £’000s £’000s £’000s
Balance brought forward
31 December 2016
Movements during the half-year
ended 30 June 2017

140,455

122,307

2,867,579

83,094

3,213,435
7 Dividends paid - - - (28,108) (28,108)
Shares repurchased by the
Company and held in Treasury

-

-

(18,437)

-

(18,437)
Return attributable to shareholders - - 246,440 39,444 285,884
Balance carried forward
30 June 2017 140,455 122,307 3,095,582 94,430 3,452,774





Note
s



Year ended 31 December 2017

Share
capital
£’000s
Capital
redemptio
n reserve
£’000s

Capital
reserves
£’000s

Revenue
reserve
£’000s
Total
shareholder
s’ funds
£’000s
Balance brought forward
31 December 2016

140,455

122,307

2,867,579

83,094

3,213,435
Movements during the year
ended 31 December 2017
7
Dividends paid - - - (55,260) (55,260)
Shares repurchased by the
Company and held in Treasury - - (25,661) - (25,661)
Return attributable to shareholders
- - 472,023 63,486 535,509
Balance carried forward
31 December 2017 140,455 122,307 3,313,941 91,320 3,668,023

UNAUDITED CONDENSED BALANCE SHEET

Notes
30 June 2018
£’000s
30 June 2017
£’000s
31 Dec 2017
£’000s
Fixed assets
8 Investments 4,020,017 3,671,152 3,926,558
Current assets
Debtors 25,078 14,811 12,663
Cash and cash equivalents 73,172 21,513 31,136
98,250 36,324 43,799
Creditors: amounts falling due within
one year
9 Loans (20,000) - (50,000)
10 Other (8,230) (9,098) (10,397)
(28,230) (9,098) (60,397)
Net current assets/(liabilities) 70,020 27,226 (16,598)
Total assets less current assets 4,090,037 3,698,378 3,909,960
Creditors: amounts falling due after more
than one year
9 Loans (319,399) (245,029) (241,362)
9 Debenture (575) (575) (575)
(319,974) (245,604) (241,937)
Net assets 3,770,063 3,452,774 3,668,023

Capital and reserves
11 Share capital 140,455 140,455 140,455
Capital redemption reserve 122,307 122,307 122,307
Capital reserves 3,403,102 3,095,582 3,313,941
Revenue reserve 104,199 94,430 91,320
12 Total shareholders’ funds 3,770,063 3,452,774 3,668,023
12 Net asset value per ordinary share
– prior charges at nominal value (pence) 695.35 635.47 676.53

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS




6 months to
30 June
2018
6 months to
30 June
2017
Year ended
31 Dec
2017
Note
s
£’000s £’000s £’000s
13 Cash flows from operating activities
before dividends received and interest
paid (14,140) (13,791) (26,226)
Dividends received 49,843 45,980 77,631
Interest paid (3,848) (3,577) (7,344)
Cash flows from operating activities 31,855 28,612 44,061
Investing activities
Purchases of Investments (707,605) (617,108) (1,390,393)
Sales of Investments 700,739 631,180 1,384,673
Other capital charges and credits (34) (29) (55)
Cash flows from investing activities (6,900) 14,043 (5,775)
Cash flows before financing activities 24,955 42,655 38,286
Financing activities
Equity dividends paid (29,278) (28,108) (55,260)
Repayment of loans (30,000) (20,000) -
Drawdown of loans 75,000 20,000 50,000
Cash flow from share buybacks into treasury (194) (17,989) (25,952)
Cash flows from financing activities 15,528 (46,097) (31,212)
Net increase/(decrease) in cash and cash
equivalents 40,483 (3,442) 7,074
Cash and cash equivalents at the beginning
of the period 31,136 26,463 26,463
Effect of movement in foreign exchange 1,553 (1,508) (2,401)
Cash and cash equivalents at the end of
the
period 73,172 21,513 31,136



Represented by:

Cash at bank 5,103 3,226 3,461
Short term deposits 68,069 18,287 27,675
Cash and cash equivalents at the end of
the
period 73,172 21,513 31,136

UNAUDITED NOTES ON THE CONDENSED ACCOUNTS

1 Results
The results for the six months to 30 June 2018 and 30 June 2017 constitute non-statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The latest published accounts which have been delivered to
the Registrar of Companies are for the year ended 31 December 2017; the report of the Auditors thereon was
unqualified and did not contain a statement under Section 498 of the Companies Act 2006. The condensed
financial statements shown for the year ended 31 December 2017 are an extract from those accounts.


2 Accounting policies
These condensed financial statements have been prepared on a going concern basis in accordance with the
Companies Act 2006, FRS 102, Interim Financial Reporting (FRS 104) and the revised Statement of
Recommended Practice “Financial Statements of Investment Trust Companies and Venture Capital Trusts”
(SORP), issued by the AIC in November 2014 and updated in February 2018.

The accounting policies applied for the condensed set of financial statements are set out in the Company’s annual
report for the year ended 31 December 2017.


3 Income



6 months to
30 June 2018
£’000s
6 months to
30 June 2017
£’000s
Income comprises:
UK dividends 6,013 6,795
Overseas dividends 45,360 40,618
Rebate on management fees 289 327
Interest on short-term deposits and withholding
tax reclaims 184 81
Underwriting commission 5 -
Income 51,851 47,821

4 Fees and other expenses and interest payable and similar charges


6 months to
30 June 2018
£’000s
6 months to
30 June 2017
£’000s
Fees and other expenses 10,521 8,676
Interest payable and similar charges 4,015 3,597
Total 14,536 12,273

Fees and other expenses comprise:
Allocated to Revenue Account

- Management fees payable directly to the
Manager*

2,073

1,795
- Other expenses 2,207 1,470
4,280 3,265
Allocated to Capital Account
- Management fees payable directly to the
Manager*

6,220

5,384
- Other expenses 21 27
6,241 5,411
Interest payable and similar charges comprise:
Allocated to Revenue Account 1,004 899
Allocated to Capital Account 3,011 2,698
* Including reimbursement in respect of services provided by sub-managers


The primary related party transaction is with the Manager, F&C Investment Business Limited. The Manager
receives remuneration of 0.365% per annum of the market capitalisation of the Company, calculated at each
month end date on a pro-rata basis. The fee is adjusted for fees earned by the Manager in respect of investment
holdings managed or advised by the Manager. Variable fees payable in respect of third party sub-managers are
also reimbursed. The services provided by the Manager remain unchanged from those disclosed within the
accounts for the year ended 31 December 2017. The level of variable fees payable in respect of third party sub-
managers and private equity managers remain unchanged since the year end.


5 Taxation
The taxation charge of £4,333,000 (30 June 2017: £4,442,000) relates to irrecoverable overseas taxation.


6 Net return per share
Net return per ordinary share attributable to ordinary shareholders reflects the overall performance of the
Company in the period. Net revenue recognised in the first six months is not indicative of the total likely to be
received in the full accounting year.

6 months to
30 June
2018
pence
6 months to
30 June
2018
£’000s
6 months to
30 June
2017
pence
6 months to
30 June
2017
£’000s
Revenue return 7.78 42,157 7.24 39,444
Capital return 16.44 89,161 45.22 246,440
Total return 24.22 131,318 52.46 285,884
Weighted average ordinary shares in issue
excluding treasury shares (see Note 11) 542,180,712 544,952,303

7 Dividends



Dividends paid and payable
on ordinary shares




Register date




Payment date
6 Months
to 30
June
2018
£’000s
6 Months
to 30
June
2017
£’000s

Year
ended 31
Dec 2017
£’000s
2016 Third interim of 2.45p 6-Jan-2017 1-Feb-2017 – 13,390 13,390
2016 Final of 2.70p 31-Mar-2017 2-May-2017 – 14,718 14,718
2017 First interim of 2.50p 7-Jul-2017 1-Aug-2017 – – 13,583
2017 Second interim of 2.50p 29-Sep-2017 1-Nov-2017 – – 13,569
2017 Third interim of 2.70p 5-Jan-2018 1-Feb-2018 14,639 – –
2017 Final of 2.70p 3-Apr-2018 1-May-2018 14,639 – –
29,278 28,108 55,260

The Directors have declared a first interim dividend in respect of the year ending 31 December 2018 of 2.70p per
share, payable on 1 August 2018 to all shareholders on the register at close of business on 6 July 2018. The
amount of this dividend will be £14,639,000 based on 542,180,712 shares in issue at 5 July 2018. This amount
has not been accrued in the results for the half-year ended 30 June 2018.


8 Investments
Fair value hierarchy
The Company’s Investments as disclosed in the balance sheet are valued at fair value.
The fair value as at the reporting date has been estimated using the following fair value hierarchy:

Level 1 includes investments and derivatives listed on any recognised stock exchange or quoted on the AIM
market in the UK and quoted open-ended funds.

Level 2 includes investments for which the quoted price has been suspended, forward exchange contracts and
other derivative instruments.

Level 3 includes investments in private companies or securities, whether invested in directly or through pooled
Private Equity vehicles, for which observable market data is not specifically available.

The analysis of the valuation basis for financial instruments based on the hierarchy is as follows:


As at 30 June 2018
£’000s

As at 30 June 2017
£’000s

As at 31 Dec 2017
£’000s
Level 1 3,772,792 3,416,934 3,699,872
Level 3 247,225 254,218 226,686
Total valuation of
investments 4,020,017

3,671,152

3,926,558

There were no derivative investments held in the period (half-year ended 30 June 2017 and year ended 31
December 2017: same) and no investments held which are valued in accordance with level 2.

9 Loans and Debenture


30 June 2018
£’000s

30 June 2017
£’000s

31 Dec 2017
£’000s
Loans falling due within one year 20,000 - 50,000
Loans falling due after more than one year 319,399 245,029 241,362
Debenture falling due after more than one year 575 575 575
Comprising:
Sterling denominated loan, falling due within one
year £20m


- £50m
US dollar denominated loan, falling due after more
than one year $80m

$80m $80m
Yen denominated loan, falling due after more than
one year
¥6.6bn

¥6.6bn
¥6.6bn
Sterling denominated loan, falling due after more
one year £150m

£75m £75m
Euro denominated loan, falling due after more than
one year €72m

€72m €72m
4.25% perpetual debenture stock £0.575m £0.575m £0.575m


10 Other creditors falling due within one year
30 June 2018
£’000s
30 June 2017
£’000s
31 Dec 2017
£’000s
Cost of ordinary shares repurchased - 933 194
Investment creditors 4,689 5,071 6,820
Management fee payable to F&C 1,842 1,544 1,734
Other accrued expenses 1,699 1,550 1,649
8,230 9,098 10,397


11 Share capital





Equity share capital


Shares held in
treasury
Number

Shares
entitled to
dividend
Number

Total
shares in
issue
Number
Total
shares in
issue
nominal
£’000s
Ordinary shares of 25p each
Balance at 31 December 2017 and 30
June 2018 19,638,304 542,180,712 561,819,016 140,455

No shares were repurchased either during the period or since 30 June 2018 up to 27 July 2018. Shares held
in treasury have no voting rights and no right to dividend distributions and are excluded from the calculations
of earnings per share and net asset value per share.

12 Net asset value per ordinary share


30 June 2018 30 June 2017 31 Dec 2017

Net asset value per share -pence

695.35

635.47

676.53
Net assets attributable at end of period - £’000s 3,770,063 3,452,774 3,668,023
Ordinary shares of 25p in issue at end of period
excluding shares held in treasury - number 542,180,712 543,339,388

542,180,712

Net asset value per share (with the debenture stock and long-term loans at market value) at 30 June 2018 was
694.34p (30 June 2017: 634.88p and 31 December 2017: 675.78p). The market value of debenture stocks at 30
June 2018 was £429,000 (30 June 2017 and 31 December 2017: £429,000). The market value of the long-term
loans at 30 June 2018 was £325,012,000 (30 June 2017: £248,382,000 and 31 December 2017: £245,595,000)
based on the equivalent benchmark gilts or relevant commercially available current debt.


13 Reconciliation of net return before taxation to cash flows from operating activities

6 months to
30 June 2018
£’000s
6 months to
30 June 2017
£’000s
Year ended
31 Dec 2017
£’000s
Net return on ordinary activities before taxation
135,651 290,326 542,686
Adjust for non-cash flow items, dividend income and
interest expense:
Gains on investments (99,822) (254,320) (486,348)
Exchange losses/(gains) 1,486 (458) (3,233)
Non-operating expense of a capital nature 21 27 61
Decrease/(increase) in other debtors 762 44 (793)
Decrease in creditors (50) (466) (201)
Dividends receivable (51,373) (47,413) (77,934)
Interest payable 4,015 3,597 7,432
Tax on overseas income and Indian Capital Gains
Tax

(4,830)

(5,128)

(7,896)
(149,791) (304,117) (568,912)
Cash flows from operating activities (before
dividends received and interest paid)

(14,140)

(13,791)

(26,226)


14 Going concern
The Company’s investment objective, strategy and policy are subject to a process of regular Board monitoring
and are designed to ensure that the Company is invested mainly in readily realisable, listed securities and that
the level of borrowings is restricted. The Company retains title to all assets held by the Custodian and agreements
cover its borrowing facilities. Cash is held with banks approved and regularly reviewed by the Manager and the
Board.
The Directors believe that; the Company‘s objective and policy continue to be relevant to investors; the Company
operates within a robust regulatory environment; and the Company has sufficient resources and arrangements to
continue operating within its stated policy for the 12 month period commencing from the date of this report.
Accordingly, the financial statements have been drawn up on the basis that the Company is a going concern.

15 Report and accounts
The half-yearly report and accounts will be posted to shareholders and made available on the internet
at www.foreignandcolonial.com
shortly. Copies may be obtained during normal business hours from the
Company’s Registered Office, Exchange House, Primrose Street, London EC2A 2NY.

Legal Entity Identifier: 213800W6B18ZHTNG7371



By order of the Board
F&C Investment Business Limited, Secretary
Exchange House, Primrose Street, London EC2A 2NY
27 July 2018

Directors’ Statement of Principal Risks and Uncertainties

Most of the Company’s principal risks and uncertainties are market related and no
different from those of other investment trusts investing primarily in listed equities. They are
described in more detail under the heading “Principal risks and future prospects” within the
strategic report in the Company’s annual report for the year ended 31 December 2017 and
have not changed materially since the date of that report.
The risks include: having an inappropriate strategy in relation to investor needs; failure on the
part of the Manager to continue to operate effectively; unfavourable markets or inappropriate
asset allocation, sector and stock selection, currency exposure and use of gearing and
derivatives leading to investment underperformance; and errors, fraud or control failures at
service providers, or loss of data through cyber-threats or business continuity failure. During
the period the Company put in place the necessary steps to comply with the General Data
Protection Regulation (“GDPR”).


Directors’ Statement of Responsibilities in Respect of the Half-Yearly Financial Report


In accordance with Chapter 4 of the Disclosure and Transparency Rules, the Directors
confirm that to the best of their knowledge:

• the condensed set of financial statements has been prepared in accordance with
applicable UK Accounting Standards on a going concern basis and gives a true and
fair view of the assets, liabilities, financial position and net return of the Company;

• the half-yearly report includes a fair review of the important events that have occurred
during the first six months of the financial year and their impact on the financial
statements;

• the Directors’ Statement of Principal Risks and Uncertainties shown above is a fair
review of the principal risks and uncertainties for the remainder of the financial year;
and

• the half-yearly report includes a fair review of the related party transactions that have
taken place in the first six months of the financial year.







On behalf of the Board
Simon Fraser
Chairman
27 July 2018