Albion Venture Capital Trust PLC : Albion Venture Capital Trust PLC : Annual Financial Report

 Albion Venture Capital Trust PLC : Albion Venture Capital Trust PLC : Annual
                               Financial Report

As required by the  UK Listing Authority's  Disclosure and Transparency  Rules 
4.1 and  6.3,  Albion  Venture  Capital  Trust  PLC  today  makes  public  its 
information relating to  the Annual  Report and Financial  Statements for  the 
year ended 31 March 2013.

This announcement was  approved for release  by the Board  of Directors on  25 
June 2013.

This announcement has not been audited.

You will shortly be  able to view the  Annual Report and Financial  Statements 
for  the   year   to  31   March   2013   (which  have   been   audited)   at: 
www.albion-ventures.co.uk by clicking on 'Our Funds' and then 'Albion  Venture 
Capital Trust PLC'.The Annual Report and Financial Statements for the year to
31 March  2013 will  be available  as  a PDF  document via  a link  under  the 
'Investor Centre'  in  the  'Financial Reports  and  Circulars'  section.  The 
information contained  in  the Annual  Report  and Financial  Statements  will 
include information  as required  by the  Disclosure and  Transparency  Rules, 
including Rule 4.1.

Investment objectives

Albion Venture Capital Trust  PLC (the "Company") is  a venture capital  trust 
which raised a total of £39.7 million  through an issue of Ordinary shares  in 
the spring of 1996 and through an issue of C shares in the following year. The
C shares merged with the Ordinary shares in 2001. The Company raised a further
£5.4 million  under the  Albion VCTs  Top Up  Offers since  2011. The  Company 
merged with Albion Prime VCT PLC on 25 September 2012 (see below).

The Company's investment strategy  is to reduce  the risk normally  associated 
with  investments  in  smaller   unquoted  companies  whilst  maintaining   an 
attractive yield, through allowing investors the opportunity to participate in
a balanced  portfolio of  asset-backed  businesses. The  Company's  investment 
portfolio will thus  be structured  to provide  a balance  between income  and 
capital growth for the longer term.

This is achieved as follows:

  *qualifying unquoted  investments  are  predominantly  in  specially-formed 
    companies which provide  a high  level of  asset backing  for the  capital 
    value of the investment; 

  *Albion Venture Capital Trust PLC invests alongside selected partners  with 
    proven experience in the sectors concerned; 

  *investments are normally structured as a mixture of equity and loan stock.
    The loan stock  represents the  majority of  the finance  provided and  is 
    secured on the assets of the investee company. Funds managed or advised by
    Albion Ventures  LLP typically  own 50  per  cent. of  the equity  of  the 
    investee company; 

  *other than the loan stock issued to funds managed or advised by Albion
    Ventures LLP, investee companies do not normally have external borrowings.

The Company offers tax-paying investors  substantial tax benefits at the  time 
of investment, on  payment of dividends  and on the  ultimate disposal of  the 
investment.

Acquisition of the assets and liabilities of Albion Prime VCT PLC

On 25  September 2012,  the Company  acquired the  assets and  liabilities  of 
Albion Prime VCT PLC ("Prime") in exchange for new shares in the Company ("the
Merger").  On  the  same  day  Prime  was  placed  into  members'   voluntary 
liquidation pursuant to a  scheme of reconstruction under  Section 110 of  the 
Insolvency Act 1986.

All of  the  assets  and  liabilities  of  Prime  totalling  £14,338,000  were 
transferred to  the  Company in  exchange  for  the issue  of  19,307,001  new 
Ordinary shares of nominal value 50 pence  each in the capital of the  Company 
at a deemed issue  price of 74.2638 pence  per share. Each Prime  shareholder 
received 0.8801 shares in the Company for  each Prime share that they held  at 
the date  of  the  Merger. The  total  number  of shares  receivable  by  each 
shareholder was rounded down to the nearest whole number of shares.

New share certificates in the Company were sent to all Albion Prime VCT PLC
shareholders during October 2012.

Financial calendar

Record date for first dividend                                     5 July 2013
Annual General Meeting                                            29 July 2013
Payment of first dividend                                         31 July 2013
Announcement of half-yearly results for the six months ended 30 November 2013
September 2013 
Payment of second dividend subject to Board approval             December 2013

Financial highlights

199.0p Net asset value plus dividends from launch to 31 March 2013
5.0p   Total tax-free dividends per share paid in the year to 31 March 2013
2.5p   First tax free  dividend per share  declared for the  year to 31  March 
       2014
74.2p  Net asset value per share as at 31 March 2013
6.3%   Annualised return since launch (without tax relief)



                                              31 March 2013      31 March 2012
                                         (pence per share) (pence per share)
Dividends paid                                         5.00               5.00
Revenue return                                         2.00               2.10
Capital return                                            -                  -
Enhancement to  net  asset  value  as  a 
result of share buy-backs                              0.10               0.40
Effect of merger                                     (0.90)                  -
Net asset value                                       74.20              78.00

Total shareholder net asset value return to 31 Ordinary shares  C shares
March 2013
Total dividends paid during the  31 March 1997            2.00               -
year ended :
                                 31 March 1998            5.20            2.00
                                 31 March 1999           11.05            8.75
                                 31 March 2000            3.00            2.70
                                 31 March 2001            8.55            4.80
                                 31 March 2002            7.60            7.60
                                 31 March 2003            7.70            7.70
                                 31 March 2004            8.20            8.20
                                 31 March 2005            9.75            9.75
                                 31 March 2006           11.75           11.75
                                 31 March 2007           10.00           10.00
                                 31 March 2008           10.00           10.00
                                 31 March 2009           10.00           10.00
                                 31 March 2010            5.00            5.00
                                 31 March 2011            5.00            5.00
                                 31 March 2012            5.00            5.00
                                 31 March 2013            5.00            5.00
Total dividends paid to 31 March 2013                   124.80          113.25
Net asset value as at 31 March 2013                      74.20           74.20
Total shareholder net asset value return to 31          199.00          187.45
March 2013


The financial summary above is for  the Company, Albion Venture Capital  Trust 
PLC only. Details of the financial performance of Albion Prime VCT PLC, which
has  been  merged  into  the  Company,  can  be  found  at  the  end  of  this 
announcement.

In addition to the dividends summarised above, the Board has declared a  first 
dividend for the year ending 31 March 2014 of 2.50 pence per share to be  paid 
on 31 July 2013 to shareholders on the register as at 5 July 2013.

Notes

  *Dividends paid before 5  April 1999 were  paid to qualifying  shareholders 
    inclusive of the associated tax credit.  The dividends for the year to  31 
    March 1999 were maximised in order to take advantage of this tax credit.

  *A capital dividend of 2.55 pence paid in the year to 31 March 2000 enabled
    the Ordinary shares and the C shares to merge on an equal basis.

  *All dividends paid by the  Company are free of income  tax. It is an  H.M. 
    Revenue &  Customs requirement  that dividend  vouchers indicate  the  tax 
    element should dividends have been subject to income tax. Investors should
    ignore this figure  on their dividend  voucher and need  not disclose  any 
    income they receive from a VCT on their tax return.

  *The net asset value of the Company is not its share price as quoted on the
    official list of the London Stock Exchange. The share price of the Company
    can be found in the Investment  Companies - VCTs section of the  Financial 
    Times on  a daily  basis. Investors  are reminded  that it  is common  for 
    shares in VCTs to trade at a discount to their net asset value. 

Chairman's statement

Introduction
The results for the  year to 31  March 2013 are  the first statutory  accounts 
since the merger  of the Company  with Albion  Prime VCT PLC  on 25  September 
2012. The  results  show  a  total  return of  2.00  pence  per  share  before 
dividends, compared to 2.10 pence per share  for the previous year, and a  net 
asset value of 74.20 pence per share compared to 78.00 pence per share at  31 
March 2012, following  the payment  of tax free  dividends of  5.00 pence  per 
share for the year. The Company  raised approximately £1,033,000 net of  costs 
under the Albion VCTs Linked  Top Up Offers 2011/2012  and Albion VCTs Top  Up 
Offers 2012/2013 during the year, with a further £1,940,000 subsequent to  the 
year end.

As a result of the merger with Albion Prime VCT PLC, the Company acquired  the 
investments of that company which were valued at just over £14.3 million. With
one minor exception, these were all in companies in which the Company  already 
had a holding. The annual cost savings of approximately £168,000 identified at
the time of the merger are expected to be achieved.

Investment performance and progress
Over the past three years, we have  been focusing on reducing our exposure  to 
the consumer cycle, and in particular  reducing our exposure to the hotel  and 
residential development sectors. At 31 March  2010 these accounted for 59  per 
cent. of the combined portfolio, whereas now they have reduced to 32 per cent.
through a combination of disposals totalling £8,733,000 and a reduction in the
holding values of the remaining hotel assets.

As part of  this programme, in  March 2013  the Bear Hotel  in Hungerford  was 
sold, resulting in proceeds of £1,925,000 at the time, with a further  £50,000 
received following the year end. Overall the Company made a small loss on  its 
investment  (receiving  total   proceeds  including  interest   of  0.9x   its 
investment). Kew Green VCT (Stansted)  made loan stock repayments of  £159,000 
out of  cash generated  from trading  and further  proceeds of  £192,000  were 
received from the winding down of the residential development portfolio.

The most significant event was the highly successful disposal in December 2012
of the Company's six cinema investments as part of the sale of the City Screen
group to  Cineworld  plc.  Including  loan stock  repaid  shortly  before  the 
disposal, the  Company received  a total  of £6,290,000  and made  an  overall 
return of approximately 2.6x its investment.

Also, in March  2013, the Company's  investment in Nelson  House Hospital  was 
sold for  £856,000,  generating  a  1.4x return  on  its  investment.  Further 
proceeds of £101,000  were received from  the pub portfolio  and Tower  Bridge 
Health Clubs made loan stock repayments of £100,000 out of cash generated from
trading.

Meanwhile the Company, together with Albion Prime VCT PLC prior to the merger,
invested or committed  £0.6 million  in one  new and  three existing  investee 
companies. The new investment  comprised a commitment  of £314,000 in  Dragon 
Hydro, which  is developing  a  hydroelectricity scheme  in Wales;  while  the 
investments in  existing companies  comprised £150,000  in Bravo  Inns II,  to 
assist it in  expanding its successful  portfolio of pubs  in the North  West; 
£94,000 in The Stanwell Hotel near  Heathrow, to enable it to develop  further 
its boutique  offering;  and  £75,000 scheduled  investment  in  Nelson  House 
Hospital prior to its subsequent disposal.

Following lower  than budgeted  levels  of profitability,  the Company  saw  a 
substantial fall  in the  third  party professional  valuations of  its  three 
remaining hotel investments, as well as falls in one of its health and fitness
clubs and  its  Midlands based  pub  company.  However, there  was  a  further 
significant rise in  the value of  Oakland Care Centre's  Bayfield Court  care 
home in Chingford, together with uplifts  in a number of its renewable  energy 
investments and in Radnor House School in Twickenham. Taking into account  the 
net realised gains of just over £1  million in the year, principally from  the 
sale of the  cinema portfolio, overall  net gains on  investments in the  year 
amounted to approximately £0.4 million.

Significant new investments in the pipeline include a hydroelectricity project
in Scotland and a new care home in Oxfordshire. It is the Company's  intention 
to increase its  investment in the  renewable energy sector  from its  current 
level of 7 per cent. to  a target of 15 per  cent. as the Board believes  that 
this is a complementary area for diversification of risk combined with  strong 
income generation. Meanwhile, despite the successful disposal of Nelson  House 
Hospital, healthcare remains a core focus for investment.

Board composition
On 25 September  2012, as  part of  the merger  arrangements, Jonathan  Rounce 
stepped down from the Board,  and Ebbe Dinesen, who  was a director of  Albion 
Prime VCT PLC, was appointed in his place. We would like to thank Jonathan for
his excellent contribution.

Risks and uncertainties
We remain  cautious  over the  short  and medium  term  prospects for  the  UK 
economy,  particularly  given  the   continuing  weakness  in  the   Eurozone. 
Importantly, however,  your Company  remains conservatively  financed with  no 
bank borrowings having a prior charge at either corporate or investee  company 
level. This is in addition  to the policy of ensuring  that the Company has  a 
first charge over investee companies' assets.

A detailed analysis of the other  risks and uncertainties facing the  business 
is set out in note 24.

Share buy-backs
It remains the Board's primary objective to maintain sufficient resources  for 
investment in  existing  and new  investee  companies and  for  the  continued 
payment of  dividends to  shareholders. Thereafter,  it is  still the  Board's 
policy to buy back shares in the market, subject to the overall criterion that
such purchases are in the Company's  interest. The Company will limit the  sum 
available for share buy-backs for the six month period to 30 September 2013 to
£500,000. This  compares to  a total  value bought  in for  the previous  six 
months of £385,000. Subject to the constraints referred to above, and subject
to first purchasing shares  held by the market  makers, the Board will  target 
such buy-backs to  be in the  region of a  5 per cent.  discount to net  asset 
value, so far as market conditions and liquidity permit. 

Transactions with Manager
Details of transactions that took place  with the Manager during the year  can 
be found in note 5.

Results and dividends
As at 31 March 2013, the net asset value was £41.70 million or 74.20 pence per
share, compared to  £28.40 million or  78.00 pence  per share as  at 31  March 
2012, after the payment  of tax-free dividends of  5.00 pence per share.  The 
results comprised 2.00 pence  per share revenue return  (2012: 2.10 pence  per 
share) and  a  flat  capital  return after  taking  into  account  capitalised 
expenses (2012: also flat). The revenue return before taxation was £1,114,000
compared to £933,000 for the  year to 31 March 2012.  The Company will pay  a 
first dividend of 2.50 pence per share  on 31 July 2013 to those  shareholders 
on the share  register on 5  July 2013, which  is in line  with the  Company's 
current objective of paying dividends of 5.00 pence per share annually.

Outlook and prospects
While the  outlook for  the UK  economy remains  subdued, trading  within  the 
majority of our  investee companies has  been relatively resilient.  Following 
the successful disposals  in the year  to 31  March 2013, the  Company is  now 
focusing on making new investments,  particularly in the renewable energy  and 
healthcare sectors.

David Watkins
Chairman
25 June 2013

Manager's report

Investment portfolio
Following the merger of the Company with Albion Prime VCT PLC on 25  September 
2012 and the subsequent disposals of the cinema portfolio in December 2012 and
The Bear Hotel  in Hungerford  and Nelson House  Hospital in  March 2013,  the 
sector split of the portfolio by valuation as at 31 March 2013 are set out  at 
the end of this announcement.

Investment activity
In December 2012 the Company sold  its six cinema investments, comprising  the 
Cambridge Arts  Picturehouse,  the  Picturehouse at  FACT  in  Liverpool,  the 
Greenwich Picturehouse,  the Ritzy  in Brixton,  the Exeter  Picturehouse  and 
Cinema City  in  Norwich, a  portfolio  which the  Company  had built  up  and 
developed in conjunction with City Screen Limited over a 13 year period  since 
1999. The cinemas were sold as part of  the sale of the City Screen group  to 
Cineworld plc which  intends to keep  the Picturehouse cinemas  as a  separate 
division in its business. The Company received net proceeds of £5,702,000 from
the sale, in  addition to which  £588,000 loan stock  had been repaid  shortly 
beforehand, giving total proceeds of £6,290,000 compared to a combined holding
value in the Company's  and Albion Prime  VCT's accounts at  31 March 2012  of 
£5,258,000. Taking  into account  loan  stock, other  income and  loan  stock 
repayments over the course of the investment, the two VCTs received a combined
total return of £11,139,000, compared to cost of £3,932,000.

In March 2013, in accordance with the Company's strategy of reducing its hotel
portfolio, the Bear Hotel in Hungerford was sold to Greene King, resulting  in 
proceeds of £1,925,000 at  the time and a  further £50,000 following the  year 
end. The  combined holding  value  in the  Company's  and Albion  Prime  VCT's 
accounts at 31  March 2012  was £2,111,000.  Taking into  account loan  stock 
income over the  course of the  investment, the two  VCTs received a  combined 
total return of  £3,014,000, compared  to cost of  £3,255,000. Following  this 
disposal and the successful sale of the Bell Hotel in Sandwich in 2011, and in
part due to the reduction in valuations of the remaining hotel assets,  hotels 
have reduced from 52 per cent. of  the combined portfolio at 31 March 2010  to 
31 per cent. at 31 March 2013.

Also in March 2013, the Company's  investment in Nelson House Hospital,  which 
had opened in April 2012, was sold to Care UK for £856,000 compared to cost of
£698,000. Taking into account loan stock income, the total combined return was
£917,000 and the Company also benefited from the surrender of some tax losses.

Also disposed  of  during the  year  were Wickenhall  Mill  VCT's  residential 
development site, an investment inherited from Albion Prime VCT, resulting  in 
proceeds of £60,000;  and GB  Pub Company VCT's  final pub,  resulting in  the 
return of £12,000.

Meanwhile the Company, together with Albion Prime VCT PLC prior to the merger,
committed a total investment of £314,000 in Dragon Hydro, which is  developing 
a hydroelectricity scheme in  Wales, continuing the theme  of building up  the 
Company's renewable energy portfolio. In addition, follow-on investments  were 
made of £150,000 in Bravo  Inns II, to assist  it in expanding its  successful 
portfolio of  pubs in  the North  West;  £94,000 in  The Stanwell  Hotel  near 
Heathrow, to enable it to develop further its boutique offering; and a £75,000
scheduled  investment  in  Nelson  House  Hospital  prior  to  its  subsequent 
disposal.  Significant   new   investments   in   the   pipeline   include   a 
hydroelectricity project in Scotland and a new care home in Oxfordshire.

Investment portfolio review
In the  hotel portfolio,  the  Holiday Inn  Express  at Stansted  Airport  was 
adversely affected by a poor Olympic period and the opening of new competition
nearby,  which  resulted  in  a   reduction  in  the  independent   valuation. 
Nevertheless, it repaid  £159,000 loan stock  to the Company  and £87,000  to 
Albion Prime  VCT  PLC  during the  year.  It  is expected  that  the  hotel's 
performance will start to improve as passenger numbers increase following  the 
sale of the airport by BAA to Manchester Airport Group at the end of  February 
2013. The Crown Hotel in Harrogate marginally increased its revenues over  the 
year, but  the business  mix and  cost pressures  led to  a reduced  operating 
profit, resulting  in  a  decline  in  valuation.  The  Stanwell  Hotel  near 
Heathrow's Terminal 5 continued to  improve its product, and operating  profit 
is gradually increasing, although at a much slower pace than hoped for and  it 
also saw a lower valuation. 

In the healthcare sector,  Oakland Care Centre's Bayfield  Court care home  in 
Chingford, which opened  in October  2011, reached full  occupancy during  the 
year and  this led  to  a substantial  uplift  in valuation.  The  psychiatric 
hospital near Taunton operated by Orchard Portman is now also nearing capacity
and this will gradually expand into the care home on the same site operated by
its sister company Taunton Hospital.

In the health  and fitness portfolio,  the 37^o health  and fitness club  near 
Tower Bridge continued to trade strongly and repaid £100,000 loan stock to the
Company, as well as £21,000 to Albion  Prime VCT PLC prior to the merger,  and 
this enjoyed a  pleasing uplift in  valuation. Membership also  grew over  the 
year at  both the  Weybridge Club  and the  37^o health  and fitness  club  at 
Kensington Olympia. There was a  slight increase in the independent  valuation 
of the Weybridge Club, but a lower valuation was attributed to the 37^o health
and fitness club at Kensington Olympia.

In the pub  portfolio, The  Charnwood Pub  Company repaid  £84,000 loan  stock 
following the sale of  one of its  pubs and now operates  10 food-led pubs  in 
central England,  but  saw  declines  in  the  independent  valuation  of  its 
remaining units. Bravo Inns and Bravo Inns II continued to grow their  wet-led 
estate in the North-West and now operate 31 units, which saw a small  increase 
in valuation.

In the renewable  energy sector,  the Company  now has  seven investments,  in 
solar, wind,  anaerobic digestion  and hydroelectricity  companies. The  three 
solar companies, The  Street by  Street Solar  Programme, Regenerco  Renewable 
Energy and  AVESI  have  now  installed  photovoltaic  panels  on  over  1,500 
residential buildings in  the Thames Valley  and Cambridgeshire as  well as  7 
commercial premises. Alto  Prodotto Wind has  successfully erected two  single 
unit wind turbines on industrial sites in Wales and is intending to install  a 
third, while Greenenerco  is also  installing a  wind turbine  in Wales.  TEG 
Biogas (Perth) operates an anaerobic  digestion plant in Scotland,  converting 
food waste  to  energy;  and  construction is  under  way  on  Dragon  Hydro's 
hydroelectricity scheme in  Wales. The more  mature investments were  revalued 
and saw a combined uplift of £0.3 million.

Radnor House School in Twickenham is now in its second year of operation  with 
over 250 pupils, up  from 140 when  it opened and  enjoys a strong  reputation 
with good  growth  prospects.  As  a  result  it  was  again  valued  upwards. 
Meanwhile G&K  Smart  Developments  VCT  returned  £132,000  to  the  Company 
following the sale of two of the  five houses it is constructing at Pudsey  in 
Yorkshire.

Albion Ventures LLP
Manager
25 June 2013

Responsibility Statement

In preparing these  financial statements for  the year to  31 March 2013,  the 
Directors of the Company, being David Watkins, John Kerr, Jeff Warren and Ebbe
Dinesen, confirm that to the best of their knowledge:

  *summary financial information contained in this announcement and the full
    Annual Report and Financial Statements for the year ended 31 March 2013
    for the Company has been prepared in accordance with United Kingdom
    Generally Accepted Accounting Practice (UK Accounting Standards and
    applicable law) and give a true and fair view of the assets, liabilities,
    financial position and profit and loss of the Company for the year ended
    31 March 2013 as required by DTR 4.1.12.R;
  *the Chairman's statement and Manager's report include a fair review of
    the information required by DTR 4.2.7R (indication of important events
    during the year ended 31 March 2013 and description of principal risks and
    uncertainties that the Company faces); and
  *the Chairman's statement and Manager's report include a fair review of the
    information  required  by  DTR  4.2.8R  (disclosure  of  related   parties 
    transactions and changes therein).

A detailed "Statement  of Directors' responsibilities  for the preparation  of 
the Company's  financial  statements" is  contained  within the  full  audited 
Annual Report and Financial Statements.

By order of the Board

David Watkins
Chairman
25 June 2013

Income statement

                             Year ended 31 March 2013 Year ended 31 March 2012
                              Revenue  Capital  Total  Revenue  Capital  Total
                        Note    £'000    £'000  £'000    £'000    £'000  £'000
Gains on investments    3           -      384    384        -      310    310
Investment income       4       1,563        -  1,563    1,314        -  1,314
Investment   management 
fees                    5       (171)    (514)  (685)    (143)    (428)  (571)
Other expenses          6       (278)        -  (278)    (238)        -  (238)
Return/(loss)        on 
ordinary     activities 
before tax                      1,114    (130)    984      933    (118)    815
Tax (charge)/credit  on 
ordinary activities     8       (183)      129   (54)    (188)      118   (70)
Return/(loss)
attributable         to 
shareholders                      931      (1)    930      745        -    745
Basic    and    diluted 
return    per     share 
(pence)*                11       2.00        -   2.00     2.10        -   2.10

* excluding treasury shares

The accompanying notes form an integral part of these Financial Statements.

The total  column of  this Income  statement represents  the profit  and  loss 
account of the  Company. The  supplementary revenue and  capital columns  have 
been prepared  in accordance  with The  Association of  Investment  Companies' 
Statement of Recommended Practice.

All revenue  and  capital  items  in  the  above  statement  derive  from  the 
continuing operations of the Company, including the returns on the assets  and 
activities of Albion Prime VCT PLC after they were acquired by the company  on 
25 September 2012.

There are no recognised gains  or losses other than  the results for the  year 
disclosed above. Accordingly a statement of total recognised gains and  losses 
is not required.

The difference  between  the  reported return/(loss)  on  ordinary  activities 
before tax and the historical profit/(loss) is due to the fair value movements
on investments. As a result  a note on historical  cost profit and losses  has 
not been prepared.

Balance sheet 



                                                   31 March 2013 31 March 2012
                                              Note         £'000         £'000
Fixed asset investments                         12        30,198        25,945
Current assets
Trade and other debtors                         14            24            10
Current asset investments                       14            50             -
Cash at bank and in hand                        18        11,896         2,956
                                                          11,970         2,966
Creditors: amounts  falling  due  within  one 
year                                            15         (487)         (525)
Net current assets                                        11,483         2,441
Net assets                                                41,681        28,386
Capital and reserves
Called up share capital                         16           603        19,733
Share premium                                                  8         1,005
Capital redemption reserve                                     -         1,914
Unrealised capital reserve                               (4,890)       (3,067)
Realised capital reserve                                  11,909        10,087
Other distributable reserve                               34,051       (1,286)
Total equity shareholders' funds                          41,681        28,386
Basic and diluted net  asset value per  share 
(pence)*                                        17         74.20         78.00




* excluding treasury shares

The accompanying notes form an integral part of these Financial Statements.

These Financial  Statements  were  approved  by the  Board  of  Directors  and 
authorised for issue on 25 June 2013, and were signed on its behalf by

David Watkins
Chairman

Company number: 3142609

Reconciliation of movements in shareholders' funds

              Called-up   Share    Capital Unrealised Realised         Other   Total
                  share premium redemption    capital  capital distributable
                capital            reserve   reserve* reserve*      reserve*
                  £'000   £'000      £'000      £'000    £'000         £'000   £'000
As at 1 April    19,733   1,005      1,914    (3,067)   10,087       (1,286)  28,386
2012
(Loss)/return         -       -          -      (694)      693           931     930
for the year
Transfer of           -       -          -    (1,129)    1,129             -       -
previously
unrealised
gains on
disposal of
investments
Purchase of           -       -          -          -        -         (720)   (720)
treasury
shares
Issue of            772     383          -          -        -             -   1,155
equity (net
of costs)
Reduction in   (29,556) (5,955)    (1,914)          -        -        37,425       -
share capital
and
cancellation
of capital
redemption
and share
premium
reserves**
Shares issued     9,654   4,575          -          -        -             -  14,229
to acquire
net assets of
Albion Prime
VCT PLC (net
of merger
costs) ***
Net dividends         -       -          -          -        -       (2,299) (2,299)
paid (note 9)
As at 31            603       8          -    (4,890)   11,909        34,051  41,681
March 2013
As at 1 April    18,886     538      1,914    (3,871)      10,891        403  28,761
2011
(Loss)/               -       -          -       (13)          13        745     745
return for
the year
Transfer of           -       -          -        817       (817)          -       -
previously
unrealised
losses on
disposal of
investment
Purchase of           -       -          -          -           -      (663)   (663)
treasury
shares
Issue of            847     467          -          -           -          -   1,314
equity (net
of costs)
Net dividends         -       -          -          -           -    (1,771) (1,771)
paid (note 9)
As at 31         19,733   1,005      1,914    (3,067)      10,087    (1,286)  28,386
March 2012

* Included within the aggregate of these reserves is an amount of £41,070,000
(2012: £5,734,000) which is considered distributable.

** The reduction in the nominal value of shares from 50 pence to 1 penny,  the 
cancellation of capital redemption and share premium reserves (as approved  by 
shareholders at the General Meeting held on 17 September 2012 and by order  of 
the Court  dated  30  January 2013)  has  increased  the value  of  the  other 
distributable reserve.

***The assets and  liabilities transferred through  the acquisition of  Albion 
Prime VCT PLC are shown in note 10. In addition, £109,000 of the merger  costs 
attributable to Albion Venture  Capital Trust PLC has  been deducted from  the 
share premium account in so far as they relate to the issue of new shares.

The special reserve, treasury share reserve and the revenue reserve have  been 
combined  in  the  Balance  sheet  to  form  a  single  reserve  named   other 
distributable reserve  for both  the  current and  prior year.  The  Directors 
consider that  the  combination of  these  reserves enhances  the  clarity  of 
financial reporting. More details  regarding treasury shares  can be found  in 
note 16.

Cash flow statement

                                                      Year ended    Year ended
                                                   31 March 2013 31 March 2012
                                              Note         £'000         £'000
Operating activities
Loan stock income received                                 1,416         1,244
Deposit interest received                                     66            37
Investment management fees paid                            (629)         (571)
Other cash payments                                        (281)         (261)
Net cash flow from operating activities         19           572           449
Taxation
UK corporation tax (paid)/received                         (161)           205
Capital expenditure and financial investments
Purchase of fixed asset investments                        (420)       (2,618)
Disposal of fixed asset investments                        9,624         3,000
Net cash flow from investing activities                    9,204           382
Equity  dividends  paid  (net  of  costs   of 
issuing    shares    under    the    Dividend 
Reinvestment Scheme and unclaimed dividends)             (2,210)       (1,635)
Net cash flow before financing                             7,405         (599)
Financing
Cash acquired from Albion Prime VCT PLC         10         1,450             -
Cost of Merger (paid on behalf of the Company
and Albion Prime VCT PLC)                                  (253)             -
Purchase of treasury shares                     16         (695)         (663)
Issue of share capital (net of costs)                      1,033         1,247
Net cash flow from financing                               1,535           584
Cash flow in the year                           18         8,940          (15)

Notes to the Financial Statements

1. Accounting convention
The Financial Statements have been prepared in accordance with the  historical 
cost convention,  modified  to  include the  revaluation  of  investments,  in 
accordance with applicable  United Kingdom  law and  accounting standards  and 
with the Statement of Recommended Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" ("SORP") issued by The Association
of Investment Companies ("AIC") in January 2009. Accounting policies have been
applied consistently in current and prior periods, however to enhance  clarity 
of financial reporting, during  the year the  special reserve, treasury  share 
reserve and revenue  reserve have  been presented  as a  single reserve  named 
other distributable reserve. This has also been applied to the prior period.

2. Accounting policies
Investments
Unquoted equity investments, debt issued at a discount and convertible bonds
In accordance with FRS 26 "Financial Instruments Recognition and Measurement",
unquoted  equity,  debt  issued  at  a  discount  and  convertible  bonds  are 
designated as  fair value  through profit  or loss  ("FVTPL"). Fair  value  is 
determined by  the  Directors in  accordance  with the  International  Private 
Equity and Venture Capital Valuation Guidelines (IPEVCV guidelines).

Fair value  movements  and  gains  and  losses  arising  on  the  disposal  of 
investments are reflected  in the capital  column of the  Income statement  in 
accordance with  the  AIC  SORP. Realised  gains  or  losses on  the  sale  of 
investments will be reflected in the realised capital reserve, and  unrealised 
gains or losses arising from the revaluation of investments will be  reflected 
in the unrealised capital reserve.

Unquoted equity derived instruments
Unquoted equity derived  instruments are  only valued if  there is  additional 
value to the Company in exercising or converting as at the balance sheet date.
Otherwise these instruments are  held at nil  value. The valuation  techniques 
used are those used for the underlying equity investment.

Unquoted loan stock
Unquoted loan  stock  (excluding  convertible  bonds  and  debt  issued  at  a 
discount) are classified as loans and  receivables as permitted by FRS 26  and 
measured at amortised cost  using the Effective  Interest Rate method  ("EIR") 
less impairment. Movements in the  amortised cost relating to interest  income 
are reflected in  the revenue column  of the Income  statement, and hence  are 
reflected in  the other  distributable reserve,  and movements  in respect  of 
capital provisions are reflected in the capital column of the Income statement
and are reflected in  the realised capital reserve  following sale, or in  the 
unrealised capital reserve on impairment  from revaluations of the fair  value 
of the security.

For all unquoted  loan stock,  fully performing,  past due  and impaired,  the 
Board considers that the fair value is  equal to or greater than the  security 
value of these assets. For unquoted  loan stock, the amount of the  impairment 
is the difference between the asset's cost and the present value of  estimated 
future cash flows,  discounted at  the original effective  interest rate.  The 
future cash flows are estimated based on  the fair value of the security  held 
less estimated selling costs.

Investments are  recognised as  financial assets  on legal  completion of  the 
investment contract and are de-recognised on  legal completion of the sale  of 
an investment.

Dividend income is not  recognised as part  of the fair  value movement of  an 
investment, but  is recognised  separately as  investment income  through  the 
revenue reserve when a share becomes ex-dividend.

Loan stock accrued interest is recognised in the Balance sheet as part of  the 
carrying value  of the  loans and  receivables at  the end  of each  reporting 
period.

In accordance with the exemptions under FRS 9 "Associates and joint ventures",
those undertakings in which the  Company holds more than  20 per cent. of  the 
equity as part  of an  investment portfolio are  not accounted  for using  the 
equity method.

Current asset investments
Contractual  future  contingent  receipts  on  the  disposal  of  fixed  asset 
investments are  designated at  fair  value through  profit  or loss  and  are 
subsequently measured at fair value.

Acquisition of assets and liabilities from Albion Prime VCT PLC

On 25  September 2012,  the Company  acquired the  assets and  liabilities  of 
Albion Prime  VCT  PLC,  the  transaction being  accounted  for  as  an  asset 
acquisition. The income and costs for the  period up to 24 September 2012  and 
the comparable period  for last year,  reflect the activities  of the  Company 
before the acquisition  and after that  date reflect those  of the Company  as 
enlarged by the acquisition. Further information is contained in Note 10.

Investment income
Unquoted equity income
Dividend  income  is  included  in  revenue  when  the  investment  is  quoted 
ex-dividend.

Unquoted loan stock and other preferred income
Fixed returns on  non-equity shares and  debt securities are  recognised on  a 
time apportionment basis using  the effective interest rate  over the life  of 
the financial instrument. Income which is not capable of being received within
a reasonable  period  of  time  is  reflected in  the  capital  value  of  the 
investment.

Bank interest income
Interest income is recognised on an  accrual basis using the rate of  interest 
agreed with the bank.

Investment management fees and other expenses
All expenses  have been  accounted  for on  an  accruals basis.  Expenses  are 
charged through the  revenue account  except the following  which are  charged 
through the realised capital reserve:

  *75 per cent. of  management fees are allocated  to the capital account  to 
    the extent  that  these relate  to  an enhancement  in  the value  of  the 
    investments and in line  with the Board's expectation  that over the  long 
    term 75 per cent. of the Company's investment returns will be in the  form 
    of capital gains; and

  *expenses  which  are  incidental  to  the  purchase  or  disposal  of   an 
    investment.

Total recurring expenses including  management fees and excluding  performance 
fees will not exceed 3.5 per cent. of  net asset value of the Company at  year 
end.

Performance incentive fee
In the event that  a performance incentive fee  crystallises, the fee will  be 
allocated between  revenue  and  realised  capital  reserves  based  upon  the 
proportion to which the calculation of the fee is attributable to revenue  and 
capital returns.

Taxation
Taxation is applied  on a  current basis in  accordance with  FRS 16  "Current 
tax". Taxation associated with capital expenses is applied in accordance  with 
the SORP.  In accordance  with FRS  19 "Deferred  tax", deferred  taxation  is 
provided in full  on timing differences  that result in  an obligation at  the 
balance sheet date to  pay more tax or  a right to pay  less tax, at a  future 
date, at rates expected  to apply when they  crystallise based on current  tax 
rates and law. Timing differences arise from the inclusion of items of  income 
and expenditure in taxation  computations in periods  different from those  in 
which they are included in the  Financial Statements. Deferred tax assets  are 
recognised to the extent that it is regarded as more likely than not that they
will be recovered. 

The Directors have considered  the requirements of FRS  19 and do not  believe 
that any provision for deferred tax should be made.

Reserves

Share premium account
This reserve accounts for the difference between the price paid for shares and
the nominal value of the shares, less  issue costs and transfers to the  other 
distributable reserve.

Capital redemption reserve
This reserve  accounts  for amounts  by  which  the issued  share  capital  is 
diminished through  the  repurchase  and cancellation  of  the  Company's  own 
shares.

Unrealised capital reserve
Increases and decreases in the valuation  of investments held at the year  end 
against cost are included in this reserve.

Realised capital reserve
The following are disclosed in this reserve:

  *gains and losses compared to cost on the realisation of investments; 

  *expenses, together with the related taxation effect, charged in accordance
    with the above policies; and

  *dividends paid to equity holders. 

Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve have  been 
combined as a single reserve named other distributable reserve.

This reserve accounts  for movements  from the  revenue column  of the  Income 
statement, the  payment of  dividends, the  buyback of  shares and  other  non 
capital realised movements.

Dividends
In accordance with  FRS 21 "Events  after the balance  sheet date",  dividends 
declared by the Company are accounted for in the period in which the  dividend 
has been paid or approved by shareholders in an Annual General Meeting.

3. Gains on investments

                                                   Year ended 31 Year ended 31
                                                      March 2013    March 2012
                                                           £'000         £'000
Unrealised gains on  fixed asset investments  held 
at fair value through profit or loss                         293           782
Impairments on  fixed  asset investments  held  at 
amortised cost                                             (987)         (795)
Unrealised losses sub-total                                (694)          (13)
Realised gains on fixed asset investments held  at 
fair value through profit or loss                          1,133           283
Realised (losses)/gains on fixed asset investments
held at amortised cost                                     (105)            40
Realised  gains   on   fixed   asset   investments 
sub-total                                                  1,028           323
Realised gains on  current asset investments  held 
at fair value through profit or loss                          50             -
Realised gains sub-total                                   1,078           323
                                                             384           310

Investments measured at amortised cost are unquoted loan stock investments  as 
described in note 2.

4. Investment income

                                       Year ended 31 March Year ended 31 March
                                                      2013                2012
                                                     £'000               £'000
Income recognised on investments  held 
at fair value through profit or loss
Income  from  convertible  bonds   and 
discounted debt                                        112                  22
                                                       112                  22
Income recognised on investments  held 
at amortised cost
Return on loan stock investments                     1,379               1,250
Bank deposit interest                                   72                  42
                                                     1,451               1,292
                                                     1,563               1,314

Interest income earned on  impaired investments at 31  March 2013 amounted  to 
£311,000 (2012: £323,000). These investments are all held at amortised cost.

5. Investment management fees

                                                Year ended    Year ended
                                             31 March 2013 31 March 2012
                                                     £'000         £'000
Investment management fee charged to revenue           171           143
Investment management fee charged to capital           514           428
                                                       685           571

Further details  of  the  Management  agreement  under  which  the  investment 
management fee is paid are  given in the Directors' report  on page 21 of  the 
Annual Report and Financial Statements.

During the year, services of a total value of £730,000 (2012: £615,000),  were 
purchased by  the Company  from Albion  Ventures LLP;  this includes  £685,000 
(2012: £571,000)  of investment  management fee  and £45,000  (2012:  £44,000) 
administration fee.  At the  financial  year end,  the  amount due  to  Albion 
Ventures LLP  in  respect of  these  services disclosed  within  accruals  and 
deferred income was £201,000 (2012: £142,000).

Albion Ventures LLP  is, from time  to time, eligible  to receive  transaction 
fees and Directors' fees from portfolio  companies. During the year ended  31 
March 2013, fees  of £87,000 attributable  to the investments  of the  Company 
were received pursuant to these arrangements (2012: £109,000).

Albion Ventures LLP, the Manager, holds  2,534 Ordinary shares as a result  of 
fractional entitlements arising from the merger  of Albion Prime VCT PLC  into 
Albion Venture Capital Trust  PLC on 25 September  2012. These shares will  be 
sold and the proceeds retained for the benefit of the Company.

During the year the  Company raised new funds  through the Albion VCTs  Linked 
Top Up  Offers  2011/2012 and  the  Albion VCTs  Top  Up Offers  2012/2013  as 
described in note 16.  The total cost  of the issue of  shares on 19  December 
2012 was 5.5 per cent.  of the sums subscribed. Of  these costs, an amount  of 
£3,854 (2012: £4,456) was paid to the Manager, Albion Ventures LLP in  respect 
of receiving agent  services. There  were no  sums outstanding  in respect  of 
receiving agent services at the year end.

6. Other expenses

                                                   Year ended 31 Year ended 31
                                                      March 2013    March 2012
                                                           £'000         £'000
Directors' fees (including NIC)                               87            87
Secretarial and administration fee                            45            44
Other administrative expenses                                105            68
Tax services                                                  15            16
Auditor's   remuneration   for   statutory   audit 
services (exc. VAT)                                           26            23
                                                             278           238

7. Directors' fees
The amounts paid to and on behalf of Directors during the year are as follows:

                   Year ended 31 March 2013 Year ended 31 March 2012
                                      £'000                    £'000
Directors' fees                          80                       80
National insurance                        7                        7
                                         87                       87

Further information  regarding Directors'  remuneration can  be found  in  the 
Directors' remuneration report on page 30  of the Annual Report and  Financial 
Statements.

8. Tax (charge)/credit on ordinary activities
 

                             Year ended 31 March 2013 Year ended 31 March 2012
                              Revenue  Capital  Total  Revenue  Capital  Total
                                £'000    £'000  £'000    £'000    £'000  £'000
UK   corporation   tax    in 
respect of current year         (264)      129  (135)    (234)      118  (116)
UK   corporation   tax    in 
respect of prior year              81        -     81       46        -     46
Total                           (183)      129   (54)    (188)      118   (70)

Factors affecting the tax charge:

                                                      Year ended    Year ended
                                                   31 March 2013 31 March 2012
                                                           £'000         £'000
Return on ordinary activities before taxation                984           815
Tax  on  profit  at  the  standard  rate  of   24% 
(2012:26%)                                                 (236)         (212)
Factors affecting the charge:
Non-taxable gains                                             92            81
Consortium relief in respect of prior years                   81            46
Marginal relief                                                9            15
                                                            (54)          (70)

The tax charge for the  year shown in the Income  statement is lower than  the 
standard rate of  corporation tax  in the  UK of 24  per cent.  (2012: 26  per 
cent.). The differences are explained above.

Consortium relief is  recognised in the  accounts in the  period in which  the 
claim is submitted to HMRC and is shown as tax in respect of prior year.

Notes

(i)Venture Capital  Trusts are  not  subject to  corporation tax  on  capital 
gains.
(ii)Tax relief  on  expenses  charged  to  capital  has  been  determined  by 
allocating tax relief to expenses  by reference to the applicable  corporation 
tax rate and allocating the relief  between revenue and capital in  accordance 
with the SORP.
(iii)No deferred tax asset or liability has arisen in the year.

9. Dividends

                                                      Year ended    Year ended
                                                   31 March 2013 31 March 2012
                                                           £'000         £'000
First dividend paid on 29 July 2011 - 2.50 pence
per share                                                      -           897
Second dividend paid on 30 December 2011 -  2.50 
pence per share                                                -           888
First dividend paid  31 July 2012  - 2.50  pence 
per share                                                    928             -
Second dividend  paid 31  December 2012  -  2.50 
pence per share                                            1,404             -
Unclaimed dividends                                         (33)          (14)
                                                           2,299         1,771

In addition to the dividends summarised above, the Board has declared a  first 
dividend for the  year ending  31 March  2014 of  2.50 pence  per share.  This 
dividend will be paid on 31 July 2013 to shareholders on the register as at  5 
July 2013. The total dividend will be approximately £1,400,000

During the year, unclaimed dividends older than twelve years of £33,000 (2012:
£14,000) were returned  to the  Company in accordance  with the  terms of  the 
Articles of Association.

10. Acquisition of the assets and liabilities of Albion Prime VCT PLC

On 25 September 2012, the following assets and liabilities of Albion Prime VCT
PLC ("Prime") were  transferred to the  Company in exchange  for the issue  to 
Prime shareholders of 19,307,001 shares in  the Company, at an issue price  of 
74.2638 pence per share:

                           £'000
Fixed asset investments   13,123
Debtors                       16
Cash at bank and in hand   1,450
Creditors                  (162)
Merger costs                (89)
                          14,338

Shareholders should note that under  accounting standards, the calculation  of 
the net asset value per  share uses the total  shares in issue (less  treasury 
shares), whereas the calculation of the total return uses the weighted average
shares in issue during the period. Due  to the amount of shares issued  during 
the year as a result of the  merger with Albion Prime VCT PLC, the  difference 
between the total  shares in  issue (less  treasury shares)  and the  weighted 
average share in issue during the period has resulted in the total return  per 
share being higher than if the shares in issue (less treasury shares) had been
applied to the movement in the Balance sheet since merger. This difference  in 
the number of shares for each respective calculation will converge over time.

On 25 September  2012, Prime  was placed into  members' voluntary  liquidation 
pursuant to a scheme of reconstruction under section 110 of the Insolvency Act
1986.

The net asset values ("NAVs") per share of each fund used for the purposes  of 
conversion at the calculation date of 24 September 2012 were 74.2638 pence per
share and 65.3663 pence per share for the Company and Prime respectively. The
conversion ratio for each Prime share was 0.8801 Albion Venture Capital  Trust 
PLC share for each Prime share.

New share  certificates were  sent to  all Prime  shareholders during  October 
2012.

11. Basic and diluted return per share

                           Year ended 31 March 2013   Year ended 31 March 2012
                           Revenue    Capital Total Revenue      Capital Total
The return  per share  has 
been    based    on    the 
following figures:
Return/(loss) attributable
to equity shares (£'000)       931        (1)   930     745            -   745
Weighted average shares in
issue (excluding  treasury                                         
shares)                            46,973,203                35,974,300
Return  attributable   per 
equity share (pence)          2.00          -  2.00    2.10            -  2.10

The weighted average number of shares is calculated excluding treasury  shares 
of 4,152,440 (2012: 3,079,373).

There  are  no  convertible  instruments,  derivatives  or  contingent   share 
agreements in issue, and therefore no dilution affecting the return per share.
The basic return per  share is therefore  the same as  the diluted return  per 
share.

12. Fixed asset investments

                                                   31 March 2013 31 March 2012
                                                           £'000         £'000
Investments held at fair  value through profit  or 
loss
Unquoted equity                                            8,489         8,490
Unquoted debt issued at a discount and convertible
bonds                                                      2,231         1,315
                                                          10,720         9,805
Investments held at amortised cost
Unquoted loan stock                                       19,478        16,140
                                                          30,198        25,945

                                                                         £'000
Opening valuation                                                       25,945
Purchases at cost                                                       13,472
Disposal proceeds                                                      (9,623)
Realised gains                                                           1,028
Movement in loan stock accrued income                                       70
Unrealised losses                                                        (694)
Closing valuation                                                       30,198
Movement in loan stock accrued income
Opening accumulated movement in loan stock accrued income                  198
Movement in loan stock accrued income                                       70
Closing accumulated movement in loan stock accrued income                  268
Movement in unrealised losses
Opening accumulated unrealised losses                                  (3,067)
Transfer of  previously unrealised  gains to  realised reserve  on 
disposal of investments                                                (1,129)
Movement in unrealised losses                                            (694)
Closing accumulated unrealised losses                                  (4,890)
Historic cost basis
Opening book cost                                                       28,814
Purchases at cost                                                       13,472
Sales at cost                                                          (7,464)
Closing book cost                                                       34,821

Fixed asset  investments held  at  fair value  through  profit or  loss  total 
£10,720,000 (2012:  £9,805,000).  Investments  held at  amortised  cost  total 
£19,478,000 (2012: £16,140,000).

The amounts shown for the purchase of  fixed assets included in the cash  flow 
statement differ from  the amount  shown above due  to the  addition of  fixed 
asset investments carried over from the  portfolio of Albion Prime VCT PLC  of 
£13,123,000. Further details of the acquisition can be found in note 10.

Unquoted loan  stock investments  (excluding debt  issued at  a discount)  are 
measured at amortised  cost. Loan  stocks using  a fixed  interest rate  total 
£19,478,000 (2012: £16,076,000). Loan stocks with a floating rate of  interest 
are nil (2012: £64,000).

The Directors  believe that  the  carrying value  of  loan stock  measured  at 
amortised cost is not materially different to fair value.

The Company does not hold any assets as the result of the enforcement of
security during the period, and believes that the carrying values for both
impaired and past due assets are covered by the value of security held for
these loan stock investments.


Unquoted equity investments and convertible and discounted debts are valued in
accordance with the IPEVCV guidelines as follows:

                                                   31 March 2013 31 March 2012
Valuation methodology                                      £'000         £'000
Cost (reviewed for impairment)                               506         1,909
Net asset value  supported by independent  desktop 
reviews                                                        -            23
Net asset value supported by third party valuation        10,214         7,873
                                                          10,720         9,805

Fair  value  investments  had   the  following  movements  between   valuation 
methodologies between 31 March 2012 and 31 March 2013:

                                         Value as at
Change in valuationmethodology (2012  to 31 March 2013
2013)                                    £'000         Explanatory note
Cost and price of recent investment  to               More recent information
net asset value                          910           available

The valuation method used will  be the most appropriate valuation  methodology 
for an investment within  its market, with regard  to the financial health  of 
the investment and the September 2009 IPEVCV Guidelines. The Directors believe
that, within these parameters, there are  no other methods of valuation  which 
would be reasonable as at 31 March 2013.

The amended FRS 29 'Financial  Instruments: Disclosures' requires the  Company 
to disclose the valuation methods applied to its investments measured at  fair 
value through  profit or  loss in  a  fair value  hierarchy according  to  the 
following definitions:

Fair value hierarchy Definition of valuation method
Level 1              Unadjusted quoted (bid) prices applied
Level 2              Inputs to valuation are  from observable sources and  are 
                     directly or indirectly derived from prices
Level 3              Inputs to valuations not based on observable market data.

All of the company's  fixed asset investments  as at 31  March 2013 which  are 
valued at fair value through profit or loss, are all valued according to Level
3 methods.

Investments held  at fair  value through  profit  or loss  (level 3)  had  the 
following movements in the year to 31 March 2013:

                          31 March 2013                  31 March 2012
                                                           Convertible
                        Convertible and                 and discounted
              Equity   discounted bonds   Total  Equity          bonds   Total
               £'000              £'000   £'000   £'000          £'000   £'000
Opening                           1,315                            119
balance        8,490                      9,805   8,231                  8,350
Additions      3,187                913   4,100     720            797   1,517
Disposal                              -                              -
proceeds     (4,662)                    (4,662) (1,127)                (1,127)
Realised                              -                              -
gains          1,184                      1,184     283                    283
Unrealised                            3                            399
gains            290                        293     383                    782
Closing                           2,231                          1,315
balance        8,489                     10,720   8,490                  9,805

Desk top reviews are  carried out by independent  RICS qualified surveyors  by 
updating previously prepared  full valuations for  current trading and  market 
indices. Full valuations are prepared  by similarly qualified surveyors,  but 
in full compliance with the RICS Red Book.

FRS 29 requires the Directors to consider  the impact of changing one or  more 
of the inputs  used as part  of the valuation  process to reasonable  possible 
alternative assumptions. After due consideration and noting that the valuation
methodology applied to 100 per cent. of the equity investments (by  valuation) 
is based on cost or independent third party market information, the  Directors 
do not believe that changes to reasonable possible alternative assumptions for
the valuation of the portfolio as a  whole would lead to a significant  change 
in the fair value of the portfolio.

13. Significant interests

The principal activity of  the Company is  to select and  hold a portfolio  of 
investments in unquoted securities. Although the Company, through the Manager,
will, in some cases, be represented on  the board of the investee company,  it 
will not take a controlling interest or become involved in the management. The
size and structure  of the companies  with unquoted securities  may result  in 
certain holdings  in  the  portfolio  representing  a  participating  interest 
without there being  any partnership, joint  venture or management  consortium 
agreement. The  Company has  interests of  greater than  20 per  cent. of  the 
nominal value of any class of the allotted shares in the investee companies as
at 31 March 2013 as described below:

                              Country     of                    %  class   and 
Company                       incorporation  Principal activity voting rights
G&K  Smart  Developments  VCT Great Britain  Residential        42.9% Ordinary
Limited                                      property developer shares
Kew  Green   VCT   (Stansted) Great Britain  Hotel  owner   and 45.2% Ordinary
Limited                                      operator           shares
The Stanwell Hotel Limited    Great Britain  Hotel  owner   and 39.2% Ordinary
                                             operator           shares
Oakland Care Centre Limited   Great Britain  Care home          31.6% Ordinary
                                                                shares
The  Crown  Hotel   Harrogate Great Britain  Hotel  owner   and 24.1% Ordinary
Limited                                      operator           shares

The investments listed above are held as part of an investment portfolio,  and 
therefore, as permitted  by FRS 9,  they are  measured at fair  value and  not 
accounted for using the equity method.

14. Current assets

                               31 March 2013 31 March 2012
Trade and other debtors                £'000         £'000
Prepayments and accrued income            24            10
                                          24            10

The Directors consider that the carrying  amount of debtors is not  materially 
different to their fair value.

                                                   31 March 2013 31 March 2012
Current asset investments                                  £'000         £'000
Contingent future  receipts from  the disposal  of 
fixed asset investments                                       50             -
                                                              50             -

The fair value hierarchy applied to contingent future receipts on disposal  of 
fixed asset investments is Level 3. 

15. Creditors: amounts falling due within one year

                             31 March 2013 31 March 2012
                                     £'000         £'000
Trade creditors                         40            31
UK Corporation tax payable             100           175
Accruals and deferred income           347           319
                                       487           525

The Directors consider that the carrying amount of creditors is not materially
different to their fair value.

16. Called up share capital

                                                31 March 2013 31 March
                                                                          2012
                                                                £'000    £'000
Allotted, called up and fully paid
60,317,650 Ordinary shares of 1p each (2012: 39,467,119           603   19,733
Ordinary shares of 50p each)
Voting rights
56,165,210 Ordinary shares of 1p each (net of treasury
shares) (2012: 36,387,746 Ordinary shares of 50p each)

       

Following the Annual General Meeting on 17 September 2012 the Company obtained
authority to reduce the nominal value of its shares from 50 pence to 1 penny
and to cancel its share premium and capital redemption reserve. This was
approved by the Court on 30 January 2013. The restructuring increased the
distributable reserves available to the Company for the payment of dividends,
the buy-back of shares, and for other corporate purposes. The effects of
these transactions were to reduce the ordinary share capital by £29,556,000,
the share premium reserve by £5,955,000, the capital redemption reserve by
£1,914,000 and increase the other distributable reserve by £37,425,000.

The Company purchased 1,073,067 Ordinary  shares (2012: 1,036,100) to be  held 
in treasury at a cost of £720,000 (2012: £663,000) representing 1.8 per  cent. 
of the shares in issue  (excluding treasury shares) as  at 31 March 2013.  The 
shares purchased for treasury were funded from other distributable reserve. 

The Company holds a total of  4,152,440 shares (2012: 3,079,373) in  treasury, 
representing 6.9 per cent. of the issued Ordinary share capital as at 31 March
2013.

The Company issued 19,307,001 Ordinary shares to former shareholders of Albion
Prime VCT PLC, at an issue price of 74.2638p, as part of the merger  explained 
in note 10.

Under the terms  of the Dividend  Reinvestment Scheme Circular  dated 10  July 
2008, the following Ordinary shares were allotted during the year:

                                                                       Opening
                       Aggregate                Issue price incl. market price
             Number of   nominal           Net  issue costs    per share on
     Date of    shares  value of consideration        (pence    allotment
   allotment  allotted    shares      received                per         date
                                                                    (pence per
                           £'000         £'000             share)       share)
31 July 2012    81,242        41            50              75.50        67.00
 31 December                                                73.50
        2012   109,447        55            72                           74.00
               190,689        96           122

   
During the year the following Ordinary  shares were allotted under the  Albion 
VCT's Linked  Top Up  Offers 2011/2012  and  the Albion  VCT's Top  Up  Offers 
2012/2013:

                                                                       Opening
                        Aggregate                                 market price
              Number of   nominal           Net Issue price incl. per share on
     Date of     shares  value of consideration issue costs       allotment
   allotment   allotted    shares      received      (pence per         date
                                                                    (pence per
                            £'000         £'000            share)       share)
5 April 2012    791,924       396           621             83.80        66.00
 31 May 2012     88,960        44            71             83.80        63.00
 19 December                                                77.80
        2012    471,957       236           341                          74.00
              1,352,841       676         1,033

 
17. Basic and diluted net asset values per share

                                                   31 March 2013 31 March 2012
Basic and  diluted  net  asset  values  per  share 
(pence)                                                    74.20         78.00

The basic  and  diluted  net asset  values  per  share at  the  year  end  are 
calculated in accordance with the Articles  of Association and are based  upon 
total shares in  issue (less  treasury shares) of  56,165,210 Ordinary  shares 
(2012: 36,387,746).

There  are  no  convertible  instruments,  derivatives  or  contingent   share 
agreements in issue.

18. Analysis of changes in cash during the year

                            Year ended 31 March 2013 Year ended 31 March 2012
                                                £'000                    £'000
Opening cash balances                           2,956                    2,971
Net cash flow                                   8,940                     (15)
Closing cash balances                          11,896                    2,956

19. Reconciliation of net return on ordinary activities before taxation to net
cash flow from operating activities

                                                   Year ended 31 Year ended 31
                                                      March 2013    March 2012
                                                           £'000         £'000
Revenue  return  on  ordinary  activities   before 
taxation                                                   1,114           933
Investment management fee charged to capital               (514)         (428)
Movement in accrued amortised loan stock interest           (70)          (38)
Increase in debtors                                         (13)           (1)
Increase/(decrease) in creditors                              55          (17)
Net cash flow from operating activities                      572           449

20. Capital and financial instruments risk management
The Company's capital comprises Ordinary shares  as described in note 16.  The 
Company is permitted to buy-back its  own shares for cancellation or  treasury 
purposes, and this is  described in more  detail on page  7 of the  Chairman's 
statement of the Annual Report and Financial Statements.

The Company's financial instruments comprise equity and loan stock investments
in unquoted  companies,  contingent  receipts  on  disposal  of  fixed  assets 
investments, cash balances and  short term debtors  and creditors which  arise 
from its operations.  The main purpose  of these financial  instruments is  to 
generate cashflow  and  revenue and  capital  appreciation for  the  Company's 
operations. The Company has  no gearing or  other financial liabilities  apart 
from short term creditors.  The Company does not  use any derivatives for  the 
management of its balance sheet.

The principal risks arising from the Company's operations are:

  *Investment (or market)  risk (which  comprises investment  price and  cash 
    flow interest rate risk);

  *credit risk; and

  *liquidity risk.

The Board regularly  reviews and agrees  policies for managing  each of  these 
risks. There have been no changes in the nature of the risks that the  Company 
has faced during the past year and,  apart from where noted below, there  have 
been no changes in  the objectives, policies or  processes for managing  risks 
during the past year. The key risks are summarised below.

Investment risk
As a venture capital  trust, it is the  Company's specific nature to  evaluate 
and control  the investment  risk of  its portfolio  in unquoted  investments, 
details of  which are  shown  on pages  12  to 13  of  the Annual  Report  and 
Financial Statements. Investment risk  is the exposure of  the Company to  the 
revaluation and devaluation of investments. The main driver of investment risk
is the operational and financial performance  of the investee company and  the 
dynamics  of  market  quoted  comparators.  The  Manager  receives  management 
accounts from investee  companies, and  members of  the investment  management 
team often sit on the boards of unquoted investee companies; this enables  the 
close identification, monitoring and management of investment risk.

The Manager  and the  Board formally  review investment  risk (which  includes 
market price risk), both  at the time of  initial investment and at  quarterly 
Board meetings.

The Board monitors the prices at which sales of investments are made to ensure
that profits to the Company are maximised, and that valuations of  investments 
retained within  the  portfolio  appear  sufficiently  prudent  and  realistic 
compared to  prices  being  achieved  in the  market  for  sales  of  unquoted 
investments.

The maximum investment risk as at the  balance sheet date is the value of  the 
fixed investment portfolio  which is £30,198,000  (2012: £25,945,000).  Fixed 
asset investments form 72.5 per  cent. of the net asset  value as at 31  March 
2013 (2012: 91.4 per cent.).

More details regarding the classification of fixed asset investments are shown
in note 12.

Investment price risk
Investment price risk  is the risk  that the fair  value of future  investment 
cash flows will fluctuate due to factors specific to an investment  instrument 
or to a market in similar  instruments. To mitigate the investment price  risk 
for the Company  as a whole,  the strategy of  the Company is  to invest in  a 
broad spread  of  industries with  approximately  two-thirds of  the  unquoted 
investments comprising debt securities, which, owing to the structure of their
yield and the fact that they are usually secured, have a lower level of  price 
volatility than equity. Details  of the industries  in which investments  have 
been made are contained  in the Portfolio of  investments section on pages  12 
and 13 of  the Annual  Report and Financial  Statements and  in the  Manager's 
report.

Valuations are  based on  the most  appropriate valuation  methodology for  an 
investment within  its market,  with  regard to  the financialhealth  of  the 
investment and the IPEVCV Guidelines.

As required under FRS  29 "Financial Instruments:  Disclosures", the Board  is 
required to illustrate by way of a sensitivity analysis the degree of exposure
to market  risk.  The  Board considers  that  the  value of  the  fixed  asset 
investment portfolio  is sensitive  to a  10  per cent.  change based  on  the 
current economic  climate.  The impact  of  a 10  per  cent. change  has  been 
selected  as  this  is  considered  reasonable  given  the  current  level  of 
volatility observed both on a historical basis and future expectations.

The sensitivity of a 10 per cent. increase or decrease in the valuation of the
fixed and current  asset investments  (keeping all  other variables  constant) 
would increase or  decrease the net  asset value  and return for  the year  by 
£3,025,000 (2012: £2,595,000).

Cash flow interest rate risk
It is the Company's  policy to accept  a degree of interest  rate risk on  its 
financial assets through the effect of interest rate changes. On the basis  of 
the Company's analysis, it is estimated that a rise of one percentage point in
all interest rates would have increased  total return before tax for the  year 
by approximately £55,000 (2012: £24,000). Furthermore, it is considered that a
fall of interest rates  below current levels during  the year would have  been 
very unlikely.

The weighted average interest rate applied to the Company's fixed rate  assets 
during the year was approximately 6.30  per cent. (2012: 6.40 per cent.).  The 
weighted average period to maturity for the fixed rate assets is approximately
3.16 years (2012: 2.60 years).

The Company's  financial assets  and  liabilities as  at  31 March  2013,  all 
denominated in pounds sterling, consist of the following:

                        31 March 2013                       31 March 2012
              Fixed Floating Non-interest         Fixed Floating Non-interest
               rate     rate      bearing  Total   rate     rate      bearing  Total
              £'000    £'000        £'000  £'000  £'000    £'000        £'000  £'000
Unquoted
equity            -        -        8,489  8,489      -        -        8,490  8,490
Convertible
and
discounted
bonds         1,866        -          365  2,231      -        -        1,315  1,315
Unquoted
loan stock   19,478        -            - 19,478 16,076       64            - 16,140
Current
asset
investments       -        -           50     50      -        -            -      -
Debtors *         -        -           20     20      -        -            8      8
Current
liabilities*      -        -        (387)  (387)      -        -        (350)  (350)
Cash         11,217      679            - 11,896  1,479    1,477            -  2,956
Total    net 
assets       32,561      679        8,537 41,777 17,555    1,541        9,463 28,559

* The debtors and current liabilities do not reconcile to the balance sheet as
prepayments and tax payable are not included in the above table.

Credit risk
Credit risk is the risk that  the counterparty to a financial instrument  will 
fail to discharge an  obligation or commitment that  it has entered into  with 
the Company.  The Company  is  exposed to  credit  risk through  its  debtors, 
investment in unquoted loan stock, and through the holding of cash on  deposit 
with banks.

The Manager evaluates credit  risk on loan stock  prior to investment, and  as 
part of its ongoing  monitoring of investments. In  doing this, it takes  into 
account the extent  and quality  of any  security held.  Typically loan  stock 
instruments have a first fixed charge or a fixed and floating charge over  the 
assets of the investee company in order to mitigate the gross credit risk. The
Manager receives management accounts from  investee companies, and members  of 
the investment management team  often sit on the  boards of unquoted  investee 
companies; this enables the close identification, monitoring and management of
investment specific credit risk.

The Manager and the Board formally review credit risk (including debtors)  and 
other risks, both  at the time  of initial investment  and at quarterly  Board 
meetings.

The Company's total  gross credit  risk as  at 31  March 2013  was limited  to 
£21,709,000 (2012: £17,455,000)  of unquoted  loan stock  instruments (all  of 
which is secured  on the  assets of  the investee  company), £11,896,000  cash 
deposits with  banks  (2012:  £2,956,000) £50,000  current  asset  investments 
(2012: nil) and £24,000 debtors (2012: £10,000).

The credit profile  of the unquoted  loan stock is  described under  liquidity 
risk below.

The cost,  impairment and  carrying  value of  impaired  loan stocks  held  at 
amortised cost at 31 March 2013 and 31 March 2012 are as follows:

                         31 March 2013                  31 March 2012
                                       Carrying                       Carrying
                  Cost Impairment         value  Cost Impairment         value
                 £'000      £'000         £'000 £'000      £'000         £'000
Impaired   loan 
stock           11,907    (3,021)         8,886 9,104    (2,345)         6,759

Impaired loan  stock instruments  have a  first fixed  charge or  a fixed  and 
floating charge over the assets of the investee company and the Board consider
the security value to be the carrying value.

As at the balance sheet  date, the cash held by  the Company is held with  the 
Royal Bank of  Scotland plc,  Lloyds TSB Bank  plc, Scottish  Widows Bank  plc 
(part of Lloyds  Banking Group),  Barclays Bank plc  and National  Westminster 
Bank plc. Credit risk  on cash transactions is  mitigated by transacting  with 
counterparties that are regulated entities subject to prudential  supervision, 
with high credit ratings assigned by international credit-rating agencies.

The Company  has  an informal  policy  of limiting  counterparty  banking  and 
floating rate note exposure to  a maximum of 20 per  cent. of net asset  value 
for any one counterparty.

Liquidity risk
Liquid assets are held as cash on current, deposit or short term money  market 
accounts. Under the  terms of  its Articles, the  Company has  the ability  to 
borrow up to 10 per cent. of  its adjusted capital and reserves of the  latest 
published audited balance sheet,  which amounts to £4,168,000  as at 31  March 
2013 (2012: £2,842,000).

The Company has no committed borrowing  facilities as at 31 March 2013  (2012: 
£nil) and had cash balances of  £11,896,000 (2012: £2,956,000). The main  cash 
outflows are for new  investments, buy-back of  shares and dividend  payments, 
which are within the control of the Company. The Manager formally reviews  the 
cash requirements  of the  Company on  a monthly  basis, and  the Board  on  a 
quarterly basis as part  of its review of  management accounts and  forecasts. 
All the Company's  financial liabilities are  short term in  nature and  total 
£487,000 for the year to 31 March 2013 (2012: £490,000).

The carrying value of loan stock investments  at 31 March 2013 as analysed  at 
each year end by expected maturity dates is as follows:

                      Fully performing Impaired Past due  Total
Redemption date                  £'000    £'000    £'000  £'000
Less than one year                 355        -      471    826
1-2 years                          109    2,241    3,846  6,196
2-3 years                        2,345        -      296  2,641
3-5 years                        1,904    6,645    2,164 10,713
Greater than 5 years             1,103        -      230  1,333
Total                            5,816    8,886    7,007 21,709

Loan stock categorised as past due includes:

  *Loan stock with  a carrying value  of £4,049,000 had  loan stock  interest 
    past due  for  less  than  12  months  (through  not  paying  all  of  its 
    contractual interest). This investment has yielded 11.6 per cent. on  cost 
    during the year;

  *Loan stock with a  carrying value of £529,000  which has interest  overdue 
    for 12 months yielded nil on cost;

  *Loan stock with a  carrying value of £365,000  which has interest  overdue 
    for 2 years and less than 3 years yielded nil on cost;

  *Loan stock  with a  carrying  value of  £1,926,000  had capital  past  due 
    greater than 3 years and less than 5 years. This investment has yielded  5 
    per cent. on cost during the year;

  *Loan stock with a carrying value of £138,000 had capital past due  greater 
    than 5 years. This investment has yielded nil on cost during the year.

The carrying value  of loan  stock investments held  at amortised  cost at  31 
March 2012 as analysed by expected maturity dates is as follows:

                     Fully performing Impaired Past due  Total
Redemption date                 £'000    £'000    £'000  £'000
Less than one year              1,326      788        -  2,114
1-2 years                       2,782    4,041    1,797  8,620
2-3 years                         249    1,623      701  2,573
3-5 years                       2,777      307      781  3,865
Greater than 5 years                -        -      283    283
Total                           7,134    6,759    3,562 17,455

In view of  the information  shown, the Board  considers that  the Company  is 
subject to low liquidity risk.

Fair values of financial assets and financial liabilities
All the Company's  financial assets and  liabilities as at  31 March 2013  are 
stated at fair  value as determined  by the Directors,  with the exception  of 
loans and receivables included within investments, cash, debtors and creditors
which are carried  at amortised cost,  as permitted by  FRS 26. The  Directors 
believe that  the current  carrying  value of  loan  stock is  not  materially 
different to the  fair value. There  are no financial  liabilities other  than 
creditors. The Company's financial  liabilities are all non-interest  bearing. 
It is the Directors' opinion that the book value of the financial  liabilities 
is not materially different to the fair  value and all are payable within  one 
year.

21. Commitments and contingencies
The company had the following financial commitment in respect of the following
investment:

  *Dragon Hydro Limited, £173,000

There are no contingent liabilities or  guarantees given by the Company as  at 
31 March 2013 (31 March 2012: nil).

22. Post balance sheet events
Since 31  March 2013  the Company  has had  the following  post balance  sheet 
events:

  *Investment of £25,000 in Bravo Inns II Limited

  *Investment of £85,000 in Dragon Hydro Limited

  *Investment of £63,000 in The Stanwell Hotel Limited

  *The following Ordinary  shares of  nominal value  1 penny  per share  were 
    allotted under the Albion VCTs Top Up Offers 2012/2013:

                                                                       Opening
                        Aggregate                                 market price
              Number of   nominal           Net Issue price incl. per share on
     Date of     shares  value of consideration issue costs       allotment
   allotment   allotted    shares      received      (pence per         date
                                                                    (pence per
                            £'000         £'000            share)       share)
5 April 2013  2,505,191        25         1,866             76.80        69.00
    12 June                                                76.80
        2013     99,020         1            74                          67.50

23. Related party transactions

There are no related party transactions or balances requiring disclosure.

24. Principal risks and uncertainties

In  addition  to  the  current  economic  risks  outlined  in  the  Chairman's 
statement, the  Board considers  that the  Company faces  the following  major 
risks and uncertainties:

1. Economic risk
Changes  in  economic  conditions,  for  example,  interest  rates,  rates  of 
inflation, industry conditions, competition,  political and diplomatic  events 
and other  factors  could substantially  and  adversely affect  the  Company's 
prospects in a number of ways.

To reduce this risk, in addition  to investing equity in portfolio  companies, 
the Company  often invests  in secured  loan stock  and has  a policy  of  not 
permitting  any   external  bank   borrowings  within   portfolio   companies. 
Additionally, the  Manager has  been rebalancing  the sector  exposure of  the 
portfolio with a view to reducing reliance on consumer led sectors.

2. Investment risk
This is  the risk  of investment  in  poor quality  assets which  reduces  the 
capital and  income returns  to shareholders,  and negatively  impacts on  the 
Company's reputation. By  nature, smaller unquoted  businesses, such as  those 
that qualify for venture capital trust purposes, are more fragile than larger,
long established businesses.

The success of investments  in certain sectors is  also subject to  regulatory 
risk, such as those affecting companies involved in UK renewable energy.

To reduce this risk, the Board  places reliance upon the skills and  expertise 
of the Manager and its  strong track record for  investing in this segment  of 
the market.  In  addition,  the  Manager  operates  a  formal  and  structured 
investment  process,  which  includes  an  Investment  Committee,   comprising 
investment professionals from the Manager and at least one external investment
professional. The Manager also  invites, and takes  account of, comments  from 
non-executive Directors  of  the  Company  on  investments  discussed  at  the 
Investment  Committee  meetings.  Investments   are  actively  and   regularly 
monitored by the Manager (investment managers normally sit on investee company
boards) and the Board receives detailed reports on each investment as part  of 
the Manager's report  at quarterly  board meetings. It  is the  policy of  the 
Company for portfolio companies to not normally have external borrowings.

The Board  and  the Manager  closely  monitor regulatory  changes  within  the 
sectors invested in.

3.Valuation risk
The Company's  investment valuation  method  is reliant  on the  accuracy  and 
completeness  of  information  that  is  issued  by  portfolio  companies.  In 
particular, the Directors  may not be  aware of or  take into account  certain 
events or  circumstances which  occur  after the  information issued  by  such 
companies is reported.
As described  in note  2  of the  Financial  Statements, the  unquoted  equity 
investments, convertible loan stock and debt issued at a discount held by  the 
Company are designated  at fair  value through profit  or loss  and valued  in 
accordance with the International Private Equity and Venture Capital Valuation
Guidelines. These guidelines  set out recommendations,  intended to  represent 
current best practice on the  valuation of venture capital investments.  These 
investments  are  valued  on  the  basis  of  forward  looking  estimates  and 
judgements about the business itself, its market and the environment in  which 
it operates, together with the state  of the mergers and acquisitions  market, 
stock market  conditions and  other factors.  In making  these judgements  the 
valuation takes  into account  all known  material  facts up  to the  date  of 
approval of the  Financial Statements by  the Board. All  other unquoted  loan 
stock is measured at amortised cost.

4.Venture Capital Trust approval risk
The Company's current approval as a venture capital trust allows investors  to 
take advantage  of tax  reliefs on  initial investment  and ongoing  tax  free 
capital gains and dividend income. Failure to meet the qualifying requirements
could result in investors losing the tax relief on initial investment and loss
of tax relief on any tax-free  income or capital gains received. In  addition, 
failure to meet the qualifying requirements could result in a loss of  listing 
of the shares.

To reduce this risk,  the Board has  appointed the Manager,  which has a  team 
with significant  experience  in venture  capital  trust management,  used  to 
operating within the requirements of the venture capital trust legislation. In
addition, to  provide  further formal  reassurance,  the Board  has  appointed 
PricewaterhouseCoopers LLP  as its  taxation advisers.  PricewaterhouseCoopers 
LLP report quarterly to the Board to independently confirm compliance with the
venture capital trust legislation, to highlight areas of risk and to inform on
changes in legislation.

5. Compliance risk
The Company is listed on The London  Stock Exchange and is required to  comply 
with the rules of the UK Listing Authority, as well as with the Companies Act,
Accounting Standards  and  other legislation.  Failure  to comply  with  these 
regulations could result  in a  delisting of  the Company's  shares, or  other 
penalties under  the  Companies  Act or  from  financial  reporting  oversight 
bodies.

Board members and the  Manager have experience of  operating at senior  levels 
within quoted  businesses. In  addition,  the Board  and the  Manager  receive 
regular updates  on  new  regulation  from  its  auditor,  lawyers  and  other 
professional bodies.

6. Internal control risk
Failures in key controls, within the  Board or within the Manager's  business, 
could put assets of  the Company at  risk or result  in reduced or  inaccurate 
information being passed to the Board or to shareholders.

The Audit Committee meets with the Manager's Internal Auditor, Littlejohn LLP,
when required, receiving  a report  regarding the last  formal internal  audit 
performed on  the  Manager,  and  providing  the  opportunity  for  the  Audit 
Committee to  ask  specific  and  detailed  questions.  John  Kerr,  as  Audit 
Committee Chairman, met with the internal  audit Partner of Littlejohn LLP  in 
February 2013 to discuss the most recent Internal Audit Report on the Manager.
The Manager has a comprehensive business continuity plan in place in the event
that operational  continuity  is  threatened. Further  details  regarding  the 
Board's management and review of  the Company's internal controls through  the 
implementation of the Turnbull guidance are detailed on page 28 of the  Annual 
Report and Financial Statements.

Measures are in  place to  mitigate information risk  in order  to ensure  the 
integrity, availability  and confidentiality  of information  used within  the 
business.

7. Reliance upon third parties risk
The Company  is reliant  upon the  services  of Albion  Ventures LLP  for  the 
provision of  investment management  and administrative  functions. There  are 
provisions within the  management agreement  for the change  of Manager  under 
certain circumstances (for more detail, see the management agreement paragraph
on page 21 of  the Annual Report and  Financial Statements). In addition,  the 
Manager has demonstrated to the Board  that there is no undue reliance  placed 
upon any one individual within Albion Ventures LLP.

8. Financial risks
By its  nature,  as  a  venture  capital trust,  the  Company  is  exposed  to 
investment risk (which comprises investment price risk and cash flow  interest 
rate risk),  credit  risk  and  liquidity risk.  The  Company's  policies  for 
managing these risks  and its financial  instruments are outlined  in full  in 
note 20 to the Financial Statements.

All of the  Company's income and  expenditure is denominated  in sterling  and 
hence the  Company has  no  foreign currency  risk.  The Company  is  financed 
through equity and  does not  have any borrowings.  The Company  does not  use 
derivative financial instruments for speculative purposes.

25. Other information
The information set out in this announcement does not constitute the Company's
statutory accounts within the terms of  section 434 of the Companies Act  2006 
for the years  ended 31  March 2013  and 31  March 2012,  and is  derivedfrom 
thestatutory accounts for those financial years,  which have been, or in  the 
case of  the  accounts for  the  year ended  31  March 2013,  which  will  be, 
delivered to  the  Registrar  of  Companies. The  Auditor  reported  on  those 
accounts; the reports were unqualified and  did not contain a statement  under 
s498 (2) or (3) of the Companies Act 2006.

The Company'sAnnual General Meeting will be held at The City of London  Club, 
19 Old Broad Street, London, EC2N 1DS on 29 July 2013 at 11.00am.

26. Publication
The full  audited Annual  Report and  Financial Statementsare  being sent  to 
shareholders and copies will be made available to the public at the registered
office of the  Company, Companies  House, the National  Storage Mechanism  and 
also  electronically   atwww.albion-ventures.co.ukunder  the   'Our   Funds' 
section, by clicking on 'Albion Venture  Capital Trust PLC', where the  Report 
can be accessed as a  PDF document via a link  under the 'Investor Centre'  in 
the 'Financial Reports and Circulars' section.

Dividend history  for Albion  Prime VCT  PLC now  merged with  Albion  Venture 
Capital Trust PLC

                                                                  Proforma^(i)
                                                          Albion Prime VCT PLC
Total shareholder net asset value return to 31 March 2013    (pence per share)
Total dividends paid during the period
ended                                  31 March 1998                      1.10
                                       31 March 1999(ii)                  6.40
                                       31 March 2000                      1.50
                                       31 March 2001                      4.25
                                       31 March 2002                      2.75
                                       31 March 2003                      2.00
                                       31 March 2004                      1.25
                                       31 March 2005                      2.20
                                       31 March 2006                      4.50
                                       31 March 2007                      4.00
                                       31 March 2008                      5.00
                                       31 March 2009                      4.50
                                       31 March 2010                      2.00
                                       31 March 2011                      3.00
                                       31 March 2012                      3.00
                                       31 March 2013                      3.70
Total dividends  paid  to  31  March 
2013                                                                     51.15
Proforma net  asset value  as at  31 
March 2013                                                               65.30
Total proforma shareholder net asset value return to  31 
March 2013                                                              116.45

Notes
i. The proforma shareholder returns presented above are based on the dividends
paid to shareholders before  the merger and the  pro-rata net asset value  per 
share and pro-rata dividends per share paid to 31 March 2013. Albion Prime VCT
PLC was merged with Albion Venture Capital Trust PLC on 25^th September  2012. 
This pro-forma is based  upon 0.8801 Albion Venture  Capital Trust PLC  shares 
for every Albion Prime VCT PLC share which merged with Albion Venture  Capital 
Trust PLC on 25 September 2012.
ii. Dividends paid before  5 April 1999 were  paid to qualifying  shareholders 
inclusive of the associated tax credit. The dividends for the year to 31 March
1999 were maximised in order to take advantage of this tax credit.
iii. The  above  table  excludes  the tax  benefits  investors  received  upon 
subscription for shares in the Company.

Split of portfolio by sector

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information contained therein.

Source: Albion Venture Capital Trust PLC via Thomson Reuters ONE
HUG#1711899