Albion Venture Capital Trust PLC: Annual Financial Report- Correction

    Albion Venture Capital Trust PLC: Annual Financial Report- Correction

Albion Venture Capital Trust PLC

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 2014.

This announcement was  approved for release  by the Board  of Directors on  25 
June 2014.

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   2014   (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  2014 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 and policy

The investment strategy of Albion Venture Capital Trust PLC (the "Company") 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;
  *The Company 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  portfolio company. Funds managed or  advised 
    by Albion Ventures LLP  typically own 50  per cent. of  the equity of  the 
    portfolio company;
  *other than the  loan stock issued  to funds managed  or advised by  Albion 
    Ventures  LLP,  portfolio   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.

Background to the Company

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 has raised a further £8.7 million under the Albion
VCTs Top Up Offers since 2011.

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 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  as 
describe in note 10.

Financial calendar

Record date for first dividend                                    11 July 2014
Annual General Meeting                                            25 July 2014
Payment of first dividend                                         31 July 2014
Announcement of half-yearly results for the six months  ended   November 2014
30 September 2014
Payment of second dividend (subject to Board approval)        31 December 2014

Financial highlights

2.0p  Basic and diluted total return per share as at 31 March 2014
5.0p  Total tax-free dividend per  share paid during the  year ended 31  March 
      2014 and 2.5p first tax free dividend per share declared for the year to
      31 March 2015
71.3p Net asset value per share as at 31 March 2014
6.2%  Annualised return since launch (without tax relief)

201.1p Net asset value plus dividends since launch to 31 March 2014

                                    31 March 2014      31 March 2013
                               (pence per share) (pence per share)
Dividends paid                               5.00               5.00
Revenue return                               1.70               2.00
Capital return                               0.30                  -
Effect of merger (see note 10)                  -             (0.90)
Net asset value                             71.30              74.20

Total shareholder net asset value return to 31  March Ordinary shares C shares
2014
Total dividends paid during the year ended : 31 March
                                                 1997            2.00        -
                                        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
                                        31 March 2014            5.00     5.00
Total dividends paid to 31 March 2014                          129.80   118.25
Net asset value as at 31 March 2014                             71.30    71.30
Total shareholder net asset value return to 31  March 
2014                                                           201.10   189.55

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 2015 of 2.50 pence per share to be  paid 
on 31 July 2014 to shareholders on the register as at 11 July 2014.

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.

· All dividends paid by the Company are paid free of income tax to  qualifying 
shareholders. 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 2014 are the first to show a full  year's 
combined results of Albion Venture Capital Trust PLC and Albion Prime VCT  PLC 
since they merged  in September 2012.  The results  show a total  return of  2 
pence per share, the same as the  previous year, and net assets of 71.3  pence 
per share compared to  74.2 pence per  share at 31  March 2013, following  the 
payment of total tax-free dividends of  5 pence per share. The Company  raised 
approximately £1.94 million during the year under the Albion VCT Top Up Offers
2012/2013 and approximately  £1.40 million  for the  Albion VCT  Top Up  Offer 
2013/2014, with a subsequent £1.90 million after the year end.

It is  disappointing that  the total  return for  the year  remains below  the 
Company's target dividend of 5  pence per annum. On  the one hand, the  merger 
with Albion Prime VCT PLC has created cost efficiencies, with "other expenses"
(excluding the  write  off  of previously  accrued  income)  falling.  Income, 
however, is also lower than we would  have hoped for. This was largely due  to 
the sales of the strongly cash generative cinema portfolio at the end of  2012 
and the Bear Hotel in Hungerford and Nelson House Hospital in March 2013. The
total return was affected by the soft performance of our hotels and health and
fitness clubs. We address this further below.

Investment performance and progress
In general, we continue the task of repositioning the portfolio towards
greater emphasis on the healthcare and renewable energy sectors and reduced
reliance on sectors that are exposed to the consumer and business cycle.
Renewable energy currently accounts for 14 per cent. of the portfolio with a
target of 20 per cent., while healthcare accounts for 18 per cent. of the
portfolio. Hotels, meanwhile, have declined to below 30 per cent. of the
portfolio.

The hotel  sector  continued to  be  challenging, with  market  conditions  at 
Stansted  Airport  proving  particularly  difficult,  leading  to  a   further 
write-down in the third party valuation of our hotel there. Prospects for  the 
current year, however, are more promising with signs of a revival in passenger
numbers at the airport leading to  an improvement in the hotel's trading.  The 
Crown Hotel in Harrogate experienced a soft year in 2013, but is expecting its
current financial year to be a  record year. In addition, the Stanwell  Hotel 
is now trading  profitably at an  operating level, with  a strong increase  in 
revenue over previous years. In summary, we are more hopeful for this sector's
current year prospects.

The health and fitness  clubs also saw an  aggregate reduction in their  third 
party professional  valuations,  following previous  underperformance  at  our 
Kensington and Weybridge clubs. The management team has now been changed,  and 
the new team has had a considerable and positive initial impact on the  units' 
performance. We would therefore  hope for a revival  of these clubs'  fortunes 
over the next two  years. Our Tower Bridge  club continued to trade  strongly 
and enjoyed a pleasing uplift in its third party valuation.

In the healthcare sector, Oakland Care  Centre, which operates a care home  in 
Chingford, continued to perform strongly, as did the Taunton Hospital. We  are 
reviewing a number of further care home opportunities and we see provision  of 
quality residential care for private payers in London and the Home Counties as
being an important focus for future investment activity.

Our renewable energy portfolio  continues to grow towards  a target of 20  per 
cent. of  the  Company's  total  investment  portfolio.  The  income  that  it 
generates is  also  growing, with  a  target of  10  per cent.  per  annum  on 
investment  cost  once  all  the   individual  energy  units  are   generating 
electricity. During the course of the year we invested £1.6 million in Chonais
Holdings, which is constructing  a 2MW run-of-river hydro  unit in North  West 
Scotland and  £387,000  in  Green Highland  Renewables  (Ledgowan),  which  is 
constructing a hydro unit nearby. In general, the renewable energy units  have 
been operating at or above budget, with a particularly strong performance from
Dragon Hydro, which owns our first operational hydroelectricity unit, in North
Wales.

Radnor House School  continues to perform  well with 350  pupils currently  in 
place for September and capacity  for a further 100  pupils over the next  two 
years.

Our pub  portfolio is  stable and  cash  generative, with  a small  amount  of 
additional investment in Bravo Inns II to purchase and refurbish further units
in the North West, taking the combined Bravo Inns and Bravo Inns II  portfolio 
to 35 pubs.

Risks and uncertainties
The outlook for the UK economy continues to be the key risk affecting your
Company. Importantly, however, your Company remains conservatively financed
with no bank borrowings. The Company's policy remains that its portfolio
companies should not normally have external borrowings, and for the Company to
have a first charge over portfolio companies' assets; the Board and Manager
see this as an important factor in the control of investment risk. However, on
an exceptional basis, certain portfolio companies may take on external
borrowings, where the Board considers this will offer a significant benefit to
the Company.

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

Share buy-backs
It remains the Board's primary objective to maintain sufficient resources for
investment in existing and new portfolio 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 2014 to
£750,000. This compares to a total value bought in for the previous six
months to 31 March 2014 of £487,000. 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.

Results and dividends
As at 31 March 2014, the net asset value was £42.66 million or 71.3 pence per
share, compared to £41.68 million or 74.2 pence per share as at 31 March 2013,
after the payment of total tax-free dividends of 5 pence per share. The
results comprised 1.7 pence per share revenue return (2013: 2 pence per share)
and a 0.3 pence per share capital return after taking into account capitalised
expenses (2013: flat). The revenue return before taxation was £1,119,000
compared to £1,114,000 for the year to 31 March 2013. The Company will pay a
first dividend of 2.50 pence per share on 31 July 2014 to shareholders on the
register on 11 July 2014, which is in line with the Company's current
objective of paying a dividend of 5 pence per share annually.

Outlook and prospects
Trading at our hotels and health and fitness clubs is improving. After a
challenging period for some of our more consumer oriented sectors, we are
cautiously optimistic that the brighter outlook for the UK economy, combined
with the more balanced nature of the current portfolio, should benefit the
Company moving forward.

David Watkins
Chairman
25 June 2014

Strategic report

The Directors present the Strategic report  of the Company for the year  ended 
31 March 2014 which has been  prepared in accordance with the requirements  of 
section 414A of the Companies Act 2006 (the "Act"). The purpose of this report
is to  inform Shareholders  and provide  them with  sufficient information  to 
enable them to assess the extent  to which the Directors have performed  their 
duty to promote the success of the  Company in accordance with section 172  of 
the Act.

Investment objective and policy
The Company's investment policy 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:

  oqualifying unquoted investments are predominantly in specially-formed
    companies which provide a high level of asset backing for the capital
    value of the investment;
  othe Company invests alongside selected partners with proven experience in
    the sectors concerned;
  oinvestments are normally structured as a mixture of equity and loan stock.
    The loan stock normally represents the majority of the finance provided
    and is secured on the assets of the portfolio company. Funds managed or
    advised by Albion Ventures LLP typically own 50 per cent. of the equity of
    the portfolio company; and
  oother than the loan stock issued to funds managed or advised by Albion
    Ventures LLP, portfolio companies do not normally have external
    borrowings.

Current portfolio sector allocation
The pie chart at the end of this announcement shows the split of the portfolio
valuation by industrial or commercial sector as at 31 March 2014. Details of
the principal investments made by the Company are shown in the Portfolio of
investments on pages 16 and 17 of the full Annual Report and Financial
Statements.

Direction of portfolio
The sector analysis of the VCT's investment portfolio shows that renewable
energy now accounts for 14 per cent. of the portfolio compared to 7 per cent.
at the end of the previous financial year, with a view to increasing this to
the Board's target exposure for the sector of 20 per cent. as new
opportunities arise. Healthcare has also risen, now accounting for 18 per
cent. of the portfolio compared to 12 per cent. at the end of the previous
financial year.

Results and dividend policy

                                                             Ordinary shares
                                                                    £'000
                                                               
Net revenue return for the year ended 31 March 2014                  999
Dividend of 2.50 pence per share paid on 31 July 2013              (1,469)
Dividend of 2.50 pence per share paid on 31 December 2013          (1,460)
Unclaimed dividends returned to the Company                          27
Transferred from other distributable reserve                       (1,903)
                                                              
Realised and unrealised capital gain for the year  transferred 
to reserves                                                          165
                                                               
Net assets as at 31 March 2014                                     42,658
                                                               
Net asset value per share as at 31 March 2014                      71.30p

The Company paid dividends  totalling 5.00 pence per  share (2013: 5.00  pence 
per share) during the year ended 31 March 2014. The dividend objective of  the 
Board is to  provide Shareholders  with a strong,  predictable dividend  flow, 
with a dividend target of 5.00 pence per share per year.

As noted in the Chairman's statement, the Board has declared a first  dividend 
of 2.50  pence  per share.  This  dividendwill  be paid  on31  July  2014to 
shareholders on the register as at11 July 2014.

As shown  in  the  Income  statement,  the  Company's  investment  income  has 
increased to £1,718,000  (2013: £1,563,000)  and the total  revenue return  to 
equity holders  also increased  to  £999,000 (2013:  £931,000), largely  as  a 
result of the merger with Albion Prime VCT PLC. With a larger number of shares
in issue following the merger there was a small decrease on revenue return  to 
1.70 pence per share (2013: 2.00 pence per share).

The capital gain on  investments for the year  was £626,000 (2013:  £384,000), 
offset by management  fees charged  to capital,  net of  the related  taxation 
impact, resulting in a capital return of 0.30 pence per share (2013:nil).

The total return was 2.00 pence per share (2013: 2.00 pence per share).

The Balance sheet shows that the net  asset value has decreased over the  last 
year to  71.30  pence per  share  (2013:  74.20 pence  per  share),  primarily 
reflecting the payment of the 5.00  pence per share dividend during the  year, 
offset by the net return for the year of 2.00 pence.

The cash flow for  the Company has  been a net outflow  of £4,391,000 for  the 
year (2013: inflow £8,940,000), reflecting dividends paid, new investments  in 
the year and the  buyback of shares, offset  by cash inflows from  operations, 
disposal proceeds and the issue of  Ordinary shares under the Albion VCTs  Top 
Up Offers.

During the year, unclaimed dividends older than twelve years of £27,000 (2013:
£33,000) were returned  to the  Company in accordance  with the  terms of  the 
Articles of Association.

Review of business and future changes
A review of the Company's business during the year and investment performance
and progress is contained in the Chairman's statement. The healthcare sector
performed particularly well again this year with an increase in valuation of
£649,000 (2013: £760,000). The hotel sector continued to be challenging,
resulting in a devaluation of £478,000 arising from the independent third
party valuations. However prospects for the current year are brighter. In
addition, there were increases in valuations in the renewable energy sector
and for Radnor House School. Two of the three health and fitness clubs saw
reductions during the year, however after a change of manager there are signs
of improved performance.

The Company  continues with  its  objective to  invest in  unquoted  companies 
throughout the United Kingdom with  particular emphasis on the healthcare  and 
renewable energy sectors with  a view to providing  both capital growth and  a 
reliable dividend income to shareholders  over the longer term. The  Directors 
do not foresee any major changes in the activity undertaken by the Company  in 
the current year.

Details of  significant  events which  have  occurred  since the  end  of  the 
financial year are listed in note 22. Details of transactions with the Manager
are shown in note 5.

Future prospects
The Company's  performance  record reflects  the  resilience of  the  strategy 
outlined above and has enabled the Company to maintain a predictable stream of
dividend payments to  shareholders. The  Board believes that  this model  will 
continue to meet  the investment objective  and has the  potential to  deliver 
attractive returns  to shareholders  in  the future.  Further details  on  the 
Company's outlook and prospects can be found in the Chairman's statement.

Key performance indicators
The Directors believe that the following key performance indicators, which are
typical for  venture capital  trusts and  used in  its own  assessment of  the 
Company, will provide shareholders with  sufficient information to assess  how 
effectively the  Company  is  applying  its  investment  policy  to  meet  its 
objectives. These are:

Net asset value total return relative to FTSE All Share Index total return
The graph on page 4 of the full Annual Report and Financial Statements shows
the Company's net asset value total return against the FTSE All-Share Index
total return, in both instances with dividends reinvested. Details on the
performance of the net asset value and return per share for the year are shown
on page 9 of the full Annual Report and Financial Statements.

Net asset value per share and cumulative net asset value total shareholder
return
Net asset value decreased by 4 per cent. to 71.30 pence per share for the year
ended 31 March 2014.
Cumulative NAV total shareholder return increased by 1.1 per cent. to 201.10
pence per share for the year ended 31 March 2014.

Dividend distributions
Dividends paid in respect of the year ended 31 March 2014 were 5.00 pence per
share (2013: 5.00 pence per share), in line with the Board's dividend
objective. Cumulative dividends paid since inception amount to 129.80 pence
per Ordinary share and 118.25 pence per C share.

Ongoing charges
The ongoing charges ratio for the year to 31 March 2014 was 2.5 per cent.
(2013: 2.5 per cent.). The ongoing charges ratio has been calculated using the
Association of Investment Companies' (AIC) recommended methodology. This
figure shows shareholders the total recurring annual running expenses
(including investment management fees charged to capital reserve) as a
percentage of the average net assets attributable to shareholders. The
Directors expect the ongoing charges ratio for the year ahead to be
approximately 2.5 per cent.

Maintenance of VCT qualifying status
The Company continues to comply with H.M. Revenue & Customs ("HMRC") rules in
order to maintain its status under Venture Capital Trust legislation as
highlighted below.

VCT Regulation

The investment policy  is designed  to ensure  that the  Company continues  to 
qualify and is  approved as a  VCT by HMRC.  In order to  maintain its  status 
under Venture Capital  Trust legislation, a  VCT must comply  on a  continuing 
basis with  the provisions  of  Section 274  of the  Income  Tax Act  2007  as 
follows:

1.The Company's income must be derived wholly or mainly from shares and
    securities;
    
2.At least 70 per cent. of the HMRC value of its investments must have been
    represented throughout the year by shares or securities that are
    classified as 'qualifying holdings';
    
3.At least 30 per cent. by HMRC value of its total qualifying holdings must
    have been represented throughout the year by holdings of 'eligible
    shares'. For funds raised after 5 April 2011 the figure is 70 per cent.;
    
4.At no time in the year must the Company's holdings in any one company
    (other than another VCT) have exceeded 15 per cent. by HMRC value of its
    investments;
    
5.The Company must not have retained greater than 15 per cent. of its income
    earned in the year from shares and securities;
    
6.Eligible shares must comprise at least 10 per cent. by HMRC value of the
    total of the shares and securities that the Company holds in any one
    portfolio company; and
    
7.The Company's shares, throughout the year, must have been listed in the
    Official List of the Stock Exchange.

These tests drive a spread of investment risk through disallowing holdings  of 
more than 15 per cent. in any  portfolio company. The tests have been  carried 
out and independently reviewed for the  year ended 31 March 2014. The  Company 
has complied with all tests and continues to do so.

'Qualifying holdings' include  shares or  securities (including  loans with  a 
five year or greater maturity period) in companies which operate a 'qualifying
trade' wholly or mainly  in the United  Kingdom. 'Qualifying trade'  excludes, 
amongst  other  sectors,  dealing  in  property  or  shares  and   securities, 
insurance, banking  and agriculture.  Details  of the  sectors in  which  the 
Company is  invested  can be  found  in  the pie  chart  at the  end  of  this 
announcement.

Portfolio company gross assets must  not exceed £15 million immediately  prior 
to the investment and £16 million  immediately thereafter. With effect from  6 
April 2012, the legislation has been amended so as to prevent any company from
receiving more than £5 million in aggregate from all state-aided providers  of 
risk capital, including VCTs, in the 12  month period up to and including  the 
most recent such investment.

Gearing
As defined by the Articles of  Association, the Company's maximum exposure  in 
relation to  gearing is  restricted to  10  per cent.  of the  adjusted  share 
capital and reserves.  As at 31  March 2014, the  Company's maximum  permitted 
exposure was £4,110,000 (2013: £4,168,000) and its actual short term and  long 
term gearing  at  this  date was  £nil  (2013:  £nil). The  Directors  do  not 
currently have any intention to utilise long term gearing for the Company.

On an  exceptional basis,  certain portfolio  companies may  take on  external 
borrowings, where the Board considers this will offer a significant benefit to
the Company.

Operational arrangements
The Company has delegated the investment management of the portfolio to Albion
Ventures LLP,  which is  authorised  and regulated  by the  Financial  Conduct 
Authority. Albion Ventures  LLP also  provides company  secretarial and  other 
accounting and administrative support to the Company.

Management agreement
Under the Management agreement, the Manager provides investment management,
secretarial and administrative services to the Company. The Management
agreement can be terminated by either party on 12 months' notice. The
Management agreement is subject to earlier termination in the event of certain
breaches or on the insolvency of either party. The Manager is paid an annual
fee equal to 1.9 per cent. of the net asset value of the Company, and an
annual secretarial and administrative fee of £46,539 (2013: £44,883) increased
annually by RPI. These fees are payable quarterly in arrears. Total annual
normal expenses, including the management fee, are limited to 3.5 per cent. of
the net asset value.

In line with common practice, the  Manager is also entitled to an  arrangement 
fee, payable by each portfolio company,  of approximately 2 per cent. on  each 
investment made and any applicable monitoring fees.

Management performance incentive
In order to provide the Manager with an incentive to maximise the return to
investors, the Company has entered into a management performance incentive
arrangement with the Manager. Under the incentive arrangement, the Company
will pay an incentive fee to the Manager of an amount equal to 8 per cent. of
the excess total return above 5 per cent. per annum, paid out annually in cash
as an addition to the management fee. Any shortfall of the target return will
be carried forward into subsequent periods and the incentive fee will only be
paid once all previous and current target returns have been met. For the year
to 31 March 2014, no incentive fee became due to the Manager (2013: £nil).

No further performance fee  will become due until  the hurdle rate  comprising 
net asset value, plus dividends from 31 March 2004, has been reached. As of 31
March 2014 the total  return from 31  March 2004 amounted  to 147.8 pence  per 
share which compared to the hurdle of 184.2 pence per share at that date.

Evaluation of the Manager
The Board has evaluated the performance of the Manager based on the returns
generated by the Company, the continuing achievement of the 70 per cent.
investment requirement for Venture Capital Trust status, the long term
prospects of current investments, a review of the Management agreement and the
services provided therein, and benchmarking the performance of the Manager to
other service providers. The Board believes that it is in the interests of
shareholders as a whole, and of the Company, to continue the appointment of
the Manager for the forthcoming year.

Alternative Investment Fund Managers Directive ("AIFMD")
The Board has considered the impact on your Company of the AIFMD, an EU
Directive that came into force in July 2013 to regulate the Managers of
Alternative Investment Funds. The Board has agreed to appoint Albion Ventures
LLP as the Company's AIFM as required by the AIFMD. This will not impact on
the day-to-day investment activities.

Social and community issues, employees and human rights
The Board recognises the requirement under  section 414C of the Act to  detail 
information about social  and community  issues, employees  and human  rights; 
including any policies it has in  relation to these matters and  effectiveness 
of these  policies.  As  an  externally managed  investment  company  with  no 
employees, the Company  has no  policies in these  matters and  as such  these 
requirements do not apply.

Further policies
The Company has adopted a number of further policies relating to:

  oEnvironment
  oGlobal greenhouse gas emissions
  oAnti-bribery
  oDiversity

and these are set out in the Directors'  report on page 21 of the full  Annual 
Report and Financial Statements.

Risk management
The Board carries out a regular review of the risk environment in which the
Company operates. The principal risks and uncertainties of the Company as
identified by the Board and how they are managed are as follows:

Risk            Possible consequence            Risk management
Economic risk   Changes in economic  conditions, To  reduce   this  risk,   in 
                including, for example, interest addition to investing  equity 
                rates,   rates   of   inflation, in portfolio  companies,  the 
                industry             conditions, Company  often   invests   in 
                competition,    political    and secured loan stock and has  a 
                diplomatic  events   and   other policy   of   not    normally 
                factors could substantially  and permitting any external  bank 
                adversely affect  the  Company's borrowings  within  portfolio 
                prospects in a number of ways.   companies. Additionally,  the 
                                                 Manager has been  rebalancing 
                                                 the sector  exposure  of  the 
                                                 portfolio  with  a  view   to 
                                                 reducing reliance on consumer
                                                 led sectors.
Investment risk This is the  risk of  investment To  reduce  this  risk,   the 
                in  poor  quality  assets  which Board  places  reliance  upon 
                reduces the  capital and  income the skills  and expertise  of 
                returns  to  shareholders,   and the Manager  and  its  strong 
                negatively   impacts   on    the track record for investing in
                Company's reputation. By nature, this segment  of the  market. 
                smaller   unquoted   businesses, In  addition,   the   Manager 
                such as those  that qualify  for operates   a    formal    and 
                venture capital trust  purposes, structured         investment 
                are more  fragile  than  larger, process,  which  includes  an 
                long established businesses.     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   portfolio 
                                                 company boards) and the Board
                                                 receives detailed reports  on 
                                                 each investment  as  part  of 
                                                 the   Manager's   report   at 
                                                 quarterly board meetings.
Valuation risk  The          Company's As described in note 2 of the Financial
                investment   valuation Statements,   the    unquoted    equity 
                methodology is reliant investments, convertible loan stock and
                on  the  accuracy  and debt issued at a  discount held by  the 
                completeness        of Company are  designated at  fair  value 
                information  that   is through profit  or loss  and valued  in 
                issued  by   portfolio accordance   with   the   International 
                companies.          In Private  Equity  and  Venture   Capital 
                particular,        the Valuation Guidelines. These  guidelines 
                Directors may  not  be set out  recommendations,  intended  to 
                aware of or take  into represent current best practice on  the 
                account certain events valuation    of     venture     capital 
                or circumstances which investments.  These   investments   are 
                occur    after     the valued on the basis of forward  looking 
                information issued  by estimates  and   judgments  about   the 
                such   companies    is business itself,  its  market  and  the 
                reported.              environment  in   which  it   operates, 
                                       together with the state of the  mergers 
                                       and acquisitions  market, stock  market 
                                       conditions and other factors. In making
                                       these  judgments  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. The values of all of
                                       the investments are  at cost  (reviewed 
                                       for  impairment)   or  underpinned   by 
                                       independent  third  party  professional 
                                       valuations.
VCT    approval The Company's  current To reduce  this  risk,  the  Board  has 
risk            approval as a  venture appointed the Manager, which has a team
                capital  trust  allows with significant experience in  venture 
                investors   to    take capital  trust   management,  used   to 
                advantage    of    tax operating within  the  requirements  of 
                reliefs   on   initial the venture capital trust  legislation. 
                investment and ongoing In addition, to provide further  formal 
                tax free capital gains reassurance, the  Board  has  appointed 
                and  dividend  income. PricewaterhouseCoopers   LLP   as   its 
                Failure  to  meet  the taxation                       adviser. 
                qualifying             PricewaterhouseCoopers   LLP    reports 
                requirements     could quarterly to the Board to independently
                result  in   investors confirm  compliance  with  the  venture 
                losing the tax  relief capital trust legislation, to highlight
                on initial  investment areas of risk and to inform on  changes 
                and loss of tax relief in legislation.  Each investment  in  a 
                on any tax-free income new   portfolio    company   is    also 
                or    capital    gains pre-cleared   with   H.M.   Revenue   & 
                received. In addition, Customs.
                failure  to  meet  the 
                qualifying
                requirements     could 
                result in  a  loss  of 
                listing of the shares.
Compliance risk The Company is  listed Board  members  and  the  Manager  have 
                on  The  London  Stock experience  of   operating  at   senior 
                Exchange    and     is levels  within   or   advising   quoted 
                required   to   comply businesses. In addition, the Board  and 
                with the rules of  the the Manager receive regular updates  on 
                UK Listing  Authority, new  regulation   from   its   auditor, 
                as well  as  with  the lawyers and other professional bodies.
                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.
Internal        Failures    in     key The  Audit  Committee  meets  with  the 
control risk    controls,  within  the Manager's   Internal    Auditor,    PKF 
                Board  or  within  the Littlejohn    LLP,    when    required, 
                Manager's    business, receiving a report  regarding the  last 
                could  put  assets  of formal internal audit performed on  the 
                the Company at risk or Manager, and providing the  opportunity 
                result in  reduced  or for the Audit Committee to ask specific
                inaccurate information and detailed questions.  John Kerr,  as 
                being  passed  to  the Chairman of  the Audit  Committee,  met 
                Board      or       to with the internal audit Partner of  PKF 
                shareholders.          Littlejohn  LLP  in  January  2014   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  27 of  the  full 
                                       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.
Reliance   upon The Company is reliant There   are   provisions   within   the 
third   parties upon the  services  of management agreement for the change  of 
risk            Albion  Ventures   LLP Manager  under  certain   circumstances 
                for the  provision  of (for further detail, see the management
                investment  management agreement paragraph on  page 11 of  the 
                and     administrative full  Annual   Report   and   Financial 
                functions.             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.
Financial risk  By its  nature,  as  a The  Company's  policies  for  managing 
                venture capital trust, these   risks    and   its    financial 
                the Company is exposed instruments are  outlined  in  full  in 
                to   investment   risk note 20 to the Financial Statements.
                (which       comprises 
                investment price  risk All  of   the  Company's   income   and 
                and cash flow interest expenditure is denominated in  sterling 
                rate   risk),   credit and hence  the Company  has no  foreign 
                risk   and   liquidity currency risk. The Company is  financed 
                risk.                  through equity  and does  not have  any 
                                       borrowings. The  Company does  not  use 
                                       derivative  financial  instruments  for 
                                       speculative purposes.

On behalf of the Board,

David Watkins
Chairman
25 June 2014

Responsibility Statement
In preparing the financial statements for the year to 31 March 2014, 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 2014  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 2014 as required by
DTR 4.1.12.R;

- the Chairman's statement and Strategic report includes a fair review of the
information required by DTR 4.2.7R (indication of important events during  the 
year ended 31 March 2014 and description of principal risks and  uncertainties 
that the Company faces); and

- the Chairman's statement  and Strategic Report includes  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 2014

Income statement

                             Year ended 31 March 2014 Year ended 31 March 2013
                              Revenue  Capital  Total  Revenue  Capital  Total
                        Note    £'000    £'000  £'000    £'000    £'000  £'000
Gains on investments    3           -      626    626        -      384    384
Investment income       4       1,718        -  1,718    1,563        -  1,563
Investment   management 
fees                    5       (201)    (601)  (802)    (171)    (514)  (685)
Other expenses          6       (398)        -  (398)    (278)        -  (278)
Return/(loss)        on 
ordinary     activities 
before tax                      1,119       25  1,144    1,114    (130)    984
Tax (charge)/credit  on 
ordinary activities     8       (120)      140     20    (183)      129   (54)
Return/(loss)
attributable         to 
shareholders                      999      165  1,164      931      (1)    930
Basic    and    diluted 
return    per     share 
(pence)*                11       1.70     0.30   2.00     2.00        -   2.00

* 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.

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 2014 31 March 2013
                                              Note         £'000         £'000
Fixed asset investments                         12        35,580        30,198
Current assets
Trade and other debtors                         14            48            24
Current asset investments                       14             -            50
Cash at bank and in hand                        18         7,505        11,896
                                                           7,553        11,970
Creditors: amounts  falling  due  within  one 
year                                            15         (475)         (487)
Net current assets                                         7,078        11,483
Net assets                                                42,658        41,681
Capital and reserves
Called up share capital                         16           645           603
Share premium                                              3,525             8
Capital redemption reserve                                     7             -
Unrealised capital reserve                               (3,343)       (4,890)
Realised capital reserve                                  10,527        11,909
Other distributable reserve                               31,297        34,051
Total equity shareholders' funds                          42,658        41,681
Basic and diluted net  asset value per  share 
(pence)*                                        17         71.30         74.20

* 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 2014, and were signed on its behalf by

David Watkins
Chairman
Company number: 03142609

Reconciliation of movements in shareholders' funds

              Called-up            Capital Unrealised Realised         Other
                  share   Share redemption    capital  capital distributable
                capital premium    reserve   reserve* reserve*      reserve*   Total
                  £'000   £'000      £'000      £'000    £'000         £'000   £'000
As at 1 April
2013                603       8          -    (4,890)   11,909        34,051  41,681
Return/(loss)
for the year          -       -          -        576    (411)           999   1,164
Transfer   of 
previously
unrealised
gains      on 
realisations
of
investments           -       -          -        971    (971)             -       -
Purchase   of 
treasury
shares                -       -          -          -        -         (364)   (364)
Issue      of 
equity   (net 
of costs)            49   3,517          -          -        -             -   3,566
Purchase   of 
shares    for 
cancellation        (7)       -          7          -        -         (487)   (487)
Net dividends
paid (note 9)         -       -          -          -        -       (2,902) (2,902)
As   at    31 
March 2014          645   3,525          7    (3,343)   10,527        31,297  42,658

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

* Included within the aggregate of these reserves is an amount of £38,481,000
(2012: £41,070,000) 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.

Cash flow statement

                                                      Year ended    Year ended
                                                   31 March 2014 31 March 2013
                                              Note         £'000         £'000
Operating activities
Loan stock income received                                 1,534         1,416
Deposit interest received                                    131            66
Dividend income received                                      22             -
Investment management fees paid                            (817)         (629)
Other cash payments                                        (289)         (281)
Net cash flow from operating activities         19           581           572
Taxation
UK corporation tax (paid)/received                          (99)         (161)
Capital expenditure and financial investments
Purchase of fixed asset investments                      (5,182)         (420)
Disposal of fixed asset investments                          550         9,624
Net cash flow from investing activities                  (4,632)         9,204
Equity  dividends  paid  (net  of  costs   of 
issuing    shares    under    the    Dividend 
Reinvestment Scheme and unclaimed dividends)             (2,719)       (2,210)
Net cash flow before financing                           (6,869)         7,405
Financing
Issue of share capital (net of costs)                      3,359         1,033
Purchase of own shares (including costs)                   (876)         (695)
Cash acquired from Albion Prime VCT PLC         10             -         1,450
Cost of Merger (paid on behalf of the Company
and Albion Prime VCT PLC)                                    (5)         (253)
Net cash flow from financing                               2,478         1,535
Cash flow in the year                           18       (4,391)         8,940

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.

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 movements arising from revaluations of the fair
value of the security.

For all unquoted loan stock, whether  fully performing, past due or  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.  In  these  circumstances  the  investment  is  accounted  for 
according to FRS 26 "  Financial instruments Recognition and Measurement"  and 
measured at fair value through profit and loss

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.

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:

  o75 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
  oexpenses which are incidental to the purchase or disposal of an
    investment.

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:

  ogains and losses compared to cost on the realisation of investments, or
    permanent diminutions in value;
  oexpenses, together with the related taxation effect, charged in accordance
    with the above policies; and
  odividends paid to equity holders.

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  by 
the Company are accounted for in the period in which the dividend is declared.

3. Gains on investments

                                                      Year ended    Year ended
                                                   31 March 2014 31 March 2013
                                                           £'000         £'000
Unrealised gains on  fixed asset investments  held 
at fair value through profit or loss                       1,113           293
Impairments on  fixed  asset investments  held  at 
amortised cost                                             (537)         (987)
Unrealised gains/(losses) sub-total                          576         (694)
Realised gains on fixed asset investments held  at 
fair value through profit or loss                             40         1,133
Realised gains/(losses) on fixed asset investments
held at amortised cost                                        10         (105)
Realised  gains   on   fixed   asset   investments 
sub-total                                                     50         1,028
Realised gains on  current asset investments  held 
at fair value through profit or loss                           -            50
Realised gains sub-total                                      50         1,078
                                                             626           384

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

4. Investment income

                                                      Year ended    Year ended
                                                   31 March 2014 31 March 2013
                                                           £'000         £'000
Income recognised  on  investments  held  at  fair 
value through profit or loss
Dividend income                                               27             -
Income from convertible bonds and discounted debt            203           112
                                                             230           112
Income recognised on investments held at amortised
cost
Return on loan stock investments                           1,369         1,379
Bank deposit interest                                        119            72
                                                           1,488         1,451
                                                           1,718         1,563

Interest income earned on  impaired investments at 31  March 2014 amounted  to 
£294,000 (2013: £311,000). These investments are all held at amortised cost.

5. Investment management fees

                                                Year ended    Year ended
                                             31 March 2014 31 March 2013
                                                     £'000         £'000
Investment management fee charged to revenue           201           171
Investment management fee charged to capital           601           514
                                                       802           685

Further details  of  the  Management  agreement  under  which  the  investment 
management fee is paid are given in the Strategic report

During the year, services of a total value of £849,000 (2013: £730,000),  were 
purchased by  the Company  from Albion  Ventures LLP;  this includes  £802,000 
(2013: £685,000)  of investment  management fee  and £47,000  (2013:  £45,000) 
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 £214,000 (2013: £201,000).

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 2014, fees of  £167,000 attributable to the  investments of the  Company 
were received pursuant to these arrangements (2013: £87,000).

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 Top  Up 
Offers 2012/2013 and Albion VCTs Top  Up Offers 2013/2014 as detailed in  note 
16. The total cost of the issue of these shares was 3.0 per cent. of the  sums 
subscribed. Of these costs, an amount of £5,450 (2013: £3,854) 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    Year ended
                                                   31 March 2014 31 March 2013
                                                           £'000         £'000
Directors' fees (including NIC)                               87            87
Secretarial and administration fee                            47            45
Other administrative expenses                                 88           105
Impairment of accrued interest                               139             -
Tax services                                                  12            15
Auditor's   remuneration   for   statutory   audit 
services (exc. VAT)                                           25            26
                                                             398           278

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

                      Year ended    Year ended
                   31 March 2014 31 March 2013
                           £'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  29 of  the  full Annual  Report  and 
Financial Statements.

8. Tax (charge)/credit on ordinary activities

                             Year ended 31 March 2014 Year ended 31 March 2013
                              Revenue  Capital  Total  Revenue  Capital  Total
                                £'000    £'000  £'000    £'000    £'000  £'000
UK   corporation   tax    in 
respect of current year         (246)      140  (106)    (264)      129  (135)
UK   corporation   tax    in 
respect of prior year             126        -    126       81        -     81
Total                           (120)      140     20    (183)      129   (54)

Factors affecting the tax charge:

                                                      Year ended    Year ended
                                                   31 March 2014 31 March 2013
                                                           £'000         £'000
Return on ordinary activities before taxation              1,144           984
Tax on profit at the  standard rate of 23%  (2013: 
24%)                                                       (263)         (236)
Factors affecting the charge:
Non-taxable gains                                            144            92
Income not taxable                                             6             -
Consortium relief in respect of prior years                  126            81
Marginal relief                                                7             9
                                                              20          (54)

The tax charge for the  year shown in the Income  statement is lower than  the 
standard rate of  corporation tax  in the  UK of 23  per cent.  (2013: 24  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 2014 31 March 2013
                                                           £'000         £'000
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
First dividend paid on 31 July 2013 - 2.50 pence
per share                                                  1,469             -
Second dividend paid on 31 December 2013 -  2.50 
pence per share                                            1,460             -
Unclaimed dividends                                         (27)          (33)
                                                           2,902         2,299

In addition to the dividends summarised above, the Board has declared a  first 
dividend for the  year ending  31 March  2015 of  2.50 pence  per share.  This 
dividend will be paid on 31 July 2014 to shareholders on the register as at 11
July 2014. The total dividend will be approximately £1,562,000.

During the year, unclaimed dividends older than twelve years of £27,000 (2013:
£33,000) 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  last 
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 that  period 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.

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.

11. Basic and diluted return per share

                             Year ended 31 March 2014 Year ended 31 March 2013
                             Revenue    Capital Total Revenue    Capital Total
The  return  per  share  has 
been based on the  following 
figures:
Return/(loss)   attributable 
to equity shares (£'000)         999        165 1,164     931        (1)   930
Weighted average  shares  in 
issue  (excluding   treasury 
shares)                              58,689,669               46,973,203
Return   attributable    per 
equity share (pence)            1.70       0.30  2.00    2.00          -  2.00

The weighted average number of shares is calculated excluding treasury  shares 
of 4,695,440 (2013: 4,152,440).

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 2014 31 March 2013

                                                           £'000         £'000
Investments held at fair  value through profit  or 
loss

Unquoted equity                                           11,093         8,489
Unquoted debt issued at a discount and convertible
bonds                                                      5,790         2,231
                                                          16,883        10,720
Investments held at amortised cost
Unquoted loan stock                                       18,697        19,478
                                                          35,580        30,198

                                                                         £'000
Opening valuation                                                       30,198
Purchases at cost                                                        5,218
Disposal proceeds                                                        (359)
Realised gains                                                              50
Movement in loan stock accrued income                                    (103)
Unrealised gains                                                           576
Closing valuation                                                       35,580
Movement in loan stock accrued income
Opening accumulated movement in loan stock accrued income                  268
Movement in loan stock accrued income                                    (103)
Closing accumulated movement in loan stock accrued income                  165
Movement in unrealised losses
Opening accumulated unrealised losses                                  (4,890)
Transfer of  previously unrealised  gains to  realised reserve  on 
realisations of investments                                                971
Unrealised gains                                                           576
Closing accumulated unrealised losses                                  (3,343)
Historic cost basis
Opening book cost                                                       34,821
Purchases at cost                                                        5,218
Sales at cost*                                                         (1,280)
Closing book cost                                                       38,759

*Includes an  amount  of £1,074,000  written  off  in respect  of  G&K  Smarts 
Developments VCT Limited which is still held at the Balance sheet date.

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 a  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 2014 31 March 2013
Valuation methodology                                      £'000         £'000
Cost (reviewed for impairment)                             4,633           506
Net  asset  value  supported  by  third  party  or 
desktop valuation                                         12,250        10,214
                                                          16,883        10,720

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

Fair value investments had the following movements between valuation
methodologies between 31 March 2013 and 31 March 2014:

                                            Value as at
Change in  valuationmethodology (2013  to 31 March 2014
2014)                                             £'000       Explanatory note
Cost (reviewed  for  impairment)  to  net 
asset  value  supported  by  third  party                          More recent
valuation                                           246  information 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 2014.

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 2014 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 2014:

                           31 March 2014                 31 March 2013

                         Convertible and                   Convertible
                              discounted                and discounted
                  Equity           bonds  Total  Equity          bonds   Total
                   £'000           £'000  £'000   £'000          £'000   £'000
Opening balance    8,489           2,231 10,720   8,490          1,315   9,805
Additions            415           4,638  5,053   3,187            913   4,100
Debt/equity
swap               1,257         (1,257)      -       -              -       -
Disposal
proceeds            (40)               -   (40) (4,662)              - (4,662)
Accrued    loan 
stock interest         -             (3)    (3)       -              -       -
Realised gains        40               -     40   1,184              -   1,184
Unrealised
gains                932             181  1,113     290              3     293
Closing balance   11,093           5,790 16,883   8,489          2,231  10,720

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 level 3 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 portfolio 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 portfolio  companies 
as at 31 March 2014 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
Green  Highland   Renewables Great Britain  Hydroelectric power 20.8% Ordinary
(Ledgowan) Limited                          generator                   shares
Kew  Green  VCT   (Stansted) Great Britain  Hotel   owner   and 45.2% Ordinary
Limited                                     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 Stanwell Hotel Limited   Great Britain  Hotel   owner   and 39.2% Ordinary
                                            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.

Active Lives Ltd whose holding is in excess of 50 per cent. of that  company's 
equity, is excluded from consolidation as the interest in Active Lives Ltd  is 
only being temporarily controlled and is not material to the view given by the
Financial Statements.

14. Current assets

                               31 March 2014 31 March 2013
Trade and other debtors                £'000         £'000
Prepayments and accrued income            17            24
Other debtors                             12             -
UK corporation tax receivable             19             -
                                          48            24

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

                                                   31 March 2014 31 March 2013
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 2014 31 March 2013
                                     £'000         £'000
Trade creditors                         13            40
UK Corporation tax payable               -           100
Other creditors                        192             -
Accruals and deferred income           270           347
                                       475           487

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

Other creditors include an  amount of £118,000 held  on behalf of a  portfolio 
company.

16. Called up share capital

                                                   31 March 2014 31 March 2013
                                                           £'000         £'000
Allotted, called up and fully paid
64,490,852  Ordinary   shares   of  1p   each   (2013: 
60,317,650)                                               645              603
Voting rights
59,795,412 Ordinary shares of 1p each (net of treasury
shares) (2013: 56,165,210)

The Company purchased 543,000 Ordinary shares (2013: 1,073,067) to be held  in 
treasury at a cost of £364,000 (2013: £720,000) representing 0.8 per cent.  of 
its issued  share  capital as  at  31 March  2014.  The shares  purchased  for 
treasury were funded from other distributable reserve.

During  the  period  the  Company   purchased  729,000  Ordinary  shares   for 
cancellation (2013: nil)  at a cost  of £487,000 including  stamp duty  (2013: 
nil), representing 1.1 per cent.  of its issued share  capital as at 31  March 
2014. The  shares  purchased  for  cancellation were  funded  from  the  other 
distributable reserve.

The Company holds a total of  4,695,440 shares (2013: 4,152,440) in  treasury, 
representing 7.3 per cent. of the issued Ordinary share capital as at 31 March
2014.

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

                                                     Issue
             Number of     Aggregate           Net price      Opening market
     Date of    shares nominal value consideration  (pence  price per share on
   allotment  allotted     of shares      received     per      allotment date
                               £'000         £'000  share)   (pence per share)
31 July 2013   144,173             1           100   71.70               67.50
 31 December
        2013   150,017             2           105   70.50               67.25
               294,190             3           205

During the year the following Ordinary  shares were allotted under the  Albion 
VCT's Top Up Offers 2012/2013 and the Albion VCT's Top Up Offers 2013/2014:

                      Aggregate
            Number of   nominal           Net        Issue      Opening market
   Date of     shares  value of consideration price  price per share on
 allotment   allotted    shares      received   (pence per      allotment date
                          £'000         £'000       share)   (pence per share)
   5 April
      2013  2,505,191        25         1,872        76.80               68.50
   12 June
      2013     99,020         1            74        76.80               67.50
31 January
      2014  1,123,737        11           794        72.00               67.25
31 January
      2014    859,027         9           606        72.40               67.25
31 January
      2014     21,037         -            15        71.30               67.25
            4,608,012        46         3,361

17. Basic and diluted net asset values per share

                                                   31 March 2014 31 March 2013
Basic and  diluted  net  asset  values  per  share 
(pence)                                                    71.30         74.20

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  59,795,412 Ordinary  shares 
(2013: 56,165,210).

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

18. Analysis of changes in cash during the year

                         Year ended    Year ended
                      31 March 2014 31 March 2013
                              £'000         £'000
Opening cash balances        11,896         2,956
Net cash flow               (4,391)         8,940
Closing cash balances         7,505        11,896

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

                                                      Year ended    Year ended
                                                   31 March 2014 31 March 2013
                                                           £'000         £'000
Revenue  return  on  ordinary  activities   before 
taxation                                                   1,119         1,114
Investment management fee charged to capital               (601)         (514)
Movement in accrued amortised loan stock interest            103          (70)
Increase in debtors                                          (8)          (13)
Increase/(decrease) in creditors                            (32)            55
Net cash flow from operating activities                      581           572

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 in the Chairman's statement.

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:

  oInvestment (or market) risk (which comprises investment price and cash
    flow interest rate risk);
  ocredit risk; and
  oliquidity 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 16 and 17 of the full 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 portfolio company and the
dynamics of market quoted comparators. The Manager receives management
accounts from portfolio companies, and members of the investment management
team often sit on the boards of portfolio 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 £35,580,000  (2013: £30,198,000).  Fixed 
asset investments form 83 per cent. of the net asset value as at 31 March 2014
(2013: 72.5 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 16
and 17 of the full Annual Report and Financial Statements.

Valuations are  based on  the most  appropriate valuation  methodology for  an 
investment within its market, with regard to the financial

health 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 
£3,558,000 (2013: £3,025,000).

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 £80,000 (2013: £55,000). 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 5.80  per cent. (2013: 6.30 per cent.).  The 
weighted average period to maturity for the fixed rate assets is approximately
3.34 years (2013: 3.16 years).

The Company's  financial assets  and liabilities,  all denominated  in  pounds 
sterling, consist of the following:

                        31 March 2014                       31 March 2013
              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            -        -       11,093 11,093      -        -        8,489  8,489
Convertible
and
discounted
bonds         3,378      279        2,133  5,790  1,866        -          365  2,231
Unquoted
loan stock   18,697        -            - 18,697 19,478        -            - 19,478
Current
asset
investments       -        -            -      -      -        -           50     50
Debtors *         -        -           24     24      -        -           20     20
Current
liabilities*      -        -        (475)  (475)      -        -        (387)  (387)
Cash              -    7,505            -  7,505 11,217      679            - 11,896
Total    net 
assets       22,075    7,784       12,775 42,634 32,561      679        8,537 41,777

* The debtors and current liabilities do not reconcile to the balance sheet as
prepayments and tax receivable/(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 portfolio  company in order to  mitigate the gross credit  risk. 
The Manager receives management accounts from portfolio companies, and members
of the  investment  management team  often  sit  on the  boards  of  portfolio 
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 2014  was limited  to 
£24,487,000 (2013: £21,709,000)  of unquoted  loan stock  instruments (all  of 
which is secured on the assets  of the portfolio company) and £7,505,000  cash 
deposits with banks (2013: £11,896,000).

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 2014 and 31 March 2013 are as follows:

                         31 March 2014                  31 March 2013
                                       Carrying                       Carrying
                  Cost Impairment         value   Cost Impairment        value
                 £'000      £'000         £'000  £'000      £'000        £'000
Impaired   loan 
stock           13,750    (3,601)        10,149 11,907    (3,021)        8,886

Impaired loan  stock instruments  have a  first fixed  charge or  a fixed  and 
floating charge  over  the assets  of  the  portfolio 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 Lloyds
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 £4,110,000 as at 31 March
2014 (2013: £4,168,000).

The Company has no committed borrowing  facilities as at 31 March 2014  (2013: 
£nil) and had cash balances of  £7,505,000 (2013: £11,896,000). 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 
£475,000 for the year to 31 March 2014 (2013: £487,000).

The carrying value of loan stock investments  at 31 March 2014 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                 443    1,716      375  2,534
1-2 years                        2,355      604    3,862  6,821
2-3 years                        1,375    7,829       65  9,269
3-5 years                        3,061        -        -  3,061
Greater than 5 years             2,376        -      426  2,802
Total                            9,610   10,149    4,728 24,487

Loan stock categorised as past due includes:

  oLoan stock with a carrying value of £3,778,000 has interest overdue for 4
    months, yielded 11.92 per cent. on cost;
  oLoan stock with a carrying value of £524,000 has loan stock interest past
    due of 12 months (through not paying all of its contractual interest).
    This investment has yielded 6.7 per cent. on cost during the year;
  oLoan stock with a carrying value of £426,000 had loan stock interest
    reduced for the last 12 months, yielded 5.57 per cent. on cost.

The carrying value  of loan  stock investments held  at amortised  cost at  31 
March 2013 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                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

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 2014 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
investments:

  oChonais Holdings Limited, £1,385,000
  oGreen Highland Renewables (Ledgowan) Limited, £591,000
  oDragon Hydro Limited, £3,000

There are no contingent liabilities or  guarantees given by the Company as  at 
31 March 2014 (31 March 2013: nil).

22. Post balance sheet events
Since 31 March 2014 the Company has had the following post balance sheet
events:

Shares issued under the Albion VCTs Top Up Offers 2013/2014:

                                                                       Opening
                                                                        market
                    Aggregate                                        price per
          Number of   nominal           Net Issue price incl. issue   share on
  Date of    shares  value of consideration   costs (pence  allotment
allotment  allotted    shares      received                     per       date
                                                                    (pence per
                        £'000         £'000                  share)     share)
  5 April
     2014   748,273         7           531                   73.10      67.25
  5 April
     2014    18,621         -            13                   72.80      67.25
  5 April
     2014    17,201         -            12                   72.40      67.25

Shares issued under the Albion VCTs Prospectus Offers 2013/2014:

                                                                       Opening
                                                                        market
                     Aggregate                                       price per
           Number of   nominal           Net      Issue price incl.   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
     2014  1,899,867        19         1,347                  73.10      67.25

  oInvestment of £992,000 in Albion Small Company Growth Limited
  oInvestment of £183,150 in Taunton Hospital Limited
  oInvestment of £312,098 in Green Highland Renewables (Ledgowan) Limited

23. Related party transactions
There are no related party transactions or balances requiring disclosure.

24. 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 2014 and 31 March 2013, 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 2014, 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 25 July 2014 at 11.00am.

25. 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 (unaudited)

                                                                 Proforma^(i)
                                                                  Albion Prime
                                                                       VCT PLC
Total shareholder net asset value return to 31 March 2014    (pence per share)
Total  dividends  paid  during  the  year 
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
                                               31 March 2014              4.40
Total dividends paid to 31 March 2014                                    55.55
Proforma net asset value as at 31  March 
2014                                                                     62.75
Total proforma  shareholder net  asset value  return to  31 
March 2014                                                              118.30

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 2014. 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.

Albion Venture Capital Trust pie chart for announcement 31 Mar 14

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Albion Venture Capital Trust PLC via Globenewswire
HUG#1804796
 
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