Crown Place VCT PLC

Annual Report and Financial Statements

for the year ended 30 June 2023

Crown Place VCT PLC

Annual Report and Financial Statements

for the year ended 30 June 2023

Shareholder information Financial adviser information

For help relating to dividend payments, shareholdings









































COMPANY INFORMATION

Company name Country of incorporation Legal form





 

Directors Company number Auditor











Ian Spence

 





Manager, company secretary,



Registrar Corporate broker











The Pavilions











 Legal adviser Depositary

Philip Hare & Associates LLP

























Strategic

 

 

 

 

 

 

 

Governance

 

 

 

 

 

 

 

Company information and Financials

 

  

 

 

 

 

Contents

Strategic

INVESTMENT POLICY

FINANCIAL CALENDAR

























3 November 2023 

Noon on 22 November 2023 

30 November 2023 

March 2024 



28 March 2024 





















higher proportion of total assets prior to a realisation











STRATEGIC

7Crown Place VCT PLC

Jul 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2023

Crown Place VCT PLC8

FINANCIAL HIGHLIGHTS

   

Increase in total



per share for the year





†





per share



†





the year ended







per share as at





Methodology: The total shareholder value, including original amount invested (rebased to 100) from 1 July 2013, assuming that dividends were

re-invested at net asset value of the Company at the time that the shares were quoted ex-dividend. Transaction costs are not taken into account.

†These are considered Alternative Performance Measures, see notes 2 and 3 on page 17 of the Strategic report for further explanation.







250

200

150

100

Total shareholder value

FTSE All-Share Index total return

STRATEGIC

9Crown Place VCT PLC





Financial highlights

Crown Place VCT PLC – Performance data

1 year return

(average 3.2% p.a.)

3 year return

(average 8.5% p.a.)

5 year return

(average 7.2% p.a.)

10 year return

(average 7.7% p.a.)

Movements in net asset value

30 June 2023

(pence per share)





  

 0.92 

 0.13 

  

  

Impact of share capital movements  

Closing net asset value  

Total shareholder value

Shareholder return from launch to April 2005: (pence per share)







 

Total shareholder return to 6 April 2005 

Shareholder return from April 2005 to 30 June 2023

(period that Albion Capital has been investment manager):

Total dividends paid 

 

Total shareholder return from April 2005 to 30 June 2023 

Shareholder value since launch:







 

Total shareholder value as at 30 June 2023 



 











26%

36%

77%

Results and dividends





































Investment performance and progress















Crown Place VCT PLC10

The year saw the Company’s portfolio facing a challenging macroeconomic and



instability which has caused the valuation of quoted technology companies







Although the Company’s portfolio faces uncertainties, the Board remains

encouraged by the progress that is being made by many of the portfolio



returns over the longer-term, as a venture capital portfolio can, by its nature,



CHAIRMAN’S

STATEMENT

Penny Freer

STRATEGIC



































































Peppy Health, a

platform providing



for underserved

areas of health



menopause) via

content, video,

chat support as

an employment



employees



Toqio FinTech

Holdings which

bridges the gap



services and



by providing an

orchestration

platform to any

business large

or small which

wishes to launch a





GX Molecular (T/A

CS Genetics), a

developer of a wet-

phase approach to



in a single tube that

enables increased

scalability and high

quality single cell

analysis



into OutThink, a

software platform

to measure and

manage human risk

enterprises





platform providing

neurorehabilitation

for patients

recovering from

stroke, TBI and

spinal cord injury





Chairman’s statement

Board composition





























Risks and uncertainties













in the technology and healthcare sectors, remains























Share buy-backs and reserves



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



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



















Annual General Meeting









events









to  













Chairman’s statement

Crown Place VCT PLC12

The Company has been an

active investor during the year







Audit tender process

































Shareholder seminar







delighted to see as many shareholders as possible at









please email 











Outlook and prospects



















Penny Freer





1313

Chairman’s statement







Business model













Current portfolio sector allocation















STRATEGIC REPORT



Portfolio analysis by sector Portfolio analysis by stage of investment

Portfolio analysis by number of employees















 

 

 

 

 

 

 

 

Crown Place VCT PLC 14

STRATEGIC

Strategic report

Direction of portfolio































Results and dividends







































































Review of the business and future changes











Results and dividends

£’000

 

 

Total return for the year ended 30 June 2023 2,817

 

 

 

Transferred from reserves (1,420)

 

Net asset value as at 30 June 2023 

15Crown Place VCT PLC

Pence per share

100

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





















Future prospects



























Key Performance Indicators (“KPIs”) and

Alternative Performance Measures (“APMs”)

















































Strategic report

Net asset value per share and total shareholder value*

 Net asset value Cumulative dividend

Crown Place VCT PLC16



























investment management fees charged to capital







charges ratio for the year ahead to remain stable at





























†

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         



Strategic report





Dividends paid

Dividends paid in the year Cumulative dividends paid*

Pence per share

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17Crown Place VCT PLC

Gearing











Operational arrangements













Investment Management Agreement





management, secretarial and administrative services





termination in the event of certain breaches or on the















arrangement fee, payable by a portfolio company in









Management performance incentive fee





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







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



































Crown Place VCT PLC 18

Investment and co-investment





of investments is on the basis of an allocation





Evaluation of the Manager





• 

• 



• 



• 



• 





The Board believes that it is in the interests of







Alternative Investment Fund Managers

Directive (“AIFMD”)















Consumer duty































Companies Act 2006 Section 172 Reporting







in both the long and short term, having regard to the

































governance and responsibility in managing the

















there is also nothing to report in relation to













19Crown Place VCT PLC

Strategic report

Engagement with Stakeholder Decision outcomes based on engagement

Shareholders







• Shareholder seminar





report, and Interim management

statements





















































• The Board recognises the importance to Shareholders of maintaining a share



















































Crown Place VCT PLC20

Strategic report

Engagement with Stakeholder Decision outcomes based on engagement

Manager







achieving the investment policy and





has on Environment, Social and





























Suppliers







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











Portfolio companies

The portfolio companies are

































Community and environment

























Strategic report



emerging risks which

might impact on the



the most noticeable risks

have been rising interest



Social and community issues, employees

and human rights



















General Data Protection Regulation













Further policies





• 

• 

• 

• 

• 



Risk management













































Crown Place VCT PLC22

Possible consequence Risk assessment

during the year

Risk management

Risk: Investment, performance, technology, and valuation risk



























than later, stage technology



of the technology not becoming



or the obsolescence of the



























Increased in



the heightened

economic and



as referred to in





addition, in the



climate the



technology

companies are more































the Board receives detailed reports on each investment as part of





























Risk: VCT approval and regulatory change risk





























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















23Crown Place VCT PLC

Strategic report

Possible consequence Risk assessment

during the year

Risk management

Risk: Regulatory and compliance risk



















































Risk: Operational and internal control risk







investment management and











information being passed to the













































service providers have also demonstrated to the Board that there is



Risk: Cyber and data security risk







potentially sensitive, data being







Increased in the









































Crown Place VCT PLC24

Strategic report

Possible consequence Risk assessment

during the year

Risk management

Risk: Economic and political risk







conditions, competition, political

and diplomatic events, and other



















Increased in the





rising interest rates

and the general

















































Risk: Environmental, social and governance (“ESG”) risk



lead to an increased negative

impact on the environment,







to a fall in demand from investors,







































Risk: Liquidity risk













as there is no readily available

























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Strategic report

Viability statement

























































The Board has additionally considered the ability of





























Companies Act 2006

















For and on behalf of the Board

Penny Freer





Crown Place VCT PLC26

Strategic report

STRATEGIC

PORTFOLIO OF INVESTMENTS

At 30 June 2023 

Portfolio company Activity





Albion* managed

companies

Cost

£’000

Value

£’000









Change in value

for the year**

£’000

 



  1,797 16,936   6,817

Proveca    1,190 4,296   172









  1,592 3,574   444

 



  1,549 3,438   141

 



  1,766 2,564   (768)

 



  1,240 2,472   56











  1,652 2,131   -

Healios Provider of an online platform delivering

family centric psychological care

  1,580 1,972   -

 



  1,116 1,927   120









  1,521 1,788   (635)





   1,239 1,739   500





API management platform   1,140 1,432   -

    680 1,306   595

 





  1,066 1,275   -

Seldon Technologies 





  1,193 1,193   -



Technologies



provider

  306 1,161   59

Peppy Health Employee digital healthcare platform for



  1,157 1,157   -

Elliptic Enterprises 



  1,114 1,114   (415)

Toqio FinTech Holdings    1,017 1,017   -

 

clinical trials for respiratory conditions

  707 997   (43)

Beddlestead 



  1,060 970   (233)

    521 956   435

The Street by Street Solar

Programme



on domestic properties

  461 801   (28)

    755 755   -

Panaseer    510 752   (1)

 Provides insights and analytics to





  685 725   16

27Crown Place VCT PLC

At 30 June 2023 

Portfolio company Activity





Albion* managed

companies

Cost

£’000

Value

£’000









Change in value

for the year**

£’000

 



  433 667   234

 



  374 627   120





   615 615   -



Energy



top solar installations

  344 518   (44)

    481 511   108

 



  505 505   -

Aridhia Informatics Healthcare informatics and analysis

provider

  442 476   (63)

Alto Prodotto Wind 



  260 445   3

 





  482 440   (377)

    425 425   -

Brytlyt    499 381   (117)

PetsApp    354 354   -

 

enables life science organisations to



  228 308   80

 

and nannies

  421 303   (306)

 

interventional clinical trials

  278 290   (112)

    284 284   -

 



technology platform

  143 260   (113)

Imandra 





  155 225   (9)

 



  217 217   -

Tem Energy Energy trading platform   193 193   -

    432 188   (244)









  128 172   44

 

cervical cancer

  1,038 169   (55)

 

on domestic properties

  123 149   (14)

    511 87   -

 



  44 80   -

 Technology for credit assessment   75 75   -

Symetrica 



  57 54   7

 

at Stansted Airport

  22 51   22

 



  1,471 23   (1,505)

Crown Place VCT PLC28

Portfolio of investments

Realisations in the year to 30 June 2023

Cost

£’000

Opening

carrying

value

£’000

Disposal

proceeds

£’000

Total

realised

gain/(loss)

£’000

(Loss)/gain

on opening

value

£’000

Arecor     

     

memsstar     

     

Abcodia     

Avora       

       

     

Avanti     

Palm Tree     

Loan stock repayments, escrow adjustments and other:

Alto Prodotto Wind       

       

         

 3,078 861 684 (2,395) (178)





£’000

Total change in value of investments for the year 3,822

 

Unrealised gains sub-total 3,803

 

 

Total gains on investments as per Income statement 3,846

At 30 June 2023 

Portfolio company Activity





Albion* managed

companies

Cost

£’000

Value

£’000









Change in value

for the year**

£’000

 



  1,022 1   (911)

Limitless Technology 



learning technology

  412 -   (237)

 422 459   79

 41,503 68,000   3,822













29Crown Place VCT PLC

Portfolio of investments

Healthcare (including digital healthcare)

Renewable energy

Software & other technology

FinTech

Other (including education)

Crown Place

STRATEGIC

PORTFOLIO COMPANIES

Crown Place VCT PLC30

Proveca











Filleted audited results for year ended:

31 Jul

2022

31 Jul

2021

£’000 £’000

Net liabilities (2,545) (2,731)

Investment information £’000

Income recognised in the year -

Total cost 1,190

Total valuation 4,296

Voting rights 6.1%

Voting rights for all Albion managed companies 49.9%

Basis of valuation Revenue multiple

Audited results for year ended:

31 Mar

2022

31 Mar

2021

£’000 £’000

Turnover 37,177 30,307

LBITDA (26,228) (9,077)

Loss before tax (26,874) (9,516)

Net assets 85,147 22,890

Investment information £’000

Income recognised in the year -

Total cost 1,797

Total valuation 16,936

Voting rights 1.4%

Voting rights for all Albion managed companies 10.8%

Basis of valuation Cost and price of recent

investment (calibrated and

reviewed for impairment)













31Crown Place VCT PLC



Radnor House School (TopCo)











Oviva









Chonais River Hydro













Audited results for year ended:

31 Dec

2021

31 Dec

2020

£’000 £’000

Turnover 7,531 5,097

LBITDA (9,468) (4,285)

Net assets 61,700 14,661

Investment information £’000

Income recognised in the year -

Total cost 1,766

Total valuation 2,564

Voting rights 1.9%

Voting rights for all Albion managed companies 12.2%

Basis of valuation Cost and price of recent

investment (calibrated and

reviewed for impairment)

Audited results for year ended:

31 Aug

2022

31 Aug

2021

£’000 £’000

Turnover 9,338 7,548

EBITDA 1,368 623

Loss before tax (123) (850)

Net assets 12,238 12,205

Investment information £’000

Income recognised in the year 156

Total cost 1,592

Total valuation 3,574

Voting rights 8.7%

Voting rights of all Albion managed companies 48.3%

Basis of valuation Third party valuation –

Earnings multiple



Filleted audited results for the year ended:

30 Sept

2022

30 Sept

2021

£’000 £’000

Net liabilities (182) (163)

Investment information £’000

Income recognised in the year 72

Total cost 1,549

Total valuation 3,438

Voting rights 14.0%

Voting rights for all Albion managed companies 50.0%

Basis of valuation Third party valuation – discounted



Portfolio companies

The Evewell 





Healios is an online platform delivering family centric psychological care primarily





Runa Network 











Audited results for year ended:

31 Dec

2022

31 Dec

2021

£’000 £’000

Turnover 34,069 32,642

LBITDA (8,841) (5,032)

Loss before tax (9,054) (5,245)

Net assets 9,967 2,793

Investment information £’000

Income recognised in the year -

Total cost 1,652

Total valuation 2,131

Voting rights 2.6%

Voting rights for all Albion managed companies 13.9%

Basis of valuation Cost and price of recent

investment (calibrated and

reviewed for impairment)



Filleted audited results for year ended:

31 Dec

2021

31 Dec

2020

£’000 £’000

Net liabilities (978) (3,354)

Investment information £’000

Income recognised in the year 128

Total cost 1,240

Total valuation 2,472

Voting rights 5.1%

Voting rights for all Albion managed companies 33.0%

Basis of valuation Earnings multiple

Audited results for year ended:

31 Dec

2021

31 Dec

2020

£’000 £’000

Turnover 10,843 5,485

LBITDA (5,439) (1,863)

Loss before tax (5,625) (2,012)

Net assets/(liabilities) 50 (2,119)

Investment information £’000

Income recognised in the year -

Total cost 1,580

Total valuation 1,972

Voting rights 2.6%

Voting rights for all Albion managed companies 17.5%

Basis of valuation Cost and price of recent

investment (calibrated and

reviewed for impairment)





33Crown Place VCT PLC

Portfolio companies

Cantab Research (T/A Speechmatics) provides advanced speech















Gharagain River Hydro









Filleted audited results for year ended:

30 Sept

2022

30 Sept

2021

£’000 £’000

Net assets 172 175

Investment information £’000

Income recognised in the year 36

Total cost 1,116

Total valuation 1,927

Voting rights 15.0%

Voting rights for all Albion managed companies 50.0%

Basis of valuation Third party valuation –





Audited results for year ended:

31 Dec

2022

31 Dec

2021

£’000 £’000

Turnover 11,579 9,533

LBITDA (11,002) (5,008)

Loss before tax (11,479) (5,244)

Net assets 29,076 1,353

Investment information £’000

Income recognised in the year -

Total cost 1,521

Total valuation 1,788

Voting rights 1.8%

Voting rights for all Albion managed companies 14.4%

Basis of valuation Cost and price of recent

investment (calibrated and

reviewed for impairment)

Crown Place VCT PLC34

Portfolio companies

STRATEGIC

















ENVIRONMENTAL, SOCIAL AND



Principle 1: to incorporate

ESG issues into investment

analysis and decision-



Principle 2: to be active

owners and incorporate

ESG issues into our

ownership policies and



Principle 3: to seek

appropriate disclosure on

ESG issues by the entities



Principle 4: to promote

acceptance and

implementation of the

Principles within the



The Company’s Manager, Albion Capital Group LLP (“Albion”),

sees sustainable and responsible investment as an integral part







The Board and Albion have been











technology, healthcare and



Albion is directly involved in the

oversight and governance of these



standards of reporting and visibility















investment propositions, some





of the most important drivers of









Principle 5: to work

together to enhance



implementing the



Principle 6: to report on

our activities and progress

towards implementing the



35Crown Place VCT PLC











































of reporting, governance principles adopted by



increasingly in the positive environmental or socially











STAGE 1

Screening

STAGE 2

Due diligence

STAGE 3

Stewardship &

monitoring

STAGE 4

Follow on

investments





Albion

Capital Group LLP’s







ethnic diversity for



investments

• ESG Due Diligence

questionnaire



investment



added to investment

committee paper

and reviewed at IC



to the Shareholders

Agreement

• Leverage portfolio

company board and

platform function



initiatives





developments

ESG

Balance Score

Card (BSC)* and







developments have



• Reassess ESG











improvements

• Support the

company in

demonstrating to

potential investors



been mitigated



realised







remain in place



Crown Place VCT PLC36

Environmental, Social, and Governance (“ESG”) report

























































INVESTMENT STAGE

EXIT STAGE

37Crown Place VCT PLC

Signatories





























The Manager’s ESG initiatives





Environmental: 



positive and, as far as possible, any negative impact is



Overview of Albion’s ESG activity:

Social: 







Governance: 





ENVIRONMENTAL

• Net Zero target by 2030

• Measuring carbon footprint

with Plan A

• Purchased carbon removal

permits for 2021/2022

emissions

SOCIAL

• Fair HQ score improvement



within a year

• Albion’s Net Zero Team leads

actions on climate change

• Albion’s Social Outreach

Team has a mandate on local

educational outreach

GOVERNANCE

• ESG principles integrated

across the full investment

cycle

• Completion of 2022 ESG

BSC portfolio reporting and

targets set for 2023

• UN PRI score 2020/2021:

3/5 stars

• Regular ESG updates for all

stakeholders

Environmental, Social, and Governance (“ESG”) reportEnvironmental, Social, and Governance (“ESG”) report

Crown Place VCT PLC38

Governance

THE BOARD OF DIRECTORS









preparing for, attending and participating in periodic

















Penny Freer (appointed 31 October 2014), Chairman,

















James Agnew (appointed 1 November 2015), has a























Tony Ellingham (appointed 1 September 2023), has























Pam Garside (appointed 1 March 2019), is an















a board member of several other healthcare companies



Ian Spence (appointed 1 May 2020), is highly

























































40 Crown Place VCT PLC

GOVERNANCE

Will Fraser-Allen, BA



managing partner since





He is chairman of











managing partner in





has a BA in History from



Patrick Reeve



managing partner and

became chairman in



of Albion Technology







is also a director of the





before establishing Albion



















starting his career in



the healthcare investment



managing partner in



















Vikash Hansrani, BA





and administration of



















Albion Capital Group LLP, is authorised and regulated by the

Financial Conduct Authority and is the Manager of Crown Place









and administration of the Venture Capital Trusts managed

by Albion Capital Group LLP:

THE MANAGER

41Crown Place VCT PLC

GOVERNANCE

42 Crown Place VCT PLC

The Manager

Valerie Aelbrecht















Economics from the











Lauren Apostolidis, BA













and investors to help



to this, she managed

FinTech partnerships at



Adam Chirkowski





























Emil Gigov







and became a partner in











, BA,



investment manager from























Gita Kler





on data analytics at a





Economics and Finance



Amsterdam and an



Information Systems and





Ed Lascelles







started his career advising



became a partner in







Paul Lehair

an investment director















Political Economy from

the LSE and Political

Science and Sciences



43Crown Place VCT PLC

The Manager

Catriona McDonald, BA



director specialising in



















Kibriya Rahman





















Jane Reddin











years as Talent Advisor













,





originally practiced











and became a partner in









Nadine Torbey

BEng, is an investment







a BSc in Electrical and



from the American











Robert Whitby-Smith, BA



















became a partner in







Jay Wilson











and became partner













Marco Yu



team and became















degree in economics from







44 Crown Place VCT PLC

GOVERNANCE







The Statement of corporate governance on pages



BUSINESS REVIEW

Principal activity and status









































Capital structure

























pari

passu





Shareholders are entitled to receive dividends and







Issue and buy-back of Ordinary shares































































DIRECTORS’ REPORT

45Crown Place VCT PLC

Results and dividends







Future developments of the business







Going concern









































































Post balance sheet events





Principal risks and uncertainties





46 Crown Place VCT PLC

VCT regulation







1 

2 



3 





4 



5 



6 



7 

8 





9 





10 



11 



































other sectors, dealing in property or shares and





































Directors’ report

47Crown Place VCT PLC









Environment





LLP recognises the importance of its environmental

responsibilities, monitors its impact on the environment,















Global greenhouse gas emissions





















Anti-bribery

























Diversity









criteria and bear in mind gender and other diversity











 



 























Number of Board members Percentage of the Board

Gender Identity

  

Women  

  

Ethnic Background

  

  

  

  

  

  

Directors’ report

48 Crown Place VCT PLC

















Packaged Retail and Insurance-based

























Alternative Investment Fund Managers

Directive (“AIFMD”)













available to investors of the Company



has to be made available to investors prior to investing

in an AIF and directs that material changes to this













Remuneration (unaudited)















Directors’ report

Employees





Directors









Directors’ indemnity



















Re-election of Directors























Approval of the Directors’ remuneration policy















Advising ordinary retail investors

















49Crown Place VCT PLC





Investment and co-investment







Auditor









Annual General Meeting

































to l























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Authority to allot shares

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Directors’ report

50 Crown Place VCT PLC

Annual General Meeting (continued)

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Disapplication of pre-emption rights

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

Purchase of own shares





























Cancellation of share premium account











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



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

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

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are considered to be to the advantage of the



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

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

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



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











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



• 





• 

















Albion Capital Group LLP

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

































• 



• 



• 







• prepare the Financial Statements on the going







• 































provides the information necessary for shareholders to





Website publication













preparation and dissemination of Financial Statements,









consideration of the maintenance and integrity of









Directors’ responsibilities pursuant to Disclosure

Guidance and Transparency Rule 4 of the UK

Listing Authority



• The Financial Statements have been prepared







• 









For and on behalf of the Board

Penny Freer





53Crown Place VCT PLC

GOVERNANCE

Background













The Board has considered the Principles and Provisions































The Board considers that reporting against the



















Board of Directors











































































to secretarial advice and compliance services by



















STATEMENT OF CORPORATE GOVERNANCE

54 Crown Place VCT PLC

























Board also met to approve the terms and contents























ad hoc reports and information are





















• 

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• 

developments or changes to the investment

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• consideration of corporate strategy and

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• 

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• 

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• 











• approval of the dividend policy and payments of

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• 





• 

• 



• 









It is the responsibility of the Board to present an





information necessary for shareholders to assess the





Committees’ and Directors’ performance

evaluation





• 

• 



and

• completion of a detailed internal assessment





















Statement of corporate governance

55Crown Place VCT PLC









































Remuneration Committee

















attendance from all of its members at the time of the











Audit and Risk Committee

























































at 







• 









• 





• 



• 





• 





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













Statement of corporate governance

56 Crown Place VCT PLC







• 





the information necessary for shareholders to





• 

































































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





















The valuation of the Company’s investments













































the information necessary for shareholders to assess



























Statement of corporate governance

57Crown Place VCT PLC











• 

• 

• 

• 

• Independence

• Leadership



















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match all the relevant and appropriate criteria for the

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

Nomination Committee

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 The terms of reference of the

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58 Crown Place VCT PLC

Statement of corporate governance



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



























Internal control











































those that are not directly the responsibility of the





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























• 





• 





personnel and the operations partner of Albion



• 





• 



• 



• 

• 





As the Board has delegated the investment management













that any recommendations to implement improvements



















59Crown Place VCT PLC

Statement of corporate governance





























Capital structure and Articles of Association





















Relationships with shareholders



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



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

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

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



















For and on behalf of the Board

Penny Freer





Introduction





the Board has applied the principles relating to the





















Annual statement from the Chairman of the

Remuneration Committee



































years thereafter, at the same time as considering and



Directors’ remuneration policy













considered in comparison to the overall activities and













































































60 Crown Place VCT PLC

DIRECTORS’ REMUNERATION REPORT

GOVERNANCE







Annual report on remuneration

























Directors’ remuneration

































Total Directors’ remuneration

30 June 2023 

£ £

Penny Freer 27,500 

 25,500 

 23,500 

Ian Spence 23,500 

100,000 

Annual percentage change in Directors’ remuneration

Percentage change

2022 to 2023

Percentage change



Percentage change



  

Penny Freer 3  

 3  

 2  

 2  

 n/a  

2  

61Crown Place VCT PLC

Directors’ remuneration report

















Directors interests











There have been no changes in the holdings of the













Performance graph

























Directors’ interests

Shares held as at

30 June 2023

Shares held as at



Penny Freer 100,181 

 88,209 

 103,195 

Ian Spence 37,216 

328,801 

Directors’ remuneration report





Directors’ pay compared to distribution to shareholders

2023

£’000









Percentage

change 2022 to



Percentage





 4,237   (43) 

 2,359   7 

 100   2 





250

200

150

100









For and on behalf of the Board

Penny Freer





2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023



63Crown Place VCT PLC

Directors’ remuneration report





• 



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• 





• 

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























Basis for opinion





















Independence

































Conclusions relating to going concern















• 









• 







64 Crown Place VCT PLC

GOVERNANCE

INDEPENDENT AUDITOR’S REPORT TO THE

MEMBERS OF CROWN PLACE VCT PLC

• 





made in the forecasts, and assessing them for









• 







































Overview 2023 

Key audit

matters



investments

Materiality 







An overview of the scope of our audit



















Key audit matters



























Independent auditor’s report to the members of Crown Place VCT PLC

Valuation of unquoted

investments





There is a high level of



involved in determining

















As the Investment

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of misstatement of

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









































Key audit matter How the scope of our audit addressed the key audit matter

66 Crown Place VCT PLC

Independent auditor’s report to the members of Crown Place VCT PLC

Our application of materiality























 

Materiality  

Basis for determining

materiality



Rationale for the benchmark

applied











Performance materiality  

Basis for determining

performance materiality



Rationale for the percentage

applied for performance

materiality







Lower testing threshold











Reporting threshold







Other information













67Crown Place VCT PLC

Independent auditor’s report to the members of Crown Place VCT PLC











Corporate governance statement













Going concern

and longer-term

viability









Other Code

provisions













Other Companies Act 2006 reporting





Strategic report

and Directors’

report

















Directors’

remuneration





Matters on which

we are required

to report by



















68 Crown Place VCT PLC

Independent auditor’s report to the members of Crown Place VCT PLC

Responsibilities of Directors













statements that are free from material misstatement,

















Auditor’s responsibilities for the audit of the































detecting irregularities, including fraud







above, to detect material misstatements in respect







Non-compliance with laws and regulations



• 



• 



• 























• 



• 





• 









• 







Fraud







• 







• 



 

and

 



• 





69Crown Place VCT PLC

Independent auditor’s report to the members of Crown Place VCT PLC

• 





• 















• 



• 



• 



• 



• 

















appropriate competence and capabilities and remained





































Use of our report























Peter Smith











70 Crown Place VCT PLC

Independent auditor’s report to the members of Crown Place VCT PLC

Company

information

and Financials

INFORMATION

& FINANCIALS

Year ended 30 June 2023 

Note

Revenue

£’000

Capital

£’000

Total

£’000









Total



       

Investment income       

       

       

 351 2,466 2,817   

  - - -   



attributable to shareholders 351 2,466 2,817   

Basic and diluted earnings per Ordinary share

(pence)*       









INCOME STATEMENT

INFORMATION

& FINANCIALS

BALANCE SHEET

30 June 2023 

Note £’000 

  68,000 

Current assets

Trade and other receivables  1,684 

 25,006 

26,690 

Payables: amounts falling due within one year

Trade and other payables less than one year  (721) 

Net current assets 25,969 

Total assets less current liabilities 93,969 

Equity attributable to equity holders

  3,269 

 47,067 

 26,402 

 9,177 

 8,054 

Total equity shareholders’ funds 93,969 

Basic and diluted net asset value per share (pence)*   





behalf by

Penny Freer





73Crown Place VCT PLC 73Crown Place VCT PLC

INFORMATION

& FINANCIALS

STATEMENT OF CHANGES IN EQUITY

Called-up

capital

premium

Unrealised

capital

reserve

Realised

capital

reserve*

Other

distributable

reserve* Total

£’000 £’000 £’000 £’000 £’000 £’000

As at 1 July 2022 2,905 35,522 20,384 12,729 14,299 85,839

 - - 3,803 (1,337) 351 2,817



of investments - - 2,216 (2,216) - -

 - - - - (4,237) (4,237)

 - - - - (2,359) (2,359)

 364 11,854 - - - 12,218

 - (309) - - - (309)

As at 30 June 2023 3,269 47,067 26,402 9,177 8,054 93,969

      

      



of investments      

      

      

      

      

      





74 Crown Place VCT PLC

INFORMATION

& FINANCIALS

STATEMENT OF CASH FLOWS

Year ended

30 June 2023





£’000 



 550 

 39 

 145 

 138 

 (2,081) 

 (425) 

 - 

 (1,634) 



 (7,870) 

 1,139 

 (6,731) 



 11,226 

 (37) 

 (3,517) 

 (2,325) 

 5,347 

(Decrease)/increase in cash in bank and at hand (3,018) 

 28,024 

Cash in bank and at hand at the end of the year 25,006 













75Crown Place VCT PLC

INFORMATION

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NOTES TO THE FINANCIAL STATEMENTS



The Financial Statements have been prepared in















Statements have been prepared on a going concern

































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





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



the portfolio is provided internally on that basis to the









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









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

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• 

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

















• 

































76 Crown Place VCT PLC

Notes to the Financial Statements















legal completion of the investment contract and are















Current assets and payables

















Investment income

Dividend income



















Fixed term funds income











Investment management fee, performance











• 

performance incentive fees, if any, are allocated



• 



























income as stated in the Financial Statements that























Reserves

Called-up share capital





Share premium









Capital redemption reserve











77Crown Place VCT PLC

Unrealised capital reserve



investments held at the year end against cost are



Realised capital reserve



• gains and losses compared to cost on the

realisation of investments, or permanent



recognised on the realisation of investment





• 





• 





• 



Other distributable reserve

















Dividends







Segmental reporting





being investment in smaller companies principally





Year ended

30 June 2023

£’000







 3,803 

 (178) 

 221 

3,846 



Year ended

30 June 2023

£’000







 569 

 84 

 145 

 138 

936 

78 Crown Place VCT PLC

Notes to the Financial Statements



Year ended 30 June 2023 

Revenue Capital Total   Total

£’000 £’000 £’000   

Investment management fee 153 1,380 1,533   

Performance incentive fee - - -   

153 1,380 1,533   





























Year ended

30 June 2023





£’000 

 109 

 48 

Secretarial and administration fee 50 

 225 

432 





Year ended

30 June 2023

£’000







 100 

 9 

109 





79Crown Place VCT PLC

Notes to the Financial Statements



Year ended

30 June 2023

£’000







 - 



Year ended

30 June 2023

£’000







 2,817 

 577 



 (788) 

 (17) 

 228 

- 









 

 



 







Year ended

30 June 2023

£’000









 2,130 



 2,120 

 - 

 (13) 

4,237 











80 Crown Place VCT PLC

Notes to the Financial Statements



Year ended 30 June 2023 

Revenue Capital Total   Total

 351 2,466 2,817   

 266,724,287 

      













30 June 2023

£’000





 57,468 

 260 

 10,272 

68,000 

 57,170 

 7,870 

 (684) 

 (178) 

 19 

 3,803 

Closing valuation 68,000 

Movement in loan stock accrued income

 142 

 19 

Closing accumulated loan stock accrued income 161 

Movement in unrealised gains

 20,317 



realisations of investments

2,216 

 3,803 

Closing accumulated unrealised gains 26,336 

Historic cost basis

 36,711 

 7,870 

 (3,078) 

Closing book cost 41,503 

81Crown Place VCT PLC

Notes to the Financial Statements













Valuation methodology

30 June 2023

£’000





 40,107 

 11,281 

 7,358 

 4,595 

 2,472 

 971 

 956 

67,740 











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







82 Crown Place VCT PLC

Notes to the Financial Statements





Change in valuation methodology (2022 to 2023)

Value as at

30 June 2023

£’000 





 

methodology





 

methodology





 





 

methodology













Fair value hierarchy 

 

 

 







30 June 2023 

£’000 

 56,410 

 7,870 

 (375) 

 (100) 

 3,916 

 19 

Closing balance 67,740 



















83Crown Place VCT PLC

Notes to the Financial Statements



Valuation technique Portfolio company sector Input

Base

case*

Change in

input

Change in

fair value of

investments

(£’000)

Change in

NAV (pence

per share)

 









  

  





 

factor



  

  





 Earnings

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  

  

 



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

  

  

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

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









30 June 2023

£’000





Prepayments 38 

 1,646 

 - 

1,684 









84 Crown Place VCT PLC

Notes to the Financial Statements





30 June 2023

£’000





 520 

Trade payables 201 

721 





Allotted, called up and fully paid

£’000

 

 

326,884,706 Ordinary shares of 1 penny each at 30 June 2023 3,269

 

 

43,285,891 Ordinary shares of 1 penny each held in treasury at 30 June 2023 (433)

Voting rights of 283,598,815 Ordinary shares of 1 penny each at 30 June 2023 2,836













Allotment date

Number of shares

allotted

Aggregate

nominal value of

(£’000)

Issue price

(pence per share)

Net invested

(£’000)

Opening

market price on

allotment

(pence per share)

     

     

2,194,573 683

85Crown Place VCT PLC

Notes to the Financial Statements





Allotment date

Number of

shares allotted

Aggregate

nominal value of

(£’000)

Issue price

(pence per share)

Net

consideration

received

(£’000)

Opening

market price on

allotment

(pence per share)

     

     

     

     

     

     

     

34,166,296 11,226



30 June 2023 

  

























• 

• 

• 







Market risk







86 Crown Place VCT PLC

Notes to the Financial Statements































Investment risk (including investment price risk)































Interest rate risk















87Crown Place VCT PLC

Notes to the Financial Statements



30 June 2023 



£’000

Floating

rate

£’000

Non-

interest

£’000

Total

£’000





Floating

rate





interest



Total



 9,263 - 1,009 10,272    

 - - 57,728 57,728    

 - - 1,646 1,646    

Payables - - (721) (721)    

 - 25,006 - 25,006    

9,263 25,006 59,662 93,931    



Credit risk

















































Liquidity risk







88 Crown Place VCT PLC

Notes to the Financial Statements















30 June 2023 

Redemption date

Fully

performing

£’000

Past due

£’000

Valued

below cost

£’000

Total

£’000



performing













Total



Less than one year 6,027 971 - 6,998    

 110 - - 110       

 39 - - 39      

 2,086 - - 2,086      

 1,039 - - 1,039        

Total 9,301 971 - 10,272    





































• 

• 

89Crown Place VCT PLC

Notes to the Financial Statements









90 Crown Place VCT PLC

NOTICE OF ANNUAL GENERAL MEETING



 









Ordinary Business

 



 

 

 

 

 

 

 



 

Special Business

 

 

















 

 

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



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 







 







 

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 

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 



 







 

 







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

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







92 Crown Place VCT PLC

Notes to the Financial Statements

Notes

 







  



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  



 



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 



 

 













 









 



 









 







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 









 









 



















10 















11 





 









 







Notice of Annual General Meeting

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



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