## 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
## 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  
  
  

Shareholder information Financial adviser information
For help relating to dividend payments, shareholdings 
 
 


 
 


 





4
## Contents
##  Strategic
 
 
 
 
 
 
 
##  Governance
 
 
 
 
 
 
 
## 
## Company information and Financials
 
  
 
 
 
 
5
## Strategic
STRATEGIC
## INVESTMENT POLICY
 

 
 
 












higher proportion of total assets prior to a realisation






## FINANCIAL CALENDAR
3 November 2023 
Noon on 22 November 2023 
30 November 2023 
March 2024 

28 March 2024 
7Crown Place VCT PLC
STRATEGIC

# FINANCIAL HIGHLIGHTS

1.06p

Increase in total
shareholder value
per share for the year
ended 30 June 2023
(2022: 2.12p)†

3.15%

Total return uplift on
opening net asset value
per share
(2022: 6.10%)†

1.63p

Total tax-free dividends
per share paid during
the year ended
30 June 2023
(2022: 3.21p)

33.13p

Net asset value
per share as at
30 June 2023
(2022: 33.70p)

Total shareholder value relative to FTSE All-Share Index total return
(in both cases with dividends reinvested)

![img-0.jpeg](img-0.jpeg)

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.

8

Crown Place VCT PLC
Financial highlights

## Crown Place VCT PLC – Performance data

![img-1.jpeg](img-1.jpeg)

The graph above shows the one year, three year, five year and ten year total return to shareholders. This return comprises dividends paid and the change in net asset value over the relevant periods.

## Movements in net asset value

|   | 30 June 2023 (pence per share) | 30 June 2022 (pence per share)  |
| --- | --- | --- |
|  Opening net asset value | 33.70 | 34.79  |
|  Capital return | 0.92 | 1.95  |
|  Revenue return | 0.13 | 0.14  |
|  Total return | 1.05 | 2.09  |
|  Dividends paid | (1.63) | (3.21)  |
|  Impact of share capital movements | 0.01 | 0.03  |
|  **Closing net asset value** | **33.13** | **33.70**  |

## Total shareholder value

|  Shareholder return from launch to April 2005: | (pence per share)  |
| --- | --- |
|  Total dividends paid to 6 April 2005^{(i)} | 24.93  |
|  Decrease in net asset value | (56.60)  |
|  **Total shareholder return to 6 April 2005** | **(31.67)**  |

|  Shareholder return from April 2005 to 30 June 2023 (period that Albion Capital has been investment manager): |   |
| --- | --- |
|  Total dividends paid | 43.25  |
|  Decrease in net asset value | (10.27)  |
|  **Total shareholder return from April 2005 to 30 June 2023** | **32.98**  |

|  Shareholder value since launch: |   |
| --- | --- |
|  Total dividends paid to 30 June 2023^{(i)} | 68.18  |
|  Net asset value as at 30 June 2023 | 33.13  |
|  **Total shareholder value as at 30 June 2023** | **101.31**  |

### Note

(i) Prior to 6 April 1999, Venture Capital Trusts were able to add 20% to dividends and figures for the period up until 6 April 1999 are included at the gross equivalent rate actually paid to shareholders.

A more detailed breakdown of the dividends paid per year can be found at www.albion.capital/funds/CRWN under the 'Dividend History' section.

In addition to the dividends paid above, the Board has declared a first dividend for the year ending 30 June 2024 of 0.83 pence per share payable on 30 November 2023 to shareholders on the register on 3 November 2023.

Crown Place VCT PLC

9
STRATEGIC
## CHAIRMAN’S
## STATEMENT
Penny Freer
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,

Results and dividends 

 
 
 

 Investment performance and progress


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


10 Crown Place VCT PLC10
Chairman’s statement
 
 
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Peppy Health, a Toqio FinTech GX Molecular (T/A into OutThink, a 
platform providing Holdings which CS Genetics), a software platform platform providing
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areas of health services and  enterprises recovering from
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menopause) via by providing an enables increased spinal cord injury
content, video, orchestration scalability and high
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employees wishes to launch a



11
Chairman’s statement
Board composition 











 
 

 










Risks and uncertainties 






 
 



in the technology and healthcare sectors, remains





Annual General Meeting

 
 
 
 
events

 
 

Share buy-backs and reserves 
to  





 
 
 
 
Crown Place VCT PLC12
Chairman’s statement
## The Company has been an
## active investor during the year
## 
## 
## 
Audit tender process 

 please email 
 
 
 






Outlook and prospects
















Shareholder seminar




delighted to see as many shareholders as possible at Penny Freer
 
 
1313
STRATEGIC
## STRATEGIC REPORT
 Current portfolio sector allocation

 

Business model 

 
 
 



Portfolio analysis by sector Portfolio analysis by stage of investment
 
 
 
Portfolio analysis by number of employees




 

 

 
 
 
 
Crown Place VCT PLC 14
Strategic report
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 
Direction of portfolio 

 
 
 




 
 
 
 
 










Results and dividends 

 
 
 
 

 Review of the business and future changes

 
 


 
 
15Crown Place VCT PLC
Strategic report
 Key Performance Indicators (“KPIs”) and
 Alternative Performance Measures (“APMs”)

 
 
 
 









Future prospects 

 
 
 
 
 
 
 
 
 
 






Net asset value per share and total shareholder value*
100
80
60
40
Pence per share
20
0
                 
 Net asset value Cumulative dividend
Crown Place VCT PLC16
Strategic report
†

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
         

 
 charges ratio for the year ahead to remain stable at
 

















 
investment management fees charged to capital 
 
 

Dividends paid
50
40
30
Pence per share 20
10
0
                 
 Dividends paid in the year Cumulative dividends paid*
17Crown Place VCT PLC

Gearing






Management performance incentive fee




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

Crown Place VCT PLC 18
Strategic report
Investment and co-investment 

 
 
of investments is on the basis of an allocation 





Evaluation of the Manager
Companies Act 2006 Section 172 Reporting




• 

• 
in both the long and short term, having regard to the


• 



• 



• 





The Board believes that it is in the interests of








Alternative Investment Fund Managers

Directive (“AIFMD”)



governance and responsibility in managing the





 
 
 

Consumer duty 

 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
 
 
 
 
 
 
21
Social and community issues, employees Further policies
and human rights

 

• 

• 

• 

• 

• 

 

Risk management
General Data Protection Regulation

 
 
 
 
 
 








## 


## emerging risks which

## might impact on the 

##  

## the most noticeable risks
## have been rising interest
## 
Crown Place VCT PLC22
Strategic report
Possible consequence Risk assessment Risk management
during the year
Risk: Investment, performance, technology, and valuation risk
 Increased in 
  
 the heightened 
 economic and 
  
 as referred to in 
 

 

addition, in the 

 

climate the 




technology


companies are more

than later, stage technology

the Board receives detailed reports on each investment as part of


of the technology not becoming



or the obsolescence of the
























Risk: VCT approval and regulatory change risk
  
  
 
 
 
 
 
 
 



23Crown Place VCT PLC
Strategic report
Possible consequence Risk assessment Risk management
during the year
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
 Increased in the 
  
  
potentially sensitive, data being  
















Crown Place VCT PLC24
Strategic report
Possible consequence Risk assessment Risk management
during the year
Risk: Economic and political risk
 Increased in the 
  
  
conditions, competition, political rising interest rates 
and diplomatic events, and other 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 



25Crown Place VCT PLC
Strategic report
Viability statement 

 
 
 


















Companies Act 2006

 
 
 
 
 
 
 
 

For and on behalf of the Board




 Penny Freer

The Board has additionally considered the ability of


Crown Place VCT PLC26
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   1,580 1,972   -
family centric psychological care
    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   -



|  |  |   306 1,161   59 |
| --- | --- | --- |
| Technologies | provider |  |
| 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   -
    707 997   (43)
clinical trials for respiratory conditions
Beddlestead    1,060 970   (233)

    521 956   435
The Street by Street Solar    461 801   (28)
Programme on domestic properties
    755 755   -
Panaseer    510 752   (1)
 Provides insights and analytics to   685 725   16


27Crown Place VCT PLC
Portfolio of investments
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   -

    344 518   (44)
Energy top solar installations
    481 511   108
    505 505   -

Aridhia Informatics Healthcare informatics and analysis   442 476   (63)
provider
Alto Prodotto Wind    260 445   3

    482 440   (377)


    425 425   -
Brytlyt    499 381   (117)
PetsApp    354 354   -
    228 308   80
enables life science organisations to

    421 303   (306)
and nannies
    278 290   (112)
interventional clinical trials
    284 284   -
    143 260   (113)

technology platform
Imandra    155 225   (9)


    217 217   -

Tem Energy Energy trading platform   193 193   -
    432 188   (244)

|  |  |   128 172   44 |
| --- | --- | --- |
|  |  |  |
|   |  |   1,038 169   (55) |

cervical cancer
    123 149   (14)
on domestic properties
    511 87   -
    44 80   -

 Technology for credit assessment   75 75   -
Symetrica    57 54   7

    22 51   22
at Stansted Airport
    1,471 23   (1,505)

Crown Place VCT PLC28
Portfolio of investments
At 30 June 2023 
Portfolio company Activity   Albion* managed companies Cost £’000 Value £’000     Change in value for the year** £’000
    1,022 1   (911)

Limitless Technology    412 -   (237)

learning technology
 422 459   79
 41,503 68,000   3,822







|  |  | Opening |  |  |  |  | Total | (Loss)/gain |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | carrying |  | Disposal |  |  | realised | on opening |  |
|  | Cost |  | value | proceeds |  | gain/(loss) |  |  | value |
| Realisations in the year to 30 June 2023 | £’000 |  | £’000 |  | £’000 |  | £’000 |  | £’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
29Crown Place VCT PLC
STRATEGIC
## PORTFOLIO COMPANIES
Crown Place
4 9
6
1 5
Healthcare (including digital healthcare)
Renewable energy
Software & other technology 2
FinTech
Other (including education)
10
7 3
8
Crown Place VCT PLC30
### 

## 1



| Audited results for year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 31 Mar | 31 Mar | Income recognised in the year - |
|  | 2022 | 2021 |  |

Total cost 1,797
£’000 £’000
Total valuation 16,936
Turnover 37,177 30,307
Voting rights 1.4%
LBITDA (26,228) (9,077)
Voting rights for all Albion managed companies 10.8%
Loss before tax (26,874) (9,516)
Basis of valuation Cost and price of recent
Net assets 85,147 22,890 investment (calibrated and
reviewed for impairment)

### Proveca

## 2





| Filleted audited results for year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 31 Jul | 31 Jul | Income recognised in the year - |
|  | 2022 | 2021 |  |

Total cost 1,190
£’000 £’000
Total valuation 4,296
Net liabilities (2,545) (2,731)
Voting rights 6.1%
Voting rights for all Albion managed companies 49.9%
Basis of valuation Revenue multiple

31Crown Place VCT PLC
Portfolio companies
### Radnor House School (TopCo)

## 3





| Audited results for year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 31 Aug | 31 Aug | Income recognised in the year 156 |
|  | 2022 | 2021 |  |

Total cost 1,592
£’000 £’000
Total valuation 3,574
Turnover 9,338 7,548
Voting rights 8.7%
EBITDA 1,368 623
Voting rights of all Albion managed companies 48.3%
Loss before tax (123) (850)
Basis of valuation Third party valuation –
Net assets 12,238 12,205 Earnings multiple

### Chonais River Hydro

## 4






| Filleted audited results for the year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 30 Sept | 30 Sept | Income recognised in the year 72 |
|  | 2022 | 2021 |  |

Total cost 1,549
£’000 £’000
Total valuation 3,438
Net liabilities (182) (163)
Voting rights 14.0%
Voting rights for all Albion managed companies 50.0%
Basis of valuation Third party valuation – discounted

### Oviva

## 5




| Audited results for year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 31 Dec | 31 Dec | Income recognised in the year - |
|  | 2021 | 2020 |  |

Total cost 1,766
£’000 £’000
Total valuation 2,564
Turnover 7,531 5,097
Voting rights 1.9%
LBITDA (9,468) (4,285)
Voting rights for all Albion managed companies 12.2%
Net assets 61,700 14,661
Basis of valuation Cost and price of recent
investment (calibrated and
reviewed for impairment)

Portfolio companies
### The Evewell 

## 6


| Filleted audited results for year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 31 Dec | 31 Dec | Income recognised in the year 128 |
|  | 2021 | 2020 |  |

Total cost 1,240
£’000 £’000
Total valuation 2,472
Net liabilities (978) (3,354)
Voting rights 5.1%
Voting rights for all Albion managed companies 33.0%
Basis of valuation Earnings multiple

### Runa Network 
##  7





| Audited results for year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 31 Dec | 31 Dec | Income recognised in the year - |
|  | 2022 | 2021 |  |

Total cost 1,652
£’000 £’000
Total valuation 2,131
Turnover 34,069 32,642
Voting rights 2.6%
LBITDA (8,841) (5,032)
Voting rights for all Albion managed companies 13.9%
Loss before tax (9,054) (5,245)
Basis of valuation Cost and price of recent
Net assets 9,967 2,793 investment (calibrated and
reviewed for impairment)

### Healios is an online platform delivering family centric psychological care primarily

## 8


| Audited results for year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 31 Dec | 31 Dec | Income recognised in the year - |
|  | 2021 | 2020 |  |

Total cost 1,580
£’000 £’000
Total valuation 1,972
Turnover 10,843 5,485
Voting rights 2.6%
LBITDA (5,439) (1,863)
Voting rights for all Albion managed companies 17.5%
Loss before tax (5,625) (2,012)
Basis of valuation Cost and price of recent
Net assets/(liabilities) 50 (2,119) investment (calibrated and
 reviewed for impairment)
33Crown Place VCT PLC
Portfolio companies
### Gharagain River Hydro

## 9




| Filleted audited results for year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 30 Sept | 30 Sept | Income recognised in the year 36 |
|  | 2022 | 2021 |  |

Total cost 1,116
£’000 £’000
Total valuation 1,927
Net assets 172 175
Voting rights 15.0%
Voting rights for all Albion managed companies 50.0%
Basis of valuation Third party valuation –

### Cantab Research (T/A Speechmatics) provides advanced speech

## 10







| Audited results for year ended: |  |  | Investment information £’000 |
| --- | --- | --- | --- |
|  | 31 Dec | 31 Dec | Income recognised in the year - |
|  | 2022 | 2021 |  |

Total cost 1,521
£’000 £’000
Total valuation 1,788
Turnover 11,579 9,533
Voting rights 1.8%
LBITDA (11,002) (5,008)
Voting rights for all Albion managed companies 14.4%
Loss before tax (11,479) (5,244)
Basis of valuation Cost and price of recent
Net assets 29,076 1,353 investment (calibrated and
reviewed for impairment)

Crown Place VCT PLC34
STRATEGIC
## ENVIRONMENTAL, SOCIAL AND
## 
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

Principle 1: to incorporate Principle 2: to be active
standards of reporting and visibility
ESG issues into investment owners and incorporate

analysis and decision- ESG issues into our

 ownership policies and





| Principle 3: to seek | Principle 4: to promote |  |
| --- | --- | --- |
| appropriate disclosure on | acceptance and |  |
| ESG issues by the entities | implementation of the |  |
|  | Principles within the | investment propositions, some |
|  |  |  |


of the most important drivers of
Principle 5: to work Principle 6: to report on

together to enhance our activities and progress

 towards implementing the
implementing the  
 
35Crown Place VCT PLC
Environmental, Social, and Governance (“ESG”) report
 
 
 
 
 
 
 
 of reporting, governance principles adopted by
 
 increasingly in the positive environmental or socially




 
 

| STAGE 1 |  | STAGE 2 |  | STAGE 3 | STAGE 4 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Screening | Due diligence |  | Stewardship & |  | Follow on |  |
|  |  |  |  | monitoring | investments |  |

 • ESG Due Diligence • Leverage portfolio • Reassess ESG • Support the
Albion questionnaire company board and  company in
Capital Group LLP’s  platform function  demonstrating to
 investment   potential investors
initiatives 
  
been mitigated
 added to investment  

ethnic diversity for committee paper  improvements
realised
 and reviewed at IC developments
investments ESG 

Balance Score 
to the Shareholders
Card (BSC)* and 
Agreement
 remain in place
 

developments have


Crown Place VCT PLC36













INVESTMENT STAGE











EXIT STAGE




37Crown Place VCT PLC
Environmental, Social, and Governance (“ESG”) reportEnvironmental, Social, and Governance (“ESG”) report
The Manager’s ESG initiatives Social: 

 
 
Environmental:  Governance: 
 
positive and, as far as possible, any negative impact is 

Overview of Albion’s ESG activity:

| ENVIRONMENTAL | SOCIAL | GOVERNANCE |
| --- | --- | --- |
| • Net Zero target by 2030 | • Fair HQ score improvement | • ESG principles integrated |
|  |  | across the full investment |

• Measuring carbon footprint
within a year cycle
with Plan A
• Albion’s Net Zero Team leads • Completion of 2022 ESG
• Purchased carbon removal
actions on climate change BSC portfolio reporting and
permits for 2021/2022
targets set for 2023

| emissions | • Albion’s Social Outreach |  |
| --- | --- | --- |
|  | Team has a mandate on local | • UN PRI score 2020/2021: |
|  | educational outreach | 3/5 stars |

• Regular ESG updates for all
stakeholders
Signatories
 
 
 
 
 
 
 
Crown Place VCT PLC38
## Governance
GOVERNANCE
## THE BOARD OF DIRECTORS
 
 
 

Pam Garside (appointed 1 March 2019), is an
preparing for, attending and participating in periodic













 a board member of several other healthcare companies
 
Ian Spence (appointed 1 May 2020), is highly
Penny Freer (appointed 31 October 2014), Chairman,
 
 
 
 
 
 
 
 

James Agnew (appointed 1 November 2015), has a






















Tony Ellingham (appointed 1 September 2023), has


 
 
 
 
 
 
 
40 Crown Place VCT PLC
GOVERNANCE
## THE MANAGER
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:
Will Fraser-Allen, BA Patrick Reeve  Vikash Hansrani, BA
   
managing partner since managing partner and  
 became chairman in starting his career in and administration of
   
He is chairman of of Albion Technology the healthcare investment 
   
  managing partner in 
   
 is also a director of the  
   
managing partner in   
 before establishing Albion  
  
has a BA in History from  
  
 


41Crown Place VCT PLC
The Manager
Valerie Aelbrecht Lauren Apostolidis, BA Adam Chirkowski Emil Gigov
   
   
   
   and became a partner in
   
   
 and investors to help  
Economics from the   
 to this, she managed  
 FinTech partnerships at 
  
 
 

, BA, Gita Kler Ed Lascelles Paul Lehair
   an investment director
investment manager from   
 on data analytics at a  
  started his career advising 
   
 Economics and Finance became a partner in 
   
 Amsterdam and an  
   Political Economy from
 Information Systems and the LSE and Political
  Science and Sciences
  

42 Crown Place VCT PLC
The Manager
Catriona McDonald, BA Kibriya Rahman Jane Reddin ,
   
director specialising in   
   originally practiced
   
   
  years as Talent Advisor 
   
   
   and became a partner in
   
  
 

Nadine Torbey Robert Whitby-Smith, BA Jay Wilson Marco Yu
BEng, is an investment   
   team and became
   
   
a BSc in Electrical and   
  and became partner 
from the American   
   
   
 became a partner in  degree in economics from
   
   
 
43Crown Place VCT PLC
GOVERNANCE
## DIRECTORS’ REPORT
 
 pari
 passu
The Statement of corporate governance on pages 
 
Shareholders are entitled to receive dividends and
BUSINESS REVIEW


Principal activity and status


 Issue and buy-back of Ordinary shares
 
 
 
 
 
 
 
 
 


 
 
 








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
Capital structure 

 
 


 
 
 
 
 
 
 

44 Crown Place VCT PLC
Results and dividends 
 
 
 

Future developments of the business







Going concern 

















 

Post balance sheet events





 Principal risks and uncertainties
 
 
45Crown Place VCT PLC
Directors’ report
VCT regulation



1 
2 
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3 
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4 
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5 
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6 
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7 
8 
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9 

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10 
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11 
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
 







 
 
 
 
 
other sectors, dealing in property or shares and 
 
46 Crown Place VCT PLC
Directors’ report
 
 
 
 

Environment




LLP recognises the importance of its environmental Diversity
responsibilities, monitors its impact on the environment, 
 
 
 
 criteria and bear in mind gender and other diversity
 




Global greenhouse gas emissions 
 

 



 



 
 




Anti-bribery 
 
 


 
 
Number of Board members Percentage of the Board
Gender Identity
  
Women  
  
Ethnic Background
  
  
  
  
  
  
47Crown Place VCT PLC
Directors’ report
 Employees
 
 

Directors




 
 
Packaged Retail and Insurance-based Directors’ indemnity
 
 
 
 
 
 
 
 
 

Re-election of Directors




Alternative Investment Fund Managers 
Directive (“AIFMD”) 
 
 
 
 
 



available to investors of the Company
 Approval of the Directors’ remuneration policy
has to be made available to investors prior to investing 
in an AIF and directs that material changes to this 
 
 






 Advising ordinary retail investors

Remuneration (unaudited)














48 Crown Place VCT PLC
Directors’ report


Investment and co-investment



Auditor




Annual General Meeting
 
 
 at  The Board has
 
 


 
 
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

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Authority to allot shares

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49Crown Place VCT PLC
Directors’ report
Annual General Meeting (continued)
 
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 

Disapplication of pre-emption rights

 
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are considered to be to the advantage of the
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Purchase of own shares
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
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50 Crown Place VCT PLC
Directors’ report
Disclosure of information to the Auditor 
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 Albion Capital Group LLP
 
•  
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51Crown Place VCT PLC
GOVERNANCE
## STATEMENT OF DIRECTORS’
## RESPONSIBILITIES
 
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provides the information necessary for shareholders to
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 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
• prepare the Financial Statements on the going


 • The Financial Statements have been prepared
 
•  
 
 • 








 For and on behalf of the Board


 Penny Freer
 
 
52 Crown Place VCT PLC
GOVERNANCE
## STATEMENT OF CORPORATE GOVERNANCE
Background 

 
 
 
 
 



The Board has considered the Principles and Provisions






























The Board considers that reporting against the 
 
 
 
 
 




to secretarial advice and compliance services by





Board of Directors


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 
 
 
53Crown Place VCT PLC
Statement of corporate governance
 • 
 
 
 

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• 
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• 
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• 
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
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ad hoc reports and information are 

 Committees’ and Directors’ performance
 evaluation

 


 • 
 • 
 
 and
• completion of a detailed internal assessment
• 



• 

developments or changes to the investment


• consideration of corporate strategy and 
 
•  
 
•  
 

54 Crown Place VCT PLC
Statement of corporate governance
 
 
 
 
 
 
 






 
 
 
 
 
 







at 

Remuneration Committee

 

• 









• 


attendance from all of its members at the time of the


• 
 
 • 
 
 
• 
Audit and Risk Committee 

 
 
 
 
 
 
 
 
 
55Crown Place VCT PLC
Statement of corporate governance
 
 
 
•  
 
 
the information necessary for shareholders to 




• 
 The valuation of the Company’s investments
















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 
 the information necessary for shareholders to assess
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Financial Statements 
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 
 
56 Crown Place VCT PLC
 
 
match all the relevant and appropriate criteria for the






• 

• 

• 

• 

• Independence

• Leadership













Nomination Committee

 
 
 
 
 
 
  The terms of reference of the
 
 
 
 


 
 
 
 
57Crown Place VCT PLC
Statement of corporate governance
 
 










 







 • 
 


• 





personnel and the operations partner of Albion

Internal control
• 




• 



• 



• 

• 





 As the Board has delegated the investment management
 
 
 
 




that any recommendations to implement improvements








those that are not directly the responsibility of the






 
 
58 Crown Place VCT PLC
Statement of corporate governance
 
 






 

 
 
 
 
 
 

 Statement of compliance
Capital structure and Articles of Association 

 
 
 
 
 
 
 




 For and on behalf of the Board
Relationships with shareholders

Penny Freer















reserve a place please email 

59Crown Place VCT PLC
GOVERNANCE
## DIRECTORS’ REMUNERATION REPORT
Introduction 

 
 
the Board has applied the principles relating to the considered in comparison to the overall activities and
 


 
 
 
 
 
 
 
 

Annual statement from the Chairman of the 
Remuneration Committee 

 
 
 
 
 
 
 
 
 
 
 
 
 
 






years thereafter, at the same time as considering and




Directors’ remuneration policy






60 Crown Place VCT PLC
Directors’ remuneration report
 Directors’ remuneration

 

Annual report on 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 Percentage change Percentage change
2022 to 2023  
  
Penny Freer 3  
 3  
 2  
 2  
 n/a  
2  
61Crown Place VCT PLC
Directors’ remuneration report
 







 Performance graph

 

Directors interests 

 
 
 





There have been no changes in the holdings of the




Directors’ interests
Shares held as at Shares held as at
30 June 2023 
Penny Freer 100,181 
 88,209 
 103,195 
Ian Spence 37,216 
328,801 
62
Directors’ remuneration report


250
200
150
100

50
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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


Directors’ pay compared to distribution to shareholders

|  |  |  |  | Percentage |  |  | Percentage |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2023 |  |  |  |  |  |  |  |  |
|  |  |  | change 2022 to |  |  |  |  |  |
| £’000 |  |  |  |  |  |  |  |  |

 4,237   (43) 
 2,359   7 
 100   2 


For and on behalf of the Board
Penny Freer


63 63Crown Place VCT PLC
GOVERNANCE
## INDEPENDENT AUDITOR’S REPORT TO THE
## MEMBERS OF CROWN PLACE VCT PLC
 Independence

 

• 





• 





• 



 
 
 
 
 

 Conclusions relating to going concern

 
 
 
 

Basis for opinion 


• 









• 







64 Crown Place VCT PLC
Independent auditor’s report to the members of Crown Place VCT PLC
• 
An overview of the scope of our audit



made in the forecasts, and assessing them for









• 






Key audit matters









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


















Overview 2023 
Key audit 
matters investments
Materiality 



65
Independent auditor’s report to the members of Crown Place VCT PLC
Key audit matter How the scope of our audit addressed the key audit matter
Valuation of unquoted 
investments 
 
 
There is a high level of 
 
involved in determining 
 










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As the Investment
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




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 
 
• 
 







• 







Fraud








• 
detecting irregularities, including fraud






• 
above, to detect material misstatements in respect


 

and

 
Non-compliance with laws and regulations 

• 
•  
 
69Crown Place VCT PLC
Independent auditor’s report to the members of Crown Place VCT PLC
•  
 
 
•  

 Use of our report








 

• 



• 



• 


• 

• 
 Peter Smith
 
 
 






appropriate competence and capabilities and remained














70 Crown Place VCT PLC
## Company
## information
## and Financials
INFORMATION
& FINANCIALS
## INCOME STATEMENT
Year ended 30 June 2023 
Revenue Capital Total   Total
Note £’000 £’000 £’000   
       
Investment income       
       
       
 351 2,466 2,817   
  - - -   

attributable to shareholders 351 2,466 2,817   
Basic and diluted earnings per Ordinary share
(pence)*       




72
INFORMATION^{}[] & FINANCIALS

# BALANCE SHEET

|   | Note | 30 June 2023 £'000 | 30 June 2022 £'000  |
| --- | --- | --- | --- |
|  **Fixed assets investments** | 11 | **68,000** | 57,170  |
|  **Current assets** |  |  |   |
|  Trade and other receivables | 13 | 1,684 | 1,869  |
|  Cash in bank and at hand |  | 25,006 | 28,024  |
|   |  | **26,690** | 29,893  |
|  **Payables: amounts falling due within one year** |  |  |   |
|  Trade and other payables less than one year | 14 | (721) | (1,224)  |
|  **Net current assets** |  | **25,969** | 28,669  |
|  **Total assets less current liabilities** |  | **93,969** | 85,839  |
|  **Equity attributable to equity holders** |  |  |   |
|  Called up share capital | 15 | 3,269 | 2,905  |
|  Share premium |  | 47,067 | 35,522  |
|  Unrealised capital reserve |  | 26,402 | 20,384  |
|  Realised capital reserve |  | 9,177 | 12,729  |
|  Other distributable reserve |  | 8,054 | 14,299  |
|  **Total equity shareholders' funds** |  | **93,969** | 85,839  |
|  **Basic and diluted net asset value per share (pence)*** | 16 | **33.13** | 33.70  |

\* excluding treasury shares

The accompanying notes on pages 76 to 90 form an integral part of these Financial Statements.

These Financial Statements were approved by the Board of Directors, and authorised for issue on 11 October 2023 and were signed on its behalf by

**Penny Freer**

Chairman

Company number: 03495287

Crown Place VCT PLC

73
INFORMATION^{}[] & FINANCIALS

## STATEMENT OF CHANGES IN EQUITY

|   | Called-up share capital £'000 | Share premium £'000 | Unrealised capital reserve £'000 | Realised capital reserve* £'000 | Other distributable reserve* £'000 | Total £'000  |
| --- | --- | --- | --- | --- | --- | --- |
|  **As at 1 July 2022** | **2,905** | **35,522** | **20,384** | **12,729** | **14,299** | **85,839**  |
|  Profit and total comprehensive income | - | - | 3,803 | (1,337) | 351 | 2,817  |
|  Transfer of previously unrealised losses on disposal of investments | - | - | 2,216 | (2,216) | - | -  |
|  Dividends paid | - | - | - | - | (4,237) | (4,237)  |
|  Purchase of shares for treasury (including costs) | - | - | - | - | (2,359) | (2,359)  |
|  Issue of equity | 364 | 11,854 | - | - | - | 12,218  |
|  Cost of issue of equity | - | (309) | - | - | - | (309)  |
|  **As at 30 June 2023** | **3,269** | **47,067** | **26,402** | **9,177** | **8,054** | **93,969**  |
|  As at 1 July 2021 | 2,521 | 23,011 | 18,643 | 9,905 | 23,570 | 77,650  |
|  Profit and total comprehensive income | - | - | 2,756 | 1,808 | 325 | 4,889  |
|  Transfer of previously unrealised gains on disposal of investments | - | - | (1,015) | 1,015 | - | -  |
|  Dividends paid | - | - | - | - | (7,384) | (7,384)  |
|  Purchase of shares for treasury (including costs) | - | - | - | - | (2,212) | (2,212)  |
|  Issue of equity | 384 | 12,834 | - | - | - | 13,218  |
|  Cost of issue of equity | - | (323) | - | - | - | (323)  |
|  **As at 30 June 2022** | **2,905** | **35,522** | **20,384** | **12,729** | **14,299** | **85,839**  |

\* Included within these reserves is an amount of £12,804,000 (2022: £24,165,000) which is considered distributable.

The nature of each reserve is described in note 2 on pages 77 and 78.

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 



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

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## NOTES TO THE FINANCIAL STATEMENTS
 

The Financial Statements have been prepared in 
 
 
 





 • 
Statements have been prepared on a going concern 
 
 
 • 
 
 
 
 
 
 
 
 
 
 
 



 • 

 
 
 
 
 
 
 
the portfolio is provided internally on that basis to the 
 
 
 
 
 
 
 
76 Crown Place VCT PLC
Notes to the Financial Statements
 
 

• 

performance incentive fees, if any, are allocated



• 


legal completion of the investment contract and are


 











Current assets and payables 







income as stated in the Financial Statements that








Investment income 
Dividend income 
 
 






 Reserves
 Called-up share capital
 
 
Fixed term funds income Share premium
 
 




 Capital redemption reserve

Investment management fee, performance







77Crown Place VCT PLC
Notes to the Financial Statements
Unrealised capital reserve Other distributable 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 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   






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

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 
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 (788) 
 (17) 
 228 
- 
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
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 

 




| Year ended |  |  |  |
| --- | --- | --- | --- |
| 30 June 2023 |  |  |  |
|  | £’000 |  |  |


 2,130 

 2,120 
 - 
 (13) 
4,237 





80 Crown Place VCT PLC
Notes to the Financial Statements

## 10. Basic and diluted return per share

|   | Year ended 30 June 2023 |   |   | Year ended 30 June 2022  |   |   |
| --- | --- | --- | --- | --- | --- | --- |
|   |  Revenue | Capital | Total | Revenue | Capital | Total  |
|  Return attributable to equity shares (£'000) | 351 | 2,466 | 2,817 | 325 | 4,564 | 4,889  |
|  Weighted average shares in issue (adjusted for treasury shares) | 266,724,287 |   |   | 234,049,617  |   |   |
|  Return attributable per equity share (pence) | 0.13 | 0.92 | 1.05 | 0.14 | 1.95 | 2.09  |

The weighted average number of shares is calculated after adjusting for treasury shares of 43,285,891 (2022: 35,822,916).

There are no convertible instruments, derivatives or contingent share agreements in issue so basic and diluted return/(loss) per share are the same.

## 11. Fixed asset investments

|   | 30 June 2023 £'000 | 30 June 2022 £'000  |
| --- | --- | --- |
|  Investments held at fair value through profit or loss |  |   |
|  Unquoted equity | 57,468 | 47,449  |
|  Quoted equity | 260 | 760  |
|  Unquoted loan stock | 10,272 | 8,961  |
|   | 68,000 | 57,170  |
|  Opening valuation | 57,170 | 50,454  |
|  Purchases at cost | 7,870 | 7,675  |
|  Disposal proceeds | (684) | (7,247)  |
|  Realised (loss)/gain | (178) | 3,440  |
|  Movement in loan stock accrued income | 19 | 92  |
|  Unrealised gains | 3,803 | 2,756  |
|  **Closing valuation** | **68,000** | **57,170**  |
|  **Movement in loan stock accrued income** |  |   |
|  Opening accumulated loan stock accrued income | 142 | 50  |
|  Movement in loan stock accrued income | 19 | 92  |
|  **Closing accumulated loan stock accrued income** | **161** | **142**  |
|  **Movement in unrealised gains** |  |   |
|  Opening accumulated unrealised gains | 20,317 | 18,576  |
|  Transfer of previously unrealised gains/(losses) to realised reserves on realisations of investments | 2,216 | (1,015)  |
|  Unrealised gains | 3,803 | 2,756  |
|  **Closing accumulated unrealised gains** | **26,336** | **20,317**  |
|  **Historic cost basis** |  |   |
|  Opening book cost | 36,711 | 31,828  |
|  Purchases at cost | 7,870 | 7,675  |
|  Disposals at cost | (3,078) | (2,792)  |
|  **Closing book cost** | **41,503** | **36,711**  |

Crown Place VCT PLC

81
Notes to the Financial Statements






30 June 2023 
Valuation methodology £’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


Value as at
30 June 2023
Change in valuation methodology (2022 to 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

Change in

|  |  |  |  |  | fair value of |  | Change in |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Base | Change in |  | investments |  | NAV (pence |
| Valuation technique Portfolio company sector Input |  | case* |  | input |  | (£’000) | per share) |
|   |  |  |  |    |  |  |  |

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 
  
     

 factor
  
  Earnings   

 
  
  Earnings   

 
  















30 June 2023 
£’000 
Prepayments 38 
 1,646 
 - 
1,684 
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


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







|  |  |  |  | Aggregate |  |  |  |  |  |  | Opening |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | nominal value of |  |  |  |  |  |  | market price on |  |
|  | Number of shares |  |  |  | shares |  | Issue price | Net invested |  |  | allotment |
| Allotment date |  | allotted |  |  | (£’000) | (pence per share) |  |  | (£’000) | (pence per share) |  |

     
     
2,194,573 683
85Crown Place VCT PLC
Notes to the Financial Statements



|  |  |  |  | Aggregate |  |  |  |  |  | Net |  | Opening |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | nominal value of |  |  |  |  | consideration |  |  | market price on |  |
|  |  | Number of |  |  | shares |  | Issue price |  | received |  |  | allotment |
| Allotment date | shares allotted |  |  |  | (£’000) | (pence per share) |  |  | (£’000) |  | (pence per share) |  |

     
     
     
     
     
     
     
34,166,296 11,226

30 June 2023 
  








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
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• 
• 
• 



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 

|  |  | Floating |  |  |  |  |  |  | Floating |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | Non- |  |  |  |  |  |  |  |  |
|  |  |  | rate |  |  | Total |  |  |  | rate |  |  | Total |
|  |  |  |  | interest |  |  |  |  |  |  | interest |  |  |
|  | £’000 |  | £’000 |  | £’000 | £’000 |  |  |  |  |  |  |  |

 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














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








Liquidity risk



88 Crown Place VCT PLC
Notes to the Financial Statements







30 June 2023 

|  |  | Fully |  |  |  | Valued |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | performing |  | Past due |  | below cost |  | Total | performing |  |  |  |  |  | Total |
| Redemption date |  | £’000 |  | £’000 |  | £’000 | £’000 |  |  |  |  |  |  |  |

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    









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







• 
• 
89Crown Place VCT PLC
Notes to the Financial Statements




90 Crown Place VCT PLC
INFORMATION
& FINANCIALS
## 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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





92 Crown Place VCT PLC
Notes to the Financial Statements
Notes
 

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Notice of Annual General Meeting
 
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6 
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10 
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11 
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