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The accounting policies used in the preparation of this Interim report are the same as those used in the statutory accounts for the year to 31 March 2003
and those expected to be used for the year to 31 March 2004.
The six month period is treated as a discrete period except in so far as tax in the revenue account is charged on the basis of an estimated annual effective rate.
The figures for the year to 31 March 2003 have been extracted from the accounts filed with the Registrar of Companies on which the auditors issued an unqualified report. This Interim report does not constitute statutory accounts.
In the year to 31 March 2003, the Group adopted the recommendations contained in the revised Statement of Recommended Practice – Financial Statements of Investment Trust Companies, issued in January 2003. Fee income and costs earned or incurred as an intrinsic part of an intention to acquire or dispose of an investment have been accounted for in full as part of capital return. To the extent taxation losses have been transferred between capital and revenue in order to be utilised against excess taxable profits, the transfer is reflected in the Statement of total return and Revenue statement. In the year to 31 March 2003, the methodology used to identify the administrative expenses available for allocation to the capital reserve was modified. The methodology for allocation of finance costs has also been revised to allocate all finance costs less interest income between capital and revenue. The proportion of costs allocated to the capital reserve was decreased from 80% to 70%. Consequently, to aid comparability, a pro forma of the Revenue statement has been presented to show the results as if these changes had been adopted for the six months to 30 September 2002.
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