TPV2 TP70 2008 (II)

|                             | | GBP'000  | | GBP'000  | 
+-----------------------------++----------++----------+ 
| Cash flows from operating   | |          | |          | 
| activities                  | |          | |          | 
+-----------------------------++----------++----------+ 
| Profit / (loss) before      | |     480  | |  (2,029) | 
| taxation                    | |          | |          | 
+-----------------------------++----------++----------+ 
| Unrealised (gain) / loss on | |    (377) | |   2,260  | 
| investments                 | |          | |          | 
+-----------------------------++----------++----------+ 
| Cashflow generated by       | |     103  | |     231  | 
| operations                  | |          | |          | 
+-----------------------------++----------++----------+ 
| Decrease / (increase) in    | |   2,452  | |  (2,523) | 
| receivables                 | |          | |          | 
+-----------------------------++----------++----------+ 
| Increase in payables        | |     224  | |     115  | 
+-----------------------------++----------++----------+ 
| Taxation paid               | |     (50) | |     -    | 
+-----------------------------++----------++----------+ 
| Net cash flows from         | |   2,729  | |  (2,177) | 
| operating activities        | |          | |          | 
+-----------------------------++----------++----------+ 
|                             | |          | |          | 
+-----------------------------++----------++----------+ 
| Cash flow from investing    | |          | |          | 
| activities                  | |          | |          | 
+-----------------------------++----------++----------+ 
| Purchase of financial       | |  (2,385) | | (15,700) | 
| assets at fair value        | |          | |          | 
| through profit or loss      | |          | |          | 
| account                     | |          | |          | 
+-----------------------------++----------++----------+ 
| Sales proceeds of financial | |     950  | |     -    | 
| assets at fair value        | |          | |          | 
| through profit or loss      | |          | |          | 
| account                     | |          | |          | 
+-----------------------------++----------++----------+ 
| Increase in money market    | |  (3,360) | |     -    | 
| funds                       | |          | |          | 
+-----------------------------++----------++----------+ 
| Net cash flows from         | |  (4,795) | | (15,700) | 
| investing activities        | |          | |          | 
+-----------------------------++----------++----------+ 
|                             | |          | |          | 
+-----------------------------++----------++----------+ 
| Cash flows from financing   | |          | |          | 
| activities                  | |          | |          | 
+-----------------------------++----------++----------+ 
| Proceeds from issue of      | |     -    | |  23,049  | 
| share capital               | |          | |          | 
+-----------------------------++----------++----------+ 
| Share issue expenses        | |     -    | |  (1,037) | 
+-----------------------------++----------++----------+ 
| Buyback of own shares       | |     -    | |    (173) | 
+-----------------------------++----------++----------+ 
| Dividends paid              | |    (403) | |     -    | 
+-----------------------------++----------++----------+ 
| Net cash flows from         | |    (403) | |  21,839  | 
| financing activities        | |          | |          | 
+-----------------------------++----------++----------+ 
| Net (decrease) / increase   | |  (2,469) | |   3,962  | 
| in cash and cash            | |          | |          | 
| equivalents                 | |          | |          | 
+-----------------------------++----------++----------+ 
|                             | |          | |          | 
+-----------------------------++----------++----------+ 
|                             | |          | |          | 
+-----------------------------++----------++----------+ 
| Reconciliation of net cash  | |          | |          | 
| flow to movements in cash   | |          | |          | 
| and cash equivalents        | |          | |          | 
+-----------------------------++----------++----------+ 
| Cash and cash equivalents   | |   3,962  | |     -    | 
| at 1 April 2009             | |          | |          | 
+-----------------------------++----------++----------+ 
| Net (decrease) / increase   | |  (2,469) | |   3,962  | 
| in cash and cash            | |          | |          | 
| equivalents                 | |          | |          | 
+-----------------------------++----------++----------+ 
| Cash and cash equivalents   | |   1,493  | |   3,962  | 
| at 31 March 2010            | |          | |          | 
+-----------------------------+----------------+----------+----------------+----------+ 
 
 
 
 
 
 
The accompanying notes are an integral part of this statement 
 
 
Notes to the Financial Statements 
 
 
1.     Corporate Information 
The financial statements of the Company for the year ended 31 March 2010 were 
authorised for issue in accordance with a resolution of the Directors on 3 June 
2010. 
 
The Company was admitted for listing on the London Stock Exchange on 6 February 
2008. 
 
The Company is incorporated and domiciled in Great Britain.  The address of its 
registered office, which is also its principal place of business, is 4-5 
Grosvenor Place, London, SW1X 7HJ. 
 
The Company's financial statements are presented in Pounds Sterling (GBP) which 
is also the functional currency of the Company. 
 
The principal activity of the Company is investment.  The Company's investment 
strategy is to offer combined exposure to GAM Diversity 2,5XL (a leveraged 
version of GAM's fund of hedge funds, GAM Diversity) and venture capital 
investments focused on companies with contractual revenues from financially 
secure counterparties. 
. 
2.     Basis of preparation and accounting policies 
 
Basis of preparation 
The Financial Statements of the Company for the period to 31 March 2010 have 
been prepared in accordance with accounting policies consistent with 
International Financial Reporting Standards (IFRS) adopted for use in the 
European Union and therefore comply with the articles of the EU (IAS) regulation 
and with the statement of recommended practice ("SORP"), "Financial Statements 
of Investment Trust Companies" issued by the Association of Investment Companies 
("AIC") in January 2009, in so far as this does not conflict with IFRS. 
 
The Financial Statements have been prepared on a historical cost basis except 
that investments are shown at fair value through profit and loss. 
 
The preparation of Financial Statements in conformity with IFRS requires 
management to make judgements, estimates and assumptions that affect the 
application of policies and the reported amounts of assets and liabilities, 
income and expenses. The estimates and associated assumptions are based on 
historical experience and various other factors believed to be reasonable under 
the circumstances, the results of which form the basis of making judgements 
about the carrying value of assets and liabilities that are not readily apparent 
from other sources.  Actual results may differ from these judgements. 
 
The estimates and assumptions that have a significant risk of causing a material 
adjustment to the carrying amounts of assets and liabilities relate to: 
·    the valuation of unlisted financial investments held at fair value through 
profit and loss, which are valued on the basis noted below (in the section 
headed Fixed asset investments), the key areas of judgement being the 
adjustments required to normalise sustainable earnings and the appropriate 
comparable multiple to apply; 
·    the recognition or otherwise of accrued income on loan notes and similar 
instruments granted to investee companies, which are assessed in conjunction 
with the overall valuation of unlisted financial investments as noted above; 
·    the estimated future financial liability arising from future equity 
commitments and guarantees, which is assessed on the same basis as the valuation 
of unlisted financial investments as noted above. 
 
The appropriateness of the allocation of management expenses between revenue and 
capital, which is based on the split of the long-term anticipated return between 
revenue and capital of net income will impact on the value of distributable 
reserves. 
 
 
Notes to the Financial Statements (continued) 
 
 
2.     Basis of preparation and accounting policies(continued) 
 
Basis of preparation (continued) 
 
The key judgements made by directors are in the valuation of non-current assets. 
 The estimates and underlying assumptions are reviewed on an ongoing basis. 
Revisions to accounting estimates are recognised in the period in which the 
estimate is revised if the revision affects that period, or in the period of 
revision and future periods if the revision affects both current and future 
periods. 
 
Another key judgement made by the Board is that the company owns 50% of the 
issued share capital of Lorngreen Ltd but does not have control over the company 
and therefore does not consolidate the results of Lorngreen Limited. 
 
The directors do not believe that there are any further key judgements made in 
applying accounting policies or estimates in respect of the financial 
statements. 
 
Standards effective for the first time in these financial statements 
 
The revisions to IAS 1, Presentation of Financial Statements, IFRS7, Financial 
Instruments: Disclosures and IFRS 8, Operating Segments, have been applied for 
the first time in the preparation of these financial statements. 
 
Standards issued but not yet effective 
 
The following new standards, amendments to standards and interpretations are not 
yet effective for the year ended 31 March 2010, and have not been applied in 
preparing these consolidated financial statements: 
·    IFRS 9 Financial Instruments (effective 1 January 2013) 

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