Is the English Premier League in crisis? – CNN World Sport

But I issue a challenge. However, over the last few seasons that trend has changed and right now England ranks third behind Germany and Spain for the average of goals scored per game.

. More worryingly though, who is waiting in their wings? Who will be the next generation of Premier League stars? I don’t see many exciting m88 players coming through and with the exception of Manchester City, which clubs will have the money to out-muscle the Real Madrid, Bayern and Inter Milans of this world in the transfer market?

Let me get specific. If one forgets about the hype and focuses on the football, it is no contest.

GERMANY – 2.79

SPAIN – 2.78

ENGLAND – 2.67

ITALY – 2.36

The fact is that the Premier League has seen its top players lose form and status. Players like Diego Forlan, Sergio Aguero, Juan Mata, Ever Banega, Nilmar, Fernando Llorente and many more.

One final word about the Bundesliga because it could be the most underrated league in Europe. First of all, the league boasts the best team on the planet – Barcelona. Compare an Espanol v Sevilla game to a Sunderland v Everton game. When you think of the Premier League, what names come to mind? Wayne Rooney, Didier Drogba, Cesc Fabregas, Fernando Torres and Carlos Tevez, perhaps? OK, well how many of them are world-class stars right now?

So, onto Spain. An empire could be crumbling.

Many of you could be suspicious of the last few players I named and there is one simple reason for that. Every time I watch a game from Germany’s top flight I am impressed. Watch your back, because your days on the throne could be numbered.

I would say out of that group, Tevez is probably the best player at the moment. So it would be fair to say that it is a more competitive tournament than England, Spain or any other top league for that matter.

Recently, at the FIFA Ballon D’Or gala, the FIFPro World XI was announced. It may not be as fast and furious, but it will be of a higher quality and will feature a greater level of skill. I don’t think too many people would disagree with me on that point. I admit that I would also prefer watching an Atletico v Valencia contest than a Manchester City v Tottenham any day of the week. The nation’s World Cup campaign was a testimony to that. The top flight division has lost its status as the best league in the world. This dream team was picked by close to 50 thousand professional players. This competition is still living off the reputation gained in the past and is also benefiting from having a fantastic PR machine behind it, but its gravy-train days could soon be over.

In my opinion, England’s Premier League is in crisis. Try to watch more Spanish League games, and not just featuring the top teams.

So here is a word of warning for the Premier League. Maybe in the 90s and the early part of the last decade you still saw more goals in the Premier League than anywhere else. Do it and then tell me what you think. Furthermore, they have had five different champions in the last decade.

Has the English Premier League lost its crown as the world's best league?

Has the English Premier League lost its crown as the world’s best league?

I guarantee that a match between mid-table teams in Spain will be much better than one in England. It featured eight players from the Spain’s La Liga and three from Italy’s Serie A. Marketing. They also have the second best team in the world – Real Madrid. It has fallen behind Spain and could soon drop below Germany’s Bundesliga as well.

A harsh assessment? Perhaps. Not a single footballer plied his trade in England.

Goals per game:

So was it just a bad year for English football? You could say that, but I believe it would be closer to the truth to see it as a chink in the once formidable armor of the league that has called itself the best in the world. These two sides have exceptional talent and are both superbly coached.

As far as star power is concerned, no other league can say they have anyone close to the stature of Messi and Ronaldo. But there are more stars, many of them unheralded. Quite simply, some of them are getting old, some aren’t that good anymore while others are just overrated. I am not going to sit here and tell you about all of the magnificent players at Barcelona and Real Madrid, but there are so many others in La Liga. The one that states the best and most exciting attacking football is played in England. Wayne Rooney has scored one goal from open play for Manchester United since March, Torres has looked like a shadow of his former self for the last year, Fabregas hasn’t ever guided Arsenal to any kind of real silverware and continues to struggle with injuries and Drogba’s career seems to be in decline after a few amazing seasons.

Before I start talking about other leagues, specifically Spain, I will demystify a stereotype that has been around for a long time. This is false. Most of the teams are extremely well organized, they play positive football and have some of the most exciting players around at the moment. Spain hasn’t marketed its league as well as England have and hasn’t “sold” the image of its teams and players (with the exception of Real and Barca) like the Premier League has https://www.m88u.com/m88-id.html

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Why Mourinho’s Chelsea will be Premier League champion

Arsenal spent 128 days atop the division in 2013-14 but suffered maulings at the hands of Chelsea and Liverpool as a familiar post-Christmas slump took hold.

MANCHESTER UNITED

. A change of direction that began with the marquee signing of Mesut Ozil from Real Madrid this time last year has continued, with £66 million ($110m) spent ahead of the new campaign.

“We have the squad that we want to have,” Mourinho told reporters on the eve of the new season. “It is a squad for tomorrow, for next season and also a squad with big possibilities for the next five or 10 years with so many young people.”

The only thing lacking in the Portuguese’s first campaign back in charge at Chelsea was the usual glut of trophies.

The Uruguayan’s move to Barcelona may have engendered an $128.5 million windfall, but he takes with him wistful memories of a luxuriant season that reaped 31 goals and 12 assists.

That has one obvious advantage and one undeniable negative.

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For all its limitations, this is still a team that boasts a strike force as lethal as they come.

Despite managing a club owned by Roman Abramovich, who is worth a reputed $10 billion, Mourinho decried his team as the “little horse” in the scurry for the finish line.

And Robin van Persie’s four goals at the World Cup were crucial as Van Gaal led Netherlands to third place in Brazil.

The club’s Chilean coach is a year older and wiser as to the travails of English football however, and it has lavished more cash on fleshing out a squad that already has more depth than an Olympic swimming pool.

MANCHESTER CITY

Frank Lampard, a three-time title winner, has joined on loan from City’s subsidiary club New York City FC after being released by Chelsea, while France defender Bacary Sagna has signed from Arsenal.

CNN’s English Premier League predictions

Which team do you think will win the title? Have your say in the comments box below or continue the conversation with CNN FC on Twitter or on Facebook.

Verdict: Surely, a third Premier League title under Mourinho awaits.

How do you replace Luis Suarez? The simple answer is you can’t.

Read: Barca ‘Suarez is ours’

Champion twice in the past three seasons, City might have to play second fiddle to Mourinho and Chelsea in 2014-15.

Add to that a phalanx of extra games now that the Reds are in the European Champions League after an absence of four seasons, and repeating last year’s push for the title seems unrealistic.

Read: Mangala signs for Man City

Manuel Pellegrini’s charges spent just 15 days at the top over the whole campaign; the irony of this season may well see it spend more time at the summit without finishing as top dog.

But if you listened to the former Real Madrid and Inter coach opine on the English Premier League title race last season, his side was never in the running.

Colombia World Cup star David Ospina represents competition for Wojciech Szczesny in the race for the goalkeeper’s jersey and teenage defender Calum Chambers — who cost a reported $25 million from Southampton — indulges Wenger’s “one for the future” passion.

Not only did he propel the Londoners to home and away wins over eventual champion Manchester City, he did the same to Liverpool — a morale-crushing 2-0 victory at Anfield in late April was the beginning of the end for the Reds’ title aspirations.

This season, ominously, his tone is different.

Spain: Star signing

Italy: Pressure’s on

Promising English left-back Luke Shaw has also been added for what many believe to be a vastly inflated sum, but the 19-year-old will miss the opening month through injury.

Another couple of signings before the window shuts on September 1 could catapult the London side into the title reckoning, but a top-four finish should still be comfortable even without.

The great Alex Ferguson was able to, propelling his team to title success in his final season despite notable deficiencies in his squad.

Whatever happens, it won’t be dull with Van Gaal around.

Provocative, outspoken, manipulative, supremely confident, and utterly compelling.

CNN’s English Premier League predictions

Victory over Hull City in England’s premier knockout competition slaked a nine-year thirst for a trophy and eased the pressure on Arsene Wenger that had been steadily mounting throughout that time.

Can Louis van Gaal transform Manchester United into a serious title contender by sheer force of personality alone?

This is where the waters become muddied.

It was against the lesser lights Chelsea faltered, but with his squad now bolstered by yet more quality, Mourinho’s charges won’t be as generous this time around.

City has raided Portugal to prise Fernando and Eliaquim Mangala from Porto, while goalkeeper Willy Caballero and Bruno Zuculini have arrived from Spain.

Germany: More glory?

But those holes remain — not filled by David Moyes in his disastrous sole season in charge — even if June’s purchase of Ander Herrera from Athletic Bilbao in Spain will add some much-needed creativity in the middle of the park.

Promising Premier League campaigns have frittered away and shots at silverware squandered.

Wayne Rooney, newly installed as Van Gaal’s captain, needs 15 goals to move third on the Premier League’s all-time scorers list.

In taking right-back Mathieu Debuchy from Newcastle United, Wenger has replaced departing Frenchman Bacary Sagna with an equally competent compatriot.

Read: Can Van Gaal cut it at Man Utd?

Verdict: Close but no cigar as City settles for second best.

Rodgers’ renowned man-management m88 skills will be tested as he and aging captain Steven Gerrard attempt to bed the new arrivals into the Liverpool way.

ARSENAL

The likes of Adam Lallana and Dejan Lovren, both plucked from Southampton, have Premier League and World Cup experience while the likes of midfielder Emre Can and striker Divock Origi have huge potential — though the latter, who scored Belgium’s winner against Algeria at Brazil 2014, has been loaned back to French club Lille.

England: New dawn?

Read: Lampard on MLS adventure

Verdict: A fifth-place finish after a long winter of adjustment..

A spike as spring emerged helped usher in Champions League qualification for the 17th straight year but then came a watershed moment in May — an FA Cup triumph.

LIVERPOOL

The purchase of Alexis Sanchez from Barcelona after his fine World Cup with Chile has convinced many fans the Gunners can stay in title contention as 2014-15 reaches its business end.

HIDE CAPTION

STORY HIGHLIGHTS

Verdict: A fast start before a predictable fade to fourth place for the third successive season.

France: European ambitions

Last season’s triumph was a mass of contradictions — for large parts of the campaign big-spending City was considered favorite but became ultimately reliant on Liverpool’s last-gasp stumble to claim top honors.

Verdict: An up-and-down season to end in third place.

CNN’s English Premier League predictions

Eight new arrivals means Liverpool’s options are now rich and plentiful but, as Tottenham found out so painfully when trying to replace Gareth Bale last season, it is rare they all hit the ground running.

As ever, City’s success will hinge on its twin titans: midfielder Yaya Toure, who has resolved to stay at the club despite threatening to leave after he received a modest birthday present; and prolific Argentina striker Sergio Aguero, who has signed a new five-year contract.

CNN’s English Premier League predictions

There are no European Champions League distractions for United after last season’s malaise, finishing a lowly seventh, so the squad should stay fresh and hungry.

(CNN) — Jose Mourinho was precisely as we had remembered him.

Chelsea may have finished third last season, but Mourinho’s tactical prowess was still in evidence.

The acquisition of two big names from Spain — Cesc Fabregas of Barcelona and Diego Coasta from La Liga champion Atletico Madrid — has taken his squad onto a different plane, while the return of stalwart Didier Drogba adds an unashamedly sentimental sheen.

Unless assimilation takes less time than expected, this season is destined to become one of transition for the Reds.

That quartet’s lack of English experience has been offset to a degree by the arrival of two seasoned Premier League campaigners plucked from City’s rivals.

Manager Brendan Rodgers has chosen to disseminate that cash liberally, rather than try to plug the gap with one marquee signing.

The 2014-15 English Premier League season starts on Saturday

Chelsea, led by Jose Mourinho, is favorite to lift its first title since 2011

Defending champion Manchester City has added six players to its squad

Manchester United hoping to restore glory under new boss Louis van Gaal

The Gunners have become masters of deception in recent years.

Read: Sanchez joins Arsenal

CNN’s English Premier League predictions

That is precisely what happened in the top flight last season

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Macau crackdown sees windfall for Asian casino operators

in South Korea are hiring Mandarin-speaking staff and offering VIP treatment including free flights, limousines and hotel stays to big spenders. Echo Entertainment Group Ltd.

korea

In 2014 XI Jinping had warned Macau officials that the province needed to end its reliance on m88 gambling and look to attract other business industries to operate in the region..

Recording its first ever downturn as a gambling hub, Macau has seen a revenue decline of 2.6% to $44 billion (2014). in Cambodia cater to the junket operators who organize trips for Chinese gamblers with perks such as higher commissions, lower taxes and private jets.

Bloomberg Asia reports that South Korean casino resorts are preparing to welcome up to + 6 million Chinese gamblers in 2015. of Sydney and NagaCorp Ltd. After a decade of expansion, Macau is now the centre of the Chinese Security Ministry and President Xi Jinping ongoing fight against corruption.

The city’s misfortune however has proved to be beneficial to other Asian casino operators, who have lured high value gamblers to their enterprises.

The operators are able to lure and market to Chinese consumers by side-stepping Chinese gambling advertising restrictions by advertising non-gambling activities such as entertainment, nightclubs and restaurants

Casino operators such as Paradise Co. The resorts have set up a service to allow Chinese customers gambling loans, a service to that is common in order to sidestep China’s limits on taking currency abroad.

Macau analysts have estimated that its corruption campaign has wiped out $73 billion in market value of companies including Wynn Macau and SJM Holdings.

As the Chinese Security Ministry has targeted banking transaction, to help stop money laundering in China, high value Asian gamblers have to chosen to gamble in casinos in South Korea, Cambodia and Australia.

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How To Win Big on Slot Machines and slot machine patterns. A strategy for Casino Slots

The modern mechanical slot reels are still governed by a computer. Most people know that a gclub slot machine works on randomly generated patterns. Remember that they have to pay a certain percentage. If the RNG (random number generator) has lacked the percentage payout over a period of time, it may start paying higher win amounts in order to reach a percentage threshold. Think about this for a minute. There is a reason that “The House Always Wins”…..State Laws.. Usually at least 85%. I like both, but I have been leaning more toward the video slots over last few years.

A slot machine in a casino under state law, (all legal gambling states have laws), are required to pay out a certain percentage. First things first here. Some casinos in Vegas I have seen advertise a 95% payout to draw people in. There is not really any way to tell if a machine is on a higher payout cycle unless you watch people play and see what the machine is doing (that may creep out some people though, so be polite) Or by playing a machine and betting a few small amounts and determining the reaction of the pattern. The casino will make between 5 and 15 cents of every dollar spent…..No matter what.

Winning on a slot machine first requires knowledge of how they work. Most video slots give you a broader choice as far as betting. In other words both types of machines still have equal payout rules. Do they exist? Not really. But people still like the mechanical slots so the casinos still have many mechanical slot machines. More line options, different ways of betting and they are much more entertaining. It’s a term often misinterpreted as a broken machine. These aren’t “old” machines. I recommend the latter.

People often hear about “loose” slot machines. The casino will not pay you if a machine malfunctions.

The mechanics of a slot machine

The Myth about “loose” machines

Mechanical Verses Video Slots

“Mechanical slots” are being outnumbered these days by video slots. Although this is true for both mechanical slots as well as video slots, we need to take a serious look at how “random” they really are.

If slot machines were truly 100% random, the casino itself would be gambling themselves wondering if their business is going to make money or have to pay out everything and shut down. So is it really totally random? I think not.

A “loose” machine in reality applies to a slot machine that is on a higher pay cycle. Mechanical slots are not any “less smart” than the video slots.

Understand now that a slot needs to be programmed to pay out at least 85% of what is put into it

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PETA Kentucky Derby Billboard Protests Horse Racing Drug Use, Draws Attention At Churchill Downs (PHOTO)

Here she is pictured resting on an iPhone.

Guru, The Hairless ChimpLooking almost like a bronze statue of a person, Guru the hairless chimpanzee eats in his enclosure at India’s Mysore Zoo. Ned has an extra eight digits, while his brother Fred has 10 more than the usual 18, making a total of 54 digits between them.

Sprinkles The Koala‘Sprinkles’ the Koala following her life saving radiation treatment at the Brisbane Veterinary Specialist Centre in Brisbane, Australia, August 9, 2011. The world’s first elephant hospital assists in medical care and helps to promote a better understanding of the elephant’s physiology, important in treating them for illness. 22, 2011. A skinny dipping Russian researcher took a ten meter sub-zero plunge in a bid to get up close and personal with two beautiful 15 foot long beluga whales. Heidi moved to her new enclosure at the Gondwanaland tropical experience world, which will be inaugurated on July 1, 2011 and where Heidi will be presented to the public for the first time. The lobster is dark with bright orange and yellow spots. Both have been sheltered by the zoo since June after losing their mothers

Camel In The FamilyCharlotte Anderson-Dixon pushes her 18-month-old son Reuben on the swing as Joe the camel watches.

Earthquake Dog -- Oct. Unexpectedly it bit the bottle and raised its head and drank all the beer in one shot.

Smokey The Loud CatPet cat Smokey is believed to have the loudest purr in the world — with piercing purrs as loud as a lawnmower. Changes to Japan’s Animal Protection Law threaten the future of these furry bars by imposing a curfew on cats and dogs. 9, 2011. The pictures show her swimming in the minus one degree Centigrade waters – cold enough to kill a normal person in 15 minutes. The bizarre two-month-old youngster — part of a litter born on a farm in northern China — can use both his mouths to eat and appears otherwise normal, say his owners.

Andre The Turtle Thirteen months ago, Andre the turtle suffered massive injuries from boats that left a massive hole in his shell and the inside of his body exposed to the elements. 2011″ width=”52″ height=”52″/>Gil Florini, of Saint-Pierre-d’Arene’s church, blesses donkeys with holy water after a mass dedicated to animals on Oct. (Pornchai Kittiwongsakul, AFP/Getty Images)

Taxidermied Squirrel -- Dec.

Gary, The Kit-Kat Loving FishSea Life London Aquarium undated handout photo of a giant gourami that aquarium staff have weaned off chocolate.

Yoga BearThere’s Yogi Bear, and there’s yoga bear. It is barely larger than a pea.

World's Smallest CowSwallow, an 11-year-old sheep-sized cow from the West Yorkshire region of England, is one of the stars of the 2011 edition of “Guinness World Records.” This 33-inch-high Dexter is the world’s smallest cow.

Sperm-Sniffing Police DogPolice Dog Handler B-G Carlson with the sperm-sniffing dog Rapport’s Opus, which collected evidence against a 23-year-old man who was charged with a rape. The pooch underwent emergency surgery after doing a shot of Jagermeister — and the glass it was served in. The six-week-old moggie was found abandoned on her own by the side of a busy main road by a member of the public. However, thanks to some innovative treatments, including using orthodontic techniques to repair his shell and a vacuum treatment on open wounds, he is scheduled to be set free on Aug. Thanks to this dental team, the abscess was successfully treated and the tooth was saved!

World's Longest CatRobin Henderson stretches her cat, Stewie, outside of her home in Reno, Nev. 20 at a zoo in Niteroi, Brazil, the monkey’s art works have caught the attention of zoological experts who plan a special exhibit for the chimp.

Kayaker Snags Shark -- Sept. (Adam Ihse, Scanpix/AP)</p>
<p><img class=The flattened and preserved reptile is at the center of possible legal action against three area men charged with it’s theft and subsequent display on a Ford pickup at a nearby mud-bogging party in Michigan.

Goose And Deer Become Unlikely FriendsWildlife experts in Buffalo, N.Y., have been amazed by an unusual springtime friendship between a deer and a nesting goose. The inquisitive scamp playfully went to investigate the equipment before becoming fascinated with his own reflection in the lens. Since the moose’s injuries were concluded to be minor it was released into freedom. Suffering from an extremely rare case of excessive drooling, sprinkles developed a skin infection due to the excessive moisture flowing from her mouth.

Skywalker The Rodeo Bull Gets Stuck -- Nov. (Caters News / Getty Images)</p>
<p><img class=Miwa, a baby monkey, rides a young boar named Uribo in the Fukuchiyama City Zoo, in Kyoto, Japan, on Oct. Officials with the Brevard Zoo, a veterinarian, and the Brevard County Fire Department responded along with a hazardous materials team. Hania gave birth by cesarean section to 17 puppies.

Britain's Saddest PuppySix-month-old puppy Princess has such delicate skin she can’t go outside. The two are brothers and live at the zoo in Colorado Springs, Colo.

Open Rabbit Sport TournamentLisa Marie Bach leads her pet rabbit Marie through an obstacle course in the middle-weight category at the 5th Open Rabbit Sport Tournament (5. Meet Billy the German pointer and the shot glass he swallowed. Pancho and Lefty sit in new owner Todd Ray’s hand.

Cat Cafes Threatened In TokyoTOKYO – JANUARY 20: A woman strokes a cat at Nekorobi cat cafe on January 20, 2009 in Tokyo, Japan. Meet Santra, a female brown bear at the Ahtari Zoo in Finland, famous for her morning yoga stretches. 2011″ width=”52″ height=”52″/>Yakini the gorilla received a medical check-up from vets at Melbourne Zoo before being moved to a new multimillion-dollar exhibit at Werribee Open Range Zoo, on Oct. Owners Ruth and Mark Adams, of Northampton, Britain, say Smokey’s deafening purrs make it impossible for them to hear the television or radio when she is in the room and they struggle to have telephone conversations.

Kangaroo's Human Lifestyle Beemer the kangaroo has Vegemite on toast with a side salad of fresh-picked wild grasses, accompanied by adoptive “mother” Julianne “Julz” Bradley.. 2011″ width=”52″ height=”52″/>Rick Nadeau has saved up quite a nut by creating taxidermied squirrels that he puts in unusual outfits. These kinds of bizarre inter-species friendship aren’t unheard of, but they aren’t common.

Hippo Goes To The DentistNorth Carolina Zoo Chief Veterinarian Dr. The Valdosta Daily Times reports that 59-year-old Queenie was euthanized Monday, June 2, 2011, after her health deteriorated.

 Lip-Syncing MonkeyA female monkey lip-syncs during a show by the monkey drama troupe Prakit Sitpragaan in Bangkok in September. There is much speculation and debate as to whether this is, indeed, a living specimen of prehistoric elephant-related animals that were thought to be extinct.

Horse Plunges Into CrowdIn this May 5, 2011 image provided by Animals Australia, a riderless horse plunges into a crowd of spectators after jumping a fence at the Warrnambool Grand National Steeple Chase at Warrnambool, Australia. The lobster, discovered by Jasper White’s Summer Shack and caught off Winter Harbor, Maine, is being held at the New England Aquarium for the Biomes Marine Biology Center in Rhode Island. Previously, the owner, who goes by the name “Miss Love,” had been putting duct tape over his feet instead.

World's Biggest BitchNova, a 35.5 inch tall Great Dane, was named the world’s tallest female dog by Guinness World Records in June 2011

3-Eyed Nuclear Fish -- Oct. Many are used in the tourism sector at special elephant parks or zoos, where they perform in shows. While the blue lobster is a 1 in a million catch, the orange and calico are even rarer -- with the odds of finding them roughly 1 in 30 million.</p>
<p><img class=Inside Walter Kidd’s North Carolina trailer home were 154 reptiles, including cobras, vipers and Gila monsters. Sheriff’s deputies released the bear using a rope to open the door.

Ride A Cow Like A HorseWhen Regina Mayer’s parents refused to buy her a horse, the 15-year-old German girl trained Luna the cow to be a top-class riding companion. (AP Photo/New England Aquarium, Tony LaCasse)

Elephant in Water ReservoirIndian army personnel use a bulldozer during a rescue mission to save a wild elephant trapped in a water reservoir tank at Bengdubi army cantonment area some 25 kms from Siliguri on August 30, 2011. 2011″ width=”52″ height=”52″/>Elephant polo players from the Spice girls team (left) and the British Airways British Army team battle it out for 5th place during the final day at the King’s Cup Elephant polo tournament Sept. They don’t have stomachs and their mouths do not form properly so they don’t eat a thing during their two-week life span.

Giant RatAn English man named Brian Watson killed a large rat his granddaughter’s boyfriend found while cutting grass on April 21, Sky News reports. The moose jumped through a canteen window into the building in Alingsas in western Sweden Thursday. While other dogs run free at Britain’s Bleakholt Animal Sanctuary, Princess must gaze through the window. 2011″ width=”52″ height=”52″/>A man holds a crocodile with tape around its mouth, as workers from the Natuurhulpcentrum, a wildlife rehabilitation center, collect several crocodiles at a villa in Lapscheure, near the Dutch border, on Dec. 11, 2011, in Hua Hin, Thailand.This year marked the 10th edition of the polo tournament with 12 international teams participating for the unusual annual charity sports event.

Gorilla With Toothache Two Bay Area dentists made a house call at the San Francisco Zoo on Monday, July 11, to help out a gorilla with a toothache. 9, 2011, in the southeastern French city of Nice.

Giant Shark Caught In Mexico.Two fishermen in northeastern Mexico claim they netted a dead great white shark estimated to be near 20-feet-long on April 15, 2012.

Skateboarding With TillmanTillman the skateboarding dog is always learning new tricks. Dentist Dan Mairani (left) and endodontist Steve Holifield, who usually perform procedures on human patients, worked for three hours on Oscar Jonesy (O.J.), a 30-year-old male western lowland gorilla that developed an abscessed canine tooth. The cat’s owner, Natasha Gregory of Britain told The Sun that she wanted her pet “to match my hair.” The 22-year-old also has a shocking dye job.

Deer With WingsA Montana resident says an energy company has identified the cause of a brief power outage as “deer with wings.” Lee Bridges says she was outside with her dogs around the time the power went out when a NorthWestern Energy truck pulled up, giving her a chance to ask the driver what caused the problem.

Clothing A Battered ChickenAmy Leader with Sunny, a rescued chicken, in his newly-knitted sweater. The tiger mom fed the ligers for four days then for unknown reasons abandoned them, she says. After the bear woke up from a nap, amateur photographer Meta Penca took amazing shots of her fitness routine, which reportedly lasted about 15 minutes and included a number of poses.

Leaping LemursA group of lemurs encounters a unusual roadblock on the way to their feeding den: a turtle. The 18-foot long croc is a fan favorite among tourists who take cruises along the Adelaide River as he is known for making a big splash while jumping for buffalo meat.

Water Skiing Elephant DiesIn this undated 1958 photo provided courtesy of Liz Dane, Dane is shown performing her act with Queenie the water skiing elephant. The Safari Park is now home to 18 elephants (eight adults and 10 youngsters).

Kitten Found In Car EngineAfter driving about 85 miles to Santa Cruz, Calif., a man discovered that this runaway kitten had been inside his car’s engine in March 2012.

Beer DeerA pet deer at a resort in Weihai, northern China’s Shandong province has become addicted to beer. According to Zhang Xiangxi, who works as a waitress at the resort’s restaurant, she discovered the deer’s unusual tastes last November when she was cleaning up after some customers. 2012″ width=”52″ height=”52″/>This stray orange tabby in Houston earned the nickname ‘Cupid’ after he survived a piercing shoulder to shoulder wound in January 2012. The lamb has a mouth, nose, paws and tail which look very similar to a dog’s features – but still has a white woolly coat.

Chimp ArtIn art, there’s primitivism and there’s primate-vism. Loomis, along with veterinarians and keepers from the Parque de las Sciencias museums in Bayamon, conducted dental surgery on “Tomy,” a 39-year-old male hippopotamus that the N.C. They will shortly be going to their new home once they’ve been neutered. “The first one was a very healthy and normal one,” she told Rex USA. 16.

Woman Punches Bear to Save DogBrook Collins holds her dog, Fudge, at her home in Juneau, Alaska on Tuesday, Aug. Guru lost all his hair to alopecia, a condition that can also affect humans.

Calico LobsterThis May 9, 2012 photo provided by the New England Aquarium in Boston shows a rare calico lobster that could be a 1-in-30 million, according to experts. Weighing just 2 1/2 pounds, Lucy was named the world’s smallest working dog last week, bumping out a 6.6-pound police dog in Japan.

Drunk MooseA moose is seen stuck in an apple tree in Gothenburg, Sweden, September 6, 2011.

Scientist Swims With WhalesNatalia Avseenko swims with beluga whales in the White Sea off the coast of northern Russia. Suffering from an extremely rare case of excessive drooling, sprinkles developed a skin infection due to the excessive moisture flowing from her mouth.

Tiger Goes To The Dentist -- Oct. The Hawaiian Humane Society renamed her Pukalani and says she'll be available for adoption later in March.</p>
<p><img class=A dolphin flips in the air and splashes water over a watching crowd during a summer attraction at an aquarium in Tokyo on August 17, 2011. Farmers in Fugu County, in western China’s Shaanxi Province, were left open-mouthed when they saw the young animal running around their field. 20, 2011, in Prague.

Antarctic Penguin Swims To New ZealandAn emperor penguin that arrived on June 21, 2011 at New Zealand’s Peka Peka Beach, more than 2,000 miles from its native Antarctica, will not be transported home.

Elephant Votes In ThailandElephant puts a ballot in ballot box during campaign to promote the general election in Ayutthaya province on June 21, 2011. It is thought the synthetic materials used to make wet suits smell bad to them.

City ChicksJohn Huntington poses with one of his chickens on a lead in Sydney, Australia, on Aug. And it wasnt long before the crested black macaque hijacked the camera and started snapping away sending award-winning photographer David Slater bananas. A wild elephant fell into the water reservoir tank as a herd crossed the area. The insect has been found to use its penis to perform a very loud mating call. offene Kaninchensport Turnier) on August 28, 2011 in Rommerz near Fulda, Germany. The police believe the moose was trying to eat apples from the tree and became intoxicated by fermented apples. It was one of the largest crocodiles to be captured alive in the Philippines in recent years.

Heidi, The Cross-Eyed OpossumHeidi the cross-eyed opossum is pictured in her enclosure at the zoo in Leipzig, eastern Germany on June 9, 2011. An 80-year-old woman and a two-year-old boy are in stable condition in a hospital while 5 others were also injured.

Heidi, The Cross-Eyed PossumGerman media sensation Heidi the cross-eyed opossum is presented to the press at the Leipzig Zoo on June 9, 2011. 2011″ width=”52″ height=”52″/>Fishermen landed a three-eyed fish in Argentina near a nuclear reactor in October 2011.

Polydactyl Kittens -- Jan. 2011This New Hampshire moose was swimming a little too deep, forcing nine rescue workers to help remove it from the pool.

Super EggCookie Smith shows off a normal egg and a “super egg” Wednesday, May 30, 2012, in Abilene, Texas. She comments: “I saw a bottle of beer was still half full so I playfully passed it to the deer. Sunny and his not-so-feathered friends were rehomed after being rescued from a poultry farm. Elorde said that dozens of villagers and experts ensnared the 21-foot (6.4-meter) male crocodile along a creek in his township after a three-week hunt. Army personnel of 16 Field Ammunition Depot along with wildlife elephant squad of Mahananda wildlife sanctuary joined forces to save the animal.

KitlerKitler, a kitten small enough to fit in a cup with a remarkable resemblance to Hitler is looking for a home after being found abandoned at the side of a busy road. This merino wether (a castrated male sheep) came to the world’s attention in 2004 when he was found in a cave near the city of Otago after being on the lam for six years. He had managed to avoid capture all that time and when he was finally found, he was carrying nearly 60 lbs of untrimmed fleece, nearly six times more than the average merino fleece.

Earless BunnyA new-born rabbit without ears is held in Namie City, just outside the 30km exclusion zone of the Fukushima Daiichi nuclear power station. Rabbit Hopping is a growing trend among pet rabbit owners in Central Europe and the first European Championships are scheduled to be held later this year in Switzerland.

Albino Penguin -- Jan.

Camel FightAfghan festival-goers watch as a “camel fight” starts during the second day of Persian new year, or “Nowruz,” celebrations in Mazar-e-Sharif, in northern Afghanistan.

Horse Rescued From PoolThe horse, which is boarded on the 4 acres of land next to the O’Brien’s home, backed into the swimming pool where it became trapped. The famed canine skater — who is also an acclaimed surfer and snowboarder — made an appearance at Madame Tussauds on the Las Vegas Strip on Sept. The squirrel monkey, which lives with a male and female parrot at a hotel in Colombia, was photographed by Alejandro Jaramillo after it hopped onto the macaw. 15, 2011. The water rat was so large, Watson broke a boat paddle trying to kill the critter.

Titanic ToadOf course she’s unhappy. Police discovered eleven Nile crocodiles and one alligator (all alive) in a villa rented by a German man, Rolf D., during an investigation into financial fraud.

Posing Praying MantisGiant Malaysian Shield Praying Mantis pictured in Igor’s studio in Munich, Germany.

Sweden: Moose On The Loose!The slightly injured moose on its way out in to freedom after his visit to a geriatric care home in Alingsas east of Goteborg, Sweden, Thursday June 9, 2011. The others have to eat hay, barley, straw and corn mix in their stable in Ashbourne, Derbyshire. On July 1st, 2011 Leipzig Zoo will open the 20,000m2 “Gondwanaland Tropical Experience World” to the public – a near-natural home for 300 exotic animals and more than 17,000 tropical plants with Heidi being one of its inhabitants.

Elephant Polo -- Sept. 2011Roman Akisen carries Cip, a 5-year-old German shepherd who found 18-year-old Imdat Padak alive under the rubble of a collapsed building more than 100 hours after a magnitude 7.2 quake, in Ercis, Turkey, Oct. Scientists believe that the whales could be more friendly with humans if they swim naked – but as these pictures show the clever-looking marine mammals called Matrena and Nilma seem happy to swim with the same lady whether bears all or not. But this canine, otherwise known as Britain’s Saddest Puppy, has become a minor celebrity in the media.

Insect Has Singing PenisA small water boatman of the species Micronecta scholtzi is seen in this photo from the University of Strathclyde Glasgow. The residents were evacuated and the moose locked into a small room next to the entrance. Butti, the zoo’s missing tortoise, looks similar to Tutti. Zoo veterinarian has been treating on a semi-regular basis for two decades.

Sprinkles The KoalaVeterinary specialist Dr Rod Straw holds ‘Sprinkles’ the Koala following her life saving radiation treatment at the Brisbane Veterinary Specialist Centre in Brisbane, Australia. An animal charity is struggling to find a loving home for an abandoned kitten – because it looks like HITLER. so they take turns leaping over it in this photo sequence shot at the Indianapolis Zoo.

Gibbon BetinaWithe-handed gibbon mother Betina, 32, holds her 2-week-old baby at the Safari zoo in Ramat Gan near Tel Aviv on March 17. Prakit Sitpragaan has been performing traditional stories adapted from Asian classical novels and folklore in Thailand for more than 30 years.

Dog With World's Largest EyesBruschi, a four-year-old black and white Boston Terrier, who lives with his owner, Victoria Reed, in Grapevine, Texas, holds the Guinness World Record for “dog with the largest eyes” — a whopping 1.1 inch in diameter.

PradaThis March 8, 2012 photo shows Nicole Andree feeding a hamburger to her dog, Prada, a 4-year-old pit bull mix, at an animal control facility in Nashville, Tenn. Joe, who measures 17.5 hands, loves bananas on toast but hates toast with cheese or Marmite. These are the chimp-ly marvellous images captured by a cheeky monkey after turning the tables on a photographer who left his camera unmanned. The owner of the rabbit says it was born without ears on May 7.

Camel In The FamilyNathan Anderson-Dixon, his wife Charlotte, their 18-month-old son Reuben, Joe the camel and a reindeer.

Gorilla Check-Up -- Oct. old friend. She was handed in to Wood Green animal shelter in Godmanchester, Cambs., where staff nicknamed her 'Kitler' because of her distinctive black moustache. A vet safely removed the arrow and 'Cupid' is expected to make a complete recovery.</p>
<p><img class=Is it Elvis… Not only do the two regularly go on long rides together through the picturesque southern German countryside, they even do jumps.

Shrek Dies“Shrek,” New Zealand’s most famous sheep, died in June at the age of 16. The July 3 general election will be the first since Thailand was rocked by its deadliest political violence in decades last year, when more than 90 people died in street clashes between armed police and opposition protesters. Farmer Cui Jinxiu said the lamb was one of two born in July 2010. Theme parks and attactions such as this one are booming in August when many people try to beat the summer heat by visiting indoor attractions.

Bear Steals CarThis photo shows a bear inside Ben Story’s car on July 23, in Larkspur, Colo. Mr Hungtington’s ‘City Chicks’ are chickens for those living in an urban enviroment, complete with small walking leads and harnesses and elasticised nappies. The lemurs clearly don’t want to get into a territorial spat with the creature… 4, 2011, photo, Mayor Cox Elorde of Bunawan township, Agusan del Sur Province, pretends to measure a huge crocodile, known as Lolong, which was captured by residents and crocodile farm staff along a creek in Bunawan late Saturday in southern Philippines. Motala lost a foot many years back after stepping on a land mine and now is on her third prosthetic, as they need to be changed according to the weight of the elephant. The horse was not injured.

A Woolly Mammoth In Siberia?This newly released video taken during the summer of 2011 allegedly shows a living woolly mammoth crossing a river in Siberia. David, from Coleford, Gloucestershire, was on a trip to a small national park north of the Indonesian island of Sulawesi when he met the incredibly friendly bunch.

Rhino CowA bizarre three-horned cow has proven itself to be a cash cow for a farmer in Baoding, in China’s Hebei province. ‘City Chicks’ will be showcased at Sydney’s ABC Gardening Australia Expo.

30,000 Bees Stuck In New Jersey AtticBee removal expert Gary Schempp removed a 25-pound hive from the attic of a home in Cape May, N.J. Officials suspect the animal might be the victim of a prank but won’t know for sure until they can examine it.

Duckie With BootiesThis pet duck, named ‘Duckie,’ won’t hurt himself on the hot sands of San Diego’s beaches thanks to a pair of customized booties made especially for him. Each morning they and their 18-month-son Reuben are joined by pet camel Joe, who pokes his head through their conservatory window to help himself to something to eat. Tha Sophat started suckling the cow in July after he saw a calf do the same since his parents moved to Thailand in search of work, said his grandfather UmOeung.

Sheep DogThis is a lamb in China that looks just like a dog. Nathan, 32, has owned Joe for two years and uses him for camel racing.

Lucy: World's Smallest Working Dog -- Nov. 5. A ranch hand was able to pry it off after Skywalker exhausted himself, allowing the worker to get near the cranky animal.</p>
<p><img class=Brutus, a giant crocodile, was photographed leaping out of the water in Australia by picture-taker Katrina Bridgeford. 2011″ width=”52″ height=”52″/>Lucy, a mini Yorkshire terrier from Absecon, New Jersey, is now in the Guinness Book of World Records. The Microhyla nepenthicola, a newly discovered species of frog, lives in the jungle on the island of Borneo in Malaysia. Farmer Jia Kebing said the 2-year-old cow was born with a small bump on its head that has grown to be nearly 8 inches long and now resembles a rhino’s horn. Andree is fighting a lengthy legal battle to save her dog’s life after the animal was ordered euthanized for attacking other dogs.

Orangutan Quits SmokingAn orangutan in Malaysia is kicking its smoking habit. Otis knows that harness means he’s going skydiving and sits patiently while it is put on him.

World's Smallest Dog?At two weeks old, Beyonce, a Dachsund mix born at a Northern California animal shelter, is just under four inches long and is in the running for the title of World’s Smallest Dog. Most cats purr at around 25 decibels but Smokey’s powerful purrs average an amazing 80 decibels. Credit: Aftonbladet

Two-Headed Bearded DragonA two-headed bearded dragon is set to be the latest attraction at the Venice Beach Freakshow. 28, 2011.

Crocodile in Belgium -- Dec. The 70-pound beast nearly pulled him overboard, before pulling his 16-foot canoe through the water as he desperately clung on. It wasn't until three days later when Billy began vomiting blood that the house sitters realized something was wrong.</p>
<p><img class=Motala, age 50, rests in the afternoon sun with the new prosthetic made for her at the Friends of the Asian Elephant (FAE) elephant hospital in the Mae Yao National Reserve August 29, 2011 Lampang,Thailand. With a further look I was surprised to find that the lamb only has two legs.” The family thought the lamb wouldn’t survive, but it proved its strong desire to live. Kind-hearted animal lovers have come to the rescue of a group of featherless chickens by knitting them their very own woolly sweaters. In some cases Thailand is still deals with roaming elephants on the city streets, usually after the mahout, an elephant driver, becomes unemployed, which often causes the elephant serious stress.

Giant Crocodile Captured In Philippines -- Sept. 2011Fizz Girl, a Munchkin Cat from San Diego, Calif., has grabbed the record title for Shortest Living Cat. In this rare moment, the calf stood alone after he had wandered off a few steps, but shortly thereafter, his mother, 5-year-old sister Khosi (koh-see), and 2-year-old brother Ingadze (in-Gahd-zee) rushed over to tend to the unnamed calf. Charity workers are trying to find a new home for the British kitty, who lost his nose and ears to skin cancer.

Monkey Photographs SelfOne of the photos that the monkey took with Davids camera. 20, 2011. The birth of the gibbon surprised the zoo staff, as it had been 11 years since Betina last gave birth.

Trouble, The Millionaire DogHotel magnate Leona Helmsley left $12 million for her dog Trouble when she died in 2007, but a judge reduced the bequest to $2 million.

Pink KittyThis kitty isn’t naturally pink. Florida Wildlife Commission experts have analyzed the photo and determined that the reptile’s coloring is not genetic. 2011″ width=”52″ height=”52″/>Dr. The hive had 30,000 bees living in it.

Camel In The FamilyIt’s not every day you can say that a camel has shared your breakfast – unless you’re Nathan and Charlotte Anderson-Dixon. 30, 2011. Ambam doesn’t do the typical ape walk — he stands and struts like a person.

Missing Rare Indian Star TortoiseCheyenne Mountain Zoo’s Tutti is a rare Indian star tortoise. Many of them are missing their plumage because the conditions they used to live in.

Orange GatorSylvia Mythen, a 74-year-old woman from Venice, Fla., snapped the photo of this orange alligator sunning itself by a pond near her home. 2011″ width=”52″ height=”52″/>In this Sept. 2011″ width=”52″ height=”52″/>Skywalker, a rodeo bull in Hawaii, could not eat or drink while a 50-pound tire was stuck around his head. Eighty rabbits competed in light-weight, middle-weight and jumping-for-points categories at today’s tournament in Rommerz that is based on Kanin Hop, or Rabbit Hopping. He lives with four other camels but is the only one to share breakfast with his owners. Scientists say the “singing penis” — relative to its body size — is the loudest animal on Earth.

Dog Swallows Shot GlassThis dog wanted a drink. The three-year-old happily munches eats bread, fruit and cereal plucked from the table at the family’s detached country farmhouse. For generations elephants have been a part of the Thai culture, although today the Thai elephant mostly is domesticated animal, since Thailand now has few working elephants. These huge moths — the largest in the world — are native to the rain forests of Asia and South America. Brave Rupert Kirkwood, 51, had paddled a mile off the United Kingdom’s Devon coast when he suddenly felt a snag on his line. 28.

Homer Simpson FishThe Stargazer fish which bears an uncanny resemblance to Homer Simpson. or Bert from “Sesame Street”? This stink bug photographed in Singapore seems to be a fan of one of them — but it’s not clear which one.

Giant Atlas MothGiant Atlas moths have hatched at Berkeley Castle Butterfly House in Gloucestershire, England. 2011″ width=”52″ height=”52″/>A newborn African elephant lifted his trunk in search of his mother at the San Diego Zoo Safari Park. 2011″ width=”52″ height=”52″/>This is the jaw-dropping moment a canoeist landed a 6-foot shark after it dragged him through the water for 10 minutes. Cong Wen of Xixiakou Wildlife Zoo in eastern China says four cubs were born to a female tiger and a male lion on May 13. She was able to hold her breath and swim underwater for an incredible 11 minutes. “I thought of dumping it after it was born, but the next morning it even stood up by itself.”

'Cupid' The Cat -- Jan. Doug Luiten drills the tooth of Kunali, a 300-pound, 7-year-old Siberian tiger, during root canal surgery at the Alaska Zoo in Anchorage, Alaska, Oct. The moose was freed by police officers and after a dose on the lawn, he sobered up and returned to the woods.</p>
<p><img class=Booie, a chimpanzee that kicked a smoking habit and used sign language to beg for candy, died at the age of 44 at a California animal refuge in mid-December.

Roo The Reading DogRoo the Reading Education Assistance Dog (R.E.A.D) helps a pupil at Graytown Elementary School in Graytown, Ohio.

World's Smallest Living Cat -- Oct. Wildlife officials have removed Shirley from a state zoo after the captive primate was regularly spotted smoking cigarettes that zoo visitors had tossed into its enclosure.</p>
<p><img class=In this photo taken on Thursday, May 19, 2011, a dog nurses two liger cubs at a zoo in Weihai in east China’s Shandong province. 19. Chinese zoo workers brought in a dog to nurse them instead, but two died of weakness. Mike Loomis recently returned from Bayamon, Puerto Rico, where he helped perform a dental procedure on a 3,000-lb. The 18-month-old, who lives in Darwin, Australia, downed the glass during a party thrown by house sitters while his owners were away. Champion free diver, Natalia Avseenko, 36, from Moscow gamely jumped into an ice hole in the White Sea off the coast of northern Russia. 2012″ width=”52″ height=”52″/>Undated Cats Protection handout photo of 4-month-old polydactyl kittens named Fred (left) and Ned (right), currently in the care of Cats Protection, Gosport Town Branch in the United Kingdom. 2012″ width=”52″ height=”52″/>A rare, mostly white-colored penguin was discovered in Antarctica in early January 2012. Stewie, a 5-year-old Maine Coon, has been accepted by Guinness World Records as the world’s longest cat at 48.5 inches long.

Boy Suckles From A CowTha Sophat, a 20-month-old Cambodian boy, suckles from a cow in Koak Roka village, Siem Reap province, Cambodia, Friday, Sept. This was the first procedure in a recently opened operating room and the first for the zoo’s new veterinary table, complete with hydraulic lift and fold-out leafs to accommodate limbs and tails.

Rare LobstersThe odds of seeing these three together are roughly 1 in 900 quintillion — but a series of timely donations has allowed Connecticut’s Maritime Aquarium to put together one of the most unusual lobster displays ever. Collins punched a black bear in the snout after the bear attacked Fudge on Sunday, Aug. Pictured while creating a painting on cardboard on Sept. He really does have two mouths to feed. Cross-eyed Heidi made the headlines in December 2010 and became an internet hit, winning more than 65,000 “friends” on social networking website Facebook.

Smallest FrogSome frogs eat flies. Who likes getting weighed right after the holidays? This is Agathe, a cane toad, and she’s sitting on a toy scale during an annual animal inventory at the Hanover Zoo in Germany on Jan. The picture was snapped by naturalist David Stephens.

Charlie The CatHe-Who-Must-Not-Be-Named? No, it’s Charlie — an unlucky cat who happens to look just like the evil Lord Voldemort from the “Harry Potter” films. This tiny amphibian is not much bigger than one. After 10 minutes of wrestling with the beast, he eventually hauled the massive fish on board.

Big LitterHania, a 4-year-old Great Dane, feeds her 3-day-old puppies in the Warsaw suburb of Nowa Iwiczna on March 17. Agathe weighs a slight hop over 4 pounds.

Spider With Human FaceA rare spider with a human face, known as a lichen crab spider, has been spotted at a nature reserve in Wareham, Dorset, England.

Baby Elephant at San Diego Zoo -- Sept. It was a large Florida black bear walking through the back yard of her Barry Court home in southwest Seminole County.</p>
<p><img class=Jeepers, creepers — where’d she get those peepers? Heidi the cross-eyed possum has become a media sensation in Germany.

Zookeeper Lives With LionsAlexander Pylyshenko, 40, will live in a cage with two lions for five weeks to raise awareness about living conditions for animals in captivity.

Two-Legged LambA farmer in China’s Shandong province has saved a two-legged lamb after being touched by its struggle to survive. It’s a relationship that has blossomed inside a cemetery.

Monkey MacawThis lazy monkey hitches a ride to the top of a tree — by sitting on the back of a parrot. Meet Jimmy, a 26-year-old chimpanzee who can paint. About 100 of the animals were dead and frozen, according to the Henderson County Sheriff’s Office.

Dolphin's Fake TailWinter, a six-year-old dolphin at the Clearwater Marine Aquarium in Florida, lost her tail when she was three months and now uses a prosthetic tail made especially for her.

Otis The Skydiver“Otis” the pug gets his harness put on him before making his 64th skydive at the Parachute Center in Acampo with his master, veteran skydiver Will DaSilva of Galt. Cookie Smith went to collect eggs from her three laying hens on Monday afternoon, and discovered one normal egg and one “super egg” in her coop.

Mass For Animals -- Oct. 3.</p>
<p><img class=A dog competes during the during the 6th annual Loews Coronado Bay resort surf dog competition in Imperial Beach, near San Diego on June 4, 2011.

Moose In A Pool -- Oct. Beluga whales generally shy away from conventional scuba divers because they dislike the bubbles they produce. 28, 2011, in Melbourne, Australia.</p>
<p><img class=A parrot trained by Italian trainer Anthonie Zattu performs wearing a pair of rollerskates during the International Festival of Cirkus Art on Feb. (Photo by Junko Kimura/Getty Images)

Bear In Hot TubJenny Sue Rhoades sat down on her couch to watch television when something outside caught her eye. Munchkin cats are a special breed that have little legs caused by a naturally occurring genetic mutation.

This Little PIggie Has Two SnoutsThis tiny porker has an excuse for making a pig of himself at mealtimes. Measuring in at just 6 inches tall from floor to shoulder, Fizz Girl weighs 4 pounds, 2.3 ounces. Nobody came forward to say they were Kitler’s owner so the centre put her up for rehoming, but she is yet to find a loving family because of her unusual markings.

Piglet In Hotel LobbyThis adorable injured baby pig was found roaming a hotel lobby near Honolulu’s airport. He sells his works starting at $65 all the way up to $200.

Silverback StrutAmbam, a silverback gorilla at the Port Lympne Wild Animal Park in Kent, England, shows off the stance that’s turned him into a viral video sensation

Read More

Ingenious Ent VCT 1 UK Regulatory Announcement: Final Results

On 9 May 2013, the Company paid dividends amounting to £176,000 on G shares (31 December 2012: £Nil). Called-up Share Capital

 

C

Shares

 

The financial statements were approved by the Board of Directors on 8 April 2014.

-

0.2

(33)

-

Disposal of Non-qualifying Investments

Impact on loss on ordinary activities for the year

(113)

Entertainment VCT 1 Investment amount £1,000,000

Revenue

£’000

(1.6)

35

-

(337)

for the year ended 31 December 2012

246

£’000

3,282

14

8,243

Loss on ordinary activities after taxation

(2,100)

(43)

Weighted average Shares in issue (number)

-

-

 

21,960

(63)

-

£’000

(6,279)

16. In assessing which methodology is appropriate, the Directors are predisposed towards those methodologies that draw upon market-based measures of risk and return.

- Audit fees 2013

Investment income

£’000

-

2,302,126

-

(79)

-

Disallowed expenses

(54)

1,229

-

-

-

 

3. Expenses are charged to the revenue account within the Income Statement except that:

(1,209)

Loss for the year

7

£’000

(2.5)

-

(161)

 

102

(257)

(86)

-

139

 

(16)

(240)

29

-

 

-

10,098

(58)

Net asset value per C Share

Net assets attributable to F Shareholders (£’000)

3,050

(73)

 

-

-

42

(£1,200,000 across the Ingenious Entertainment VCTs)

(58)

0.2

-

260

-

On 28 February 2013, the Company paid dividends amounting to £2,041,000 on Ordinary Shares (24 February 2012: £510,000), £141,000 on C Shares (24 February 2012: £141,000), £337,000 on D Shares (24 February 2012: £337,000), £142,000 on E Shares (1 May 2012: £142,000) and £79,000 on F Shares (1 May 2012: £79,000). The fair value is subsequently re-measured, as estimated by the Directors. The May 2013 event again increased attendance, but the event continues to be loss making. The risk is also managed through continuous monitoring of the performance of investments and changes in their risk profile.

-

4

The capital management objectives of the Company are:

Tax on ordinary activities

42

Weighted average Shares in issue (number)

 

H

Shares

Market risk;

Interest rate risk;

Credit risk; and

Liquidity risk.

(169)

d) The Company declared an interim dividend of 5.0 pence per E Share on 6 February 2014 (2013: 5.0 pence). For the provision of such services, consulting fees totalling £202,000 excluding VAT (31 December 2012: £116,000), have been invoiced to the Investee Companies in the period of which no amount remained outstanding as at 31 December 2013 (31 December 2012: £24,000).

Net asset value per F Share (pence)

 

-

Creditors: amounts falling due within one year

Revenue

1,711

£’000

+/- 50 basis points

50.00% A Ordinary

 

-

9

£’000

Investment income

9,666

£’000

(2.7)

Disposal proceeds – Investment in Investee Companies

(1,384)

 

-

(56)

43

(0.8)

 

(65)

-

4,679

£’000

 

-

 

G

Shares

-

Purchase of Qualifying Investments

(387)

for the year ended 31 December 2013

(38)

11,949

 

-

£’000

(0.8)

90.0

£’000

2012

4

(73)

 

F Shares

 

 

 

G Shares

-

76.9

- Arrangement fee

 

before taxation and total equity

 

 

INCOME STATEMENT

-

Issue costs of Shares

Investment in Investee Companies

(2.5)

(1.2)

The net asset value per H Share at 31 December 2013 was 93.5 pence (31 December 2012: no H Shares allotted). The benchmark rate which determines the interest payments received on interest bearing cash balances and debt investments in unquoted companies is the bank base rate which was 0.5% as at 31 December 2013 (31 December 2012: 0.5%).

2013

 

(2.6)

-

-

(142)

 

77

Total

 

 

Ordinary Shares

£’000

68.8

-

(28)

-

 

0.2

-

 

 

 

 

(73)

 

Current assets

3,048

 

Investment income

(155)

Dividends

3

0.6

-

19

 

Shareholders’ funds

(35)

260

74.8

-

(60)

 

-

(26)

(21)

(206)

(16)

-

(120)

(500)

-

Revenue

(153)

893

14

The Company has no external debt; consequently all capital is represented by the value of share capital, distributable and other reserves. Events After the Balance Sheet Date

12

(0.7)

Fixed asset investments (see note 8) are valued at fair value. -

a) Market Risk

-

(3)

In the period ended 31 December 2008, 10,205,010 Ordinary Shares were issued and allotted in accordance with the terms of the relevant Prospectus. Tax Charge on Ordinary Activities

(1.0)

(1.3)

1

 

Loss on ordinary activities before taxation

(387)

-

(165)

-

(69)

(145)

(201)

 

-

-

Financing

 

2012

£’000

154

(71)

(24)

(4,524)

 

(1,275)

-

-

-

 

-

391

 

338

Interest income is recognised in the Income Statement under the effective interest method. Timing differences are differences arising between the Company’s taxable profits and its results as stated in the financial statements which are capable of reversal in one or more subsequent periods.

19

£’000

 

Net asset value per Ordinary Share

91.1

318

Disposal of Non-qualifying investments

 

 

Investment income

-

 

Accruals and deferred income

 

 

2,810,596

(81)

-

(51)

(61)

(8)

-

-

INCOME STATEMENT

Investment income

(29)

£’000

Arrangement fees

 

(8,359)

 

Cash at bank and in hand

In August 2010 the Ingenious Entertainment VCTs invested in a company to co-promote the LED Festival in partnership with AEG Live, Cream and Loudsound.

(11)

(34)

CLS Concerts Limited

 

 

-

 

-

 

2012

£’000

2,326

In the year ended 31 December 2010, 6,785,624 D Shares were issued and allotted in accordance with the terms of the relevant Prospectus. Investments are initially recognised at fair value. The Company and Ingenious Entertainment VCT 2 plc have agreed to further invest in an existing company, Love Supreme Festival Limited, to promote an existing music festival called Love Supreme Jazz Festival. As set out in the Prospectus all investments are designated at fair value.

 

 

 

 

2013

 

2012

1,408

15

13

Return of Qualifying Investments

(86)

Issue of Shares

 

Fixed assets

£’000

(130)

-

£’000

 

F

Shares

29

INCOME STATEMENT

Dividend income is recognised in the Income Statement once it is declared by the Investee Companies.

734

-

Share premium account

-

 

246

69.5

0.4

(Loss)/profit attributable to equity Shareholders

The Company has now completed its investment strategy and is fully invested under the VCT regulations for its C, D, E and F Share classes.

2,189

400

9

-

1,572,095

(1,475)

(112)

(Loss)/profit on ordinary activities after taxation

(0.4)

 

(Decrease)/increase in fair value of investments held

-

 

3,518

Net asset value per C Share (pence)

Dividends

The net asset value per G Share at 31 December 2013 was 86.6 pence (31 December 2012: 93.3 pence) although this is after the deduction of the dividend of 5.0 pence per Share in the Reporting Period (31 December 2012: No dividends paid). Liverpool Sound City continues to build its profile and is budgeted to trade profitably for the first time in 2014 and Shakedown has also established its brand name within the Brighton area and beyond.

Unquoted investments, including equity and loan investments, are designated at fair value through profit and loss and are valued in accordance with the International Private Equity and Venture Capital Guidelines and Financial Reporting Standard 26 “Financial Instruments: Recognition and Measurement” (FRS 26). The Manager does firmly believe, however, that the Love Supreme Jazz Festival is an event that has the potential to create positive shareholder value in the longer term.

Level 3 investments include a £18,000 revaluation gain on Saturn Explosion Limited, a £90,000 revaluation loss on Saturn Star Limited and a £212,000 revaluation loss on Venn Music Ltd during the year.

21

(0.8)

(337)

(103)

315

 

The Share premium in relation to the H Share class was converted to a distributable reserve following a High Court of Justice of England and Wales order sanctioning the resolutions passed by the Company in general and class meetings held on 28 November 2013.

Net cash flow from financing

for the year ended 31 December 2012

£’000

£’000

Issue costs of Shares

Net funds comprise cash of £155,000 (31 December 2012: £1,225,000) and Non-qualifying assets, excluding Investment in Investee Companies of £8,127,000 (31 December 2012: £8,441,000).

(Decrease)/increase in fair value of investments held

(81)

(1.0)

(3.0)

 

31 December 2012

£’000

(276)

 

 

-

 

Capital and reserves

-

Net asset value per G Share

 

 

86.6

 

53

(27)

 

 

-

50.00% A Ordinary

f) Patrick McKenna is a director and a shareholder of Ingenious Entertainment VCT 2 plc. Share issue costs amounting to £295,000 have been set off against the Share premium account.

Entertainment VCT 1 Investment amount £500,000

Loss attributable to equity Shareholders

 

-

Tax on ordinary activities

Dividends paid

-

102

Creditors: amounts falling due within one year

(12)

(51)

1,934

-

-

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F , G AND H SHARE FUNDS (UNAUDITED)

-

5,285

(422)

As One In The Park Festival

-

(12)

-

1,374

Risk Management

 

Reduction of Share premium account

£’000

1,094

£’000

Return of Qualifying Investments

 

Aggregate Share premium net of issue costs

£’000

 

17

(9)

The accompanying notes form an integral part of these financial statements.

-

7

(7,484)

(290)

Revenue reserve

£’000

(16)

5,285

-

15

£’000

Capital subscribed

Cash at bank and in hand

 

Whilst the Company is exposed to credit risk due to its £5,517,000 (31 December 2012: £9,065,000) unsecured loan note instruments, this risk is mitigated by the Company requiring that minimum royalty arrangements are in place prior to the investment as set out in the Company’s investment policy. In February 2013 the Company invested £750,000 in Saturn Star Limited. A deferred tax asset has not been recognised in respect of these surplus management expenses as the future taxable income of the Company cannot be predicted with reasonable certainty. Talent of the calibre of The Wanted and The Saturdays failed to generate sufficient numbers to warrant repeating the event in 2014.

-

5,874

£’000

1,371

Revenue

6

 

E

Shares

 

£’000

16

 

Capital

£’000

120

(45)

International Private Equity and Venture Capital Valuation Guidelines

-

(43)

7

78.5

 

Ingenious Media Investments Limited

(141)

7,637

 

-

-

(141)

Decrease/(increase) in fair value of investments held

(259)

10,205,011

(3,389)

-

(68)

42

-

-

2012

£’000

0.2

15

 

 

2013

£’000

202

BALANCE SHEET

(Loss)/profit on ordinary activities before taxation

-

(2.1)

£’000

24.95%

(136)

Total

74.8

BALANCE SHEET

-

-

Capital

-

 

50.00% A Ordinary

1,258

(13)

(12)

 

(Loss)/profit on ordinary activities before taxation

(39)

54

(289)

 

The Company’s main objective is to invest in companies established to create and bring to market live events and premium entertainment content which will provide Shareholders with an attractive return. The supplementary capital and revenue columns are prepared following guidance published by the Association of Investment Companies (AIC).

Total

Net cash flow from operating activities

-

 

Capital reserve

 

(2.0)

 

All operations are considered to be continuing.

-

(176)

The Company’s Non-qualifying Investments in interest bearing money market OEICs are valued at fair value which is bid price. Further details on the Directors’ fee disclosures are given in the Directors’ Remuneration Report.

(65)

11,949

3,112

Basic and diluted return per share (pence)

Amounts

due

2,451

(0.7)

(2.6)

-

(1,412)

CASH FLOW STATEMENT

165

 

g) Ordinary Shares, C Shares, D Shares, E Shares, F Shares, G Shares and H Shares

 

640

The Manager, along with these partners, is researching the best platform to launch these events in terms of location and type of event (i.e. The dividend was paid on 7 March 2014 by way of a capital distribution reducing the Company’s other reserves.

E Shares

(4.2)

Decrease in fair value of investments held

 

1,371

Loss attributable to equity Shareholders

-

-

(12)

(81)

 

 

Dividends

 

 

(86)

(2.0)

(8,359)

3

-

Revenue

60.7

89

(48)

Investment income

 

During the year the Company has entered into transactions with the above-mentioned related parties in the normal course of business and on an arm’s length basis as listed in the table below.

(1.2)

E Shares

 

Net cash flow from financing

(1.7)

194

-

3

Basic and diluted return per share (pence)

-

Although critically well received, the audience of 6,000 was significantly below the numbers anticipated and the event incurred a significant loss.

 

-

The total column is the Income Statement of the Company for the year. Debtors

 

1,572,095 F Shares 1p each

-

Weighted average Shares in issue (number)

£’000

-

 

£’000

 

2012

 

2012

 

2012

2013

-

7,228

 

23,277

-

(51)

b) Valuation of Investments

-

-

 

(5)

(161)

-

Revenue

£’000

-

11

Titans of Cricket

e) Patrick McKenna is a director and a shareholder of Ingenious Entertainment VCT 2 plc. Ingenious Asset Management Limited is a subsidiary of the Ingenious Group, which is controlled by Patrick McKenna. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. This disclosure is being made pursuant to the Listing Rules.

(36)

102

153

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS

52

E Share

81

b) The Company declared an interim dividend of 20.0 pence per C Share on 6 February 2014 (2013: 5.0 pence). The other reserve, capital reserve and revenue reserve accounts are the only distributable reserves of the Company.

e) The Company declared an interim dividend of 5.0 pence per F Share on 6 February 2014 (2013: 5.0 pence). The repayment of this interest is not deemed recoverable based on current profits being derived by the Investee Companies, which currently cannot be determined with any certainty, therefore the Directors have not recognised it in the financial statements.

-

Total

23

2012

Total

-

391

330

(39)

-

Gain on disposal of investments

 

(18)

D Shares in issue (number)

 

Net cash flow from operating activities

 

 

277

 

-

0.6

3,518

Issue costs

Legislative and Regulatory Developments

7

 

 

-

-

£’000

38

(3.3)

Net cash flow from dividends

86.9

 

for the year ended 31 December 2012

33

1,572,095

 

652

as at 31 December 2013

£’000

-

 

(93)

(42)

Net funds at 1 January 2013

-

 

 

 

93.5

In December 2011, the Entertainment VCTs teamed up with Jazz FM and Neapolitan Music to invest in a company to co-promote what is the UK’s only camping Jazz festival, the Love Supreme Jazz Festival. Each Share class has a separate pool of income and expenses as well as assets and liabilities attributable to it. Contingent Assets

14

8,734

-

-

 

Capital

£’000

Exhibitions

Net assets attributable to D Shareholders (£’000)

221

(11)

£’000

337

Capital

£’000

(82)

 . The entire issued C, D, E, F, G and H Share capital of the Company has been admitted to the official list maintained by the Financial Conduct Authority and to trading on the London Stock Exchange.

-

 

-

-

£’000

-

-

(51)

-

204

3,328

Arrangement fees

3,282

(20)

 

(2.1)

Revenue

Loan note premium from Qualifying Investments (note 8)

2. Attendance for the 2013 event remained consistent at around 28,500 attendees and, although the promoters were hoping for a further increase in attendance, the event remains significantly profitable.

Festivals

-

(775)

 

F Shares

 

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F, G AND H SHARE FUNDS (UNAUDITED)

 

Decrease in fair value of investments held

 

 

2013

£’000

Capital

 

 

-

187

Revenue

 

Capital

 

Total

(31)

- Audit fees under accrued 2012

-

139

19

Net asset value per E Share

(775)

 

28

 

E

Shares

Capital

(422)

2013

£’000

(79)

7,062

 

 

Ordinary Shares £’000

 

C Shares £’000

 

D Shares £’000

 

E Shares £’000

 

F Shares £’000

 

G Shares £’000

 

H Shares £’000

-

Other expenses

2,531

£’000

There have been no changes to the capital management objectives of the business from the previous period.

The financial statements for the Reporting Period have been prepared in compliance with UK Generally Accepted Accounting Practice, the Companies Act 2006 and with the Statement of Recommended Practice (the SORP) entitled “Financial Statements of Investment Trust Companies and Venture Capital Trusts” (with the exception of paragraph 80 of the SORP regarding detailed disclosure of financial and operational performance of the Company’s unquoted investments due to their confidential nature) which was issued in January 2009.

-

 

 

F

Shares

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F, G AND H SHARE FUNDS (UNAUDITED)

(96)

£’000

4

Basic and diluted return per share (pence)

 

Tax on ordinary activities

-

89.8

(3,244)

 

(Loss)/profit on ordinary activities after taxation

78.5

699

-

7,637

9,897,463

 

(3.0)

for the year ended 31 December 2013

-

13

Cancellation of Ordinary Shares

9,666

-

3,054

Revenue

 

(187)

Investment income

(33)

£’000

£’000

(86)

Investment in investee companies (note 11)

Arrangement fees

359

 

(11)

(259)

-

Capital

(2.6)

-

 

(22)

100

£’000

Total

(79)

£’000

Total

 

Net cash flow from dividends

 

(270)

 

3,282

G Share

-

(7)

(400)

LONDON–(BUSINESS WIRE)–

35

1

(29)

2,488

1

6

-

Revenue

£’000

(3.6)

-

(Loss)/profit on ordinary activities before taxation

Revenue

£’000

-

£’000

Net cash flow from operating activities

 

Weighted average Shares in issue (number)

 

£’000

(35)

(66)

3,048

-

870

(0.6)

Capital

7,228

Ingenious Media Consulting Limited, a company which is a wholly-owned subsidiary in the Ingenious Group, which is controlled by Patrick McKenna, has entered into consultancy agreements with each of the Company’s Investee Companies to provide management services. On 18 December 2013 the High Court of Justice of England and Wales made an order sanctioning the resolutions passed by the Company in general and class meetings held on 28 November 2013 by which the Company’s Shareholders approved the reduction of the Company’s share capital by the cancellation and extinguishment of all of its Ordinary Shares of 1 pence each. The Directors believe that 80% of these fees relate directly to the raising of capital and have classified this proportion as issue costs. The net asset value as at 31 December 2013 including this distribution was therefore 91.6 pence per G Share (31 December 2012: 93.3 pence).

1,707

(3)

102

-

(374)

0.4

-

78

The investment by the Company into the established Field Day Festival proved to be well placed. For quoted securities included in current asset Non-qualifying Investments, this is bid price. Accounting Policies

-

-

 

1,539

-

Opening valuation

 

(113)

115

£’000

-

Total

h) Patrick McKenna is a director and a shareholder of Ingenious Entertainment VCT 2 plc. No numerical disclosures have been provided in respect of liquidity risk as this is not considered to be material.

F Share

(775)

1

318

Net asset value per Ordinary Share (pence)

 

The level of dividends may be influenced by the need to comply with the VCT legislation which states that no more than 15% of income from shares and securities may be retained.

2,596

3

 

(510)

Total

The Company is not registered for VAT. In relation to the Company’s investments, anticipating future cash flows in excess of the guaranteed amounts would clearly require highly subjective judgements to be made in the early stage of each investment and therefore would not be an appropriate methodology to apply in the early stage of the investment.

(269)

640

for the year ended 31 December 2013

Capital

£’000

The Share classes have no recognised gains and losses other than those disclosed above.

-

-

 

-

Cash at bank and in hand

Investment management fees

102

b) Interest Rate Risk

£’000

-

-

(£218,000 across the Ingenious Entertainment VCTs)

-

(2.6)

(71)

(£1,000,000 across the Ingenious Entertainment VCTs)

88.5

8,734

16

1,135

c) Investment Income

(12)

2,660,842

£’000

4,437

£’000

(2.0)

Bank deposit interest

Arrangement fees

(1.2)

1,246

2,189

 

3

432

9,065

-

(5,874)

(138)

-

390

Basic and diluted return per share (pence)

46

-

-

For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 50% to revenue and 50% to capital, which represents the split of the Company’s long term returns.

(405)

-

2,504

 

31 December 2013

£’000

-

Arrangement fees

Of these the two methodologies most applicable to the Company’s investments are:

-

(12)

Ingenious Asset Management Limited

Prepayments and accrued income

 

Basic and diluted return per share (pence)

-

-

-

2013

-

1,590,411

 

 

(374)

Total

(26)

17. Share issue costs amounting to £448,000 have been set off against the Share premium account.

Tax on ordinary activities

In December 2013 the Company made a further investment in order to promote a second day of Field Day Festival which will take place on Sunday 8 June. The Company and Ingenious Entertainment VCT 2 plc have agreed to further invest in an existing company, Waxarch Ltd, to promote the Field Day Day Two Festival. Legislation is to be introduced prohibiting enhanced share buy-backs, where a VCT purchases existing shares from shareholders and within six months the shareholder invests in the same VCT.

6

 

C

Shares

Capital

(67)

£’000

Net cash flow from liquid resources

-

275

 

Opening Shareholders’ funds

2,810,596

20,340

Capital subscribed

£’000

Field Day Festival

-

Profit/(loss) on ordinary activities before taxation

266

Loss attributable per Share (pence)

Non-qualifying Investments

2,625

(169)

The 2014 event, which will take place in Victoria Park, London on Saturday 7 June is currently showing an increase in sales when compared to the previous year and the promoters remain confident that Field Day Festival will take another leap forward in terms of profitability and brand value.

 

Total £’000

(3.6)

(82)

(142)

(56)

(2,100)

-

Ingenious Capital Management Limited

(16)

 

Capital

£’000

(96)

Other expenses

Total

£’000

(92)

-

Other expenses

50.00% A Ordinary

 

(139)

-

(£1,500,000 across the Ingenious Entertainment VCTs)

-

2,071

-

 

 

(283)

(11)

 

78.5

C Shares in issue (number)

H Shares

(330)

(56)

(16)

897

c) Credit Risk

 

 

 

2013

 

2012

(2.0)

(Loss)/profit attributable to equity Shareholders

(58)

 

Capital

£’000

(1.7)

At 1 January 2013

68

 

E

Shares

(534)

 

 

Total

Decrease in fair value of investments held

 

Net cash flow from operating activities

91

 

 

 

68.8

(165)

-

-

£’000

-

The Company had no H Shares in issue during the year ended 31 December 2012.

52

(16)

42

5,791

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F, G AND H SHARE FUNDS (UNAUDITED)

-

 

-

3,518,044

10,004

2012

-

(57)

In November 2012, the Entertainment VCTs invested into Waxarch Limited to promote one of London’s foremost festivals for up and coming talent, Field Day Festival. The C Shares made a loss of £86,000 (31 December 2012: loss of £73,000). Related Party Transactions

(71)

Investment income

 

 

Current assets

 

Revenue

£’000

 

-

1,572,095

(3)

c

-

2,846,122

(61)

- Administration fee

(47)

Closing valuation

 

 

In June 2011 an investment of £2,000,000 was made by the Ingenious Entertainment VCTs into Titans of Sport Limited (formerly This is Cricket Limited) to promote a new sports event, Titans of Cricket.

 

Total

£’000

The Manager, as per the investment management agreement, receives a management fee of 0.4375% of the net asset value per Share class, payable quarterly in advance. Reserves

471

54

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F, G AND H SHARE FUNDS (UNAUDITED)

Gain/(loss) on disposal of investments

16

15

£’000

Net cash flow from operating activities

£’000

-

(142)

60.7

(21)

(43)

 

 

84.5

69.5

(Decrease)/increase in payables

17

2012

Net cash flow from dividends

-

-

-

 

 

(36)

£’000

(534)

649

 

2,488

Payment of dividends

The Company’s business is investing in financial assets with a view to profiting from their total return in the form of income and capital growth. It is generally considered that this would only apply for a limited period; in practice a period up to the start of the first live event or entertainment content which forms the investment is often applied as the long stop date for such a valuation.

-

3,518,044

(13)

3,263

 

Signed on behalf of the Board of Directors:

(103)

(1.3)

24.95%

£’000

(Decrease)/ increase in payables

-

310

-

(19)

6,735,624

2,409

(24)

 

 

 

 

 

2013

£’000

-

(58)

The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value for investments. The F Shares made a loss of £34,000 (31 December 2012: loss of £16,000). On 8 August 2013 and 5 December 2013, the Company paid dividends amounting to £5,409,000 and £34,000 respectively, on Ordinary Shares.

£’000

2,488

The Share classes have no recognised gains and losses other than those disclosed above.

Capital reserve

-

 

 

2013

 

2012

(82)

14

38

-

-

647

2,302,126

I am delighted to present the Company’s sixth Annual Report and Accounts covering the year to 31 December 2013 (the Reporting Period).

Issue costs

 

2012

£’000

319

Entertainment VCT 1 Investment amount £500,000

(120)

Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more, or a right to pay less, tax in the future have occurred at the Balance Sheet date. The one subscriber share created upon incorporation was issued at par. The net asset value as at 31 December 2013 including distributions was therefore 80.7 pence per C Share (31 December 2012: 83.8 pence).

(1,700)

-

Initial Funding: February 2011

 

(2.5)

 

 

 

68

(2.5)

Initial Funding: December 2011

 

Year ended 31 December 2013

 

Year ended 31 December 2012

13

-

-

1,590,411

-

(422)

-

27

(22)

-

-

Irrecoverable VAT

6,569

102

Net assets attributable to E Shareholders (£’000)

 

-

(33)

 

Total

£’000

(1.6)

Chairman’s Statement

 

Total £’000

(13)

-

(16)

-

93.3

(7)

 

Share premium

 

Other reserve

 

Capital reserve

 

Revenue reserve

 

Total reserves

-

 

-

 

 

 

Ordinary Shares

£’000

 

 

G Shares

-

(141)

 

 

-

-

39

 

 

 

 

 

(12)

(16)

-

(7,484)

(71)

£’000

Hop Farm Comedy Limited

 

-

Financial investment

Reconciliation of loss before taxation to net cash flow from operating activities

(81)

-

-

as at 31 December 2012

The nature and extent of the financial instruments outstanding at the Balance Sheet date and the risk management policies employed by the Company are discussed below:

Investment management fees

 

£’000

 

 

2012

£’000

(12)

 

(1.7)

24

-

(72)

2013

 

 

 

 

2013

£’000

115

 

Purchases at cost – Investment in Investee Companies

-

 

 

Note

 

(1.3)

(246)

14

-

 

£’000

(86)

-

Total

(2.0)

(16)

-

 

2012

£’000

 

for the year ended 31 December 2013

(£1,000,000 across the Ingenious Entertainment VCTs)

D Share

Hop Farm Comedy

21,960

 

-

Revenue reserve

D Shares

(3,244)

Management of liquid resources

2,569

2,846,122

 

(27)

387

Dividends

60.7

(980)

(283)

5,285

(113)

(3.3)

-

Profit/(loss) attributable to equity Shareholders

(86)

120

Profit/(loss) on ordinary activities after taxation

 

Net assets

£’000

a) Under an offer agreement dated 14 December 2012 between the Company, Ingenious Entertainment VCT 2 plc, IMIL and Howard Kennedy Corporate Services LLP, the Company and Ingenious Entertainment VCT 2 plc appointed IMIL, a company of which Patrick McKenna is a director, to be the promoter of the H Share Offer. The £195,000 is included in the Income Statement under Investment Income (refer to note 2).

(240)

30

Capital

76.9

2013

Revenue

 

Capital

 

Total

 

2012

£’000

-

(0.5)

£’000

 

Shareholders’ funds

50.00% A Ordinary

(187)

Trade debtors

10,205,011

 

-

2

 

-

(161)

Dividends

(56)

As the Company is a VCT its capital gains are not taxable.

expenses which are incidental to the acquisition or disposal of an investment are charged to capital in the Income Statement as incurred;

expenses are split and presented partly as capital items where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated; and

the management fee has been allocated 50% to revenue and 50% to capital, which represents the split of the Company’s long term returns.

(545)

Profit/(loss) on ordinary activities before taxation

 

 

(109)

(2,100)

f) Deferred Taxation

£’000

+/- 50 basis points

2,846,122

Other expenses

(1,209)

260

 

14

Entertainment VCT 1 Investment amount £750,000

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F, G AND H SHARE FUNDS (UNAUDITED)

2,333

 

 

The Company’s investing activities expose it to various types of risk that are associated with the financial instruments and markets in which it invests. During the Reporting Period, just over 2.6 million H Shares were allotted by the Company.

(471)

 

 

The Ordinary Shares, C Shares, D Shares, E Shares, F Shares, G Shares and H Shares are accounted for as separate pools of funds necessitating separate non-statutory reporting.

 

-

General expenses were paid for by the Ordinary Share class until 31 July 2013 and from 1 August 2013 by the C Share class and have been recharged on a quarterly basis to the other Share classes based on the proportional net asset value per Share class as at the last day of the previous quarter.

Called-up share capital

(79)

(47)

Profit/(loss) attributable per Share (pence)

As a result of the above basis of valuation, there is significant judgement associated with the valuation of investments.

Venn Music Ltd

28

(142)

15,471

 

Return of investment

 

-

Capital

29

-

2,549

 

-

 

-

6,328

 

(36)

83.8

3

Financing

Unutilised losses for the current year

 

 

 

H

Shares

Capital

(110)

195

Revenue

-

-

 

2013

 

2013

 

2013

 

 

 

 

2013

 

2012

272

(2.0)

-

£’000

 

68.8

£’000

 

 

Investment management fees

 

In February 2012 an investment of £1,500,000 was made into Saturn Star Limited to create a new gay and alternative lifestyle festival called As One In The Park, which was held in Victoria Park in May 2013.

Capital

£’000

-

1

374

(116)

(1.6)

(2.5)

£’000

 

 

 

 

 

2013

 

2012

(2)

246

Revenue

INGENIOUS ENTERTAINMENT VCT 1 PLC (“the Company”)

-

Debtors

INCOME STATEMENT

Level 1

(44)

-

8

£’000

6

1.2

 

-

In the current year, 2,660,842 H Shares were issued and allotted in accordance with the terms of the relevant Prospectus. As One In The Park, which took place in Victoria Park in May 2013, and which was predominately aimed at the gay community, was well received but poorly attended. Investments in unquoted companies, by their nature, involve a higher degree of risk than investments in larger “blue chip” companies.

(2.6)

 

 

(51)

330

(52)

2,846,122

 

£’000

103

(2.1)

 

E Shares

Total

(223)

-

 

28

 

(Decrease)/increase in cash in the period

Investment management fees

Gain on disposal of investments

17

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F, G AND H SHARE FUNDS (UNAUDITED)

It is considered that, as permitted by FRS 9, “Associates and Joint Ventures”, the above investments are held as part of an investment portfolio, and that, accordingly, their value to the Company lies in their marketable value as part of that portfolio. The most important types of financial risk to which the Company is exposed are:

-

 

289

All expenses are accounted for on an accruals basis. This is the Non-qualifying Investments amount on the Balance Sheet of £8,127,000 (31 December 2012: £8,441,000). Similarly disappointing was SD2 which was the twin event to Shakedown. Share issue costs amounted to £194,000 of which £155,000 have been set off against the Share premium account.

Amounts due

£’000

-

Other administration expense

(2.0)

 

(139)

-

2013

7

74.8

Share premium account

-

After incurring losses in its first year, the event fully recovered this deficit in a very successful second year, but the arrival of the Olympics in London made it very difficult to justify staging such events in 2012 and the partners remain in discussion as to how best to continue exploiting the LED brand. Further to this, 34,920 H Shares in the Company were allotted to him at an issue price of £1 per Share (together with a further 1,047 H Shares as waiver shares pursuant to the terms of the H Share Offer). Any changes in valuation methodologies will be clearly disclosed in the financial statements.

(Decrease)/increase in cash

 

Revenue

£’000

£’000

Loss on disposal of investments

Other reserve account

(153)

 

 

Profit/(loss) attributable to equity Shareholders

 

15.00%

In 2013 a series of investments totalling £1,750,000 was made into Hop Farm Comedy Limited to create a number of new comedy festivals across the country.

The As One brand is currently under review, with the event partners looking to stage events in venues rather than a greenfield space to reduce both overheads and overall event risk.

9,897,463

In accordance with FRS 29, “Financial Instruments: Disclosures”, the above table provides an analysis of these investments based on the fair value hierarchy described below which reflects the reliability and significance of the information used to measure their fair value:

-

240

30

 

 

 

2013

£’000

 

14. There is no fee associated with this transaction.

Revenue

£’000

-

(240)

1,572,095

(Loss)/profit attributable per Share (pence)

0.6

Funds held in listed money market OEICs

 

 

 

8,127

 

8,441

(0.4)

(48)

 

C

Shares

1,371

5

Further Funding: December 2013

(81)

-

10,011

Total

-

-

38

(2)

(2.5)

68

 

Profit/(loss) on ordinary activities before taxation

 

£’000

-

 

1,258

 

 

- Irrecoverable VAT

-

Revenue reserve

-

(169)

c

 

Total

£’000

31

 

 

 

102

1,572,095

-

-

Category Code: FR

(57)

(182)

(290)

£’000

Closing Shareholders’ funds

(73)

(176)

Basic and diluted return per share (pence)

-

 

 

 

 

2013

 

2012

-

(8)

14

Manager’s Review

-

4,524

c) Ingenious Ventures Limited was the Company’s investment manager until 28 February 2008, when the investment management agreement was novated to Ingenious Asset Management Limited, and Ingenious Ventures became a trading division of Ingenious Asset Management Limited. In respect of unquoted investments, these are fair valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines. camping or non-camping) and once these discussions are complete we would hope to announce the launch of comedy events later in 2014 or potentially 2015.

Loss on ordinary activities after taxation

Capital

£’000

£’000

 

(8,359)

8

 

-

Tax on ordinary activities

(3.6)

23,277

 

Financial investment

2,660,842

-

 

Capital and reserves

 

d) The funds invested in OEICs are managed by Ingenious Asset Management Limited of which Patrick McKenna is a director. They have been designated as fair value through profit or loss for the purposes of FRS 26.

(775)

-

8. In March 2013 and June 2013 the Company invested £375,000 and £500,000 respectively for a total of 20.00% of the equity in Hop Farm Comedy Limited. Ingenious Entertainment VCT 2 plc invested £375,000 and £500,000 respectively for 20.00% of the equity in Hop Farm Comedy Limited. This represents the accounting treatment of the guaranteed loan note premium. On 20 December 2013 the Company’s capital was reduced by the cancellation and extinguishment of all of its Ordinary Shares of 1p each. Non-audit fees in 2012 related to accounting advice. Creditors: Amounts Falling Due Within One Year

 

 

 

-

£’000

3,290

 

NOTES TO THE FINANCIAL STATEMENTS

(4.2)

(8,359)

1

15,358

11

£’000

Sequence Number: 413580

(23)

-

Investment management fees

(204)

(24)

870

 

Investments can be valued by calculating the net present value of expected future cash flows of the Investee Companies. Basic and Diluted Return per Share

(145)

1,572,095

Called-up share capital

1,934

8

34

Investment Objective

(29)

240

3,048

£’000

-

In December 2013, the Company cancelled all of its Ordinary Shares and completed the full distribution of capital in January 2014 in relation to those shares.

 

(819)

4,679

-

-

Further Funding: December 2012

3

482

1,371

Net cash flow from financing

27

201

0.2

7,637

-

-

(387)

In February 2011 an investment of £1,500,000 was made into Venn Music Limited to promote two new music festivals in Summer 2011. The dividend was paid on 7 March 2014 by way of a capital distribution reducing the Company’s other reserves.

(7)

Non taxable losses on investments

 

-

21,960

 

 

20.00%

(34)

£’000

86.6

-

-

306

 

Aggregate value of Share premium allotted

£’000

1,934

(2,442)

(79)

5,517

-

The Company had seven Share classes up to 17 December 2013: Ordinary Shares, C Shares, D Shares, E Shares, F Shares, G Shares and H Shares. The net asset value as at 31 December 2013 including distributions was therefore 84.5 pence per D Share (31 December 2012: 88.5 pence).

-

-

-

 

(56)

£’000

-

Fair value adjustment on Non-qualifying investments

-

7,637

(48)

-

2,531

1,466

93.3

Other reserve account

Unrealised change in value – listed money market OEICs

(15)

7,637

12

4,679

-

 

Profit/(loss) attributable to equity Shareholders

(69)

Weighted average Shares in issue (number)

-

1

g) Patrick McKenna is a director and a shareholder of Ingenious Entertainment VCT 2 plc. For the purposes of the Listing Rules, Patrick is considered to be a related party of the Company (as he is a Director of the Company). Share issue costs amounted to £81,000 of which £65,000 have been set off against the Share premium account.

-

(22)

-

Issue costs

277

 

80.7

£’000

Tax on ordinary activities

7,228

-

Unsecured loan notes

 

 

-

The accompanying notes form an integral part of these financial statements.

 

 

Ordinary Shares £’000

 

C Shares £’000

 

D Shares £’000

 

E Shares £’000

 

F Shares £’000

 

G Shares £’000

 

H Shares £’000

(102)

Non-qualifying Investments

-

28

-

-

86.1

-

1,707

38

Capital

Listed money market OEICs (note 11)

(65)

 

(120)

Net cash flow from liquid resources

-

Decrease/(increase) in receivables

 

Loss on ordinary activities before tax

-

(60)

Overview of Activities

(60)

165

-

Included in the valuation above is an equal and opposite fair value gain and fair value loss amounting to £195,000 (31 December 2012: £275,000). On what was the hottest weekend of the year, a strong talent bill performed with headline performances from Bryan Ferry, Jools Holland and Chic accompanied by a vast array of talent representing jazz in all its glories. Discussions are also underway to roll the Field Day brand out through Europe during the course of 2014.

(£1,500,000 across the Ingenious Entertainment VCTs)

-

(56)

52

7,228

Allotted, called-up and fully paid

 

 

202

£’000

To safeguard its ability to continue as a going concern so that it can continue to provide returns to Shareholders.

To ensure sufficient liquid resources are available to meet the funding requirements of its investments and to fund new investments where identified.

2012

 

The net asset value per E Share at 31 December 2013 was 76.9 pence (31 December 2012: 86.1 pence) although this is after the deduction of the dividend of 5.0 pence per Share in the Reporting Period and the deduction of a 5.0 pence per Share dividend in the previous year. Ingenious Entertainment VCT 2 plc invested £500,000 in Waxarch Ltd. The Manager and event partners are also looking to utilise the additional funding to expand the Field Day brand internationally, with a number of discussions with European promoters currently taking place.

2,810,596

3,518,044 G Shares 1p each

-

-

15. Details of all investments can be found in the Manager’s Review.

16

2,846,122

 

 

Ordinary Shares £’000

 

C Shares £’000

 

D Shares £’000

 

E Shares £’000

 

F Shares £’000

 

G Shares £’000

 

H Shares £’000

Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.

In estimating the fair value for an investment, the Manager will apply a methodology that is appropriate in light of the nature, facts and circumstances of the investment and its materiality in the context of the total investment portfolio and will use reasonable assumptions and estimations.

An appropriate methodology incorporates available information about all factors that are likely to materially affect the fair value of the investment. The investment was made in the C, E and F Share classes.

 

11,949

2013

 

G

Shares

924,921

 

2

-

3,518,044

(74)

63

-

(43)

-

-

 

1,188

 

-

The effect on the valuation of the Level 3 investments, if the profit multiple element of the valuation method were to change by a factor of one, would be as follows:

 

London Electronic Dance (LED) Festival

891

260

 

Net cash flow from liquid resources

Net asset value per F Share

(29)

(819)

21,683

 

£’000

 

Ordinary Shares

 

 

 

C Shares

-

(33)

29

 

 

 

 

-

-

10

 

D

Shares

5. The net asset value as at 31 December 2013 including this distribution was therefore 90.0 pence per F Share (31 December 2012: 92.2 pence).

(57)

Investment management fees

(661)

Profit/(loss) attributable per Share (pence)

Unquoted investments (note 8)

(155)

7

-

As a public company Ingenious Entertainment VCT 1 plc must have a minimum of £50,000 of share capital.

(139)

Revenue

 

 

 

 

 

2013

 

2012

(2)

Audience levels are currently around 15,000 and the new site has the capacity to grow the event into a 20,000 plus day that should ensure that the event trades profitably. The festival was given five stars by the Guardian, who commented ‘the promoters may find that they have invested into the British jazz world’s Glastonbury’. In the meantime a significant portion of the original capital invested was returned to the Ordinary Shareholders during the course of 2013.

76.9

Net cash flow from financial investment

Revenue

(56)

 

28

Level 1 – investments with quoted prices in active markets;

Level 2 – investments whose fair value is based directly on observable market prices or is indirectly drawn from observable market prices; and

Level 3 – investments whose fair value is determined using a valuation technique based on assumptions that are not supported by observable current market prices or are not based on observable market data.

-

 

-

 

6. As a result, the Company may not be able to liquidate quickly some of its investment in these instruments at an amount close to fair value.

11,949

£’000

Purchases at cost – listed money market OEICs

2,596

2,846,122

-

Net cash flow from financial investment

Net asset value per H Share

 

 

In December 2012 a further investment of £1,000,000 was made into the company to introduce a second day to the Shakedown Festival. Artists who have headlined at the event since inception include Example, Ed Sheeran, Razorlight, Labrinth, Dizzee Rascal and Rizzle Kicks.

-

2,660,842 H Shares 1p each

 

 

(534)

Capital

-

2,846,122

(2.1)

2012

£’000

8,734

(176)

Net asset value excluding distributions to date (pence per share)

£’000

1,252

(43)

 

 

 

Note

-

-

 

E

Shares

Purchase of Non-qualifying Investments

 

-

(79)

The comparative figures are for the year 1 January 2012 to 31 December 2012.

(113)

-

-

2012

(£750,000 across the Ingenious Entertainment VCTs)

Dividend income from Qualifying Investments

1,735,921

12

 

Net current assets

(2.0)

(82)

Liverpool Sound City Limited

(187)

In order to maintain or adjust its capital structure the Company may adjust the amount of dividends paid to the Shareholders, return capital to Shareholders, issue new shares or sell assets.

 

2013

 

2013

 

2013

 

 

 

2012

 

2012

 

2012

12. 6,735,624 D Shares were fully paid at that year end. The first event took place at the O2 in London in October 2011 and attracted 8,000 fans, with appearances from Andrew Flintoff and Adam Gilchrist plus a host of other international cricket stars. Investment Income

The total column is the Income Statement per Share class for the year. In addition, and in accordance with the Company’s monitoring procedure, the Manager closely monitors progress (including financial expenditure) against the Investee Companies’ agreed business plans.

 

 

(15)

(31)

Loss for the year

-

(0.4)

(16)

The Company maintains sufficient reserves of cash and readily realisable marketable securities to meet its liquidity requirements at all times. The Manager also charges an administration fee of £102,000 (31 December 2012: £90,000) per annum (adjusted for inflation and additional Share classes, if any) and irrecoverable VAT.

Price of recent investment

Discounted cash flows/earnings multiple

Net assets

Available market prices

(2)

-

3,282

(68)

(0.6)

-

2,488

(201)

868

-

 

-

Capital

Titans of Cricket took the best of Twenty20, the Indian Premier League and World Cup Cricket and combined them in a new format that demonstrates the skills of some of the world’s top cricketing stars both past and present. The disclosure in relation to this application is made pursuant to the requirements of the Listing Rules.

-

(34)

before taxation and total equity

 

Increase in payables

 

478

(23)

(73)

(56)

(500)

Profit/(loss) on ordinary activities before taxation

9

2013

 

13

-

9

 

Note

488

-

£’000

11

Total

 

(510)

-

 

Revenue

£’000

 

8,130

 

 

BALANCE SHEET

6,328

The net asset value per Ordinary Share at 31 December 2013 was £Nil pence (31 December 2012: 74.8 pence). Capital Management

£’000

 

 

Net current assets

-

-

-

(13)

Total

 

G

Shares

Qualifying Investments

(£2,000,000 across the Ingenious Entertainment VCTs)

Debtors

103

Arrangement fees

-

Net cash flow from financial investment

11

1,572,095

Tax on ordinary activities

Other reserve account

(0.4)

 

-

-

The Directors and the Manager believe that the Company’s strategy of blending high levels of downside protection with its attempt to drive positive returns from the investment portfolio should generate good longer term returns as the investment portfolio matures. The Company and Ingenious Entertainment VCT 2 plc have agreed to further invest in an existing company, Saturn Star Limited, to promote a music festival called As One In The Park. In December 2013 the Company invested £500,000 in Love Supreme Festival Limited. Where those loan note premiums are charged in lieu of higher interest then they are credited to income over the life of the advance to the extent those premiums are anticipated to be collected.

1,528

(340)

 

 

31 December 2013

 

31 December 2012

 

£’000

(7,062)

(18)

Other expenses

The Company has interests of 10%, or greater, of the nominal value of the allotted shares in the following Investee Companies incorporated in the United Kingdom as at 31 December 2013:

(453)

19

(337)

Revenue

 

6,735,624

£’000

19

£’000

(0.5)

(210)

93.5

 

(31)

8,101

 

Net asset value excluding distributions to date (pence per share)

10,205,011 Ordinary Shares 1p each

 

86.1

The Company’s investment policy can be found in the Strategic Report. The first event took place in July 2013 and was very well received by audience and press alike. Patrick McKenna is a director of Ingenious Asset Management Limited which is a subsidiary within the Ingenious Group, which is controlled by Patrick McKenna.

17

6,735,624

- Non-audit fees

£’000

£’000

(12)

F Shares in issue (number)

 

The capital structure of the Company was changed by the issue of H Shares (see note 13) and cancellation of Ordinary Shares during the year.

-

-

19. The effective interest rate is the rate required to discount the expected future income streams over the life of the loan to its initial carrying amount. Arrangement Fees

Other expenses

2,212

-

-

(48)

Auditor’s remuneration

Market risk embodies the potential for both losses and gains and includes interest rate risk and price risk.

8,734

-

Arrangement fees

-

(45)

(269)

 

 

UK dividends not taxable

 

 

Increase in cash

(1.0)

1.1

Opening Shareholders’ funds

There is currently interest income accruing on the unsecured loan note instruments at a rate of 4.5% (31 December 2012: 4.5%), being 4% over the bank base rate which was 0.5% as at 31 December 2013 (31 December 2012: 0.5%), totalling £314,000 (31 December 2012: £343,000). All other variables are held constant.

(194)

 

- -

2,810,596 C Shares 1p each

(34)

-

£’000

57

3

 

Revenue

-

-

-

-

 

1

Revenue

Net asset value per D Share

1,676

(16)

 

2,189

£’000

-

-

Gain on disposal of investments

Shakedown Festival SD2 Festival

Both the Board and the Manager consider that the sector in which the Company operates retains the potential for strong growth and that the current investment portfolio has been developed to benefit from this growth.

£’000

393

Loan note interest from Qualifying Investments

29

-

Entity

(2,625)

2,846,122

 

 

 

 

Ordinary Shares

 

 

 

C Shares

7

153

Total

(500)

Management of liquid resources

 

3,282

70

1.1

Basic and diluted return per share (pence)

Capital

1,323

The valuation techniques used by the Company are explained in note 1(b) – Accounting Policies.

293

 

 

(2,444)

3,152

50.00% A Ordinary

(79)

-

3,757

In the period prior to the second live event or entertainment content it is considered appropriate to use the price paid for the recent investment as the latest available information. The event attracted 30,000 attendees and the promoters believe that this base can be increased in the forthcoming year. Ingenious Entertainment VCT 2 plc invested £750,000 in Saturn Star Limited. The first year event lost money and the Manager and event partners remain in active discussion as to how the brand can be redeveloped to enhance its profitability which include the opportunity to licence the brand to a third party.

(57)

(48)

(24)

Revenue

(2.6)

21

 

 

 

 

-

28

(3.6)

(534)

(42)

 

-

124

The total column is the Income Statement per Share class for the year. The principal accounting policies have remained unchanged from those set out in the Company’s 2012 Annual Report and Accounts.

During the Reporting Period, the Company paid IMIL a fee ranging from 0.6288% to 5.5% (depending on the Share issue price) of the gross proceeds of the H Share Offer in consideration for services provided as promoter on the H Share Offer, amounting to £81,000 (31 December 2012: G Share fee amounting to £194,000 in consideration for services provided as promoter of the G Share Offer).

 

Gain on disposal of investments

(18)

-

(Loss)/profit attributable to equity Shareholders

£’000

-

-

3,518,044

 

(269)

16

(337)

 

30

Capital subscribed

50.00% A Ordinary

-

120

-

16

Disposal proceeds – listed money market OEICs

-

£’000

The partners are now discussing future options for the event which include the possibility of renting out the site to other promoters in return for rental income which would help to reduce any losses incurred.

Revenue

16.67%

 

 

31 December 2013

 

31 December 2012

(16)

-

93.3

The Company is subject to the following externally imposed capital requirements:

Ordinary Shares

 

2013

 

2013

 

2013

 

 

 

2012

 

2012

 

2012

3,363

Expenditure

paid

49

 

Qualifying Investments

(3.6)

Financing

(337)

1,225

7. Fees payable to the Company’s auditor for the audit of the Company’s financial statements are £17,000 (31 December 2012: £17,000) including VAT. The Company holds financial assets in accordance with its investment policy.

 

68

- Irrecoverable VAT

 

 

Ordinary Shares £’000

 

C Shares £’000

 

D Shares £’000

 

E Shares £’000

 

F Shares £’000

 

G Shares £’000

 

H Shares £’000

3,518

(11)

1,188

(43)

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F, G AND H SHARE FUNDS (UNAUDITED)

2012

D Shares

When the Company retains cash balances, the majority of cash is held within interest bearing money market OEICs. The valuation methodologies are applied consistently from period to period, except where a change would result in a better estimate of fair value. SD2 Festival was held on the day after Shakedown Festival. Transaction costs attributable to the acquisition or disposal of investments are charged to capital within the Income Statement.

(96)

(59)

 

-

 

(1.6)

86.1

35

 

(510)

In order to safeguard the capital available for investment in Qualifying Investments and balance this with the need to provide good returns to investors, available funds from the net proceeds are invested in appropriate securities (money market OEICs) until required for Qualifying Investment purposes.

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS

STATEMENT OF ANNUAL RESULTS

- Investment management fee

(1.3)

 

-

2,810,596

-

 

Issue of Shares

-

 

Capital and reserves

Adjustments:

£’000

+/- 1 Profit Multiple

-

 

31 December

2013

Reconciliation of loss before taxation to net cash flow from operating activities

 

-

-

£’000

£’000

 

11,949

(6)

-

(81)

 

-

Qualifying Investments

Impact on loss on ordinary activities for the year

(289)

for the year ended 31 December 2012

Decrease/(increase) in receivables

(3.6)

£’000

-

1,044

1,098

£’000

Short Name: Ingenious Ent VCT 1

5 April 2013

Net asset value per G Share (pence)

 

(35)

1. The Company and Ingenious Entertainment VCT 2 plc have agreed to invest in an existing company, Hop Farm Comedy Limited, to promote a new comedy concept called Funny Farm. Current Asset Investments

Entertainment VCT 1 Investment amount £600,000

(2.7)

891

50

(43)

(23)

Revenue

 

Capital

 

Total

Note

-

16

1,044

 

D

Shares

2,810,596

(4.0)

-

All costs arising out of the relevant H Share Offer (included in 2013), and G Share Offer (included in 2012), including listing expenses and commissions, were incurred by Ingenious Media Investments Limited (IMIL) and a fee ranging from 0.6288% to 5.5%, depending on the Share issue price, of the gross proceeds of the relevant Offer was paid in consideration of the service provided. The net asset value as at 31 December 2013 including this distribution was therefore 86.9 pence per E Share (31 December 2012: 91.1 pence).

(0.4)

-

Decrease/(increase) in fair value of investments held

80.0

(24)

-

92.2

 

-

Gain on disposal of investments

2,475

(2.7)

104

6,735,624

(6)

 

(56)

 

 

2014 sees a change of site and an earlier date in the calendar for the event, being Saturday 19 July. In view of this, it is not considered that any of the above represents investments in associated undertakings.The investments made by the Company are part of its portfolio of investments and the table above includes all portfolio investments.

Loss on ordinary activities before taxation

£’000

-

6

(4.2)

-

Entertainment VCT 1 Investment amount £375,000

Investment income

87.2

(113)

2013

£’000

 

C

Shares

(9)

Net assets attributable to C Shareholders (£’000)

 

106

-

(45)

(37)

7

(58)

-

 

20.00%

85

(3.3)

(4)

139

 

16

-

(32)

(0.6)

Fair Value Hierarchy

CASH FLOW STATEMENT

(7)

(4.0)

£’000

 

(85)

(283)

-

11

15,471

 

(102)

204

Love Supreme Festival Limited

(0.7)

(65)

 

12

-

-

 

55

 

(0.4)

 

31 December 2012

 

 

G

Shares

(141)

139

 

H Shares

(2.1)

Tax on ordinary activities

2012

125

980

6,735,624

Financial investment

 

 

The net asset value per D Share at 31 December 2013 was 69.5 pence (31 December 2012: 78.5 pence) although this is after the deduction of the dividend of 5.0 pence per Share in the Reporting Period and the deduction of a total of 10.0 pence per Share of dividends in previous years. The Directors and the Manager have taken a prudent approach in the valuation of investments with the view that it takes at least two to three years to build brand awareness in the live entertainment sector. Total Shareholder equity at 31 December 2013 was £15,471,000 (31 December 2012: £21,960,000).

Decrease in fair value of investments held

£’000

2012

2,504

-

 

-

Purchases at cost

1

Arrangement fees

104

as at 31 December 2013

Capital

The capital reserve includes realised investment holding losses of £330,000 and unrealised investment holding losses of £945,000. Investment holding gains or losses arising from the revaluation of investments are taken directly to the Income Statement. Ingenious Entertainment VCT 2 plc invested £500,000 in Love Supreme Festival Limited. All Share classes rank pari passu with each other in terms of voting and other rights.

(51)

Investment management fees

6,735,624

(£1,000,000 across the Ingenious Entertainment VCTs)

Share premium account

£’000

£’000

-

Total

£’000

The £5,517,000 (31 December 2012: £9,065,000) unsecured loan notes are the contractually agreed 70% of initial investments.

8,286

93.5

(545)

£’000

-

2,549

(33)

C Share

(33)

35

d) Liquidity Risk

23

 

50.00% A Ordinary

 

H

Shares

(980)

15

In the prior year, 3,518,044 G Shares were issued and allotted in accordance with the terms of the relevant Prospectus. Due to the Company’s status as a VCT, and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the Company does not recognise deferred tax on any capital gains or losses which arise on the revaluation of investments.

Legal and professional fees

-

 

39

35

The first event was loss making, but this outcome was very much anticipated as new event brands take time to generate full customer awareness. IMIL is a wholly-owned subsidiary within the Ingenious Media Holdings plc group of companies (the Ingenious Group) which is controlled by Patrick McKenna and is, therefore, considered a related party to the Company under the Listing Rules. Financial Instruments and Risk Management

(28)

81

 

Number of H

Shares allotted and fully paid

£’000

3,518,044

(39)

(£2,000,000 across the Ingenious Entertainment VCTs)

(112)

9

Directors’ remuneration (excluding employer’s national insurance)

-

 

 

£’000

-

17,524

 

Weighted average Shares in issue (number)

-

 

Net assets

-

-

 

Capital

£’000

(74)

(374)

-

 

-

719

-

-

6,735,624 D Shares 1p each

Weighted average Shares in issue (number)

2,810,596

 

-

28

£’000

(21)

-

-

(34)

2013

c

-

(275)

-

-

Total

£’000

-

 

35

c) The Company declared an interim dividend of 5.0 pence per D Share on 6 February 2014 (2013: 5.0 pence). Significant Interests

(Decrease)/increase in cash

b) On 4 April 2013, Patrick McKenna applied for, in aggregate, 69,840 H Shares in the Company and Ingenious Entertainment VCT 2 plc under the H Share Offer. The calculations are based on the Company’s Non-qualifying Investments held at each Balance Sheet date. In aggregate, this amounted to £330,000 as at 31 December 2013 (31 December 2012: £374,000). The investment was made in the E and F Share classes.

9,823

6

6

2,551

-

(26)

 

 

 

Investment management fees

10. Net Asset Value Per Share Excluding Distributions to Date

-

(142)

(284)

Fair value gain on investment in Investee Companies

14

6,735,624

91.6

(16)

2,500

(1,475)

 

 

 

(155)

1.2

Profit/(loss) on ordinary activities after taxation

(16)

-

 

2013

(85)

(2,835)

 

52

 

4

91

 

 

Ordinary

Shares

(12)

24.00%

2,451

124

2013

£’000

78

Investment income

315

-

Reconciliation of loss before taxation to net cash flow from operating activities

(54)

Love Supreme Jazz Festival

-

(13)

Basic and diluted return per share (pence)

(661)

 

-

6,314

 

1 – Price of recent investment

Dividends

-

(76)

-

(27)

Net assets attributable to Ordinary Shareholders (£’000)

 

(246)

27

 

(13)

£’000

(22) )

5,285

£’000

4

125

Gain on disposal of investments

 

Fixed assets

93.3

3,518

(240)

(67)

The live entertainment sector has experienced similar pressures to those endured by a number of sectors of the economy in terms of discretionary spend, but I am pleased to report that there are signs that 2014 will be another strong year. The supplementary capital and revenue columns are prepared following guidance published by the Association of Investment Companies (AIC).

102

The Company’s strategy on the management of investment risk is driven by the Company’s investment objective. These changes are considered to be reasonably possible based on observation of current market conditions. The dividend was paid on 7 March 2014 by way of a capital distribution reducing the Company’s other reserves.

-

(40)

Non-qualifying Investments – OEICs

The H Share Offer was open for subscription until 30 August 2013. The festival was loss making in its first year, but that was very much anticipated, and with sales for the 2014 festival already being significantly ahead of target, the belief is that Love Supreme Jazz Festival should, at minimum, break even this year. The highlight of the day will be a headline performance by The Pixies, a hugely successful band from the USA who has the musical heritage to ‘bed in’ the first Sunday Field Day Festival. The G Shares made a loss of £58,000 (31 December 2012: loss of £81,000) The H Shares made a loss of £43,000 (31 December 2012: No H Shares allotted).

89

(53)

-

(1.3)

(4.0)

7

(1,209)

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company.

39

There has been a continuing flow of proposed legislation and regulation relevant to VCTs. They remain cautiously optimistic about the future performance and the long term outlook of the Company.

 

2,596

 

 

 

 

Trading Companies

 

 

% class and share type

 

% voting rights

Liverpool Sound City has now held two UK events further to the VCTs’ investment. The basic return per Share is therefore the same as the diluted return per Share.

46

(259)

 

(67)

 

437

Capital

 

D

Shares

1,329

 

Fixed assets

(0.8)

6,735,624

2,148

Unquoted investments

 

 

£’000

13. This strategy will aim to maximise the opportunities for making tax-free dividends to Shareholders from both the actual income received and capital profits on the sale of investments in Investee Companies or their assets.

11

(57)

10,205,011

50.00% A Ordinary

-

Other expenses

 

-

1,258

3,048

d) Dividend Income

Decrease in fair value of investments held

 

5

 

-

Company Registration Number: 6395011 (England Wales)

 

Issue of Shares

Fund Raising

 

 

 

11

42

£’000

(330)

3

 

(661)

Loss on ordinary activities by tax rate 23.247% (31 December 2012: 24.5%)

16

1,528

260

27

613

(1,275)

CASH FLOW STATEMENT

Capital

£’000

There are no dilutive potential Ordinary, C, D, E, F, G and H Shares, including convertible instruments, options or contingent share agreements in issue for the Company. Share issue costs amounting to £121,000 have been set off against the Share premium account.

(26)

4 September 2013

Total

£’000

29

 

Current assets

The Company had no H Shares in issue during the year ended 31 December 2012.

20,683

 

2013

 

2013

 

2012

 

2012

-

-

-

Purchase of Non-qualifying Investments

-

Revenue

 

Capital

 

Total

 

 

(538)

 

Net assets

Fair value adjustment

 

 

Total

Total

-

Total

-

 

-

Revenue

-

0.2

2,302,126

for the year ended 31 December 2013

-

1,634

In the year ended 31 December 2011, 2,846,122 E Shares and 1,572,095 F Shares were issued and allotted in accordance with the terms of the relevant Prospectus. The promoters are discussing taking a different route with the brand, but an event will not be taking place in 2014. The remaining 20% reflected above has been taken to revenue.

(1,070)

(375)

1,628

Net asset value including distributions to date (pence per share)

£’000

(139)

 

E Shares in issue (number)

 

 

1,258

(485)

Trade creditors

(170)

(2,504)

2012

93.5

 

Gain on disposal of investments

34

for the year ended 31 December 2013

D Shares

 

2013

 

2013

 

2013

 

 

 

2012

 

2012

 

2012

Increase in fair value of investments held

-

14

(109)

 

20. The Manager has spent a large amount of time working with the team in Liverpool and feels that the company has now been stabilised, operating within a far stronger control environment and with a better informed, and more effective, commercial decision-making team. Fair value is determined as follows:

-

(48)

-

3,589

-

(39)

 

(4.2)

Arrangement fees

187

2,451

 

(170)

Investment income

Purchase of Qualifying Investments

 

2013

 

2013

 

2013

 

 

 

2012

 

2012

 

2012

Non-Qualifying Investments

 

 

 

2,596

(16)

Revenue

 

Capital

 

Total

24

-

Waxarch Ltd

 

(52)

80.0

57

318

Arrangement fees

-

 

Payment of dividends

(139)

15.00%

 

 

Ordinary

Shares

Opening valuation

At 31 December 2013

 

G Shares in issue (number)

 

-

(52)

(1.3)

154

(36)

(251)

(3.0)

 

6

Revenue

 

Capital

 

Total

(1.6)

-

(16)

-

£’000

Closing valuation

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F, G AND H SHARE FUNDS (UNAUDITED)

This legislation will not affect the Company as the Board never used these arrangements.

Capital

 

 

 

 

4,679

-

Entertainment VCT 1 Investment amount: £1,000,000

 

 

(20)

7,228

 

H

Shares

(81)

8

14

Capital reserve

-

 

 

(6)

Ordinary Shares in issue (number)

 

 

 

 

87.2

1,707

3,048

 

F

Shares

-

Return of Qualifying Investments

H Shares in issue (number)

 

-

2,100

Further Funding: June 2013

11. No dividends have been paid to date.

Where the investment being valued was made recently, its cost will generally provide a good indication of value. A variable arrangement fee equivalent to an amount of between 0.6288% to 5.5% of the subscription monies of an investor (the relevant percentage depending on the category of the investor) was paid by the Company to IMIL in consideration for the services provided as promoter, such fees becoming payable upon the allotment of the Shares under that Offer. Other Expenses

-

(3.0)

Initial Funding: March 2013

 

9,897,463

£’000

Discussions are currently taking place with a number of national and international comedy partners such as Get Comedy, Just for Laughs and Kilimanjaro, each of whom have many years of direct experience in producing their own comedy events.

(141)

69.5

 

a

The most widely used methodologies are listed below. In accordance with Company law, the issue costs have been deducted from the Share premium account. The main impact for the Company in that regard is the accounting treatment of the loan note premiums. The promoters believe that both of these changes give them an opportunity to create both a permanent home and date in the calendar for Shakedown going forward.

£’000

36

Gain on disposal of investments

 

Liverpool Sound City Limited

432

 

 

Year ended

31 December

5,285

31

11

Dance Floor Limited

Summer 2013 saw the Company invest in a number of portfolio companies established to promote new festivals with mixed results. Up to 31 December 2013, the Company returned 88.3371 pence to investors, with the final distribution of 1 pence per Ordinary Share paid to investors on 21 January 2014.The net asset value per C Share at 31 December 2013 was 60.7 pence (31 December 2012: 68.8 pence) although this is after the deduction of the dividend of 5.0 pence per Share in the Reporting Period and the deduction of a total of 15.0 pence per Share of dividends in previous years. Share issue costs amounted to £157,000 and £86,000 respectively of which £125,000 and £69,000 have been set off against the Share premium account.

Capital

Other expenses

-

4

Entertainment VCT 1 Investment amount £500,000

(165)

 

Loss on ordinary activities before taxation

Purchase of Non-qualifying Investments

£’000

512

103

-

2 – Discounted cash flows/earnings of the underlying business

On 18 December 2013 the High Court of Justice of England and Wales made an order sanctioning the resolutions passed by the Company in general and class meetings held on 28 November 2013 by which the Company’s Shareholders approved the reduction of the Company’s share capital by the cancellation and extinguishment of all of its Ordinary Shares of 1p each.

10,309

 

(204)

(43)

Loss on ordinary activities before taxation

(0.8)

-

222

- Administration fee

 

-

 

5

Increase/(decrease) in fair value of investments held

8,127

Revenue

Increase in receivables

(77)

50.00% A Ordinary

 

Net current assets

Equity shares

12

(141)

Disposal of Non-qualifying Investments

Saturn Star Limited

Revenue

1,542

Revenue

4

53

(112)

 

2013

Loss for the year

2012

 

The net asset value per F Share at 31 December 2013 was 80.0 pence (31 December 2012: 87.2 pence) although this is after the deduction of the dividend of 5.0 pence per Share in the Reporting Period and the deduction of a 5.0 pence per Share dividend in the previous year. In total the Company made four investments during the Reporting Period. The Love Supreme Jazz Festival was extremely well received by both the audience and the press. The 2014 event, which takes place from 1 to 3 May, is budgeted to trade profitably and all areas of the business are being closely monitored on a regular basis.

 

317

7

8,130

40

For the year ended 31 December 2013

Entertainment VCT 1 Investment amount £750,000

Closing Shareholders’ funds

(34)

14

-

Investment income

2,810,596

2,504

 

14

Loss on ordinary activities before taxation

-

The risk of loss in value is managed through careful selection in accordance with a formalised investment decision process, with each investment proposal evaluated by the Investment Committee as part of the due diligence stage.

(65)

All Level 3 unquoted investments have been valued at the price of the recent investment.

2,708

Gains and losses arising from changes in fair value of Qualifying and Non-qualifying Investments are recognised as part of the capital return within the Income Statement and allocated to the realised or unrealised capital reserve as appropriate. Thereafter, the portfolio of investments is fair valued on the discounted cash flow/earnings basis using the latest available information on the performance of the live event or entertainment content. Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are presented in the Income Statement in the period in which they arise.

1,590,411

(Loss)/profit on ordinary activities after taxation

(18)

8,282

Initial Funding: November 2012

-

Net asset value per E Share (pence)

 

Increase in fair value of investments held

 

2012

£’000

 

 

 

-

-

Chairman

-

10,205,011

Capital

£’000

Time of Receipt (offset from UTC): 20140408T183330+0100

Net assets attributable to H Shareholders (£’000)

Other expenses

11,949

21,960

 

 

 

 

2013

£’000

The Company’s financial instruments include equity and debt investments in unquoted companies, which are not traded in an organised public market and which generally may be illiquid. The supplementary capital and revenue columns are prepared following guidance published by the Association of Investment Companies (AIC).

2,884

 

F

Shares

Capital

(40)

(16)

-

Tax on ordinary activities

£’000

-

-

£’000

H Share

Arrangement fees

 

-

 

Entertainment VCT 1 Investment amount £1,000,000

-

1,707

Entertainment VCT 1 Investment amount £500,000

-

1,934

80.0

8,441

12.50%

(Loss)/profit attributable per Share (pence)

78

£’000

70

Net funds at 31 December 2013

-

-

a) Basis of Accounting

Expenditure paid

£’000

-

-

£’000

 

(187)

11

-

15

(2.1)

Other expenses

 

£’000

1

e) Expenses

5,677

-

£’000

(70)

 

11

-

2,451

9. With a talent bill comprising the likes of The Wanted, The Saturdays and Conor Maynard, the promoters were of the opinion that the attendance would far surpass the numbers that actually turned up and the event incurred a significant loss.

Level 3

2,569

1,934

(26)

 

3,363

Some of the Company’s financial assets are interest bearing, all of which are at floating rates. Investment Management Fees

Golfmania Limited

 

12

 

1

 

(18)

-

4

£’000

-

17,524

8

(120)

15

-

(56)

Issue costs of Shares

18. The dividend was paid on 7 March 2014 by way of a capital distribution reducing the Company’s other reserves.

£’000

Net asset value including distributions to date (pence per share)

15,471

(1,070)

H Shares

(43)

155

Investment management fees

2

(56)

2,488

£’000

2,810,596

Investment management fees

-

28

2,649

 

(155)

 

C Shares

 

2013

 

2013

 

2013

 

 

 

2012

 

2012

 

2012

Revenue

-

 

Closing Shareholders’ funds

 

£’000

102

1,572,095

Investment management fees

2012

 

Change in net funds

At 31 December 2013 the Company had surplus management expenses of £950,000 (31 December 2012: £806,000). The investment was made in the E and F Share classes.

1.1

17

(8,359)

-

15

Outlook

7

-

 

(77)

Issue of equity

In March 2012, the Entertainment VCTs made an investment into Liverpool Sound City Limited. Fixed Asset Investments

1

17

The Company has no recognised gains and losses other than those disclosed above.

 

Net cash flow from operating activities

-

2012

£’000

(269)

 

Non-qualifying Investments

 

Shareholders’ funds

c

2,846,122 E Shares 1p each

-

 

31

Total

 

(4.2)

(63)

 

The Ordinary Shares made a loss on ordinary activities of £51,000 (31 December 2012: loss of £139,000). As a result, the Company is subject to exposure to interest rate risk due to fluctuations in the prevailing levels of market interest rate.

 

8,324

 

-

695

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS

(£2,000,000 across the Ingenious Entertainment VCTs)

15.00%

 

38

C Shares, D Shares, E Shares, F Shares, G Shares and H Shares rank pari passu with each other in terms of voting and other rights. In December 2013 the Company invested £500,000 in Waxarch Ltd. The event was given five stars by the Guardian, who commented ‘the promoters may find that they have invested into the British jazz world’s Glastonbury’.

-

(7,484)

£’000

-

(534)

-

-

Called-up share capital

Debtors

1

£’000

+/- 1 Profit Multiple

Opening Shareholders’ funds

-

39

7

1,090

- Investment management fee

Reconciliation of net cash flow to movement in net funds

(3.0)

14

£’000

Titans of Sport Limited

2,569

-

-

0.5

-

-

Qualifying Investments

On 18 December 2013 the High Court of Justice of England and Wales made an order sanctioning the resolutions passed by the Company in general and class meetings held on 28 November 2013 by which the Company’s Shareholders approved the reduction of the Ordinary Share capital by the cancellation and extinguishment of all of its Ordinary Shares of 1p each.

-

3,282

In the year ended 31 December 2009, 2,810,596 C Shares were issued and allotted in accordance with the terms of the relevant Prospectus. Although We The People, which took place in Bristol, fell by the wayside after only one year, the sister festival, Shakedown Festival, which is based in Brighton, continues to establish itself. The investment was made in the E and F Share classes.

14

Disposal of Non-qualifying Investments

-

277

(165)

-

81

for the year ended 31 December 2013

f) The Company declared an interim dividend of 5.0 pence per G Share on 6 February 2014 (2013: 5.0 pence). The dividend was paid on 7 March 2014 by way of a capital distribution reducing the Company’s other reserves.

Loss attributable per Share (pence)

INCOME STATEMENT

£’000

-

-

-

The Company’s financial instruments comprise equity and floating rate debt investments in unquoted companies, cash balances and listed money market OEICs. Festivals like Glastonbury continue to sell out immediately they go on sale and all of the 2014 events in the Company’s current portfolio are currently ahead of forecast in terms of tickets sold.

Transactions Between Related Parties

293

96

1.2

F Shares

 

2013

 

2013

 

2013

 

 

 

2012

 

2012

 

2012

 

a) The Company paid a final distribution of 1.0 pence per Ordinary Share on 21 January 2014 (2013: interim dividends of 73.3371 pence).

-

(52)

2,451

Creditors: amounts falling due within one year

(337)

The Board approved a deed of novation which, with effect from 6 April 2012, novated the management agreement so that Ingenious Capital Management Limited, of which Patrick McKenna is a director, replaced Ingenious Asset Management Limited as Manager to the Company. Ingenious Capital Management Limited, trading as Ingenious Ventures, undertakes the same duties as Ingenious Asset Management Limited and, save for the change of name of the Manager, there has been no other change to the terms of the management agreement. The reason for this change was to effect an administrative reorganisation within the Ingenious Group.

 

D

Shares

87.2

(387)

 

(3.0)

(4.2)

Decrease in fair value of investments held

(87)

5,340

The Company continued to actively source and review investment opportunities during this Reporting Period for the G and H Share classes. The D Shares made a loss of £269,000 (31 December 2012: loss of £169,000). After three years, Shakedown is now profitable and is generally regarded as Brighton’s very own festival catering for an audience aged 18 and over.

(338)

 

(92)

31

Net asset value per D Share (pence)

 

(81)

(59)

1,845

-

-

(£1,000,000 across the Ingenious Entertainment VCTs)

(120)

David Munns

Results

8,130

 

 

Year ended

31 December

 

The Company was, however, involved in two events which were disappointing. The E Shares made a loss of £120,000 (31 December 2012: loss of £56,000). The fair value of all other financial assets and liabilities is represented by their carrying value on the Balance Sheet.

NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY, C, D, E, F, G AND H SHARE FUNDS (UNAUDITED)

-

(70)

85

 

Further Funding: December 2013

(1.6)

-

Revenue

Profit/(loss) attributable to equity Shareholders

 

 

 

(85)

34

0.4

87

-

(169)

4. This company has, for a number of years, been producing and promoting the Sound City concept which combines the best elements of a music festival, conference and expo across an entire city centre.

16

-

Revenue

£’000

for the year ended 31 December 2013

15,269

6

1,371

Basic and diluted return per share (pence)

(Loss)/profit attributable per Share (pence)

£’000

 

(2.0)

Net assets attributable to G Shareholders (£’000)

Entertainment VCT 1 Investment amount: £109,000

(661)

102

Level 3

(74)

40

(6)

 

12

(142)

(269)

 

Payment of dividends

-

-

-

 

Management of liquid resources

 

38

£’000

2013

 

G Shares

(0.8)

-

Capital

 

-

(661)

 

 

-

 

Ordinary Share

(95)

Purchase of Qualifying Investments

2,189

5

Net asset value per H Share (pence)

 

 

 

-

(169)

86.6

2013

699

Investment income

The following table illustrates the sensitivity of the impact on ordinary activities for the year before taxation and total equity to a change in interest rates of 50 basis points, with effect from the beginning of the year

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The British tabloids hounded him for weeks. His partner of 13 years, Jay Franke, is its artistic director.

The day after our first meeting, Herro and I are back in his office, once again talking about Europe. Herro doesn’t think of himself as a Carl Icahn-type activist shareholder, but he is preoccupied with corporate governance. Then, over the next two years, Asian markets bounced back — and Oakmark International rose 52%, crushing the index’s 13% return.

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The strategy has prevailed over the long term — Herro’s $7.7 billion fund, Oakmark International OAKIX , has returned 9.2% a year since 1992, while the MSCI EAFE index, which tracks developed markets outside North America, has returned just 4.9%. Collectively, it’s a big, bold bet — and a terrifying one when you consider that most investors are avoiding these stocks as if they were the return of the bubonic plague.

Herro isn’t the only investor to embrace that idea: Scores of money managers claim to worship at the altar of Peter Lynch and Warren Buffett, the best-known bottom-up investors. He devotes a lot of time (and money) to local museums and nonprofits, and is a major benefactor of several charter schools. (The executive was recently arrested.) But despite being burned by Olympus, Herro insists that Japanese corporate governance is getting better. “He’ll keep asking questions and then, in a very nice way, kind of say” — Taylor lowers his voice to a menacing whisper — ” ‘Well, it just doesn’t seem like you really understand the value of the business here.’ “

FORTUNE — David Herro seems awfully relaxed for a man who has more than $1 billion invested in European banks. “We’re invested in European financials because — buy low, sell high,” he says simply. He now thinks the price/earnings ratio, perhaps the most widely used metric in investing, is a “useless measure”; he cares about free cash, not earnings. “Unless you believe that Italy is going to default, this is a steal.”

Another one of his biggest holdings is Banco Santander, the giant Spanish bank. “I had an epiphany.”

Over the past 20 years Herro has never strayed from his core tenets. “And he was using a Canon camera — we own that too!”

Herro’s advocacy of dance has bolstered his friendship with Chicago’s mayor, Rahm Emanuel, himself a classically trained dancer. It’s a sunny morning in late May, and I’m sitting across from the boyish 51-year-old fund manager in his downtown Chicago office. Taylor, his colleague, says the fund manager is a master at getting executives to open up. It’s rich.” While Italy’s public debt load is formidable, he says, its private sector has massive savings that can still be deployed. He was 25 years old and had never been overseas (he took his first trip abroad the next year, to Europe). “You can’t let the last storm impact the way you see the future. Herro had a typical small-town upbringing. “If you look at the economic history of the world, problems come and problems go. “For instance, we look at a Société Générale and we look at a BNP. Even so, the fund has taken in $430 million this year, according to Morningstar. 61, played for his high school football team in Fond du Lac.

Herro’s cheery tone, coupled with his Wisconsin accent, makes him sound more like a folksy radio host than a financier. Back in March, Herro told a television interviewer that his bank holdings could rise as much as 75% over the next few years. (The idea that a company’s CEO can also be its chairman is “an obscene concept,” he says.) He places a large emphasis on finding well-managed companies.

A year and a half into his Ph.D. We think BNP is in a much better position financially — but they’re probably down about the same.” BNP, he adds, is trading at 50% of its book value despite having a large deposit base that will insulate it from funding shocks.

“This market is the most conducive for bottom-up investing!” he tells me. “We own Vitec Group — that’s one of our holdings,” he tells me, his cheeks flushed with satisfaction. BNP, Santander, and Intesa all own sizable swaths of sovereign debt. If Spain or Italy defaults, it won’t matter that these banks have high capital ratios. The fund manager, a competitive cyclist, leads with his shoulders — he doesn’t really walk, he marches. voluntary adjustment,” he says. In that respect, few investors are as doggedly steadfast as Herro. He obsessively monitors the businesses in his portfolio and can recite minuscule details about them with ease.

Around midmorning we leave Herro’s office and head outside. “I gotta text him!” he says. “With my training as an economist, I thought, We could use microeconomic theory here,” he says. Oakmark International is down 10% over the past three months. “Is it a Vitec?” he asks, referring to a small British manufacturer. Greece is on the brink of disaster. “There was a Reagan phrase — government that governs the least governs the best,” he tells me after we find a place to sit in the park. To hear him tell it, he’s simply doing what he’s always done — hunting for good companies that are trading at a steep discount. “I think that’s two, or one, or a half percent chance,” he says.

“Trying to predict the macroeconomy is extremely similar to trying to predict the weather,” he says. There are problems, and they do have to be dealt with. Does he like the tripod? Why? There’s a piece of masking tape on one of the legs — is it broken? After the photographer answers the questions (he likes Vitecs because they come in several sizes, and the tape is there in case he needs it later), Herro thanks him and walks away. “This third of Italy” — he points to the top of the drawing — “is like Switzerland. Our destination is Millennium Park, which is next to Lake Michigan. “If you’re a shareholder in his fund, you have to be comfortable with having periods of significant underperformance over short- or medium-term periods,” says DeGroot.

“The key is to focus on those financial institutions that have diverse streams of income, good capital positions, and well-costed operations,” he continues. He is the biggest U.S. So he turned to his academic studies to develop an investing model. The global economy is roiling, and Herro is positively beatific.

Oakmark International roared straight out of the gate, returning 54% in its first year. “Most of the countries aren’t as bad off, and they realize the harm that would come to them by having forced adjustment vs. The euro is about to hit a two-year low. He’s giving me his full attention, but I can’t stop glancing at the headlines blinking on the Bloomberg terminal behind him. Three of his biggest holdings are broker Daiwa Securities, Toyota TM , and Canon CAJ . Then, once his counterparts are comfortable, he swoops in. Wending between tourists, we pass the Jay Pritzker Pavilion, a massive outdoor band shell. He also had no financial experience. A few years later he was poached by Chicago’s Harris Associates, which oversees the Oakmark funds.

Although Herro travels frequently to cities like London and Tokyo, his favorite place in the world, he tells me, is the lake house in Wisconsin he shares with Franke. Herro admits that Santander’s domestic loan portfolio is tenuous but points out that the bank currently derives about 80% of its profits from overseas. He is less enthusiastic about emerging-markets stocks, which he sees as overpriced.

“Eventually they’re going to get these problems solved,” he says. Intesa’s healthy loan book and a strong deposit base will help it survive. He played offensive guard for his Catholic high school’s football team. He runs over and asks him who made his tripod. “I was up there teaching the Theory of the Firm, and it made so much sense,” he says. Rob Taylor, the co-manager of Oakmark International, recalls that years ago he was struggling to analyze a textile manufacturer in New Zealand. The sovereign debt crisis has taken a toll on his fund, which has 57% of its assets invested in non-U.K. I ask him why he continues to believe that bottom-up stock analysis will work in a world that seems to be controlled by macroeconomic forces.

The next couple of years will pose a crucial test for Herro. Every summer the Pavilion hosts the final night of the Chicago Dancing Festival, an event that draws dance companies from around the country. He had invested in the struggling London advertising firm Saatchi Saatchi. Herro is a bottom-up value investor, which means he focuses on individual companies’ prospects and prices rather than on broader economic trends.

To evaluate executive teams, Herro spends a great deal of time abroad. Last year Oakmark International returned -14%, slightly worse than the EAFE index.

When I tell him that Green Bay wide receiver Donald Driver just won Dancing With the Stars, he bursts into a grin. European countries (the average foreign large-cap blend fund has 39%, according to Morningstar). a … His father, who is Lebanese American, worked for a mechanical contractor, and his mother was a nurse. Today those companies just happen to be European banks. I ask him whether he still sees that much upside. “Oh, it’s more now!” he laughs.

This story is from the July 12, 2012 issue of Fortune.

But Herro, the man whom Morningstar crowned international stock fund manager of the decade in 2010, doesn’t see himself as a risk-taker. But he has fine-tuned his approach. A year later he decided to go back to school to become an economics professor. But it has been painful at times. He has a paper cutout of Ronald Reagan hanging in his office, as well as a framed picture of himself, Franke, and GOP presidential candidate Mitt Romney. Over the past two years Herro has amassed huge stakes in banks like France’s BNP Paribas, the Bank of Ireland IRE , and Spain’s Banco Santander SAN . “Every other month we were going over there, looking for companies.” Shareholders bailed, and Herro poured his own money into the fund, which fell 7% that year. Spain, like Ireland, is reeling from a collapse in real estate. “It seemed like we were the only ones buying,” he says. program, Herro quit and took a job managing international stocks in Des Moines for what is now the Principal Financial Group. “Everyone is so concerned about the macro overlay that you have panic buying and selling of certain sectors and regions, which means there is so much inefficient pricing that we as bottom-up investors can exploit.” Herro puts down his pen and smiles. Herro dropped by his office and walked him through the business model. Spain’s real estate market is in shambles, and Italian sovereign debt is as fragile as stained glass. As markets across Asia collapsed in 1998, Herro and his team went on a shopping spree for stocks in South Korea, Singapore, and Malaysia. “When an investment doesn’t look like it’s working in the short term, he’s willing to hold on and ride through negative volatility,” says Jeremy DeGroot, chief investment officer of Litman Gregory, an asset-management firm that hired Herro to advise one of its funds. “It’s being punished because it’s an Italian bank,” he says. He didn’t become interested in microeconomics until he was enlisted to teach a course on the subject. stud,” he says as he pecks.

Herro doesn’t stick his head in the sand when macroeconomic currents like these roll in; he tries to figure out whether companies have the wherewithal to withstand bubbles, busts, and other market-shaking events. When I ask Herro why he has invested in Italy, one of the most precariously situated countries in Europe, he grabs a scrap of paper off his desk and draws a squiggly outline that looks like a boot. European banks are trading at a fraction of their book value. “And now they’re low.”

If Greece leaves the eurozone, he continues, the rest of the continent will act fast to protect Spain and Italy. And our view is that all these problems are manageable.”

After getting his bachelor’s degree at the University of Wisconsin at Platteville, Herro worked for Hormel HRL , hawking bacon and hot dogs. If Germany loses the euro, its currency will skyrocket, squeezing the export-heavy economy.

***

When rumors spread last fall that Japanese technology company Olympus was guilty of accounting fraud, Herro, who owned a large stake in the company, blew up at the vice president over the phone. Then came the Asian financial crisis. For every David Tepper, the Appaloosa hedge fund manager who made a killing off Bank of America BAC during the financial meltdown, there is someone like Bill Miller, the vaunted mutual fund manager who lost big on Bear Stearns and Freddie Mac — proof that some value stocks never bounce back.

More: The key ingredient missing in Europe – a plan

***

Herro fires off questions. Most of the stock prices on the screen are red — another bad day in the market. “He has the conviction to place his money where he thinks the returns are.”

Herro invests more like a business owner than a speculator, drilling into cash flow statements so that he can figure out how companies really work. The photographer, a twentysomething hipster wearing a beaded bracelet, seems taken aback. He doesn’t think Europe is going to come apart. There will be a widespread financial crisis in Europe, and they will suffer.

The fourth of six children, Herro grew up in tiny Fond du Lac, Wis. When the board awarded its chairman, Maurice Saatchi, a lavish pay package, Herro was appalled — so he led a shareholders’ revolt that resulted in Saatchi’s ouster. Herro helped launch the festival in 2007. Herro, who met Driver a few years ago, pulls out his phone. The threat of Greek contagion is driving up bond yields in Spain and Italy. But he refuses to play up the drama of the situation. “You … As a microeconomist, Herro can tout these banks’ fundamentals all he wants, but their continued viability depends on a big macroeconomic contingency — the continued existence of the eurozone. “He really tried to dumb it down to where you could actually mentally see, all right, this is the spool of thread, and this is how it goes from here to here,” Taylor says.

There’s the rub. This is exactly what the investment community does, and it shouldn’t do — it gets obsessed with macroeconomics, and it ignores microeconomics.”

David Herro, No. Its biggest risk, he says, is that the government will force it to absorb a smaller competitor.

The sun’s glare is growing slightly unbearable, so we get up to leave — and Herro stops abruptly, distracted by a photographer taking pictures of a group of children. “Germany is going to have to give a little more to save this thing.” While the German population may despise the idea of bolstering their southern neighbors, it’s in their self-interest, he says. “This is our time.”

More: Retirement Guide 2012

In the meantime, the market is still treacherous — and Herro, with his outsize bank holdings, seems a little like a lone sailor rowing his dinghy into a whirling storm. After giving me a dubious glance — I shrug — he says yes.. Herro starts off by cracking jokes and asking disarming questions about executives’ personal lives. He owned a shotgun and hunted ducks. But it isn’t always easy to take a chance on — or stick with — a company whose stock is plummeting. shareholder of Italy’s Intesa Sanpaolo. He loves animals — he owns Persian cats named Scratchy, Junior, Bruiser, and Gigi — and Packers football.

As Herro scribbles more charts, I steal another look at the terminal. The relationship was unexpected: Herro, a staunch conservative, has funneled hundreds of thousands of dollars in recent years to Republican causes and candidates. He was a terrible student — he got C’s and D’s, he says — but he was always interested in investing, in part because he caddied for a local stockbroker as a teenager.

This is one of those periods. His focus was, ironically, macroeconomic theory. Herro’s bottom-up, value-oriented strategy proved effective, and in 1989 the State of Wisconsin Investment Board recruited him. “For the most part, libertarian policies make sense.”

In the mid-1990s Herro became briefly famous in England. But his easygoing demeanor belies the intensity of his conviction — and the amount of money he’s putting behind it. are ..

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Citizens Cablevision Inc. to Offer Free Three-Day Preview of Fox Soccer Channel, Starting Friday, November 24

at citizens.com

LOS ANGELES–(BUSINESS WIRE)–Citizens Cablevision Inc. The Official Broadcast Partner of the United States Youth Soccer Association, Fox Soccer Channel also televises United Soccer Leagues and NCAA Division I college soccer matches. Fox Networks Group consists of FOX Sports, Fox Broadcasting Company, Fox Cable Networks and Fox Networks Engineering Operations. Sheffield Utd.

7:30 p.m. 

Date

10:00 p.m.(a). Arsenal

 

Sun, Nov. television homes, and represent one of the media industry’s most diverse collections of programming operations. Youth Soccer Show

Fox Sports World Report

 

Sat, Nov. The channel reaches more than 28 million cable and satellite households in the U.S. The channel also features exclusive broadcasts of top soccer tournaments including the FIFA Club World Cup, UEFA Cup Final, English FA Cup, CONCACAF Champions’ Cup and the CONCACAF Gold Cup.

6:00 p.m.(a)

English Premier League: West Ham vs. ET/5:30 p.m. 25

1:00 p.m. 

Argentine Soccer

Soccer is the world’s game, and the fastest growing sport in America. and international soccer, and international sports news, including the Barclays English Premier League, Italian Serie A, Argentine League, Mexican League and Major League Soccer. 24

10:00 a.m.(a)

2:30 p.m. 

Italian Serie A: Catania vs. PT; as well as the channel’s nightly global news program Fox Sports World Report.

About Fox Soccer Channel

CONCACAF Women’s Gold Cup: Final

U.S. Parma

Fox Sports World Report

11:00 a.m.(a)

6:30 p.m. 

To order Fox Soccer Channel or receive more information about the free preview, visit Citizens Cablevision Inc.

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9:00 a.m.(a)

Italian Serie A: Lazio vs. For more information, visit America’s most visited online soccer destination at foxsoccer.com.

Fox Sports World Report

8:30 p.m.(a)

English Premier League: Fulham vs. As America’s soccer network, Fox Soccer Channel is the leading broadcaster of U.S. ET/8:00 a.m. 26

10:00 p.m.(a)

Event

12:00 p.m.(a)

 

FC Fox

Fox Soccer Channel Free Preview Weekend Highlights

Fox Soccer Channel offers the most comprehensive coverage of world-class soccer available in the United States, including Major League Soccer, the Barclays English Premier League, Argentine First Division and Italian Serie A; as well as global tournaments such as the UEFA Cup, UEFA Women’s Championship, English FA Cup, FIFA Club World Cup, CONCACAF Champions’ Cup, and FA Community Shield. As part of the preview, soccer fans will gain free access to more than 17 hours of Fox Soccer Channel’s signature live programming, including a soccer match featuring Manchester United of the Barclays English Premier League taking on defending champions Chelsea FC on Sunday, November 26 at 11:00 a.m. PT; the CONCACAF Women’s Gold Cup Final on Sunday, November 26 at 8:30 p.m. in Floyd, Virginia is offering its subscribers a free preview of Fox Soccer Channel from Friday, November 24 through Sunday, November 26. Reading FC

Time (ET)

English Premier League: Manchester Utd vs. Ascoli

CONCACAF Women’s Gold Cup: 3rd Place Match

English Premier League: Bolton vs. and Caribbean.

 

(a) Denotes live telecast

Fox Soccer Channel is one of 28 national and regional programming networks within Fox Networks Group, an operating unit of the News Corporation (NYSE:NWS). These broadcast, cable, satellite and telephony delivered networks reach more than half a billion U.S. Chelsea

10:00 p.m.(a)

Fri, Nov

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Vacation Plans :: When to Visit the Maldives?

In fact, the temperatures are commonly around 85 degrees Fahrenheit. With that being said, there are certain times of the year that it’s best to travel to this enchanting destination. The dry monsoon season lasts from December to March, while the wet monsoon season starts around May and ends in November, bringing with it gusty winds and heavy rains. If you don’t mind crowds and simply want to enjoy your time in the sun and on the beaches with very little rain to care about, then this is the time for you.

The Maldives are a group of islands that can be found in the Indian Ocean near Asia. When planning a trip to the Maldives for the holidays, it’s important to understand the best time of the year to visit, so you can plan your vacation during peak conditions. While these months are indeed the perfect time to visit the Maldives, it all depends on what you’re looking for. The following will provide tips on the specific months and seasons where it’s best to travel to the Maldives and why.. It’s the time of year that will deliver the most affordable prices. First of all, visiting the Maldives during the dry monsoon season ensures that the sun is out and the humidity is low for the majority of the time. Each of the 26 pieces of land that you can travel to are surrounded by striking blue waters as far as the eye can see. April is a month that can be considered to be transitional and is one of the best times of the year to visit the Maldives with warm weather and just a bit of rain.

Whenever you choose to travel to the Maldives, take comfort in knowing that there’s really never a bad time to visit!

If you don’t mind rain and are more looking forward to enjoying the islands with relatively small crowds, then travelling during the wet monsoon season is probably right for you. The surfing season that lasts from May to October is also a good time of the year to travel to the Maldives, as the waters are at their most accommodating for surfers within this span of time.

One of the best aspects of travelling to the beautiful islands of the Maldives is that the weather is fantastic all year round. Scuba diving is perfect for these months. The fact of the matter is that the dry monsoon months are when the hotels in the area are typically at full capacity, which also means that you will need to book early when planning your vacation. While it would seem like a good bet to choose to travel to the Maldives during the dry monsoon season as opposed to the wet monsoon months, there are advantages and disadvantages to both that you should take into account. When it comes to the Maldives, there are two basic seasons the islands go through, known as the dry monsoon and the wet monsoon seasons

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How to Break a Curse for the Beginner

Let everything slip away.

Do this for at least ten minutes. Be released to your homes, doing no harm on your way, and return to me with glad hearts when next you are summoned. Professionals are generally occupied with more important things. It is absolutely necessary that all of the saltwater is washed off of the target!

When you are done, say the following in the same way you did step 3: “I thank thee, oh creatures of Earth and Water, in the name of myself, my gods, and my ancestors. If you find yourself drastically unable to act upon your choices in the world, then you might be under a binding.

The lesson: Some users of magick want to dispense justice, and whether this is right or wrong, they are willing to use magick to do it. If your area has an occult store or local pagan group, you might be able to find help there, or use the simple divination method below (Note: this method uses the same principle as a Tarot deck, but uses a normal deck of playing cards. You will end up with 0-3 aces.

If you have zero aces, you are not cursed (yay!). Take the jokers out and set them aside.

Shuffle the cards slowly, not using the normal method of card-game shuffling. Relax. Knowing whether you are, in fact, cursed requires some careful self-examination. By our wills combined, so mote it be.”

Pour the salt into the water. There are a couple of ways to deal with a curse. Shuffle intently and focus on all of the reasons why you think you are cursed, remembering everything that has occurred. If you have one, there is a one in three (33.3%) chance you are cursed, two aces a two in three chance (66.6%) and three aces means you are definitely cursed (99.9%).

What to do?

What is a curse?

The downside of this is that it is limited in its scope and power and that sometimes it won’t be able to defeat a more powerful curse. However, amateurs can have a lot of raw power even when their technique is lacking, and their curses can be very dangerous. If you want to use Tarot cards, remove the Major Arcana and use the same method with the remainder).

A curse is a spell that is directly targeted at a person or place and is meant to cause harm. Use a lot.

Keeping your mind in that calm and meditative state, submerge or wash the target slowly. By our wills combined, so mote it be.”

People who are simply having a bad time in their lives often think they are the victims of curses. After a few minutes of this, focus on your question: “Is what is happening to me the result of a curse?” After a little while of this, stop shuffling.

Deal out the cards in this fashion: start pulling cards from the top and laying them out in a pile. If you find yourself suddenly and consistently a victim of “your own medicine”, you might want to look around for a nearby witch with a good-guy badge.

The special-purpose curse: This is a catch-all category for things like “a sending of rats” or the “evil eye”. The specifics of these curses are always retributive and the casters of them love to “make the punishment fit the crime”. This is not for everyone (no matter what some of the books may say, not everyone is suited to magick) and is extremely time-consuming, difficult, and brings its own dangers. In this case, each spell has its own hallmark signs, but they are all very spectacular. If this happens, seek a professional to help you, because you won’t be able to deal with it without real training.

Simple Curse-Breaker

Items needed: the target, a tub of water large enough to submerge and wash the target (or enough water to wash down the area if a location), a large quantity of sea salt

Best times: New Moon, a Thursday, noon, midnight, dawn, dusk (any time associated with transitions)

Fill the tub with water. Say them slowly, confidently, and meditatively: “In the names of my ancestors, my gods, and myself, I call upon thee, oh creatures of Earth and Water. If a whole string of things keep going spectacularly and improbably wrong, there is a good chance there is an entropy curse at work.

The binding: This spell causes an inability to act in the target. If you are the target, get in the tub and simply lay back and soak. Just like it is possible to diagnose and medicate your own headache without being a doctor, it is possible to apply simple magickal techniques to help you protect yourself and take better control of your life. There are many such spells, but they can be broken down into categories.. Come forth, cleanse “name of target” of all evil and alien magicks, and restore them (me, it) to balance and health. If you pull an ace or reach a stack of ten, stop.

Do this three times for a total of three stacks. Good luck!

Conclusion

The entropy or chaos curse: This spell causes probabilities to vastly tend to do the target harm, ranging from bad luck to death. These spells are usually specific, have a great deal of lore associated with them, and are generally spectacular in their results (there is nothing subtle about your house being infested with dozens of rats). If, after that, you really believe that what is happening might in fact be caused by magick, there are ways to check. The second way is to use a simple spell that anyone can do without real training.

A curse is serious business, and dealing with them can be scary for a person not used to the world of magick. The trademark of this curse is that there is no rhyme or reason to the harm caused, it just results from things generally “going wrong”. Thus when the target is a thief they will be stolen from, a user they will be used, etc. When you are done, drain the water away down the drain and rinse it off the target. You must ask yourself if you are being honest and whether what is happening is just coincidence or self-sabotage. Temperature should be comfortable for a long soak if the target is a living thing.

Open and hold up the container of sea salt.

Clear your mind and say the following words while concentrating on what they mean to you. If you start having stuff out of a horror movie happening, you have a special-purpose curse.

How do I know if I am cursed?

Sit down with a deck of playing cards. If you are cursed, then it is most likely low-end magick practiced by an amateur. The good news is that magick is just like any other technology for causing change and its principles can be learned and taken advantage of without becoming an expert. The first one is to become an initiate in some tradition of magick and learn to protect yourself. It may manifest psychologically as depression or anxiety, or it may operate by simply making none of your plans come to anything

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FOOTBALL: WIN A CHAUFFEUR- DRIVEN VIP TRIP TO ARSENAL v VALENCIA.

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Where did Valencia finish in last season’s Primera Liga?

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WENGER: Champions League date

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