prelude trust plc annual report and accounts 2003 investment policy the of is to achieve substantial growth in net asset value for shareholders over longer term by making venture capital investments primarily unquoted high technology based businesses chairman s statement 2 manager review 4 directors 12 remuneration 16 corporate governance 18 independent auditors 20 total return 21 balance sheet 22 cash flow 23 notes financial statements 24 company information advisors 36 contents 1 board remains convinced that this achievable however short conditions prevailing our chosen sector early stage have proved be extremely difficult results or at 31 march was 48 0 million 2002 63 9 equivalent 130 8p per share 178 1p reduction
