When he came out, 30 unlit candles craned towards him in a sudden, feral surge – all flippancy forgotten They wanted the light of the world “Christ is risen … trampling down death by death.”After the service, three of us sat on a step, quite silent. The priest walked outside, and, with the boys still hurling their crackers to impress the girls, recited the address of St John Chrysostom – a text to break the heart of the sternest atheist, as solemn, mischievous and strange as Symi itself: The dynamite couldn’t silence it.”Let no one weep for his sins, for pardon has shone forth from the grave …”Crack, boom.”Rejoice, those of you who have fasted, and those who have neglected the fast: sober and heedless, honour this day …”Snap, crackle.”… for Christ is risen, and the demons are fallen; Christ is risen and the angels rejoice; Christ is risen and life rules!”Amen to that.The FactsGetting thereMurrough O’Brien travelled as a guest of Laskarina Holidays (01629 822203; ), which offers self-catering and hotel accommodation on Symi. Between 14 May and 10 June a seven nights at the one-bedroom Villa Angeliki starts from £445 per person, based on two sharing, including return flights from London Gatwick and transfers.. The dramatic decline in the popularity of venture capital trusts (VCTs) was graphically illustrated last month when the Cornerstone trust was withdrawn after raising only £1.7m of the £20m sought by Matrix Securities.

The Baronsmead VCT C share issue has fared the best, raising 63 per cent of the £14m targeted. The offer closes on 23 May.The Teather & Greenwood AIM VCT C share issue, due to close on 30 April, has raised only 12 per cent of the money it is after. Electra Kingsway’s second issue has fared little better, attracting 18 per cent of the required capital; it too closes on Wednesday.However, just as the logic goes that you should invest in stock markets when others are despondently selling shares, so proponents of VCTs say the decline in their popularity means now is a good time to get on board.But VCTs are not low-risk or short-term punts. To claim the benefits of 20 per cent income tax relief and exemption from income tax on dividends, as well as from capital gains tax (CGT) on selling VCT shares, investors need to hold them for at least three years.And it is commonly accepted that VCTs, which are investment trusts listed on the London Stock Exchange, are five- to seven-year holdings. Because their capital is invested in start-up, unquoted or Alternative Investment Market (AIM) listed businesses, it takes a number of years before the trusts can realise profits from a company’s initial public offering.Mr Churchill believes there are three reasons for the drop in demand for VCTs. First, one of their main attractions is that they allow investors to defer CGT on up to £100,000 of their profits each year. After three years of declining stock markets, however, investors do not need to defer CGT.Second, the market falls have made investors more risk averse, so they are shying away from small and unquoted firms.

Small companies tend to be higher risk because they usually have only one product and are more vulnerable to a client going bankrupt or a supplier closing. Furthermore, it is easier to sell a stake in a larger company.Third, the performance of the trusts has been “mixed”. Of 68 VCTs, 14 have delivered a positive return since their launch. The two best performers have been Foresight Technology, with a return of 22.68 per cent since November 1997, and Oxford Tech 2 VCT, with 15.51 per cent since April 2000. Not surprisingly, five of the positive performers were launched in 1995 and 1996 – well before the onset of the bear market.David Thorp, investment manager of the Baronsmead VCT, argues that while they are perceived as being higher risk than funds investing in the FTSE, a number of VCTs have done well. The Baronsmead VCT, for example, has returned 3.22 per cent since November 1995.