REG - Calculus VCT - Half-year Financial Report
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RNS Number : 6327L Calculus VCT PLC 15 December 2025
Calculus VCT plc
Half Yearly Report for the six months ended 30 September 2025
INVESTMENT OBJECTIVE
The Company's principal objectives for investors are to:
● invest in a portfolio of Venture Capital Investments that will provide
investment returns that are sufficient to allow the Company to maximise
dividends and capital growth over the medium to long term;
● generate sufficient returns from a portfolio of Venture Capital
Investments that will provide attractive long-term returns within a tax
efficient vehicle;
● review and pay the appropriate level of dividends annually taking account
of investment returns achieved and future prospects; and
● maintain VCT status to enable qualifying investors to retain their income
tax relief of up to 30 per cent. on the initial investment and receive
tax-free dividends and capital growth.
FINANCIAL OVERVIEW
Financial Highlights 6 months to 12 months to 6 months to
30-Sep-25
31-Mar-25
30-Sep-24
pence pence pence
Opening net asset value 59.04 61.58 61.58
Capital loss (0.60) 1.50 (1.74)
Revenue return (0.05) 0.30 0.22
Total return(1) (0.65) 1.80 (1.52)
Dividends paid (1.81) (3.91) (2.77)
Impact of share capital movements (0.15) (0.43) (0.09)
Closing net asset value 56.43 59.04 57.20
Total Shareholder value Ordinary shares (pence per share)
Total dividends paid to 30 September 2025(2) 29.60
Net asset value on 30 September 2025 56.43
Total shareholder value to 30 September 2025 86.03
(2) total dividends paid include cumulative dividends paid since 2017
£47.18M 56.43p £2.5m 1.08X
Total Net Assets as at 30 September 2025 NAV per share as at 30 September 2025 Total cost of new and follow-on investments in the six months to 30 September 5-year total return
2025
£4.3m £2.0m £0.7m 38
Portfolio companies at period-end
Funds raised in the six months to 30 September 2025 Total sales in the six months to 30 September 2025 Shares bought back in the six months to 30 September 2025
Historical Total Return
Financial period-end NAV at period-end Cumulative dividends received (p)* Total return (p)**
30-Sep-25 56.43 - 56.43
30-Sep-24 57.2 2.95 59.38
31-Aug-23 61.55 5.72 62.15
31-Aug-22 64.61 8.67 65.1
31-Aug-21 64.01 11.73 68.16
31-Aug-20 64.27 14.75 71.18
* Cumulative dividends received includes all dividends received since
the relevant Financial period-end to date
** Total NAV return is equal to the sum of NAV at 30 September 2025 and
cumulative dividends received
CHAIRMAN'S UPDATE
I am pleased to present your Company's results for the 6 months to 30
September 2025.
Performance summary
The Company has maintained a positive total return over a 2-year and 5-year
period across the qualifying portfolio. The NAV at the period end was 56.43
pence per share, which, after paying the 1.81 pence dividend in October 2025,
represents a marginal decline of minus 1.36% for the NAV Total Return in the
6-month period since the March 2025 Financial year end.
The strongest positive movement within the qualifying portfolio was generated
by Quai Administration Services, which sits within the technology segment.
Quai provides platform technology and back-office administration services to
the high-volume personal savings sector. The business has grown substantially
in recent years and now oversees more than £2.5 billion of assets under
administration, supports over 450,000 retail clients, and manages over 70,000
SIPPs. The uplift in carrying value over the past six months reflects both its
sustained performance and a recently completed equity funding round.
Insurtech business Optalitix continued the strong momentum that made it the
top-performing company in the 12 months to March 2025, achieving a further 20%
increase in Contracted Annual Recurring Revenue. These results underscore the
accelerating adoption of Optalitix's low-code SaaS platforms and reinforce its
position as a strategic technology partner for leading specialty insurers and
reinsurers. Optalitix's performance contributed an additional 0.23 pence of
growth to the overall NAV per share.
Arecor, the drug discovery firm and one of only two AIM-listed companies
within the portfolio, contributed a similar level of growth to the NAV per
share. Improved investor sentiment led to a share price increase in the six
months to September 2025, marking a positive step towards better alignment
with the company's underlying fundamentals.
Given the broader economic and political environment and the recent period of
instability, some valuation reductions across parts of the portfolio were
unavoidable. These adjustments reflect the balanced and prudent valuation
approach adopted by Calculus Capital as the Investment Manager. Home Team
Content, a UK-based production company focused on elevating underrepresented
voices, particularly filmmakers of colour and women , experienced a reduction
in carrying value due to certain development delays. Nevertheless, the company
remains committed to progressing its slate through strategic partnerships,
distribution agreements, and new revenue opportunities.
IPV, a provider of proprietary software that enables efficient access,
storage, modification, tagging, and transfer of video content, also saw a
decline in its carrying value in the six months to September 2025. This
reflects challenging industry conditions that have made securing new clients
and driving revenue growth more difficult. Although growth has been slower
than anticipated, the company has reached breakeven and expects to move into
profitability.
Overall, the Company portfolio and sector balance continues to provide long
term growth for shareholders. This has been recognised with one of the most
successful fundraising periods for the Company across the 25/25 & 25/26
tax year share offer.
New and Follow on Investments
In August 2025 life sciences firm EnsiliTech was added to the qualifying
portfolio. EnsiliTech's patented Ensilication technology preserves the
integrity of vaccines, antibodies, and other biopharmaceuticals, eliminating
the need for a cold chain, which allows medicines to be stored and transported
at temperatures up to 50°C. The platform is validated across several
'proof-of-concept' projects with leading vaccine biomanufacturers. In August
2025, the Company raised £4.5m from existing and new investors to further
commercialise the patented platform. The Company is advancing a promising
development pipeline in collaboration with global partners in both animal and
human health.
To further enhance the Company's life sciences sector, a follow-on investment
was made in Laverock Therapeutics, with the company raising £20 million after
extending its seed round in June 2025. Recent in vivo and in vitro data
demonstrate successful, tunable, multiplex gene silencing and self-regulating
expression, enhancing both persistence and safety. Laverock is now expanding
beyond oncology, is actively engaging in partnership discussions for its CAR-T
platform and is preparing for a Series A funding round in 2026.
During the 6 months to September 2025 an additional £2.5m of follow-on
funding was deployed to support existing investee companies across the
qualifying portfolio. Additional details on the breakdown of these investments
can be seen below.
Company Exits
The six months to September 2025, along with the subsequent months, have also
been a successful period for portfolio company exits. In June 2025 the Company
exited Rota Geek ltd, a provider of AI driven workforce management and
scheduling software. The company was sold to ELMO Group, a Australia-based HR
technology provider. Rotageek was the 6th largest holding in the Calculus VCT
portfolio as of the FYE March 2025 accounts, and represented the second
largest investment based on initial cost. The exit provided a 1.3x multiple
on cost for the Calculus VCT, returning just under £2m of proceeds to the
portfolio.
Following the half year-end, in November 2025, the Company exited Mo
(Thanksbox Limited). Mo is an award winning employee engagement and
recognition platform. The company was acquired by U.S. based UKG, a leading
global AI platform unifying HR, pay, and workforce management. Calculus VCT
first invested in 2020 this represented a 1.51x return on investment cost,
delivering £1.53m in cash to the portfolio and further supporting the fund's
annual target tax-free dividend yield for shareholders. Mo represents the
second profitable exit achieved by the Calculus VCT in 2025. The exit
valuation and final purchase price was 30% higher than Mo's carrying value in
the March 2025 FYE accounts. This serves to further illustrate the
conservative approach to valuations consistently employed by the Calculus
Investment Management team. Specifically, Mo was valued through analysis of
precedent M&A transactions, discounted cash flows, and comparable company
metrics.
In the year to 30 September 2025, nine follow-on investments were made on
behalf of the qualifying portfolio and three new investments were made:
New investment
Date of Investment Name of Investment Location Sector Amount of Investment
December 2024 Smartr365 Finance Limited United Kingdom Technology £742,500
March 2025 BookedIt Limited United Kingdom Technology £1,570,000
August 2025 Ensilicated Technologies Limited United Kingdom Healthcare £753,000
Follow-on Investments
Date of Investment Name of Investment Location Sector Amount of Investment
October 2024 Rain Dog Films Limited United Kingdom Entertainment 450,000.00
February 2025 Notify Technology Limited United Kingdom Technology £232,000
March 2025 Laverock Therapeutics Limited United Kingdom Healthcare £325,000
March 2025 IPV Limited United Kingdom Technology/Healthcare £990,000
June 2025 Laverock Therapeutics Limited United Kingdom Healthcare £107,000
June 2025 Riff Raff Entertainment Limited United Kingdom Entertainment £500,000.00
July 2025 Invizius Limited United Kingdom Healthcare £139,000
August 2025 Quai Administration Services Limited United Kingdom Technology £500,000
September 2025 Engaging Works Holding Limited United Kingdom Technology £538,000
We believe the portfolio is well positioned to continue to provide long term
growth to shareholders and that our Investment Manager is similarly positioned
to exploit these opportunities.
Buybacks
During the period, the Company bought back and cancelled 1,272,463 Ordinary
shares. The Company continues to review opportunities to carry out share
buybacks at a discount of no greater than 5% to NAV.
Dividends
As mentioned above, a dividend was paid on 2(nd) October 2025 of 1.81 pence
per eligible Ordinary share. It is expected that the next dividend will be
paid in March 2026 as announced below.
Board composition
The board consist of three Directors, two of which are independent from the
Manager. Janine Nicholls stepped down from the Board of Directors with effect
from 30 September 2025, following five years of dedicated service. Janine also
served as Chair of the Audit Committee. The Company is pleased to announce
that Hemant Mardia, currently a Non-Executive Director, has succeeded Janine
as Chair of the Audit Committee, effective from 1 October 2025.
Ordinary share issue
The offer for subscription for Ordinary Shares that opened on 14 October 2024
and closed on 2 October 2025 received aggregate subscriptions from the issue
of Ordinary shares of £9.3 million. On 3 October 2025 a new prospectus was
launched for a further offer for subscription for Ordinary Shares, with the
shares to be issued in the 2025/26 and 2026/27 tax years.
Developments since the period end
In October 2025, the Company added Grateful Limited-a London- and
Harrogate-based SaaS business that provides automated tip pooling and tronc
solutions for the hospitality industry-to the qualifying portfolio. During the
same month, the Company also completed a successful investment in drug
discovery firm Trogenix Limited. The Calculus investment formed part of a £70
million Series A financing round intended to advance the clinical development
of potential curative therapies for aggressive cancers.
These two new investments represent £1.7 million of capital deployed since 30
September. The strong level of deal flow and the addition of high-quality
investee companies across diverse sectors is encouraging and further enhance
the breadth and resilience of the well-diversified qualifying portfolio.
As mentioned above, in November 2025, the Company exited Mo (Thanksbox
Limited) representing a 1.51x return, further supporting the fund's annual
target tax-free dividend yield for shareholders.
In October 2025, a dividend of 1.81p per share was distributed to all eligible
shareholders, achieving the Company's target dividend yield of 5%. During the
same month, over £1 million was raised through a combination of an allotment
and the Company's dividend reinvestment scheme. Since the period end, the
Company has repurchased and cancelled an additional 707,389 shares at a price
of 54.30p per share.
The new investments, profitable exits and buy backs in the subsequent months
since the 30 September 2025 have significantly strengthened the company's
liquidity position, delivered positive returns and enhanced shareholder value.
On the 26(th) November we heard what has been a long anticipated and purposely
delayed Autumn budget. For months, warnings of potential tax hikes in various
forms have dominated the headlines, and at times it appeared almost inevitable
that Labour would break their manifesto pledge to leave income tax rates
untouched. However, improved economic forecasts allowed the Chancellor to step
back from this move.
The Chancellor has consistently expressed support for EIS and VCT legislation,
recognising the role both schemes play in channelling capital into early-stage
companies and promoting broader economic growth. This support was further
reinforced by the Budget announcement to raise the annual and lifetime limits
on the amount of EIS an VCT investment a single company can receive. However,
a more counterintuitive change came in the form of the reduction of the income
tax relief available through VCTs, reduced from 30% to 20%. This change comes
despite the Chancellor's longstanding support for VCTs and their role in
fostering growth and backing the UK's early-stage business ecosystem. The
rationale given for this is to further balance the tax reliefs available
across VCTs and EIS, with the change tax relief to be effective from 6 April
2026. Overall, it seems a counter-productive move within the Government's
stated growth objective.
From April 2026, the basic and higher rates of dividend tax will each rise by
two percentage points, increasing from 8.75% to 10.75% and from 33.75% to
35.75% respectively. Dividends paid by VCTs remain tax free. In an
increasingly high-tax environment, VCTs remain stable and reliable source of
tax relief. It is worth remembering that the sunset clause for VCTs was
recently extended to April 2035, ensuring they remain a consistent and
dependable option in a fiscal landscape that is constantly shifting and
becoming progressively more punitive.
Jan Ward
Chairman
15 December 2025
INTERIM MANAGEMENT REPORT
Venture Capital Investments
Portfolio developments
Calculus Capital Limited manages the Company's portfolio of venture capital
investments. In general, Calculus Capital prefers investments to be of a
sufficient size to enable them to play an influential role in helping the
investee companies develop. Investments by the Company are primarily in equity
but may also be by way of loan stock and/or preference shares which provide
income to assist in paying dividends and provide a measure of risk mitigation.
As at 30 September 2025, the portfolio had 38 Qualifying Investments. An
update on some of the portfolio's top investments has been provided below.
Optalitix Limited
Optalitix has maintained strong momentum since the year-end, with Contracted
Annual Recurring Revenue rising over 20%. Building on high-profile
implementations with Pool Re and Tokio Marine, the Company is seeing
particular traction in the reinsurance market, where demand for scalable
cloud-based underwriting solutions continues to grow. These results highlight
the accelerating adoption of Optalitix's low-code SaaS platforms and reinforce
its position as a key technology partner to leading specialty insurers and
reinsurers in the insurance market and lenders in the banking market.
Quai Administration Services Limited ("Quai")
Quai provides platform technology combined with back-office administration
services for the high-volume personal savings industry. Quai has grown
considerably over recent years, the Company now has over £2.5 billion of
assets under administration, supports over 450,000 retail clients and manages
more than 70,000 SIPPs. This increased scale, combined with the Company's
broad product set and suite of regulatory permissions, position Quai as a
leading technology and service provider to the UK wealth management sector. In
August 2025 the Calculus VCT participated in a £1m equity funding round,
primarily from existing shareholders, to support the continued growth of the
business.
Riff Raff Entertainment Limited ("Riff Raff")
Riff Raff, co-founded by Jude Law and Ben Jackson, is a UK-based production
company known for bold, character-driven storytelling. Its latest project,
Black Rabbit, is an eight-part Netflix drama starring Jude Law and Jason
Bateman, who also directs some of the episodes. Created by Zach Baylin and
Kate Susman, the series explores the tense relationship between two brothers
in New York's restaurant scene. Black Rabbit marks Riff Raff's first fully
originated episodic TV production-a major creative milestone for the Company.
With a growing team in the UK and expanding presence in the US, the Company is
actively building bridges between the two markets to support its long-term
growth and has a number of series in development with streamers, studios and
broadcasters.
Brouhaha Entertainment Limited ("Brouhaha")
Brouhaha, based in London and Sydney, is a film and television production
company founded by experienced industry professionals. After the phenomenal
success of the TV Series Boy Swallows Universe on Netflix in 2024, topping
charts in multiple countries, Brouhaha is working on several other TV series
and films in paid development with leading streamers and broadcasters. The
film Dangerous Animals, shot in Australia and released in June 2025, earned
critical praise at Cannes. The film has garnered excellent reviews with a very
high audience rating. Motel Destino was released in the UK in May with Curzon.
A Talent for Murder, a film starring Helen Mirren, wrapped filming and is in
post-production phase. Brouhaha has several series in development with
streamers and broadcasters.
Oxford BioTherapeutics Limited ("OBT")
OBT is a clinical stage oncology company that is developing a pipeline of
novel immunotherapy drug candidates in partnership with major pharma
companies. In March 2025 OBT entered into a strategic collaboration with Roche
to leverage OBT's proprietary OGAP-Verify discovery platform. Under the
agreement OBT received $36m of upfront payments and may (depending on the
progress of the selected candidates) be eligible to receive milestone payments
exceeding $1billion in addition to royalties. Roche is the fifth-largest
pharmaceutical company in the world by revenue and the leading provider of
cancer treatments globally, the agreement represents a significant step in
OBT's development.
Blu Wireless Technologies ("Blu Wireless")
Blu Wireless achieved a major milestone with its first defence program
successfully delivered and deployed in the field for the US Army, earning
strong endorsement from key military stakeholders. The Company continues to
strengthen its US defence positioning. In rail, global project delays persist,
though Blu Wireless is leveraging its strategic partnership with Westermo to
progress commercial opportunities as well as engaging directly with key
potential customers and partners.
The BookedIt Group Limited ("Booked It")
Booked It is a B2B SaaS and payments company that provides booking, ticketing,
payments, marketing, CRM and loyalty software in one hosted platform. The
Company serves a number of different industries including family entertainment
(soft play centres/water parks), competitive socialising (bowling
alleys/escape rooms) and visitor attractions (museums/cinemas). The Company
has performed well since the first Calculus investment in March 2025.
Management engaged very effectively in the Calculus 100 Day Planning process
and are on track to deliver the targets set for the first year of the plan.
Home Team Content Limited ("Home Team")
Home Team Content, founded in 2021 by Dominic Buchanan and Bennett McGhee, is
a UK-based production company dedicated to amplifying underrepresented voices,
especially filmmakers of colour and women. Its debut feature, ISH, premiered
at the Venice and BFI London Film Festivals in 2025. While development delays
have impacted valuation, the Company remains focused on advancing its slate in
the months ahead through strategic partnerships, distribution deals, and new
revenue opportunities.
Developments since the period end
As mentioned above, the Company invested an additional £1.7m between two new
investments, Trogenix Limited and Grateful Limited.
Calculus Capital Limited
Investment Manager
15 December
2025
INVESTMENT PORTFOLIO AS AT 30 SEPTEMBER 2025
- TOTAL FUND
% of Net Assets
Unquoted - loan stock 6%
Quoted and unquoted - ordinary and preference shares 70%
Unquoted - liquidity funds 20%
Net current assets 7%
100%
Asset class - % of Portfolio
Company Book Cost Market Valuation as at 30 September 2025 Multiple against book cost as at 30 September 2025 Multiple against book cost as 31 March 2025 Market Value Movement since 31 March 2025 % of portfolio
Qualifying Investments
Arctic Shores Limited 610 610 1.00x 1.00x 0.0% 1.4%
Arecor Therapeutics plc 833 375 0.45x 0.22x 102.7% 0.8%
Blu Wireless Technology Limited 833 1,574 1.89x 1.76x 7.4% 3.5%
Bookedit Limited 1,570 1,570 1.00x 1.00x 0.0% 3.5%
Brouhaha Entertainment 1,331 2,503 1.88x 1.88x 0.0% 5.5%
C4X Discovery Holdings 598 521 0.87x 1.05x -16.6% 1.2%
Censo Biotechnologies Limited 1,051 1,014 0.96x 0.95x 1.6% 2.2%
Engaging Works Investments Limited 1,204 1,287 1.07x 1.00x 6.9% 2.9%
Ensilicated Technologies Limited 753 753 1.00x New New 1.7%
Evoterra Limited 1,215 200 0.16x 0.16x 0.0% 0.4%
Fiscaltec Group Limited 768 1,700 2.21x 2.00x 10.5% 3.8%
Home Team Content Limited 786 1,493 1.90x 2.78x -31.8% 3.3%
Huma Therapeutics Limited 262 264 1.01x 1.01x 0.0% 0.6%
Invizius Limited 625 309 0.49x 0.77x -35.5% 0.7%
IPV Limited 1,330 1,526 1.15x 1.43x -19.5% 3.4%
Laverock Therapeutic Limited 1,176 1,176 1.00x 1.00x 0.0% 2.6%
Maven Screen Media Limited 798 853 1.07x 1.27x -16.1% 1.9%
MIP Diagnostics Limited 982 960 0.98x 1.10x -10.9% 2.1%
Notify Technology Limited 860 963 1.12x 1.12x 0.0% 2.1%
Open Energy Market Limited 200 704 3.52x 3.52x 0.0% 1.6%
Optalitix Limited 1,347 2,557 1.90x 1.75x 8.3% 5.7%
Oxford BioTherapeutics Limited 350 1,773 5.07x 5.07x 0.0% 3.9%
Quai Administration Services Limited 1,531 2,624 1.71x 1.01x 69.7% 5.8%
Raindog Films Limited 846 604 0.71x 0.88x -19.1% 1.3%
Riff Raff Entertainment Limited 1,374 2,645 1.93x 1.93x 0.0% 5.9%
Scancell Holdings plc 378 249 0.66x 0.54x 21.5% 0.6%
Smart365 Finance Limited 743 743 1.00x 1.00x 0.0% 1.6%
Tagomics Limited 909 1,000 1.10x 1.10x 0.0% 2.2%
Thanksbox Limited 1,073 1,363 1.27x 1.10x 15.8% 3.0%
Wazoku Limited 720 588 0.82x 0.94x -13.0% 1.3%
Wonderhood Limited 441 723 1.64x 1.64x 0.0% 1.6%
Other* 1,896 269 0.14x 0.44x -17.3% 0.6%
Total Qualifying Investments 29,393 35,493 78.7%
Other non-Qualifying Investments
Aberdeen Sterling Liquidity Fund 3,107 3,107 1.00x 1.00x 14.8% 6.9%
Fidelity Sterling Liquidity Fund 3,082 3,406 1.11x 1.06x -10.2% 7.5%
Goldman Sachs Sterling Liquidity Fund 3,105 3,105 1.00x 1.00x 14.8% 6.9%
Total other non-qualifying investments 9,294 9,618 21.3%
Total investments 38,687 45,111
Net Current Assets less Creditors due after one year 1,460
Net Non-Current Assets less Creditors due after one year 612
Net Assets 47,183
*All individual investee companies with a market value of less than £0.15
million have been grouped together as "Other".
PRINCIPAL RISKS
The principal risks facing the Company remain the same as those detailed on
pages 32 to 35 of the Annual Report and Accounts for the period ended 31 March
2025.
Brexit is still causing uncertainty however it remains our view that our
portfolio companies are not experiencing material difficulties as a result of
the political situation.
Regulatory and Compliance risks remain prevalent as the Company is listed on
The London Stock Exchange and is required to comply with the listing rules of
the Financial Conduct Authority, as well as with the Companies Act, Accounting
Standards and various other legislations.
The main risks faced by the Company include, but are not limited to, loss of
approval as a venture capital trust and other regulatory breaches, risks of
making and realising qualifying investments, liquidity/marketability risk,
changes in legislation/taxation, engagement of third-party advisers, market
price risk and credit risk.
GOING CONCERN
After making enquiries, and having reviewed the portfolio, balance sheet and
projected income and expenditure for the next twelve months, the Directors
have a reasonable expectation that the Company has adequate resources to
continue in operation for the foreseeable future. The Directors have therefore
adopted the going concern basis in preparing these condensed financial
statements.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that to the best of their knowledge the half-yearly
financial report, which has been prepared in accordance with the UK Listing
Authority Disclosure and Transparency Rules ("DTR") and in accordance with the
Financial Reporting Council's Financial Reporting Standard 104: 'Interim
Financial Reporting' gives a true and fair view of the assets, liabilities,
financial position and the net return of the Company as at 30 September 2025.
The Directors confirm that the Chairman's Update, the Investment Management
report, the disclosures above and notes 10 and 11, include a fair review of
the information required by DTR 4.2.7R, being an indication of important
events that have occurred during the first six months of the financial year
and their impact on the condensed set of financial statements and a
description of the principal risks and uncertainties for the remaining six
months of the financial year, and DTR 4.2.8R.
The Directors of Calculus VCT plc are:
Jan Ward
Hemant Mardia
John Glencross
By order of the Board
Jan Ward
Chairman,
15 December 2025
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 APRIL 2025 TO 30 SEPTEMBER 2025 (UNAUDITED)
6 Months Ended 6 Months Ended Year Ended
30 September 2025 30 September 2024 31 March 2025*
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Return Return Return Return Return Return Return Return Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment holding losses 8 - (86) (86) - (75) (75) - 2,348 2,348
Realised gains/(losses) on sales 8 - (57) (57) - (859) (859) - (731) (731)
Income 310 - 310 401 - 401 712 - 712
Investment management fee (116) (349) (465) (89) (267) (356) (181) (542) (723)
Other operating expenses (237) - (237) (161) - (161) (314) - (314)
(Loss)/profit before taxation (43) (492) (535) 151 (1,201) (1,050) 217 1,075 1,292
Taxation 3 - - - - - - - - -
(Loss)/profit for the period (43) (492) (535) 151 (1,201) (1,050) 217 1,075 1,292
Basic and diluted deficit per new Ordinary share
2 (0.05)p (0.60)p (0.65)p 0.22p (1.74)p (1.52)p 0.30p 1.50p 1.80p
*These figures are extracts from audited accounts. The notes form an integral
part of these Accounts.
The supplementary revenue return and capital return columns are both prepared
in accordance with the Association of Investment Companies ("AIC") Statement
of Recommended Practice ("SORP"). No operations were acquired or discontinued
during the period. All items in the above statements derive from continuing
operations. There were no recognised gains or losses other than those passing
through the Income Statement. The notes form an integral part of these
condensed financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 APRIL 2025 TO 30 SEPTEMBER 2025 (UNAUDITED)
Share Capital Capital Capital
Share Premium Special Redemption Reserve Reserve Revenue
Capital Account Reserve Reserve Realised Unrealised Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
For the 6 months to 30 September 2025
1 April 2025 774 32,326 10,773 111 (3,595) 6,826 (1,502) 45,713
Profit and total comprehensive income for the year
Realised losses on investments - - - - - (86) - (86)
Investment holding losses - - - - (57) - - (57)
Management fee allocated to capital - - - - (349) - - (349)
Revenue return after tax - - - - - - (43) (43)
Total profit/(loss) attributable to shareholders for the year - - - - (406) (86) (43) (535)
Transactions with shareholders
New share issue 75 4,261 - - - - - 4,336
Expenses of share issue - (105) - - - - - (105)
Change in accrual of IFA Commission - (36) - - - - - (36)
Share buybacks for cancellation (13) - (677) 13 - - - (677)
Dividends paid - - (1,513) - - - - (1,513)
Total transactions with shareholders 62 4,120 (2,190) 13 - - - 2,005
Transfer of previously unrealised gain to realised - - - - 316 (316) - -
30 September 2025 836 36,446 8,583 124 (3,685) 6,424 (1,545) 47,183
For the 6 months to 30 September 2024
1 April 2024 634 23,057 14,848 89 (1,918) 4,074 (1,719) 39,065
Investment holding losses - - - - - (75) - (75)
Gain on disposal of investments - - - - (859) - - (859)
New share issue 96 5,752 - - - - - 5,848
Expenses of share issue - (113) - - - - - (113)
Share buybacks for cancellation (8) - (472) 8 - - - (472)
Management fee allocated to capital - - - - (267) - - (267)
Increase in accrual of IFA Commission - (26) - - - - - (26)
Revenue return after tax - - - - - - 151 151
Dividends paid - - (1,963) - - - - (1,963)
Transfer of previously unrealised gain to realised - - - - (347) 347 - -
30 September 2024 722 28,670 12,413 97 (3,391) 4,346 (1,568) 41,289
CONDENSED STATEMENT OF CHANGES IN EQUITY
(CONTINUED)
Share Capital Capital Capital
Share Premium Special Redemption Reserve Reserve Revenue
Capital Account Reserve Reserve Realised Unrealised Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
For the 12 months to 31 March 2025*
1 April 2024 634 23,057 14,848 89 (1,918) 4,074 (1,719) 39,065
Profit and total comprehensive income for the year
Realised losses on investments - - - - (731) - - (731)
Investment holding gains - - - - - 2,348 - 2,348
Management fee allocated to capital - - - - (267) - - (267)
Revenue return after tax - - - - - - 217 217
Total profit/(loss) attributable to shareholders for the year - - - - (1,273) 2,348 217 1,292
Transactions with shareholders
New share issue 162 9,535 - - - - - 9,697
Expenses of share issue - (229) - - - - - (229)
Change in accrual of IFA Commission - (37) - - - - - (26)
Share buybacks for cancellation (22) - (1,232) 22 - - - (472)
Dividends paid - - (2,843) - - - - (1,963)
Total transactions with shareholders 140 9,269 (4,075) 22 - - - 5,356
Transfer of previously unrealised gain to realised - - - - (347) 347 - -
31 March 2025 774 32,326 10,773 111 (3,595) 6,826 (1,502) 45,713
* These figures are extracts from audited accounts. The notes form an integral
part of these Accounts.
CONDENSED BALANCE SHEET
AS AT 30 SEPTEMBER 2025
(UNAUDITED)
30 September 2025 30 September 2024 31 March 2025*
Note £'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 8 45,111 36,726 43,695
Sales awaiting settlement 496 1,234 1,226
Fixed interest awaiting settlement 250 250 251
45,857 38,210 45,172
Current assets
Debtors 952 314 396
Cash at bank and on deposit 1,086 3,185 640
Total current assets 2,038 3,499 1,036
Creditors: amounts falling due within one year
Creditors (578) (298) (379)
Net current assets 1,460 3,201 657
Total assets less current liabilities 47,317 41,411 45,829
Non- current liabilities
IFA trail commission (134) (122) (116)
Total net assets 47,183 41,289 45,713
Capital and reserves
Called-up share capital 6 836 722 774
Share premium account 36,446 28,670 32,326
Special reserve 8,583 12,413 10,773
Capital redemption reserve 124 97 111
Capital reserve - realised (3,685) (3,391) (3,595)
Capital reserve - unrealised 6,424 4,346 6,826
Revenue reserve (1,545) (1,568) (1,502)
Equity shareholders' funds 47,183 41,289 45,713
Net asset value per new Ordinary share - basic and diluted 4 56.43 57.20p 59.04p
* These figures are extracts from audited accounts. The notes form an integral
part of these condensed financial statements.
CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 APRIL 2025 TO 30 SEPTEMBER 2025
(UNAUDITED)
6 Months 6 Months 12 Months
Ended Ended Ended
30 September 30 September 31 March
2025 2024 2025*
Note £'000 £'000 £'000
Cash flow from operating activities
Investment income received 256 213 397
Deposit interest received 49 43 102
Investment management fees paid (413) (384) (751)
Other, operating expenses (243) (172) (297)
Net cash flow from operating activities 5 (351) (300) (549)
Cash flow from investing activities
Purchase of investments (3,236) (1,309) (6,819)
Sale of investments 1,850 400 1,493
Net cash flow from investing activities (1,386) (909) (5,326)
Cash flow from financing activities
Ordinary shares issued 4,336 5,574 9,306
Expenses of share issues (132) (113) (201)
IFA trail commission (18) (29) (29)
Share buybacks for cancellation (677) (473) (1,232)
Equity dividend paid (1,316) (1,689) (2,453)
Net cash flow from financing activities 2,183 3,270 5,391
Increase/(decrease) in cash and cash equivalents 446 2,061 (484)
Opening cash and cash equivalents 640 1,124 1,124
Net cash increase/(decrease) 446 2,061 (484)
Closing cash and cash equivalents 1,086 3,185 640
* These figures are extracts from audited accounts. The notes form an
integral part of these Accounts.
CONDENSED NOTES TO THE ACCOUNTS
1. Nature of Financial Information
The Company applies FRS 102 and the Association of Investment Companies
("AIC") SORP for its financial period ended September 2025 in its Financial
Statements. The financial statements for the six months to 30 September 2025
have therefore been prepared in accordance with FRS 104 "Interim Financial
Reporting". The condensed financial statements have been prepared on the same
basis as the accounting policies set out in the statutory accounts for the
period ended 31 March 2025.
The financial information contained in this Half Year Report and Accounts and
the comparative figures for the financial year ended 31 March 2025 are not the
Company's statutory accounts for the financial period as defined in the
Companies Act 2006. The financial information for the periods ended 30
September 2025 and 30 September 2024 have not been audited.
The Annual Report and Financial Statements for the financial year ended 31
March 2025 have been delivered to the Registrar of Companies. The report of
the auditors was: (i) unqualified; (ii) did not include a reference to any
matters which the auditors drew attention by way of emphasis without
qualifying the report; and (iii) did not contain statements under section 498
(2) and (3) of the Companies Act 2006.
The financial statements have been prepared on a going concern basis and on
the basis that approval as an investment trust company will continue to be
met.
2. Return per Share (Basic and diluted)
6 Months Ended 6 Months Ended 12 Months Ended
30 September 2025 30 September 2024 31 March 2025
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Return per Ordinary share
(0.05) (0.60) (0.65) 0.22 (1.74) (1.52) 0.30 1.50 1.80
Revenue return per Ordinary share is based on the net revenue loss on ordinary
activities after taxation of £43,000 (30 September 2024: gain £151,000, 31
March 2025: gain £217,000) and on 81,437,029 (30 September 2024: 69,107,223,
31 March 2025: 71,592,127) Ordinary shares, being the weighted average number
of Ordinary shares in issue during the period.
Capital return per Ordinary share is based on the net capital loss for the
period of £492,000 (30 September 2024: loss £1,201,000, 31 March 2025: gain
£1,075,000) and on 81,437,029 (30 September 2024: 69,107,223, 31 March 2025:
71,592,127) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.
Total return per Ordinary share is based on the net loss on ordinary
activities for the period of £535,000 (31 September 2024: loss £1,050,000,
31 March 2025: gain £1,292,000) and on 81,437,029 (30 September 2024:
69,107,223, 31 March 2025: 71,592,127) Ordinary shares, being the weighted
average number of Ordinary shares in issue during the period.
3. Taxation on Ordinary Activities
The estimated effective tax rate at the period end is 0 per cent. This remains
unchanged from the prior year end.
4. Net Asset Value per Share
30 September 30 September 31 March
2025 2024 2025
Pence Pence Pence
Net asset value per new Ordinary share 56.43 57.20 59.04
The basic net asset value per new Ordinary share is based on net assets
(including current period revenue) of £47,183,000 (30 September 2024:
£41,289,000, 31 March 2025: £45,713,000) and on 83,612,443 (30 September
2024: 72,181,123, 31 March 2025: 77,430,445) Ordinary shares, being the number
of new Ordinary shares in issue at the period end.
5. Reconciliation of Net Profit before Tax to Cash Flow from Operating
Activities
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
(Loss)/profit on ordinary activities before tax (535) (1,050) 1,292
(Gain)/loss on investments 143 934 (1,617)
Increase in debtors 113 (106) (181)
(Decrease)/increase in creditors 40 (46) (10)
Non cash movement (112) (32) (33)
Cash flow from operating activities (351) (300) (549)
6. Called up share capital
30 September
2025
Number £'000
Ordinary shares of 1p each 83,612,443 836
In April 2025 the Company issued 3,807,071 Ordinary shares for a total
consideration of £2,133,000. In June 2025, the Company bought back for
cancellation 1,272,643 Ordinary shares for a total consideration of £677,000.
In July 2025, 1,484,707 Ordinary shares were issued for a total consideration
of £832,000 and a further 2,162,683 Ordinary shares were issued in September
2025 for a total consideration of £1,274,000.
Following the issues and cancellation noted above there were 83,612,443
Ordinary shares in issue as at 30 September 2025.
7. Contingent assets and contingent liabilities
There were no contingent assets or contingent liabilities in existence at 30
September 2025 (30 September 2024: £nil, 31 March 2025: £nil).
8. Fair Value Hierarchy
Investments held at fair value through profit or loss are valued in accordance
with IPEV guidelines.
The valuation method used will be the most appropriate valuation methodology
for an investment within its market, with regard to the financial health of
the investment and the IPEV guidelines. As required by the Standard, an
analysis of financial assets and liabilities, which identifies the risk of the
Company's holding of such items is provided. The Standard requires an analysis
of investments carried at fair value based on the reliability and significance
of the information used to measure their fair value.
In order to provide further information on the valuation techniques used to
measure assets carried at fair value, we have categorised the measurement
basis into a "fair value hierarchy" as follows:
- Quoted market prices in active markets - "Level 1"
Inputs to Level 1 fair values are quoted prices for identical asset in an
active market. Quoted in an active market in this context means quoted prices
are readily and regularly available and those prices represent actual and
regularly occurring market transactions on an arm's length basis. The quoted
price is usually the current bid price. The Company's investments in AIM
quoted equities and money market funds are classified within this category.
- Valued using models with significant observable market inputs - "Level
2"
Inputs to Level 2 fair values are inputs other than quoted prices included
within Level 1 that are observable for the asset, either directly or
indirectly.
- Valued using models with significant unobservable market inputs -
"Level 3"
Inputs to Level 3 fair values are unobservable inputs for the asset.
Unobservable inputs may have been used to measure fair value to the extent
that observable inputs are not available, thereby allowing for situations in
which there is little, if any, market activity for the asset at the
measurement date (or market information for the inputs to any valuation
models). As such, unobservable inputs reflect the assumptions the Company
considers that market participants would use in pricing the asset. The
Company's unquoted equities and loan stock are classified within this
category. Unquoted investments are valued in accordance with the IPEV
guidelines.
Level 1 Level 2 Level 3 Total
Investments £'000 £'000 £'000 £'000
Opening book cost 10,305 - 26,564 36,869
Opening unrealised appreciation/(depreciation)
(984) - 7,810 6,826
Opening fair value 9,321 - 34,374 43,695
Movements in the period:
Purchase at cost 700 - 3,198 3,898
Sales - proceeds - - (2,339) (2,339)
Sales - realised losses on sales - - (57) (57)
Prior year unrealised gains realised during the period
- - 316 316
Unrealised investment gains/(losses) 360 - (762) (402)
Closing fair value 10,381 - 34,730 45,111
Closing book cost 11,005 - 27,682 38,687
Closing unrealised (depreciation)/ appreciation
(624) - 7,048 6,424
Closing fair value 10,381 - 34,730 45,111
9. Dividends
For the year ended 31 March 2025, the Company declared a final dividend of
1.81p per share on 83,612,443 eligible shares amounting to £1,513,000. The
dividend was paid on 2 October 2025.
10. Transactions with Related Parties
John Glencross, a Director of the Company, is considered to be a related party
due to his position as Chief Executive and a director of Calculus Capital
Limited, the Company's Investment Manager.
Calculus Capital Limited receives an investment manager's fee from the
Company. For the 6 months to 30 September 2025, Calculus Capital Limited
earned £465,522 of Management Fees. (30 September 2024: £355,572; 31 March
2025: £722,988). Calculus Capital Limited also earned a company secretarial
fee of £45,000 (30 September 2024: £9,000; 31 March 2025: £18,000).
At 30 September 2025, £260,084 was due to Calculus Capital Limited (30
September 2024: £189,632; 31 March 2025: £189,793) in relation to unpaid
investment manager's and company secretarial fees.
Calculus Capital Limited took on the expenses cap on 15 December 2015. In the
6 months to 30 September 2025, Calculus Capital Limited did not contribute
towards the expenses. (30 September 2024: contributed £nil; 31 March 2025:
contributed £nil).
11. Transactions with Investment Managers
John Glencross, a Director of the Company, is Chief Executive and a director
of Calculus Capital Limited, the Company's Manager. He does not receive any
remuneration from the Company. He is a director of Brouhaha Entertainment
Limited, Home Team Content Limited, Maven Screen Media Limited, Raindog Films
Limited, Riff Raff Entertainment Limited and Wonderhood Studios Limited.
Calculus Capital receives fees from certain portfolio companies. The aggregate
net amounts received by Calculus Capital Limited for any monitoring, provision
of a director and arrangement fees, as appropriate, from the investee
companies was £418,000 for the period to 30 September 2025 (£444,000 to 30
September 2024; £1,168,000 to 31 March 2025).
12. Post balance sheet events
In October 2025, the Company made two new investments for £990,000 and
£687,000 in Trogenix Limited and Grateful Limited respectively.
In October 2025, a dividend of 1.81p per share was distributed to all eligible
shareholders, achieving the Company's target dividend yield of 5%. During the
same month, over £1 million was raised through a combination of an allotment
and the Company's dividend reinvestment scheme.
Since the period end, the Company has repurchased and cancelled an additional
707,389 shares at a price of 54.30p per share.
As mentioned above, in November 2025, the Company also exited Mo (Thanksbox
Limited) representing a 1.51x return, further supporting the fund's annual
target tax-free dividend yield for shareholders.
COMPANY INFORMATION
Directors Fund Administrator
Jan Ward Waystone Administration Solutions (UK) Limited
John Glencross
Hemant Mardia Broadwalk House
Southernhay West
Exeter EX1 1TS
Registered Office Auditors
12 Conduit Street MHA Audit Services LLP
London 2 London Wall Place
W1S 2XH London EC2Y 5AU
Telephone: 020 7493 4940
Broker
Company Number Singer Capital Markets
07142153 1 Bartholomew Lane
London EC2N 2AX
Venture Capital Investments Manager Registrars
And Company Secretary The City Partnership (UK) Limited
Calculus Capital Limited The Mending Rooms
12 Conduit Street Park Valley Mills
London Meltham Road
W1S 2XH Huddersfield
Telephone: 020 7493 4940 HD4 7BH
Website: www.calculuscapital.com (http://www.calculuscapital.com)
Sponsor
Howard Kennedy LLP
1 London Bridge
London SE1 9BG
Legal Entity Identifier: 2138005SMDWLMMNPVA90
Printed copies of the Calculus VCT plc Half Yearly Report for the six months
ended 30 September 2025 have not been posted to shareholders. However, a copy
can be found on the following website:
https://calculuscapital.com/products/calculus-vct/investor-information/
For further information, please contact:
Calculus Capital Limited
Telephone: 020 7493 4940
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on this announcement (or any other website) are
incorporated into, or form part of, this announcement.
END
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