Annual Financial Report
30/07/2024 16:16
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THAMES VENTURES VCT 1 PLC
LEI: 213800R88MRC4Y3OIW86
30 JULY 2024
FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2024
Thames Ventures VCT 1 plc, advised by Foresight Group LLP, today announces the
final results for the year ended 31 March 2024. These results were approved by
the Board of Directors on 30 July 2024.
The Annual Report will shortly be available in full at
www.foresight.group/products/thames-ventures-vct-1-plc. All other statutory
information can also be found there.
Financial Highlights
NAV performance
The Net Asset Value per share (“NAV”) decreased by 5.7 pence per share
(11.0%) from 51.8 pence per share as at 31 March 2023 to 46.1 pence per share
at the year-end. After adding back dividends of 2.0p which were paid during
the year, NAV total return decreased by 3.7 pence per share (7.1%). This is a
relatively disappointing performance when compared to the performance of many
other VCTs and the FTSE AIM All Share and FTSE Small Cap indices over the same
period.
Dividend
The interim dividend of 1.1 pence per share paid post year-end results in
total dividends in respect of the financial year of 2.1 pence per share (2023:
2.5 pence per share), equivalent to 4.1% based on the opening net asset value.
Steady portfolio activity
Despite the potential disruption of the migration of the investment advisory
team to its new home at Foresight Group LLP, the year has seen a steady level
of portfolio activity with disposal proceeds totalling £3.4 million (2023:
£12.5 million) from eight different investee companies. Additionally, new and
follow on investments totalled £4.5 million (2023: £11.8 million) across
seven different investee companies.
Financial Summary
Audited Audited
31 Mar 31 Mar
2024 2023
Pence Pence
Net asset value per share (“NAV”) 46.1 51.8
Cumulative dividends paid since 12 November 2013 46.5 44.5
Total Return (net asset value plus cumulative dividends paid per share) 92.6 96.3
Dividends in respect of financial year
Interim dividend per share – 2 February 2024 1.0 1.5
Interim dividend per share – 26 July 2024 1.1 1.0
2.1 2.5
Investment Objectives
The Company’s principal investment objectives are:
* To provide private investors with attractive returns from a portfolio of VCT
qualifying investments; and
* To maintain VCT status so that the Company and its shareholders may benefit
from the tax reliefs and exemptions available under the VCT legislation.
The detailed investment policy adopted to achieve the investment objectives is
set out in the Strategic Report on pages 29 and 30 of the Annual Report and
Accounts.
Chair’s Statement
Introduction
I am pleased to present the first Annual Report since I recently took over the
role of Chair of your Company. Before covering what has been another eventful
year, I would like to update Shareholders on some recent developments since
year-end.
As mentioned in our last annual report, the Board has been actively
considering options for the future of the Company, looking to pursue any that
it concluded may benefit Shareholders and enable the Company to be better
placed to serve them.
As noted in the announcement made on 26 July 2024, I am pleased to say that
the Company is in discussions to merge with Thames Ventures VCT 2 plc
(“TV2”), which would achieve, amongst other things, cost savings,
administration efficiency and increased scale. I hope any transaction will
complete in the early Autumn and will, of course, report any significant
developments to Shareholders as things progress.
Secondly, as Shareholders will be aware, the Company’s custodian of quoted
assets, IBP Capital Markets Limited (“IBP”), was put into special
administration by the FCA in October 2023. Since then, the Investment Adviser
has been working tirelessly with the Joint Special Administrators (“JSA”)
to achieve a resolution and I am pleased to inform Shareholders that on 19
July we were granted access to c. 80% of the Company’s quoted assets again
following an interim distribution by the JSA to our new custodian, with the
remainder expected to follow in due course. Unfortunately, a provision of c.
£0.88m has been made in the accounts to cover losses and costs of the JSA,
but we expect this to be a worst-case scenario and hope for a more positive
outcome as part of the final court approved distribution plan. Further details
are provided in my report below and in note 17 of the Annual Report and
Accounts.
As a result of this interim distribution, and having access to more liquidity
across the portfolio, the Board is pleased to be able to re-introduce the
Company’s share buyback policy, which was temporarily paused towards the end
of 2023.
Finally, as announced on 6 June 2024, the previous Chair, Chris Kay stepped
down from the board post year-end to pursue other interests. From that date, I
was appointed to the role of Chair and Barry Dean to Chair of the Audit
Committee. Chris had been Chair of the Board for over ten years and the Board
would like to express its thanks and gratitude for his valued contributions
and dedicated service throughout his tenure.
Turning to the year ended 31 March 2024, we have continued to see a
challenging investment environment for small growth businesses, however, there
have been some early signs of recovery in the UK market with decreasing
inflation and interest rates stabilising. Whilst not across the board, and
very early-stage, there have also been some notable portfolio updates
suggesting access to capital and post pandemic headwinds are beginning to
ease.
Investment Advisory Arrangements
This Annual Report covers the first full financial year with Foresight Group
LLP (“Foresight”) as Investment Adviser to the Company following the
acquisition from Downing LLP (“Downing”) on 4 July 2022.
In the period since, the structure has ensured a good level of continuity with
Downing providing investment advisory services for the non-venture’s
portfolio (quoted growth and yield focused investments). However, we
anticipate reviewing this arrangement as part of the wider strategic
discussions relating to the potential merger with TV2. This timing also feels
appropriate as we are now approaching the two-year anniversary following the
transfer from Downing to Foresight. All other services are already carried out
by Foresight, including administration, with Foresight being appointed Company
Secretary effective from 1 September 2023.
Net asset value and results
As at 31 March 2024, the net asset value (“NAV”) per share stood at 46.1p,
a decrease of 5.7p (or 11.0%) over the year. After adding back dividends paid
in the year of 2.0p per share, this results in a decrease of 7.1%.
The Income Statement shows losses attributable to equity shareholders for the
year of £6.7 million, comprising a revenue loss of £1.3 million and a
capital loss of £5.4 million.
Investment portfolio
During the year, the Company invested £4.5 million in seven companies, one of
which was new to the portfolio.
A total of £3.4 million of proceeds were received from the disposal of eight
investments producing a net realised loss of £8.7 million, including
dissolutions.
The whole portfolio showed investment valuation losses of £4.9 million. £0.7
million of this arose from the quoted growth investments with last year being
undoubtedly one of the most unforgiving markets for smaller AIM companies we
have seen in a long time. However, performance in the second half of the year
was considerably better than in the first half.
The Company recognised a £0.6 million loss from the yield focused
investments, driven by a £0.5 million decrease in the valuation of Doneloans
Limited.
The remaining £3.6 million loss was from the unquoted growth investments,
driven by two exceptional situations during the year which were largely
unavoidable. Firstly, a £4.1 million decrease arose in the carrying value of
Cornelis Networks Inc, as a result of a round closing in the year which had
very aggressive terms for those unable to provide follow-on investment. This
was the case for the Company as the business was no longer VCT-qualifying so
we were unable to participate in the funding round due to certain restrictive
VCT rules. Secondly, there was a £0.7 million decrease in the valuation of
Limitless Technology Limited. The company was unable to access additional
capital as a result of one of the co-investors being on the UK Sanctions List
as a result of the ongoing war in Ukraine. This ultimately resulted in the
company going into administration and the carrying value has therefore been
written down to nil.
Further details on the investment portfolio can be found within the Investment
Adviser’s Reports and the Review of Investments on pages 7 to 22 of the
Annual Report and Accounts.
Dividends
Thames Ventures VCT 1’s policy is to seek to pay annual dividends of at
least 4% of net assets per annum.
On 26 July 2024, the Company paid an interim dividend of 1.1p, taking total
dividends paid in respect of the year ended 31 March 2024 up to 2.1p per share
(2023: 2.5p), equivalent to 4.1% of the opening net assets. On this basis, the
Board is not proposing to pay a final dividend.
Shareholders are reminded that the Company operates a Dividend Reinvestment
Scheme for those investors who wish to reinvest their dividends and obtain
further income tax relief on the reinvested dividend. Shareholders can change
their election via the Thames Ventures Investor Hub provided by City
Registrars at: thames-ventures-vcts.cityhub.uk.com or by contacting the
registrar.
Special Administration of the Company’s Custodian of Quoted Assets
As previously reported, since September 2020 the Company has used IBP Capital
Markets Limited ("IBP") as custodian for its quoted investments. Appointing a
custodian is a requirement of the FCA, and IBP is an FCA authorised and
regulated wholesale broker, providing custody services and access to equity
and fixed income securities for non-retail clients (which includes the
Company). On 13 October 2023, the FCA published a supervisory notice under
section 55L(3)(a) of the Financial Services and Markets Act 2000, imposing
certain restrictions on IBP. On the same date, IBP applied to the High Court
and special administrators were appointed.
During the period since, the Investment Adviser has been actively
collaborating with the special administrators to reach a resolution, which has
involved reconciling quoted stocks held with IBP (“Custody Assets”) and
cash held with IBP (“Client Money”). As at 13 October 2023, the Company
held Client Money of £1.1 million, (1.2% of indicative NAV on the same date),
and Custody Assets of £16.9 million (19.5% of indicative NAV on the same date
with IBP).
As at 31 March 2024, two differences of value in Custody Asset holdings were
identified, Tracsis plc and Verici DX plc, resulting in a valuation decrease
of £0.28 million. With regards to Client Money, the Company has been notified
of a potential 44% cash shortfall, equating to £0.46 million, which has also
been provided for. Further to this, fees to the special administrators of
£0.14 million have been accrued. The total exposure to the Company is
therefore anticipated to be £0.88 million. Full details are provided in note
17 on page 75 of the Annual Report and Accounts.
As noted, on 19 July 2024, around 80% of the quoted investment portfolio was
returned to the Company, meaning normal management and trading of these
positions can resume. The remaining 20% will be returned following the
conclusion of the court proceedings, the timing of which is uncertain, unless
additional claims are submitted or the outcome of the court proceedings in
terms of a final distribution is any different. The Company will communicate
with Shareholders if there is any new information which materially impacts the
numbers presented in this Annual Report.
The Board of Directors would like to reiterate that managing this situation
regarding IBP has been particularly challenging for the Company. The VCT has
been unable to trade any of these quoted investments, resulting in a halt to
proper management of the effected portfolio and also impacting wider fund
operations. The many unknowns and uncertainties, some of which still remain,
has also meant updating our Shareholders has not been straightforward.
Fundraising
With the uncertainty brought about by the special administration of the
custodian of the Company’s quoted stocks, we have not been in a position to
launch a fundraise this year.
With visibility over the outcome of the IBP situation now improved, and
discussions underway for a merger with TV2, the strategic direction of the
Company with regards to fundraising will be communicated with Shareholders in
due course.
Share buybacks
The Company continues to operate a policy of buying in its own shares that
become available in the market at a 5% discount to NAV (subject to liquidity
and regulatory restrictions), which has now been reinstated following a pause
as a result of the IBP situation.
During the year, the Company purchased and subsequently cancelled 3,960,046
shares at an average price of 48.1p per share, representing 2.2% of shares in
issue at the date of the last Annual Report.
The Company retains Panmure Liberum as its corporate broker to assist in
operating the share buyback process and ensuring that the quoted spread on the
Company’s shares remains at a reasonable level. Contact details for Panmure
Liberum are on page 77 of the Annual Report and Accounts.
Responsible investing
The Board notes the commitment of the Investment Adviser, Foresight Group, to
being a “Responsible Investor”. Foresight places Environmental, Social and
Governance (ESG) criteria at the forefront of its business and investment
activities in line with best practice and in order to enhance returns for
their investors.
Further detail on the Investment Adviser’s approach to responsible
investment, including the key principles and their screening approach, can be
found on pages 23 to 25 of the Annual Report and Accounts.
VCT Qualification
At 31 March 2024, qualifying investments represented 93.3% of total
investments (including cash).
Directorate
As noted earlier in my report, Chris Kay resigned as a director of the Company
on 6 June 2024. The Board now comprises three non-executive directors, which
the Board considers to be an appropriate number for the current size of the
VCT. All of the Directors are independent of the Investment Adviser, with the
exception of Chris Allner who is considered non-independent by virtue of being
a partner at Downing LLP, the previous investment adviser to the Company,
which still provides some services to the new investment adviser.
Change of Company Secretary and Registered Office
As previously reported, Foresight Group LLP was appointed as Company Secretary
effective from 1 September 2023, succeeding Grant Whitehouse. The Board of
Directors would like to take this opportunity to thank Grant for his many
years of loyal service.
Annual General Meeting (“AGM”)
This year’s AGM will be held at Foresight Group LLP, The Shard, 32 London
Bridge Street, London, SE1 9SG at 1.00 p.m. on 4 September 2024.
If you intend to attend the AGM, please notify us by email to
investorrelations@foresightgroup.eu in case there are any changes to
arrangements that need to be communicated at short notice.
This year Shareholders will be able submit proxy votes electronically. The
details required for voting will be sent to each shareholder. The deadline for
proxy votes to be received is 6.30 p.m. on 2 September 2024.
Outlook
Whilst the Board acknowledges it has been another difficult year, resulting in
a continuing decline in NAV, there have been some early signs of recovery with
a number of interesting developments in the portfolio. The NAV decline of
7.1%, after adding back the dividends paid in the year, compares with 10.6% in
the previous financial year, which would suggest the start of a potentially
reversing trend.
In addition, the Company has generated liquidity during the year through
driving exit events, in particular relating to the legacy portfolio with three
of the unquoted yield focused assets close to completion on exits. Total
current assets as at 31 March 2024 was £15.1 million, £7.6 million of which
is cash and cash equivalents. Movement in the unquoted growth investment
portfolio was mainly the result of two write downs out of the investment
team’s control, as detailed in the Investment Advisers’ Report. The Board
believes that the portfolio has exhibited signs of improvement with portfolio
companies well-positioned to benefit from improved conditions when they arise.
Atul Devani
Chair
30 July 2024
Investment Adviser’s Report – Unquoted Growth
Portfolio overview
At 31 March 2024, the Company held total Unquoted investments of £49.3
million (2023: £51.8 million), split £36.4 million (2023: £38.0 million)
Unquoted Growth and £12.9 million (2023: £13.8 million) Unquoted
Yield-focused. Details of the Unquoted Yield-focused portfolio performance are
set out on page 10 of the Annual Report and Accounts.
The Unquoted Growth portfolio comprises 30 companies, across a range of
sectors. Following a challenging period for the year ended 31 March 2023, with
the portfolio unfavourably impacted by the downturn of the UK economy, the
financial year ended 31 March 2024 has been similarly disappointing resulting
in an overall investment valuation loss of £3.6 million (2023: loss of £3.5
million) in the portfolio.
Portfolio composition
The investment team continue to reduce the level of diversification in the
Unquoted Growth portfolio with a focus on deep tech and enterprise software,
now representing approximately 75% of the investment portfolio by valuation
following further investment into these sectors during the period of £3.3
million.
Investment activity
During the period, there was £2.1 million of proceeds generated from exits
and a total of £4.1 million invested into unquoted growth companies.
One new investment was added to the unquoted growth portfolio:
EM Scientific Limited (trading as Inoviv) (£1,435,000) has a long-term data
play in drug discovery and trials, having developed novel precision biomarker
technology which helps pharmaceutical customers run drug trials more
efficiently. This investment will enable Inoviv to further accelerate their
commercial plans, including facilitating the development of tests across more
diseases.
Follow on investments totalling £2.65 million were made into four companies:
Cambridge Touch Technologies Ltd (£1,750,000), Maestro Media Limited
(£600,000), Virtual Class Ltd (£150,000), and TidalSense Limited (formerly
Cambridge Respiratory Innovations Limited) (£150,000).
Details of the investment realisations during the year are set out on page 17
of the Annual Report and Accounts. Excluding dissolutions in the year, total
proceeds of £2.1 million were generated, producing a realised gain of
£123,000.
The largest gain in the period related to Imagen Ltd, a Software as a Service
(“SaaS”) video management platform. The investment was sold in July 2023,
returning £1.9 million, resulting in a realised gain of £884,000.
DiA Imaging Analysis Ltd, a leading provider of advanced Artificial
Intelligence based solutions for ultrasound analysis, was also sold in the
period for initial proceeds of £196,000. There is also a deferred element of
consideration meaning a gain over cost will be realised on this exit.
Portfolio valuation
Although there were some material write downs in the unquoted growth portfolio
during the period, and companies have continued to struggle in the challenging
macroeconomic environment, there have also been some positive year-on-year
movements in valuations and early signs of some potential recovery. This has
resulted in a total investment valuation loss of £3.6 million in the period,
including £217,000 in unrealised foreign exchange losses. In the year ended
31 March 2023, total losses of £3.5 million were recognised, £585,000 of
which was unrealised foreign exchange gains.
Of the £3.6 million total investment loss, total gains of £5.1 million were
offset by total losses of £8.7 million. The most significant movements are
noted below.
The largest gain in value was in Carbice Corporation Inc, which has developed
a suite of products based on its carbon material called Carbice Carbon which
is primarily used as thermal management solutions to enable greater thermal
conductivity. The valuation increased by £1.6 million, including foreign
exchange losses, as a result of the company accessing more capital in the year
and launching its Series B funding round.
Other unrealised valuation gains include:
FundingXchange Limited, a fintech platform delivering SME lenders insights
into their portfolio trends, was uplifted £912,000 during the year as a
result of closing a £5m investment from Barclays in February 2024 as part of
the company’s Series B funding round. This revaluation is the result of a
calibration to the price set by this funding round.
Cambridge Touch Technologies Ltd, a company developing pressure sensitive
multi touch technology, was uplifted £862,000 during the year as a result of
a funding round which closed in June 2024, which the VCT participated in. This
revaluation is the result of a calibration to the price set by this funding
round.
Maestro Media Limited, a talent-led, e-learning media platform of multichannel
e-commerce technology, increased in value by £504,000 as a result of a
calibration to the price set by a funding round during the year, supported by
a strong trading year.
Masters of Pie Limited, developer of “Radical”, a software solution that
enables remote sharing and collaboration on large data sets, was uplifted by
£369,000 as a result of improved performance following some significant
contract wins.
Bulbshare Limited, a company that enables brands to build communities from
their existing customers to gather consumer insights, has continued to grow
year-on-year resulting in a valuation uplift of £216,000.
Six other companies in the unquoted growth portfolio made up investment
valuation gains of £619,000.
There were also a number of valuation losses reported in the period. The two
greatest losses, Cornelis Networks Inc. (£4.1 million, including foreign
exchange losses) and Limitless Technology Limited (£703,000), were under
exceptional circumstances and situations out of the investment team’s
control.
Cornelis Networks Inc., which delivers purpose-built high-performance fabrics
for High Performance Computing (HPC), High Performance Data Analytics (HPDA)
and Artificial Intelligence (AI), went through an internal funding round in
the year which resulted in existing investors who were unable to participate
being heavily diluted. Thames Ventures VCT 1 plc was unable to participate
under the VCT rules, as the company exceeded the VCT-qualification threshold
for gross assets, meaning the VCT’s position was severely impacted, which is
reflected in the year-on-year movement in valuation.
Limitless Technology Limited, the developer of a crowdsourced customer service
platform, was unable to access additional capital as a result of one of the
co-investors being on the UK Sanctions List following the Russian invasion of
Ukraine. This ultimately resulted in the company going into administration and
the carrying value has therefore been written down to nil.
Other investment valuation losses include:
Hackajob Limited, a platform for technical hires, was revalued downwards by
£703,000 in the year to account for trading headwinds in the UK as a result
of the challenging economic environment.
Parsable Inc., a provider of software to improve operational efficiencies in
the industrial and manufacturing sectors, has also been impacted by the
macroeconomic environment. Losing a significant customer has led to a
valuation decrease of £693,000, including foreign exchange losses.
Vivacity Labs Limited, a provider of artificial intelligence sensors to
monitor and control traffic flows, was decreased in carrying value by
£483,000 during the year. This is as a result of the challenging
macroeconomic environment and access to funding.
Upp Technologies Group Ltd, a provider of multichannel e-commerce technology,
was decreased in value by £442,000 as a result of a calibration to the price
set by a funding round during the year.
Virtual Class Ltd, (trading as Third Space Learning), a platform offering
personalised online lessons from specialist tutors, decreased in carrying
value by £426,000 during the year. This is driven by a challenging market in
the UK, with the government recently announcing the National Tutoring
Programme will not be extended.
CommerceIQ Inc., the pioneer in helping brands win on retail e-commerce
channels, decreased by £417,000 in the period, including foreign exchange
losses. The company continues to perform well, growing revenues during the
period and supported by a very strong balance sheet. This valuation movement
is therefore simply a reflection of wider market conditions.
Rated People Limited, an online marketplace connecting homeowners and local
tradespeople, reduced in carrying value by £236,000, as a result of trading
headwinds and access to capital.
Four other companies in the unquoted growth portfolio made up valuation losses
of £486,000.
Aside from Limitless Technology Limited, no other investments were written
down to nil during the year.
Foresight Group LLP
30 July 2024
Investment Adviser’s Report – Yield Focused Portfolio
Downing LLP continues to advise the Company on the Unquoted Yield Focused
Portfolio under a subcontract from Foresight Group LLP.
We present a review of the yield focused investment portfolio for the year
ended 31 March 2024. At the year end, the yield focused portfolio consisted of
eight investments, all of which are unquoted, with a total value of £12.9
million (2023: £13.8 million).
Divestment activity
During the year, the focus for the Adviser was towards investment realisations
from the yield focused portfolio which resulted in winding up proceeds of
£0.3 million from two investments. There were no new or follow on
investments.
Further details on each of the exits can be found below:
Proceeds of £87,000 were received from Downing Pub EIS ONE Limited, a holding
company that owned two London pub companies. This distribution resulted in a
realised gain over cost of £19,000. The business was subsequently put into
liquidation after the end of the financial year.
Pearce & Saunders Limited, and the related Pearce & Saunders DevCo Limited,
were placed into liquidation in the year. Further distributions of £172,000
were received, which resulted in realised losses for the period of £1.0
million. Although the liquidation is ongoing, no further proceeds are
anticipated.
Five legacy holdings were also dissolved in the year, resulting in realised
losses of £4.9 million.
Portfolio valuation
The yield focused portfolio reduced in value by £598,000 during the year,
with three companies recognising unrealised gains of £360,000 and five
companies recognising unrealised losses of £958,000.
Pearce & Saunders Limited, which was previously valued at nil, was uplifted by
£172,000 because of the distribution received during the period.
Kimbolton Lodge Limited, a nursing and care home in Bedfordshire, has
increased in value by £131,000 because of increased free cash in the
business. It is likely that the business will be sold later in 2024.
Data Centre Response Limited, the provider of power solutions and maintenance
services to data centres increased in value by £57,000 in line with
anticipated exit proceeds based on an offer accepted in the year.
The gains noted above have been offset by the following losses.
Doneloans Limited, which holds a portfolio of secured loans, decreased in
value by £499,000 driven by a write down in the value of its loan book.
Baron House Developments LLP which was created to fund the purchase and
development of a property as a hotel in central Newcastle, was reduced in
value by £323,000 driven by a provision recognised for fire safety works
required at the hotel.
SF Renewables (Solar) Limited, which built and operates a solar plant in
India, has decreased in value by £59,000 in line with the anticipated exit
proceeds from an offer accepted in the year and to account for foreign
exchange fluctuations.
Other valuation losses totalling £77,000 were recognised on Pearce & Saunders
DevCo Limited and Downing Pub EIS ONE Limited.
Outlook
The period has been slightly slow in terms of investment realisations which,
in the most part, has been a strategic decision to delay whilst the M&A market
has been so challenging. The back end of the financial year has seen some
encouraging signs that there will be at least three realisations in early
FY24.
Downing LLP
30 July 2024
Investment Adviser’s Report - Quoted Growth Portfolio
Downing LLP continues to advise the Company on the Quoted Growth Portfolio
under a subcontract arrangement with the Foresight Group LLP. This arrangement
is being reviewed as part of the wider strategic discussions relating to the
potential merger.
Investment activity
At 31 March 2024, the quoted portfolio was valued at £18.1 million,
comprising 36 active investments. Over the 12-month period, the quoted
portfolio produced valuation losses of £0.7 million, reflecting a 3.8%
decrease over the period against the FTSE AIM All Share that fell 8%.
Markets continued to be volatile through the current reporting period. There
was no shortage of reasons for concern - the continued Russian invasion of
Ukraine, inflation, and the impact of higher interest rates. Recession fears
loomed hard and the market switched from bearishness to bullishness on a
moment’s notice. Smaller companies continued to be out of favour, and even
the momentum of small companies being taken out by private equity or trade
buyers refused to improve sentiment. However, since the turn of the year,
sentiment has been improving and the prospect of lower interest rates has
provided an improving backdrop for UK smaller companies.
The quoted portfolio saw little activity during the period, with three partial
divestments and one corporate action. Proceeds of £0.7 million were received
through a sale of Tracsis plc, one of the portfolios larger positions,
realising a gain of £0.5 million. Huddled Group plc (trading as Let’s
Explore) returned £0.4 million by way of a return of capital to shareholders,
realising a gain of £50,000.
Portfolio Movements
Reflecting the market, there was some volatility in the portfolio over the
period. Craneware plc had unrealised gains of £0.8 million, reflecting a
return to growth for this provider of software into the US Healthcare market.
Meanwhile Cohort plc, the parent company of six businesses providing a wide
range of services and products for British, Portuguese and other international
customers in defence and security markets, also booked an unrealised gain of
£0.4 million. This mirrored continued buoyant trading and orders from defence
contracts.
Valuation losses of £0.4 million were incurred in Genincode plc, a UK-based
polygenics company focused on the prevention of cardiovascular disease and
ovarian cancer. As tends to be the case with early-stage biotech companies,
share prices can be volatile and react to news flow. Since the period end, the
share price has fallen nearly 8% (as at 26 July 2024). The Downing Strategic
Micro-Cap Investment Trust plc incurred an unrealised loss of £0.2m, largely
reflecting negative sentiment towards UK smaller companies to which the
underlying portfolio has exposure. In the period, the Investment Trust
announced that it had received approval to go into a managed wind-down, and
subsequently has paid 59.5p in Special Dividends at close to Net Asset Value.
Further distributions are expected this year.
As at 26 July 2024, the valuation of the quoted portfolio had fallen in
valuation by £279,000 (1.5%) including the £3.6m of dividends received from
Downing Strategic Micro-Cap Investment Trust plc.
IBP Capital Markets Limited
Since it was announced on 13 October 2023 that IBP Capital Markets Limited
(“IBP”), the custodian of the Company’s quoted investments, was entering
Special Administration, the Investment Adviser has been unable to trade any of
the quoted stocks.
The Investment Adviser has been actively collaborating with the special
administrators to reconcile the quoted positions, with two differences of
value identified. These were Tracsis plc and Verici DX plc, together totalling
a difference in value of £0.28 million as at 31 March 2024 (0.3% of NAV), and
have been provided for in the accounts. There was no other impact to the
holding values of the quoted investments.
As noted in the Chair’s Statement and note 17 of the Annual Report and
Accounts, the Company recovered c.80% of the total quoted portfolio on 19 July
2024 with the remaining c.20% to be recovered following court proceedings.
Whilst the outcome remains subject to change, the Company does not anticipate
any further breaks in holdings and will be able to return to normal management
of the portfolio following this initial distribution.
Outlook
With the UK election concluded and a new Labour government in place, their
focus on innovation and technology, alongside broader economic policies,
suggests a positive long-term outlook for the sector. However, as Investment
Adviser, we continue to remain vigilant and adaptable in a fluctuating
economic environment. With the prospects of interest rates declining towards
Q3, the overall sentiment towards smaller companies is improving. This bodes
well for this portfolio which is typically invested in profitable growth
companies. Up until last week, the ability to trade the portfolio continued to
be restricted due to the special administration of IBP Capital Markets Limited
(the custodian of the assets), and hence there has been limited ability to
manage exposures within the portfolio. Following the recent interim
distribution of c.80% of the quoted stocks, we will now be able to return to
actively managing the portfolio.
Meanwhile, we will continue to focus on the fundamentals of this maturing,
quality collection of smaller companies, where we believe the strong
fundamentals of the underlying businesses are already taking advantage of any
improvements in their end markets.
Downing LLP
30 July 2024
Review of Investments
Portfolio of investments
The following investments were held at 31 March 2024:
31 March 2024 31 March 2023
Date of investment Accounting Cost (£’000) Valuation (£’000) Valuation Methodology Accounting Cost (£’000) Valuation (£’000)
Quoted growth investments
Tracsis plc 12/11/2013 1,239 5,956 Bid price 1,443 6,782
Downing Strategic Micro-Cap Investment Trust plc 08/05/2017 5,699 3,499 Bid price 5,699 3,740
Craneware plc 12/11/2013 353 1,672 Bid price 353 874
Anpario plc 12/11/2013 1,448 1,392 Bid price 1,448 1,206
Cohort plc 12/11/2013 394 1,255 Bid price 394 899
Impact Healthcare REIT plc 08/11/2017 1,518 1,230 Bid price 1,518 1,421
Vianet Group plc 01/04/2010 756 858 Bid price 756 567
Brooks Macdonald Group plc 12/11/2013 257 310 Bid price 257 333
Norman Broadbent plc 24/10/2013 906 301 Bid price 906 135
Feedback plc 01/07/2020 400 290 Bid price 400 348
GENinCode plc 22/07/2021 774 267 Bid price 800 700
Sysgroup plc 01/07/2016 377 201 Bid price 377 157
Pennant International Group plc 12/11/2013 335 133 Bid price 335 165
Huddled Group plc (trading as Let's Explore) 07/02/2020 175 98 Bid price 500 425
One Media IP Group plc 18/08/2020 175 95 Bid price 175 125
Angle plc 12/11/2013 570 94 Bid price 570 153
DXS International plc 17/05/2023 300 90 Bid price - -
Frontier IP Group plc 12/11/2013 30 86 Bid price 30 146
Libertine Holdings plc 23/12/2021 350 70 Bid price 350 298
Verici Dx plc 11/03/2022 239 62 Bid price 240 89
Oncimmune Holdings plc 29/03/2021 278 32 Bid price 278 57
Dillistone Group plc 12/11/2013 411 28 Bid price 411 64
Pressure Technologies plc 12/11/2013 248 26 Bid price 248 29
Eneraqua Technologies plc 22/11/2021 195 26 Bid price 195 204
Strip Tinning Holdings plc 15/02/2022 105 19 Bid price 105 23
Trellus Health plc 27/05/2021 175 9 Bid price 175 26
Fireangel Safety Technology Group plc 01/11/2013 545 8 Bid price 545 37
AIQ Limited 09/01/2018 - - Bid price - 1
Wheelsure Holdings plc 12/11/2013 48 - Bid price 48 2
ACHP plc 12/11/2013 61 - Bid price 61 -
Flowgroup plc 12/11/2013 207 - Bid price 207 -
Pelatro plc 19/08/2020 290 - Bid price 290 28
Deepmatter Group plc 13/07/2020 722 - Bid price 563 -
Bonhill Group plc 17/08/2018 1,000 - Bid price 1,000 56
Inland Homes plc 12/11/2013 1,311 - Bid price 1,311 210
Pittards plc 03/06/2015 1,350 - Bid price 1,350 169
23,241 18,107 23,338 19,469
31 March 2024 31 March 2023
Date of investment Accounting Cost (£’000) Valuation (£’000) Valuation Methodology Accounting Cost (£’000) Valuation (£’000)
Unquoted growth investments
Cambridge Touch Technologies Ltd 01/07/2019 2,709 4,078 Price of last funding round 959 1,466
Carbice Corporation 30/09/2020 3,020 3,522 Discount to round underway 3,020 1,883
Maestro Media Limited (trading as BBC Maestro) 18/01/2021 1,920 2,972 Price of last funding round 1,320 1,868
Ayar Labs, Inc. 28/08/2020 1,280 2,903 Price of last funding round 1,280 3,127
Trinny London Limited 07/07/2020 443 2,095 Discounted revenue multiple 443 1,889
Virtual Class Ltd 05/04/2018 1,314 2,019 Discounted revenue multiple 1,164 2,295
Hackajob Ltd 19/10/2018 2,284 1,883 Price of last funding round 2,284 2,586
Rated People Limited 22/11/2018 1,582 1,585 Discounted revenue multiple 1,582 1,821
Bulbshare Limited 24/11/2021 749 1,498 Discounted revenue multiple 749 1,282
FundingXchange Limited 08/11/2019 1,335 1,473 Price of last funding round 1,335 561
EM Scientific Limited (trading as Inoviv) 19/10/2023 1,435 1,435 Price of last funding round - -
Kluster Enterprises Limited 07/02/2023 1,236 1,395 Price of last funding round 1,236 1,236
CommerceIQ, Inc. 20/07/2022 1,749 1,314 Discounted revenue multiple 1,749 1,731
Masters of Pie Limited 02/07/2018 886 1,245 VC method 886 876
Ecstase Limited (trading as ADAY) 28/11/2019 1,000 986 Discounted revenue multiple 1,000 1,000
Vivacity Labs Limited 17/02/2021 1,289 960 Price of last funding round 1,289 1,443
Flock Limited 10/02/2023 930 930 Price of last funding round 930 930
Parsable, Inc. 29/06/2020 1,532 813 Discounted revenue multiple 1,532 1,506
DSTBTD Limited (trading as Distributed) 30/03/2022 775 775 Discounted revenue multiple 775 775
FVRVS Limited (trading as Fundamental VR) 30/10/2019 787 678 Price of last funding round 787 678
TidalSense Limited (formerly Cambridge Respiratory Innovations Limited) 16/11/2020 650 488 Price of last funding round 500 500
Upp Technologies Group Ltd 21/08/2017 1,136 481 Price of last funding round 1,136 923
Audioscenic Limited 09/12/2022 400 454 VC method 400 400
MIP Discovery Limited 30/06/2020 225 237 Price of last funding round 225 225
Cornelis Networks, Inc. 18/09/2020 2,102 167 Price of last funding round 2,102 4,312
Channel Mum Limited 29/10/2018 757 - Nil value 757 -
Limitless Technology Limited 21/12/2017 757 - Nil value 757 703
Lignia Wood Company Limited 24/05/2019 1,778 - Nil value 1,778 -
Empiribox Limited 16/08/2017 1,813 - Nil value 1,813 -
Glisser Ltd 24/03/2021 1,887 - Nil value 1,887 -
Imagen Ltd 21/12/2018 - - Sold 1,000 1,703
DIA Imaging Analysis Ltd 20/07/2021 - - Sold 207 282
Lineten Limited 07/02/2023 - - Sold 750 -
Hummingbird Technologies Limited 09/07/2019 - - Dissolved 2,250 -
Live Better With Ltd. 24/08/2018 - - Dissolved 990 -
Ludorum plc 06/11/2007 - - Dissolved 177 -
39,760 36,386 41,049 38,001
31 March 2024 31 March 2023
Date of investment Accounting Cost (£’000) Valuation (£’000) Valuation Methodology Accounting Cost (£’000) Valuation (£’000)
Unquoted yield focused investments
Doneloans Limited 04/04/2016 3,631 3,657 Net assets 3,631 4,156
Baron House Developments LLP 30/07/2012 2,695 2,695 Discounted offer received 2,695 3,018
Data Centre Response Limited 12/11/2013 557 2,423 Discounted offer received 557 2,366
Cadbury House Holdings Limited 30/11/2009 3,082 2,162 Discounted independent valuation 3,082 2,162
Kimbolton Lodge Limited 12/11/2003 664 981 Discounted earnings multiple 664 850
Pilgrim Trading Limited 29/10/2015 2,594 778 Discounted cash flow 2,594 778
SF Renewables (Solar) Limited 01/04/2015 422 204 Discounted offer received 422 263
Resource Reserve Recovery Limited 12/11/2013 6 - Nil value 6 -
Downing Pub EIS ONE Limited 18/10/2017 - - Dissolved 68 94
Pearce & Saunders Devco Limited 23/06/2015 - - Dissolved 84 70
London City Shopping Centre Limited 12/11/2013 - - Dissolved 110 -
Quadrate Spa Limited 12/11/2003 - - Dissolved 372 -
Top Ten Holdings plc 13/10/2003 - - Dissolved 399 -
Pearce & Saunders Limited 12/11/2003 - - Dissolved 1,122 -
Quadrate Catering Limited 21/01/2016 - - Dissolved 1,500 -
Yamuna Renewables Limited 05/04/2016 - - Dissolved 2,500 -
13,651 12,900 19,806 13,757
Total investments 76,652 67,393 84,193 71,227
The Company also holds investments in Golden Rock Global plc and Mining,
Minerals & Metals plc (which does not show in the previous table). These
investments were acquired in prior periods at negligible value as a result of
reorganisations of other investments and continue to be valued at the same
level.
Investment movements for the year ended 31 March 2024
Additions
£’000
Quoted growth investments
DXS International plc 300
Deepmatter Group plc 159
459
Unquoted growth investments
Cambridge Touch Technologies Ltd 1,750
EM Scientific Limited (trading as Inoviv) 1,435
Maestro Media Limited (trading as BBC Maestro) 600
Virtual Class Ltd 150
TidalSense Limited (formerly Cambridge Respiratory Innovations Limited) 150
4,085
Total additions 4,544
Disposals
Value at Realised
Cost 31 March 2023* Proceeds gain/(loss)
£’000 £’000 £’000 £’000
Quoted growth investments
Tracsis plc* 204 958 694 490
Huddled Group plc (trading as Let's Explore)* 325 276 375 50
GENinCode plc* 26 23 18 (8)
Verici Dx plc 1 - - (1)
556 1,257 1,087 531
Unquoted growth investments
Imagen Ltd 1,000 1,703 1,884 884
DIA Imaging Analysis Ltd 207 282 196 (11)
Ludorum plc** 177 - 7 (170)
Lineten Limited 750 - - (750)
Live Better With Ltd.** 990 - - (990)
Hummingbird Technologies Limited** 2,250 - - (2,250)
5,374 1,985 2,087 (3,287)
Unquoted yield focused investments
Downing Pub EIS ONE Limited** 68 94 87 19
Pearce & Saunders Devco Limited** 84 70 - (84)
London City Shopping Centre Limited** 110 - - (110)
Quadrate Spa Limited** 372 - - (372)
Top Ten Holdings plc** 399 - - (399)
Pearce & Saunders Limited** 1,122 - 172 (950)
Quadrate Catering Limited** 1,500 - - (1,500)
Yamuna Renewables Limited** 2,500 - - (2,500)
6,155 164 259 (5,896)
12,085 3,406 3,433 (8,652)
*Adjusted for partial sales in the year on a pro rata basis where applicable
**Company dissolved in the year
Income Statement
for the year ended 31 March 2024
Year ended 31 March 2024 Year ended 31 March 2023
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Income 906 - 906 3,031 - 3,031
Realised losses on investments - (8,015) (8,015) - (633) (633)
Unrealised gains/(losses) on investments - 3,465 3,465 - (11,718) (11,718)
Investment management fees (863) (863) (1,726) (799) (799) (1,598)
Other expenses (1,346) - (1,346) (812) - (812)
(Loss)/return on ordinary activities before tax (1,303) (5,413) (6,716) 1,420 (13,150) (11,730)
Tax on total comprehensive income and ordinary activities - - - (228) 228 -
(Loss)/return attributable to equity shareholders (1,303) (5,413) (6,716) 1,192 (12,922) (11,730)
Basic and diluted (loss)/return per share (0.7)p (3.1)p (3.8)p 0.7p (7.2)p (6.5)p
The total column within the Income Statement represents the Statement of Total
Comprehensive Income of the Company prepared in accordance with Financial
Reporting Standards (“FRS 102”). There are no other items of comprehensive
income. The supplementary revenue and capital return columns are prepared in
accordance with the Statement of Recommended Practice issued in November 2014
and updated in July 2022 by the Association of Investment Companies (“AIC
SORP”).
Statement of Changes in Equity
for the year ended 31 March 2024
Called up Share Capital Capital redemption reserve Share premium account Funds held in respect of shares not yet allotted Special reserve Capital reserve realised Revaluation reserve Revenue reserve Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
For the year ended 31 March 2023
At 1 April 2022 1,776 1,697 79,035 78 16,328 - 11,303 (744) 109,473
Total comprehensive income - - - - - (1,204) (11,718) 1,192 (11,730)
Realisation of revaluations from previous years* - - - - - 2,438 (2,438) - -
Realisation of impaired valuations - - - - - (5,445) 5,445 - -
Transfer between reserves* - (1,710) (81,236) - 74,984 7,962 - - -
Transactions with owners
Dividends paid - - - - - (3,751) - (2,104) (5,855)
Utilised in share issue - - - (78) - - - - (78)
Issue of new shares 43 - 2,680 - - - - - 2,723
Share issue costs - - (51) - - - - - (51)
Purchase of own shares** (45) 45 - - (2,499) - - - (2,499)
At 31 March 2023 1,774 32 428 - 88,813 - 2,592 (1,656) 91,983
For the year ended 31 March 2024
At 1 April 2023 1,774 32 428 - 88,813 - 2,592 (1,656) 91,983
Total comprehensive income - - - - - (8,878) 3,465 (1,303) (6,716)
Transactions with owners
Dividends paid - - - - - (1,913) - (1,660) (3,573)
Issue of new shares 29 - 1,556 - - - - - 1,585
Share issue costs - - (7) - - - - - (7)
Shares issued under the dividend reinvestment scheme 11 - 545 - - - - - 556
Purchase of own shares** (39) 39 - - (1,912) - - - (1,912)
At 31 March 2024 1,775 71 2,522 - 86,901 (10,791) 6,057 (4,619) 81,916
*A transfer of £2.4 million representing previously recognised unrealised
gains on disposal of investments during the year ended 31 March 2023 were made
from the Revaluation reserve to the Capital Reserve-realised. A transfer of
£8.0 million representing realised gains on disposal of investments, less net
investment impairments and the excess of capital expenses over capital income
and capital dividends in the year ended 31 March 2023 were made from the
Special reserve to the Capital Reserve – realised. Following the
cancellation of the Capital Redemption reserve and Share Premium account
subsequent to Court approval in January 2023, a transfer of £1.7 million and
£81.2 million had been made from the Capital Redemption reserve and the Share
Premium account, respectively, to the Special reserve.
**These shares were subsequently cancelled.
Balance Sheet
as at 31 March 2024
2024 2023
£’000 £’000
Fixed assets
Investments 67,393 71,227
Current assets
Debtors 7,570 6,828
Cash at bank and in hand 7,559 15,282
15,129 22,110
Creditors: amounts falling due within one year (606) (1,354)
Net current assets 14,523 20,756
Net assets 81,916 91,983
Capital and reserves
Called up share capital 1,775 1,774
Capital redemption reserve 71 32
Share premium account 2,522 428
Special reserve 86,901 88,813
Capital reserve – realised (10,791) -
Revaluation reserve 6,057 2,592
Revenue reserve (4,619) (1,656)
Total equity shareholders’ funds 81,916 91,983
Basic and diluted net asset value per share 46.1p 51.8p
The financial statements on pages 54 to 76 of the Annual Report and Accounts
were approved and authorised for issue by the Board of Directors on 30 July
2024 and were signed on its behalf by:
Atul Devani
Chair
Company number: 03150868
Cash Flow Statement
for the year ended 31 March 2024
2024 2023
£’000 £’000
Cash flow from operating activities
Loss on ordinary activities after taxation (6,716) (11,730)
Loss on investments 4,550 12,351
Increase in debtors (1,134) (3,529)
Increase/(decrease) in creditors 304 (60)
Net cash outflow generated from operating activities (2,996) (2,968)
Cash flow from investing activities
Purchase of investments (4,394) (11,758)
Proceeds from disposal of investments 3,433 14,134
Proceeds from deferred consideration 637 -
Net cash (outflow)/inflow from investing activities (324) 2,376
Cash flows from financing activities
Proceeds from share issue 1,585 1,781
Funds held in respect of shares not yet allotted - (78)
Share issue costs (7) (51)
Purchase of own shares (2,964) (1,723)
Equity dividends paid (3,017) (4,911)
Net cash outflow from financing activities (4,403) (4,982)
Net cash outflow (7,723) (5,574)
Net movement in cash
Beginning of year 15,282 20,856
Net cash outflow (7,723) (5,574)
End of year 7,559 15,282
Notes
1. These are not statutory accounts in accordance with S436 of the Companies
Act 2006. The full audited accounts for the year ended 31 March 2024, which
were unqualified and did not contain statements under S498(2) of the Companies
Act 2006 or S498(3) of the Companies Act 2006, will be lodged with the
Registrar of Companies. Statutory accounts for the year ended 31 March 2024
including an unqualified audit report and containing no statements under the
Companies Act 2006 will be delivered to the Registrar of Companies in due
course.
2. The audited Annual Financial Report has been prepared on the basis of
accounting policies set out in the statutory accounts of the Company for the
year ended 31 March 2024. All investments held by the Company are classified
as ‘fair value through the profit and loss’. Unquoted investments have
been valued in accordance with IPEV guidelines. Quoted investments are stated
at bid prices in accordance with the IPEV guidelines and Generally Accepted
Accounting Practice.
3. Copies of the Annual Report will be sent to shareholders and can be
accessed on the following website:
www.foresight.group/products/thames-ventures-vct-1-plc.
4. Basic and diluted net asset value per share
Ordinary Shares in issue Net assets NAV per share
Number £’000 Pence
As at 31 March 2024 177,546,529 81,916 46.1
As at 31 March 2023 177,441,775 91,983 51.8
As the Company has not issued any convertible securities or share options,
there is no dilutive effect on the net asset value per share. The net asset
value per share disclosed therefore represents both the basic and diluted net
asset value per share.
5. Basic and diluted return per share
2024 2023
£’000 £’000
Return per share based on:
Net revenue (loss)/gain for the financial year (1,303) 1,192
Net capital loss for the financial year (5,413) (12,922)
Total loss for the financial year (6,716) (11,730)
Weighted average number of shares in issue 178,234,061 179,972,333
As the Company has not issued any convertible securities or share options,
there is no dilutive effect on return per share. The return per share
disclosed therefore represents both the basic and diluted return per share.
6. Annual General Meeting
The Annual General Meeting of the Company will be held at the offices of
Foresight Group LLP, The Shard, 32 London Bridge Street, SE1 9SG at 1.00 p.m.
on 4 September 2024. Details will be published on both the Company’s and the
Adviser’s website at www.foresight.group/products/thames-ventures-vct-1-plc.
7. Income
2024 2023
£’000 £’000
Income from investments
Loan stock interest 424 2,475
Dividend income 415 529
839 3,004
Other income
Other income 67 27
906 3,031
8. Investments
Quoted growth investments Unquoted growth investments Unquoted yield focused investments Total
£’000 £’000 £’000 £’000
Opening cost at 1 April 2023 23,338 41,049 19,806 84,193
Investment holding losses at 1 April 2023 (3,869) (3,048) (6,049) (12,966)
Opening fair value at 1 April 2023 19,469 38,001 13,757 71,227
Movement in the year:
Purchased at cost 459 4,085 - 4,544
Disposal proceeds (1,087) (2,087) (259) (3,433)
Realised gains/(losses) on disposals* 531 (3,287) (5,896) (8,652)
Foreign exchange losses - (217) - (217)
Investment holding (losses)/gains** (1,265) (109) 5,298 3,924
Closing fair value at 31 March 2024 18,107 36,386 12,900 67,393
Closing cost at 31 March 2024 23,241 39,760 13,651 76,652
Investment holding losses at 31 March 2024 (5,134) (3,374) (751) (9,259)
Closing fair value at 31 March 2024 18,107 36,386 12,900 67,393
*Realised losses in the Income Statement include the deferred consideration
receipts from ADC Biotechnology Limited (£310,000), StorageOS Inc (£89,000),
Black & White Hospitality Limited (£20,000), Avid Technology Group Limited
(£184,000) and Fenkle Street LLP (£34,000).
**Unrealised gains in the Income Statement include the deferred consideration
debtor decrease of £242,000. The debtor movement reflects the recognition of
amounts receivable in respect of DIA Imaging Analysis Limited (£45,000) and
Imagen Limited (£18,000), offset by receipts in respect of ADC Biotechnology
Limited (£310,000) and StorageOS Inc (£89,000) and combined FX uplifts of
£94,000 made against balances in respect of Efundamentals Group Limited,
StorageOS, Inc. and JRNI Limited.
A schedule disclosing the additions and disposals during the year and other
information on investments can be found within the Review of Investments on
pages 16 and 17 of the Annual Report and Accounts.
9. Related party transactions
No Director has an interest in any contract to which the Company is a party
other than their appointment and remuneration as Directors.
10. Transactions with the Investment Adviser
In the opinion of the Directors, there is no immediate or ultimate controlling
party.
Fees payable during the year to the Directors and their interest in shares of
the Company are disclosed within the Directors’ Remuneration Report on page
40 of the Annual Report and Accounts. There were no amounts outstanding and
due to the Directors as at 31 March 2024 (2023: nil).
Further related party transactions include Investment Adviser and
Administration fees payable to Foresight Group LLP, as disclosed in notes 4
and 5 of the Annual Report and Accounts. Of the total Administration fees,
£72,000 was payable to Downing LLP, who were the Investment Adviser for part
of the year.
In addition, Downing LLP were paid promoter fees in connection with the
fundraising offer that was open during the period, which totalled £nil for
the year ended 31 March 2024 (2023: £37,000).
The Company also has an agreement to pay an ongoing trail fee annually to
Downing LLP and Foresight LLP, in connection with funds raised under original
offers for subscription out of which there is an obligation to pay trail
commission to intermediaries. During the year to 31 March 2024, £nil (2023:
£192,000) was paid to Downing LLP.
END
For further information, please contact:
Company Secretary
Foresight Group LLP
Contact: Stephen Thayer Tel: 0203 667 8100
Investor Relations
Foresight Group LLP
Contact: Andrew James Tel: 0203 667 8181