Schroder BSC Social - Half Year Report
31/03/2022 07:00
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RNS Number : 6796G Schroder BSC Social Impact Trust 31 March 2022
Half Year Report
Schroder BSC Social Impact Trust plc hereby submits its Half Year Report for
the six months ended 31 December 2021 as required by the Financial Conduct
Authority's Disclosure Guidance and Transparency Rule 4.2.
The Half Year Report is also available to download from the Company's webpage.
Please click on the following link to view the document:
http://www.rns-pdf.londonstockexchange.com/rns/6796G_1-2022-3-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6796G_1-2022-3-30.pdf)
The Company has submitted a copy of its Half Year Report to the National
Storage Mechanism and it will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
Enquiries:
Gareth Faith
Schroder Investment Management Limited
Tel: 020 7658 5264
Financial and Impact performance highlights
· NAV Total Return of 0.9% during the period and 7.0% in 12.5
months since inception.
· Net proceeds of the Company's initial public offering and
November 2021 placing fully committed with £60 million deployed.
· Investments already delivering significant social impact through
100 social organisations reaching more than 157,000 people, at least 90% of
whom are from disadvantaged or vulnerable backgrounds.
· Portfolio companies delivering over 10,000 affordable homes,
£36m in near term value as savings for government and households.
Outlook
· Ongoing positive outlook for portfolio despite challenging
backdrop. Company is targeting high social impact models with revenue
primarily from UK government sources, that have historically proven resilient
during times of economic and stock market stress.
· Board confident that the Company will continue to provide an
attractive combination of significant social impact, high quality returns and
low correlation to mainstream markets in the medium term.
Chair's Statement
I am pleased to present the first half year report of Schroder BSC Social
Impact Trust plc ("the Company"), covering the period from 1 July to
31 December 2021.
We are publishing this report at a time of profound global geopolitical and
economic instability. Just as the world was starting to move out of a 2-year
long pandemic, Russia's invasion of Ukraine sent ripples of uncertainty around
the globe. The conflict adds upward pressure on already rising energy prices,
and there are increased concerns regarding global food supply, which could
lead to food price shocks affecting the United Kingdom. The expected increases
in the cost of living and slower economic growth will disproportionately
impact lower income groups, who have already been severely impacted by the
global pandemic.
There are now over 80 million people displaced globally, with events in
Ukraine causing this to rise further. The UK government and society will need
to find compassionate and practical ways to respond.
This challenging context emphasises the importance of the Company's mission to
invest in organisations that have a positive impact on the lives of vulnerable
and disadvantaged people across the UK. The services of companies such as
AgilityEco (in the Bridges Evergreen Holdings portfolio), which helps lift
people out of fuel poverty, or the new Refugee Transitions Outcomes Fund
mobilised by the Bridges Social Outcomes Fund II, are of critical importance
at this time.
The need for capital to invest in proven models that address the challenges of
vulnerable people while providing a sustainable return to investors is more
pressing than ever.
The Company provides access to private market social impact investments
delivering significant social impact alongside financial returns to investors.
The Company also offers a degree of inflation protection and low correlation
to traditional asset classes which is particularly relevant to investors
looking to diversify their portfolios.
Financial performance
The Company has delivered strong shareholder returns since inception on 22
December 2020. NAV total return for the six-month period to 31st December 2021
was 0.9%, resulting in a NAV total return since inception of 7.0% (6.9%
annualised). Overall, the Company's Net Asset Value per share rose from 104.3p
to 104.7p following a dividend payment of 0.57p in the period.
In November 2021, the Company raised £10.8m through the issuance of 10.3m new
shares through a secondary offering to a mix of new and existing shareholders.
The proceeds of the equity issuance were fully committed by February 2022,
ahead of target, to one new and two follow-on investments.
Once the portfolio is fully invested, we have a target NAV total return of
Consumer Price Index ("CPI") plus 2%, averaged over a rolling three- to five-
year period. The investments made in the period contribute to our strategy
to deliver this financial return combined with high social impact.
A more detailed analysis of performance and more detail on the new investments
are included in the Portfolio Manager's Report.
Social impact performance
As of 31 December 2021, the Company had committed £73m and deployed £60m,
reaching 157,000 people, the majority of whom are from disadvantaged or
vulnerable backgrounds. The Company's investments helped fund over 10,000
affordable homes through its investments in the high impact housing asset
class and generated significant near-term value as savings for government and
households.
For a closer look at the front-line impact of the Company over the last
period, the Portfolio Manager's Report includes a selection of case studies
highlighting the positive social impact created by the Company's investments,
showing how invested proceeds have made a difference across the three main
asset classes of debt for social enterprise, high impact housing and social
outcomes contracts. I am also delighted to mention that we plan to publish our
first annual impact report in the second quarter of 2022. This will include
further case studies to bring to life the transformative social impact
facilitated by the Company's investments and offer deep and transparent
analysis of our impact measurement and performance.
Premium/discount management
During the full calendar year 2021, the Company traded at an average premium
to NAV of 1.5%, ending the period close to par at a discount of -0.2%.
As of the date of this report, the Company remains at a slight discount of
-0.2%. The lack of volatility in the Company's share price is encouraging and
compares favourably with the negative returns seen in many asset classes year
to date.
The Company has shareholder authority to issue up to 10% of the issued share
capital on a non-pre-emptive basis, and a proposal for authority to purchase
up to 14.99% of the Company's issued share capital will be put forward at the
Company's 2022 AGM.
Should the Company's shares reach a sufficient premium to NAV, the Board may
seek to issue shares to new and existing investors.
Outlook
In a climate of continuing and growing instability, the Company's investment
proposition, to deliver stable risk-adjusted investor returns alongside
significant social impact, remains as relevant as ever.
The long-term effects of the pandemic, along with the additional challenge of
the geopolitical instability, have exacerbated the social challenges that the
Company's investments have been set up to alleviate. Demand for the services
offered by these social organisations has increased and we do not anticipate
this to slow down. These organisations deliver essential government-mandated
services and derive a substantial proportion of their revenues from
government-backed sources, which have been historically stable through
economic cycles. Some of these government contracts are also indexed to
inflation, and the Company's portfolio includes some further inflation
resilience through ownership of real assets such as housing and
inflation-indexed leases.
The Board is confident that the Company's investment thesis of impact-driven
value, together with strong execution by the Manager, will continue to provide
an attractive combination of significant social impact, high quality
risk-adjusted returns and low correlation to traditional quoted markets.
Your Company plays an important role in helping to expand capital to the
social enterprises and other organisations across the UK that are
purpose-built and focused on creating a fairer, inclusive and thriving society
with sustainable financial models. In pursuit of this, we are keen to help
educate retail and institutional investors about the dual returns of social
investment and welcome your engagement with us.
Webinar/investor event
I would like to invite you to attend a webinar to be given by the Portfolio
Manager on 31 March 2022 at 10.00 a.m., providing an opportunity to learn more
about social impact investment, the Company's strategy and outlook, and to ask
questions. Shareholders are encouraged to sign up using this link:
https://registration.duuzra.com/form/feedback/SBSIInterim2022
(https://registration.duuzra.com/form/feedback/SBSIInterim2022)
The webinar will also be available on the Company's webpages shortly after.
Susannah Nicklin
Chair
30 March 2022
Portfolio Manager's Report
Portfolio Performance
The Net Asset Value (NAV) total return for the six-month period to 31 December
2021 was 0.9%. This resulted in a NAV total return since the 22 December 2020
IPO of 7.0%, or 6.9% annualised. Overall, the Company's NAV per share rose
from 104.3p to 104.7p following a dividend payment of 0.57p in the period
based on the earnings of the company in the year to 30 June 2021, as set out
in the NAV bridge below.
Classification NAV Contribution per share
NAV per share at 30/06/2021 104.3
Dividend paid -0.6
Capital gains 0.7
Investment income 0.8
Company-level investment management fees -0.3
Expenses -0.3
NAV per share at 31/12/2021 104.7
As shown in the table below, portfolio returns to date have been driven by the
performance of more seasoned investments in their mature phase. These
investments are primarily from the seed portfolio originally purchased from
Big Society Capital at IPO. Mature investments have contributed 8.16% to the
NAV growth per share since launch. Assets still in their Investment phase are
earlier in their life cycle and J-curves, and to date are producing returns in
line with expectations.
NAV total return NAV total return
31st Dec 2021 31st Dec 2021 contribution 6m contribution
% NAV committed % NAV invested to 31 Dec 2021 since launch
Mature 51% 48% 1.31% 8.16%
Investment phase 36% 19% 0.02% -0.04%
Liquid Assets 15% 0.08% 0.07%
Equity issuance, cash, fees & expenses 18% -0.51% -1.15%
87% 100% 0.90% 7.04%
The top three drivers of financial performance in the six-month period to 31
December 2021 were:
- The Charity Bond Portfolio contributed 0.72p to NAV per share
growth from income and the tender at a premium of the Charities Aid Foundation
(CAF) bond; in December 2021, CAF tendered its outstanding bonds maturing in
2026 at a premium to par; the Company participated in the tender, realising a
gain on the investment, and reinvested the capital proceeds in CAF's bond
maturing in 2031.
- The Real Lettings Property Fund contributed 0.38p to NAV per
share growth from rental income and valuation gains in underlying properties.
- Bridges Evergreen Fund contributed 0.13p to NAV per share
growth with contributions from strong operating performance from investments
in AgilityEco and New Reflexions partially offset by below plan performance in
the newer investment in Skills Training UK due to higher costs for the
establishment of future study programmes.
The Social Impact performance of the portfolio is running ahead of plan in
benefiting more disadvantaged groups across areas such as housing, education,
fuel poverty and health and social care. The Company's investments are
supporting over 100 social organisations benefiting over 157,000 people of
which over 90% are from vulnerable or disadvantaged backgrounds. We aim to
work with organisations with deep experience in tackling social issues in the
local context, as we believe this reduces risk. The average delivery track
record of organisations in the portfolio is 28 years. These organisations have
built strong relationships with local stakeholders, deep knowledge of the
social issues they are addressing, and are trusted by their beneficiaries.
Social outcomes reported in the period include:
- Within the Resonance Homelessness Funds tenancy sustainment(9)
remained high at 100% within the crucial first six months, with 76% of tenants
reporting an improvement in support network and relationships, and 46% of
tenants in employment.
- Within the Bridges Evergreen portfolio an organisation that
tackles fuel poverty, AgilityEco, is reaching over 45,000 individuals
generating over £200m worth of lifetime savings in energy bills.
- Within the Social Outcomes Funds 157 families have completed
the Functional Family Therapy (FFT) intervention in Norfolk and Suffolk; young
people from families that complete the intervention on average stay out of
care 97% of the time.
We will be publishing a full review of the Company's social impact performance
in our inaugural social impact report in Q2 2022.
Portfolio Cash Flows and Balance Sheet
In the period £10.1m was drawn down into existing investments - with the
majority of that (£6.4m) going towards delivering new affordable homes in the
High Impact Housing allocation. In Debt for Social Enterprises there have been
further investments into the secured co-investments with Charity Bank, mostly
to Sue Ryder, delivering in Health and Social Care. Within Social Outcomes
Contracts further investment was made into existing projects tackling children
on the edge of care and homelessness, as well as a new investment aiming to
deliver improvements on the challenges of refugee integration.
In November 2021, the company raised £10.8m through the issuance of 10.3m new
shares through a secondary offering to a mix of new and existing shareholders.
Some of the Company's higher impact investments involve the staged deployment
of capital over multiple years; we aim to mitigate any cash drag on returns
through our Liquid ESG allocation. This is invested in assets with similar
financial risk and return characteristics as the core asset allocation, though
lower direct social impact given the lower availability of such assets in
listed markets. Post the November share issuance, we have been targeting new
Liquid ESG investments in areas with low interest rate duration and some
inflation benefit, given our caution on fixed income duration in a rising
inflation environment. Following the share issue, we made new investments in
Greencoat UK Wind and Bluefield Solar, with an additional investment in to
TwentyFour Sustainable Enhanced Income Asset Backed Securities (ABS) closing
after the period end.
(9)All beneficiaries were able to remain in their homes, and no tenancies were
prematurely terminated due to abandonment or eviction.
Recent Events
In February the Company announced the full commitment of the proceeds of our
November fundraise ahead of target. We directed new investments into a
combination of follow-ons, new private market funds and investments
exclusively available through Big Society Capital's broader activities - such
as co-investments and secondary purchases. In selecting the new investments,
we balanced the faster deploying options in the Debt for Social Enterprises
segment which reduce cash drag for the Company, with an increased allocation
to High Impact Housing which offers more inflation-linkage. The new investment
also broadens our geographical presence and provides exposure to new impact
areas, such as community renewable energy.
We invested £4.5m in the secondary purchase of the SASC Community Investment
Fund (CIF). CIF makes secured loans to local charities and social enterprises
and has a track record since 2014 of delivering financial returns and impact.
CIF holds a diversified portfolio of loans with exposure to community
renewable energy, social and specialist supported housing, early years
education and family support in the community. CIF's investments benefit more
disadvantaged groups with a high proportion of revenue coming from government
mandated sources.
We were able to secure a competitive discount from the foundation seller
benefiting the Company's investors, while enabling the foundation to recycle
the capital into new catalytic impact opportunities. We are targeting a 5% IRR
on the investment, with the benefit of a mature fully deployed fund
immediately contributing to returns.
We committed £5m into a follow-on investment in the Man GPM RI Community
Housing Fund (MCHF) which supports those people who are underserved by the
current housing rental and purchase market, with a focus on those earning the
median income and below, including young families and key workers.
MCHF has a target of achieving 70% invested in affordable housing (tenures
include social rent, affordable rent, key worker rent, and shared ownership).
Across the seven projects in contract, 793 homes will be delivered with c.90%
of those being an affordable tenure(10). The fund is deploying capital faster
than originally anticipated and early projects and pipeline demonstrate strong
early alignment with its impact goals and fund IRR target of 8%.
In addition, we committed a further £1.6m into the Charity Bond Portfolio
managed by Rathbones. These investments will be targeted towards organisations
with established track records of delivering high social impact to
disadvantaged groups with strong balance sheets and historically resilient
revenue from government sources. The current portfolio has a gross income
yield of 4.25%.
Following these investments the capital raised by the Company is fully
committed, and 78% invested. Of the capital awaiting deployment, 19% of NAV is
invested in yielding Liquid ESG assets with similar financial risk return
characteristics to the high impact portfolio.
(10) Discounted rent (social, affordable or key worker) or discounted home
ownership (shared ownership).
Outlook
Since the period end, significant volatility has returned to financial markets
with a combination of inflation fears, Russia's invasion of Ukraine and
subsequent commodity price increases. This environment is creating significant
cost of living challenges for many low-income groups in the UK. Many of the
Company's investments in areas such as affordable housing and fuel poverty are
directly tackling this challenge and are seeing significant additional demand.
Across our activities we are seeing an increasing opportunity set where
investment can be part of the solution in addressing social issues.
The underlying revenue sources of the portfolio are primarily from UK
government backed sources (80% as of March 2022) and have been historically
stable through economic cycles. We anticipate that stability will continue
through the current turbulence and fiscal pressures, supported by the savings
government and society make with the impact of our investments.
We have closely followed the risks of higher inflation, with the asset
allocation of the Company designed to be resilient through periods of rising
prices. The portfolio includes assets such as index linked leases, the
ownership of real assets such as housing and renewables, and social
enterprises with government contracts that have historically moved with
inflation and floating rate debt.
In this highly uncertain environment, the goals of the Company remain the
same: to deliver for shareholders high quality returns with a low correlation
to traditional quoted markets alongside significant social impact for more
disadvantaged groups across the UK.
Half Year Report
Principal Risks and Uncertainties
The Board has determined that the key risks for the Company are strategic
risk, investment management risk, liquidity risk, valuation risk and cyber
security risk. Additionally, the Board also discussed and monitored a number
of risks that could potentially impact the Company's ability to meet its
strategic objectives. These were political risk, climate change risk, COVID-19
related risks and the potential economic and policy effects of Russia's
invasion of Ukraine, in particular higher inflation in the UK.The Board has
determined they are not currently material for the Company. These risks are
set out on pages 32 and 33 of the Report and Accounts for the year ended 30
June 2021.
Except with respect to the degree of uncertainty relating to the economic
effects of the conflict in Ukraine, the Company's principal risk and
uncertainties, and their mitigation, have not materially changed during the
six months ended 31 December 2021 or since the Annual Report was published on
25 October 2021.
Going concern
The Board has considered the Company's principal risks and uncertainties
(including whether there are any emerging risks); has scrutinised the detailed
cash flow forecast; and considered their assessment of the likelihood and
quantum of funds which could be raised from sales of investments. As a result,
the Board is comfortable that the Company will have sufficient liquid funds to
pay operating expenses.
On this basis, the Board considers it appropriate to adopt the going concern
basis of accounting in preparing the Company's accounts.
Related party transactions
There have been no transactions with related parties that have materially
affected the financial position or the performance of the Company during the
six months ended 31 December 2021.
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge, this set of
condensed financial statements has been prepared in accordance with United
Kingdom Generally Accepted Accounting Practice, in particular with Financial
Reporting Standard 104 "Interim Financial Reporting" and with the Statement of
Recommended Practice, "Financial Statements of Investment Companies and
Venture Capital Trusts" issued in April 2021 and that this Interim Management
Report includes a fair review of the information required by 4.2.7 R and 4.2.8
R of the Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
Income Statement
(Unaudited) (Audited)
For the six months
For the period
ended 31 December 2021
ended 30 June 2021(1)
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains on investments held at fair value through profit or loss - 583 583 - 4,200 4,200
Income from investments 676 - 676 775 - 775
Other interest receivable and similar income 19 - 19 5 - 5
Gross return 695 583 1,278 780 4,200 4,980
Investment management fees (129) (129) (258) (121) (121) (242)
Administrative expenses (186) - (186) (224) - (224)
Transaction costs - (13) (13) - (30) (30)
Net return before finance costs and taxation 380 441 821 435 4,049 4,484
Finance costs - - - - - -
Net return before taxation 380 441 821 435 4,049 4,484
Taxation (note 3) - - - - - -
Net return after taxation 380 441 821 435 4,049 4,484
Return per share (note 4) 0.49p 0.57p 1.06p 0.58p 5.40p 5.98p
(1)The Company began investment activities following its IPO on 22 December
2020. The comparative figures cover the period from the date of incorporation
on 24 September 2020 to 30 June 2021.
The "Total" column of this statement is the profit and loss account of the
Company. The "Revenue" and "Capital" columns represent supplementary
information prepared under guidance issued by The Association of Investment
Companies. The Company has no other items of other comprehensive income, and
therefore the net return after taxation is also the total comprehensive income
for the period.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
Statement of Changes in Equity
For the six months ended 31 December 2021 (unaudited)
Called-up
share Share Special Capital Revenue
capital premium reserve reserves reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
At 30 June 2021 750 - 72,993 4,049 435 78,227
Issue of Ordinary Shares 103 10,621 - - - 10,724
Share issue costs - (50) - - - (50)
Dividend paid (note 5) - - - - (428) (428)
Net return after taxation - - - 441 380 821
At 31 December 2021 853 10,571 72,993 4,490 387 89,294
For the period ended 30 June 2021 (audited)(1)
Called-up
share Share Special Capital Revenue
capital premium reserve reserves reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Issue of Management Shares 50 - - - - 50
Redemption of Management Shares (50) - - - - (50)
Issue of Ordinary Shares 750 74,250 - - - 75,000
Share issue costs - (1,229) (28) - - (1,257)
Cancellation of share premium - (73,021) 73,021 - - -
Net return after taxation - - - 4,049 435 4,484
At 30 June 2021 750 - 72,993 4,049 435 78,227
(1)The Company began investment activities following its IPO on 22 December
2020. The comparative figures cover the period from the date of incorporation
on 24 September 2020 to 30 June 2021.
Statement of Financial Position
at 31 December 2021
(Unaudited) (Audited)
31 December 30 June
2021 2021
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss 51,281 41,369
Investments held at amortised cost 21,803 21,142
73,084 62,511
Current assets
Debtors 324 221
Cash at bank and in hand 16,451 17,086
16,775 17,307
Current liabilities
Creditors: amounts falling due within one year (565) (1,591)
Net current assets 16,210 15,716
Total assets less current liabilities 89,294 78,227
Net assets 89,294 78,227
Capital and reserves
Called-up share capital (note 6) 853 750
Share premium 10,571 -
Special reserve 72,993 72,993
Capital reserves 4,490 4,049
Revenue reserve 387 435
Total equity shareholders' funds 89,294 78,227
Net asset value per share (note 7) 104.66p 104.30p
Cash Flow Statement
(Unaudited) (Audited)
For the six For the
months period
ended ended
31 December 30 June
2021 2021(1)
£'000 £'000
Net cash inflow from operating activities 340 397
Investing activities
Purchases of investments (13,883) (57,245)
Sales of investments 2,662 191
Net cash outflow from investing activities (11,221) (57,054)
Net cash outflow before financing (10,881) (56,657)
Financing activities
Dividend paid (428) -
Issue of Management Shares - 13
Redemption of Management Shares - (13)
Issue of Ordinary Shares 10,724 74,843
Share issue costs (50) (1,100)
Net cash inflow from financing activities 10,246 73,743
Net cash (outflow)/inflow in the period (635) 17,086
Cash at bank and in hand at the beginning of the period 17,086 -
Net cash (outflow)/inflow in the period (635) 17,086
Cash at bank and in hand at the end of the period 16,451 17,086
(1)The Company began investment activities following its IPO on 22 December
2020. The comparative figures cover the period from the date of incorporation
on 24 September 2020 to 30 June 2021.
Notes to the Accounts
1. Financial Statements
The information contained within the accounts in this half year report has
not been audited or reviewed by the Company's independent auditor.
The figures and financial information for the period ended 30 June 2021 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for that period. Those accounts have been
delivered to the Registrar of Companies and included the report of the auditor
which was unqualified and did not contain a statement under either section
498(2) or 498(3) of the Companies Act 2006.
The Company began investment activities following its IPO on 22 December
2020. The comparative figures cover the period from the date of incorporation
on 24 September 2020 to 30 June 2021.
2. Accounting policies
Basis of accounting
The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice, in particular with Financial Reporting Standard
104 "Interim Financial Reporting" and with the Statement of Recommended
Practice "Financial Statements of Investment Trust Companies and Venture
Capital Trusts" issued by the Association of Investment Companies in April
2021.
All of the Company's operations are of a continuing nature.
The accounting policies applied to these accounts are consistent with those
applied in the accounts for the period ended 30 June 2021.
3. Taxation
The Company's effective corporation tax rate is nil, as deductible expenses
exceed taxable income. The Company intends to continue meeting the conditions
required to retain its status as an Investment Trust Company, and therefore no
provision has been made for deferred tax on any capital gains or losses
arising on the revaluation or disposal of investments.
4. Return per share
(Unaudited) (Audited)
For the For the
six months period
ended ended
31 December 2021 30 June 2021
£'000 £'000
Revenue return 380 435
Capital return 441 4,049
Total return 821 4,484
Weighted average number of shares in issue during the period 77,523,078 75,000,000
Revenue return per share 0.49p 0.58p
Capital return per share 0.57p 5.40p
Total return per share 1.06p 5.98p
5. Dividend paid
(Unaudited) (Audited)
For the For the
six months period
ended ended
31 December 30 June
2021 2021
£'000 £'000
Final dividend of 0.57p per share paid in respect of the period ended 30 -
June 2021
428
No dividend has been declared in respect of the six months ended 31
December 2021.
6. Called-up share capital
Changes in called-up share capital during the period were as follows:
(Unaudited) (Audited)
For the For the
six months period
ended ended
31 December 30 June
2021 2021
£'000 £'000
Opening balance of 75,000,000 (period ended 30 June 2021: nil) Ordinary Shares
of 1p each
750 -
Issue of 10,316,586 (period ended 30 June 2021: 75,000,000) shares
103 750
Closing balance of 85,316,586 (30 June 2021: 75,000,000) shares 853 750
7. Net asset value per share
(Unaudited) (Audited)
31 December 30 June
2021 2021
Net assets attributable to shareholders (£'000) 89,294 78,227
Shares in issue at the period end 85,316,586 75,000,000
Net asset value per share 104.66p 104.30p
8. Financial instruments measured at fair value
The Company's financial instruments within the scope of FRS 102 that are
held at fair value comprise certain investments held in its investment
portfolio.
FRS 102 requires that financial instruments held at fair value are categorised
into a hierarchy consisting of the three levels below. A fair value
measurement is categorised in its entirety on the basis of the lowest level
input that is significant to the fair value measurement.
Level 1 - valued using unadjusted quoted prices in active markets for
identical assets.
Level 2 - valued using observable inputs other than quoted prices included
within Level 1.
Level 3 - valued using inputs that are unobservable.
At 31 December 2021, the Company's investment held at fair value, were
categorised as follows:
31 December 2021
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Investments in equities - quoted 13,512 - - 13,512
- unquoted - - 37,769 37,769
Total 13,512 - 37,769 51,281
At 30 June 2021, the Company's investment held at fair value, were
categorised as follows:
30 June 2021
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Investments in equities - quoted 10,903 - - 10,903
- unquoted - - 30,466 30,466
Total 10,903 - 30,466 41,369
There have been no transfers between Levels 1, 2 or 3 during the period, or
comparative period.
9. Uncalled capital commitments
At 30 December 2021, the Company had uncalled capital commitments
amounting to £17,917,000 in respect of follow-on investments, which may be
drawn down or called by investee entities, subject to agreed notice periods.
10. Events after the interim period that have not been reflected in
the financial statements for the interim period
The Directors have evaluated the period since the interim date and
have not noted any events which have not been reflected in the financial
statements.
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