TIDMFTF 
 
 
   FORESIGHT 4 VCT PLC 
 
   Financial Highlights 
 
   -- Total net assets GBP111.9 million. 
 
   -- Net asset value per share increased by 3.2% in the period from 55.8p 
at 31 March 2020 to 57.6p. Including the payment of a 2.8p dividend made 
on 28 August 2020, NAV total return per share at 30 September 2020 was 
60.4p, representing a positive total return of 8.2% in the period. 
 
   -- An interim dividend of 2.8p per share was paid on 28 August 2020, 
costing GBP5.4 million. 
 
   -- 1.1 million ordinary shares were issued as part of the Dividend 
Reinvestment Scheme on 28 August 2020. 
 
   -- The portfolio has seen an uplift in valuation of GBP10.0 million in 
the last six months. 
 
   Chairman's Statement 
 
   I am pleased to present the un-audited Half-Yearly Report for Foresight 
4 VCT plc for the period ended 30 September 2020. 
 
   Material events during the period 
 
   Before providing other details, I would like to draw attention to a 
material event that occurred during the period being the continuing 
impact of Covid-19 on the Company and its portfolio. 
 
   The Covid-19 virus has presented the Company and the management of every 
one of its portfolio companies with unprecedented challenges which it is 
anticipated will persist for a considerable time to come. The Manager 
has been working closely with the portfolio companies, in order to try 
to minimise any adverse impact of this virus, and it is a great credit 
to the quality of the management of the portfolio companies, that the 
fallout from the pandemic has not been even more significant. Until this 
virus is brought under worldwide control, it is impossible to assess its 
full impact. However, it is already clear that the value of every 
business in the Company's portfolio has been materially affected, a 
minority have benefitted but most have not. 
 
   At the end of last year the Company held eight investments, representing 
some 16% by value of its investment portfolio, in businesses involved in 
the travel, retail, entertainment and food and drink sectors. To date 
these sectors are amongst those most hard hit by the provisions of the 
lockdown imposed by the UK Government in response to the Covid-19 virus. 
I am pleased to report that since the easing of the initial lockdown 
provisions all the Company's investments in these sectors are continuing 
to trade and, with one possible exception, they are already pursuing 
revised business strategies which hold the potential for a return to 
commercial viability in the short to medium term. It will, however, be 
some time before the value of most of these businesses is again at or 
above their pre-Covid levels. 
 
   The overall impact of the Covid virus could be seen in the material fall 
in the valuation of the Company's portfolio at 31 March 2020. On a 
positive note, I can say that since the year end date the trading 
position of many of these businesses has improved resulting in a modest 
increase in portfolio value in the period to 30 September 2020. On 
behalf of the Board I would like to thank the Manager for the 
considerable work it has done and is continuing to do alongside the 
management teams at each and every one of the companies within the 
portfolio. 
 
   Performance and portfolio activity 
 
   During the period Net Asset Value per share increased by 3.2% from 55.8p 
at 31 March 2020 to 57.6p at 30 September 2020. Including the payment of 
a 2.8p dividend made on 28 August 2020, NAV total return per share at 30 
September 2020 was 60.4p, representing a positive total return of 8.2% 
during the same six month period. 
 
   During the period under review the Manager made no new investments, as 
it focused on supporting the current portfolio during the ongoing 
Covid-19 Coronavirus outbreak. 
 
   Foresight Group LLP, the Company's investment manager, continues to see 
a pipeline of potential investments sourced through its regional 
networks and well-developed relationships with advisors and the SME 
community, however, it is also focused on supporting the existing 
portfolio through the Covid-19 pandemic. Following both the successful 
fundraises launched in May 2017 and June 2018, the Company is in a 
position to fully support the portfolio, where appropriate, and exploit 
potential attractive investment opportunities. 
 
   Dividends 
 
   An interim dividend of 2.8p per Share was declared on 6 August 2020 
based on an ex-dividend date of 13 August 2020 and a record date of 14 
August 2020. The dividend was paid on 28 August 2020. 
 
   As noted in the Annual Report and Accounts and in light of the change in 
portfolio towards earlier stage, higher risk companies, as required by 
the new VCT rules, the Board felt it prudent to adjust the dividend 
policy towards a targeted annual dividend yield of 5% of NAV per annum. 
The Board and the Manager hope that this may be enhanced by additional 
'special' dividends as and when particularly successful portfolio exits 
are made. The impact of Covid-19 will be taken into consideration when 
the Board considers dividends in the near term. 
 
   Shareholder communication 
 
   As a result of the travel restrictions imposed due to Covid-19, the 
Manager's popular investor forums have been temporarily put on hold. 
Once it is possible to do so, details of both a London event and 
regional events will be sent to shareholders resident in the locality as 
and when they are organised. The Manager held an investor webinar on 25 
August 2020, details of which had been previously communicated to 
investors. It is the intention of the Manager to continue to hold 
investor webinars whilst the investor forums are on hold and details of 
any future events will be communicated to investors. 
 
   Board composition 
 
   The Board continues to review its own performance and undertakes 
succession planning to maintain an appropriate level of independence, 
experience, diversity and skills in order to be in a position to 
discharge all its responsibilities. As noted in the Annual Report and 
Accounts the Board and Nomination Committee were seeking to appoint a 
new non-executive director. The Board are delighted to announce that 
Gaynor Coley was appointed to the Board on 10 September 2020 and as 
Chair of the Audit Committee on 19 November 2020. 
 
   Outlook 
 
   The persisting uncertainty over the full impact of Covid-19 and the 
negotiations in relation to Brexit create truly exceptional challenges 
for every business. The Company invests primarily in developing 
companies which by their nature benefit from general economic growth and 
the current environment places considerable demands upon them and their 
management teams. The Manager's private equity team is well aware of the 
management and business needs of each of the companies within the 
investment portfolio and is working closely with them to help them 
progress during these testing times. 
 
   Until the pandemic is brought under worldwide control there will 
inevitably be further, mainly unhelpful, implications for many UK based 
businesses. Notwithstanding this, the Board and the Manager have been 
impressed by the resilience shown by the significant majority of the 
Company's investments and are optimistic that the existing portfolio has 
potential to add value once the virus has been successfully contained. 
 
   Raymond Abbott 
 
   Chairman 
 
   4 December 2020 
 
   Manager's Review 
 
   Portfolio Summary 
 
   As at 30 September 2020 the Company's portfolio comprised 34 investments 
with a total cost of GBP52.5 million and a valuation of GBP76.2 million. 
The portfolio is diversified by sector, transaction type and maturity 
profile. Details of the ten largest investments by valuation, including 
an update on their performance, are provided on pages 10 to 14 of the 
Half Yearly Report. 
 
   The investment team remain focused on supporting an annual dividend to 
shareholders of at least 5% of the NAV per share whilst retaining a 
stable NAV. The Company is currently on target as whilst dividends have 
remained at 5%, NAV per share has also increased by 3.2% in the period. 
 
   During the period, the value of unquoted investments increased overall 
by GBP10.0 million as the portfolio began to recover following the steep 
decline experienced in the quarter to March as the country entered the 
first peak of Covid-19. Whilst the recovery has been mixed across the 
portfolio depending on sector, in aggregate the recovery is reflective 
of the portfolio's ability to successfully navigate the impacts of 
Covid-19 and the general uptick in economic activity following the 
reopening of businesses over the summer. Since the end of September, the 
country has had to face a second lockdown, which will bring further 
volatility to trading. Nevertheless, the portfolio is well prepared to 
weather this period of uncertainty with strong foundations laid during 
the first lockdown. 
 
   NEW INVESTMENTS 
 
   Given the challenges of completing transactions during lockdown and the 
broader uncertainty during the period, no new investments were made in 
the six months to September. Smaller companies remained focused largely 
on survival rather than strategic growth. In addition, the investment 
team were primarily focused on managing and supporting the existing 
portfolio through these unprecedented times. Where possible, portfolio 
companies are trying to maximise any commercial opportunities arising 
from Covid-19, with some thriving in the current climate. 
 
   FOLLOW-ON INVESTMENTS 
 
   With very active portfolio management and use of the various forms of 
Government support, such as the furlough scheme and the Coronavirus 
Business Interruption Loan Scheme, there have been no follow-on 
investments during the six months to 30 September 2020. However, as 
these schemes unwind and the economic climate remains depressed due to 
further lockdowns, the Company anticipates multiple requirements for 
follow-on investment in the coming months. In addition, the Company 
 
   will seek to make strategic follow-on investments into businesses to 
support new growth plans or opportunities that have stemmed from the new 
economic landscape. 
 
   EXITS AND REALISATIONS 
 
   Whilst the M&A climate has been challenging in the period, with most 
trade acquirers focused on survival and private equity investors focused 
on their existing portfolios or on distressed acquisitions, the 
Investment Manager is seeing acquisition interest returning, 
particularly in the healthcare, technology and E-commerce sectors. 
 
   PIPELINE 
 
   At 30 September 2020, the Company had cash in hand of GBP34.9 million, 
which will be used to fund new and follow-on investments, dividends, 
buybacks and running expenses. Foresight Group is seeing a recovery in 
the pipeline of potential investments and has a number of opportunities 
under exclusivity or in due diligence. The Company remains well 
positioned to continue pursuing these potential investment 
opportunities. 
 
   The onset of Covid-19 and the resulting economic downturn has resulted 
in lower new investment activity across the market in the first three 
quarters of 2020. As the economy recovers from the worst effects of the 
virus, we expect company valuations to be attractive and demand for 
funding to increase, driving some particularly interesting opportunities 
for investment. 
 
   KEY PORTFOLIO DEVELOPMENTS 
 
   Overall, the value of unquoted investments held increased by GBP10.0 
million to GBP76.2 million in the period, driven by an increase in the 
value of existing investments. A disciplined approach to investment 
valuations has been maintained in light of Covid-19. In the quarter to 
March, the onset of the Covid-19 pandemic drove significant economic 
uncertainty and the portfolio saw a substantial decrease in value of 
GBP20.6 million. In the quarter to June, as the portfolio adapted to the 
new economic climate, and started adapting their business models fair 
values saw a slight recovery in aggregate, increasing by GBP3.3 million. 
This upwards trend has continued, with valuations rebounding a further 
GBP6.7 million in the quarter to September. Material changes in 
valuation, defined as increasing or decreasing by GBP1.0 million or more 
since 31 March 2020, are detailed below. Updates on these companies are 
included below, or in the Top Ten Investments section on pages 10 to 14 
of the Half Yearly Report. 
 
   KEY VALUATION CHANGES IN THE PERIOD 
 
 
 
 
Company                        Valuation (GBP)  Valuation Change (GBP) 
-----------------------------  ---------------  ---------------------- 
Biofortuna Limited                   5,163,636               4,165,696 
-----------------------------  ---------------  ---------------------- 
Procam Television Holdings 
 Limited                             2,179,243               2,179,243 
-----------------------------  ---------------  ---------------------- 
FFX Group Limited                    5,057,127               1,758,346 
-----------------------------  ---------------  ---------------------- 
Hospital Services Group 
 Limited                             3,089,081               1,531,512 
-----------------------------  ---------------  ---------------------- 
Specac International Limited         7,011,068               1,232,162 
-----------------------------  ---------------  ---------------------- 
 
 
   PROCAM 
 
   Procam is a broadcast hire company, supplying equipment and crew for 
location TV and film production and also has a division (True Lens 
Services) focused on the manufacture and maintenance of camera lenses. 
During Covid-19, Procam's rental business had to largely close due to 
the halting of television and film production. Conversely, its True Lens 
Services division continued to trade positively, back to pre-Covid-19 
levels. As challenging trading conditions continued, Procam required a 
formal restructuring and the Company supported a sale of the trade and 
assets of Procam's rental division and spun out its True Lens Service 
division into a separate company, supporting a substantial recovery in 
value. 
 
   OUTLOOK 
 
   In light of rapidly evolving Government guidance, we now face a second 
countrywide lockdown. Most businesses had fully reopened by September, 
with the Manager supporting its portfolio through a transition to the 
'new normal', working closely with them to implement safe working 
environments and resilient business models. It is now crucial that we 
act quickly and administer the same tools as the first lockdown to 
support our portfolio companies. We will increase our dialogue with 
management teams to closely monitor ongoing performance and cash levels. 
We have also been working with companies to revise business plans and 
budgets to manage creditor stretch and debt build-up, and to prepare 
them for an eventual reduction of Government support. We are ensuring 
that finance directors at the portfolio companies continue to tightly 
manage overheads, reduce capital expenditure and work through 
longer-term cost reduction plans given the uncertain macro environment. 
It is important that management teams are well prepared for a sustained 
period of weaker consumer and business demand. The Company's portfolio 
is diversified by sector and market, and the SME sector has historically 
proven to be resilient and nimble enough to weather periods of 
volatility. 
 
   Where possible, we are trying to maximise any commercial opportunities 
arising from the current situation. For example, there are also a number 
of companies, particularly in the healthcare and life sciences sectors, 
which have traded strongly during this period due to the increased 
demand for the services they offer. Examples of this include Mologic, 
which received a grant of c.GBP1m to fund Covid-related diagnostic 
development. Molecular diagnostics business, Biofortuna moved quickly on 
a number of opportunities to help manufacture 20 million Covid-19 test 
kits and will explore further commercial possibilities in the space. 
Another of the portfolio companies, HSL, has had very considerable 
success supplying PPE to Irish and Northern Irish hospitals and has also 
seen increased demand for mobile x-ray machines, as chest x-rays are 
part of the treatment pathway for Covid-19. Other portfolio companies 
are benefitting from wider trends that have stemmed from the pandemic, 
such as power tools and building materials supplier FFX, which has seen 
an upsurge in sales due to increased DIY spend and a boost in 
E-commerce. 
 
   A proportion of the portfolio companies are particularly at risk due to 
the sectors they operate in, such as travel, hospitality and leisure. 
Many of these businesses will now be stuck in a prolonged period of 
closures and uncertainty on when they will be allowed to reopen. The 
Manager is working extensively with these businesses, paying particular 
attention to managing creditors and cash preservation. It is important 
to highlight that some of the Company's leisure investments demonstrated 
market leading site metrics pre- Covid and will have the ability to 
weather this temporary period of suppressed trading. Once reopened, even 
with capacity limitations, we expect several of our leisure businesses 
to return to profit and cash generation over time thanks to a loyal 
customer base and favourable customer demographic. 
 
   Notwithstanding this backdrop, we continue to see encouraging levels of 
activity from smaller UK companies seeking growth capital and expect 
this to increase as companies begin to recover from the impact of 
Covid-19 with requirements for permanent funding to working capital. 
VCTs are still viewed by many entrepreneurs as an attractive source of 
capital that provides scale-up funding to businesses at an early stage 
of their growth, when other sources of funding may not be readily 
available or alongside other sources of funding, including the 
Government measures for supporting businesses during Covid-19. Despite 
the current challenges for Covid-19 in the medium and long term, the UK 
remains an excellent place to start, scale and sell a business, with 
broad pools of talent and an entrepreneurial culture. 
 
   Russell Healey 
 
   Head of Private Equity 
 
   Foresight Group 
 
   4 December 2020 
 
   Unaudited Half-Yearly Results and Responsibilities Statements 
 
   Principal Risks and Uncertainties 
 
   The principal risks faced by the Company are as follows: 
 
 
   -- Performance; 
 
   -- Regulatory; 
 
   -- Economic (external shocks); 
 
   -- Operational; and 
 
   -- Financial. 
 
 
   The Board reported on the principal risks and uncertainties faced by the 
Company in the Annual Report and Accounts for the year ended 31 March 
2020. A detailed explanation can be found on page 25 of the Annual 
Report and Accounts which is available on Foresight 4 VCT's website: 
www.foresight4vct.com or by writing to Foresight Group at The Shard, 32 
London Bridge Street, London, SE1 9SG. 
 
   In the view of the Board, there have been no changes to the fundamental 
nature of these risks since the previous report and these principal 
risks and uncertainties are equally applicable to the remaining six 
months of the financial year as they were to the six months under 
review. 
 
   DIRECTORS' RESPONSIBILITY STATEMENT 
 
   The Disclosure and Transparency Rules ('DTR') of the UK Listing 
Authority require the Directors to confirm their responsibilities in 
relation to the preparation and publication of the Half-Yearly Financial 
Report and financial statements. 
 
   The Directors confirm to the best of their knowledge that: 
 
 
   1. the summarised set of financial statements has been prepared in 
      accordance with FRS 104; 
 
   2. the interim management report includes a fair review of the information 
      required by DTR 4.2.7R (indication of important events during the first 
      six months and description of principal risks and uncertainties for the 
      remaining six months of the year); 
 
   3. the summarised set of financial statements gives a true and fair view of 
      the assets, liabilities, financial position and profit or loss of the 
      Company as required by DTR 4.2.4R; and 
 
   4. the interim management report includes a fair review of the information 
      required by DTR 4.2.8R (disclosure of related parties' transactions and 
      changes therein). 
 
   GOING CONCERN 
 
   The Company's business activities, together with the factors likely to 
affect its future development, performance and position, are set out in 
the Strategic Report of the Annual Report. The financial position of the 
Company, its cash flows, liquidity position and borrowing facilities are 
described in the Chairman's Statement, Strategic Report and Notes to the 
Accounts of the 31 March 2020 Annual Report. In addition, the Annual 
Report includes the Company's objectives, policies and processes for 
managing its capital; its financial risk management objectives; details 
of its financial instruments; and its exposures to credit risk and 
liquidity risk. 
 
   The Company has considerable financial resources together with 
investments and income generated therefrom across a variety of 
industries and sectors. As a consequence, the Directors believe that the 
Company is well placed to manage its business risks successfully. 
 
   The Directors have reasonable expectation that the Company has adequate 
resources to continue in operational existence for the foreseeable 
future. Thus they continue to adopt the going concern basis of 
accounting in preparing the annual financial statements. 
 
   The Half-Yearly Financial Report has not been audited nor reviewed by 
the auditors. 
 
   On behalf of the Board 
 
   Raymond Abbott 
 
   Chairman 
 
   4 December 2020 
 
   Unaudited Income Statement 
 
   for the six months ended 30 September 2020 
 
 
 
 
                                Six months ended 
                                30 September 2020             Six months ended 30        Year ended 31 March 
                                   (Unaudited)             September 2019 (Unaudited)     2020 (Audited) 
                          Revenue   Capital    Total     Revenue    Capital     Total    Revenue   Capital    Total 
                           GBP'000   GBP'000   GBP'000   GBP'000    GBP'000    GBP'000    GBP'000   GBP'000   GBP'000 
Investment holding 
 gains/ (losses)                 -     9,990     9,990          -      7,900      7,900         -  (11,081)  (11,081) 
Realised losses 
 on investments                  -         -         -          -    (3,623)    (3,623)         -   (5,251)   (5,251) 
Income                         324         -       324        420          -        420     3,673         -     3,673 
Investment management 
 fees                        (295)     (884)   (1,179)      (330)      (991)    (1,321)     (545)   (1,633)   (2,178) 
Other expenses               (270)         -     (270)      (315)          -      (315)     (594)         -     (594) 
(Loss) /return 
 on ordinary activities 
 before taxation             (241)     9,106     8,865      (225)      3,286      3,061     2,534  (17,965)  (15,431) 
Taxation                         -         -         -          -          -          -         -         -         - 
(Loss) /return 
 on ordinary activities 
 after taxation              (241)     9,106     8,865      (225)      3,286      3,061     2,534  (17,965)  (15,431) 
(Loss) /return 
 per share                  (0.1)p      4.7p      4.6p     (0.1)p       1.7p       1.6p      1.3p    (9.2)p    (7.9)p 
 
 
 
   The total column of this statement is the profit and loss account of the 
Company and the revenue and capital columns represent supplementary 
information. 
 
   All revenue and capital items in the above Income Statement are derived 
from continuing operations. No operations were acquired or discontinued 
in the period. 
 
   The Company has no recognised gains or losses other than those shown 
above, therefore no separate statement of total recognised gains and 
losses has been presented. 
 
   Unaudited Balance Sheet 
 
   at 30 September 2020 
 
   Registered Number: 03506579 
 
 
 
 
                                     As at          As at 
                                  30 September   30 September      As at 
                                      2020           2019       31 March 2020 
                                    GBP'000        GBP'000         GBP'000 
Fixed assets 
Investments held at fair value 
 through profit or loss                 76,196         82,488          66,206 
Current assets 
Debtors                                    971         15,874             726 
Cash and cash equivalents               34,884         29,893          41,872 
                                        35,855         45,767          42,598 
Creditors 
Amounts falling due within one 
 year                                    (124)          (497)           (104) 
Net current assets                      35,731         45,270          42,494 
Net assets                             111,927        127,758         108,700 
Capital and reserves 
Called-up share capital                  1,944          1,957           1,948 
Share premium account                   80,002         79,466          79,443 
Capital redemption reserve                 518            494             503 
Special distributable reserve           56,678         60,911          63,127 
Capital reserve                       (50,874)       (47,720)        (49,990) 
Revaluation reserve                     23,659         32,650          13,669 
Equity shareholders' funds             111,927        127,758         108,700 
Net asset value per share        57.6p          65.3p          55.8p 
 
 
   Unaudited Reconciliation of Movements in Shareholders' Funds 
 
   for the six months ended 30 September 2020 
 
 
 
 
                          Called-up   Share      Capital       Special 
                            share     premium   redemption   Distributable   Capital   Revaluation 
                           capital    account    reserve       reserve*      reserve*    reserve     Total 
                           GBP'000    GBP'000    GBP'000        GBP'000      GBP'000     GBP'000     GBP'000 
 As at 1 April 2020           1,948    79,443          503          63,127   (49,990)       13,669   108,700 
Share issues in the 
 period                          11       578            -               -          -            -       589 
Expenses in relation 
 to share issues                  -      (19)            -               -          -            -      (19) 
Repurchase of shares           (15)         -           15           (795)          -            -     (795) 
Investment holding gains          -         -            -               -          -        9,990     9,990 
Dividend paid                     -         -            -         (5,413)          -            -   (5,413) 
Management fees charged 
 to capital                       -         -            -               -      (884)            -     (884) 
Revenue loss for the 
 period                           -         -            -           (241)          -            -     (241) 
As at 30 September 2020       1,944    80,002          518          56,678   (50,874)       23,659   111,927 
 
 
   *Reserve is available for distribution, total distributable reserves at 
30 September 2020 are GBP5,804,000 (31 March 2020: GBP13,137,000). 
 
   Unaudited Cash Flow Statement 
 
   for the six months ended 30 September 2020 
 
 
 
 
                                            Six months  Six months 
                                             ended 30    ended 30   Year ended 
                                             September   September   31 March 
                                               2020        2019        2020 
                                              GBP'000     GBP'000     GBP'000 
Cash flow from operating activities 
Loan interest received on investments               29         196         559 
Dividends received from investments                  -          28       2,835 
Deposit and similar interest received               26         111         238 
Investment management fees paid                (1,179)     (1,267)     (2,579) 
Secretarial fees paid                             (79)        (85)       (169) 
Other cash payments                              (147)       (248)       (418) 
Net cash (outflow)/inflow from operating 
 activities                                    (1,350)     (1,265)         466 
 
Cash flow from investing activities 
Purchase of investments                              -     (3,600)     (8,361) 
Net proceeds on sale of investments                  -           -         434 
Net proceeds on deferred consideration               -          31          31 
Net cash outflow from investing activities           -     (3,569)     (7,896) 
 
Cash flow from financing activities 
Proceeds of fund raising                             -      10,021      25,586 
Expenses of fund raising                          (19)       (314)       (336) 
Repurchase of own shares                         (795)     (1,098)     (2,067) 
Equity dividends paid                          (4,824)     (7,067)     (7,066) 
Net cash (outflow)/inflow from financing 
 activities                                    (5,638)       1,542      16,117 
Net (outflow)/inflow in cash in the 
 period                                        (6,988)     (3,292)       8,687 
 
 
   Analysis of changes in net debt 
 
 
 
 
                            At 1 April             At 30 September 
                               2020     Cash Flow        2020 
                              GBP'000    GBP'000       GBP'000 
Cash and cash equivalents       41,872    (6,988)           34,884 
 
 
   Notes to the Unaudited Half-Yearly Results 
 
 
   1. The Unaudited Half-Yearly Financial Report has been prepared on the basis 
      of the accounting policies set out in the statutory accounts of the 
      Company for the year ended 31 March 2020. Unquoted investments have been 
      valued in accordance with IPEV Valuation Guidelines. 
 
   2. These are not statutory accounts in accordance with S436 of the Companies 
      Act 2006 and the financial information for the six months ended 30 
      September 2020 and 30 September 2019 has been neither audited nor 
      formally reviewed. Statutory accounts in respect of the year ended 31 
      March 2020 have been audited and reported on by the Company's auditors 
      and delivered to the Registrar of Companies and included the report of 
      the auditors which was unqualified and did not contain a statement under 
      S498(2) or S498(3) of the Companies Act 2006. No statutory accounts in 
      respect of any period after 31 March 2020 have been reported on by the 
      Company's auditors or delivered to the Registrar of Companies. 
 
   3. Copies of the Unaudited Half-Yearly Financial Report will be sent to 
      shareholders via their chosen method and will be available for inspection 
      at the Registered Office of the Company at The Shard, 32 London Bridge 
      Street, London, SE1 9SG. 
 
   4. Net asset value per share 
 
 
   The net asset value per share is based on net assets at the end of the 
period and on the number of shares in issue at the date. 
 
 
 
 
 
                                  Shares in 
                     Net assets     Issue 
30 September 
 2020           GBP111,927,000   194,420,778 
30 September 
 2019           GBP127,758,000   195,726,224 
31 March 2020    GBP108,700,000  194,826,224 
 
 
   1. Return per share 
 
 
   The weighted average number of shares used to calculate the respective 
returns are shown in the table below. 
 
 
 
 
                                  Shares 
Six months ended 30 September 
 2020                           194,054,492 
Six months ended 30 September 
 2019                           195,728,848 
Year ended 31 March 2020        195,581,908 
 
 
   Earnings for the period should not be taken as a guide to the results 
for the full year. 
 
   6)      Income 
 
 
 
 
                                   Six months  Six months 
                                    ended 30    ended 30       Year ended 
                                    September   September        31 March 
                                      2020        2019             2020 
                                     GBP'000     GBP'000         GBP'000 
Loan stock interest                       278         281                  597 
Dividends                                   -          28                2,835 
Deposit and similar interest 
 received                                  26         111                  241 
Other Income                               20           -                    - 
                                          324         420                3,673 
 
 
   7)        Investments held at fair value through profit or loss 
 
 
 
 
                                 GBP'000 
Book cost as at 1 April 2020      52,537 
Investment holding gains          13,669 
Valuation at 1 April 2020         66,206 
 
Movements in the period: 
Purchases                              - 
Disposal proceeds                      - 
Realised gains                         - 
Investment holding gains           9,990 
Valuation at 30 September 2020    76,196 
Book cost at 30 September 2020    52,537 
Investment holding gains          23,659 
Valuation at 30 September 2020    76,196 
 
   8)        Related party transactions 
 
   No Director has an interest in any contract to which the Company is a 
party other than their appointment and payment as directors. 
 
   9)     Transactions with the Manager 
 
   Foresight Group LLP acts as manager to the Company and was appointed on 
27 January 2020. During the period, services of a total cost of 
GBP1,179,000 (30 September 2019: GBPnil; 31 March 2020: GBP3,000) were 
purchased by the Company from Foresight Group LLP. Foresight Group CI 
Limited, which acted as Manager to the Company until 27 January 2020 
earned GBPnil in the period (30 September 2019: GBP1,321,000, 31 March 
2020: GBP2,175,000). 
 
   During the period, administration services of a total cost of GBP79,000 
(30 September 2019: GBP85,000; 31 March 2020: GBP169,000) were delivered 
to the Company by Foresight Group LLP, Company Secretary. 
 
   At 30 September 2020, the amount due from Foresight Group LLP was 
GBP452,000 (30 September 2019: GBPnil; 31 March 2020: GBP452,000) and 
the amount due to Foresight Group CI Limited was GBPnil (30 September 
2019: GBPnil, 31 March 2020: GBPnil). 
 
   10) Post-Balance sheet events 
 
   On 27 October 2020 the Company purchased 260,827 shares for cancellation 
based on a NAV of 50.32p per share. 
 
   END 
 
 
 
 

(END) Dow Jones Newswires

December 04, 2020 09:09 ET (14:09 GMT)

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