Financial Highlights 
   -- Total net assets GBP136.7 million. 
   -- A final dividend of 3.3p per share was paid on 19 June 2020, costing 
GBP6.8 million. 
   -- The portfolio has seen a decrease in valuation of GBP13.2 million in 
the last six months. 
   -- Net Asset Value per share decreased by 14.0% from 76.5p at 31 
December 2019 to 65.8p at 30 June 2020. Including the payment of a 3.3p 
dividend made on 19 June 2020, NAV total return per share was 69.1p, 
representing a decrease in total return of 9.7%. 
   -- The offer for subscription launched in January 2020 was closed on 7 
April 2020 and raised a total of GBP24.8 million before expenses. 
   Chairman's Statement 
   I am pleased to present the Company's Unaudited Half- Yearly Financial 
Report for the period ended 30 June 2020. 
   Before providing other details, I would like to draw attention to the 
two material events that have occurred during the period. The first is 
the continuing impact of Covid-19 on the Company and its portfolio and 
the second is the Company's fundraising which closed on 7 April this 
   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 13 investments, representing 
some 22% 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 recent easing of the 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 during the first six months of 
this year can be seen in the material fall in the valuation of the 
Company's portfolio. On a positive note, I can say that since the period 
end the trading position of many of these businesses has improved, some 
quite significantly. On behalf of the Board I would like to thank the 
Manager for the considerable work which it has done and is continuing to 
do alongside the management teams at each and every one of the companies 
within the portfolio. 
   At the start of this year some 90% of the Company's assets were already 
invested and the Board believed it would be in the Company's best 
interest to raise further funds to provide liquidity for its activities 
over the coming year and beyond. Despite the difficulties created by 
Covid-19, the Board is pleased that the Company was successful in 
raising additional funds to support both its current and future 
portfolio of investments. The Company closed its offer for subscription 
on 7 April and raised GBP24.8 million before expenses. The majority of 
the funds received were subscribed in the final allotments totalling 
GBP18.6 million, which took place on 3 April and 14 April based on a NAV 
of 66.5p per share, which compared with the NAV at the end of last year 
of 76.5p per share. 
   The Board, together with the Manager, continue to pursue a strategy for 
the Company which includes the following four key objectives: 
   -- further development of the net assets of the Company to a level in 
excess of GBP150 million; 
   -- payment of an annual dividend to shareholders of at least 5% of the 
NAV per share and at the same time endeavouring to maintain the NAV per 
share at around its current level; 
   -- the implementation of a significant number of new and follow on 
qualifying investments every year; and 
   -- maintaining a programme of regular share buy backs at a discount in 
the region of 10% to the prevailing NAV per share. 
   The Board and the Manager believe that these key objectives remain 
appropriate and the Company's performance in relation to each of them 
over the period is reviewed more fully below. 
   At 30 June 2020 the NAV of the Company stood at GBP136.7 million (31 
December 2019: GBP133.1 million). The successful fundraising completed 
during the period under review added GBP24.2m to the NAV. 
   However, in the six months to 30 June 2020 the NAV per share decreased 
by 14.0% from 76.5p at 31 December 2019 to 65.8p at 30 June 2020. 
Including the payment of a 3.3p dividend made on 19 June 2020, which is 
detailed below, NAV total return per share was 69.1p, representing a 
decrease in total return of 9.7%. 
   The final dividend of 3.3p per share was paid on 19 June 2020 based on 
an ex-dividend date of 4 June 2020, with a record date of 5 June 2020. 
The total cost of this dividend was GBP6.8 million, including shares 
allotted under the dividend reinvestment scheme. 
   The total return per share from an investment made five years ago would 
be 3.7%, which is materially below the target return set by the Board. 
It is the future achievement of this target that is at the centre of the 
Company's current and future portfolio management strategy. 
   A detailed analysis of the investment portfolio performance over the 
period is given in the Manager's Review. 
   The Company started the current period with nearly 90% of its assets 
invested in a range of unquoted growth capital investments; the Board 
and the Manager believe that despite recent events more fully described 
above, the majority of these investments will continue to mature and 
help improve the future rate of growth in NAV. 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. 
   The Company and Foresight 4 VCT plc have the same Manager and share 
similar investment policies. The Board closely monitors the extent and 
nature of the pipeline of investment opportunities and is reassured by 
the Manager's confidence in being able to deploy funds without 
compromising quality during 2020 and beyond, so as to be in a position 
to satisfy the investment needs of both companies. We do however 
anticipate that the impact of Covid-19 will continue to slow down the 
new investment process and will delay at least some of the anticipated 
realisation dates of existing investments. 
   During the period the Company repurchased 2.4 million shares for 
cancellation at an average discount of 9.9%. The Board and the Manager 
consider that the ability to offer to buy back shares at a target 
discount of approximately 10% is fair to both continuing and selling 
shareholders and is an appropriate way to help underpin the discount to 
NAV at which the shares trade. Share buybacks are timed to avoid the 
Company's closed periods and will usually take place, subject to demand, 
during the following times of year: 
   -- April, after the Annual Report has been published; 
   -- June, prior to the Half-Yearly reporting date of 30 June; 
   -- September, after the Half-Yearly Report has been published; and 
   -- December, prior to the end of the financial year. 
   The annual management fee is an amount equal to 2.0% of net assets, 
excluding cash balances above GBP20 million, which are charged at a 
reduced rate of 1.0%. With the unforeseen impact of Covid-19, this has 
resulted in an ongoing charges ratio for the period ended 30 June 2020 
of 2.4% of net assets, which is within the 2.4% cap. In line with the 
Management Agreement, any rebate for expenses above the expense cap will 
be assessed at the year end. 
   Since March 2017, co-investments made by the Manager and individual 
members of the Manager's private equity team have totalled GBP0.7 
million alongside the Company's investments of GBP48.1 million. Under 
the terms of the Incentive Arrangements, the 'Total NAV Return Hurdle' 
has not yet been achieved and no performance incentive payment is due. 
   Recognising the importance of protecting shareholder interests the Board 
and the Manager agreed that it was appropriate to update the Incentive 
Arrangements and from 27 January 2020 a change to provide for an annual 
increase to the Total Return Hurdle (originally 100p) by the greater of 
RPI or 3.5% was added to the requirements. 
   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. It is not the present intention to 
alter the composition of the Board during the current year, however the 
Nomination Committee is embarking on the process of seeking a new 
non-executive director for appointment during 2021 and details will be 
communicated as and when appropriate. 
   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. 
   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. 
   John Gregory 
   Telephone 01296 682751 
   Email: j.greg@btconnect.com 
   4 September 2020 
   Manager's Review 
   The Company has appointed Foresight Group LLP ("the Manager") to provide 
investment management and administration services. 
   The investment management and administration arrangements were 
previously with Foresight Group CI Limited (the Manager's parent 
undertaking), with Foresight Group CI Limited appointing the Manager as 
its investment adviser and delegating administration services to the 
Manager. The investment management and administration arrangements were 
novated and amended to be directly with the Manager on 27 January 2020. 
References to the Manager's activities in this report include those 
activities of Foresight Group CI Limited prior to the change in 
   Portfolio Summary 
   As at 30 June 2020 the Company's portfolio comprised 44 investments with 
a total cost of GBP91.2 million and a valuation of GBP107.1 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. 
   During the period, the value of unquoted investments reduced overall by 
GBP13.2 million as the portfolio was buffeted by the challenging 
circumstances of COVID-19. In the quarter to March the portfolio value 
reduced by GBP18.9 million, reflecting significant economic and market 
uncertainty as the UK entered lockdown. In the second quarter the 
portfolio value saw some recovery, increasing by GBP5.7 million, as many 
of the portfolio companies successfully navigated the period and 
economic and public market uncertainty reduced partially. 
   In line with the Board's strategic objectives, the investment team 
remain focused on growing NAV to GBP150.0 million whilst paying an 
annual dividend to shareholders of at least 5% of the NAV per share and 
maintaining the capital value of NAV per share. The Company is behind on 
these targets currently but is working towards achieving these 
objectives in the medium term. 
   The Company has made no new investments in the six months to 30 June 
2020 given the challenges of consummating a new investment during 
lockdown and the difficulties experienced during the period, with 
smaller companies focused largely on survival rather than strategic 
growth. In addition, the investment team was focused heavily on managing 
and supporting the existing portfolio through these unprecedented times. 
   There have been no follow-on investments during the six months to 30 
June 2020. Given the current climate, we had anticipated an increase in 
follow-on investments during the period. However, the portfolio has 
remained resilient thanks to the support and expertise of the investment 
team which has provided assistance and guidance throughout the COVID-19 
pandemic. Many of the portfolio benefitted from various forms of 
Government support such as the furlough scheme and the Coronavirus 
Business Interruption Loan Scheme, which reduced the need for equity 
follow on in the period. However, as these schemes unwind and the 
economic climate remains depressed, we anticipate various requirements 
for follow-on investment. 
   In the six months to 30 June 2020 there has been one loan repayment from 
The Naked Deli Ltd of GBP0.2 million. Whilst the mergers and 
acquisitions 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 Manager is 
seeing acquisition interest returning, particularly in the healthcare, 
technology and e-commerce sectors. 
   At 30 June 2020, the Company had cash balances of GBP29.1 million, which 
will be used to fund new and follow-on investments, buybacks and running 
expenses. We are seeing a recovery in the pipeline of potential 
investments and have 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 minimal new investment activity in the first half of 2020. Depending 
on the length and severity of the COVID-19 outbreak and associated 
restrictions, we expect to see a higher proportion of the Company's 
deployment focused on follow-on investments in the short to medium term. 
   As the economy recovers from the worst effects of the virus, we expect 
company valuations to be more attractive and demand for funding to 
increase, driving some particularly interesting opportunities for 
   Overall, the value of investments held decreased by GBP13.2 million to 
GBP107.1 million in the period. A disciplined approach to investment 
valuations has been maintained in light of COVID-19. As stated above, in 
the quarter to March, the onset of the pandemic drove significant 
economic uncertainty and the portfolio saw a substantial decrease in 
value of GBP18.9 million. In the second quarter, as the portfolio 
adapted to the new economic climate, fair values saw some recovery 
across the board increasing by GBP5.7 million. Material changes in 
valuation, defined as increasing or decreasing by GBP1.0 million or more 
since 31 December 2019, are detailed below. Updates on these companies 
are included below. 
Company                         Valuation (GBP)  Valuation Change (GBP) 
------------------------------  ---------------  ---------------------- 
Hospital Services Group 
 Limited                              5,826,846               2,193,727 
------------------------------  ---------------  ---------------------- 
The Naked Deli Ltd                            -             (1,027,922) 
------------------------------  ---------------  ---------------------- 
Cinelabs International 
 Limited                              1,263,030             (1,222,341) 
------------------------------  ---------------  ---------------------- 
Datapath Group Limited                7,189,645             (1,235,973) 
------------------------------  ---------------  ---------------------- 
Spektrix Limited                      2,593,493             (1,571,084) 
------------------------------  ---------------  ---------------------- 
TFC Europe Limited                    3,930,229             (1,676,434) 
------------------------------  ---------------  ---------------------- 
Ixaris Group Holdings Limited         1,848,696             (3,738,112) 
------------------------------  ---------------  ---------------------- 
   Hospital Services Group has performed exceptionally well during the 
first half of 2020, already eclipsing prior year's revenue and EBITDA. 
This has been driven by significant sales of PPE in response to 
COVID-19. With a customer base and supply chain now in place, Hospital 
Services Group will continue to provide PPE for the foreseeable future. 
The company's core business divisions have continued to perform well 
during the period. 
   The Naked Deli is a healthy eating food chain predominantly targeting 
lunchtime trade. Prior to COVID-19, the business implemented a 
turnaround plan with a new CEO and a revised menu. This was showing some 
positive results and the business paid GBP280,000 of accumulated 
interest and loan note principal to the Company. However, The Naked Deli 
closed all its stores in line with government guidance in March and the 
outlook for this sector remains extremely challenging. There is 
uncertainty about town centre footfall, particularly for lunchtime trade, 
while employees are still working from home. Due to the difficult 
outlook as well as the remaining uncertainty around the business model, 
the investment valuation has been written down to zero pending improved 
visibility on re-opening performance and recovery of the sector. 
   Cinelabs provides non-creative post-production services to film and TV 
production houses globally, primarily to those shooting on analogue 
film. The business was trading reasonably well prior to the COVID-19 
outbreak, however the complete halt of new film and TV production since 
lockdown has drastically impacted revenues. At the time of writing, film 
and TV productions were recommencing, providing some opportunity for 
   Prior to the outbreak of COVID-19, Datapath continued to generate 
material profits, helped by an improved gross margin. The company has 
invested in new product development and its sales channels over recent 
years, notably strengthening its worldwide sales team. Whilst COVID-19 
has created some short-term volatility, the company has still 
outperformed its revised budgets. 
   Spektrix is an enterprise software company, providing ticketing, CRM, 
marketing, and fundraising software to companies in the performing arts 
sector in the UK and US. With theatres in the UK and US closed since 
March, the company has seen a reduction in revenue as part of the 
company's revenues are derived from ticket sales. However, the company 
has continued to win new clients in the period, particularly within the 
UK. The UK Government's recently announcement support package for the UK 
arts industry should improve trading and a number of theatres are now 
selling tickets for outdoor performances. The company has continued to 
invest in its technology, increasing functionality, resilience and 
scalability during the period. 
   TFC Europe is one of Europe's leading suppliers of fixing and fastening 
products to customers across a wide range of industries, including 
aerospace, automotive, oil & gas and mechanical engineering. The 
business has remained profitable during the period, however revenues are 
down 35% on prior year. TFC has used this period to review its pricing 
model and overall strategy to increase value in the long-term. 
   Ixaris is a payments platform enabling efficient global payments, 
targeting the travel sector in particular. Ixaris had a strong financial 
year to December 2019 but has since seen a severe downturn in trading 
due to the disruption faced by the travel sector in the wake of the 
pandemic. The business is fundamentally strong and there is clear 
potential for value recovery. The team have used this opportunity to 
refine the current business model and look for areas for improvement. 
   We reacted quickly to the onset of COVID-19 in March 2020, working 
closely with the portfolio companies to identify risk areas and 
encourage businesses to take the necessary actions and precautions. As 
more businesses begin to reopen, the trading landscape looks very 
different and companies are having to adapt to a 'new normal'. We are 
supporting the portfolio companies through this process, working closely 
with them to implement safe working environments and resilient business 
   A proportion of the portfolio companies are particularly at risk due to 
the sectors they operate in, such as travel, hospitality and leisure. We 
are working extensively with these businesses, paying particular 
attention to managing creditors and cash preservation. The Government 
has now allowed pubs, restaurants and bars to reopen, adhering to a 
strict set of health and safety measures. The sector remains at risk 
with indoor hospitality settings having to reduce capacity by 50% on 
average, combined with reduced consumer appetite to visit bars or 
restaurants. Nevertheless, 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 reduced trading. 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 young demographic. 
   There are also a number of companies, namely 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 recently received a grant of c.GBP1 million to 
fund COVID-related diagnostic development. Molecular diagnostics 
business, Biofortuna has also been presented with a number of 
opportunities to help manufacture COVID-19 test kits and they have 
manufactured 17 million test kits to date. They will also explore 
further commercial possibilities in the space. Another of the portfolio 
companies, Hospital Services Group, has seen increased demand for mobile 
x-ray machines, as chest x-rays are part of the treatment pathway for 
   As businesses reopen, we are ensuring that finance directors at the 
portfolio companies continue to manage overheads tightly, reduce capital 
expenditure and work through longer-term cost reduction plans given the 
uncertain macro environment. It is important that management teams and 
investors are well prepared for a sustained period of weaker consumer 
and business demand and missed forecasts as consumers and businesses 
adapt to the changed environment. 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. 
   Notwithstanding this difficult 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 of 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 of 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 September 2020 
   Unaudited Half-Yearly Results and Responsibilities Statements 
   Principal Risks and Uncertainties 
   The principal risks faced by the Company are as follows: 
   -- Performance; 
   -- Regulatory; 
   -- 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 December 
2019. A detailed explanation can be found on page 27 of the Annual 
Report and Accounts which is available on the Company's website 
www.foresightvct.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 
   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 Interim 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). 
   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 December 2019 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 
   John Gregory 
   4 September 2020 
   Unaudited Income Statement 
   for the six months ended 30 June 2020 
                                Six months ended             Six months ended 30       Year ended 31 December 
                             30 June 2020 (Unaudited)        June 2019 (Unaudited)      2019 (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 
Realised gains/(losses) 
 on investments                   -        13        13         -   (3,341)   (3,341)         -   (2,551)   (2,551) 
Investment holding 
 (losses)/ gains                  -  (13,227)  (13,227)         -     8,204     8,204         -    10,258    10,258 
Income                        2,014         -     2,014       677         -       677     1,284         -     1,284 
Investment management 
 fees                         (353)   (1,057)   (1,410)     (314)     (943)   (1,257)     (643)   (1,930)   (2,573) 
Other expenses                (283)         -     (283)     (289)         -     (289)     (565)         -     (565) 
Return/ (loss) 
 on ordinary activities 
 before taxation              1,378  (14,271)  (12,893)        74     3,920     3,994        76     5,777     5,853 
Taxation                          -         -         -         -         -         -         -         -         - 
Return/ (loss) 
 on ordinary activities 
 after taxation               1,378  (14,271)  (12,893)        74     3,920     3,994        76     5,777     5,853 
Return/ (loss) 
 per share: 
                               0.7p    (7.5)p    (6.8)p      0.1p      2.2p      2.3p      0.0p      3.3p      3.3p 
   The total column of this statement is the profit and loss account of the 
Company and the revenue and capital columns represent supplementary 
   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. 
   The Company has only one class of business and one reportable segment, 
the results of which are set out in the Income Statement and Balance 
   There are no potentially dilutive capital instruments in issue and, 
therefore, no diluted earnings per share figures are relevant. The basic 
and diluted earnings per share are, therefore, identical. 
   Unaudited Balance Sheet 
   at 30 June 2020 
   Registered Number: 03421340 
                                                                  As at 
                                     As at          As at       31 December 
                                  30 June 2020   30 June 2019      2019 
                                    GBP'000        GBP'000        GBP'000 
Fixed assets 
Investments held at fair value 
 through profit or loss                107,118        112,774       120,521 
Current assets 
Debtors                                    797            235           362 
Cash and cash equivalents               29,079         19,810        12,324 
                                        29,876         20,045        12,686 
Amounts falling due within one 
 year                                    (290)          (479)          (88) 
Net current assets                      29,586         19,566        12,598 
Net assets                             136,704        132,340       133,119 
Capital and reserves 
Called-up share capital                  2,078          1,755         1,740 
Share premium account                  103,319        100,495        78,841 
Capital redemption reserve                 975            935           951 
Distributable reserve                   16,815          3,224        23,799 
Capital reserve                        (2,103)          (862)       (1,059) 
Revaluation reserve                     15,620         26,793        28,847 
Equity shareholders' funds             136,704        132,340       133,119 
Net asset value per share: 
                                         65.8p          75.4p         76.5p 
   Unaudited Reconciliation of Movements in Shareholders' Funds 
   for the six months ended 30 June 2020 
                             Called-up   Share      Capital 
                               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 January 2020            1,740    78,841          951         23,799    (1,059)       28,847   133,119 
Share issues in the 
 period                            362    25,655            -              -          -            -    26,017 
Expenses in relation 
 to share issues                     -   (1,177)            -              -          -            -   (1,177) 
Repurchase of shares              (24)         -           24        (1,558)          -            -   (1,558) 
Realised gains on disposal 
 of investments                      -         -            -              -         13            -        13 
Investment holding losses            -         -            -              -          -     (13,227)  (13,227) 
Dividends paid                       -         -            -        (6,804)          -            -   (6,804) 
Management fees charged 
 to capital                          -         -            -              -    (1,057)            -   (1,057) 
Revenue return for the 
 period                              -         -            -          1,378          -            -     1,378 
As at 30 June 2020               2,078   103,319          975         16,815    (2,103)       15,620   136,704 
   ^Reserve is available for distribution, total distributable reserves at 
30 June 2020 total GBP14,712,000 (31 December 2019: GBP22,740,000). 
   Unaudited Cash Flow Statement 
   for the six months ended 30 June 2020 
                                            Six months  Six months   Year ended 
                                             ended 30    ended 30    31 December 
                                             June 2020   June 2019      2019 
                                              GBP'000     GBP'000      GBP'000 
Cash flow from operating activities 
Loan interest received from investments            230         381           733 
Dividends received from investments              1,437         113           178 
Deposit and similar interest received               29         107           186 
Investment management fees paid                (1,364)     (1,257)       (2,573) 
Secretarial fees paid                             (60)        (62)         (122) 
Other cash payments                              (312)       (257)         (465) 
Net cash outflow from operating activities        (40)       (975)       (2,063) 
Cash flow from investing activities 
Purchase of investments                              -     (8,956)      (15,791) 
Net proceeds on sale of investments                188          45         1,966 
Net proceeds on deferred consideration              13         441           441 
Net cash inflow /(outflow) from investing 
 activities                                        201     (8,470)      (13,384) 
Cash flow from financing activities 
Proceeds of fund raising                        24,203           -             - 
Expenses of fund raising                         (594)        (46)          (92) 
Repurchase of own shares                       (1,442)       (810)       (2,248) 
Dividends paid                                 (5,573)     (7,308)       (7,308) 
Net cash inflow/ (outflow) from financing 
 activities                                     16,594     (8,164)       (9,648) 
------------------------------------------  ----------  ----------  ------------ 
Net inflow/ (outflow) of cash in 
 the period                                     16,755    (17,609)      (25,095) 
Reconciliation of net cash flow to 
 movement in net funds 
Increase/ (decrease) in cash and 
 cash equivalents for the period                16,755    (17,609)      (25,095) 
Net cash and cash equivalents at 
 the start of period                            12,324      37,419        37,419 
Net cash and cash equivalents at 
 the end of period                              29,079      19,810        12,324 
   Analysis of changes in net debt 
                            At 1 January             At 30 June 
                                2020      Cash Flow     2020 
                               GBP'000     GBP'000     GBP'000 
Cash and cash equivalents         12,324     16,755      29,079 
   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 December 2019. 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 June 
      2020 and 30 June 2019 has been neither audited nor formally reviewed. 
      Statutory accounts in respect of the year ended 31 December 2019 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 December 2019 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. 
                                 Number of 
                                 Shares in 
                    Net assets     Issue 
30 June 2020   GBP136,704,000   207,824,856 
30 June 2019   GBP132,340,000   175,481,093 
31 December 
 2019           GBP133,119,000  173,959,405 
   1. Return per share 
   The weighted average number of shares used to calculate the respective 
returns are shown in the table below. 
Six months ended 30 June 
 2020                      191,020,332 
Six months ended 30 June 
 2019                      175,365,523 
Year ended 31 December 
 2019                      175,090,865 
   Earnings for the period should not be taken as a guide to the results 
for the full year. 
   6)      Income 
                                        Six months  Six months   Year ended 
                                         ended 30    ended 30    31 December 
                                         June 2020   June 2019      2019 
                                          GBP'000     GBP'000      GBP'000 
Loan stock interest                            548         457           920 
Dividends                                    1,437         113           178 
Deposit and similar interest received           29         107           186 
                                             2,014         677         1,284 
   7)        Investments at fair value through profit or loss 
Book cost as at 1 January 2020     91,360 
Investment holding gains           29,161 
Valuation at 1 January 2020       120,521 
Movements in the period: 
Purchases                               - 
Disposal proceeds                   (188) 
Realised gains*                         - 
Investment holding gains**       (13,215) 
Valuation at 30 June 2020         107,118 
Book cost at 30 June 2020          91,172 
Investment holding gains           15,946 
Valuation at 30 June 2020         107,118 
   *Realised gains in the income statement relate to deferred consideration 
of GBP13,000 received from the sale of Idio Limited. 
   **Investment holding losses in the income statement include the removal 
of the deferred consideration debtor of GBP12,000, relating to Idio 
   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 CI Limited, which acted as Manager to the Company until 
27 January 2020, earned fees of GBP192,000 (30 June 2019: GBP1,257,000, 
31 December 2019: GBP2,573,000). Foresight Group LLP was appointed as 
Manager on 27 January 2020 and earned fees of GBP1,218,000 up to 30 June 
2020 (30 June 2019: GBPnil, 31 December 2019: GBPnil). 
   Foresight Group LLP is the Company Secretary (appointed in November 
2017) and received, directly and indirectly, for accounting and company 
secretarial services fees of GBP60,000 (30 June 2019: GBP60,000, 31 
December 2019: GBP120,000) during the period. 
   At the balance sheet date there was GBPnil (30 June 2019: GBPnil, 31 
December 2019: GBPnil) due to Foresight Group CI Limited and GBP7,000 
(30 June 2019: GBPnil, 31 December 2019: GBPnil) due to Foresight Group 

(END) Dow Jones Newswires

September 04, 2020 08:53 ET (12:53 GMT)

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