Annual Financial Report
FORESIGHT 4 VCT PLC
Chairman's Statement
Summary
* Net asset value per Ordinary Share as at 28 February 2010 displayed upward
momentum, moving to 99.0p (104.0p prior to the payment of a 5.0p per share
interim dividend in December 2009) compared to 96.2p as at 28 February
2009.
* An interim dividend of 5.0p per share was paid on 18 December 2009.
* One new investment totalling £300,000 was made in Land Energy Limited.
* The Company made nine follow-on investments totalling £2,679,840.
* Cash proceeds of £1,869,526 were realised from twelve investments.
* A linked offer with Foresight 3 VCT raised gross proceeds of £17 million
between its launch in October 2009 and its close on 4 May 2010, of which the
Company's share was £8.5 million. Proceeds of £6.5 million were raised in
the current year, of which the Company's share was £3.25 million.
 Year ended Year ended
28 February 2010 28 February 2009
Net asset value per ordinary share 99.0p 96.2p
Net asset value total return per ordinary 181.3p 173.5p
share (includes all dividends paid)
Share price per ordinary share 85.0p 81.3p
Share price total return per ordinary share 167.3p 158.6p
(includes all dividends paid)
Introduction
During the year under review, stock markets stabilised and sentiment improved as
a result of the belief that the worst of the banking crisis may be over and the
positive effects of the Governmental stimulus package which have started to
filter through the economy. There are tentative signs that the economy is
gradually improving and that this has provided a boost to underlying trading
conditions for investee companies.
Against this background the Company's net asset value showed a solid increase to
99.0p per share (104.0p prior to the payment of the interim 5.0p per share
dividend in December 2009) from 96.2p per share a year earlier. The increase in
net asset value is as a result of an underlying improvement in trading within
the Company's unquoted investments.
An interim dividend of 5.0p per share for the year ended 28 February 2010 was
paid on 18 December 2009. The Company's policy is to maximise the level of
tax-free dividends generated either from income or from capital profits realised
on the sale of investments.
Portfolio Review
Datapath achieved profits in excess of £3.4 million for the year ended 31 March
2009 compared to £2.5 million in 2008. This holding was valued at £2.9 million
at 28 February 2010 on the basis of a discounted price earnings multiple. As a
result of strong trading and cash flow generation, Datapath repaid £477,273 of
Foresight 4's loan stock investment. The company continues to trade very
profitably.
Diagnos Holdings, in which an investment was made in February 2009, traded
particularly well in terms of both revenues and profitability. Diagnos develops
and sells sophisticated automotive diagnostic software and hardware to
independent mechanics and garages to allow them to service and repair vehicles.
As cars become increasingly sophisticated, they also become more reliant on
electronic systems to run functions such as fuel injection and engine management
systems. To fix any fault, a mechanic needs a diagnostic software tool, such as
those produced by Diagnos, to enable them to 'talk' to the computer running the
process or system. The company is currently working on a new range of automotive
diagnostic products for the garage market, as well as introducing its existing
products into France and Germany.
Despite difficult trading conditions, the performance of a number of other
portfolio companies continued to improve, reflecting growing demand and strong
sales pipelines, most notably Adeptra, Trilogy Communications and Ixaris.
Adeptra generated strong growth in North America and Europe and handles over 2
million calls per day currently made in 11 countries from its five data centres
Worldwide. For the year to 31 December 2009 sales increased by 68% to £20.5
million, generating a maiden profit of £656,285.
Trilogy Communications is continuing to build partnerships with large
international defence companies. Its pipeline of sales opportunities has
continued to grow, and it has recently won several large orders. In recognition
of the company's progress in foreign markets, Trilogy Communications was
recently awarded The Queen's Award for Enterprise in the International Trade
category.
Ixaris is increasingly focusing on providing payment solutions to affiliate
networks, which need fast and efficient settlement for commission payments. The
EntroPay platform enables these affiliate networks to make payments all over the
world, saving money for both the networks and their members.
Closed Loop Recycling has completed its funding round and used the proceeds to
purchase new capital equipment, refinance short-term debt and provide additional
working capital due to delays in full commissioning resulting from longer than
expected timescales in customer product audits. These product audits have now
been completed and regular orders are now being received from several large UK
and multinational companies. The facility has recovered from a fire in late
2009, which impacted production, and is now rapidly approaching full operating
capacity, processing 100 tonnes per day producing material of a particularly
high quality. This project has taken longer to get to full operating output than
originally planned and has resulted in significantly higher costs than budgeted.
The manager remains confident, however, that following the current financing
round, Closed Loop has the potential to become a significantly profitable
business. Closed Loop is now working with advisers to seek expansion capital and
is negotiating some interesting corporate partnership deals.
Reflecting poorer first half trading, a provision of £137,500 (40%) has been
made against the previous carrying value of Aigis Blast Protection. Management
took rapid action to reduce its cost base through redundancies, senior
management pay cuts as well as other cost-cutting measures in order to see the
company through to breakeven.
Demand from recruitment companies for SkillsMarket's products and services
suffered as a consequence of general trading conditions within the recruitment
industry. Net proceeds of £1.5 million were raised from existing and new
shareholders in August 2009, of which Foresight 4 VCT invested £116,000 to
provide working capital. We continue to closely monitor the progress of this
investment in which a number of management changes have been made and new
products successfully launched. A provision of £266,041 has been made against
the previous carrying value of the investment.
Across all of the portfolio companies we have, where appropriate, ensured
management are focused on cash conservation and cost reductions in light of the
recession and, as yet, fragile economic recovery.
Investment Activity
Over the last two years, as a result of tougher trading and credit conditions,
the number of follow-on investments has increased. In part, this has reflected
the need for additional working capital as a result of lower trading and reduced
bank credit lines and overdrafts.
Only one new investment in Land Energy Limited (£300,000) was made during the
year under review. Land Energy was established to exploit the growing demand for
wood pellets, through a series of plants countrywide. Land Energy's pellets are
used in several markets including, importantly, animal bedding, and for
electricity generation. The company is looking at building its own combined heat
and power (CHP) plant, where it would be able to use its own pellets as fuel and
qualify for additional revenues, as the UK Government has identified CHP as a
highly efficient form of energy, which from April 2009 became eligible for
double Renewable Obligation Certificates.
The Company made nine follow-on investments totaling £2,679,840. These were
O-Gen Acme Trek (£1,213,775), Closed Loop Recycling (£427,084), Iskra Wind
Turbines (£265,953), Silvigen (£243,060), Lynwood Group Holdings (£180,362), The
Bunker Secure Hosting (£127,040), SkillsMarket (£116,000), TFC Europe
(£100,000), and Aigis Blast Protection (£6,566).
The investment in O-Gen Acme Trek of £1,213,775 (£3.5 million total investment)
resulted from delays in achieving full commissioning of the underlying plant and
to provide ongoing working capital for the company.
Silvigen has positioned itself to supply the important biomass fuel needs of the
UK power generation sector and the developing industrial heat sector, both of
which are driven by a number of regulatory incentives. Silvigen raised £1.2
million in June 2009, of which Foresight 4 VCT invested £243,060, to provide
ongoing working capital for the business as a result of operational delays. The
plant is now fully operational and producing excellent quality wood pellets for
a range of markets.
The investment in Lynwood Group Holdings of £180,362 was used to fund an
increase in capacity for i-plas, which produces building products in an area of
plastics recycling which has significant growth potential.
The investment of £100,000 into TFC Europe during April and May 2009 was
required for working capital due to a downturn in activity levels in its core
markets as a result of recessionary pressures and exchange losses on its
purchasing of products for distribution in the US. The company's markets have
shown subsequent signs of recovery and it is now performing well.
The Bunker Secure Hosting continues to win new orders, grow its recurring annual
revenues, and is now generating substantial profits. Foresight 4 provided
further funds (£127,040) for hardware infrastructure improvements to support the
company's growth drive in high value managed services.
Iskra Wind Turbines is well positioned to benefit from the announced feed-in
tariffs for small scale low carbon electricity and Foresight 4 provided £265,953
as part of an overall funding round of £1.2 million for production capacity
expansion and, in particular, expand the sales and marketing team, and for
additional working capital.
Realisations
Despite the difficult underlying economic conditions there were several small
realisations during the period totalling £1,869,526:
Datapath Holdings, following continuing good results and positive cash flow
generation, repaid £477,273 of loan stock during the year.
Foresight 4's investment in Snell & Wilcox Holdings Limited was sold during the
period for total proceeds of £530,574 made up of a combination of cash and
shares: £244,876 was received in cash during the period, £61,881 is in debtors
as deferred consideration, with the balance giving Foresight 4 VCT plc a
continuing shareholding in the ongoing business of Snell Corporation Limited
(£223,817), following the £70 million merger with Pro-Bel Holdings to create a
world leader in the broadcast equipment sector.
Additionally, £194,026 was received from the sale of Eqos to Trace One SA, which
provides similar e-procurement systems to retail companies in Europe.
Following the sale of the shareholding in Nomad Payments for £3,245,000 in
January 2008, a further payment of £552,049 of deferred consideration was
received during July 2009. A small payment of £23,722 of deferred consideration
was also received from Covion Holdings, which was sold in October 2007. In
addition, deferred consideration was received from Snell and Wilcox Holdings
(£20,613), Eqos (£16,318) and Weston Antennas (£7,746).
Both O-Gen Acme Trek (£256,180) and The Bunker Secure Hosting (£50,000) repaid
short-term loans following successful further funding rounds.
A final payment of £26,723 was received from the liquidation of The Casella
Group, resulting in 80% of the original investment being received.
Dividend
The Company's dividend policy is to aim to distribute to shareholders a steady
flow of dividends from income and realised capital gains. Reflecting recent
realised gains, and income generated from loan stock an interim dividend of
5.0p per share for the year ended 28 February 2010 was paid on 18 December 2009
compared with 5.0p in 2008, making 22.5p per share of cumulative dividend
payments in the last four years.
Valuation policy
Investments held by the Company have been valued in accordance with the
International Private Equity and Venture Capital (IPEVC) valuation guidelines
(September 2009) developed by the British Venture Capital Association and other
organisations. Through these guidelines investments are valued as defined at
'fair value'. Ordinarily, unquoted investments will be valued at cost for a
limited period following the date of acquisition, being the most suitable
approximation of fair value unless there is an impairment or significant
accretion in value during the period. Quoted investments and investments traded
on AIM and PLUS are valued at the bid price as at 28 February 2010. The
portfolio valuations are prepared by Foresight Group, as investment manager, and
are subject to approval by the Board.
Share Issues and Share Buy-backs
I am pleased to report that the linked offer with Foresight 3 VCT plc, launched
on 15 October 2009, proved to be popular with investors, having raised £17.0
million between the two VCTs up until its close on 4 May 2010. From 15 October
2009 to the Company's year end at 28 February 2010, 3,186,489 shares were issued
in the Company at prices ranging from 101.0p to 106.0p representing gross
proceeds of £3.25 million.
The previous top-up offer in 2008/9 raised gross proceeds of £1.4 million
between its launch in October 2008 and its close on 31 May 2009. Of this total,
£1.1 million was raised in this reporting period through the issue of 1,121,409
Ordinary Shares at prices ranging from 103.0p to 104.0p per share.
These new funds will enable the Company to remain an active investor in the
current market and take advantage of new opportunities.
All of these share issues were under the new VCT provisions that commenced on 6
April 2006, namely: 30% upfront income tax relief which can be retained by
qualifying investors if the shares are held for the minimum five year holding
period.
It continues to be the Company's policy to consider purchasing shares in the
market when they become available in order to help provide liquidity for the
Company's shareholders. During the period, the Company repurchased 770,094
shares at a cost of £627,000 representing an average discount of 19.2% to net
asset value.
Directorate change
As a public listed company, Foresight 4 VCT plc is required to comply with the
regulations of the UK Listing Authority ('UKLA'). Certain changes to the
existing Board are required prior to new UKLA regulations on Board independence
coming into effect on 28 September 2010. As a result of these changes, Bernard
Fairman will step down from the Board with immediate effect. This change does
not impact the provision of investment management services.
Annual General Meeting
The Company's Annual General Meeting will take place on 14 July 2010. I look
forward to welcoming you to the meeting, which will be held in London, details
of which can be found on page 39 of the annual report and accounts.
Outlook
Although sentiment in financial markets has improved, and there is evidence that
the economy is recovering from one of the worst recessions in recent memory,
there are many financial, geopolitical national and international issues that
could still cause further economic shocks.
This underlying uncertainty has seen many unquoted companies struggling to raise
debt finance, which has proved a double edged sword for the Company. On the one
hand Foresight Group's deal flow, predominantly in the environmental
infrastructure sector where it is an established leader, remains strong. In
particular, potential investee companies are finding financial institutions
currently less inclined to invest than in the past. This is partly evidenced by
the number of new and follow-on investments made during the year. On the other
hand, generally and within the portfolio, there is evidence of a lack of bank
finance restricting growth and of trade sales being delayed or terminated as a
result of the lack of finance available to potential acquirers. In addition to
the small number of realisations in the period, some discussions have also been
held by investee companies which may lead to trade sales in the year ahead.
The Board and Foresight Group remain cautious, despite the UK's move out of
recession, and will continue to encourage all investee companies to keep a tight
control on costs and conserve cash.
Despite the uncertain economic outlook the Directors believe that the portfolio
contains a number of well positioned, growing companies. They are also
optimistic that some of the more recent investments in the environmental
infrastructure field will prove to be less directly affected by general economic
conditions.
Peter Dicks
Chairman
18 June 2010
For further information please contact:
Gary Fraser, Foresight Fund Managers Limited Tel: 01732 471800
The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority
require certain disclosures in relation to the annual financial report, as
follows:
Principal risks, risk management and regulatory environment
The Board believes that the principal risks faced by the Company are:
* Economic risk - events such as an economic recession and movement in
interest rates could affect smaller companies' valuations.
* Loss of approval as a Venture Capital Trust - the Company must comply with
Section 274 of the Income Tax Act 2007 which allows it to be exempted from
capital gains tax on investment gains. Any breach of these rules may lead to
the Company losing its approval as a VCT; qualifying shareholders who have
not held their shares for the designated holding period having to repay the
income tax relief they obtained; and future dividends paid by the Company
becoming subject to tax. The Company would also lose its exemption from
corporation tax on capital gains.
* Investment and strategic - inappropriate strategy, poor asset allocation or
consistent weak stock selection might lead to under performance and poor
returns to shareholders.
* Regulatory - the Company is required to comply with the Companies Act 2000,
the rules of the UK Listing Authority and United Kingdom Accounting
Standards. Breach of any of these might lead to suspension of the Company's
Stock Exchange listing, financial penalties or a qualified audit report.
* Reputational - inadequate or failed controls might result in breaches of
regulations or loss of shareholder trust.
* Operational - failure of the Manager's accounting systems or disruption to
its business might lead to an inability to provide accurate reporting and
monitoring.
* Financial - inadequate controls might lead to misappropriation of assets.
Inappropriate accounting policies might lead to misreporting or breaches of
regulations. Additional financial risks including interest rate, credit,
market price and currency are detailed in note 16 to the accounts.
* Market risk - investment in AIM traded, PLUS traded and unquoted companies
by nature involve a higher degree of risk than investment in companies
traded on the main market. In particular, smaller companies often have
limited product lines, markets or financial resources and may be dependent
for their management on a smaller number of key individuals. In addition,
the market for stock in smaller companies is often less liquid than that for
stock in larger companies, bringing with it potential difficulties in
acquiring, valuing and disposing of such stock.
* Liquidity risk - the Company's investments may be difficult to realise. The
fact that a share is traded on AIM does not guarantee its liquidity. The
spread between the buying and selling price of such shares may be wide and
thus the price used for valuation may not be achievable.
The Board seeks to mitigate the internal risks by setting policy, regular review
of performance, enforcement of contractual obligations and monitoring progress
and compliance. In the mitigation and management of these risks, the Board
applies rigorously the principles detailed in the Combined Code. Details of the
Company's internal controls are contained in the Corporate Governance and
Internal Control sections.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Directors' Report and the
financial statements, in accordance with applicable United Kingdom law and
United Kingdom Generally Accepted Accounting Practice.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law the Directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the Directors must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state of affairs
of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- state whether applicable accounting standards have been followed, subject to
any material departures disclosed and explained in the financial statements.
The Directors are responsible for keeping proper accounting records that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and enable
them to ensure that its financial statements comply with the Companies Act
2006. They are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
Under applicable law and regulations, the Directors are also responsible for
preparing a Directors' Report (including Business Review), Directors'
Remuneration Report and Corporate Governance Statement that comply with that law
and those regulations.
The Directors are responsible for the maintenance and integrity of the corporate
and financial information included on the Company's website. Legislation in the
UK governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
The Financial Statements are published on www.foresightgroup.eu, a website
maintained by Foresight Group. The maintenance and integrity of the website is,
so far as it relates to the Company, the responsibility of Foresight Group. The
work carried out by the auditors does not involve consideration of the
maintenance and integrity of this website and, accordingly, the auditors accept
no responsibility for any changes that have occurred to the accounts since they
were initially presented on the website. Visitors to the website need to be
aware that legislation in the United Kingdom governing the preparation and
dissemination of the accounts may differ from legislation in other
jurisdictions.
Responsibility Statement of the Directors in respect of the
Annual Financial Report
We confirm that to the best of our knowledge:
- the financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company; and
- the Directors' Report includes a fair review of the development and
performance of the business and the position of the issuer together with a
description of the principal risks and uncertainties that they face.
Peter Dicks
Chairman
18 June 2010
Audited Income Statement
for the year ended 28 February 2010
 Year to  Year to
 28 February 2010  28 February 2009
 Revenue Capital Total  Revenue Capital Total
 £'000 £'000 £'000  £'000 £'000 £'000
Investment holding - Â 6,300 6,300 Â - Â (1,100) (1,100)
gains/(losses)
Losses on realisation of - Â (4,181) (4,181) Â - Â (1,055) (1,055)
investments
Investment income and deposit 697 - Â 697 Â 753 - Â 753
interest
Investment management fees (155) (467) (622) Â (105) (314) (419)
Other expenses (279) - Â (279) Â (264) - Â (264)
------------------------- ------------------------
Return/(loss) on ordinary 263 1,652 1,915 Â 384 (2,469) (2,085)
activities before taxation
Tax on ordinary activities (74) 74 - Â Â - Â - Â -
------------------------- ------------------------
Return/(loss) on ordinary 189 1,726 1,915 Â 384 (2,469) (2,085)
activities after taxation
------------------------- ------------------------
Return/(loss) per share 0.8p 6.9p 7.7p  1.6p (10.5)p (8.9)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 year.
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.
Audited Reconciliation of Movement in Shareholders' Funds
for the year ended 28 February 2010
Called-up Share Capital
share capital premium redemption Profit and
 account reserve loss account Total
 £'000 £'000 £'000 £'000 £'000
As at 1 March 228 10,177 1,826 12,830 25,061
2008
Share issues in 10 1,179 - Â - Â 1,189
the year
Expenses on - Â (104) - Â - Â (104)
share issues
Repurchase of (4) - Â 4 (323) (323)
shares
Loss for the - Â - Â - Â (2,085) (2,085)
year
Dividend - Â - Â - Â (1,187) (1,187)
-----------------------------------------------------------------
As at 28 234 11,252 1,830 9,235 22,551
February 2009
-----------------------------------------------------------------
Called-up Share Capital
share capital premium redemption Profit and
 account reserve loss account Total
 £'000 £'000 £'000 £'000 £'000
As at 1 March 234 11,252 1,830 9,235 22,551
2009
Share issues in 43 4,366 - Â - Â 4,409
the year
Expenses on - Â (193) - Â - Â (193)
share issues
Repurchase of (7) - Â 7 (627) (627)
shares
Return for the - Â - Â - Â 1,915 1,915
year
Dividend - Â - Â - Â (1,342) (1,342)
-----------------------------------------------------------------
As at 28 270 15,425 1,837 9,181 26,713
February 2010
-----------------------------------------------------------------
Audited Balance Sheet
at 28 February 2010
Registered Number:
 03506579
 2010 2009
 £'000 £'000
Non-current assets
Investments held at fair value through profit or loss 22,148 18,751
--------------------------
Current assets
Debtors - amounts receivable in less than one year 1,495 1,830
Money market and other deposits 1,940 1,649
Cash 2,051 179
--------------------------
 5,486 3,658
Creditors: Amounts falling due within one year (1,681) (109)
--------------------------
Net current assets 3,805 3,549
--------------------------
Debtors: amounts receivable in more than one year 760 251
--------------------------
Net assets 26,713 22,551
--------------------------
Capital and reserves
Called-up share capital 270 234
Share premium account 15,425 11,252
Capital redemption reserve 1,837 1,830
Profit and loss account 9,181 9,235
--------------------------
Equity shareholders' funds 26,713 22,551
--------------------------
Net asset value per share 99.0p 96.2p
--------------------------
Audited Cash Flow Statement
for the year ended 28 February 2010
 Year to Year to
 28 February 28 February
 2010 2009
 £'000 £'000
Cashflow from operating activities
Investment income received 182 346
Deposit and similar interest received 14 193
Investment management fees paid (614) (444)
Secretarial fees paid (85) (43)
Other cash payments (216) (166)
------------------------
Net cash outflow from operating activities and returns
on investment (719) (114)
------------------------
Taxation - Â -
------------------------
Investing activities
Purchase of unquoted investments and investments quoted
on AIM (2,980) (5,467)
Net proceeds on sale of unquoted investments 1,373 2,632
Net proceeds on deferred consideration 620 -
------------------------
Net capital outflow from investing activities (987) (2,835)
Equity dividends paid (1,342) (1,187)
------------------------
Net cash outflow before financing and liquid resource
management (3,048) (4,136)
------------------------
Management of liquid resources
Subscription to money market (500) -
Redemption from money market 220 2,872
Income from money market (11) (134)
------------------------
 (291) 2,738
Financing
Proceeds of fund-raising 5,580 1,889
Expenses of fund-raising (85) (87)
Repurchase of own shares (284) (346)
------------------------
Net cash inflow from financing activities 5,211 1,456
------------------------
Increase in cash 1,872 58
------------------------
Reconciliation of net cash flow to movement in net cash
Increase in cash for the year 1,872 58
Net cash at start of year 179 121
------------------------
Net cash at end of year 2,051 179
------------------------
Reconciliation of net income to net cash flow from
operating activities
Total income/(deficit) before taxation 1,915 (2,085)
Investment holding (gains)/losses (6,300) 1,100
Realised losses 4,181 1,055
Increase in debtors (694) (198)
Increase in creditors 179 14
------------------------
Net cash outflow from operating activities (719) (114)
------------------------
Analysis of changes in net debt
 At 1 March 2009 Cash flow At 28 February 2010
 £'000 £'000 £'000
----------------------------------------------
Cash and cash equivalents 179 1,872 2,051
----------------------------------------------
Notes
1. Â Â The audited Annual Financial Report has been prepared on the basis of
accounting policies set out in the statutory accounts of the Company for the
year ended 28 February 2010. Â All investments held by the Company are classified
as 'fair value through the profit and loss'. Unquoted investments have been
valued in accordance with IPEVC guidelines. Quoted investments are stated at bid
prices in accordance with the IPEVC guidelines and Generally Accepted Accounting
Practice.
2. Â Â These are not statutory accounts in accordance with S436 of the Companies
Act 2006. The full audited accounts for the year ended 28 February 2010, which
were unqualified and did not contain any statements under S498(2) of Companies
Act 2006 or S498(3) of Companies Act 2006, will be lodged with the Registrar of
Companies. Statutory accounts for the year ended 28 February 2009 including an
unqualified audit report and containing no statements under the Companies Act
1985 have been delivered to the Registrar of Companies.
3. Â Â Copies of the Annual Report will be sent to shareholders and will be
available for inspection at the Registered Office of the Company at ECA Court,
South Park, Sevenoaks, Kent TN13 1DU and can be accessed on the following
website:www.foresightgroup.eu
4. Â Â Net asset value per share
Net asset value per Ordinary Share is based on net assets at the year end of
£26,713,000 (2009: £22,551,000) and on 26,970,770 (2009: 23,432,966) Ordinary
Shares, being the number of Ordinary Shares in issue at that date.
5. Â Â Return per share
 Year to Year to
 28 February 28 February
 2010 2009
 £'000 £'000
Total return/(loss) after taxation 1,915 (2,085)
Basic return/(loss) per share (note a) 7.7p  (8.9)p
------------------------
Revenue return from ordinary activities after taxation 189 384
Revenue return per share (note b) 0.8p 1.6p
------------------------
Capital return/(loss) from ordinary activities after 1,726 (2,469)
taxation
Capital return/(loss) per share (note c) 6.9p  (10.5)p
------------------------
Weighted average number of shares in issue during the 24,879,997 23,435,160
year
Notes:
a) Total return per share is total return after taxation divided by the weighted
average number of shares in issue during the year.
b) Revenue return per share is net revenue after taxation divided by the
weighted average number of shares in issue during the year.
c) Capital return per share is total capital return after taxation divided by
the weighted average number of shares in issue during the year.
6. Â Â The Annual General Meeting will be held at 12.00pm on 14 July 2010 at 35
New Bridge Street, London EC4V 6BW.
7. Â Â Investment income and deposit interest
 Year to Year to
 28 February 28 February
 2010 2009
 £'000 £'000
Loan stock interest 685 565
Overseas based Open Ended Invertment Companies 10 167
("OEIC(s)")
Bank deposits 2 8
Interest received on VAT refunded - Â 13
------------------------
 697 753
------------------------
8. Â Â Investments held at fair value through profit or loss
 2010 2009
 £'000 £'000
Quoted investments 1,221 1,077
Unquoted investments 20,927 17,674
------------------
 22,148 18,751
------------------
 Quoted Unquoted Total
 £'000 £'000 £'000
Book cost as at 1 March 2009 1,600 22,317 23,917
Investment holding losses (523) (4,643) (5,166)
------------------------------
Valuation at 1 March 2009 1,077 17,674 18,751
Movements in the year:
  Purchases at cost -  2,980 2,980
  Disposal proceeds -  (1,228) (1,228)
  Realised losses -  (4,843) (4,843)
  Investment holding gains 144 6,344 6,488
------------------------------
Valuation at 28 February 2010 1,221 20,927 22,148
------------------------------
Book cost at 28 February 2010 1,600 19,226 20,826
Investment holding (losses)/gains (379) 1,701 1,322
------------------------------
Valuation at 28 February 2010 1,221 20,927 22,148
------------------------------
9. Â Â Related party transactions
With the exception of Bernard Fairman, no Director has an interest in any
contract to which the Company is a party. Bernard Fairman is chairman of
Foresight Group, which acts as investment manager to the Company in respect of
its venture capital investments and earned fees of £621,961 during the year
(2009: £615,743).
Foresight Fund Managers Limited is the Secretary of the Company and receives
annual fees, paid quarterly in advance, for the services provided of £69,579
(2009: £70,843). The annual secretarial fee (which is payable together with any
applicable VAT) is adjusted annually in line with the UK Retail Prices Index.
Foresight Group are responsible for external costs such as legal and accounting
fees, incurred on transactions that do not proceed to completion ('abort
expenses'). In line with common practice, Foresight Group retain the right to
charge arrangement and syndication fees and Directors' or monitoring fees ('deal
fees') to companies in which the Company invests.
Foresight Group is also a party to the performance incentive agreement.
i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Foresight 4 VCT PLC via Thomson Reuters ONE
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