Foresight 4 VCT PLC : Half-yearly report

FORESIGHT 4 VCT PLC

Summary

  * Net asset value per Ordinary Share as at 30 September 2011 fell by 2.1%,
    represented by a net asset value of 109.6p at 30 September 2011 compared to
    a net asset value of 112.0p as at 31 March 2011.

  * The Company made two new and seven follow-on investments totalling
    £1,972,386.

  * Proceeds of £681,237 were received from three investments.

  * The linked offer with Foresight 3 VCT, launched on 7 January 2011, raised
    gross proceeds of £12.2 million between its launch and30 June 2011 when the
    offer closed, of which the Company's share was £6.1 million.

  * An interim dividend of 5.0p per share will be paid on 24 February 2012.


                                                  6 months ended 13 months ended
                                               30 September 2011   31 March 2011

                                                 Ordinary Shares Ordinary Shares

Net asset value per Ordinary Share                        109.6p          112.0p

Net asset value per Ordinary Share (including             196.9p          199.3p
all dividends paid)

Share price per Ordinary Share                            102.5p           97.5p

Share price total return per Ordinary Share               189.8p          184.8p
(including all dividends paid)


Chairman's Statement

Performance and Dividends

The period under review has seen a return of volatile markets and extreme
concern about the state of government finances in many parts of Europe. The
impact of falling markets and a lack of credit finance available to portfolio
companies have impacted the valuations of several investee companies whether,
directly, through lower levels of sales orders than expected or, indirectly,
through falls in comparative valuation multiples. However, I am pleased to
report significant growth in the profitability of several other investments
within the portfolio. During the six months ended 30 September 2011, the net
asset value of the Ordinary Shares fell by 2.1% to 109.6p per share.

The principal write-downs in the portfolio have related to three of our
environmental investments, where manufacturing plants have taken longer to build
than originally anticipated and current trading conditions have resulted in
customer reluctance to replace existing virgin raw material supplies with
recycled, cheaper alternatives. Although we believe that this phenomenon is
temporary in most instances and these companies continue to make progress, they
are now substantially behind plan and valuation downgrades were considered
necessary.

The performances both in terms of revenues and profits of several of the
unquoted investments within the portfolio improved materially in the period
under review. A significant amount of this improvement can be attributed to
export driven growth, as well as benefitting from new sales revenues from the
development of new products and markets. Furthermore, the order books of several
portfolio companies give the Investment Manager cause for optimism that the
recent positive performance of these companies can be maintained.

However, stock market sentiment remains volatile with significant macroeconomic
uncertainties remaining combined with difficult trading and credit conditions in
many sectors of the economy. Against this background, the Investment Manager
continues to adopt a cautious approach to management of the portfolio.

I am pleased to report, following the trend of recent years, that an interim
dividend of 5.0p per Ordinary Share for the year ending 31 March 2012 will be
paid to Ordinary Shareholders on 24 February 2012. The dividend will have a
record date of 10 February 2012 and an exdividend date of 8 February 2012. 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 while at
the same time providing a maintainable dividend although this will depend on its
ability to pay a dividend and continue to fund the underlying portfolio.

Share Issues and Share Buy-backs

The Company launched a linked offer for new Ordinary Shares alongside Foresight
3 VCT plc on 7 January 2011, which raised gross proceeds of £12.2 million
between its launch and 30 June 2011 when the offer closed, of which the
Company's share was £6.1 million. During this period, 1,110,690 Ordinary Shares
were allotted at prices ranging from 115.0p to 119.0p per share.

It continues to be the Board's policy to consider repurchasing shares when they
become available in order to provide a degree of liquidity for the Company's
shares.

During the period, the Company repurchased 462,708 Ordinary Shares for
cancellation at a cost of £468,985 and at a discount to net asset value ranging
from 9.6% to 10.2%.

Valuation Policy

Investments held by the Company have been valued in accordance with the
International Private Equity and Venture Capital (IPEVC) valuation guidelines
(August 2010) 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. Listed investments and investments traded
on AIM and PLUS (formerly OFEX) are valued at the bid price as at 30 September
2011. The portfolio valuations are prepared by Foresight Group, reviewed and
approved by the Board quarterly and subject to review by the auditors annually.


Merger Proposals

The Board intends to send out details during December 2011 of the proposed
merger of Foresight 4 with Foresight Clearwater VCT plc, Foresight 5 VCT plc and
Acuity VCT 3 plc.

Foresight Clearwater VCT plc is comprised almost entirely of cash (£1.1 million)
and will be merged into the existing ordinary shares fund. Foresight 5 and
Acuity VCT 3 will be merged into a new 'C' Shares fund within Foresight 4 for a
period of up to three years before conversion into ordinary shares. This will
have the effect of protecting any latent value in both portfolios and ensuring
this accrues to the relevant class of shareholders.

Further details will be provided in the circulars to be sent out in December,
but the attractions and cost savings of an enlarged VCT are substantial and I
would encourage shareholders to vote in favour of the mergers after reading all
of the appropriate documents.

Outlook

In recent months Foresight Group has seen trade buyers returning to the merger &
acquisitions market acquiring high growth and high innovation companies and, if
this trend continues despite the recent increase in market volatility, we expect
to see a number of portfolio realisations in the coming months. Additionally,
Foresight Group is seeing its deal flow of new investment opportunities
increasing but we remain cautious about the economic outlook and the Manager
will aim to invest only in new opportunities which are considered sufficiently
robust and attractive. The Board and Investment Manager are hopeful that the
current performance of the portfolio will improve and that realisations will,
over the medium term, be achieved resulting in further positive net asset value
performance and continued distributions to shareholders.

Philip Stephens
Chairman
30 November 2011


Investment Manager's Report

The performance of the portfolio during the period has been affected by a
combination of both positive and negative factors, resulting overall in a 2.1%
fall in net asset value. The continuing strong trading performance of a number
of companies in the portfolio, most notably Autologic Diagnostics and Datapath,
and reasonable levels of current mergers & acquisition activity give cause for
optimism. Following a successful recapitalisation at Autologic Diagnostics,
£586,667 was received during the period with no dilution of Foresight 4's
shareholding.

Equities and markets have displayed high levels of volatility and uncertainty
during the period, with a consequent impact on the valuations of certain
portfolio companies, with lower multiples having to be applied to their earnings
despite generally good performance.

With regard to the environmental investments, their plants are generally
operating well with consistent and reliable production but the need is now to
build market traction and increase sales. Current economic conditions have
slowed customer decision making and led to caution in the adoption of new
products. In some cases, lack of available finance has delayed investment and
expansion plans. Reflecting slower than expected growth in sales at i-plas and
Crumb Rubber, further provisions have been made against these investments
totalling £452,756. O-Gen UK is experiencing growing demand for its biomass-
energy technology as evidenced by its agreement with a major UK outsourcing
group to build up to five biomass-energy facilities in South West England, all
of which will be fully funded by this major partner and also a separate
agreement with Withion Power to build a facility in Derby which is expected to
come on stream in early 2012. Despite achieving periods of extended electricity
production at O-Gen Acme Trek's Stoke facility, a provision of £2.0 million has
been made against the previous carrying value of this investment as a result of
a series of technical problems which are being steadily addressed.

Slow growth is expected in the UK economy in 2012 and rising costs and inflation
could undermine prospects in the medium term. The current outlook for most
companies in the portfolio is considered satisfactory given their international
exposure. Although blue chip corporate balance sheets are as strong as ever, we
have some concerns that current market volatility could have a negative impact
on appetite for smaller companies through mergers and acquisitions.

Against this background, we are only looking at new investment opportunities
which are considered particularly robust and attractive in valuation terms.

Portfolio Review

Over the last two years, as a result of tougher trading and credit conditions,
the number of follow-on investments made by the VCT has increased. This has
reflected the need for additional working capital arising as a result of trading
conditions and reduced bank credit lines or overdrafts but has also included
funding for growth.

The Company made two new investments into Vertal (£650,000) and Crumb Rubber
(£150,000) and provided follow-on funding totalling £1,172,386 for seven
portfolio companies: @Futsal (£341,977), Closed Loop (£310,000), O-Gen Acme Trek
(£270,419), Silvigen (£143,755), Autologic Diagnostics Holdings (£84,805),
Amberfin Holdings (£13,332) and Snell Corporation (£8,098).

The performance highlights during the period were as follows:

Autologic Diagnostics (formerly Diagnos Holdings) develops and sells
sophisticated automotive diagnostic software and hardware to independent
mechanics and garages to allow them to service and repair vehicles. In the year
ended 31 December 2010, an operating profit of £2.7 million was achieved on
sales of £9.3 million. The company is continuing to grow sales and profits in
its current financial year. On 1 July 2011, a recapitalisation was completed
which yielded proceeds of £586,667 on the equity shares held by the VCT, against
cost of £106,667. The VCT has maintained its equity share in Autologic
Diagnostics at an undiluted level. As part of the recapitalisation, £84,805 of
loan interest was capitalised.

Datapath is a world leading innovator in the field of computer graphics and
video wall display technology. An operating profit of £3.1 million (after an
amortisation charge of £0.4 million), was achieved on sales of £10.3 million in
the year ended 31 March 2011.

TFC Europe, which distributes technical fasteners, reported an operating profit
of £1.3 million (after an amortisation charge of £0.5 million), on sales of
£13.5 million for the year ended 31 March 2011.

Closed Loop Recycling continues to make solid operational, commercial and
revenue progress with production rates at record levels and significantly
improved plant reliability and consistency. An investment of £310,000 was made
in the period to further upgrade its conveyor system. Product quality remains
high and there is strong demand for all the recycled material produced. The
company continues to be affected by raw material quality which restricts
throughput and yield, but is able to operate reliably within the consequent
capacity constraints. Major investment is planned at the Dagenham site to
increase capacity to meet the substantial demand for the cleaned and sorted
output, which generate significant contribution and drive profitability. Closed
Loop Recycling is currently profitable and generating revenues in excess of £1.3
million per month.

An additional investment in O-Gen Acme Trek of £270,419 was required because of
delays in achieving full commissioning of the underlying plant and to provide
ongoing working capital. O-Gen Acme Trek is now generating electricity
periodically but is making slow progress towards bringing its facility on
stream. Nevertheless, the plant continues to be impacted by poor original
engineering in key support systems and the company is seeking a funding partner
to address these issues. As such, reflecting this slower progress a further
provision of £2.0 million has been made against the value of this investment.

For the six months to 30 September 2011, The Bunker Secure Hosting continued to
win new orders, grow revenues and is generating substantial profits. For the
year to 31 December 2010, an EBITDA of £1.5 million was achieved on sales of
£6.2 million. Following the upgrade of the Ash data centre electrical
infrastructure in 2010/11, The Bunker has continued to invest heavily in
increasing the capacity of its fibre network and in filling out additional space
at Ash and Newbury, supporting the company's growth in providing high value
managed hosting services.

An investment of £650,000 was made into Vertal during the period to support
investments in further processing equipment at its first plant in Mitcham and to
cover a working capital requirement. An extensive review of all operational and
processing issues has been concluded with the resulting solutions implemented or
planned to be implemented in the quarter ended 30 September 2011. Following a
number of changes to the senior management team, the company is well positioned
to deliver on its new business plan through increasing waste volumes into the
plant and additional disposal outlets including processed material being sold as
an organic fuel to Anaerobic Digestion facilities. Although volumes processed
are now up to 900 tonnes per week, the company is presently still incurring
operating losses with a projected operating profit targeted for the first
quarter of 2012.

@Futsal have further developed their flagship Birmingham indoor football arena,
following a further £341,977 investment from the VCT, and this arena hosted a
number of Football Association events over the summer. The education arm of the
business is developing with several hundred children now taking sports related
courses within @Futsal's arenas. However, sales growth is behind original
expectations, with UK consumer spending under pressure, and progress towards
profitability has been impacted as a result.

Silvigen received further funding of £143,755 to finance additional capital
expenditure for its waste wood processing facility which will enable increased
production as well as provide additional working capital as the company builds
sales pipeline in the animal bedding market.

Although I-plas successfully increased its production capacity by investing in
additional plastic moulding equipment, sales growth has been slower than
expected due to the impact of the current economic climate and uncertainties in
the construction sector. Reflecting this continuing slow progress, a provision
has been made against the cost of this investment.

Evance has continued to benefit from strong growth in demand for its 5kW
turbines and is now making operating profits.

Crumb Rubber continues to successfully manufacture high grade products at its
Plymouth facility. Whilst the long-term prospects remain attractive, growth in
customer demand remains frustratingly slow due to protracted decision making
cycles. Foresight are working with the team to minimise costs and drive new
business development and sales but at this stage the business continues to be
loss making. The VCT invested £150,000 during the period.

Ixaris has continued to develop Opn, its platform that enables enterprises to
develop custom applications for payments. This platform is being used by
companies in the affiliate marketing and travel sectors.

Realisations

Foresight 4 sold £48,000 of Zoo Digital loan notes during the period.
Simultaneously, Zoo Digital successfully concluded an equity placing in August
prior to the downturn in equity markets, to accelerate the roll-out of the
company's software in new markets, particularly the creation of eBooks. The
fundraising was contingent on the restructuring of Zoo Digital's loan notes,
necessitating partial conversion of Foresight 4's loans (£483,750).

Proceeds of £586,667 were received from Autologic Diagnostics through the
recapitalisation detailed above. A loan repayment of £23,285 was also received
from Trilogy Communications plus a 100% redemption premium.

After detailed negotiation, Foresight 4 received $881,296 of deferred
consideration from Advanced Visual Technologies in October 2011 as a result of
the partial release of funds held in Escrow.

Outlook

Underlying trading in many of the portfolio companies has benefited, to varying
degrees, from the positive export conditions created by a weaker currency and
reflects better than expected growth in portfolio companies' target markets,
particularly in the Far East. Conversely, many investments in the environmental
portfolio are making progress but growth in sales is suffering from operational
delays in bringing the various facilities to optimum production, as well as
longer lead times for product acceptance for its customers. However, we remain
reasonably optimistic about current prospects and the outlook for many portfolio
companies, which continue to display good order books and revenue and profit
growth. This is tempered by continued challenging economic fundamentals and
uncertainties that could lead to a prolonged period of low growth. Across all
the portfolio companies, we have, where appropriate, ensured that management are
focused on cash conservation and cost reductions in light of the continuing
fragile economic recovery.

Foresight is actively pursuing a number of potential portfolio realisations in
several market sectors to generate value and distributions for shareholders but
M&A activity at the smaller company level is still inconsistent and we remain
concerned that a return to the economic volatility of 2008/2009 may lead to a
significant fall in M&A activity.


David Hughes
Foresight Group
Chief Investment Officer
30 November 2011





Unaudited Half-Yearly Results and Responsibility 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 March 2011 ('the Annual
Report'). A detailed explanation can be found on page 12 of the Annual Report
which is available on www.foresightgroup.eu or by writing to Foresight Group at
ECA Court, South Park, Sevenoaks, Kent, TN13 1DU.

In the view of the Board, there have not been any 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 Interim Report and financial statements.

The Directors confirm to the best of their knowledge that:

(a) the summarised set of financial statements has been prepared in accordance
with the pronouncement on interim reporting issued by the Accounting Standards
Board;

(b) 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);

(c) the summarised set of financial statements give a true and fair view in
accordance with UK GAAP of the state of affairs of the Company and of the profit
and loss of the Company for that period and comply with UK GAAP and Companies
Act 2006; and

(d) 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 Business
Review in the 31 March 2011 annual report. The financial position of the
Company, its cash flows, liquidity position and borrowing facilities are
described in the Chairman's Statement, Business Review and Notes to the Accounts
of the 31 March 2011 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
hedging activities; 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 despite the current uncertain economic outlook.

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 or reviewed by the
auditors.

By order of the Board

Philip Stephens
Chairman
30 November 2011












Unaudited Income Statement
for the six months ended 30 September 2011

                6 months ended      6 months ended         13 months ended

                 30 September       31 August 2010          31 March 2011
                     2011

                 (unaudited)          (unaudited)             (audited)

               Revenue Capital   Total Revenue Capital Total Revenue  Capital   Total

                 £'000   £'000   £'000   £'000   £'000 £'000   £'000    £'000   £'000



Realised gains
on investments       -     712     712       -      10    10       -       30      30

Investment
holding
(losses)/gains       - (1,130) (1,130)       -   1,930 1,930       -    6,637   6,637

Income             177       -     177     476       -   476   1,025        -   1,025

Investment
management
fees             (100)   (300)   (400)    (99)   (298) (397)   (259)  (1,036) (1,295)

Other expenses   (175)       -   (175)   (160)       - (160)   (358)        -   (358)
              -----------------------------------------------------------------------


(Loss)/return
on ordinary
activities
before
taxation          (98)   (718)   (816)     217   1,642 1,859     408    5,631   6,039



Taxation             -       -       -       -       -     -    (93)       93       -


              -----------------------------------------------------------------------
(Loss)/return
on ordinary
activities
after taxation    (98)   (718)   (816)     217   1,642 1,859     315    5,724   6,039


              -----------------------------------------------------------------------
(Loss)/return
per Ordinary
Share           (0.3)p  (1.9)p  (2.2)p    0.7p    5.2p  5.9p    1.0p    17.8p   18.8p
              -----------------------------------------------------------------------


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.
Unaudited Balance Sheet
at 30 September 2011


                Registered Number: 03506579

                                              As at          As at         As at

                                  30 September 2011 31 August 2010 31 March 2011

                                        (unaudited)    (unaudited)     (audited)

                                              £'000          £'000         £'000



Non-current assets

Investments held at fair value
through profit or loss                       33,077         24,889        32,306
                                 -----------------------------------------------


Current assets

Debtors                                       2,720          2,430         2,502

Money market securities and other
deposits                                      3,379          6,452         3,368

Cash                                          1,642             69         3,401
                                 -----------------------------------------------
                                              7,741          8,951         9,271



Creditors

Amounts falling due within one
year                                          (812)          (459)       (1,414)
                                 -----------------------------------------------


Net current assets                            6,929          8,492         7,857
                                 -----------------------------------------------
Net Assets                                   40,006         33,381        40,163
                                 -----------------------------------------------


Capital and reserves

Called-up share capital                         365            321           359

Share premium                                26,260         20,411        25,137

Capital redemption reserve                    1,849          1,840         1,844

Profit and loss account                      11,532         10,809        12,823
                                 -----------------------------------------------


Equity shareholders' funds                   40,006         33,381        40,163
                                 -----------------------------------------------


Net asset value per Ordinary
Share                                       109.6 p        104.1 p       112.0 p
                                 -----------------------------------------------



Unaudited Reconciliation of Movements in Shareholders' Funds
for the six months ended 30 September 2011


                     Called-up                       Capital
                         share Share premium      redemption   Profit and
                       capital       account         reserve loss account  Total

                         £'000         £'000           £'000        £'000  £'000





Book cost as at
1 April 2011               359        25,137           1,844       12,823 40,163

Share issues in
the period                  11         1,250               -            -  1,261

Expenses in
relation to
share issues                 -         (127)               -            -  (127)

Repurchase of
shares                     (5)             -               5        (475)  (475)

Loss for the
period                       -             -               -        (816)  (816)
                ----------------------------------------------------------------
As at 30                   365        26,260           1,849       11,532 40,006
September 2011
                ----------------------------------------------------------------









Unaudited Summary Cash Flow Statement
for the six months ended 30 September 2011

                                         6 months       6 months 13 months ended
                                            ended          ended

                                30 September 2011 31 August 2010   31 March 2011

                                      (unaudited)    (unaudited)       (audited)

                                            £'000          £'000           £'000

Cash flow from operating
activities

Investment income received                    163            181             354

Deposit and similar interest                    2             23              39
received

Investment management fees paid             (359)          (388)         (1,326)

Secretarial fees paid                         -             (62)           (119)

Other cash payments                         (100)          (133)           (293)


                               -------------------------------------------------
Net cash outflow from operating
activities and returns on                   (294)          (379)         (1,345)
investment



Taxation                                      -              -               -
                               -------------------------------------------------


Returns on investment and
servicing of finance

Purchase of unquoted
investments and investments               (1,888)        (1,143)         (4,290)
quoted on AIM

Net proceeds on sale of                       681            373             826
investments

Net proceeds from deferred                     31             10             148
consideration
                               -------------------------------------------------
Net capital outflow from                  (1,176)          (760)         (3,316)
financial investment



Equity dividends paid                         -              -           (1,728)
                               -------------------------------------------------


Management of liquid resources

Subscription to money market                 (11)        (4,512)         (4,500)

Redemption from money market                  -              -             3,072
                               -------------------------------------------------
                                             (11)        (4,512)         (1,428)

Financing

Proceeds of fund raising                      283          4,298          10,040

Expenses of fund raising                    (127)          (179)           (145)

Repurchase of own shares                    (434)          (450)           (728)
                               -------------------------------------------------
                                            (278)          3,669           9,167
                               -------------------------------------------------
(Decrease)/increase in cash               (1,759)        (1,982)           1,350
                               -------------------------------------------------


Notes to the Unaudited Half-Yearly Financial Report


 1. The unaudited half-yearly results have been prepared on the basis of
    accounting policies set out in the statutory accounts of the Company for the
    period ended 31 March 2011. Unquoted investments have been valued in
    accordance with IPEVC guidelines. Quoted investments are stated at bid
    prices in accordance with UK Generally Accepted Accounting Practice.

 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
    2011 and 31 August 2010 has been neither audited nor reviewed. Statutory
    accounts in respect of the period to 31 March 2011 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 2011
    have been reported on by the Company's auditors or delivered to the
    Registrar of Companies.

 3. Copies of the Half-yearly Financial Report have been sent to shareholders
    and are available for inspection at the Registered Office of the Company at
    ECA Court, South Park, Sevenoaks, Kent, TN13 1DU.

Copies of the Half-yearly Financial Report are also available electronically
atwww.foresightgroup.eu.


 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 Ordinary Shares in issue at that date.

                      Net Assets   Number of Shares

                           £'000           in Issue



 30 September 2011        40,006         36,512,963

 30 August 2010           33,381         32,060,833

 31 March 2011            40,163         35,864,981
                    --------------------------------


 5. Return per share
                                   6 months ended 6 months ended 13 months ended

                                30 September 2011 31 August 2010   31 March 2011

                                      (unaudited)    (unaudited)       (audited)

                                            £'000          £'000           £'000



Total (loss)/return after                   (816)          1,859           6,039
taxation

Total (loss)/return per                    (2.2)p           5.9p           18.8p
Ordinary Share (note a)
                               -------------------------------------------------


Revenue (loss)/return from
rdinary activities after                     (98)            217             315
taxation

Revenue (loss)/return per                  (0.3)p           0.7p            1.0p
Ordinary Share (note b)
                               -------------------------------------------------


Capital (loss)/return from
rdinary activities after                    (718)          1,642           5,724
taxation

Capital (loss)/return per                  (1.9)p           5.2p           17.8p
Ordinary Share (note c)
                               -------------------------------------------------


Weighted average number of             36,690,332     31,463,140      32,204,092
shares in issue in the period


Notes:
a) Total return per Ordinary Share is total return after taxation divided by the
weighted average number of shares in issue during the period.
b) Revenue return per Ordinary Share is revenue return after taxation divided by
the weighted average number of shares in issue during the period.
c) Capital return per Ordinary Share is capital return after taxation divided by
the weighted average number of shares in issue during the period.

 6. Income
                                   6 months ended 6 months ended 13 months ended

                                30 September 2011 31 August 2010   31 March 2011

                                      (unaudited)    (unaudited)       (audited)

Notes                                       £'000          £'000           £'000



Loan stock interest                           164            451             985

Overseas based Open Ended                      11             13              28
Investments Companies ("OEICs")

Bank deposits                                   2             12              12


                               -------------------------------------------------
                                              177            476           1,025
                               -------------------------------------------------



 7. Investments at fair value through profit or loss

                                  Quoted   Unquoted     Total

                                   £'000      £'000     £'000

 Book cost as at 1 April 2011      1,600     22,747    24,347

 Investment holding gains            212      7,747     7,959
                                 -----------------------------
 Valuation at 1 April 2011         1,812     30,494    32,306



 Movements in the period:

 Purchases at cost                     -      1,972     1,972

 Disposal proceeds                  (48)      (633)     (681)

 Realised gains                        -        610       610

 Investment holding losses         (204)      (926)   (1,130)
                                 -----------------------------
 Valuation at 30 September 2011    1,560     31,517    33,077
                                 -----------------------------


 Book cost at 30 September 2011    1,552     24,696    26,248

 Investment holding gains              8      6,821     6,829
                                 -----------------------------
 Valuation at 30 September 2011    1,560     31,517    33,077
                                 -----------------------------




 8. Related party transactions

Foresight Group, as Investment Manager of the Company, is considered to be a
related party by virtue of its management contract with the Company. During the
period, services of a total value of £400,000 (31 August 2010: £397,000; 31
March 2011: £1,036,000) were purchased by the Company from Foresight Group. At
30 September 2011, the amount due to Foresight Group was £nil. Additionally, a
fee of £259,000 was paid to Foresight Group under the performance incentive
arrangements during March 2011.

If the 5.0p per Ordinary Share dividend payable on 24 February 2012 results in
the payment of a performance incentive fee of 15% of the dividend paid, this
would amount to a payment of £273,847 for the year ending 31 March 2012. On a
strict pro-rata basis £136,924 would relate to the six months ended 30 September
2011 but no such accrual has been incorporated in the interim accounts.

Foresight Fund Managers Limited, as Secretary of the Company and as a subsidiary
of Foresight Group, is also considered to be a related party of the Company.
During the period, services of a total value of £57,000 excluding VAT (31 August
2010: £35,000; 31 March 2011: £86,000) were purchased by the Company from
Foresight Fund Managers Limited. At 30 September 2011, the amount due to
Foresight Fund Managers was £nil.

No Director has, or during the period had, a contract of service with the
Company. No Director was party to, or had an interest in, any contract or
arrangement (with the exception of Directors' fees) with the Company at any time
during the period under review or as at the date of this report.

                                                                          of 
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     originality of the information contained therein. 
    
Source: Foresight 4 VCT PLC via Thomson Reuters ONE

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