Annual Financial Report

FORESIGHT VCT PLC Chairman's Statement Summary * Net asset value per Ordinary Share as at 31 December 2009 was 39.8p compared to 42.2p as at 31 December 2008. * Top-up offer launched in October 2008 closed on 31 May 2009 having raised Â£1.15 million. * Three new investments were made in: @Futsal (Â£29,012), a growth capital opportunity; Land Energy Limited (Â£200,000), an environmental opportunity; and Diagnos Holdings Limited (Â£750,000), a management buy-out opportunity. * Ten follow-on investments totalling Â£1,426,783. These were SkillsMarket (Â£369,343), Closed Loop Recycling (Â£350,000), Silvigen (Â£214,494), ANT (Â£128,400), Lynwood Group Holdings (Â£106,864), smartFOCUS Group (Â£86,250), Clarity Commerce Solutions (Â£74,900), Sarantel Group (Â£50,000), Ffastfill (Â£26,974) and Aigis Blast Protection (Â£19,558). * Two realisations made: AIM listed smartFOCUS Group (Â£167,350) and a loan repayment from DCG Group (Â£165,022). Introduction and Results During the last half of the year under review, stock markets stabilised as a result of the belief that the worst of the banking crisis was over and the positive effects of Government stimulus packages around the world had started to filter through the economy. Stock Market sentiment remains fragile, while trading and credit conditions continue to be difficult in many sectors of the economy. Against this background the net asset value total return for the year (made up of a NAV of 39.8p and a dividend of 1.0p per Ordinary Share paid during the year) of the Ordinary Shares fund fell by 3.3% from 42.2p per share at 31 December 2008 to 40.8p per share at 31 December 2009. The Company's objective is to maximise the level of tax-free dividends, either generated from income or from capital profits realised on the sale of investments. The Board is not, however, recommending a final dividend for the year ended 31 December 2009. Portfolio Review Notwithstanding difficult trading conditions, the performance of a number of portfolio companies continued to improve, reflecting growing demand and strong sales pipelines, most notably Diagnos Holdings, Camwood, DCG Group and Trilogy Communications. The investment in Diagnos Holdings was made in February 2009 and the company is trading 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 in France and Germany. Camwood's AppDNA software division, which is the market-leader in automated application compatibility for virtualisation, desktop and server operating system projects, has made good progress. The company has won a number of major deals with large corporations in the US and Europe, and has also developed a global network of partnerships. It has a strong pipeline of opportunities for further contract wins. The company is currently enjoying a period of rapid sales growth and improved profitability. DCG Group, a managed service provider for enterprise data storage, backup and recovery, has been successful in building its recurring revenues despite the economic climate. During the year the company released its SME managed service, DCG Pro, which has been well received. Trilogy Communications is continuing to build partnerships with large international defence companies and its pipeline of sales opportunities has continued to grow. 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. ANT recently announced significantly improved results for the year ended 31 December 2009. The company confirmed a 27% increase in revenues to Â£4.7 million (2008: Â£3.7 million) and a reduced loss of Â£0.7 million (2008: Â£1.0 million). Cash at the year end remained strong at Â£5.0 million. Closed Loop Recycling is finalising a further Â£6 million funding round to enable the company to purchase new capital equipment, refinance short-term debt and provide additional working capital required due to delays in full commissioning resulting from longer than expected timescales in customer product audits. These product audits have now largely been completed and initial orders are now being received from several large UK and multinational companies. This project has taken longer to get to full operating output than originally planned resulting in significantly higher costs than budgeted. We remain confident, however, that following the current financing round, Closed Loop has the potential to become a significantly profitable business. Sarantel Group, an AIM-listed company, announced that revenues for the year ended 30 September 2009 were Â£2.8 million, a 50% increase over the same period a year earlier. Pre-tax losses were Â£3.0 million, a 36% reduction from the corresponding period in 2008. High value markets for its military and satellite antennas have resulted in these areas generating 40% of sales (2008: 16%) at high margins. Despite these encouraging developments, the portfolio was not unaffected by the impact of the difficult economic and trading conditions with the impact of tougher credit conditions affecting a number of portfolio companies as follows: Reflecting poorer first half trading, an impairment of Â£409,568 has been taken against the previous carrying value of Aigis Blast Protection. Management has taken rapid action to reduce the cost base through redundancies, senior management pay cuts and other cost-cutting measures in order to see the company through to break-even. The Company invested Â£19,558 in Aigis Blast Protection during the year. 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 Â£1.5 million were raised from existing and new shareholders in August 2009, of which Foresight VCT invested Â£335,000 (along with an earlier investment of Â£34,343), 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 launched. An impairment has been taken against this investment of Â£1,329,902. The Board of Oxonica is transitioning the company towards a minimal cost, pure royalty business model. Oxonica delisted from AIM on 4 August 2009 and reduced its costs substantially, implementing a redundancy programme and closing its Begbroke facility. Partnership discussions are being held for all of its businesses, with the aim of establishing profitable relationships, based primarily on royalties from partners' product sales. This holding currently has a value of Â£106,347. Investment Activity Purchases Three new investments totalling Â£979,012 were made in the period in @Futsal (Â£29,012), a growth capital opportunity in the leisure area; Land Energy (Â£200,000), an environmental opportunity; and Diagnos Holdings (Â£750,000), a management buy-out opportunity (noted above). @Futsal Limited has been established by the founding team of Covion (the successful Foresight investment sold to Balfour Beatty in 2007 for Â£33 million at a multiple of over four times cost) to roll out a chain of indoor football centres of which two are now fully operational, in Swindon and Cardiff. Futsal is the fastest growing indoor sport in the World with 30 million people playing internationally. The sport has not yet developed in the UK but, as the only form of small sided football supported by the FA, UEFA and FIFA and with the support of major sports brands, it is rapidly gaining momentum. Land Energy has been set up to exploit the growing demand for wood pellets as a renewable fuel, and to generate renewable power from virgin wood through a series of plants countrywide. These plants will generate electricity for sale to the grid and at the same time use the heat generated for pellet production or for supply to a nearby user. The company will therefore be both a pellet producer and a combined heat and power ("CHP") generation operator. The UK Government has identified CHP as a highly efficient form of energy use, further incentivised in April 2009 when it became eligible for double Renewable Obligation Certificates. Ten follow-on investments totalling Â£1,426,783 were also made during the year under review. These were SkillsMarket (Â£369,343), Closed Loop Recycling (Â£350,000), Silvigen (Â£214,494), ANT (Â£128,400), Lynwood Group Holdings (Â£106,864), smartFOCUS Group (Â£86,250), Clarity Commerce Solutions (Â£74,900), Sarantel Group (Â£50,000), Ffastfill (Â£26,974) and Aigis Blast Protection (Â£19,558). Several small market purchases were made in selected AIM listed companies currently held in the portfolio believed to be trading significantly below their underlying real value. These include ANT plc, smartFOCUS Group plc, Clarity Commerce Solutions plc, Sarantel Group plc and Ffastfill plc noted above. A further investment of Â£350,000 was provided to Closed Loop Recycling to assist the company to work through commissioning delays prior to finalising its Â£6 million further fund-raising. Silvigen has positioned itself to supply the biomass fuel needs of the UK power generation sector, which is driven by a number of regulatory incentives. Silvigen raised Â£1.2 million in June 2009 and a further Â£300,000 in December 2009, of which Foresight VCT invested Â£214,494, to provide ongoing working capital required as a result of operational delays. The commissioning of its wood pelleting plant is now close to completion with initial production achieved in October 2009. The investment in Lynwood Group Holdings of Â£106,864 was used to fund an increase in capacity for i-plas, to satisfy its growing sales pipeline for plastic building products, an area of plastics recycling which has significant growth potential. Realisations Following the market purchase of 1,600,000 (Â£86,250) smartFOCUS shares during the summer, 1,300,000 shares were later sold, following a period of improved AIM market conditions, for Â£167,350, a return of 2.4 times on the cost of the shares sold. A loan repayment of Â£165,022 was received from DCG Group during December 2009. 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 (formerly OFEX) are valued at the bid price as at 31 December 2009. The portfolio valuations are prepared by Foresight Group and are subject to approval by the Board. Share Issues and Share Buy-backs The recent top-up offer raised gross proceeds of Â£1.3 million between its launch in October 2008 until it closed on 31 May 2009. Of this total, Â£1.1 million was raised in the current period through the issue of 2,648,830 Ordinary Shares at prices ranging from 42.0p to 47.0p per share. These funds will assist your Company in remaining an active investor in the current market. Additionally, 58,335 shares were issued under the dividend reinvestment scheme at 39.1p per share raising proceeds of Â£23,000. All of these share issues were under the new VCT provisions which 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. As part of the Company's active buy-back programme, during the period 945,586 Ordinary Shares were purchased for cancellation at a cost of Â£323,000, representing an average discount of 14.1% to net asset value. On 28 January 2010 the Company announced the publication of a prospectus to raise up to Â£10,000,000 by way of an issue of Planned Exit Shares, a new share class subsequently approved by shareholders on 23 February 2010. From launch until the date of this announcement 5,035,864 Planned Exit Shares were issued at 100.0p per share. Annual General Meeting The Company's Annual General Meeting will take place on 18 May 2010. I look forward to welcoming you to the meeting, which will be held in Sevenoaks. Outlook The volatility and poor sentiment of the financial markets as well as the increasing difficulty in raising debt finance have proved a double edged sword for the Company. On the one hand Foresight Group's deal flow, particularly 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 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, discussions have also been held by several investee companies which may or may not lead to trade sales in the year ahead. The Board and Foresight Group are conscious that we are in a period of economic slowdown and tight credit conditions and all investee companies are being encouraged to keep a tight control on costs and conserve cash. Despite the uncertain economic outlook your 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 may prove to be less affected by general economic conditions. Peter Dicks Chairman 19 April 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' performance and 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. * 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 Acts, 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. * 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 the principles detailed in the 'Turnbull' guidance. 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. Audited Profit and Loss Account for the year ended 31 December 2009 Â Â Year to Â Â Â Year to Â 31 December 2009 Â 31 December 2008 Â Revenue Capital Total Â Revenue Capital Total Â Â£'000 Â£'000 Â£'000 Â Â£'000 Â£'000 Â£'000 Investment holding - 3,547 3,547 Â - (6,332) (6,332) gains/(losses) Realised losses on - (3,988) (3,988) Â - (487) (487) investments Income 441 - 441 Â 490 - 490 Investment management fees (100) (299) (399) Â 44 131 175 Other expenses (318) - (318) Â (336) - (336) ------------------------- -------------------------- Return/(loss) on ordinary 23 (740) (717) Â 198 (6,688) (6,490) activities before taxation Taxation - - - Â - - - ------------------------- -------------------------- Return/(loss) on ordinary 23 (740) (717) Â 198 (6,688) (6,490) activities after taxation ------------------------- -------------------------- Return per share 0.0p Â (1.5)p Â (1.5)p Â 0.4p Â (14.5)p Â (14.1)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 Profit and Loss Account 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 recognized gains and losses has been presented. Audited Reconciliation of Movement in Shareholders' Funds for the year ended 31 December 2009 Share Capital Called-up premium Distributable redemption Â share capital account reserve reserve Total Â Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 As at 1 January 440 8,626 17,572 - 26,638 2008 Share issues in 37 2,148 - - 2,185 the period Expenses on - Â (83) - - Â (83) share issues Repurchase of Â (14) - Â (525) 14 Â (525) shares Dividend paid - - Â (2,155) - Â (2,155) Dividend 1 126 Â (127) - - reinvested Net realised losses on - - Â (487) - Â (487) investments Net decrease in the value of - - Â (6,332) - Â (6,332) investments Management fees charged to - - 131 - 131 capital Return for the - - 198 - 198 year ----------------------------------------------------------------- As at 31 464 10,817 8,275 14 19,570 December 2008 ----------------------------------------------------------------- Share Capital Called-up premium Distributable redemption Â share capital account reserve reserve Total Â Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 As at 1 January 464 10,817 8,275 14 19,570 2009 Share issues in 25 1,146 - - 1,171 the period Expenses on - Â (54) - - Â (54) share issues Repurchase of Â (9) - Â (323) 9 Â (323) shares Dividend paid - - Â (467) - Â (467) Dividend 1 22 Â (23) - - reinvested Net realised losses on - - Â (3,988) - Â (3,988) investments Net increase in the value of - - 3,547 - 3,547 investments Management fees charged to - - Â (299) - Â (299) capital Return for the - - 23 - 23 year ----------------------------------------------------------------- As at 31 481 11,931 6,745 23 19,180 December 2009 ----------------------------------------------------------------- Audited Balance Sheet at 31 December 2009 31 December 31 December Â 2009 Â 2008 Â Â£'000 Â£'000 Â Â£'000 Â£'000 Non-current assets Investments at fair value through profit or loss Â 17,095 Â Â 15,512 ---------- --------- Current assets Debtors - amounts receivable in less than one year 1,306 Â Â 1,423 Money market securities and other deposits 570 Â Â 2,750 Cash 233 Â Â 94 ------- ------- Â 2,109 Â Â 4,267 Creditors Amounts falling due within one year (90) Â Â (209) ------- ------- Net current assets Â 2,019 Â Â 4,058 Debtors - amounts receivable in more than one year Â 66 Â Â - ---------- --------- Net assets Â 19,180 Â Â 19,570 ---------- --------- Capital and reserves Called-up share capital Â 481 Â Â 464 Share premium account Â 11,931 Â Â 10,817 Distributable reserve Â 6,745 Â Â 8,275 Capital redemption reserve Â 23 Â Â 14 ---------- --------- Equity shareholders' funds Â 19,180 Â Â 19,570 ---------- --------- Net asset value per share Â 39.8p Â Â 42.2p ---------- --------- Audited Cash Flow Statement for the year ended 31 December 2009 Â Year to Year to Â Â Â Â Â Â Â Â 31 December 31 December Â 2009 2008 Â Â£'000 Â£'000 Â 2009 2008 Cash flow from operating activities Investment income received 125 213 Deposit and similar interest received 143 248 Investment management fees paid (79) (272) Secretarial fees paid (115) (59) Other cash payments (207) (252) -------------------------------------- Net cash outflow from operating activities (133) (122) and returns on investment Taxation - Â - -------------------------------------- Returns on investment and servicing of finance Purchase of unquoted investments and (2,406) (2,827) investments quoted on AIM Net proceeds on sale of unquoted 165 133 investments Net proceeds on sale of quoted investments 167 1,190 Net proceeds from deferred consideration 110 - -------------------------------------- Net capital outflow from financial (1,964) (1,504) investment Equity dividends paid (490) (2,282) -------------------------------------- Management of liquid resources Subscription to money market - Â (2,200) Redemption from money market 2,204 4,908 Income from money market (24) (238) -------------------------------------- Â 2,180 2,470 Financing Proceeds of fund raisings 1,000 1,956 Expenses of fund raisings (48) (72) Dividends reinvested 23 127 Repurchase of own shares (429) (520) -------------------------------------- Net cash inflow from financing activities 546 1,491 -------------------------------------- Increase in cash 139 53 -------------------------------------- Reconciliation of net cash flow to movement in net cash Increase in cash for the year 139 53 Net cash at start of year 94 41 -------------------------------------- Net cash at end of year 233 94 -------------------------------------- Reconciliation of net income to net cash flow from operating activities Total deficit before taxation (717) (6,490) Unrealised (gains)/losses on investments (3,547) 6,332 Realised losses on investments 3,988 487 (Decrease)/increase in creditors (3) 13 Decrease/(increase) in debtors 146 (464) -------------------------------------- Net cash outflow from operating activities (133) (122) -------------------------------------- Analysis of changes in net debt Â At Â At Â 1 January Cash 31 December Â 2009 flow 2009 Â Â£'000 Â£'000 Â£'000 Cash and cash equivalents 94 139 233 ---------------------------------- 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 31 December 2009. 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 31 December 2009, 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 31 December 2008 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 < http://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 Â£19,180,000 (2008: Â£19,570,000), and on 48,137,369 (2008: 46,375,790) Ordinary Shares, being the number of Ordinary Shares in issue at that date. 5. Â Â Return per share Â Year to Year to Â Â Â Â Â Â Â Â 31 December 31 December Â 2009 2008 Â Â£'000 Â£'000 Total return after taxation (717) Â (6,490) Basic return per share (note a) Â (1.5)p Â (14.1)p -------------------------------------- Revenue return from ordinary activities 23 198 after taxation Revenue return per share (note b) 0.0p 0.4p -------------------------------------- Capital return from ordinary activities (740) Â (6,688) after taxation Capital return per share (note c) Â (1.5)p Â (14.5)p -------------------------------------- Weighted average number of shares in issue 48,191,161 46,155,407 in the 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 18 May 2010 at ECA Court, 24-26 South Park, Sevenoaks, Kent, TN13 1DU. 7. Â Â Income Â Year to Year to Â Â Â Â Â Â Â Â 31 December 31 December Â 2009 2008 Â Â£'000 Â£'000 Overseas based Open Ended Investment 16 210 Companies ("OEICS") Loan stock interest 333 225 Interest received on VAT refunded 84 28 Bank deposits 7 18 Other 1 9 -------------------------------------- Â 441 490 -------------------------------------- 8. Â Â Investments Â 2009 2008 Â Â£'000 Â£'000 Quoted investments 4,183 3,495 Unquoted investments 12,912 12,017 ------------------ Â 17,095 15,512 ------------------ Â Quoted on AIM Unquoted Total Â Â£'000 Â£'000 Â£'000 Book cost as at 1 January 2009 11,631 18,505 30,136 Investment holding losses (8,136) (6,488) (14,624) -------------------------------- Valuation at 1 January 2009 3,495 12,017 15,512 Quoted to unquoted transfer - cost (2,804) 2,804 - Quoted to unquoted transfer - investment holding loss 1,702 (1,702) - Purchases at cost 367 2,039 2,406 Sale proceeds (167) (165) (332) Realised gains/(losses) 102 (4,200) (4,098) Investment holding gains 1,488 2,119 3,607 -------------------------------- Valuation at 31 December 2009 4,183 12,912 17,095 -------------------------------- Book cost at 31 December 2009 9,129 18,983 28,112 Investment holding losses (4,946) (6,071) (11,017) -------------------------------- Valuation at 31 December 2009 4,183 12,912 17,095 -------------------------------- 9. Â Â Related party transactions Foresight Group LLP and Foresight Fund Managers Limited are considered to be Related Parties of the Company. Foresight Group which acts as investment manager to the Company in respect of its venture capital investments earned fees of Â£399,111 during the year (2008: Â£600,496). Foresight Fund Managers Limited, Company Secretary, received fees including VAT of Â£115,000 (2008: Â£87,965) during the year. At the balance sheet date, there was Â£1,312 (2008: Â£nil) due to Foresight Group LLP and Â£29,375 (2008: Â£28,750) due to Foresight Fund Managers Limited. No amounts have been written off in the year in respect of debts due to or from the related parties. G#1405453]

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