⌘K
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Calculus VCT plc released its Half Yearly Report for the six months ended 30 September 2024 on 05 December 2024, reporting total net assets of £41.29 million and a Net Asset Value of 57.20 pence per share. During this period, the company raised £5.8 million in funds, made £1.3 million in new and follow-on investments, and bought back £0.5 million worth of shares. The board also declared an interim dividend of 1.14p per share, payable on 26 March 2025, and increased its annual dividend yield target from 4.5% to 5%.
| Date | 5 Dec 2024 |
| Time | 17:25:35 |
| Category | Results |
| ID | 0435P |
Calculus VCT plc
Half Yearly Report for the six months ended 30 September 2024
INVESTMENT OBJECTIVE
The Company's principal objectives for investors are to:
● invest in a portfolio of Venture Capital Investments that will provide investment returns that are sufficient to allow the Company to maximise dividends and capital growth over the medium to long term;
● generate sufficient returns from a portfolio of Venture Capital Investments that will provide attractive long-term returns within a tax efficient vehicle;
● review and pay the appropriate level of dividends annually taking account of investment returns achieved and future prospects; and
● maintain VCT status to enable qualifying investors to retain their income tax relief of up to 30 per cent. on the initial investment and receive tax-free dividends and capital growth.
FINANCIAL OVERVIEW
|
Financial Highlights |
6 months to |
|
13 months to |
|
6 months to |
|
|
pence |
|
pence |
|
pence |
|
Opening net asset value |
61.58 |
|
65.53 |
|
65.63 |
|
Capital loss |
(1.74) |
|
(1.26) |
|
(1.04) |
|
Revenue return |
0.22 |
|
0.37 |
|
0.11 |
|
Total return1 |
(1.52) |
|
(0.89) |
|
(0.93) |
|
Dividends paid |
(2.77) |
|
(2.95) |
|
(2.95) |
|
Impact of share capital movements |
(0.09) |
|
(0.11) |
|
(0.20) |
|
Closing net asset value |
57.20 |
|
61.58 |
|
61.55 |
|
Total Shareholder value |
Ordinary shares (pence per share) |
|
Total dividends paid to 30 September 20242 |
26.65 |
|
Net asset value on 30 September 2024 |
57.20 |
|
Total shareholder value to 30 September 2024 |
83.85 |
2 total dividends paid include cumulative dividends paid since 2017
|
£41.29m |
57.20p |
£1.3m |
1.00X |
|
£5.8m |
£2.0m |
£0.5m |
37 |
Historical Total Return
|
Financial period-end |
NAV at period-end |
Cumulative dividends received (p)* |
Total return (p)** |
|
30 September 2024 |
57.20 |
- |
57.20 |
|
31 August 2023 |
61.55 |
2.77 |
59.97 |
|
31 August 2022 |
64.61 |
5.72 |
62.92 |
|
31 August 2021 |
64.01 |
8.78 |
65.98 |
|
31 August 2020 |
64.27 |
11.80 |
69.00 |
|
31 August 2019 |
72.20 |
15.00 |
72.20 |
* Cumulative dividends received includes all dividends received since the relevant Financial period-end to date
** Total NAV return is equal to the sum of NAV at 30 September 2024 and cumulative dividends received
CHAIRMAN'S UPDATE
I am pleased to present your Company's results for the 6 months to 30 September 2024.
Performance summary
The Company has maintained a positive total return over a five-year period across the portfolio. The NAV at the period end was 57.20 pence per share, which, after paying the 2.77 pence dividend in August 2024, represents a small decrease of 3% since the year end.
The largest positive movements in the qualifying portfolio derived from the de-listing of C4X Discovery Holdings plc (now C4X Discovery Holdings Limited), an uplift in Blu Wireless Technology Limited following the conversion of a loan note in May 2024 and an uplift in Scancell plc, one of the Company's AIM-listed holdings. These combine to make a £0.6m uplift in the Company's NAV.
In October 2024, Chancellor Rachel Reeves announced a number of changes to how capital gains and inheritance taxes are charged. In a high tax landscape, the VCT product range remains a stable and reliable source of tax relief. The new Chancellor used the Autumn Statement as an opportunity to identify the critical role VCT schemes play in creating a positive environment for UK entrepreneurship. Offering tax free capital growth, 30% income tax relief on the value of the investment and tax-free dividend income; the Calculus VCT remains a credible and dependable tax efficient investment product for UK investors.
Additionally, we are pleased to report positive developments in our dividend policy, reflecting our continued confidence of our portfolio and our commitment to delivering value to our shareholders. Following careful consideration, we are increasing the annual dividend yield from 4.5% to 5%, marking a significant step in enhancing shareholder returns. Furthermore, I am delighted to introduce an interim dividend, which will provide shareholders with more frequent income distributions and align with our goal of steady and predictable returns. These changes underscore our confidence in the outlook for the business and our ability to generate sustainable growth. Please refer to the "New Dividend Target" below for further information regarding the Company's dividend policy.
Open Energy Market ('OEM') has continued to build on what was a strong 2023 where revenues for the year ended 31 Jan 2024 increased by 34%. As a result, OEM's performance contributed £0.1m to the Company's NAV. This has been underpinned by increasing successful traction across both the energy intensive industry (EII) sector and increasing exposure to and presence in the lucrative European market through existing blue-chip multinational customers. OEM's senior management team are in the advanced stages of finalising a two-year strategic and operational plan, underpinned by the appointment of a new head of finance and head of financial planning and analysis, as they target an exit event in early 2027.
Riff Raff Entertainment Limited ('Riff Raff') has developed strongly since Calculus' first investment in June 2022 and increased the NAV by a further £0.2m having recently signed a two-year 'First Look' TV deal with Newen. In August 2024, the true-crime thriller film, The Order, premiered at the Venice Film Festival. It is set to be released in the US in December 2024. Black Rabbit, a major eight-part drama series, has finished production for Netflix with Jude Law and Jason Bateman (Ozark) starring and is in post-production.
In September 2024, eConsult was sold to Huma Therapeutics Limited in a share-for-share deal. Huma Therapeutics is a UK based company offering a remote patient monitoring platform which advances connected care for patients and accelerates research and therapies. Although Huma Therapeutics is a large, well-funded company that recently raised $80m from investors including AstraZeneca, the share-for-share exchange resulted in a fall of £0.5m of the Company's NAV.
The ideas and generation market has been challenging, leading to a large number of cost-cutting drives within the industry. Wazoku Limited was required to cut costs significantly throughout the year, which in turn, hit its ability to drive strong sales. This is reflected in the valuation of the company, resulting in a £0.5m decrease in the Company's NAV.
In the 6-month period following the year-end, WheelRight was acquired by Snider, a US strategic investor and tyre trucking company. Whilst WheelRight's technology is potentially groundbreaking, it has struggled to commercialise it to a level which made the company self-sustaining. In May 2024, with the company close to exhausting its cash runway, the Snider CEO made an offer for the company in a personal capacity and through an acquisition vehicle wholly owned by him in the amount of £0.01 per share and which, in the absence of any other tangible options, was agreed by all of the company's main shareholders including Calculus. Calculus insisted on a structure that would see its £1.6m outstanding loan notes and accrued interest paid out in full over an extended period and which was also agreed with the Snider CEO in a personal capacity. This saw the loan notes assigned to the Snider CEO's corporate acquisition entity in return for which Calculus received £400k upon completion and a promissory note for the residual ca. £1.45 million obligating full repayment in two tranches within 4 years.
As mentioned above, the Company also converted £300k of Blu Wireless Technology Limited loan stock. Following this, in June 2024, external and internal investors led a £5m equity round into Blu Wireless Technology, with Westermo, an industrial communications provider focused on the rail industry, acting as lead strategic investor. As part of the round, significant convertible loan notes were converted into equity, resolving a key issue as these would have substantially matured otherwise on 31 December 2024. The company is continuing to make substantial progress in both the rail defence sectors.
In the period to 30 September 2024, four follow-on investments were made on behalf of the qualifying portfolio and one new investment was made:
New investment
|
Date of Investment |
Name of Investment |
Location |
Sector |
Amount of Investment |
|
May 2024 |
Engaging Works Holding Limited |
United Kingdom |
Technology |
£666,471 |
Follow-on Investments
|
Date of Investment |
Name of Investment |
Location |
Sector |
Amount of Investment |
|
May 2024 |
Blu Wireless Technology Limited |
United Kingdom |
Technology |
£32,603 |
|
July 2024 |
Invizius Limited |
United Kingdom |
Healthcare |
£111,000 |
|
August 2024 |
Brouhaha Entertainment Limited |
United Kingdom |
Entertainment |
£250,000 |
|
August 2024 |
Optalitix Limited |
United Kingdom |
Technology |
£281,894 |
We believe the portfolio is well positioned to continue to provide long term growth to shareholders and that our Investment Manager is similarly positioned to exploit these opportunities.
Buybacks
During the period, the Company bought back and cancelled 833,854 Ordinary shares. The Company continues to review opportunities to carry out share buybacks at a discount of no greater than 5% to NAV.
Since the period end, the Company has bought back and cancelled a further 517,241 shares.
Dividends
As mentioned above, a dividend was paid on 29 August 2024 of 2.77 pence per eligible Ordinary share. It is expected that the next dividend will be paid in March 2025 as announced below
New Dividend Target
As mentioned in the Chairman's Statement, the Company is targeting a regular dividend yield in each financial year of 5% of the Net Asset Value per share at the start of that financial year. The Company is due to pay this dividend in two instalments; an interim dividend of 2% of the NAV, which is due to be paid in March 2025 and a final dividend of 3% of the NAV, which is due to be paid in October 2025.
The board are pleased to declare an interim dividend of 1.14p per share which will be paid to shareholders on 26 March 2025. Shareholders on the register as at 28 February 2025 will be eligible for the dividend.
Board composition
The board consist of four Directors, three of which are independent from the Manager.
Ordinary share issue
The offer for subscription for Ordinary Shares that opened on 22 September 2023 and closed on 29 August 2024 received aggregate subscriptions from the issue of Ordinary shares of £7.9 million. On 14 October 2024 a new prospectus was launched for a further offer for subscription for Ordinary Shares, with the shares to be issued in the 2024/25 and 2025/26 tax years.
Developments since the period end
Raindog is an independent production company co-founded by Academy Award® winning actor Colin Firth and former music executive Ged Doherty. Since the period end, the Company has made a follow-on investment of £450,000 in Raindog Films Limited to support continued development in a number of ongoing and new productions.
Jan Ward
Chairman
5 December 2024
INTERIM MANAGEMENT REPORT
Venture Capital Investments
Portfolio developments
Calculus Capital Limited manages the Company's portfolio of venture capital investments. In general, Calculus Capital prefers investments to be of a sufficient size to enable them to play an influential role in helping the investee companies develop. Investments by the Company are primarily in equity but may also be by way of loan stock and/or preference shares which provide income to assist in paying dividends and provide a measure of risk mitigation.
As at 30 September 2024, the portfolio had 37 Qualifying Investments. An update on some of the portfolio's top investments has been provided below.
Home Team Content Limited ("Home Team")
Home Team Content is a UK-based film and television production company founded in 2021 by experienced and award-winning producers Dominic Buchanan and Bennett McGhee. The company focuses on working with filmmakers of colour and women filmmakers of any ethnicity. Home Team signed a 'first look' deal with Universal International Studios (UIS) in 2022 covering television productions which provides a contribution to company overheads as well as funding development on projects picked up by UIS. In June 2024, UIS confirmed its option to extend for a third year on the 'First Look' deal. The company currently has several TV and film projects in paid development with UIS, Netflix, BBC, and Film4.
Optalitix Limited
Optalitix offers a low-code SaaS product to insurers and financial institutions which allows business processes based on Excel to be transformed into robust online systems. Optalitix has performed well during the last year with recurring revenue as at September 2024 up 46% year on year. The pipeline for the last quarter of the year continues to look strong, as the company is clearly achieving a strong product-market fit in the specialty insurance underwriting market.
Fiscaltec Group Limited ("Fiscaltec")
Fiscaltec's proprietary solution analyses an organisation's financial transactions and supplier contacts, providing an independent overview of the effectiveness of the processes and controls encompassing spend. The company has continued to perform well during 2024, enjoying particular success upselling additional solutions to its existing list of very committed clients. Although the economic environment of the last year has meant that potential new customers have been cautious when making buying decisions, Fiscaltec is focusing its efforts on the new client pipeline in order to increase the rate of "new logo" wins and accelerate its growth further.
Brouhaha Entertainment Limited ("Brouhaha")
Brouhaha, based in London and Sidney, is a film and television production company founded by Academy Award® nominated producer Gaby Tana and experienced industry professionals Troy Lum and Andrew Mason. After the phenomenal success of the TV Series Boy Swallows Universe on Netflix which outperformed all expected metrics, Brouhaha is working on two other TV projects with Netflix - Lola in the Mirror and Love & Virtue.
Oxford BioTherapeutics Limited ("OBT")
OBT is a clinical stage oncology company, it's pipeline of novel immunotherapies is balanced between internal and externally partnered programs with big pharma companies such as Boehringer Ingelheim. In February 2024 AbbVie (NYSE:ABBV) completed its acquisition of Immunogen, previously a partner of OBT. Following the acquisition AbbVie took the decision to end Immunogen's extensive, and successful, partnership with OBT. Whilst this was initially disappointing, it resulted in a number of well-advanced drug programs reverting to OBT, allowing the company to seek new partners for those programs. This has generated significant interest and allowed OBT to re-partner for the programs, predominantly on better terms given the advances that had been made with Immunogen.
Rotageek Limited ("Rotageek")
Rotageek provides a workforce management solution, creating staff schedules using cloud-based technology, including auto scheduling, to optimise the schedules based on staffing need, employee wishes and regulatory working time limits. Rotageek is continuing to experience good growth with 25% increase in year-on-year ARR as at September 2024. The company has a strong pipeline of opportunities and is continuing to consider its strategic options which, with continuing strong sales, could lead to a sale of the company in or around 2025.
Riff Raff Entertainment Limited ("Riff Raff")
Riff Raff is a TV and film production company founded by Academy Award® nominated actor Jude Law and his creative partner Ben Jackson. The company has a film 'First Look' deal with New Republic Pictures (NRP), contributing to company overheads and funding development on projects picked up by NRP. The company has also signed a two-year 'First Look' TV deal with Newen for TV projects.
Maven Screen Media Limited ("Maven")
Maven was launched in 2020 by experienced producers, Academy Award® nominated Celine Rattray and Trudie Styler. The company focuses on female-focused films, television, and podcasts often with a social message. In July, the film Unicorns had a positive UK theatrical release, with Netflix SVOD to follow during the year. Among other advanced projects, the film Eleanor the Great, which marks Scarlett Johansson's directorial debut and is financed by Sony, has finished all the shooting and is now in post-production.
Censo Biotechnologies Limited ("Axol")
Censo Biotechnologies Ltd (trading as Axol Bioscience) is a stem cells science company which develops and manufactures induced pluripotent stem cells (iPSCs) and provides related laboratory services. In June 2024, Axol raised £3.6 million through a fully subscribed round in a new senior class of equity and in October, Axol acquired Phenocell SAS, an iPSC company specialising in skin and retinal disorders, complementing Axol's current specialisation on neuroscience, pain and touch and cardiovascular disorders. During 2024, Axol has been performing in line with budget, notwithstanding a challenging period for many other iPSC companies in the market.
Tagomics Limited ("Tagomics")
Tagomics continues to make excellent technical and commercial progress in the development of its comprehensive disease insight platform. Tagomics' pioneering platform seamlessly combines 'omics' technologies, including genomics (detecting mutations), epigenomics (studying chemical 'switches' on the genome), and fragmentomics (the analysis of DNA fragmentation patterns in the blood); the evidence this platform can deliver means that the company has already attracted significant partners and commercial clients. The company expects to launch further partnerships over the next 6 months.
Developments since the period end
As mentioned above, the Company invested an additional £450,000 in a follow-on investment into Raindog Films Limited which took place in October 2024.
Calculus Capital Limited
Investment Manager
5 December 2024
INVESTMENT PORTFOLIO AS AT 30 SEPTEMBER 2024
- TOTAL FUND
% of Net Assets
|
|
|
|
Unquoted - loan stock |
7% |
|
Quoted and unquoted - ordinary and preference shares |
61% |
|
Unquoted - liquidity funds |
21% |
|
Net current assets |
11% |
|
|
100% |
|
|
|
Asset class - % of Portfolio
|
Company |
Book Cost |
Market Valuation as at 30 September 2024 |
Multiple against book cost as at 30 September 2024 |
Multiple against book cost as 31 March 2024 |
Market Value Movement since 31 March 2024 |
% of portfolio |
|
Qualifying Investments |
|
|
|
|
|
|
|
Arctic Shores Limited |
610 |
610 |
1.00x |
1.00x |
0.0% |
1.7% |
|
Arecor Therapeutics plc |
833 |
274 |
0.33x |
0.72x |
-54.1% |
0.7% |
|
Blu Wireless Technologies Limited |
833 |
1,042 |
1.25x |
1.07x |
17.3% |
2.8% |
|
Brouhaha Entertainment Limited |
1,331 |
2,280 |
1.71x |
1.88x |
0.0% |
6.2% |
|
C4X Discovery Holdings Limited |
598 |
625 |
1.04x |
0.47x |
124.1% |
1.7% |
|
Censo Biotechnologies Limited |
1,051 |
909 |
0.86x |
0.86x |
0.0% |
2.5% |
|
Engaging Works Limited |
666 |
666 |
1.00x |
New |
New |
1.8% |
|
Evoterra Limited |
1,215 |
256 |
0.21x |
0.21x |
0.0% |
0.7% |
|
Fiscaltec Group Limited |
768 |
1,275 |
1.66x |
1.58x |
5.0% |
3.5% |
|
Hinterview Limited |
800 |
400 |
0.50x |
0.59x |
-15.6% |
1.1% |
|
Home Team Content Limited |
786 |
1,763 |
2.24x |
2.24x |
0.0% |
4.8% |
|
Huma Therapeutics Limited (was eConsult Limited) |
262 |
264 |
1.01x |
1.00x |
-64.8% |
0.7% |
|
Invizius Limited |
486 |
340 |
0.70x |
1.14x |
-36.9% |
0.9% |
|
IPV Limited |
340 |
409 |
1.20x |
1.20x |
0.0% |
1.1% |
|
Laverock Therapeutics Limited |
744 |
744 |
1.00x |
1.00x |
0.0% |
2.0% |
|
Maven Screen Media Limited |
798 |
909 |
1.14x |
1.14x |
0.0% |
2.5% |
|
Notify Technologies Limited |
628 |
731 |
1.16x |
1.16x |
0.0% |
2.0% |
|
Open Energy Market Limited |
200 |
576 |
2.88x |
2.56x |
12.5% |
1.6% |
|
Optalitix Limited |
1,347 |
1,681 |
1.25x |
1.31x |
0.00% |
4.6% |
|
Oxford Biotherapeutics Limited |
350 |
1,773 |
5.07x |
5.07x |
0.0% |
4.8% |
|
Quai Administrations Limited |
920 |
1,186 |
1.29x |
1.27x |
1.2% |
3.2% |
|
Raindog Films Limited |
396 |
297 |
0.75x |
1.00x |
-25.0% |
0.8% |
|
Riff Raff Entertainment Limited |
874 |
1,848 |
2.11x |
1.94x |
9.2% |
5.0% |
|
Rota Geek Limited |
1,530 |
1,930 |
1.26x |
1.21x |
4.7% |
5.3% |
|
Scancell Holdings plc |
378 |
367 |
0.97x |
0.69x |
40.0% |
1.0% |
|
Tagomics Limited |
909 |
909 |
1.00x |
1.00x |
0.0% |
2.5% |
|
Thanksbox Limited |
1,073 |
1,177 |
1.10x |
1.10x |
0.0% |
3.2% |
|
Tozaro Limited (was MIP Diagnostics Limited) |
982 |
1,078 |
1.10x |
1.10x |
0.0% |
2.9% |
|
Wazoku Limited |
720 |
718 |
1.00x |
1.61x |
-38.2% |
2.0% |
|
Wonderhood Limited |
441 |
723 |
1.64x |
1.64x |
0.0% |
2.0% |
|
Other* |
1,216 |
383 |
0.31x |
0.44x |
-49.4% |
1.0% |
|
|
|
|
|
|
|
|
|
Total Qualifying Investments |
24,085 |
28,143 |
|
|
|
76.6% |
|
|
|
|
|
|
|
|
|
Other non-Qualifying Investments |
|
|
|
|
|
|
|
Aberdeen Sterling Liquidity Fund |
2,707 |
2,707 |
1.00x |
1.00x |
0.0% |
7.4% |
|
Fidelity Sterling Liquidity Fund |
2,883 |
3,171 |
1.10x |
1.07x |
2.6% |
8.6% |
|
Goldman Sachs Sterling Liquidity Fund |
2,705 |
2,705 |
1.00x |
1.00x |
0.0% |
7.4% |
|
Total other non-qualifying investments |
8,295 |
8,583 |
|
|
|
23.4% |
|
Total investments |
32,380 |
36,726 |
|
|
|
|
|
Net Current Assets less Creditors due after one year |
|
3,201 |
|
|
|
|
|
Net Non-Current Assets less Creditors due after one year |
|
1,362 |
|
|
|
|
|
Net Assets |
|
41,289 |
|
|
|
|
*All individual investee companies with a market value of less than £0.15 million have been grouped together as "Other".
PRINCIPAL RISKS
The principal risks facing the Company remain the same as those detailed on page 32 of the Annual Report and Accounts for the period ended 31 March 2024.
Brexit is still causing uncertainty however it remains our view that our portfolio companies are not experiencing material difficulties as a result of the political situation.
Regulatory and Compliance risks remain prevalent as the Company is listed on The London Stock Exchange and is required to comply with the listing rules of the Financial Conduct Authority, as well as with the Companies Act, Accounting Standards and various other legislations.
The main risks faced by the Company include, but are not limited to, loss of approval as a venture capital trust and other regulatory breaches, risks of making and realising qualifying investments, liquidity/marketability risk, changes in legislation/taxation, engagement of third-party advisers, market price risk and credit risk.
GOING CONCERN
After making enquiries, and having reviewed the portfolio, balance sheet and projected income and expenditure for the next twelve months, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. The Directors have therefore adopted the going concern basis in preparing these condensed financial statements.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that to the best of their knowledge the half-yearly financial report, which has been prepared in accordance with the UK Listing Authority Disclosure and Transparency Rules ("DTR") and in accordance with the Financial Reporting Council's Financial Reporting Standard 104: 'Interim Financial Reporting' gives a true and fair view of the assets, liabilities, financial position and the net return of the Company as at 30 September 2024.
The Directors confirm that the Chairman's Update, the Investment Management report, the disclosures above and notes 10 and 11, include a fair review of the information required by DTR 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year, and DTR 4.2.8R.
The Directors of Calculus VCT plc are:
Jan Ward
Janine Nicholls
Hemant Mardia
John Glencross
By order of the Board
Jan Ward
Chairman,
5 December 2024
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 APRIL 2024 TO 30 SEPTEMBER 2024 (UNAUDITED)
|
|
|
6 Months Ended |
6 Months Ended |
13 Months Ended |
||||||
|
|
|
30 September 2024 |
31 August 2023 |
31 March 2024* |
||||||
|
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
Revenue |
Capital
|
Total |
|
|
|
Return |
Return |
Return |
Return |
Return |
Return |
Return |
Return |
Total |
|
|
Note |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|||||||||
|
Investment holding losses |
8 |
- |
(75) |
(75) |
- |
(370) |
(370) |
- |
(235) |
(235) |
|
(Loss)/gain on disposal of investments |
8 |
- |
(859) |
(859) |
- |
1 |
1 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income |
|
401 |
- |
401 |
296 |
- |
296 |
726 |
- |
726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment management fee |
|
(89) |
(267) |
(356) |
(80) |
(239) |
(319) |
(175) |
(523) |
(698) |
|
Other operating expenses |
|
(161) |
- |
(161) |
(152) |
- |
(152) |
(328) |
- |
(328) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit on ordinary activities before taxation |
|
|
|
|
64 |
(608) |
(544) |
|
(758) |
(535) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on ordinary activities |
3 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the period |
|
151 |
(1,201) |
(1,050) |
64 |
(608) |
(544) |
223 |
(758) |
(535) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted deficit per new Ordinary share |
2 |
0.22p |
(1.74)p |
(1.52)p |
0.11p |
(1.04)p |
(0.93)p |
0.37p |
(1.26)p |
(0.89)p |
|
|
|
|
|
|
|
|
|
|
|
|
*These figures are extracts from audited accounts. The notes form an integral part of these Accounts.
The supplementary revenue return and capital return columns are both prepared in accordance with the Association of Investment Companies ("AIC") Statement of Recommended Practice ("SORP"). No operations were acquired or discontinued during the period. All items in the above statements derive from continuing operations. There were no recognised gains or losses other than those passing through the Income Statement. The notes form an integral part of these condensed financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 APRIL 2024 TO 30 SEPTEMBER 2024 (UNAUDITED)
|
|
|
|
Non-distributable reserves |
Distributable reserves |
|
|||
|
|
|
Share |
|
Capital |
Capital |
Capital |
|
|
|
|
Share |
Premium |
Special |
Redemption |
Reserve |
Reserve |
Revenue |
|
|
|
Capital |
Account |
Reserve |
Reserve |
Realised |
Unrealised |
Reserve |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
For the 6 months to 30 September 2024 |
|
|
|
|
|
|
|
|
|
1 April 2024 |
634 |
23,057 |
14,848 |
89 |
(1,918) |
4,074 |
(1,719) |
39,065 |
|
Investment holding losses |
- |
- |
- |
- |
- |
(75) |
- |
(75) |
|
Loss on disposal of investments |
- |
- |
- |
- |
(859) |
- |
- |
(859) |
|
New share issue |
96 |
5,752 |
- |
- |
- |
- |
- |
5,848 |
|
Expenses of share issue |
- |
(113) |
- |
- |
- |
- |
- |
(113) |
|
Share buybacks for cancellation |
(8) |
- |
(472) |
8 |
- |
- |
- |
(472) |
|
Management fee allocated to capital |
- |
- |
- |
- |
(267) |
- |
- |
(267) |
|
Increase in accrual of IFA Commission |
- |
(26) |
- |
- |
- |
- |
- |
(26) |
|
Revenue return after tax |
- |
- |
- |
- |
- |
- |
151 |
151 |
|
Dividends paid (note 9) |
- |
- |
(1,963) |
- |
- |
- |
- |
(1,963) |
|
Transfer of previously unrealised loss to realised |
- |
- |
- |
- |
(347) |
347 |
- |
- |
|
30 September 2024 |
722 |
28,670 |
12,413 |
97 |
(3,391) |
4,346 |
(1,568) |
41,289 |
|
For the 6 months to 31 August 2023 |
|
|
|
|
|
|
|
|
|
1 March 2023 |
523 |
14,924 |
17,832 |
69 |
(1,414) |
4,328 |
(1,942) |
34,320 |
|
Investment holding losses |
- |
- |
- |
- |
- |
(370) |
- |
(370) |
|
Gain on disposal of investments |
- |
- |
- |
- |
1 |
- |
- |
1 |
|
New share issue |
97 |
6,235 |
- |
- |
- |
- |
- |
6,332 |
|
Expenses of share issue |
- |
(87) |
- |
- |
- |
- |
- |
(87) |
|
Share buybacks for cancellation |
(3) |
- |
(205) |
3 |
- |
- |
- |
(205) |
|
Management fee allocated to capital |
- |
- |
- |
- |
(239) |
- |
- |
(239) |
|
Increase in accrual of IFA Commission |
- |
(30) |
- |
- |
- |
- |
- |
(30) |
|
Revenue return after tax |
- |
- |
- |
- |
- |
- |
64 |
64 |
|
Dividends paid (note 9) |
- |
- |
(1,789) |
- |
- |
- |
- |
(1,789) |
|
Transfer of previously unrealised gain to realised |
- |
- |
- |
- |
19 |
(19) |
- |
- |
|
31 August 2023 |
617 |
21,042 |
15,838 |
72 |
(1,633) |
3,939 |
(1,878) |
37,997 |
|
CONDENSED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
|
|
|
Non-distributable reserves |
Distributable reserves |
|
|||
|
|
|
Share |
|
Capital |
Capital |
Capital |
|
|
|
|
Share |
Premium |
Special |
Redemption |
Reserve |
Reserve |
Revenue |
|
|
|
Capital |
Account |
Reserve |
Reserve |
Realised |
Unrealised |
Reserve |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
For the 13 months to 31 March 2024* |
|
|
|
|
|
|
|
|
|
1 March 2023 |
523 |
14,924 |
17,832 |
69 |
(1,414) |
4,328 |
(1,942) |
34,320 |
|
Investment holding losses |
- |
- |
- |
- |
- |
(235) |
- |
(235) |
|
New share issue |
131 |
8,308 |
- |
- |
- |
- |
- |
8,439 |
|
Expenses of share issue |
- |
(163) |
- |
- |
- |
- |
- |
(163) |
|
Share buybacks for cancellation |
(20) |
- |
(1,195) |
20 |
- |
- |
- |
(1,195) |
|
Management fee allocated to capital |
- |
- |
- |
- |
(523) |
- |
- |
(523) |
|
Decrease in accrual of IFA commission |
- |
(12) |
- |
- |
- |
- |
- |
(12) |
|
Revenue return after tax |
- |
- |
- |
- |
- |
- |
223 |
223 |
|
Dividends paid |
- |
- |
(1,789) |
- |
- |
- |
- |
(1,789) |
|
Transfer of previously unrealised losses to realised |
- |
- |
- |
- |
19 |
(19) |
- |
- |
|
31 March 2024 |
634 |
23,057 |
14,848 |
89 |
(1,918) |
4,074 |
(1,719) |
39,065 |
* These figures are extracts from audited accounts. The notes form an integral part of these Accounts.
CONDENSED BALANCE SHEET
AS AT 30 SEPTEMBER 2024
(UNAUDITED)
|
|
|
30 September 2024 |
31 August 2023 |
31 March 2024* |
|
|
Note |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
Investments held at fair value through profit or loss |
8 |
36,726 |
35,386 |
37,914 |
|
Deferred sales awaiting settlement |
|
1,234 |
53 |
46 |
|
Deferred fixed interest awaiting settlement |
|
250 |
- |
- |
|
|
|
38,210 |
35,439 |
37,960 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Debtors |
|
314 |
391 |
451 |
|
Cash at bank and on deposit |
|
3,185 |
2,634 |
1,124 |
|
|
|
3,499 |
3,025 |
1,575 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year Creditors |
|
(298) |
(321) |
(357) |
|
|
|
|
|
|
|
Net current assets |
|
3,201 |
2,704 |
1,218 |
|
|
|
|
|
|
|
Total assets less current liabilities |
|
41,411 |
38,143 |
39,178 |
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
|
|
|
|
IFA trail commission |
|
(122) |
(146) |
(113) |
|
|
|
|
|
|
|
Total net assets |
|
41,289 |
37,997 |
39,065 |
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
Called-up share capital |
6 |
722 |
617 |
634 |
|
Share premium account |
|
28,670 |
21,042 |
23,057 |
|
Special reserve |
|
12,413 |
15,838 |
14,848 |
|
Capital redemption reserve |
|
97 |
72 |
89 |
|
Capital reserve - realised |
|
(3,391) |
(1,633) |
(1,918) |
|
Capital reserve - unrealised |
|
4,346 |
3,939 |
4,074 |
|
Revenue reserve |
|
(1,568) |
(1,878) |
(1,719) |
|
Total shareholders' funds |
|
41,289 |
37,997 |
39,065 |
|
|
|
|
|
|
|
Net asset value per new Ordinary share - basic and diluted |
4 |
57.20p |
61.55p |
61.58p |
* These figures are extracts from audited accounts. The notes form an integral part of these condensed financial statements.
CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 APRIL 2024 TO 30 SEPTEMBER 2024
(UNAUDITED)
|
|
|
6 Months |
6 Months |
13 Months |
|
|
|
Ended |
Ended |
Ended |
|
|
|
30 September |
31 August |
31 March |
|
|
|
2024 |
2023 |
2024* |
|
|
Note |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating activities |
|
|
|
|
|
Investment income received |
|
213 |
165 |
395 |
|
Deposit interest received |
|
43 |
31 |
52 |
|
Investment management fees paid |
|
(384) |
(292) |
(626) |
|
Operating expenses |
|
(172) |
(190) |
(362) |
|
Net cash flow from operating activities |
5 |
(300) |
(286) |
(541) |
|
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
|
Purchase of investments |
|
(1,309) |
(5,112) |
(7,815) |
|
Sale of investments |
|
400 |
20 |
460 |
|
Net cash flow from investing activities |
|
(909) |
(5,092) |
(7,355) |
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
Shares issued |
|
5,574 |
6,057 |
8,165 |
|
Expenses of share issues |
|
(113) |
(81) |
(188) |
|
IFA trail commission |
|
(29) |
(25) |
(27) |
|
Share buybacks for cancellation |
|
(473) |
(205) |
(1,196) |
|
Equity dividend paid |
9 |
(1,689) |
(1,514) |
(1,514) |
|
Net cash flow from financing activities |
|
3,270 |
4,232 |
5,240 |
|
Increase/(decrease) in cash and cash equivalents |
|
2,061 |
(1,146) |
(2,656) |
|
Opening cash and cash equivalents |
|
1,124 |
3,780 |
3,780 |
|
Net cash increase/(decrease) |
|
2,061 |
(1,146) |
(2,656) |
|
Closing cash and cash equivalents |
|
3,185 |
2,634 |
1,124 |
* These figures are extracts from audited accounts. The notes form an integral part of these Accounts.
CONDENSED NOTES TO THE ACCOUNTS
1. Nature of Financial Information
The Company applies FRS 102 and the Association of Investment Companies ("AIC") SORP for its financial period ended September 2024 in its Financial Statements. The financial statements for the six months to 30 September 2024 have therefore been prepared in accordance with FRS 104 "Interim Financial Reporting". The condensed financial statements have been prepared on the same basis as the accounting policies set out in the statutory accounts for the period ended 31 March 2024.
The financial information contained in this Half Year Report and Accounts and the comparative figures for the financial year ended 31 March 2024 are not the Company's statutory accounts for the financial period as defined in the Companies Act 2006. The financial information for the periods ended 30 September 2024 and 31 August 2023 have not been audited.
The Annual Report and Financial Statements for the financial year ended 31 March 2024 have been delivered to the Registrar of Companies. The report of the auditors was: (i) unqualified; (ii) did not include a reference to any matters which the auditors drew attention by way of emphasis without qualifying the report; and (iii) did not contain statements under section 498 (2) and (3) of the Companies Act 2006.
The financial statements have been prepared on a going concern basis and on the basis that approval as an investment trust company will continue to be met.
2. Return per Share (Basic and diluted)
|
|
6 Months Ended |
6 Months Ended |
13 Months Ended |
||||||
|
|
30 September 2024 |
31 August 2023 |
31 March 2024 |
||||||
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
|
pence |
pence |
pence |
pence |
pence |
pence |
pence |
pence |
pence |
|
|
|
|
|
|
|
|
|
|
|
|
Return per Ordinary share |
0.22 |
(1.74) |
(1.52) |
0.11 |
(1.04) |
(0.93) |
0.37 |
(1.26) |
(0.89) |
New Ordinary shares
Revenue return per Ordinary share is based on the net revenue gain on ordinary activities after taxation of £150,730 (31 August 2023: gain £64,012, 31 March 2024: gain £223,351) and on 69,107,223 (31 August 2023: 58,347,452, 31 March 2024: 60,236,611) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.
Capital return per Ordinary share is based on the net capital loss for the period of £1,200,498 (31 August 2023: loss £608,033, 31 March 2024: loss £758,656) and on 69,107,223 (31 August 2023: 58,347,452, 31 March 2024: 60,236,611) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.
Total return per Ordinary share is based on the net loss on ordinary activities for the period of £1,049,768 (31 August 2023: loss £544,021, 31 March 2024: loss £535,305) and on 69,107,223 (31 August 2023: 58,347,452, 31 March 2024: 60,236,611) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.
3. Taxation on Ordinary Activities
The estimated effective tax rate at the period end is 0 per cent. This remains unchanged from the prior year end.
4. Net Asset Value per Share
|
|
30 September |
31 August |
31 March |
|
|
2024 |
2023 |
2024 |
|
|
Pence |
Pence |
Pence |
|
|
|
|
|
|
Net asset value per new Ordinary share |
57.20 |
61.55 |
61.58 |
The basic net asset value per new Ordinary share is based on net assets (including current period revenue) of £41,288,617 (31 August 2023: £37,997,043, 31 March 2024: £39,064,804) and on 72,181,123 (31 August 2023: 61,733,566, 31 March 2024: 63,441,389) Ordinary shares, being the number of new Ordinary shares in issue at the period end.
5. Reconciliation of Net Profit before Tax to Cash Flow from Operating Activities
|
|
30 September |
31 August |
31 March |
|
|
2024 |
2023 |
2024 |
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
Loss on ordinary activities before tax |
(1,050) |
(544) |
(535) |
|
Loss on investments |
934 |
369 |
235 |
|
Increase in debtors |
(106) |
(97) |
(227) |
|
(Decrease)/increase in creditors |
(46) |
(14) |
39 |
|
Non cash movement |
(32) |
- |
(53) |
|
|
|
|
|
|
Cash flow from operating activities |
(300) |
(286) |
(541) |
6. Called up share capital
|
|
|
30 September |
|
|
|
2024 |
|
|
Number |
£'000 |
|
|
|
|
|
Ordinary shares of 1p each |
72,181,123 |
722 |
In April 2024 the Company issued 5,257,265 Ordinary shares for a total consideration of £3,176,829. Also in April 2024, the Company bought back for cancellation 833,854 Ordinary shares for a total consideration of £472,373. In July 2024, 2,992,248 Ordinary shares were issued for a total consideration of £1,877.375. In August 2024, 463,382 Ordinary shares were issued under the Dividend Re-Investment Scheme. Also in August 2024, 860,693 Ordinary shares were issued for a total consideration of £519,788.
Following the issues and cancellation noted above there were 72,181,123 Ordinary shares in issue as at 30 September 2024.
7. Contingent assets and contingent liabilities
There were no contingent assets or contingent liabilities in existence at 30 September 2024 (31 August 2023: £nil, 31 March 2024: £nil).
8. Fair Value Hierarchy
Investments held at fair value through profit or loss are valued in accordance with IPEV guidelines.
The valuation method used will be the most appropriate valuation methodology for an investment within its market, with regard to the financial health of the investment and the IPEV guidelines. As required by the Standard, an analysis of financial assets and liabilities, which identifies the risk of the Company's holding of such items is provided. The Standard requires an analysis of investments carried at fair value based on the reliability and significance of the information used to measure their fair value.
In order to provide further information on the valuation techniques used to measure assets carried at fair value, we have categorised the measurement basis into a "fair value hierarchy" as follows:
- Quoted market prices in active markets - "Level 1"
Inputs to Level 1 fair values are quoted prices for identical asset in an active market. Quoted in an active market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted price is usually the current bid price. The Company's investments in AIM quoted equities and money market funds are classified within this category.
- Valued using models with significant observable market inputs - "Level 2"
Inputs to Level 2 fair values are inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly.
- Valued using models with significant unobservable market inputs - "Level 3"
Inputs to Level 3 fair values are unobservable inputs for the asset. Unobservable inputs may have been used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset at the measurement date (or market information for the inputs to any valuation models). As such, unobservable inputs reflect the assumptions the Company considers that market participants would use in pricing the asset. The Company's unquoted equities and loan stock are classified within this category. Unquoted investments are valued in accordance with the IPEV guidelines.
|
|
Level 1 |
Level 2 |
Level 3 |
Total |
|
Investments |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening book cost |
11,106 |
- |
22,734 |
33,840 |
|
Opening unrealised appreciation/(depreciation) |
(1,079) |
- |
5,153 |
4,074 |
|
Opening fair value |
10,027 |
- |
27,887 |
37,914 |
|
|
|
|
|
|
|
Movements in the period: |
|
|
|
|
|
Purchase at cost |
- |
- |
1,342 |
1,342 |
|
Sales - proceeds |
- |
- |
(1,596) |
(1,596) |
|
Sales - realised losses on sales |
- |
- |
(859) |
(859) |
|
Prior year unrealised losses realised during the period |
(2) |
- |
(345) |
(347) |
|
Transfer from Level 1 to Level 3 |
(1,098) |
- |
1,098 |
- |
|
Unrealised investment gains/(losses) |
361 |
- |
(89) |
272 |
|
Closing fair value |
9,288 |
- |
27,438 |
36,726 |
|
|
|
|
|
|
|
Closing book cost |
10,006 |
- |
22,374 |
32,380 |
|
Closing unrealised appreciation/(depreciation) |
(718) |
- |
5,064 |
4,346 |
|
Closing fair value |
9,288 |
- |
27,438 |
36,726 |
|
|
|
|
|
|
9. Dividends
For the period ended 31 March 2024, the Company declared a final dividend of 2.77p per share on 70,857,048 eligible shares amounting to £1,962,732. The dividend was paid on 29 August 2024.
Of the total number of eligible shares due this dividend, 60,975,166 were paid in cash, totalling £1,689,005. The remaining shares elected to participate in the Dividend Re-Investment Scheme. As a result, a further 463,382 Ordinary Shares were issued at a value of £273,727.
10. Transactions with Related Parties
John Glencross, a Director of the Company, is considered to be a related party due to his position as Chief Executive and a director of Calculus Capital Limited, the Company's Investment Manager.
Calculus Capital Limited receives an investment manager's fee from the Company. For the 6 months to 30 September 2024, Calculus Capital Limited earned £355,572 of Management Fees. (31 August 2023: £319,340; 31 March 2024: £697,848). Calculus Capital Limited also earned a company secretarial fee of £9,000 (31 August 2023: £9,000; 31 March 2024: £19,500).
At 30 September 2024, £189,632 was due to Calculus Capital Limited (31 August 2023: £172,871; 31 March 2024: £219,178) in relation to unpaid investment manager's and company secretarial fees.
Calculus Capital Limited took on the expenses cap on 15 December 2015. In the 6 months to 30 September 2024, Calculus Capital Limited did not contribute towards the expenses. (31 March 2024: contributed £nil).
11. Transactions with Investment Managers
John Glencross, a Director of the Company, is Chief Executive and a director of Calculus Capital Limited, the Company's Manager. He does not receive any remuneration from the Company. He is a director of Brouhaha Entertainment Limited, Home Team Content Limited, Maven Screen Media Limited, Raindog Films Limited, Riff Raff Entertainment Limited and Wonderhood Studios Limited.
Calculus Capital receives fees from certain portfolio companies. The aggregate net amounts received by Calculus Capital Limited for any monitoring, provision of a director and arrangement fees, as appropriate, from the investee companies was £444,000 for the period to 30 September 2024 (£396,000 to 31 August 2023; £1,099,000 to 31 March 2024).
12. Post balance sheet events
Since the period end, the Company has made follow on investments of £450,000 in Raindog Films Limited
The Company also bought back and cancelled 517,241 shares in October 2024 for an aggregate consideration of £290,276.
COMPANY INFORMATION
|
Directors |
Fund Administrator |
|
Jan Ward |
Waystone Administration Solutions (UK) Limited |
|
John Glencross |
Broadwalk House |
|
Hemant Mardia |
Southernhay West |
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Exeter EX1 1TS |
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Registered Office |
Auditors |
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12 Conduit Street |
Moore Kingston Smith |
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London |
6th Floor, 9 Appold Street |
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W1S 2XH |
London EC2A 2AP |
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Telephone: 020 7493 4940 |
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Broker |
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Company Number |
Singer Capital Markets |
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07142153 |
1 Bartholomew Lane |
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London EC2N 2AX
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Venture Capital Investments Manager |
Registrars |
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And Company Secretary |
The City Partnership (UK) Limited |
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12 Conduit Street |
The Mending Rooms |
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London |
Park Valley Mills |
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W1S 2XH |
Meltham Road |
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Telephone: 020 7493 4940 |
Huddersfield |
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Website: www.calculuscapital.com |
HD4 7BH |
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Sponsor Beaumont Cornish Limited 10th Floor, 30 Crown Pl, Hackney
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Legal Entity Identifier: 2138005SMDWLMMNPVA90
Printed copies of the Calculus VCT plc Half Yearly Report for the six months ended 30 September 2024 have not been posted to shareholders. However, a copy can be found on the following website: https://calculuscapital.com/products/calculus-vct/investor-information/
For further information, please contact:
Calculus Capital Limited
Telephone: 020 7493 4940
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) are incorporated into, or form part of, this announcement.
END