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CALCULUS VCT PLC - Half-yearly Report

CALCULUS VCT PLC
(formerly Investec Structured Products Calculus VCT Plc)
Half Yearly Report
for the six months ended 31 August 2015

INVESTMENT OBJECTIVE

The Company’s principal objectives for investors are to:

  • invest in a portfolio of Venture Capital Investments and Structured Products that will provide investment returns that are sufficient to allow the Company to maximise annual dividends and pay an interim return either by way of a special dividend or cash offer for shares on or before an interim return date;
  • generate sufficient returns from a portfolio of Venture Capital Investments that will provide attractive long-term returns within a tax efficient vehicle beyond an interim return date;
  • review the appropriate level of dividends annually to take 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 REVIEW

Ordinary Share Fund

6 Months to   
31 August   
2015   
6 Months to    
31 August    
2014   
12 Months to    
28 February    
2015    
Total return
Total return (£192,000)    £Nil    (£73,000)   
Total return per ordinary share (4.1)p  0.0p   (1.5)p 
Revenue
Net loss after tax (£32,000)    (£20,000)    (£57,000)   
Revenue return per ordinary share (0.7)p  (0.4)p  (1.2)p 

As at    
31 August    
2015    

As at  
31 August  
2014  

As at    
28 February    
2015    
Assets (investments valued at bid market prices)
Net assets £2,711,000     £4,263,000     £3,148,000    
Net asset value (“NAV”) per ordinary share
57.2p  

90.0p  

66.4p  
Mid-market quotation
Ordinary shares 54.5p   85.5p   85.5p  
(Discount)/premium to NAV (4.7)% (5.0)% 28.8% 


C Share Fund

6 Months to   
31 August   
2015   
6 Months to    
31 August    
2014    
12 Months to   
28 February   
 2015   
Total return
Total return (£85,000)    £10,000    £61,000   
Total return per C share (4.4)p  0.5p  3.1p 
Revenue
Net loss after tax (£13,000)    (£13,000)   (£23,000)  
Revenue return per C share (0.7)p  (0.7)p (1.2)p

   

As at    
31 August    
2015    
As at    
31 August    
2014    
As at     
28 February     
2015   
Assets (investments valued at bid market prices)
Net assets £1,569,000     £1,688,000     £1,739,000    
NAV per C share 81.2p   87.4p   90.1p  
Mid-market quotation
C shares 90.0p   90.0p   90.0p  
Premium/(discount) to NAV 10.8%  3.0%  (0.1)%


INTERIM MANAGEMENT REPORT

Performance Summary

The value of the qualifying portfolios for the ordinary shares and the C shares fell over the period, reflecting a challenging period for smaller companies’ valuations and extreme volatility in financial markets.  The net asset value per ordinary share fell in the period to 31 August 2015 to 57.2 pence compared to 66.4 pence as at 28 February 2015. In part, this was the result of paying a dividend of 5.25 pence per ordinary share in July 2015.  This dividend payment took cumulative dividends paid on the ordinary shares since inception to 48.25 pence, bringing the total return per ordinary share to 105.45 pence. The net asset value per C share was 81.2 pence as at 31 August 2015 compared to 90.1 pence as at 28 February 2015. Again, this was, in part, due to the payment of a dividend of 4.5 pence per C share in July 2015. This dividend payment took cumulative dividends paid on the C shares since inception to 18 pence, bringing the total return per C share to 99.2 pence.

Notwithstanding the recent fall in NAV, as the portfolio continues to develop and mature, it should lead to further value creation and provide opportunities for profitable realisations.

Special Interim Dividend on Ordinary Shares

Within the Company's original subscription documents dated 3 March 2010, it was stated that the Company's aim with regard to the ordinary shares was to produce a return for investors of at least 70 pence per ordinary share by way of dividends or cash tender offers by 14 December 2015.

The Directors are pleased that the Company is going to be in a position to meet the targeted interim return on the ordinary Shares and have today declared a special interim dividend of 21.8 pence per ordinary share, which will be paid on 11 December 2015 to shareholders on the register on 20 November 2015. This dividend will bring the total dividends paid to 70.05 pence per ordinary share.

Venture Capital Investments

Portfolio developments

Calculus Capital Limited manages the Company’s portfolio of Qualifying Investments. In general, we prefer to take stakes of sufficient size to enable us to play a more influential role in helping the companies develop. Investments may be by way of loan stock and/or preference shares as well as equity. This provides income for the Company which helps us to pay regular dividends and provides a measure of risk mitigation.

The Ordinary Share Fund and the C Share Fund are managed separately although they both have the same investment remit and, therefore, both have similar portfolios. As at 31 August 2015, the Company had eleven Qualifying Investments and ten Qualifying Investments on behalf of the Ordinary Share Fund and the C Share Fund, respectively.

In the six months to 31 August 2015, the Company sold its holding in Venn Life Sciences plc (“Venn”) on behalf of the Ordinary Share portfolio raising £80,000. Hembuild Group Limited (“Hembuild”) repaid half its loans and Hampshire Cosmetics Limited (“Hampshire”) repaid its loans in full from the Ordinary Share portfolio. These two transactions raised £275,000 and the proceeds were used to pay the dividend in July 2015.

Human Race Group Limited (“Human Race”) (Ordinary and C Share Funds)
Human Race operates over 60 mass participation sports events in the UK. The company’s events include triathlon, cycling, running, duathlon, aquathlon and open water swimming for over 90,000 participants of all abilities and ages, making it the largest such operator in the UK. Two new flagship events have been successfully launched in 2015: the London Winter Run, the largest inaugural 10k run ever in the UK with 14,000 entries, and the Tour de Yorkshire, a 3 day pro ride in partnership with ASO (organisers of the Tour de France).

Benito’s Hat (trading name for Pico’s Limited) (C Share Fund)
Benito’s Hat is a Mexican-themed, fast casual restaurant chain offering tailor-made burritos, tacos, salads and a range of specials. Benito’s Hat provides an authentic experience and high-quality food, at an affordable price point. The company ended its financial year on 31 July 2015, with like-for-like sites beating both budget and prior year sales. The company opened three sites during the year including at Selfridges on Oxford Street.

Metropolitan Safe Custody Limited (“Metropolitan”) (Ordinary and C Share Funds)
Metropolitan runs two safe custody sites, one in Knightsbridge, the other in St. John’s Wood. These profitable, stable businesses serve several thousand customers providing access to the vaults seven days a week. The company has experienced strong year-on-year growth.  Metropolitan upgraded systems and added capacity during the financial year just ended.

Horizon Discovery Group plc (“Horizon”) (C Share Fund)
Horizon is one of the leading life sciences companies in Europe supplying research tools and services that power genomics research and the development of personalised medicines. Horizon had a strong first half with revenues for the six months to 30 June 2015 of £8.6million (same period in 2014: £4.1million). The primary drivers were increased organic growth in the product division and increased organic and inorganic growth in the service division.

Hampshire (Ordinary and C Share Funds)
Hampshire manufactures fragrances, body treatments, skincare products and shampoos for third party customers including Bodyshop, Philip Kingsley and Penhaligon. Our investment was made to back a new management turning around this established manufacturer. This has been successfully achieved and the company is now seeking to further grow and diversify its revenue base, including the continuing integration of Mr Pets (an on-line retailer of veterinary and ancillary pet products).

Scancell Holdings plc (“Scancell”) (C Share Fund)
Scancell is developing novel therapeutic vaccines for treating cancer and infectious disease. The company recently announced that it had completed patient recruitment for its SCIB1 ImmunoBody® Phase 1/2 clinical trial in patients with Stage III/IV melanoma. Whilst the primary objective of the study is to assess safety and tolerability, the trials indicate highly encouraging survival times and melanoma-specific immune responses in patients. As with previously reported data, SCIB1 continues to be a safe and well tolerated treatment with no withdrawals from the study due to drug-related adverse events.

Venn (C Share Fund)
Venn provides clinical trial management services to pharmaceutical, biotechnology and medical device clients, offering clients a full service, multi-centred capability in Phase II-IV trials across a range of principal disease areas.  2015 revenues are forecast to exceed €8 million, double the previous year, and the company is expected to reach break-even profitability by the year end.

MicroEnergy Generation Services Limited (“MicroEnergy”) (Ordinary Share Fund)
Following the acquisition of an additional 15 turbines in April, MicroEnergy now owns and operates a fleet of 168 small onshore wind turbines (<5kW) installed on farm land in East Anglia and Yorkshire. Revenues from the fleet of turbines come from two sources, both of which are inflation protected, being directly linked to RPI. Firstly, there is the Government backed feed-in tariff (FIT) paid by the electricity suppliers for every kilowatt of electricity generated for twenty years. Secondly, there is an export tariff for any surplus electricity not used by the site owner that is exported to the grid. In the year to the end of March 2015, the fleet generated c. 1 MWh of electricity (c. 80 per cent. of forecast annual energy production). The predicted annual sales to March 2016 is c. £300k.

Tollan Energy Limited (“Tollan”) (Ordinary Share Fund)
Tollan owns a portfolio of roof top solar installations in Northern Ireland which benefits from Northern Ireland Renewable Obligation Certificates (NIROCs). Under the current NIROC regime, solar installations of less than 50kW per site receive 4 NIROCs per megawatt of electricity generated (roughly 17pence per kWh), indexed for 20 years.  In addition, the company benefits from the export tariff for any surplus electricity not used by the homeowner that is exported to the grid (equating to roughly 2.4pence per kWh produced). The portfolio is now fully installed and comprises 334 systems (1.55MW), producing at an average efficiency of 83 per cent. from installation to 31 March 2015. For the quarter to the end of June 2015, the fleet generated over 0.5 MWh or 99 per cent. of the seasonally adjusted forecast.

Quai Administration Services Limited (“Quai”) (C Share Fund)
Quai provides platform technology combined with back office administration services for the high-volume personal savings industry.  The company’s proprietary technology platform provides automated trading and administration, straight through processing, on-line web access and multi-currency portfolio management services.  Quai’s platform allows it to administer many thousands of individual savings plans at a fraction of the cost incurred by established insurance companies and wealth managers, making it the ideal outsourcing partner. Quai now has six corporate clients, compared to just one at the time of investment.  These clients include on-line investment services provider Willis Owen, who has partnered with Quai to power its new investment platform.  The new platform allows access to a range of products including ISAs and SIPPs; and provides access to a wide selection of asset classes, including funds and shares, ETFs and bonds.

Money Dashboard (trading name for The One Place Capital Limited) (C Share Fund)
Money Dashboard empowers consumers to take control of their finances.  By using Money Dashboard, consumers are able to view all of their current accounts, savings accounts and credit cards in one secure place, providing the true view of their finances. Since Calculus Capital’s first investment (2013), the company has continued to develop its consumer service with new desktop and mobile features.

AnTech Limited (“AnTech”) (Ordinary Share Fund)
AnTech is a specialist engineering company providing products and services to the upstream oil and gas industry. The company’s Products Division offers specialist products across a range of applications including coiled lubing, completion equipment, wireline and drilling.  It continues to grow and operate profitably, despite the oil price fall. Antech’s Services Division has a new generation of directional coiled tubing drilling tools for effective intervention in existing wells to enhance production yield and extend well life.  This is attractive in a low oil price environment.

Terrain Energy Limited (“Terrain”) (Ordinary and C Share Funds)
Terrain currently has interests in nine petroleum licences: Keddington, Kirklington, Dukes Wood and Burton on the Wolds in the East Midlands, Larne and an offshore licence to the north of Larne in Northern Ireland, Brockham in Surrey and Egmating and Starnberger See in Germany. Terrain has taken advantage of attractive prices in the current market and will shortly complete transactions to acquire interests in two new licences and increase its interest in one existing licence. The company is currently producing from wells at Keddington and Brockham. New wells at Larne and one of its new licences as well as sidetracks at Keddington and Brockham are due to be drilled in H1 2016.

Brigantes Energy Limited (“Brigantes”) (Ordinary Share Fund)
Brigantes and Corfe (details of which follows) were initially intended to be one investment but were split for reasons of structural efficiency. Both companies were originally established to hold certain oil and gas exploration assets spun out from InfraStrata Plc. Brigantes’ major interest is the Larne licence in Northern Ireland which is estimated to have un-risked prospective resources of 450 million barrels of oil. All permissions and approvals are in place for the licence partners to drill the Woodburn Forest-1 exploration well, which is the first well to be drilled on the license.

Corfe Energy Limited (“Corfe”) (Ordinary Share Fund)
Corfe’s license interests are predominantly in the Dorset area. Initial interpretation of the reprocessed 3D data over the P1918 licence adjacent to Wytch Farm shows a prospect with P50 prospective resources of some 34 million barrels of oil.  A preliminary interpretation of Corfe licenses PEDL237 and PL090 also indicates a number of interesting opportunities.

Dryden Human Capital Group (“Dryden”) (Ordinary Share Fund)
Dryden specialises in the actuarial, insurance and compliance recruitment sector across UK, Europe and the Far East. The company has made significant progress in the implementation of new systems and working processes and after a difficult trading period, is showing evidence of improved performance. 

Hembuild (Ordinary Share Fund)
Award winning Hembuild is a leading provider of fast-track, sustainable building systems. Signature buildings include the science museum’s large item archive, Marks and Spencers’ Cheshire Oaks superstore, the largest outside Marble Arch, and a corporate archive for GlaxoSmithKline. Its modular construction panels, made from hemp based materials, provide one of the lowest carbon footprint solutions available. Although Hembuild’s systems have a very low carbon footprint, are thermally efficient and cost effective, the company’s products have struggled to achieve wide market acceptance.

Developments since the period end

In September 2015, the Company sold its holding in Horizon from the C share portfolio. The sale raised over £90,000 in proceeds for the C Share Fund, representing a 1.8 times return on cost.

Other than disclosed above, there have not been any significant developments in the venture capital portfolio since the period end.

Structured Products Portfolio

A significant proportion of the portfolio of Structured Products have now reached full term and there has been little change over the past six months in the portfolio.

Despite the recent volatility in the market, the FTSE 100 continues to support valuations in the Structured Products portfolio. The index has fallen from its level of 6,247.94 as at 28 August 2015 to 6,061.61 as at 30 September 2015, however it continues to sit comfortably above all of the product’s strike levels. Swap rates have decreased over the past month while market volatility spiked in early September. Values of the Structured Product portfolio look strong, with the highest strike value at 5,262.85 in the Ordinary Share Fund and 5,246.99 in the C Share Fund.

No new investments were made in Structured Products during the period.

The Structured Products will achieve their target return subject to the Final Index Level of the FTSE 100 being higher than the Initial Index Level. The capital is at risk on a one-for-one basis (“CAR”) if the FTSE 100 Index falls more than 50 per cent. at any time during the investment term and fails to fully recover at maturity such that the Final Index Level is below the Initial Index Level. As at 31 August 2015, the following investments had been made in Structured Products:

Ordinary Share Fund Structured Products Portfolio as at 31 August 2015




Issuer



Strike Date
FTSE
100 Initial Index Level


Notional Investment


Purchase Price
Price
as at
31 August 2015


Maturity Date


Return/Capital
at Risk (“CAR”)
Investec Bank plc 14/05/2010 5,262.85 £500,000 £0.98 £1.840032 19/11/2015 185% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%

Matured/Sold






Issuer





Strike Date
FTSE
 100 Initial Index Level at Maturity




Notional Investment




Purchase Price



Price at Maturity/
Sale



Maturity Date/
Date Sold




Return/Capital
at Risk (“CAR”)
HSBC Bank plc 01/07/2010 4,805.75 £500,000 £1.00 Returned £1.2510 06/07/2012 125.1% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%
The Royal Bank of Scotland plc 18/03/2011 5,718.13 £50,000 £1.00 Returned £1.1050 19/03/2012 Autocallable 10.5% p.a.; CAR if FTSE 100 falls more than 50%
Nomura Bank International** 28/05/2010 5,188.43 £350,000 £0.98 Sold at £1.2625 30/03/2012 137% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%
Morgan Stanley International 10/06/2010 5,132.50 £500,000 £1.00 Sold at £1.3224 31/10/2012 134% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%
Abbey National Treasury Services 03/08/2011 5,584.51 £50,000 £1.00 Sold at £1.1900 21/06/2013 126% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%
The Royal Bank of Scotland plc 05/05/2010 5,341.93 £275,000 £0.96 Sold at £1.6057 06/11/2014 162.5% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%
Abbey National Treasury Services 25/05/2010 4,940.68 £350,000 £0.99 Sold at £1.7920 06/11/2014 185% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%

The total current valuation of the amount invested in Structured Products in the Ordinary Share Fund as at 31 August 2015 was £920,016


C Share Fund Structured Products Portfolio as at 31 August 2015




Issuer



Strike Date
FTSE
100 Initial Index Level


Notional Investment


Purchase Price

Price at 31 August 2015


Maturity Date


Return/Capital at Risk (“CAR”)
Investec Bank plc 05/08/2011 5,246.99 £328,000 £1.00 £1.588735 10/03/2017 182% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%

Matured/Sold





Issuer




Strike Date
FTSE
100 Initial Index Level at Maturity



Notional Investment



Purchase Price



Price at Maturity



Maturity Date



Return/Capital at Risk (“CAR”)
The Royal Bank of Scotland plc 18/03/2011 5,718.13 £200,000 £1.00 Returned £1.1050 19/03/2012 Autocallable 10.5% p.a.; CAR if FTSE 100* falls more than 50%
Nomura Bank International** 28/05/2010 5,188.43 £350,000 £1.26 Returned £1.3700 20/02/2013 137% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%
Abbey National Treasury Services 03/08/2011 5,584.51 £200,000 £1.00 Returned £1.2600 05/02/2014 126% if FTSE 100 higher*; CAR if FTSE 100 falls more than 50%

The total current valuation of the amount invested in Structured Products in the C Share Fund as at 31 August 2015 was £521,105.

* The Final Index Level is calculated using ‘averaging’, meaning that the average of the closing levels of the FTSE 100 is taken on each Business Day over the last 2-6 months of the Structured Product plan term (the length of the averaging period differs for each plan). The use of averaging to calculate the return can reduce adverse effects of a falling market or sudden market falls shortly before maturity. Equally, it can reduce the benefits of an increasing market or sudden market rises shortly before maturity.

** The Nomura Structured Product was sold prior to maturity with a return on initial investment of 28.8 per cent. This was sold to the C Share Fund

Calculus Capital Limited                                                 Investec Structured Products
23 October 2015                                                             23 October 2015


INVESTMENT PORTFOLIO AS AT 31 AUGUST 2015
- ORDINARY SHARE FUND

% of Net Assets
Structured Products 34%
Unquoted - loan stock 15%
Quoted and unquoted - ordinary and preference shares 45%
Unquoted - liquidity funds        -   
Net current assets 6%
100%

   

Sector - % of Portfolio
Structured Products 36%
Quoted and unquoted - Qualifying Investments 64%
Unquoted - other non-Qualifying Investments       -   
100%

   


Company
Nature of
Business
Book Cost
£’000
Valuation
£’000
% of Net
Assets
% of
Portfolio
Structured Products
Investec Bank plc Banking 490 920 34% 36%
Total Structured Products 490 920 34% 36%
Qualifying Investments
AnTech Limited Oil services 270 323 12% 13%
Human Race Group Limited Leisure 300 300 11% 12%
Terrain Energy Limited Onshore oil and gas production
100

173

6%

7%
Tollan Energy Limited Energy 150 164 6% 6%
Metropolitan Safe Custody Limited Safe depository services
90

155

6%

6%
Hampshire Cosmetics Limited Cosmetics 100 153 6% 6%
MicroEnergy Generation Services Limited
Energy

150

147

5%

6%
Brigantes Energy Limited Oil and gas exploration and production

127


108


4%


4%
Hembuild Group Limited Construction 182 63 2% 2%
Corfe Energy Limited Oil and gas exploration and production

76


45


2%


2%
Dryden Human Capital Group Limited Human resources
100

7

-   

-   
Heritage House Limited Publishing and media services
125

-

-   

-   
Secure Electrans Limited E-commerce security
112

-

-   

-   
Total Qualifying Investments 1,882 1,638 60% 64%
Other non-Qualifying Investments
Aberdeen Sterling Liquidity Fund Liquidity fund 1 1 -       - 
Total Other non-Qualifying Investments 1 1 -   
Total Investments 2,373 2,559 94% 100%
Net Current Assets less Creditors due after one year
152

6%
Net Assets 2,711 100%


INVESTMENT PORTFOLIO AS AT 31 AUGUST 2015
- C SHARE FUND

% of Net Assets
Structured Products 33%
Unquoted - loan stock 13%
Quoted and unquoted - ordinary and preference shares 55%
Unquoted - liquidity funds -   
Net current assets  (1)%
100%

   

Sector - % of Portfolio
Structured Products 33%
Quoted and unquoted – Qualifying Investments 67%
Unquoted – other non-Qualifying Investments -   
100%

   



Company

Nature of
Business

Book Cost
£’000

Valuation
£’000

% of Net
Assets

% of
Portfolio
Structured Products
Investec Bank plc Banking 328 521 33% 33%
Total Structured Products 328 521 33% 33%
Qualifying Investments
Hampshire Cosmetics Limited
Cosmetics

150

162

10%

10%
Human Race Group Limited
Leisure

150

150

10%

10%
Quai Administration Services Limited
Technology

150

150

10%

10%
The One Place Capital Limited
Personal finance

127

127

8%

8%
Scancell Holdings plc Biotech 100 119 8% 8%
Horizon Discovery Group plc
Biotechnology

50

83

5%

5%
Terrain Energy Limited Onshore oil and gas production
50

81

5%

5%
Metropolitan Safe Custody Limited Safe depository services
40

69

4%

4%
Pico’s Limited Leisure 50 64 4% 4%
Venn Life Sciences Plc Clinical research 80 56 4% 3%
Heritage House Limited Publishing and media services
63

           -

       - 

    - 
Secure Electrans Limited E-commerce security 75           -       -      - 
Total Qualifying Investments
1,085

1,061

68%

67%
Other non-Qualifying Investments
Aberdeen Sterling Liquidity Fund
Liquidity fund

1

1

     - 

          - 
Fidelity Liquidity Fund Liquidity fund - -
Total Other non-Qualifying Investments
1

1


Total Investments 1,414 1,583 101% 100%
Net Current Assets less creditors due after one year

(14)


(1)%
Net Assets 1,569 100%


PRINCIPAL RISKS

The principal risks facing the Company are substantially unchanged since the date of the Annual Report and Accounts for the year ended 28 February 2015 and continue to be as set out on pages 23 and 24 of that report.

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 Venture Capital Investments, risks attaching to investment in Structured Products, liquidity/marketability risk, changes in legislation/taxation, engagement of third party advisers, C shares versus ordinary shares, market price risk and credit risk.

DIRECTORS’ RESPONSIBILITY STATEMENT

The Directors confirm that to the best of their knowledge:

  • the condensed set of financial statements has been prepared in accordance with the Statement on Half Yearly Financial Reports issued by the UK Accounting Standards Board and gives a true and fair view of the assets, liabilities and financial position of the Company; and
  • this Half Yearly Financial Report includes a fair review of the information required by:
  1. DTR 4.2.7R of the Disclosure and Transparency Rules, 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 year; and
  2. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so.

This Half Yearly Financial Report was approved by the Board of Directors on 23 October 2015 and the above responsibility statement was signed on its behalf by Michael O’Higgins, Chairman.


CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2015
(UNAUDITED)

6 Months Ended
31 August 2015
6 Months Ended
31 August 2014
12 Months Ended
28 February 2015*


Note
Revenue  
Return  
£’000  
Capital  
Return  
£’000  

Total  
£’000  
Revenue   
Return   
£’000   
Capital  
Return  
£’000  

Total  
£’000  
Revenue   
Return   
£’000   
Capital  
Return  
£’000  

Total  
£’000  
Ordinary Share Fund
Investment holding (losses)/gains

-   


(107)


(107)


-   


34 


34 


-   


(443)


(443)
(Loss)/gain on disposal of investments

-   


(41)


(41)


-   






-   


459 


459 
Income 33    33  40    40  64   64 
Investment management fee
(4)  

(12)

(16)

(6)  

(17)

(23)

(10) 

(32)

(42)
Other operating expenses
(61)  


(61)

(54)  


(54)

(111) 


(111)
(Loss)/profit on ordinary activities
before taxation


(32)  


(160)


(192)


(20)  


20 




(57) 


(16)


(73)
Taxation on ordinary activities  
3

-   



-   



-   


(Loss)/profit for the period
(32)  

(160)

(192)

(20)  

20 


(57) 

(16)

(73)
Basic and diluted earnings per
ordinary share


2


(0.7)p


(3.4)p


(4.1)p


(0.4)p


0.4p


0.0p


(1.2)p


(0.3)p


(1.5)p

   

6 Months Ended
31 August 2015
6 Months Ended
31 August 2014
12 Months Ended
28 February 2015*


Note
Revenue  
Return  
£’000  
Capital  
Return  
£’000  

Total 
£’000 
Revenue  
Return  
£’000  
Capital  
Return  
£’000  

Total   
£’000   
Revenue   
Return   
£’000   
Capital  
Return  
£’000  

Total  
£’000  
C Share Fund
Investment holding (losses)/gains

-  


(65)


(65)


-  


30 


30 


-  


98 


98 
Loss on disposal of investments

-  


-  


-  


-  






-  


(1)


(1)
Income 11   -   11  11   11  25   25 
Investment management fee

(2) 


(7)


(9)


(2) 


(7)


(9)


(4) 


(13)


(17)
Other operating expenses
(23) 

-  

(23)

(22) 


(22)

(44) 


(44)
(Loss)/profit on ordinary
activities before taxation



(14) 



(72)



(86)



(13) 



23 



10 



(23) 



84 



61 
Taxation on ordinary activities  

3


-  


-  


-  


-  






-  




(Loss)/profit for the period
(14) 

(72)

(86)

(13) 

23 

10 

(23) 

84 

61 
Basic and diluted earnings per C share

2


(0.7)p


(3.7)p


(4.4)p


(0.7)p


1.2p


0.5p


(1.2)p


4.3p


3.1p

* These figures are audited.

The total columns of these statements represent the Total Comprehensive Income Statement of the Ordinary Share Fund and the C Share Fund.

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”).

The notes form an integral part of these Accounts.
 

6 Months Ended
31 August 2015
6 Months Ended
31 August 2014
12 Months Ended
28 February 2015*


Note
Revenue  
 Return  
  £’000  
Capital  
Return  
  £’000  

Total 
£’000 
Revenue  
 Return  
  £’000  
Capital 
Return 
  £’000 

Total 
£’000 
Revenue   
 Return   
  £’000   
Capital  
Return  
£’000  

Total  
£’000  
Total
Investment holding (losses)/gains

-  


(172)


(172)


-  


64 


64 


-  


(345)


(345)
(Loss)/gain on disposal of investments

-  


(41)


(41)


-  






-  


458 


458 
Income 44   44  51   51  89   89 
Investment management fee

(6) 


(19)


(25)


(8) 


(24)


(32)


(14) 


(45)


(59)
Other operating expenses
(84) 


(84)

(76) 


(76)

(155) 


(155)
(Loss)/profit on ordinary
activities before taxation



(46) 



(232)



(278)



(33) 



43 



10 



(80) 



68 



(12)
Taxation on ordinary activities

3


-  






-  






-  




(Loss)/profit for the period
(46) 

(232)

(278)

(33) 

43 

10 

(80) 

68 

(12)
Basic and diluted earnings per ordinary share


2



(0.7)p



(3.4)p



(4.1)p



(0.4)p



0.4p



0.0p



(1.2)p



(0.3)p



(1.5)p
Basic and diluted earnings per C share

2


(0.7)p


(3.7)p


(4.4)p


(0.7)p


1.2p


0.5p


(1.2)p


4.3p


3.1p

* These figures are audited.

The total column of this statement represents the Company’s Total Comprehensive Income Statement.

The supplementary revenue return and capital return columns are both prepared in accordance with the AIC’s 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 Accounts.
 

CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2015
(UNAUDITED)

Non-distributable reserves
Distributable reserves

Share
Capital
£’000
Capital 
Reserve 
Realised 
£’000 

Special
Reserve
£’000
Capital 
Reserve 
Unrealised 
£’000 

Revenue 
Reserve 
£’000 


Total 
£’000 
Ordinary Share Fund
For the 6 month period to 31 August 2015
1 March 2015 47 700  2,438 293  (330) 3,148 
Investment holding losses - - (107) (107)
Loss on disposal of investments - (41) - (41)
Management fee allocated to capital
-

(12)

-



(12)
Change in accrual in IFA Commission
-


4



Revenue return on ordinary activities after tax
-


-


(32)

(32)
Dividend paid (note 9) - (249) (249)
31 August 2015 47 647  2,193 186  (362) 2,711 
For the 6 month period to 31 August 2014
1 March 2014         47 273  3,729 736  (273) 4,512 
Investment holding gains - - 34  34 
Gain on disposal of investments - -
Management fee allocated to capital
-

(17)

-



(17)
Revenue return on ordinary activities after tax
-


-


(20)

(20)
Dividend paid - (249) (249)
31 August 2014             47 259 3,480 770 (293) 4,263 
For the 12 months ended 28 February 2015*
1 March 2014         47 273  3,729 736  (273) 4,512 
Investment holding losses - - (443) (443)
Gain on disposal of investments - 459  - 459 
Management fee allocated to capital
-

(32)

-



(32)
Revenue return on ordinary activities after tax
-


-


(57)

(57)
Dividend paid - (1,291) (1,291)
28 February 2015         47 700  2,438 293  (330) 3,148 

    * These figures are audited.

  The notes form an integral part of these Accounts.

Non-distributable reserves
Distributable reserves

Share
Capital
£’000
Capital 
Reserve 
Realised 
£’000 

Special
Reserve
£’000
Capital 
Reserve 
Unrealised 
£’000 

Revenue 
Reserve 
£’000 


Total 
£’000 
C Share Fund
For the 6 month period to 31 August 2015
1 March 2015 19 72  1,541 235  (128) 1,739 
Investment holding losses - - (65) (65)
Management fee allocated to capital
-

(7)

-



(7)
Change in accrual in IFA Commission
-


3



Revenue return on ordinary activities after tax
-


-


(14)

(14)
Dividend paid (note 9) - (87) (87)
31 August 2015 19 65  1,457 170  (142) 1,569 
For the 6 month period to 31 August 2014
1 March 2014 19 86  1,628 137 (105) 1,765 
Investment holding gains - - 30 30 
Management fee allocated to capital
-

(7)

-

-


(7)
Revenue return on ordinary activities after tax
-


-

-

(13)

(13)
Dividend paid - (87) - (87)
31 August 2014 19 79  1,541 167 (118) 1,688 
For the 12 months ended 28 February 2015*
1 March 2014 19 86  1,628 137 (105) 1,765 
Investment holding gains - - 98 98 
Loss on disposal of investments - (1) - (1)
Management fee allocated to capital
-

(13)

-



(13)
Revenue return on ordinary activities after tax
-


-


(23)

(23)
Dividend paid - (87) (87)
28 February 2015 19 72  1,541 235  (128) 1,739 

 * These figures are audited.

  The notes form an integral part of these Accounts.

Non-distributable reserves
Distributable reserves

Share
Capital
£’000
Capital 
Reserve 
Realised 
£’000 

Special
Reserve
£’000
Capital 
Reserve 
Unrealised 
£’000 

Revenue 
Reserve 
£’000 


Total 
£’000 
Total
For the 6 month period to 31 August 2015
1 March 2015 66 772  3,979 528  (458) 4,887 
Investment holding losses - - (172) (172)
Loss on disposal of investments - (41) - (41)
Management fee allocated to capital
-

(19)

-



(19)
Change in accrual in IFA Commission
-


7



Revenue return on ordinary activities after tax
-


-


(46)

(46)
Dividend paid (note 9) - (336) (336)
31 August 2015 66 712  3,650 356  (504) 4,280 
For the 6 month period to 31 August 2014
1 March 2014 66 359  5,357 873  (378) 6,277 
Investment holding gains - - 64  - 64 
Gain on disposal of investments - - - -
Management fee allocated to capital
-

(24)

-

-

-

(24)
Revenue return on ordinary activities after tax
-


-

-

(33)

(33)
Dividend paid - (336) - (336)
31 August 2014 66 338  5,021 937  (411) 5,951 
For the 12 months ended 28 February 2015*
1 March 2014 66 359  5,357 873  (378) 6,277 
Investment holding losses - - (345) - (345)
Gain on disposal of investments - 458  - - - 458 
Management fee allocated to capital
-

(45)

-

-

-

(45)
Revenue return on ordinary activities after tax
-


-

-

(80)

(80)
Dividend paid - (1,378) - - 1,378)

28 February 2015

66

772 

3,979

528 

(458)

4,887 

* These figures are audited.
  The notes form an integral part of these Accounts.


CONDENSED BALANCE SHEET
AS AT 31 AUGUST 2015
(UNAUDITED)



Note
31 August   2015  
£’000  
31 August  
2014  
£’000  
28 February  
2015* 
£’000  
Ordinary Share Fund
Fixed assets
Investments 4 2,559  4,250  3,061  
Current assets
Debtors 91  99  62  
Cash at bank and on deposit 123  107  
214  105  169  
Creditors: amounts falling due within one year
Creditors (61) (90) (82) 
Net current assets 153  15  87  
Non-current liabilities
IFA trail commission (1) (2) -  
Total net assets 2,711  4,263  3,148 
Capital and reserves
Called-up share capital 7 47  47  47  
Special reserve 2,193  3,480  2,438  
Capital reserve – realised 647  259  700  
Capital reserve – unrealised 186  770  293  
Revenue reserve (362) (293) (330) 
Total shareholders’ funds 2,711  4,263  3,148 
Net asset value per ordinary share  - basic 5 57.2p 90.0p 66.4p

* These figures are audited.

  The notes form an integral part of these Accounts.


Note
31 August 2015  
£’000  
31 August 2014  
£’000  
28 February 2015* 
£’000  
C Share Fund
Fixed assets
Investments 4 1,583  1,677  1,649 
Current assets
Debtors 44  41  26 
Cash at bank and on deposit 11  103 
44  52  129 
Creditors: amounts falling due within one year
Creditors (31) (37) (36)
Bank overdraft (27)
(58) (37) (36)
Net current (liabilities)/assets (14) 15  93 
Non-current liabilities
IFA trail commission (4) (3)
Total net assets 1,569  1,688  1,739 
Capital and reserves
Called-up share capital 7 19  19  19 
Special reserve 1,457  1,541  1,541 
Capital reserve – realised 65  79  72 
Capital reserve – unrealised 170  167  235 
Revenue reserve (142) (118) (128)
Total shareholders’ funds 1,569  1,688  1,739 
Net asset value per C share - basic 5 81.2p 87.4p 90.1p

* These figures are audited.

  The notes form an integral part of these Accounts.


Note
31 August 2015  
£’000  
31 August 2014  
£’000  
28 February 2015* 
£’000  
Total
Fixed assets
Investments 4 4,142  5,927  4,710 
Current assets
Debtors 135  140  88 
Cash at bank and on deposit 123  17  210 
258  157  298 
Creditors: amounts falling due within one year
Creditors


(92)


(127)


(118)
Bank overdraft (27)
(119) (127) (118)
Net current assets 139  30  180 
Non-current liabilities
IFA trail commission (1) (6) (3)
Total net assets 4,280  5,951  4,887 
Capital and reserves
Called-up share capital 7 66  66  66 
Special reserve 3,650  5,021  3,979 
Capital reserve – realised 712  338  772 
Capital reserve – unrealised 356  937  528 
Revenue reserve (504) (411) (458)
Total shareholders’ funds 4,280  5,951  4,887 
Net asset value per ordinary share – basic 5 57.2p 90.0p 66.4p
Net asset value per C share – basic 5 81.2p 87.4p 90.1p

* These figures are audited.

  The notes form an integral part of these Accounts.


CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2015
(UNAUDITED)





Note
6 Months 
Ended 
31 August 
2015 
£’000 
6 Months 
Ended 
31 August 
2014 
£’000 
12 Months 
 Ended 
28 February 
2015*
£’000 
Ordinary Share Fund
Operating activities
Investment income received 33  44  70 
Investment management fees (27) (56) (79)
Other cash payments (95) (74) (99)
Cash flow from operations 6 (89) (86) (108)
Cash flow from investing activities
Purchase of investments (3)
Sale of investments 354  363  1,531 
Net cash flow from investing activities 354  363  1,528 
Equity dividend paid 9 (249) (249) (1,291)
Net cash flow before financing 16  28  129 
Cash flow from financing activities
Expenses of share issues
Net cash flow from financing activities
Increase in cash at bank and on deposit
16 

28 

129 
Opening cash and cash equivalents 107 (22) (22)
Closing cash and cash equivalents 123 6 107

* These figures are audited.

  The notes form an integral part of these Accounts.





Note
6 Months 
Ended 
31 August 
2015 
£’000 
6 Months 
Ended 
31 August 
2014 
£’000 
12 Months  
 Ended    
28 February 
2015*
£’000 
C Share Fund
Operating activities
Investment income received 10  11  27 
Investment management fees (13) (13) (22)
Other cash payments (40) (30) (40)
Cash flow from operations 6 (43) (32) (35)
Cash flow from investing activities
Purchase of investments
Sale of investments 95 
Net cash flow from investing activities 95 
Equity dividend paid 9 (87) (87) (87)
Net cash flow before financing (130) (119) (27)
Cash flow from financing activities
Expenses of share issue - -
Net cash flow from financing activities - -
Decrease in cash at bank and on deposit
(130)

(119)

(27)
Opening cash and cash equivalents 103 130 130
Closing cash and cash equivalents (27) 11 103

* These figures are audited.

The notes form an integral part of these Accounts.





Note
6 Months 
Ended 
31 August 
2015 
£’000 
6 Months 
Ended 
31 August 
2014 
£’000 
12 Months  
 Ended 
28 February 
2015*
£’000 
Total
Operating activities
Investment income received 43  55  97 
Investment management fees (40) (69) (101)
Other cash payments (135) (104) (139)
Cash flow from operations 6 (132) (118) (143)
Cash flow from investing activities
Purchase of investments (3)
Sale of investments 354  363  1,626 
Net cash flow from investing activities 354  363  1,623 
Equity dividend paid 9 (336) (336) (1,378)
Net cash flow before financing (114) (91) 102 
Cash flow from financing activities
Expenses of share issues
Net cash flow from financing activities
(Decrease)/increase in cash at bank and on deposit
(114)

(91)

102 
Opening cash and cash equivalents 210 108 108
Closing cash and cash equivalents 96 17 210

* These figures are audited.

   The notes form an integral part of these Accounts.
 

CONDENSED NOTES TO THE ACCOUNTS

1. Nature of Financial Information

Basis of accounting

The half-yearly financial results cover the six months ended 31 August 2015. The Company applies UK Generally Accepted Accounting Principles in its annual financial statements, and is intending to adopt FRS 102 and the AIC’s Statement of Recommended Practice issued in November 2014 for its financial year ending 29 February 2016. The financial statements for the six months to 31 August 2015 have therefore been prepared in accordance with FRS 104 ‘Interim Financial Reporting’. The Directors do not expect any significant changes to the Company’s accounting policies as a result of the adoption of FRS 102. The accounts have therefore been prepared on the basis of the same accounting policies as set out in the Company’s Annual Report and Financial Statements for the year ended 28 February 2015.

The comparative figures for the financial year ended 28 February 2015 are not the Company’s statutory accounts for that financial year, but are based on those accounts, represented as necessary to comply with FRS 102.

In determining the analysis of total income and expenses as between capital return and revenue return, the Directors have followed the guidance contained in the AIC SORP, as revised in 2009, and on the assumption that the Company maintains VCT status.

The financial information contained in this report does not constitute full statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six month period ended 31 August 2015 and the six month period ended 31 August 2014 has not been audited or reviewed by the Company’s Auditors pursuant to the Auditing Practices Board guidance on such reviews.

The information for the year ended 28 February 2015 has been extracted from the latest published Annual Report and Accounts, which have been filed with the Registrar of Companies. The report of the Auditors on those Accounts contained no qualification or statement under Section 498(2) or (3) of the Companies Act 2006.

With effect from 22 October 2015, the name of the Company was changed from Investec Structured Products Calculus VCT Plc to Calculus VCT Plc.

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 Accounts.
 

2. Return per Share

6 Months Ended
31 August 2015
6 Months Ended
31 August 2014
12 Months Ended
28 February 2015
Revenue 
pence 
Capital
pence
Total
pence
Revenue
pence
Capital
pence
Total 
pence 
Revenue 
pence 
Capital 
Pence
Total
pence
Return per ordinary share
(0.7)

(3.4)

(4.1)

(0.4)

0.4

0.0

(1.2)

(0.3)

(1.5)
Return per C share (0.7) (3.7) (4.4) (0.7) 1.2 0.5 (1.2) 4.3 3.1

Ordinary shares

Revenue return per ordinary share is based on the net revenue loss on ordinary activities after taxation of £32,000 (31 August 2014: loss of £20,000; 28 February 2015: loss of £57,000) and on 4,738,463 ordinary shares (31 August 2014: 4,738,463; 28 February 2015: 4,738,463), 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 £160,000 (31 August 2014: gain of £20,000; 28 February 2015: loss of £16,000) and on 4,738,463 ordinary shares (31 August 2014: 4,738,463; 28 February 2015: 4,738,463), 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 £192,000 (31 August 2014: £nil; 28 February 2015: loss of £73,000) and on 4,738,463 ordinary shares (31 August 2014: 4,738,463; 28 February 2015: 4,738,463), being the weighted average number of ordinary shares in issue during the period.

C shares

Revenue return per C share is based on the net revenue loss on ordinary activities after taxation of £14,000 (31 August 2014: loss of £13,000; 28 February 2015: loss of £23,000) and on 1,931,095 C shares (31 August 2014: 1,931,095; 28 February 2015: 1,931,095), being the weighted average number of C shares in issue during the period.

Capital return per C share is based on the net capital loss for the period of £72,000 (31 August 2014: gain of £23,000; 28 February 2015: gain of £84,000) and on 1,931,095 C shares (31 August 2014: 1,931,095; 28 February 2015: 1,931,095), being the weighted average number of C shares in issue during the period.

Total return per C share is based on the total loss for the period of £86,000 (31 August 2014: gain of £10,000; 28 February 2015: gain of £61,000) and on 1,931,095 C shares (31 August 2014: 1,931,095; 28 February 2015: 1,931,095), being the weighted average number of C shares in issue during the period.
 

3. Taxation on Ordinary Activities

The estimated effective tax rate at the year end is 0 per cent. for both share funds. This remains unchanged from the prior period.
 

4. Investments at Fair Value through Profit or Loss

31 August
2015
£’000
31 August
2014
£’000
28 February
2015
£’000
Ordinary Share Fund
Investment portfolio summary
Investments in Structured Products 920 1,946 909
Quoted/unquoted investments 1,638 2,303 2,151
Other investments 1 1 1
2,559 4,250 3,061
C Share Fund
Investment portfolio summary
Investments in Structured Products 521 519 538
Quoted/unquoted investments 1,061 1,157 1,110
Other investments 1 1 1
1,583 1,677 1,649
Total
Investment portfolio summary
Investments in Structured Products 1,441 2,465 1,447
Quoted/unquoted investments 2,699 3,460 3,261
Other investments 2 2 2
4,142 5,927 4,710


5. Net Asset Value per Share

31 August
2015
pence
31 August
2014
pence
28 February
2015
pence
Net asset value per ordinary share 57.2 90.0 66.4
Net asset value per C share 81.2 87.4 90.1

The basic net asset value per ordinary share is based on net assets (including current period revenue) of £2,711,000 (31 August 2014: £4,263,000; 28 February 2015: £3,148,000) and on 4,738,463 ordinary shares (31 August 2014: 4,738,463; 28 February 2015: 4,738,463), being the number of ordinary shares in issue at the period end.

The basic net asset value per C share is based on net assets of £1,569,000 (31 August 2014: £1,688,000; 28 February 2015: £1,739,000) and on 1,931,095 C shares (31 August 2014: 1,931,095; 28 February 2015: 1,931,095), being the number of C shares in issue at the period end.
 

6. Reconciliation of Net Profit before Tax to Cash Flow from Operating Activities

31 August 
2015 
£’000 
31 August 
2014 
£’000 
28 February 
2015 
£’000 
Ordinary Share Fund
Loss on ordinary activities before tax (192) (73)
Loss/(gain) on investments 148  (37) (16)
(Increase)/decrease in debtors (29) (26) 11 
Decrease in creditors (16) (23) (30)
Cash flow from operating activities (89) (86) (108)
C Share Fund
(Loss)/profit on ordinary activities before tax (86) 10  61 
Loss/(gain) on investments 65  (30) (97)
(Increase)/decrease in debtors (18) (12)
Decrease in creditors (4) (2)
Cash flow from operating activities (43) (32) (35)
Total
(Loss)/profit on ordinary activities before tax (278) 10  (12)
Loss/(gain) on investments 213  (67) (113)
(Increase)/decrease in debtors (47) (38) 14 
Decrease in creditors (20) (23) (32)
Cash flow from operating activities (132) (118) (143)


7. Called-up Share Capital



Number
31 August
2015
£’000
Ordinary shares of 1p each 4,738,463 47
C shares of 1p each 1,931,095 19


8. Fair Value Hierarchy

All investments are initially recognised and subsequently measured at fair value. Changes in fair value are recognised in the Income Statement.

The methods of fair value measurement are classified into a hierarchy based on reliability of the information used to determine the valuation.

Level a              Fair value is measured based on quoted prices in an active market.

Level b              Fair value is measured based on directly observable current market prices or indirectly being derived from market prices.

Level c (i)          Fair value is measured using a valuation technique that is based on data from an observable market or;

Level c (ii)         Fair value is measured using a valuation technique that is not based on data from an observable market.

Level a
£’000
Level b
£’000
Level c (i)
£’000
Level c (ii)
£’000
Total
£’000
Ordinary Share Fund
Opening book cost 121 489 - 2,158 2,768
Opening unrealised appreciation (32) 420 - (95) 293
Opening valuation 89 909 - 2,063 3,061
Movements in the period:
Purchase at cost - - - - -
Sales – proceeds (79) - - (275) (354)
Sales – realised losses on sales (41) - - - (41)
Unrealised losses realised during the period
(32)

-

-

-

(32)
(Decrease)/increase in unrealised appreciation
-

11

-

(150)

(139)
Closing valuation 1 920 - 1,638 2,559
Closing book cost 1 489 - 1,883 2,373
Closing unrealised appreciation - 431 - (245) 186
Closing valuation 1 920 - 1,638 2,559

   

Level a
£’000
Level b
£’000
Level c (i)
£’000
Level c (ii)
£’000
Total
£’000
C Share Fund
Opening book cost 231 328 - 855 1,414
Opening unrealised appreciation 88 210 - (63) 235
Opening valuation 319 538 - 792 1,649
Movements in the period:
Purchase at cost - - - - -
Sales – proceeds - - - - -
Sales – realised gains/(losses) on sales
-

-

-

-

-
Unrealised gains/(losses) realised during the period
-

-

-

-

-
(Decrease)/increase in unrealised appreciation

(60)


(17)


-


11


(66)
Closing valuation 259 521 - 803 1,583
Closing book cost 231 328 - 855 1,414
Closing unrealised appreciation 28 193 - (52) 169
Closing valuation 259 521 - 803 1,583

   

Level a
£’000
Level b
£’000
Level c (i)
£’000
Level c (ii)
£’000
Total
£’000
Total
Opening book cost 352 817 - 3,013 4,182
Opening unrealised appreciation 56 630 - (158) 528
Opening valuation 408 1,447 - 2,855 4,710
Movements in the period:
Purchase at cost - - - - -
Sales – proceeds (79) - - (275) (354)
Sales – realised losses on sales (41) - - - (41)
Unrealised losses realised during the period
(32)

-

-

-

(32)
Decrease in unrealised appreciation (60) (6) - (139) (205)
Closing valuation 260 1,441 - 2,441 4,142
Closing book cost 232 817 - 2,738 3,787
Closing unrealised appreciation 28 624 - (297) 355
Closing valuation 260 1,441 - 2,441 4,142


9. Dividends

For the year to 28 February 2015, the Ordinary Share Fund declared a final dividend of 5.25p per ordinary share on 4,738,463 shares amounting to £248,769. The dividend was paid on 29 July 2015 to ordinary shareholders on the register at 26 June 2015.

For the year to 28 February 2015, the C Share Fund declared a final dividend of 4.5p per C share on 1,931,095 shares amounting to £86,899. The dividend was paid on 29 July 2015 to C shareholders on the register at 26 June 2015.
 

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, one of the Company’s Investment Managers. He does not receive any remuneration from the Company. He is a director of Terrain, a company in which the Company has invested. Fees for the provision of Mr Glencross as a director of these companies are paid to Calculus Capital and are disclosed in note 11.
 

11. Transactions with Investment Managers

Investec Structured Products is an Investment Manager to the Company and is entitled to a performance incentive fee. Investec Structured Products will receive an arrangement fee of 0.75 per cent. of the amount invested in each Structured Product. This arrangement fee shall be paid to Investec Structured Products by the issuer of the relevant Structured Product. No arrangement fee will be paid to Investec Structured Products in respect of any decision to invest in Investec-issued Structured Products. Investec Structured Products has agreed not to earn an annual management fee from the Company.

As at 31 August 2015, £76,668 (31 August 2014: £84,238; 28 February 2015: £52,580) was owed by Investec Structured Products as claw back of costs in excess of the agreed expenses cap of 3 per cent. to the Ordinary Share Fund. £38,000 (31 August 2014: £34,699; 28 February 2015: £23,003) was owed to the C Share Fund.

Calculus Capital receives an annual fee from Terrain, Human Race, Metropolitan, Hampshire, Money Dashboard and Quai for the provision of a director, as well as an annual monitoring fee which also covers the provision of certain administrative support services. In the period ended 31 August 2015, the amount paid to Calculus Capital which was attributable to the investment made by the Company was £398 (31 August 2014: £533; 28 February 2015: £983) from Terrain; £1,784 (31 August 2014: £1,870; 28 February 2015: £3,530) from Human Race; £778 (31 August 2014: £1,302; 28 February 2015: £2,483) from Metropolitan; £1,514 (31 August 2014: £1,561; 28 February 2015: £3,009) from Hampshire; £458 (31 August 2014: £nil; 28 February 2015: £1,215) from Money Dashboard; and £705 (31 August 2014: £677; 28 February 2015: £1,596) from Quai (all excluding VAT).

Calculus Capital receives an annual fee from Dryden, Corfe, Brigantes and Benito’s Hat for the provision of a director. In the period ended 31 August 2015, the amount paid to Calculus Capital which was attributable to the investment made by the Company was £14 (31 August 2014: £202; 28 February 2015: £285) from Dryden; £191 (31 August 2014: £375; 28 February 2015: £751) from Brigantes; £112 (31 August 2014: £222; 28 February 2015: £449) from Corfe, and £152 (31 August 2014: £149; 28 February 2015: £397) from Benito’s Hat (all excluding VAT).

Calculus Capital also receives an annual monitoring fee from Tollan, MicroEnergy, Hembuild and AnTech which covers the provision of certain administrative support services. In the period ended 31 August 2015, the amount payable to Calculus Capital which was attributable to the investment made by the Company was £620 (31 August 2014: £1,218; 28 February 2015: £328) from Tollan; £671 (31 August 2014: £630; 28 February 2015: £1,189) from MicroEnergy; £979 (31 August 2014: £1,069; 28 February 2015: £3,612) from Hembuild; and £828 (31 August 2014: £1,029; 28 February 2015: £1,932) from AnTech (all excluding VAT).


COMPANY INFORMATION

Directors Fund Administrator and Company Secretary
Michael O’Higgins (Chairman)
Kate Cornish-Bowden
John Glencross
Steven Meeks
Capita Sinclair Henderson Limited
(Trading as Capita Asset Services)
Beaufort House
51 New North Road
Exeter EX4 4EP
 
Registered Office Auditors
Beaufort House
51 New North Road
Exeter EX4 4EP
Telephone: 01392 477 500
 
Grant Thornton UK LLP
30 Finsbury Square
London EC2P 2YU
Company Number Sponsor and Broker
07142153 Nplus1 Singer Advisory LLP
One Hanover Street
London W1S 1YZ
 
Structured Products Investment Manager Registrars
Investec Structured Products
2 Gresham Street
London EC2V 7QP
Telephone: 020 7597 4000
Website: www.investecstructuredproducts.com
 
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU

Telephone: 0871 644 0300
(Calls cost 10p per minute plus network extras. Lines are open Monday to Friday 9.00 am to 5.30 pm).
Venture Capital Investments Manager
Calculus Capital Limited
104 Park Street
London W1K 6NF
Telephone: 020 7493 4940
Website: www.calculuscapital.com

Printed copies of the Calculus VCT plc Half Yearly Report for the six months ended 31 August 2015 have not been posted to shareholders. However a copy can be found on the following websites: www.calculuscapital.com and www.investecstructuredproducts.com.  

For further information, please contact:

Investment Manager to the Structured Products Portfolio
Investec Structured Products
Gary Dale
Telephone: 020 7597 4065

Investment Manager to the Venture Capital Portfolio
Calculus Capital Limited
Susan McDonald
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


Source: PR Newswire (October 26, 2015 - 2:00 AM EDT)

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