Calculus VCT : Annual Report and Accounts – 28 February 2023
June 30, 2023 at 03:30 pm
Share
Registered number 07142153
Calculus VCT plc
Report and Accounts
For the year ended 28 February 2023
1
About Calculus VCT plc
OUR AIM
The Calculus VCT plc (the "Company") is a tax efficient listed company which aims to achieve long-term returns, including tax-free dividends, for investors.
INVESTMENT OBJECTIVE
The Company invests, primarily, in a diversified portfolio of VCT qualifying UK growth companies, whether unquoted or traded on AIM.
Investments are made selectively across a range of sectors in companies that have the potential for long-term growth. Our investment is intended to support those companies to grow, innovate and scale up. The Board of Directors (the "Board)" believes that the Company can benefit from leveraging the sector experience and the inherent synergies from grouping similar businesses. Consequently, investments, primarily, fall within three sectors: technology, life sciences and media.
The Investment Objective has been met historically, enabling the Company to deliver target returns of a dividend of 4.5% of NAV to date.
DIVIDEND OBJECTIVE
Your Board aims to maintain a regular tax-free annual dividend mindful of the need to maintain net asset value.
The ability to meet these twin objectives depends significantly on the level and timing of profitable realisations and cannot be guaranteed.
2
Contents
Strategic Report
6
Chairman's Statement
6
Manager's Review
8
Investment Portfolio
15
Business Review
27
Section 172 Statement
33
Board of Directors
34
The Manager
35
Directors' Report
37
Corporate Governance
41
Audit Committee Report
45
Directors' Remuneration Report
47
Directors' Responsibilities Statement
51
Independent Auditor's Report
52
Income Statement
59
Statement of Changes in Equity
60
Statement of Financial Position
62
Statement of Cashflows
63
Notes to the Financial Statements
64
Notice of Annual General Meeting
79
Shareholder Information
83
Glossary
84
Company Information
86
3
Key Dates 2023
Annual General Meeting: 21 August 2023
Dividend reinvestment scheme application deadline: 11 August 2023
Final dividend payment date: 25 August 2023
Company's half year end: 31 August 2023
Unaudited half yearly results: to be announced October 2023
Annual results for thirteen month period to 31 March 2024: to be announced July 2024
Financial Highlights 2023
Year to 28 February 2023
Year to 28 February 2022
Net Asset Value per share
65.63p
67.90p
Final dividend proposed
2.95p
3.06p
Annual yield*
4.50%
4.50%
Total return per share*
1.30p
4.83p
Share price
62.50p
55.00p
Portfolio Review
2023 £'000
2022 £'000
Opening portfolio value
24,359
19,632
New and follow-on investments made
5,292
4,295
Disposal proceeds
(255)
(2,124)
Realised net (losses)/gains
(63)
543
Prior year unrealised losses realised
during the period
(572)
(106)
Unrealised valuation gains
1,902
2,119
Closing portfolio value
30,663
24,359
*These are Alternative Performance Measures (APM's), which have been defined in the glossary on pages 84 and 85 of the Annual Report.
4
Investment Portfolio Yield
2023 £'000
2022 £'000
Loan interest
185
82
Total portfolio income in the year
255
83
Portfolio value at year end
30,663
24,359
Portfolio income yield
0.83%
0.34%
Historical Total Return
Financial year-
NAV at the year-
Cumulative dividends
NAV at 28 February 2023 (p)
Total NAV Return (p)**
ended
end (p)
received (p)*
28th February 2017
92.43
20.93
65.63
86.56
28th February 2018
87.00
16.68
65.63
82.31
28th February 2019
75.84
12.68
65.63
78.31
29th February 2020
70.20
9.28
65.63
74.91
29th February 2021
67.08
6.08
65.63
71.71
28th February 2022
67.90
3.06
65.63
68.69
*Cumulative dividends received includes all dividends received since the relevant Financial year-end to date **Total NAV return is equal to the sum of NAV at 28 February 2023 and cumulative dividends received
5
Attachments
Original Link
Original Document
Permalink
Disclaimer
Calculus VCT plc published this content on 30 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2023 14:29:03 UTC.
Calculus VCT plc is a United Kingdom-based venture capital trust (VCT). The Company's principal objectives for investors are to invest in a portfolio of venture capital investments to provide investment returns sufficient to allow the Company to maximize annual dividends and with the goal of capital growth over the medium to long term, and to generate sufficient returns from a portfolio of venture capital investments that will provide attractive long-term returns within a tax efficient vehicle. Its objectives also include 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% on the initial investment and receive tax-free dividends and tax-free capital growth. It invests in various sectors, such as technology, healthcare and entertainment. The Company's investment manager is Calculus Capital Limited.