Thames Ventures VCT 1 : Annual Report

THAMES VENTURES VCT 1 PLC

ANNUAL REPORT

AND ACCOUNTS

31 MARCH 2023

Shareholder Information

Share price

The Company's share price can be found on various financial websites with the TIDM/EPIC code TV1.

Latest share price at 25 July 2023: 50.9p per share

Financial calendar

1 September 2023	Annual General Meeting ("AGM")
15 September 2023	Payment of final dividend
November 2023	Announcement of half-year results

Dividends

Dividends are paid by the registrar on behalf of the Company. Shareholders who wish to have dividends paid directly into their bank account, rather than by cheque to their registered address, can make arrangements to do this by contacting the Company's registrar, whose details can be found on page 77.

Queries relating to dividends, shareholdings and requests for dividend mandate forms should be directed to the Company's registrar.

Selling shares

The Company's Shares can be bought and sold in the same way as any other quoted company on the London Stock Exchange. The Company is, however, unable to buy back shares direct from Shareholders, so you will need to use a stockbroker to sell your shares. If you are considering selling your shares or wish to buy shares in the secondary market, you can contact the Company's Corporate Broker, Panmure Gordon (UK) Limited ("Panmure") who can provide guidance on the likely timing of buybacks and other details.

Panmure can be contacted as follows:

Chris Lloyd	0207 886 2716	Paul Nolan	0207 886 2717
	[e-mail]		[e-mail]

Shareholders are advised to seek advice from their tax adviser before selling shares, particularly if they deferred the payment of capital gains tax in respect of shares acquired prior to 6 April 2004 or subscribed for shares within the last five years.

If you have any queries, Foresight's Customer Team can be contacted at: [e-mail] on 020 3667 8181

Shareholder Information (continued)

Share scam warning

We are aware that a significant number of shareholders of VCTs adviser/managed by Foresight and other VCT managers have from time to time received unsolicited telephone calls from a company purporting to be acting on behalf of a client who is looking to acquire their VCT shares at an attractive price. We believe these calls to be part of a "Boiler Room Scam". Shareholders are warned to be very suspicious if they receive any similar type of telephone call.

The FCA has published information about such scams at www.fca.org.uk/scamsmart

If you have any concerns, please contact Foresight at [e-mail] on 020 3667 8181.

Notification of change of address

Hard copy communications with Shareholders are mailed to the registered address held on the share register. In the event of a change of address, or other amendment, this should be notified to the Company's registrar under the signature of the registered holder. The registrar's details can be found on page 77.

Other information for Shareholders

Up-to-date Company information (including financial statements, share price, and dividend history) may be obtained Foresight's website at:

www.foresightgroup.eu/products/thames-ventures-vct-1-plc

If you have any queries regarding your shareholding in Thames Ventures VCT 1 plc, please contact the registrar.

Contents

	Page
Financial highlights	1
Financial summary	1
Investment objectives and Directors	2
Chairman's Statement	3
Investment Adviser's Reports	6
Review of investments	14
Responsible Investment	23
Strategic Report	26
Report of the Directors	34
Directors' Remuneration Report	39
Corporate Governance Statement	42
Independent Auditor's Report	47
Income Statement	54
Statement of Changes in Equity	55
Balance Sheet	56
Cash Flow Statement	57
Notes to the accounts	58
Performance summary	76
Company information	77
Notice of Annual General Meeting	78