Interim / Quarterly Report • May 27, 2022
Interim / Quarterly Report
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Half-yearly report for the six months ended 31 March 2022
Baronsmead Second Venture Trust plc (the "Company") is a tax efficient listed company which aims to achieve long-term investment returns for private investors, including tax free dividends.
Baronsmead Second Venture Trust plc gives shareholders access to a diverse portfolio of growth businesses.
The Company will make investments in growth businesses, whether unquoted or traded on AIM, which are substantially based in the UK in accordance with the prevailing VCT legislation. Investments are made selectively across a range of sectors.
The Manager endeavours to select the best opportunities and applies a distinctive selection criteria based on:
In order to ensure a strong pipeline of opportunities, the Manager invests in building deep sector knowledge and networks and undertakes significant proactive marketing to interesting target companies in preferred sectors. This approach generates a network of potentially suitable businesses with which the Manager maintains a relationship ahead of possible investment opportunities.
The Manager is an engaged and supportive shareholder (on behalf of the Company) in both unquoted and significant quoted investments. For unquoted investments, representatives of the Manager often join the investee board. The role of the Manager, with investees is to ensure that strategy is clear, the business plan can be implemented and that the management resources are in place to deliver profitable growth. The intention is to build on the business model and grow the company into an attractive target able to be either sold or potentially floated in the medium term.
| Appendices | |
|---|---|
| Notes to the financial statements | 14 |
| Condensed statement of cash flows | 13 |
| Condensed balance sheet | 12 |
| Condensed statement of changes in equity | 11 |
| Condensed income statement | 10 |
| Financial statements | |
| Statement of Directors' responsibilities | 9 |
| Realisations in the period | 8 |
| Investments in the period | 8 |
| Chairman's statement | 5 |
| Performance summary | 3 |
| Financial highlights | 2 |
| Strategic report |
| Glossary | 21 |
|---|---|
| Full investment portfolio | 19 |
| Cash returned to shareholders | 18 |
| Shareholder information and contact details | 22 |
|---|---|
| Corporate information | 25 |
If you have sold or otherwise transferred all of your shares in Baronsmead Second Venture Trust plc, please forward this document and the accompanying form of proxy as soon as possible to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was, or is being, effected, for delivery to the purchaser or transferee.
1. Alternative Performance Measures ("APM")/Key Performance Indicators ("KPIs") – please refer to glossary on page 21 for definitions.
2. Please refer to table on page 5 for breakdown of NAV per share movement.
*Six months to 31 March 2022.
**Net asset value total return (gross dividends reinvested) rebased to 100p.
Source: Gresham House Asset Management Ltd
The chart below shows the cash returned to shareholders based on the subscription price and the income tax reclaimed on subscription.
*Includes interim dividend of 3.0p per share payable on 9 September 2022.
Sarah Fromson Chairman
The six months to 31 March 2022 saw an increased level of volatility in public markets due to greater levels of uncertainty heading into 2022. Investor fears were exacerbated by a rise in geopolitical risk in Europe as Russia invaded Ukraine, slowing economic growth and increasing expectations of a prolonged period of higher inflation driven by higher commodity prices.
These headwinds have been reflected mainly in the softer performance of the AIM traded investments within the portfolio in the six months to 31 March 2022. Despite the drop in the value of the portfolio over the period, the Manager believes that – in aggregate – the fundamentals of the underlying portfolio companies remain robust and the growth prospects for the majority of investee companies continue to be positive.
The Board is also pleased to declare an interim dividend of 3.0p to be paid on 9 September 2022 to shareholders on the register as of 12 August 2022. The dividend will be paid from realised capital profits generated from the successful sales of portfolio companies. Over the period, capital proceeds of £13.7mn were realised from the sale, or partial sale, of four portfolio companies. The combined return from these sales was 2.1x invested cost.
I must, of course, remind shareholders that payment dates and the amount of future dividends depend on the level and timing of profitable realisations and cannot be guaranteed.
During the six months to 31 March 2022, the Company's NAV per share decreased 11.9 per cent. from 84.3p to 74.2p after the payment of a final dividend of 3.5p per share on 4 March 2022. The table below breaks down the movement in NAV over the six months.
| NAV as at 31 March 2022 | 74.2 |
|---|---|
| Valuation decrease (11.9 per cent.) (10.1) | |
| NAV as at 1 October 2021 (after deducting the final dividend of 3.5p) |
84.3 |
| Pence per ordinary share |
The 30 April 2022 NAV was 75.1p, a 1.2 per cent. increase driven by slightly firmer quoted markets.
The Chairman's statement forms part of the strategic report.
The table below provides a summary of each asset class and the return generated during the period under review.
| Asset class | NAV* (£mn) |
% of NAV* |
Number of investees** |
% return in the period*** |
|---|---|---|---|---|
| Unquoted | 54 | 22 | 35 | (5) |
| AIM and LSE traded companies | 84 | 35 | 49 | (18) |
| LF Gresham House UK Micro Cap Fund | 29 | 12 | 48 | (16) |
| LF Gresham House UK Multi Cap Income Fund | 13 | 6 | 46 | (1) |
| LF Gresham House UK Smaller Companies Fund | 6 | 2 | 44 | (10) |
| Liquid assets# | 57 | 23 | – | – |
| Total | 243 | 100 | 222 | – |
* By value at 31 March 2022.
** Includes investee companies with holdings by more than one fund. Total number of individual companies held is 173.
*** Return includes interest received on unquoted realisations during the period.
# Represents cash, OEICs and net current assets.
The value of the unquoted portfolio decreased 5 per cent. in the six months to 31 March 2022. The drop in value of the unquoted portfolio was driven by a combination of softer trading performance in several e-commerce assets and a general de-rating of valuation multiples in the consumer and marketing services sectors. These declines were partially offset by uplifts in healthcare investments which continue to grow strongly and to benefit from the long-term structural growth drivers in this market.
The value of the Company's portfolio of investments directly held in AIM-traded companies decreased 18 per cent. in the six months to 31 March 2022. The value of the Company's investment into the LF Gresham House UK Micro Cap Fund decreased by 16 per cent., the LF Gresham House UK Smaller Companies Fund decreased by 10 per cent. and the LF Gresham House Multi Cap Income Fund decreased by 1 per cent. This was primarily driven by negative investor sentiment surrounding inflationary pressures, expectations of interest rate rises and the cost-of-living squeeze in the UK. The implications of the ongoing war in Ukraine continue to impact negatively on global equity markets, with a
particularly pronounced effect on UK and European equities.
The Company's investments and divestments during the period are set out below.
I am pleased to report that the Company made five new investments totalling £8.5mn and two follow-on investments with a combined value of £1.8mn in the six months to 31 March 2022. Below are descriptions of the new investments made:
to better engage and transact with their customers.
During the period the Company also invested £4.1mn into the LF Gresham House UK Multi Cap Income Fund and £1.4mn into the LF Gresham House Smaller Companies Fund.
Following the period end, four further follow-on investments were made, totalling £4.3mn and a new unquoted investment of £0.9mn was made into Bidnamic, a market leading provider of Google shopping management software.
Proceeds of £4.4mn were received during the period from sales of quoted investments, including:
From the unquoted portfolio, the sale of the investment in Carousel successfully completed in February
I would also like to draw attention to the UK Parliamentary inquiry into the venture capital industry, launched in April 2022. The Committee will be examining the regulation around venture capital, the role of key bodies and how the industry can be strengthened. The Board and Manager welcome the opportunity to provide the inquiry with the information they are seeking on how VCTs provide small UK businesses with funding to assist with their growth and development.
I am pleased to report that, during the period, the Company successfully raised £37.5mn (before costs) through an offer for subscription which became fully subscribed in February 2022. The Board are pleased to welcome the 1,811 new shareholders who invested for the first time and to thank the 524 existing shareholders who continue to support the Company.
The Board will consider whether to raise new funds in the 2022/23 tax year. This will be determined by the Company's cashflow and its anticipated requirements to fund new and follow-on investments over the next two to three years. The Board appreciates that shareholders would like plenty of notice of its fundraising intentions and will ensure that shareholders are informed of any such fundraising at the earliest practical time.
The Board is pleased to see the integration progress made by the Investment Manager following the acquisition of the VCT business of Mobeus Equity Partners LLP in September 2021. The Board believes the combined platform enhances the Manager's ability to source, invest in and manage attractive early-stage unquoted investments. The Board believes that this will benefit the Company through more consistent and increased rates of investment which will ultimately support the delivery of attractive long-term performance and dividends for the Company's shareholders. We note that the Baronsmead VCTs retain their distinctive approach as hybrid VCTs; investing across the spectrum of fast growing, small, quoted and unquoted companies.
Following the successful integration, Fund Manager Bevan Duncan has decided to pursue a new career path as Chief Operating Officer at an early stage, high growth technology company. The Board would like to wish him every success in his next role and are reassured by the depth and experience of the wider team to continue to deliver for investors. Trevor Hope will be Managing Director for the private equity team, working closely with Ken Wotton, Managing Director of Public Equity, who continues to be responsible for the quoted portfolio within the Baronsmead VCTs. Clive Austin remains Managing Director of VCT portfolio with responsibility for portfolio and asset management alongside Ed Wass, a highly experienced portfolio partner.
The macro-economic environment has undoubtedly become more challenging over the past six months. The Board and Manager are planning for further market volatility, ongoing pressure on companies' operating margins due to rising costs and weaker consumer demand, together with supply chain disruption and shortages of talent within portfolio companies. The Manager is regularly engaging with portfolio company management teams to forecast cash levels and expected usage rates, to plan for stress scenarios and, more generally, to reduce execution risk over the next 12 months.
We note that the portfolio remains highly diversified, with over 80 direct holdings, and is largely positioned in parts of the economy which the Board expects will see long-term structural growth. The volatility and disruption also provide good opportunities to invest in earlier stage, higher growth companies that are quickly moving to exploit changes in their target markets. The Company remains suitably capitalised and the Manager is well resourced to support investment into new and existing portfolio companies, which are expected to create value and provide attractive dividend payments to shareholders over the long-term.
Chairman 26 May 2022
| Company | Location | Sector | Activity | Book cost £'000 |
|---|---|---|---|---|
| Unquoted investments | ||||
| New | ||||
| Popsa Holdings Ltd | Surrey | Technology | Mobile-first photobook app provider | 3,379 |
| Proximity Insight Holdings Ltd | London | Technology | Platform for front-line sales associates of omni-channel retailers to engage with customers |
1,152 |
| Follow on | ||||
| Airfinity Ltd | London | Healthcare & education | Provides real time life science intelligence as a subscription service |
1,039 |
| RevLifter Ltd | London | Technology | AI platform using advanced behavioural analytics to deliver tailored promotions to users |
779 |
| Total unquoted investments | 6,349 | |||
| AIM-traded investments | ||||
| New | ||||
| Aptamer Group plc | Yorkshire | Healthcare & education | Platform providing antibody alternatives to the pharma industry |
2,390 |
| Skillcast Group plc | London | Healthcare & education | Compliance e-learning and regulatory technology services |
817 |
| Oberon Investments Group plc | London | Business services | Corporate advisory business | 742 |
| Total AIM-traded investments | 3,949 | |||
| Total investments in the period | 10,298 |
| First investment |
Original book cost† |
Proceeds‡ | Overall multiple |
||
|---|---|---|---|---|---|
| Company | date | £'000 | £'000 | return | |
| Unquoted realisations | |||||
| Carousel Logistics Ltd | Full trade sale | Oct 13 | 2,336 | 9,333 | 5.0* |
| Total unquoted realisations | 2,336 | 9,333 | 5.0* | ||
| AIM-traded realisations | |||||
| CloudCall Group plc | Take over | Apr 14 | 3,214 | 2,900 | 0.9 |
| Cerillion plc | Market sale | Jul 15 | 129 | 1,474 | 11.4 |
| Mi-Pay Group plc | Liquidated | Nov 12 | 800 | 11 | 0.0 |
| Total AIM-traded realisations | 4,143 | 4,385 | 1.1 | ||
| Total realisations in the period | 6,479 | 13,718# | 2.1 |
† Residual book cost at realisation date.
‡ Proceeds at time of realisation including interest.
* Includes interest/dividends received, loan note redemptions and partial realisations accounted for in prior periods.
# Deferred consideration of £15,000 was also received in respect of Glide which had been sold in a prior period.
The important events that have occurred during the period under review, the key factors influencing the financial statements and the principal uncertainties for the remaining six months of the financial year are set out in the Chairman's statement and the Strategic report.
The principal risks facing the Company are mostly unchanged since the date of the Company's Annual Report for the financial year ended 30 September 2021 and continue to be as set out in that Report on pages 18 and 19.
Risks faced by the Company include but are not limited to; loss of approval as a Venture Capital Trust, investment performance risk, legislative risk, regulatory and compliance risk, operational risk, and economic and political risk. The Board considers the COVID-19 pandemic and the Russian invasion of Ukraine to be factors which permeate these risks, and their impacts for the remaining six months of the year continue to be kept under review.
Each director confirms that to the best of our knowledge:
of the principal risks and uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure Guidance 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 entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
The half-yearly report was approved by the Board of Directors on 26 May 2022 and was signed on its behalf by Ms Sarah Fromson, Chairman.
Sarah Fromson Chairman 26 May 2022
| Six months to 31 March 2022 |
Six months to 31 March 2021 |
Year to 30 September 2021 |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | Revenue £'000 |
Capital £'000 |
£'000 | Total Revenue £'000 |
Capital £'000 |
Total £'000 |
Revenue £'000 |
Capital £'000 |
Total £'000 |
| (Losses)/gains on investments 5 Income Investment management fee Other expenses |
– 961 (706) (359) |
– (2,116) – |
(27,719) (27,719) 961 (2,822) (359) |
– 566 (661) (377) |
37,141 – (1,983) – |
37,141 566 (2,644) (377) |
– 3,821 (1,424) (665) |
59,071 – (4,272) – |
59,071 3,821 (5,696) (665) |
| (Loss)/profit before taxation Taxation on ordinary activities |
– | (104) (29,835) (29,939) – |
– | (472) – |
35,158 – |
34,686 – |
1,732 (108) |
54,799 108 |
56,531 – |
| (Loss)/profit for the period, being total comprehensive income for the period |
(104) (29,835) (29,939) | (472) | 35,158 | 34,686 | 1,624 | 54,907 | 56,531 | ||
| Return per ordinary share: Basic and Diluted 2 |
(0.04p) (10.04p) (10.07p) | (0.18p) | 13.23p | 13.05p | 0.59p | 19.96p | 20.55p |
All items in the above statement derive from continuing operations.
There are no recognised gains and losses other than those disclosed in the Income Statement.
The revenue column of the Income Statement includes all income and expenses. The capital column accounts for the realised and unrealised profit or loss on investments and the proportion of the management fee charged to capital.
The total column of this statement is the unaudited Statement of Total Comprehensive Income of the Company prepared in accordance with the Financial Reporting Standard ("FRS"). The supplementary revenue return and capital return columns are prepared in accordance with the Statement of Recommended Practice issued by the Association of Investment Companies ("AIC SORP").
| Non-distributable reserves | Distributable reserves | ||||||
|---|---|---|---|---|---|---|---|
| Called-up | Share | Revaluation | Capital | Revenue | |||
| share capital | premium | reserve | reserve | reserve | Total | ||
| Notes | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| At 1 October 2021 | 31,206 | 74,231 | 77,481 | 63,698 | 1,758 | 248,374 | |
| (Loss)/profit after taxation | – | – | (34,540) | 4,705 | (104) | (29,939) | |
| Net proceeds of share issues, share buybacks | |||||||
| & sale of shares from treasury | 3 | 4,583 | 31,868 | – | (1,050) | – | 35,401 |
| Dividends paid | 4 | – | – | – | (10,465) | (308) | (10,773) |
| At 31 March 2022 | 35,789 | 106,099 | 42,941 | 56,888 | 1,346 | 243,063 |
| Non-distributable reserves Distributable reserves |
|||||||
|---|---|---|---|---|---|---|---|
| Notes | Called-up share capital £'000 |
Share premium £'000 |
Revaluation reserve £'000 |
Capital reserve £'000 |
Revenue reserve £'000 |
Total £'000 |
|
| At 1 October 2020 | 27,146 | 46,775 | 30,890 | 75,290 | 2,216 | 182,317 | |
| Profit/(loss) after taxation | – | – | 31,462 | 3,696 | (472) | 34,686 | |
| Net proceeds of share issues, share buybacks | |||||||
| & sale of shares from treasury | 3 | 4,060 | 27,459 | – | (1,608) | – | 29,911 |
| Dividends paid | 4 | – | – | – | (8,354) | (1,232) | (9,586) |
| At 31 March 2021 | 31,206 | 74,234 | 62,352 | 69,024 | 512 | 237,328 |
| Non-distributable reserves | Distributable reserves | ||||||
|---|---|---|---|---|---|---|---|
| Notes | Called-up share capital £'000 |
Share premium £'000 |
Revaluation reserve £'000 |
Capital reserve £'000 |
Revenue reserve £'000 |
Total £'000 |
|
| At 1 October 2020 Profit after taxation Net proceeds of share issues, share |
27,146 – |
46,775 – |
30,890 46,591 |
75,290 8,316 |
2,216 1,624 |
182,317 56,531 |
|
| buybacks & sale of shares from treasury Dividends paid |
4,060 – |
27,456 – |
– – |
(3,908) (16,000) |
– (2,082) |
27,608 (18,082) |
|
| At 30 September 2021 | 31,206 | 74,231 | 77,481 | 63,698 | 1,758 | 248,374 |
| As at | As at | As at | |
|---|---|---|---|
| 31 March | 31 March | 30 September | |
| 2022 | 2021 | 2021 | |
| Notes | £'000 | £'000 | £'000 |
| Fixed assets | |||
| Unquoted investments 5 |
53,887 | 52,113 | 59,971 |
| Traded on AIM 5 |
83,916 | 94,364 | 102,394 |
| Collective investment vehicles 5 |
60,053 | 54,503 | 75,701 |
| Listed on LSE 5 |
34 | 36 | 34 |
| 5 Investments |
197,890 | 201,016 | 238,100 |
| Current assets | |||
| Debtors | 106 | 110 | 109 |
| Cash at bank | 46,647 | 37,767 | 12,312 |
| 46,753 | 37,877 | 12,421 | |
| Creditors (amounts falling due within one year) | (1,580) | (1,565) | (2,147) |
| Net current assets | 45,173 | 36,312 | 10,274 |
| Net assets | 243,063 | 237,328 | 248,374 |
| Capital and reserves | |||
| Called-up share capital | 35,789 | 31,206 | 31,206 |
| Share premium | 106,099 | 74,234 | 74,231 |
| Capital reserve | 56,888 | 69,024 | 63,698 |
| Revaluation reserve 5 |
42,941 | 62,352 | 77,481 |
| Revenue reserve | 1,346 | 512 | 1,758 |
| Equity shareholders' funds | 243,063 | 237,328 | 248,374 |
| Net asset value per share | 74.2p | 83.07p | 87.77p |
| Number of ordinary shares in circulation | 327,596,768 | 285,692,452 | 282,974,085 |
| Six | Six | ||
|---|---|---|---|
| months to | months to | Year to | |
| 31 March | 31 March | 30 September | |
| 2022 | 2021 | 2021 | |
| £'000 | £'000 | £'000 | |
| Net cash outflow from operating activities | (2,536) | (1,670) | (1,850) |
| Net cash inflow from investing activities | 12,689 | 16,050 | 1,083 |
| Net cash before financing activities | 10,153 | 14,380 | (767) |
| Net cash inflow from financing activities | 24,182 | 20,279 | 9,971 |
| Increase in cash | 34,335 | 34,659 | 9,204 |
| Reconciliation of net cash flow to movement in net cash | |||
| Increase in cash | 34,335 | 34,659 | 9,204 |
| Opening cash at bank and on deposit | 12,312 | 3,108 | 3,108 |
| Closing cash at bank and on deposit | 46,647 | 37,767 | 12,312 |
| Reconciliation of (loss)/profit before taxation to net cash outflow from | |||
| operating activities | |||
| (Loss)/profit before taxation | (29,939) | 34,686 | 56,531 |
| Gains/(losses) on investments | 27,719 | (37,141) | (59,071) |
| Changes in working capital and other non-cash items | (316) | 785 | 690 |
| Net cash outflow from operating activities | (2,536) | (1,670) | (1,850) |
The condensed financial statements for the six months to 31 March 2022 comprise the unaudited financial statements set out on pages 10 to 13 together with the related notes on pages 14 to 17. The Company applies FRS 102 and the AIC's Statement of Recommended Practice ('the SORP') for its annual Financial Statements. The condensed financial statements for the six months to 31 March 2022 have therefore been prepared in accordance with FRS 104 'Interim Financial Reporting' and the principles of the SORP. They have also been prepared on a going concern basis. The financial statements have been prepared on the same basis as the accounting policies set out in the Company's Annual Report and Financial Statements for the year ended 30 September 2021.
The financial information contained in this half-yearly financial report does not constitute statutory accounts as defined in sections 434 – 436 of the Companies Act 2006. The half-yearly financial report for the six months ended 31 March 2022 and for the six months ended 31 March 2021 have been neither audited nor reviewed by the Company's auditors. The information for the year to 30 September 2021 has been extracted from the latest published audited financial statements, which have been filed with the Registrar of Companies. The report of the auditor for the audited financial statements for the year to 30 September 2021 was: (i) unqualified; (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. No statutory accounts in respect of any period after 30 September 2021 have been reported on by the Company's auditors or delivered to the Registrar of Companies.
Copies of the half-yearly financial report have been made available to shareholders and are available from Gresham House, 80 Cheapside, London, EC2V 6EE.
Return per share is based on a weighted average of 297,083,965 ordinary shares in issue (31 March 2021 – 265,723,554 ordinary shares; 30 September 2021 – 275,054,819 ordinary shares).
Earnings for the first six months to 31 March 2022 should not be taken as a guide to the results of the full financial year to 30 September 2022.
The below table details the movement in called-up share capital during the period.
| Ordinary shares | £'000 |
|---|---|
| 312,059,812 ordinary shares of 10p each listed at 30 September 2021 45,829,661 ordinary shares of 10p each issued during the period |
31,206 4,583 |
| 357,889,473 ordinary shares of 10p each listed at 31 March 2022 | 35,789 |
| 29,085,727 ordinary shares of 10p each held in treasury at 30 September 2021 | (2,909) |
| 2,090,978 ordinary shares of 10p each repurchased during the period and held in treasury | (209) |
| 884,000 ordinary shares of 10p each sold from treasury during the period | 88 |
| 30,292,705 ordin ary shares of 10p each held in treasury at 31 March 2022 | (3,030) |
| 327,596,768 ordinary shares of 10p each in circulation* at 31 March 2022 | 32,759 |
* Carrying one vote each
During the six months to 31 March 2022 the Company issued 45,829,661 shares at net proceeds of £36,451,000 (after costs). During the same period, the Company purchased 2,090,978 shares to be held in treasury at a cost of £1,689,000 (including costs). The Company also sold 884,000 shares from treasury for proceeds of £639,000. At 31 March 2022, the Company held 30,292,705 ordinary shares in treasury. Shares may be sold out of treasury below Net Asset Value as long as the discount at issue is narrower than the average discount at which the shares were bought into treasury.
Excluding treasury shares, there were 327,596,768 ordinary shares in circulation at 31 March 2022 (31 March 2021 – 285,692,452 ordinary shares; 30 September 2021 – 282,974,085 ordinary shares).
The final dividend for the year ended 30 September 2021 of 3.5p per share (3.4p capital, 0.1p revenue) was paid on 4 March 2022 to shareholders on the register on 4 February 2022. The ex-dividend date was 3 February 2022.
During the year to 30 September 2021, the Company paid an interim dividend on 10 September 2021 of 3.0p per share (2.7p capital, 0.3p revenue).
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.
The valuation of unquoted investments contained within level 3 of the Fair Value hierarchy involves key assumptions dependent upon the valuation methodology used. The primary methodologies applied are:
The earnings multiple approach involves more subjective inputs than the cost of recent investment and offer approaches and therefore presents a greater risk of over or under estimation. Key assumptions for the earnings multiple approach are the selection of comparable companies and the use of either historic or forecast revenue or earnings, as considered most appropriate. Other assumptions include the appropriateness of the discount magnitude applied for reduced liquidity and other qualitative factors. These assumptions are described in more detail in note 2.3 in the Company's Report and Financial Statements for the year to 30 September 2021. The techniques used in the valuation of unquoted investments have not changed materially since the date of that report.
| Level 1 | Level 2 | Level 3 | |||
|---|---|---|---|---|---|
| Collective | |||||
| Traded | Listed | investment | |||
| on AIM | on LSE | vehicles | Unquoted | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Opening book cost | 63,064 | 3,429 | 48,404 | 45,722 | 160,619 |
| Opening unrealised | |||||
| appreciation/(depreciation) | 39,330 | (3,395) | 27,297 | 14,249 | 77,481 |
| Opening fair value | 102,394 | 34 | 75,701 | 59,971 | 238,100 |
| Movements in the period: | |||||
| Purchases at cost | 3,949 | – | 5,699 | 6,349 | 15,997 |
| Sale - proceeds | (4,374) | – | (15,000) | (9,114) | (28,488) |
| - realised gains/(losses) on sales | 1,037 | – | – | (1,585) | (548) |
| Unrealised (losses)/gains realised during the period | 111 | – | – | 7,258 | 7,369 |
| Decrease in unrealised depreciation | (19,201) | – | (6,347) | (8,992) | (34,540) |
| Closing fair value | 83,916 | 34 | 60,053 | 53,887 | 197,890 |
| Closing book cost | 63,787 | 3,429 | 39,103 | 48,630 | 154,949 |
| Closing unrealised appreciation/(depreciation) | 20,129 | (3,395) | 20,950 | 5,257 | 42,941 |
| Closing fair value | 83,916 | 34 | 60,053 | 53,887 | 197,890 |
| Equity shares | 83,916 | 34 | – | 25,225 | 109,175 |
| Preference shares | – | – | – | 18,160 | 18,160 |
| Loan notes | – | – | – | 10,502 | 10,502 |
| Collective investment vehicles | – | – | 60,053 | – | 60,053 |
| Closing fair value | 83,916 | 34 | 60,053 | 53,887 | 197,890 |
The Company has one reportable segment being investing in primarily a portfolio of UK growth businesses, whether unquoted or traded on AIM.
The Company's assets consist of equity and fixed interest investments, shares in collective investment schemes, cash and liquid resources. Its principal risks are therefore market risk, price risk, credit risk and liquidity risk. Other risks faced by the Company include loss of approval as a Venture Capital Trust, legislative, investment performance, economic, political and other external factors, regulatory and compliance and operational risks. These risks, and the way in which they are managed, are described in more detail in the principal risks and uncertainties table within the Strategic report section in the Company's Annual Report and Accounts for the year ended 30 September 2021. The Board continues to regularly review the risk environment in which the Company operates.
Gresham House Asset Management Ltd ('the Manager') manages the investments of the Company. The Manager also provides or procures the provision of secretarial, accounting, administrative and custodian services to the Company. Under the management agreement, the Manager receives a fee of 2.5 per cent. per annum of the net assets of the Company. This is described in more detail under the heading 'The Investment Management Agreement' within the Strategic Report in the Company's Annual Report and Accounts for the year ended 30 September 2021. During the period the Company has incurred management fees of £2,822,000 (31 March 2021 – £2,644,000; 30 September 2021 – £5,696,000) and secretarial and accounting fees of £76,000 (31 March 2021 – £71,000; 30 September 2021 – £143,000) payable to the Manager. No performance fee has been accrued at 31 March 2022 (31 March 2021 - £nil; 30 September 2021 - £nil). This is described in more detail under the heading 'Performance fees' within the Strategic Report in the Company's Annual Report and Financial Statements for the year to 30 September 2021.
A related party relationship exists between the Company and Happy Days Consultancy Ltd, owing to the significant influence deemed to be held over the operations of the company. As at 31 March 2022, the loan balance stood at £3,510,000, including £1,122,000 of capitalised interest, as provided for in the Agreement with the company.
The Company has made the presumption that the following holdings are investments in associates, owing to the proportion of equity held and representation on the board representing significant influence over the operations of the company. The investments held are held as part of an investment portfolio, and are therefore measured at fair value through profit and loss, as detailed in note 5 rather than using the equity method, as permitted by Section 14 of FRS 102:
| Name | Location | Class of Shares held | % of Equity | Profit (£mn) | Net Assets (£mn) | Results for year ended |
|---|---|---|---|---|---|---|
| Happy Days Consultancy Ltd |
UK | A Ordinary & B Ordinary |
35.7 | (3.0) | (12.7) | 31 December 20201 |
1 Latest published set of financial statements available at Companies House.
After making enquiries, and bearing in mind the nature of the Company's business and assets, the Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. In arriving at this conclusion, the Directors have considered the Company's cash balances, the liquidity of the Company's investments and the absence of any gearing. The Directors are therefore also satisfied that the Company has adequate financial resources to continue in operation for at least the next 12 months and that, accordingly, it is appropriate to adopt the going concern basis in preparing the financial statements.
The following events occurred between the balance sheet date and the signing of these financial statements:
The table below shows the cash returned to shareholders that invested in Baronsmead Second Venture Trust plc dependent on their subscription cost, including the income tax available to be reclaimed on the subscription.
| Cumulative | |||||
|---|---|---|---|---|---|
| Cash | Income tax | Net cash | dividends | Return on | |
| invested | reclaim | invested | paid# | cash invested# | |
| Year subscribed | (p) | (p) | (p) | (p) | (%) |
| 2001 (January) | 100.0 | 20.0 | 80.0 | 157.3 | 177.3 |
| 2005 (March) - C share* | 100.0 | 40.0 | 60.0 | 113.2 | 153.2 |
| 2010 (March) | 103.1 | 30.9 | 72.2 | 109.0 | 135.7 |
| 2012 (December) | 117.4 | 35.2 | 82.2 | 91.0 | 107.5 |
| 2014 (March) | 112.4 | 33.7 | 78.7 | 71.0 | 93.2 |
| 2016 (February) | 107.2 | 32.2 | 75.0 | 54.5 | 80.8 |
| 2017 (October) | 97.5 | 29.2 | 68.2 | 34.5 | 65.4 |
| 2019 (February) | 85.3 | 25.6 | 59.7 | 27.0 | 61.7 |
| 2019 (November) | 78.9 | 23.7 | 55.2 | 19.5 | 54.7 |
| 2020 (January) | 84.8 | 25.4 | 59.4 | 19.5 | 53.0 |
| 2020 (February) | 82.5 | 24.8 | 57.7 | 16.0 | 49.4 |
| 2020 (March) | 64.3 | 19.3 | 45.0 | 16.0 | 54.9 |
| 2020 (November) | 77.9 | 23.4 | 54.5 | 13.0 | 46.7 |
| 2020 (December) | 80.9 | 24.3 | 56.6 | 13.0 | 46.1 |
| 2021 (January) | 84.4 | 25.3 | 59.1 | 13.0 | 45.4 |
| 2021 (February) | 82.2 | 24.7 | 57.5 | 9.5 | 41.6 |
| 2021 (March) | 84.9 | 25.5 | 59.4 | 9.5 | 41.2 |
| 2021 (December) | 88.1 | 26.4 | 61.7 | 6.5 | 37.4 |
| 2022 (January) | 87.1 | 26.1 | 61.0 | 6.5 | 37.5 |
| 2022 (March) | 76.6 | 23.0 | 53.6 | 3.0 | 33.9 |
The total return could be higher for those shareholders who were able to defer a capital gain on subscription and the net sum invested may be less.
* Dividends paid to C shareholders post conversion have been adjusted by the conversion ratio (0.85642528).
# Includes interim dividend of 3.0p per share payable 9 September 2022.
| % of Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 March 30 September | held by Baronsmead |
|||||||
| Original | Accounting | 2022 | 2021 | Second | % of Equity | |||
| Book cost† | Book cost† | fair value | fair value | % of net | Venture | held by | ||
| Company | Sector | £'000 | £'000 | £'000 | £'000 | assets | Trust plc | all funds# |
| Unquoted | ||||||||
| IWP Holdings Ltd | Business services | 1,587 | 1,587 | 4,780 | 5,679 | 2.0 | 4.2 | 9.0 |
| Airfinity Ltd | Healthcare & education | 2,598 | 2,598 | 3,884 | 1,559 | 1.6 | 9.2 | 20.0 |
| Happy Days Consultancy Ltd | Healthcare & education | 4,180 | 4,482 | 3,510 | 3,510 | 1.4 | 35.7 | 64.9 |
| eConsult Ltd | Healthcare & education | 2,599 | 2,599 | 3,486 | 3,491 | 1.4 | 5.2 | 11.4 |
| Popsa Holdings Ltd | Technology | 3,379 | 3,379 | 3,379 | – | 1.4 | 3.7 | 8.1 |
| Patchworks Ltd | Technology | 1,716 | 1,716 | 3,079 | 1,716 | 1.3 | 11.4 | 25.0 |
| Clarilis Ltd | Technology | 1,819 | 1,819 | 2,723 | 2,723 | 1.2 | 7.6 | 16.7 |
| Scurri Web Services Ltd | Technology | 2,293 | 2,293 | 2,363 | 2,332 | 1.0 | 6.9 | 14.7 |
| Yappy Ltd | Consumer markets | 954 | 954 | 2,143 | 2,662 | 0.9 | 11.5 | 24.7 |
| Rezatec Ltd | Technology | 1,620 | 1,620 | 2,020 | 1,921 | 0.8 | 0.0 | 0.0 |
| Armstrong Craven Ltd | Business services | 664 | 1,335 | 1,875 | 1,649 | 0.8 | 10.3 | 18.7 |
| Cisiv Ltd | Technology | 789 | 789 | 1,799 | 1,322 | 0.7 | 9.2 | 17.3 |
| Metrion Biosciences Ltd | Healthcare & education | 1,192 | 1,192 | 1,798 | 1,568 | 0.7 | 12.7 | 27.3 |
| RevLifter Ltd | Technology | 1,558 | 1,558 | 1,773 | 811 | 0.7 | 6.2 | 13.6 |
| SecureCloud+ Ltd | Technology | 789 | 789 | 1,426 | 1,817 | 0.6 | 8.8 | 16.6 |
| SilkFred Ltd | Consumer markets | 966 | 966 | 1,360 | 1,707 | 0.6 | 2.8 | 5.1 |
| Glisser Ltd | Business services | 1,457 | 1,457 | 1,235 | 1,549 | 0.5 | 7.6 | 16.2 |
| Proximity Insight Holdings Ltd | Technology | 1,152 | 1,152 | 1,152 | – | 0.5 | 4.1 | 9.4 |
| Tribe Digital Holdings Pty Ltd | Technology | 1,067 | 1,067 | 1,141 | 1,563 | 0.5 | 3.5 | 6.7 |
| Vinoteca Ltd | Consumer markets | 1,054 | 1,054 | 1,083 | 1,074 | 0.4 | 6.7 | 14.3 |
| Counting Ltd | Business services | 1,059 | 1,059 | 1,055 | 1,055 | 0.4 | 2.5 | 5.3 |
| Your Welcome Ltd | Technology | 1,030 | 1,030 | 990 | 872 | 0.4 | 8.3 | 15.6 |
| Pointr Ltd | Technology | 526 | 526 | 979 | 979 | 0.4 | 2.7 | 5.1 |
| Equipsme (Holdings) Ltd | Business services | 949 | 949 | 949 | 949 | 0.4 | 6.8 | 12.8 |
| Panthera Biopartners Ltd | Healthcare & education | 260 | 260 | 829 | 438 | 0.3 | 11.9 | 26.0 |
| TravelLocal Ltd | Consumer markets | 1,325 | 1,325 | 753 | 530 | 0.3 | 4.5 | 9.5 |
| Munnypot Ltd | Technology | 562 | 562 | 562 | 562 | 0.2 | 1.5 | 2.7 |
| Evotix Ltd | Technology | 423 | 423 | 423 | 423 | 0.2 | 0.7 | 1.3 |
| Funding Xchange Ltd | Business services | 795 | 795 | 397 | 397 | 0.2 | 3.7 | 8.0 |
| RockFish Group Ltd | Consumer markets | 789 | 789 | 395 | 395 | 0.2 | 6.6 | 12.3 |
| Key Travel Ltd | Business services | 255 | 255 | 349 | 334 | 0.1 | 0.0 | 0.0 |
| Rainbird Technologies Ltd | Technology | 789 | 789 | 197 | 395 | 0.1 | 3.3 | 6.3 |
| CMME Group Ltd | Consumer markets | 1,136 | 1,204 | – | – | 0.0 | 2.3 | 4.2 |
| Custom Materials Ltd | Technology | 2,437 | 2,437 | – | 3,290 | 0.0 | 7.7 | 14.1 |
| Samuel Knight International Ltd | Business services | 795 | 795 | – | – | 0.0 | 7.0 | 13.2 |
| 46,563 | 47,604 | 53,887 | 22.2 | |||||
| Delisted (previously AIM) | ||||||||
| InterQuest Group plc | Business services | 620 | 726 | – | – | 0.0 | 2.2 | 4.3 |
| MXC Capital Ltd | Business services | 270 | 300 | – | – | 0.0 | 0.3 | 0.6 |
| 890 | 1,026 | – | 0.0 | |||||
| Total unquoted | 47,453 | 48,630 | 53,887 | 22.2 | ||||
| AIM | ||||||||
| Cerillion plc | Technology | 1,507 | 1,667 | 15,264 | 16,572 | 6.3 | 6.7 | 12.2 |
| Netcall plc | Technology | 2,616 | 5,983 | 7,988 | 12,869 | 3.3 | 9.9 | 24.8 |
| IDOX plc | Technology | 1,028 | 2,972 | 6,948 | 7,753 | 2.9 | 2.5 | 4.8 |
| Ideagen plc | Technology | 720 | 1,063 | 5,695 | 8,422 | 2.3 | 0.9 | 1.7 |
| Anpario plc | Healthcare & education | 662 | 2,239 | 5,178 | 5,561 | 2.1 | 3.9 | 5.8 |
| Inspired plc | Business services | 861 | 2,682 | 4,243 | 4,872 | 1.7 | 2.8 | 22.2 |
| Bioventix plc | Healthcare & education | 309 | 940 | 3,864 | 4,594 | 1.6 | 2.3 | 7.0 |
| Property Franchise Group plc | Consumer markets | 838 | 1,032 | 2,867 | 2,281 | 1.2 | 2.6 | 9.5 |
| Aptamer Group plc | Healthcare & education | 2,390 | 2,390 | 2,512 | – | 1.0 | 3.0 | 5.7 |
| PCI-PAL plc | Technology | 1,345 | 1,345 | 2,281 | 2,557 | 0.9 | 6.0 | 10.9 |
| Diaceutics plc | Healthcare & education | 1,590 | 1,590 | 2,092 | 2,280 | 0.9 | 2.5 | 12.8 |
| Belvoir Lettings plc | Consumer markets | 919 | 826 | 1,936 | 1,860 | 0.8 | 2.0 | 9.5 |
| % of Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 March 30 September | held by Baronsmead |
|||||||
| Original | Accounting | 2022 | 2021 | Second | % of Equity | |||
| Book cost† | Book cost† | fair value | fair value | % of net | Venture | held by | ||
| Company | Sector | £'000 | £'000 | £'000 | £'000 | assets | Trust plc | all funds# |
| AIM (continued) | ||||||||
| Access Intelligence plc | Business services | 716 | 716 | 1,846 | 2,637 | 0.8 | 1.4 | 7.3 |
| TPXimpact Holdings plc | Technology | 660 | 660 | 1,783 | 2,229 | 0.7 | 1.0 | 1.9 |
| Everyman Media Group plc | Consumer markets | 956 | 1,010 | 1,453 | 1,591 | 0.6 | 1.3 | 4.0 |
| Vianet Group plc | Business services | 2,092 | 1,724 | 1,410 | 1,874 | 0.6 | 5.8 | 16.9 |
| Begbies Traynor Group plc | Business services | 545 | 513 | 1,374 | 1,625 | 0.6 | 0.8 | 3.7 |
| Beeks Financial Cloud Group plc | Technology | 413 | 413 | 1,361 | 1,584 | 0.6 | 1.5 | 2.7 |
| Crossword Cybersecurity plc | Technology | 1,282 | 1,282 | 1,154 | 1,368 | 0.5 | 5.7 | 11.0 |
| IXICO plc | Healthcare & education | 825 | 825 | 1,090 | 2,298 | 0.4 | 6.1 | 11.1 |
| Open Orphan plc | Healthcare & education | 1,445 | 1,437 | 1,007 | 1,511 | 0.4 | 1.1 | 1.9 |
| Eden Research plc | Business services | 1,375 | 1,380 | 842 | 1,225 | 0.3 | 4.0 | 7.3 |
| One Media iP Group plc | Technology | 1,008 | 912 | 823 | 895 | 0.3 | 5.9 | 10.8 |
| Driver Group plc | Business services | 1,529 | 1,747 | 821 | 1,467 | 0.3 | 5.5 | 19.9 |
| Rosslyn Data Technologies plc | Technology | 1,407 | 1,407 | 762 | 1,143 | 0.3 | 8.6 | 28.3 |
| Deepverge plc | Healthcare & education | 1,590 | 1,590 | 689 | 1,219 | 0.3 | 2.4 | 4.6 |
| Oberon Investments Group plc | Business services | 742 | 742 | 680 | – | 0.3 | 2.6 | 5.0 |
| Merit Group plc | Technology | 4,253 | 4,253 | 631 | 808 | 0.3 | 6.1 | 10.2 |
| SysGroup plc | Technology | 1,579 | 1,578 | 582 | 886 | 0.2 | 5.1 | 28.3 |
| SEEEN plc | Technology | 1,590 | 1,590 | 495 | 1,307 | 0.2 | 7.1 | 13.3 |
| Crimson Tide plc | Technology | 668 | 668 | 468 | 601 | 0.2 | 3.4 | 6.4 |
| Fusion Antibodies plc | Healthcare & education | 660 | 660 | 460 | 991 | 0.2 | 3.1 | 5.7 |
| Skillcast Group plc | Healthcare & education | 817 | 817 | 441 | – | 0.2 | 2.5 | 4.7 |
| Gresham House plc* | Business services | 137 | 145 | 441 | 432 | 0.2 | 0.1 | 0.2 |
| Scholium Group plc | Consumer markets | 1,100 | 682 | 418 | 330 | 0.2 | 8.1 | 14.7 |
| Gama Aviation plc | Business services | 1,004 | 1,171 | 356 | 211 | 0.1 | 0.9 | 1.7 |
| Science In Sport plc | Consumer markets | 352 | 330 | 339 | 452 | 0.1 | 0.4 | 0.8 |
| Fulcrum Utility Services Ltd | Business services | 438 | 1,650 | 270 | 773 | 0.1 | 0.9 | 1.0 |
| KRM22 plc | Technology | 550 | 550 | 253 | 154 | 0.1 | 2.1 | 3.7 |
| Tasty plc | Consumer markets | 2,033 | 6,085 | 225 | 350 | 0.1 | 3.5 | 14.2 |
| Totally plc | Healthcare & education | 86 | 197 | 178 | 173 | 0.1 | 0.3 | 0.5 |
| Poolbeg Pharma plc | Healthcare & education | 51 | 51 | 157 | 242 | 0.1 | 0.5 | 0.9 |
| Zoo Digital Group plc | Technology | 817 | 586 | 120 | 121 | 0.1 | 0.1 | 0.2 |
| CloudCoco Group plc | Technology | 535 | 359 | 49 | 49 | 0.0 | 0.5 | 0.8 |
| LoopUp Group plc | Technology | 616 | 640 | 37 | 151 | 0.0 | 0.6 | 1.1 |
| I-nexus Global plc | Technology | 688 | 688 | 33 | 48 | 0.0 | 2.9 | 5.4 |
| Total AIM | 49,344 | 63,787 | 83,916 | 34.5 | ||||
| Listed | ||||||||
| Hawkwing plc | Business services | 2,136 | 3,429 | 34 | 34 | 0.0 | 1.1 | 28.3 |
| Total listed | 2,136 | 3,429 | 34 | 0.0 | ||||
| Collective investment vehicles | ||||||||
| LF Gresham House UK Micro Cap Fund | 6,189 | 10,335 | 28,876 | 34,507 | 11.9 | |||
| LF Gresham House UK Multi Cap Income Fund | 11,878 | 11,878 | 13,229 | 9,028 | 5.5 | |||
| LF Gresham House UK Smaller Companies Fund | 5,500 | 6,558 | 5,776 | 2.7 | ||||
| BlackRock Sterling Liquidity Fund | 5,695 | 5,695 | 13,195 | 2.3 | ||||
| JPMorgan Sterling Liquidity Fund | 5,695 5,695 |
5,695 | 5,695 | 13,195 | 2.3 | |||
| Total collective investment vehicles | 34,957 | 39,103 | 60,053 | 24.7 | ||||
| Total investments | 133,890 | 154,949 | 197,890 | 81.4 | ||||
| Net current assets | 45,173 | 18.6 | ||||||
| Net assets | 243,063 | 100.0 |
† The original cost column provides the combined cost of investments made by BVCT3, BVCT4 and BVCT5 prior to the merger of the three VCT's to become BSVT. This is included for information purposes for shareholders reviewing the portfolio.
The accounting cost column ties into the investment note on page 15 of these accounts. For Investments owned before the assets of BVCT 4 and BVCT 5 were acquired by BVCT 3 the accounting book cost is a sum of the original cost of the investments held in BVCT 3 and the market value of the investment in BVCT 4 and BVCT 5 at the date of each of the mergers.
# All funds managed by Gresham House Asset Management Ltd. * Acquired November 2014, pre change of Investment Manager on 30 November 2018.
| AIM | The Alternative Investment Market, a sub-market of the London Stock Exchange, designed to help smaller companies access capital from the public market. |
|---|---|
| Annual Dividend Yield | The ratio of dividend paid/declared for financial year divided by opening net asset value per share. |
| Book Cost (Original) | Total acquisition value, including transaction costs, less the value of any disposals or capitalised distributions allocated on a weighted average cost basis. |
| Book Cost (Accounting) | The original book cost of an asset, rebased to the value at which it was used in a subsequent transaction, such as a transfer between entities. |
| Collective Investment Vehicle | An entity which allows investors to pool their money, investing the pooled funds on their behalf. |
| Discount/Premium | If the share price is lower than the NAV per share it is said to be trading at a discount. The size of the Company's discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, this situation is called a premium. |
| EBITDA | Earnings before Interest, Tax, Depreciation and Amortisation – a proxy for the cash flow generated by a business, most commonly used for businesses that do not (yet) generate operating or shareholder profits. |
| IFA | Independent Financial Advisors, professionals who offer independent advice to their clients and recommend suitable financial products. |
| Key Performance Indicators ("KPIs") | A measurable value that demonstrates how effectively the Company is achieving core business objectives. |
| NAV | The total value of all the Company's assets, at current market value, having deducted all liabilities at their carrying value. |
| NAV per share | Total Net Asset Value divided by the number of shares. |
| NAV total return | A measure showing how the Net Asset Value has performed over a period of time, taking into account both capital returns and dividends paid to shareholders. |
| Return on Cash Invested to shareholders |
The amount of cash returned to shareholders through income tax reclaimed, and cumulative dividends paid, expressed as a percentage of the initial investment. |
| Shares Held in Treasury | Shares in the Company repurchased by itself, reducing the number of freely traded shares. |
| SME | Small and medium-sized entities. These are independent companies which meet two of the three recognition criteria for small or medium companies according to UK Legislation. |
| Total Assets | All assets, both current and non-current. An asset is an economic resource owned by an entity that can lead to an increase in economic value. |
| VCT Value | The value of an investment when acquired, rebased if the holding is added to or any payment is made which causes an increase or decrease in its value. |
| 80 per cent. test | Ensuring that the Company meets the requirement to hold 80 per cent. of its investments in qualifying holdings. |
The Registrar for Baronsmead Second Venture Trust plc is Computershare Investor Services plc ("Computershare").
The Registrar will deal with all of your queries with regard to your shareholder account, such as:
You can contact Computershare with your queries in several ways:
| Telephone: | 0800 923 1534 |
This is an automated self-service system |
|---|---|---|
| It is available 24 hours a day, 7 days a week | ||
| You should have your Shareholder Reference Number ("SRN") to hand, which is available on your share certificate and dividend tax voucher and which you should always keep confidential for security reasons |
||
| Press '0' if you wish to speak to someone | ||
| The Contact Centre in Bristol is available on UK business days between 8.30am – 5.00pm Monday to Friday |
||
| On-line: | Investor Centre www.investorcentre.co.uk |
Computershare's secure website, Investor Centre, allows you to manage your own shareholding online |
| You will need to register to use this service on the Investor Centre web site | ||
| You should have your SRN to hand, which is available on your share certificate and dividend tax voucher and which you should always keep confidential for security reasons |
||
| Email: | [email protected] | |
| Post: | Computershare Investor Services plc The Pavilions Bridgwater Road Bristol BS99 6ZZ |
The Company's shares are listed on the London Stock Exchange. The mid-price of the Company's shares is given daily in the Financial Times in the Investment Companies section of the London Share Service. Share price information can also be obtained from the link on the Company's website and many financial websites.
August 2022 – Quarterly factsheet to 30 June 2022
November/December 2022 – Announcement of final results for the period to 30 September 2022
February 2023 – Annual General Meeting
The information provided in this report has been produced in order for shareholders to be informed of the activities of the Company during the period it covers. Gresham House Asset Management Ltd does not give investment advice and the naming of companies in this report is not a recommendation to deal in them.
Baronsmead Second Venture Trust plc is managed by Gresham House Asset Management Ltd which is Authorised and regulated by the FCA. Past performance is not necessarily a guide to future performance. Stock market and currency movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount they originally invested. Where investments are made in unquoted securities and smaller companies, their potential volatility may increase the risk to the value of, and the income from, the investment.
The existing shares of the Company are listed on the London Stock Exchange and can be bought and sold using a stockbroker in the same way as shares of any other listed company.
The market makers in the shares of Baronsmead Second Venture Trust plc are:
Panmure Gordon & Co. +44 (0)20 7886 2500 (the Company's broker)
Winterflood +44 (0)20 3100 0009
Qualifying investors* who invest in the existing shares of the Company can benefit from:
The UK tax treatment of VCTs is on a first in first out basis and therefore tax advice should be obtained before shareholders dispose of their shares and also if they deferred a capital gain in respect of new shares acquired prior to 6 April 2004.
* UK income tax payers, aged 18 or over, who acquire no more than £200,000 worth of VCT shares in a tax year.
It is possible that shareholders in the Company may be targeted by fraudsters. Information for shareholders concerning share fraud is set out below.
Share fraud includes scams where investors are called out of the blue and offered shares that often turn out to be worthless or non-existent, or an inflated price for shares they own or are otherwise told to transfer their shares. These calls come from fraudsters operating in 'boiler rooms' that are mostly based abroad.
While high profits are promised, those who buy or sell shares in this way usually lose their money.
If you are offered unsolicited investment advice, discounted shares, a premium price for shares you own, or free company or research reports, you should take these steps before handing over any money or share certificates:
If you use an unauthorised firm to buy or sell shares or other investments, you will not have access to the Financial Ombudsman Service (https://www.financial-ombudsman.org.uk/) or Financial Services Compensation Scheme (https://www.fscs.org.uk/) if things go wrong.
If you are approached about a share scam you should tell the FCA using the Share Fraud Reporting Form (www.fca.org.uk/consumers/report-scam-unauthorised-firm), where you can find out about the latest investment scams. You can also call the FCA Consumer Helpline on 0800 111 6768.
If you have already paid money (or otherwise dealt with share fraudsters) you should contact ActionFraud on 0300 123 2040 or use the ActionFraud (https://www.actionfraudalert.co.uk/) Online Reporting Tool.
More detailed information on this or similar activity can be found on the FCA web site.
Sarah Fromson (Chair)† Malcolm Groat* Graham McDonald Tim Farazmand#
Gresham House Asset Management Ltd
5 New Street Square London EC4A 3TW
Gresham House Asset Management Ltd 5 New Street Square London EC4A 3TW Tel: 020 7382 0999
04115341
Computershare Investor Services plc The Pavilions Bridgwater Road Bristol BS99 6ZZ Tel: 0800 923 1534
Panmure Gordon & Co One New Change London EC4M 9AF Tel: 020 7886 2500
BDO LLP 55 Baker Street London W1U 7EU
Dickson Minto Broadgate Tower 20 Primrose Street London EC2A 2EW
PricewaterhouseCoopers LLP 1 Embankment Place London WC2N 6RH
www.baronsmeadvcts.co.uk
† Chairman of the Nomination Committee.
* Senior Independent Director and Chairman of the Audit Committee.
# Chairman of the Management Engagement and Remuneration Committee.
Head Office 80 Cheapside, London EC2V 6EE (0)20 7382 0999 [email protected]
www.baronsmeadvcts.co.uk
Gresham House Asset Management Limited is certified to the ISO 9001 standard. © 2021 Gresham House plc.
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