INCOME & GROWTH VCT (THE) PLC

Interim / Quarterly Report • Sep 17, 2025

Gresham House Income & Growth VCT plc

(Formerly The Income & Growth VCT plc)

Unaudited Half-Year Report for the six months ended 31 March 2025

Gresham House Income & Growth VCT plc (formerly The Income & Growth VCT plc) ("the Company") is a Venture Capital Trust ("VCT") listed on the London Stock Exchange. Its investment portfolio is advised by Gresham House Asset Management Limited ("Gresham House" or "Investment Adviser").

Change of name

The Company changed its name to Gresham House Income & Growth VCT plc on 18 June 2025. Following the change of name, the Company's Tradable Instrument Display Mnemonic (TIDM) on the Main Market of the London Stock Exchange changed to GHV1.

Company objective

The objective of Gresham House Income & Growth VCT plc is to provide investors with an attractive return, by maximising the stream of tax-free dividend distributions from the income and capital gains generated by a diverse and carefully selected portfolio of investments, while continuing at all times to qualify as a VCT.

Dividend policy

The Board has a target of paying an annual dividend of 7% of opening net asset value per share in respect of each financial year.

Contents page

	Page
01 Financial highlights	2
02 Chairman's statement	3
03 Investment policy	7
04 Summary of VCT Regulation	8
05 Investment Adviser's review	9
06 Investment portfolio summary	14
07 Statement of the Directors' responsibilities	17
08 Unaudited Condensed Financial Statements	18
Notes to the Unaudited Condensed Financial Statements	25
09 Shareholder information	32
Performance data at 31 March 2025	35
Glossary of terms	38
Timeline of the Company	40
Corporate information	41

Your privacy

We are committed to protecting and respecting your privacy. To understand how we collect, use and otherwise process personal data relating to you, or that you provide to us, please read our privacy notice, which can be found at https://greshamhouse.com/gresham-house-incomegrowth-vct-plc/.

Financial highlights 01

Results for the six months ended 31 March 2025

As at 31 March 2025: Net assets: £218.73 million Net asset value per share: 67.88 pence

• Net asset value ("NAV") total return1 (including dividends) per share was unchanged.
• Share price total return1 (including dividends) per share was (2.2)%.
• The Board declared an interim dividend in respect of the current year of 2.50 pence per share which was paid to Shareholders on 11 April 2025.
• The Company made two new investments totalling £1.80 million and four follow-on investments amounting to £1.29 million.
• Net unrealised gains in the period were £0.74 million.
• The Company received proceeds from investments totalling £0.82 million.

¹ Definitions of key terms and alternative performance measures ("APMs") / Key performance indicators ("KPIs") shown above and throughout this Report are shown in the Glossary of terms on pages 38 and 39.

Performance summary

The table below shows the recent key data and cumulative performance since inception as at 31 March 2025 and for the previous year.

Reporting date	Net assets	NAV per share	Share price1	Cumulative dividends	Cumulative total return per share to Shareholders2		Dividends paid and
				paid per share	(NAV basis)	(Share price basis)	proposed in respect of each year
As at	(£mn)	(p)	(p)	(p)	(p)	(p)	(p)
31 March 2025	218.73	67.88	64.504	165.50	233.38	230.00	2.503
30 September 2024	188.70	70.90	69.00	162.50	233.40	231.50	6.00
31 March 2024	115.29	74.29	70.00	159.50	233.79	229.50	3.00

¹ Source: Panmure Liberum (mid-market price). Note that the Share price and cumulative total return (share price basis) at 31 March 2025 is by reference to the last announced NAV per share at 31 December 2024 of 67.46 pence and does not reflect any movement in NAV per share at 31 March 2025.

² Cumulative total return per share comprises the NAV per share (NAV basis) or the mid-market price per share (share price basis) plus cumulative dividends paid since launch of the current share class.

³ The Board declared an interim dividend of 2.50 pence per share in respect of the year ending 30 September 2025 which was paid on 11 April 2025. This dividend has subsequently reduced the NAV per share to 65.38 pence and increased cumulative dividends paid per share to 168.00 pence.

⁴ The share price as at 31 March 2025 has been adjusted for a 2.50 pence dividend paid after the period-end on 11 April 2025 which was ex-div at 31 March 2025.

Detailed performance data, including a table of dividends paid to date for all share classes and fundraising rounds, is shown in the Performance Data appendix on pages 35 and 36. The tables, which give information by allotment date on NAVs and dividends paid per share, are also available on the Company's website at https://greshamhouse.com/gresham-houseincome-growth-vct-plc/ where they can be accessed by clicking on "table" under "Fund performance" on the home page.

Chairman's statement 02

I am pleased to present the Company's Half-Year Report for the six months to 31 March 2025.

Change of Company name

Before reporting on the six-month period, I would like to highlight to Shareholders that the Company's name was changed to Gresham House Income & Growth VCT plc (previously The Income & Growth VCT plc) on 18 June 2025. The name change was undertaken to align the Company with the name and brand of Gresham House, as Investment Adviser. There has been no change to the VCT's Board, investment or operational teams as a result of this name change. We hope Shareholders enjoy the updated format of this Half-Year Report and welcome feedback.

Overview

During the six months, the Company's NAV total return remained broadly static (H1 2024: increase of 2.5%). This stable NAV performance contains a combination of encouraging upward movements from the portfolio's largest assets and a positive revenue return, counter balanced by some considerable falls across a small number of specific assets in the portfolio. Investment activity continued over the period with funding provided to two new companies and four follow-on investments totalling £3.09mn.

Challenging UK and global economic conditions continued to impact the six-month period. Despite this ongoing uncertainty, the UK economy and stock markets appeared to be on an upward trend for most of the period under review and the 0.7% growth in UK gross domestic product recorded for the first quarter of 2025 was welcome news. However, this was severely destablised as a consequence of the US Government's tariff policy. Whilst the long-term impact remains uncertain, it is evident that consumer and business confidence has been severely impacted and inflationary pressures persist.

The continuing evolution of the risk profile for the VCT sector as a result of the change in VCT rules in 2015 continues to impact the maturity of the portfolio. The portfolio is now predominately made up of younger, earlystage growth companies compared to more mature, buyout assets previously, which has resulted in a materially different risk landscape for the Company. Future successes in the portfolio will have a power law impact on shareholder value, the best assets will likely be competitive and have higher relative entry prices, whilst conversely, there is likely to be a corresponding increase in the number of business failures.

Overall, the continuing uncertainty and the changing nature of risk gives rise to the continued need for ongoing scenario planning within the portfolio companies and a particular focus on cash management remains a priority. Our portfolio directors are encouraging the VCT's portfolio companies to ensure costs are controlled in the near term to be ready to take advantage of market opportunities as they arise. The Board is supporting the Investment Adviser in continuing to develop team capabilities to navigate the challenging environment and to pursue the better investment opportunities.

Performance

Although the economic environment has impacted the portfolio, the NAV of the Company has remained stable as a result of income returns from liquid assets and loan instruments being counterbalanced with a fall in portfolio values. The decrease in the portfolio overall was principally due to falls in assets for reasons specific to those companies' industries and business models. Against this, across the higher value section of the portfolio there was continued strong momentum. For further details, please see the Investment Adviser's Report from page 9 to 13. An elevated number of shares bought back for cancellation compared to historic levels has also enhanced the Company's NAV total return in the period.

The Board believes the Investment Adviser's performance should be assessed on a long-term basis over a period of at least five years. As part of the merger with Mobeus Income & Growth 4 VCT plc ("MIG 4 VCT plc") ("Merger"), a revised performance incentive scheme was agreed and implemented which is based upon a five-year return period with the first assessment period relating to the five years ending 30 September 2025. The Board notes that the Company's Annual return for the previous five years is anticipated to achieve an excess to the Annual Hurdle target for the year ending 30 September 2025. As a result, a performance fee of £0.85 million has been accrued in these accounts. This figure may vary subject to NAV performance in the final six months of the year. Further information on the Investment Adviser's fees and performance fees can be found in Note 5 on pages 26 and 27.

At 31 March 2025, the Company was ranked 18th out of 26 Generalist VCTs over three years, 3rd out of 27 Generalist VCTs over five years and 4th out of 22 Generalist VCTs over ten years in the Association of Investment Companies' ("AIC") analysis of NAV Total Return. Shareholders should note that, due to the lag in the disclosed performance figures available each quarter, the AIC ranking figures do not fully reflect the Company's actual quarter movement to 31 March 2025, or those of our peers.

The Board regularly considers comparable performance of other VCTs as well as strategic and regulatory announcements which may impact the wider VCT market. The findings of the FCA's Private Markets Valuation Practices review, released on 5 March 2025, are being reviewed by the Board and Investment Adviser and further details will be provided in the 2025 Annual Report & Financial Statements.

Offer for Subscription

Following the successful Merger which completed on 26 July 2024, the Company launched its Offer for Subscription in September 2024 to raise up to £35 million with an overallotment facility of £10 million ("The Offer"). The Board was pleased that The Offer proved popular with existing and new investors and was fully subscribed in short-order and subsequently closed in October 2024. The Board is grateful for the support of our existing Shareholders and of the new Shareholders of the Company.

Investment portfolio

Although the portfolio is operating against the backdrop of uncertain macroeconomic conditions, many of the portfolio's higher value assets, such as Preservica, CitySwift and Arkk Solutions, have shown positive progress over the reporting period. Outweighing these gains however, the portfolio has seen falls in value, notably from Bella & Duke, Vivacity Labs, Connect Childcare, Wetsuit Outlet and Orri. The net result for the portfolio therefore was slightly negative with the overall value of the portfolio decreasing by £0.65 million, or 0.5% (2024: increase of £3.35 million, or 4.6%), on a like for like basis (adjusted for new investments in the period) compared to the opening value of the portfolio at 1 October 2024 of £135.95 million.

At the period-end, the portfolio was valued at £137.57 million (2024: £76.94 million, pre-merger with MIG 4 VCT plc). The portfolio's value is now substantially comprised of growth capital investments. Nearly 60% of the portfolio's value is comprised of the Company's largest five assets by value, with Preservica accounting for c.31%.

During the six months under review, the Company invested £1.80 million (2024: £3.63 million) into two new investments:

Much Better Adventures	£1.25 million, online travel operator specialising in creating unique 'adventure' group trips.
Mobility Mojo	£0.55 million, a disability access assessment platform.
The Company also invested a total of £1.29 million (2024: £1.12 million) into four existing portfolio companies:

Preservica £0.54 million, a seller of proprietary digital archiving software.

Orri	£0.32 million, an intensive day care provider for patients with eating disorders.
Branchspace	£0.31 million, a digital retailing consultancy and software provider to the aviation industry.
FocalPoint Positioning	£0.12 million, a GPS enhancement software provider.

The Company received £0.82 million further proceeds in respect of the sale of Master Removers Group 2019 Limited as part of the terms of the transaction that occurred in February 2024.

The Company received £2.65 million in proceeds from the realisation of MyTutor, post the period-end. Over the life of this investment, the Company has received total proceeds of £4.31 million which equates to a multiple on cost of 0.6x. In addition, SEC Group (trading as SEC Life Sciences), was divested for a nominal sum in May 2025 which, including amounts received over the life of the investment contributed a multiple on cost of 1.1x. At the end of May 2025, Rotageek was also divested for £4.56 million contributing to a multiple on cost of 1.5x, and an IRR of 9.1% over the life of the investment. The impact of these realisation proceeds, in isolation to other movements in the portfolio or the Company's balance sheet since 31 March 2025, would be an increase in NAV per share of 0.57 pence.

After the period-end, further new investments were made into:

Penfold Savings	£0.64 million, a pension platform, predominantly providing the infrastructure and back-end administration for SMEs that are required to provide their employees with pensions as a result of the government's auto enrolment legislation.
Nu Quantum	£2.49 million, a developer of critical hardware components needed to interconnect quantum processors, enabling the creation of distributed, scalable quantum computing systems. This is an early-stage deep tech investment opportunity.
Spinners Group	£1.28 million, a socialising business offering customers playful twists on classic games including bowling, crazy golf, darts, shuffleboard and virtual clay shooting, alongside artisan food and theatrical drinks.
AskBosco	£1.28 million, a digital advertising agency and AI-powered software platform. The agency offers a full suite of digital marketing services, while the software platform enables brands and agencies to consolidate and visualise marketing data and performance metrics in an AI enabled dashboard.

Dividends

Shareholders should note that the dividend policy of the Company changed following the Merger from a pence per share target to 7% of the opening NAV per share (30 September 2024 NAV per share was 70.90 pence) which the Company is on course to deliver in the current financial year. The 2.50 pence per share paid above represents a yield of 3.5% for the year to date. The Board considers this commitment will facilitate regular dividend distributions at a rate that is attractive compared to the wider VCT market. Shareholders should note that a portfolio comprised mostly of small, higher risk but potentially higher growth investments may lead to increased volatility, affecting the return in any given year and the ability to maintain dividends.

A dividend of 3.00 pence per share was paid on 18 October 2024 in respect of the year ended 30 September 2024. This dividend, combined with 3.00 pence per share paid earlier in 2024 achieved the dividend target in respect of that financial year. The Board was pleased to declare an interim dividend of 2.50 pence per share for the current financial year ending 30 September 2025, which was paid on 11 April 2025 to Shareholders on the Register on 14 March 2025. This 2.50 pence dividend has increased cumulative dividends paid by the Company since inception to 168.0 pence per share.

Due to postal risks and their vulnerability to fraud, the Board is assessing whether to dispense with the option to pay dividends by cheque. Should this occur, a phased transition will take place and shareholders who receive their dividends by cheque will receive communications from the Company's Registrar, City Partnership (UK) Ltd, on the process for transitioning to bank payments.

Dividend Investment Scheme

The Company's Dividend Investment Scheme ("DIS") provides Shareholders with the opportunity to reinvest their cash dividends into new shares in the Company at the latest published NAV per share (adjusted for any subsequent dividends). New VCT shares attract the same tax reliefs as shares purchased through an Offer for Subscription.

There were 1.98 million shares allotted through the DIS during the period at a price of 69.34 pence, effectively allowing the Company to retain £1.38 million in liquid assets.

Shareholders can opt-in to the DIS by completing a mandate form available on the Company's website at: https://greshamhouse.com/gresham-house-incomegrowth-vct-plc/ or can opt-out by contacting City Partnership (UK) Ltd, the Company's Registrar, using the contact details provided at the rear of this Half-Year Report. Please note that instructions take 15 days to become effective.

Cash available for investment

The Board continues to prioritise the security and protection of the Company's uninvested capital. Cash and liquidity fund balances as at 31 March 2025 amounted to £82.39 million (37.7% of net assets), the majority of which is held in AAA rated OEIC funds which are currently generating attractive rates of return for shareholders. Adjusting for realisations and new investments after the period-end, and the dividend of 2.50 pence per share paid to Shareholders on 11 April 2025, liquid balances will reduce to £77.00 million, or 36.0% of net assets.

Share buybacks

During the six months ended 31 March 2025, the Company bought back and cancelled 8.44 million of its own shares, representing 3.2% (2024: 1.5%) of the shares in issue at the beginning of the period, at a total cost of £5.33 million (2024: £1.63 million), inclusive of expenses. The increase reflects the enlarged size of the Company following the Merger and also the expiry of the five-year holding period since subscription for a number of shareholders for tax purposes.

It is the Company's policy to cancel all shares bought back in this way. The Board regularly reviews its buyback policy, where its priority is to act prudently and in the interest of remaining Shareholders, whilst considering other factors, such as levels of liquidity and reserves, market conditions and applicable law and regulations.

Under this policy, the Company seeks to maintain the discount at which the Company's shares trade at no more than 5% below the latest published NAV.

Shareholder engagement and communications

Shareholders are reminded that the Company has its own website which contains information about the Company and its investments and is available at: https://greshamhouse. com/gresham-house-income-growth-vct-plc/. Information on and access to individual shareholdings can be found at The City Hub Shareholder Portal (https://gresham-house-vcts.cityhub.uk.com/login).

The Board and the Investment Adviser are continuously seeking ways to improve how the Company updates and engages with its shareholders.

As part of this improvement, the Board anticipates enhancing the content and format of the Company's 2026 AGM. Due to its success in previous years, a joint shareholder presentation will again be held with Gresham House Income & Growth 2 VCT plc (formerly Mobeus Income & Growth VCT plc) ("GHV2"). The presentation will take place in the morning and will be extended to include a spotlight on inspiring portfolio companies to showcase their growth journeys. It will also provide an opportunity for shareholders to meet with the Company's Board and

representatives of the Investment Adviser. After a break for lunch, the formal AGMs of both the Company and GHV2 will take place. Further information will be provided in the 2025 Annual Report & Financial Statements.

Following the Company name change, the Investment Adviser will be circulating a re-vamped newsletter to shareholders on a bi-annual basis. Through articles and video content, the newsletter will provide updates on the Company, its performance and portfolio company insights. To facilitate improved shareholder engagement, the newsletter will be sent to all shareholders for whom the Company's Registrar's hold an email address. Shareholders can opt in to receive wider Gresham House marketing communications if they are interested.

The Board encourages shareholders to engage with the 'My share, my vote' campaign by The Association of Investment Companies calling for a change in company law to compel investment platforms and share nominees to pass on trust information and voting rights to underlying investors. Information on the campaign can be found on their website.

Further information can be found under Shareholder Information on pages 32 to 34.

Outlook

The risks to the global economy have been exacerbated by geopolitical instability and the US Government's tariff policy.

The concern is that consumer and business confidence both domestically and globally has been materially damaged and could take a significant amount of time to repair. The Investment Adviser's current assessment is that the Company's portfolio has a limited direct exposure to the impact of US tariffs and can focus on their niche propositions in order to grow value.

The portfolio companies, given that they are predominantly young and early-stage in nature, may feel the impacts of any further economic disruption more than their more mature counterparts. The Investment Adviser's experienced portfolio directors are proactively guiding and advising our management teams to ensure that corrective action is undertaken as necessary and opportunities are capitalised on when they arise. The Board is hopeful that the portfolio performance will improve in time and will withstand these external influences although is cognisant of the likelihood of longer investment hold periods and the potential increase in failure rates. Past experience of investing throughout the cycle, provided that appropriate targets can be sourced, suggests that this volatile period could also provide an opportunity for the Company to source and make high quality investments whilst building strategic stakes in existing portfolio businesses with significant potential for the future.

As previously reported, the exit environment remains somewhat subdued in comparison to recent years. However, the evergreen nature of VCTs allows patient strategic choices to be made allowing the Investment Adviser to aim to maximise long term shareholder value in respect of the Company's investments.

The Board and I would like to take this opportunity once again to thank all Shareholders for their continued support.

Maurice Helfgott Chairman

19 June 2025

Credit: Ozone API, portfolio company

Investment policy 03

The Investment policy is designed to meet the Company's objective as stated on page 1.

Investments

The Company will seek to make investments in UK unquoted companies in accordance with the requirements of prevailing VCT legislation.

Investments are made selectively across a wide variety of sectors, principally in established companies.

Investments are generally structured as part loan and part equity in order to receive regular income and to generate capital gain from realisations.

There are a number of conditions within the VCT legislation which need to be met by the Company and which may change from time to time.

No single investment may represent more than 15% (by VCT tax value) of the Company's total investments at the date of investment.

Save as set out above, the Company's other investments are held in cash and liquid funds.

Liquidity

The Company's cash and liquid funds are held in a portfolio of readily realisable interest-bearing investments, deposit and current accounts, of varying maturities, subject to the overriding criterion that the risk of loss of capital be minimised.

Borrowing

The Company's Articles of Association permit borrowing of up to 10% of the adjusted capital and reserves (as defined therein). However, the Company has never borrowed and the Board would only consider doing so in exceptional circumstances.

Summary of VCT Regulation 04

To assist Shareholders, the following table contains a summary of the most important rules that determine VCT approval:

To maintain its status as a VCT, the Company must meet a number of conditions, the most important of which are that:

• the Company must hold at least 80%, by VCT tax value1 of its total investments (shares, securities and liquidity) in VCT qualifying holdings, within approximately three years of a fundraising;
• all qualifying investments made by VCTs after 5 April 2018, together with qualifying investments made by funds raised after 5 April 2011 are, in aggregate, required to comprise at least 70% by VCT tax value in "eligible shares", which carry no preferential rights (save as may be permitted under VCT rules);
• no investment in a single company or group of companies may represent more than 15% (by VCT tax value) of the Company's total investments at the date of investment;
• the Company must pay sufficient levels of income dividend from its revenue available for distribution so as not to retain more than 15% of its income from shares and securities in a year;
• the Company's shares must be listed on the London Stock Exchange or a regulated European stock market;
• non-qualifying investments cannot be made, except for certain exemptions in managing the Company's short-term liquidity;
• VCTs are required to invest 30% of funds raised in an accounting period beginning on or after 6 April 2018 in qualifying holdings within 12 months of the end of that accounting period, and
• the period for reinvestment of the proceeds on disposal of qualifying investments is 12 months.

To be a VCT qualifying holding, new investments must be in companies:

• which carry on a qualifying trade;
• which have no more than £15 million of gross assets at the time of investment and no more than £16 million immediately following investment from VCTs;
• whose maximum age is generally up to seven years (ten years for knowledge intensive businesses);
• that receive no more than an annual limit of £5 million and a lifetime limit of £12 million (for knowledge intensive companies the lifetime limit is £20 million, and the annual limit is £10 million), from VCTs and similar sources of State Aid funding; and
• that use the funds received from VCTs for growth and development purposes.

In addition, VCTs may not:

• offer secured loans to investee companies, and any returns on loan capital above 10% must represent no more than a commercial return on the principal; and
• make investments that do not meet the "risk to capital" condition (which requires a company, at the time of investment, to be an entrepreneurial company with the objective to grow and develop, and where there is a genuine risk of loss of capital).

¹ VCT tax value means as valued in accordance with prevailing VCT legislation. The calculation of VCT tax value is arrived at using tax values, based on the cost of the most recent purchase of an investment instrument in a particular company, which may differ from the actual cost of each investment shown in the Investment Portfolio Summary on pages 14 to 16.

Investment Adviser's review 05

Portfolio review

For the majority of the period under review, against the backdrop of fragile consumer and business confidence, there were signs of improvement to the environment in which our portfolio companies operate. Moderating inflation and expectations that interest rates might reduce as occurred on 8 May 2025, in addition to real income growth and a more stable domestic political environment with a government with a clear growth agenda were all tangible positives. However, market dynamics were severely disrupted after the period-end due to the impact of US tariffs being levied or increased on the majority of the world's economies, the adverse impacts could take many months or years to fully materialise.

The potential for recession has now returned to the forefront with decision makers tasked with navigating the best course of action for their respective countries as the world impact on growth is assessed. For our portfolio companies, cash preservation is a key focus during this time with the majority of the portfolio adequately funded for the time being. Following the recent fundraising, there is sufficient capital with which to support portfolio companies as appropriate or to pursue new investment opportunities.

Although growth is still being seen across the portfolio, there are signs of headwinds as the number of companies recording revenue or earnings uplifts over the previous year has moderated to c.72% of the portfolio (c.80% by portfolio value) compared to over 90% at the previous year-end. Despite this, the Investment Adviser is encouraged by the resilience of the portfolio to date although valuations have been impacted somewhat as a result. Further details on key movers in the period are explained later in the Report.

The exit environment remains subdued, however we continue to remain open to expressions of interest but will only recommend an exit where it is in the best interests of Shareholders to do so. After the period-end, the Company achieved a successful exit of Rotageek, but also, disappointingly, exits of MyTutor and SEC Group (trading as SEC Life Sciences)

The fast-changing macro-environment is placing additional challenges on the type of companies in which VCTs are permitted to invest with the UK budget's increase in Employer's National Insurance expected to impact portfolio companies in the second half of this financial year. These small, young and nascent businesses will likely need more time to achieve their commercial proof points and generate scale which may necessitate further funding support. In these cases, the Investment Adviser may be able to further build the VCTs' stakes in these businesses.

The Investment Adviser continues to review a very active pipeline of potential new investments and is pleased to have completed its first new investment of 2025 after the period-end.

The portfolio movements in the period are summarised as follows (noting that the 2024 comparatives pre-date the merger with Mobeus Income & Growth 4 VCT plc ("MIG 4 VCT")):

	2025 £mn	2024 £mn
Opening portfolio value	135.95	72.72
New and follow-on investments	3.09	4.75
Disposal proceeds	(0.82)	(3.88)
Net realised losses	(1.39)	-
Unrealised valuation gains	0.74	3.35
Portfolio value at 31 March	137.57	76.94

Valuation changes of portfolio investments still held

The portfolio generated net unrealised gains of £0.74 million in the first half of its financial year. The total valuation increases were £12.09 million. The main valuation increases were in:

Preservica	-	£6.28 million
CitySwift	-	£1.19 million
Arkk Solutions	-	£0.80 million

Preservica continues to drive ARR with key contract wins and is receiving strong inbound acquisition interest. CitySwift is also seeing exceptional growth in recurring revenues and is forecast to achieve cash and profit break even by the end of the year. Arkk Solutions is trading ahead of budget and is driving its higher value subscription services model.

The total valuation decreases were £(11.35) million. The main valuation decreases were:

Bella & Duke	-	£(2.55) million
Vivacity Labs	-	£(1.72) million
Connect Childcare	-	£(1.64) million

Bella & Duke is trading profitably and has increased its EBITDA over the past year, however recent adviser feedback has resulted in a downward adjustment to enterprise value exit expectations. Vivacity had a very poor end to 2024 arising from uncertainty resulting from the change of UK Government, although due to strong cost control and better trading the situation has since improved considerably. Connect Childcare's revenues are falling short of expectations and are operating against strong competition.

The portfolio's valuation changes in the period are summarised as follows (noting that the 2024 comparatives pre-date the merger with MIG 4 VCT):

Investment Portfolio Capital Movement	2025 £mn	2024 £mn
Increase in the value of unrealised investments	12.09	5.39
Decrease in the value of unrealised investments	(11.35)	(2.04)
Net increase in the value of unrealised investments	0.74	3.35
Realised losses	(1.39)	-
Net realised losses in the period	(1.39)	-
Net investment portfolio movement in the period	(0.65)	-

There was a restructuring at Manufacturing Services Investment (trading as WetSuit Outlet) resulting in a realised loss of £1.39 million. Further, following the exit of SEC Group (trading as SEC Life Sciences) after the period-end, a realised loss was recognised although this had no further impact on net asset value having been previously written down.

New investments during the period

The Company made two new investments totalling £1.80 million during the period, as detailed below:

Company	Business	Date of investment	Amount of new investment (£mn)
Mobility Mojo	Disability access assessment platform	October 2024	0.55

Based in Dublin, Mobility Mojo (mobilitymojo.com) was founded in 2018 and empowers organisations worldwide to create more accessible and inclusive spaces. Mobility Mojo's innovative software platform enables companies to capture, track, enhance, promote and benchmark the accessibility of their buildings in a standardised and cost-effective way across their entire portfolio. The solution significantly reduces the time and expense typically associated with traditional paper-based accessibility audits and it is adaptable to a diverse set of environments, including office spaces, hotels and retail banks. The funding will support Mobility Mojo in expanding its marketing and sales teams, enhancing its SaaS platform with new AIdriven capabilities and recruiting key talent to its leadership team.

	Much Better Adventures	Online travel operator specialising in creating unique 'adventure' group trips	November 2024	1.25
--	---------------------------	-----------------------------------------------------------------------------------------	---------------	------

Much Better Adventures (muchbetteradventures.com) has developed a reliable, engaging, user-friendly travel platform that resonates with customers. This is reflected in the positive customer reviews and strong repeat rates. It has built a strong organic search presence in the UK through a combination of a high-quality website and social content, and curating trips that appeal to its clear Ideal Customer Profile, a highly marketable segment that fits with the product offering. With this investment the business will be robustly funded with the ability to tune expenditure to market conditions.

Further investments during the period

A total of £1.29 million was invested into four existing portfolio companies during the period, as detailed below:

Company	Business	Date of investment	Amount of further investment (£mn)
Branchspace	Provider of cloud-based enterprise software to the aviation industry	November 2024	0.31

Branchspace (branchspace.com) is a well-established specialist digital retailing consultancy and software provider to the aviation and travel industry. Branchspace's offering helps customers to transform their technology architecture to unlock best-in-class digital retailing capabilities, driving distribution efficiencies and an improved customer experience. Across two complementary service offerings Branchspace can effectively cover the entire airline tech stack and has carved a defensible position as sector experts, serving clients including IAG, Lufthansa and Etihad. This funding round which was agreed at the time of the original transaction will seek to support its growth plans.

	Preservica	Digital archiving software	December 2024	0.54
--	------------	----------------------------	---------------	------

Preservica (preservica.com) is a leading provider of digital preservation solutions and its access software is used around the globe by leading businesses, archives, libraries, museums and government organisations to safeguard and share valuable digital content. This additional funding will give the business extra headroom to attempt to deliver 20-25% ARR growth before seeking an exit in due course.

		FocalPoint	GPS enhancement software	December 2024	0.12
--	--	------------	-----------------------------	---------------	------

Focal Point Positioning (focalpointpositioning.com) is a deep tech business with a growing IP and software portfolio. Its proprietary technology applies advanced physics and machine learning to dramatically improve satellite-based location sensitivity and accuracy together with reducing costs and enhancing the security of devices such as smartphones, wearables and vehicles.

	Orri	Specialists in eating disorder support	January – March 2025	0.32
--	------	-------------------------------------------	-------------------------	------

Orri (orri-uk.com) is an intensive daycare provider for patients with eating disorders. Orri provides an alternative to expensive residential in-patient treatment and lighter-touch outpatient services by providing highly structured day and half day sessions either online or in-person at its clinic on Hallam Street, London. This additional funding represents a bridging round to allow the business to reach break-even. Potential further funding will allow a targeted geographic roll out once the core business is proven.

Investment portfolio yield

In the period under review, the Company received the following amounts in interest and dividend income:

Investment Portfolio Yield	2025 £mn	2024 £mn
Loan interest	0.48	0.25
Dividends	0.39	0.03
OEIC and bank interest	1.92	1.09
Total income in the period	2.79	1.37
Net Asset Value at 31 March	218.73	115.29
Income Yield (Income as a % of Net Asset Value at 31 March)	1.3%	1.2%

Investments made after the period-end

The Company made four new investments totalling £5.69 million after the period-end, as detailed below:

New:

Company	Business	Date of investment	Amount of new investment (£mn)
Penfold	Pension platform	April 2025	0.64

Penfold Savings ("Penfold") (getpenfold.com) is a pension platform providing the infrastructure and back-end administration for customers to manage and consolidate their pensions. Penfold focuses on the B2B segment, targeting SME businesses that are required to provide employees with a pension as a result of the government's auto-enrolment legislation. Penfold partners with third-party providers for custodianship, while the underlying funds available to members on the platform are supplied by HSBC and BlackRock. Penfold has demonstrated strong growth over the past few years, significantly increasing assets under administration and its recurring revenues. This funding round will enable it to continue scaling its marketing and further build out the platform's functionality.

	Nu Quantum	Quantum networking hardware developer	May 2025	2.49
--	------------	------------------------------------------	----------	------

Nu Quantum (nu-quantum.com) is a developer of quantum networking hardware that is used to scale quantum computing by interconnecting multiple quantum processors. This is an early stage deep tech investment opportunity. The business, spun-out of the University of Cambridge's Cavendish Laboratory in 2018, is led by a highly experienced, multi-disciplinary team with significant quantum science and engineering expertise. The investment will be used to support continued product development, expansion of commercial partnerships and to expand the team and lab facilities.

	Spinners Group	Multi venue competitive socialising venue	May 2025	1.28
--	----------------	----------------------------------------------	----------	------

Spinners Group ("Spinners") (spinnersuk.com) is a growing multi venue competitive socialising company, targeting students and young professionals outside of the Greater London area. offering consumers activities such as darts, bowling and clay shooting alongside food and drink offerings. This investment will be used to leverage a proven concept with locations in Reading, Plymouth and Solihull and rollout the Spinners offering across the UK.

	AskBosco	Digital advertising agency and AI-powered software platform	June 2025	1.28
--	----------	-------------------------------------------------------------------	-----------	------

AskBosco (askbosco.io) is a digital advertising agency and AI-powered software platform. The agency known as Modo25 offers a full suite of digital marketing services, including paid search, paid social, affiliate marketing, and search engine optimisation. The software platform known as AskBosco enables brands and agencies to consolidate and visualise all of their marketing data and performance metrics within a single, easy-to-use AI enabled dashboard.

Realisations post the period-end

The Company completed three exits post the period-end, as detailed below:

Company	Business	Period of investment	Total cash proceeds over the life of the investment/Multiple over cost
MyTutor	Digital marketplace for online tutoring	May 2017 to May 2025	£4.31 million 0.6x cost

The Company sold its investment in MyTutorweb (trading as MyTutor) to IXL. The Company received £2.65 million from the sale reflecting a £1.54 million uplift compared to the valuation at 31 March 2025. Total proceeds received to date over the life of the investment are £4.31 million compared to an original investment cost of £7.54 million, representing a multiple on cost of 0.6x.

Company	Business	Period of investment	Total cash proceeds over the life of the investment/Multiple over cost
SEC Group (trading as SEC Life Sciences)	Contract and temporary staffing solutions to the life sciences industry	October 2010 to May 2025	£2.74 million 1.1x cost

The Company sold its investment in SEC Group (trading as SEC Life Sciences) to management for a nominal sum which was not materially different to the valuation held at 31 March 2025. Total proceeds received to date over the life of the investment are £2.74 million compared to an original investment cost of £2.44 million, representing a multiple on cost of 1.1x and an IRR of 2%.

	Rotageek	Provider of cloud-based enterprise software	August 2018 to May 2025	£4.69 million 1.5x cost
--	----------	------------------------------------------------	----------------------------	----------------------------

The Company sold its investment in Rotageek to Elmo Software. The Company received £4.56 million from the sale reflecting a £0.30 million uplift compared to the valuation at 31 March 2025. Total proceeds received to date over the life of the investment are £4.69 million compared to an original investment cost of £3.05 million, representing a multiple on cost of 1.5x and an IRR of 9.1%.

Environmental, Social and Governance considerations

The Board and the Investment Adviser continue to believe that the consideration of environmental, social and corporate governance ("ESG") factors throughout the investment cycle should contribute towards enhanced shareholder value.

The Investment Adviser has a dedicated team which is focused on ESG with oversight led by the Investment Adviser's Board of Directors, who retain ultimate accountability for ESG-related risks, opportunities and long-term value creation.

This is viewed as an opportunity to enhance the Company's existing protocols and procedures through the adoption of the highest industry standards. The Investment Adviser's Private Equity division has its own Sustainable Investment Policy and each investment executive is responsible for setting and achieving their own individual ESG objectives in support of the wider overarching ESG goals of the Investment Adviser.

As part of this commitment, the sustainable investment team conducts an annual survey of the portfolio companies to understand how they are responding to relevant ESG risks and opportunities. The survey data is provided to ESG_VC (https://www.esgvc.co.uk/) who, in partnership with The British Private Equity & Venture Capital Association (https://www.bvca.co.uk/), produce an annual research and benchmarking report. The 2024 report can be viewed on the ESG_VC website. The portfolio companies are also assessed quarterly on their ESG practices by the Investment Adviser and, where required, the portfolio directors will support the companies to make improvements to their ESG frameworks.

Outlook

Economic uncertainty and the impact of political agendas are likely to persist throughout 2025 and potentially for the term of this US Government. This will impact all sectors and businesses to varying degrees. However, it should also present attractive opportunities for your Company which, as an evergreen investor, has the advantage of being able to take a longer-term view of both new and portfolio followon investments.

The knowledge and experience of our dedicated portfolio directors will be increasingly important for the foreseeable future as they seek to support their portfolio management teams in times of uncertain markets. In this respect, the Investment Adviser is well placed by having one of the largest and most experienced portfolio teams in the industry. The Investment Adviser is cognisant of the changed risk landscape for the VCT sector which has resulted in the best opportunities commanding a higher price, whilst in turn there are a likely going to be an increased number of failures. Experience has shown that successful growth capital investments can have longer hold periods whilst failures can materialise sooner which can have an impact on performance in the mediumterm. The Investment Adviser, with the support of the Board, continues to invest in extra capabilities to navigate the challenging environment and to identify the better investment opportunities.

Overall, the portfolio remains well-funded but there is a degree of concentration across the portfolios strongly performing and higher value assets. Nevertheless, the portfolio is exhibiting resilience against what seems to be a series of new economic challenges. Given the varied nature of the portfolio, these conditions can create interesting opportunities for creating value which we will seek to capitalise upon for the benefit of Shareholders.

Gresham House Asset Management Limited Investment Adviser

19 June 2025

06 Investment portfolio summary

as at 31 March 2025

Gresham House portfolio of	Total investment cost at 31 March 20251	Total book cost at 31 March 20251 (unaudited)	Valuation at 30 September 2024 (audited) £	Additional investments in the period £	Valuation at 31 March 2025 (unaudited) £
investments (Date of investment) Preservica Limited (Dec-15) Seller of proprietary digital archiving software	£ 8,611,215	£ 20,501,994	36,332,112	538,205	43,148,641
MPB Group Limited (Jun-16) Online marketplace for used photographic and video equipment	2,606,245	8,837,644	17,543,335	-	17,758,924
Data Discovery Solutions Limited (trading as ActiveNav) (Nov-19) Provides the global market leading file analysis software for information governance, security and compliance	6,726,333	8,150,983	10,209,096	-	10,327,750
Arkk Consulting Limited (trading as Arkk Solutions) (May-19) Provider of services and software to enable organisations to remain compliant with regulatory reporting requirements	3,781,632	4,277,485	5,057,206		5,857,795
Rapunzel Newco Limited (trading as Virgin Wines UK Plc (AIM quoted)) (Nov-13) Online wine retailer	111,203	2,055,080	4,370,868	-	5,043,309
Rota Geek Limited (Aug-18) Workforce management software	3,054,394	3,368,396	3,756,961	-	4,261,795
End Ordinary Group Limited (trading as Buster and Punch) (Mar-17) Industrial inspired lighting and interiors retailer	3,543,397	3,873,271	4,197,908	-	3,727,250
Veritek Global Holdings Limited (Jul-13) Maintenance of imaging equipment	2,145,240	2,072,630	3,136,121	-	3,563,238
Caledonian Leisure Limited (Mar-21) Provider of UK leisure and experience breaks	1,296,250	1,946,114	3,209,175	-	3,560,802
Ozone Financial Technology Limited (Dec-23) Open banking software developer	2,582,851	2,866,883	3,338,904	-	2,998,592
Legatics Holdings Limited (Jun-21) SaaS LegalTech software provider	2,358,430	2,500,135	2,631,870	-	2,763,983
Vivacity Labs Limited (Feb-21) Provider of artificial intelligence & urban traffic control systems	4,565,786	4,329,117	4,393,616	-	2,675,151

Gresham House portfolio of investments (Date of investment)	Total investment cost at 31 March 20251 £	Total book cost at 31 March 20251 (unaudited) £	Valuation at 30 September 2024 (audited) £	Additional investments in the period £	Valuation at 31 March 2025 (unaudited) £
Huddl Mobility Limited (trading as CitySwift) (Dec-23) Passenger transport data and scheduling software provider	1,317,251	1,327,240	1,357,839	-	2,544,959
Aquasium Technology Limited (Oct-01) Manufacturing and marketing of bespoke electron beam welding and vacuum furnace equipment	166,667	166,667	2,985,397	-	2,487,240
I-Dox plc (AIM quoted) (Dec-00) Developer and supplier of knowledge management products	445,269	453,881	2,508,454	-	2,375,114
EOTH Limited (trading as Equip Outdoor Technologies) (Oct-11) Branded outdoor equipment and clothing (Rab and Lowe Alpine)	2,098,683	2,312,918	2,284,941	-	2,284,941
Bella & Duke Limited (Feb-20) A premium frozen raw dog food provider	2,201,126	3,652,342	4,752,902	-	2,201,123
OnSecurity Technology Limited (Jun-24) Cybersecurity services business	1,697,066	1,858,441	2,312,807	-	1,654,670
FocalPoint Positioning Limited (Sep-22) A positioning technology company	1,573,487	1,573,488	1,092,692	116,565	1,573,486
SciLeads Limited (Mar-24) A data and lead generation platform operating within life science verticals	1,422,620	1,422,620	1,422,620	-	1,556,813
Other Growth focused portfolio outside Top 202	37,873,368	31,781,946	16,244,485	2,429,344	13,360,155
Other MBO focused portfolio outside Top 203	9,105,222	7,721,503	1,992,914	-	1,840,014
Disposals in period
Master Removers Group 2019 Limited (trading as Anthony Ward Thomas, Bishopsgate and Aussie Man & Van) (Dec-14) A specialist logistics, storage and removals business	-	-	820,498	-	-
Total	99,283,736	117,050,778	135,952,721	3,084,114	137,565,745
Total Investment Portfolio split by type
Growth focused portfolio4	87,310,135	104,581,017	120,958,967	3,084,114	122,256,830
MBO focused portfolio4	11,973,601	12,469,761	14,993,754	-	15,308,915
Total	99,283,736	117,050,778	135,952,721	3,084,114	137,565,745

06 Investment portfolio summary

• ¹Total investment cost reflects the cash amounts invested by the Company and also includes amounts invested by the former Mobeus Income & Growth 4 VCT plc ("MIG4") prior to the merger on 26 July 2024. Total book cost reflects the cash amounts invested by the Company, plus the cost of acquisition of MIG4's assets at the date of the merger.
• ² Other growth investments comprise: Gentianes Solutions Ltd (trading as Much Better Adventures), Mobility Mojo, Manufacturing Services Investment Limited (trading as Wetsuit Outlet), Orri Limited, IPV Limited, Proximity Insight Holdings Limited, My Tutorweb Limited (trading as MyTutor), Branchspace Limited, Cognassist Limited, Lads Store Limited (trading as Bidnamic), Connect Childcare Group Limited, Mable Therapy Ltd, Azarc.io, Dayrize B.V., Pets' Kitchen Limited (trading as Vet's Klinic), Connect Earth Limited, Northern Bloc Ice Cream Limited (in liquidation), Parsley Box Group Limited, Bleach London Holdings Limited, Spanish Restaurant Group Limited (trading as Tapas Revolution) (in administration), BookingTek Limited and Kudos Innovations Limited.
• ³ Other MBO focused investments change comprise: Cashfac Limited, CGI Creative Graphics International Limited, Biomer Technology Limited, Corero Network Security plc (AIM quoted), Oxonica Limited, Racoon International Group Limited , NexxtDrive Limited/Nexxt E-drive Limited, SEC Group Limited and Sift Group Limited.
• ⁴ The growth focused portfolio contains all investments made after the change in the VCT regulations in 2015 plus some investments that are growth in nature made before this date. The MBO focused portfolio contains investments made prior to 2015 as part of the previous MBO strategy.

Green Growth focused portfolio

Rose MBO focused portfolio

Credit: Penfold, portfolio company

07 Statement of the Directors' responsibilities

Responsibility statement

In accordance with Disclosure and Transparency Rule (DTR) 4.2.10, Maurice Helfgott (Chairman), Graham Paterson (SID, Chair of the Nomination and Remuneration, and Management Engagement Committees), Justin Ward (Chair of the Investment Committee) and Nemone Wynn-Evans (Chair of the Audit Committee), being the Directors of the Company, confirm that to the best of their knowledge:

• (a) The condensed set of financial statements, which has been prepared in accordance with Financial Reporting Standard 104 "Interim Financial Reporting" gives a true and fair view of the assets, liabilities, financial position and profit of the Company as required by DTR 4.2.10;
• (b) the Half Year Management Report, which comprises the Chairman's Statement, Investment Policy, Investment Review and Investment Portfolio Summary, includes a fair review of the information required by DTR 4.2.7, 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;
• (c) a description of the principal risks and uncertainties facing the Company for the remaining six months is set out under the following heading, in accordance with DTR 4.2.7; and
• (d) there were no related party transactions in the first six months of the current financial year that are required to be disclosed, in accordance with DTR 4.2.8.

Principal risks and uncertainties

In accordance with DTR 4.2.7, the Board confirms that the principal risks and uncertainties facing the Company have not materially changed from those identified in the Annual Report and Financial Statements for the year ended 30 September 2024 ("the Annual Report"). The Board considers that the present processes for mitigating those risks remain appropriate.

The principal risks faced by the Company are:

• Macroeconomic risk
• Portfolio risk
• Strategic & Business risk
• Financial Controls & liquidity risk
• Operational risk
• Legal & Regulatory risk
• ESG & Climate change risk

A detailed explanation of the principal risks facing the Company can be found in the Annual Report on pages 32 to 34, as well as in Note 16 on Financial Instruments on pages 71 to 79 of that report. Copies can be viewed or downloaded from the Company's website: https://greshamhouse.com/gresham-house-incomegrowth-vct-plc/.

Going concern

The Board has assessed the Company's operation as a going concern. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out earlier in the Half-Year management report which comprises the Chairman's Statement, Investment Policy, Investment Adviser's Review and Investment Portfolio Summary. The Directors have satisfied themselves that the Company's cash position is adequate to enable the Company to continue as a going concern under any plausible stress scenario. The portfolio remains well funded and Gresham House's portfolio directors are ensuring that management teams undertake adequate cost control and cashflow planning. The major cash outflows of the Company (namely investments, share buy-backs and dividends) are within the Company's control. The Board's assessment of liquidity risk and details of the Company's policies for managing its capital and financial risks are shown in Notes 16 and 17 of the Annual Report on pages 71 to 79. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the Half-Year Report and financial statements.

Cautionary statement

This report may contain forward looking statements with regard to the financial condition and results of the Company, which are made in the light of current economic and business circumstances. Nothing in this report should be construed as a profit forecast.

For and on behalf of the Board:

Maurice Helfgott Chairman

19 June 2025

08 Unaudited Condensed Financial Statements

Unaudited Condensed Income Statement

for the six months ended 31 March 2025

		Six months ended 31 March 2025 (unaudited)
	Notes	Revenue	Capital	Total
		£	£	£
Net investment portfolio (losses)/gains	9	-	(650,592)	(650,592)
Income	4	2,790,815	-	2,790,815
Investment Adviser's fees	5	(582,394)	(1,747,183)	(2,329,577)
Investment Adviser's performance fees	5	-	(849,789)	(849,789)
Merger expenses		(11,304)	-	(11,304)
Other expenses		(379,153)	-	(379,153)
Profit/(loss) on ordinary activities before taxation Tax on profit/(loss) on ordinary activities	6	1,817,964 (360,098)	(3,247,564) 360,098	(1,429,600) -
Profit/(loss) for the period and total comprehensive income		1,457,866	(2,887,466)	(1,429,600)
Basic and diluted earnings per share	7	0.45p	(0.89)p	(0.44)p

The revenue column of the Income Statement includes all income and expenses. The capital column accounts for the net investment portfolio (losses)/gains (net unrealised gains and realised losses on investments) and the proportion of the Investment Adviser's fee and performance fee charged to capital.

The total column is the Statement of Total Comprehensive Income of the Company prepared in accordance with Financial Reporting Standards ("FRS"). In order to better reflect the activities of a VCT and in accordance with the 2014 Statement of Recommended Practice ("SORP") issued by the Association of Investment Companies ("AIC") and updated in July 2022, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The revenue column of profit attributable to equity shareholders is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Section 274 Income Tax Act 2007.

There is no other comprehensive income and therefore the return for the period/year is also the total comprehensive income for the period/year.

The notes to the unaudited financial statements on pages 25 to 31 form part of these Half-Year Financial Statements.

(audited)	Year ended 30 September 2024		(unaudited)	Six months ended 31 March 2024
Total	Capital	Revenue	Total	Capital	Revenue
£	£	£	£	£	£
1,712,433	1,712,433	-	3,346,143	3,346,143	-
2,717,456	-	2,717,456	1,371,200	-	1,371,200
(2,779,735)	(2,084,801)	(694,934)	(1,240,103)	(930,077)	(310,026)
	-	-	-	-	-
(153,695)	-	(153,695)	-	-	-
(501,035)	-	(501,035)	(441,461)	-	(441,461)
995,424	(372,368)	1,367,792	3,035,779	2,416,066	619,713
	368,505	(368,505)	-	149,379	(149,379)
995,424	(3,863)	999,287	3,035,779	2,565,445	470,334

Section 274 Income Tax Act 2007.

income for the period/year.

Investment Adviser's fee and performance fee charged to capital.

The revenue column of the Income Statement includes all income and expenses. The capital column accounts for the net investment portfolio (losses)/gains (net unrealised gains and realised losses on investments) and the proportion of the

The total column is the Statement of Total Comprehensive Income of the Company prepared in accordance with Financial Reporting Standards ("FRS"). In order to better reflect the activities of a VCT and in accordance with the 2014 Statement of Recommended Practice ("SORP") issued by the Association of Investment Companies ("AIC") and updated in July 2022, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The revenue column of profit attributable to equity shareholders is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in

There is no other comprehensive income and therefore the return for the period/year is also the total comprehensive

The notes to the unaudited financial statements on pages 25 to 31 form part of these Half-Year Financial Statements.

Unaudited Condensed Balance Sheet

as at 31 March 2025

		31 March 2025 (unaudited)	31 March 2024 (unaudited)	30 September 2024 (audited)
Notes		£	£	£
Fixed assets
Investments at fair value	9	137,565,745	76,942,410	135,952,721
Current assets
Debtors and prepayments		467,204	497,652	365,597
Current asset investments	10	82,093,194	37,557,181	51,807,618
Cash at bank	10	292,676	751,937	982,921
		82,853,074	38,806,770	53,156,136
Creditors: amounts falling due within one year		(1,692,438)	(456,504)	(413,190)
Net current assets		81,160,636	38,350,266	52,742,946
Net assets		218,726,381	115,292,676	188,695,667
Capital and reserves
Called up share capital		3,222,428	1,551,870	2,661,367
Capital redemption reserve		141,724	39,118	57,309
Share premium reserve		126,732,138	1,917,004	82,127,672
Revaluation reserve		30,529,841	29,045,977	29,093,813
Special distributable reserve		43,825,118	69,722,028	62,373,775
Profit and loss account		14,275,132	13,016,679	12,381,731
Equity Shareholders' funds		218,726,381	115,292,676	188,695,667
Basic and diluted net asset value:
Basic and diluted net asset value per share	11	67.88p	74.29p	70.90p

The financial information for the six months ended 31 March 2025 and the six months ended 31 March 2024 has not been audited.

The notes to the unaudited financial statements on pages 25 to 31 form part of these Half-Year Financial Statements.

The Half-Year Report was approved and authorised for issue by the Board of Directors on 19 June 2025 and was signed on its behalf by:

Maurice Helfgott Chairman

Unaudited Condensed Statement of Changes in Equity

for the six months ended 31 March 2025

	Called up capital	Non-distributable reserves Capital Share Revaluation share redemption premium reserve reserve			Distributable reserves Special Realised Revenue reserve distributable capital reserve reserve reserve (Note b)			Total
	£	£	£	£	(Note a) £	(Note b) £	£	£
At 1 October 2024	2,661,367	57,309	82,127,672	29,093,813	62,373,775	10,574,249	1,807,482	188,695,667
Comprehensive income for the period Profit/(loss) for the period	-	-	-	742,065	-	(3,629,531)	1,457,866	(1,429,600)
Total comprehensive income for the period	-	-	-	742,065	-	(3,629,531)	1,457,866	(1,429,600)
Contributions by and distributions to owners Shares issued via Offer for Subscription (Note c)	625,627	-	44,374,373	-	-	-	-	45,000,000
Issue costs and facilitation fees on Offer for Subscription Dividends re-invested	-	-	(1,126,509)	-	(482,835)	-	-	(1,609,344)
into new shares (Note d) Shares bought back (Note e)	19,849 (84,415)	- 84,415	1,356,602 -	- -	- (5,328,383)	- -	- -	1,376,451 (5,328,383)
Dividends paid	-	-	-	-	(7,995,311)	15,211	1,690	(7,978,410)
Total contributions by and distributions to
owners	561,061	84,415	44,604,466	-	(13,806,529)	15,211	1,690	31,460,314
Other movements Realised losses transferred to special
reserve (Note a) Realisation of previously	-	-	-	-	(4,742,128)	4,742,128	-	-
unrealised losses	-	-	-	693,963	-	(693,963)	-	-
Total other movements	-	-	-	693,963	(4,742,128)	4,048,165	-	-
At 31 March 2025	3,222,428	141,724	126,732,138	30,529,841	43,825,118	11,008,094	3,267,038	218,726,381

Note a): The Company's special reserve is available to fund buybacks of shares as and when it is considered by the Board to be in the interests of Shareholders, and to absorb any existing and future realised losses and for other corporate purposes. At 31 March 2025, the Company has a special distributable reserve of £43,825,118, £9,195,992 of which arises from shares issued more than three years after the end of the financial year in which they were issued. Reserves originating from share issues are not distributable under VCT rules if they are within three years of the end of an accounting period in which the shares were issued. The total transfer of £4,742,128 from the realised capital reserve to the special distributable reserve above is the total of realised losses incurred by the Company in the period.

Note b): The realised capital reserve and the revenue reserve together comprise the Profit and Loss Account of the Company.

Note c): Under the Company's Offer for subscription launched on 2 September 2024, 62,562,671 Ordinary Shares were allotted on 1 October 2024 and 28 October 2024, raising net funds of £43,390,656 for the Company. This figure is net of issue costs of £1,126,509 and facilitation fees of £482,835.

Note d): Under the terms of the Dividend Investment Scheme, a total of 1,984,943 ordinary shares were allotted during the period for a total consideration of £1,376,451.

Note e): During the period, the Company repurchased 8,441,497 of its own shares at the prevailing market price for a total cost (including stamp duty) of £5,328,383, which were subsequently cancelled.

Unaudited Condensed Statement of Changes in Equity

for the six months ended 31 March 2024

	Called up	Non-distributable reserves Capital Share Revaluation share redemption premium reserve			Distributable reserves Special distributable	Revenue reserve	Total
	capital £	reserve £	reserve £	£	reserve £	reserve £	£	£
At 1 October 2023	1,547,669	15,672	-	28,829,554	77,108,733	13,304,063	1,972,095	122,777,786
Comprehensive income for the period
Profit/(loss) for the period	-	-	-	3,346,143	-	(780,698)	470,334	3,035,779
Total comprehensive
income for the period	-	-	-	3,346,143	-	(780,698)	470,334	3,035,779
Contributions by and distributions to owners
Dividends re-invested
into new shares Shares bought back	27,647 (23,446)	- 23,446	1,917,004 -	- -	- (1,631,810)	- -	- -	1,944,651 (1,631,810)
Dividends paid	-	-	-	-	(4,643,027)	(6,190,703)		- (10,833,730)
Total contributions by and distributions to
owners	4,201	23,446	1,917,004	-	(6,274,837)	(6,190,703)		- (10,520,889)
Other movements Realised losses
transferred to special reserve	-	-	-	-	(1,111,868)	1,111,868	-	-
Realisation of previously unrealised gains	-	-	-	(3,129,720)	-	3,129,720	-	-
Total other movements	-	-	-	(3,129,720)	(1,111,868)	4,241,588	-	-
At 31 March 2024	1,551,870	39,118	1,917,004	29,045,977	69,722,028	10,574,250		2,442,429 115,292,676

The composition of each of these reserves is explained below:

Called up share capital - The nominal value of shares originally issued, increased for subsequent share issues either via an Offer for Subscription or Dividend Investment Scheme or reduced due to shares bought back by the Company.

Capital redemption reserve - The nominal value of shares bought back and cancelled is held in this reserve, so that the Company's capital is maintained.

Share premium reserve - This reserve contains the excess of gross proceeds less issue costs over the nominal value of shares allotted under recent Offers for Subscription and the Company's Dividend Investment Scheme as well as the reserve created upon the issue of shares as part of the acquisition of Mobeus Income & Growth 4 VCT plc.

Revaluation reserve - Increases and decreases in the valuation of investments held at the period-end are accounted for in this reserve, except to the extent that the diminution is deemed permanent. In accordance with stating all investments at fair value through profit and loss (as recorded in Note 9), all such movements through both revaluation and realised capital reserves are shown within the Income Statement for the period.

Special distributable reserve - This reserve is created from cancellations of the balances upon the Share premium reserve, which are transferred to this reserve from time to time. The cost of share buybacks and any realised losses on the sale or impairment of investments (excluding transaction costs) are typically charged to this reserve. 75% of the Investment Adviser fee expense, and the related tax effect, that are charged to the realised capital reserve are transferred to this reserve. This reserve will also be charged any facilitation fee payments to financial advisers, which arose as part of the Offer for Subscription.

Realised capital reserve - The following are accounted for in this reserve:

• Gains and losses on realisation of investments;
• Permanent diminution in value of investments;
• Transaction costs incurred in the acquisition and disposal of investments;
• 75% of the Investment Adviser fee expense and 100% of any performance fee payable, together with the related tax effect to this reserve in accordance with the policies; and
• Capital dividends paid and/or the cost of share buybacks.

Revenue reserve - Income and expenses that are revenue in nature are accounted for in this reserve, as well as 25% of the Investment Adviser fee together with the related tax effect, as well as income dividends paid that are classified as revenue in nature.

The notes to the unaudited financial statements on pages 25 to 31 form part of these Half-Year Financial Statements.

Unaudited Condensed Statement of Cash Flows

for the six months ended 31 March 2025

	Six months ended 31 March 2025 (unaudited)	Six months ended 31 March 2024 (unaudited)	Year ended 30 September 2024 (audited)
Notes	£	£	£
Cash flows from operating activities (Loss)/profit for the financial period	(1,429,600)	3,035,779	995,424
Adjustments for: Net investment portfolio losses/(gains) (Increase)/decrease in debtors Increase/(decrease) in creditors and accruals	650,592 (101,607) 847,232	(3,346,143) (187,230) 107,934	(1,712,433) 66,819 (128,446)
Net cash outflow from operating activities	(33,383)	(389,660)	(778,636)
Cash flows from investing activities Purchase of investments 9 Disposal of investments 9	(3,079,914) 820,498	(4,749,293) 3,875,411	(8,960,016) 3,876,057
Net cash inflow/(outflow) from investing activities	892,353	(873,882)	(5,083,959)
Cash flows from financing activities Shares issued as part of Offer for subscription Issue costs and facilitation fees as part of Offer for subscription Cash received on acquisition of net assets from Mobeus Income & Growth 4 VCT plc Stamp duty on shares issued to acquire the net assets from Mobeus Income & Growth 4 VCT plc Payments to meet merger of Mobeus Income & Growth 4 VCT plc Equity dividends paid 8 Purchase of own shares Net cash inflow/(outflow) from financing activities	45,000,000 (1,609,344) - - (30,993) (6,601,959) (4,869,572) 31,888,132	- - - - - (8,889,079) (1,631,810) (10,520,889)	- - 24,690,911 (233,378) (341,728) (12,684,997) (2,871,223) 8,559,585
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at start of period	32,747,102 49,638,769	(11,784,431) 46,941,780	2,696,990 46,941,780
Cash and cash equivalents at end of period	82,385,871	35,157,349	49,638,770
Cash and cash equivalents comprise: Cash at bank and in hand 10 Cash equivalents 10	292,676 82,093,195	751,937 34,405,412	982,921 48,655,849

The notes to the unaudited financial statements on pages 25 to 31 form part of these Half-Year Financial Statements.

Notes to the Unaudited Condensed Financial Statements

for the six months ended 31 March 2025

1. Company information

Gresham House Income & Growth VCT plc (formerly The Income & Growth VCT plc) is a public limited company incorporated in England, registration number 04069483. The registered office is 5 New Street Square, London, EC4A 3TW.

2. Basis of preparation of the Financial Statements

These Financial Statements are prepared in accordance with accounting policies consistent with Financial Reporting Standard 102 ("FRS102"), Financial Reporting Standard 104 ("FRS104") - Interim Financial Reporting, with the Companies Act 2006 and the 2014 Statement of Recommended practice, 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ("the SORP") (updated in July 2022) issued by the Association of Investment Companies ("AIC").

The Half-Year Report has not been audited, nor has it been reviewed by the auditor pursuant to the Financial Reporting Council's (FRC) guidance on Review of Interim Financial Information.

3. Principal accounting policies

The accounting policies have been applied consistently throughout the period. Full details of principal accounting policies will be disclosed in the Annual Report, while the policy in respect of investments is included within an outlined box at the top of Note 9 on investments.

4. Income

	Six months ended 31 March 2025 (unaudited) £	Six months ended 31 March 2024 (unaudited) £	Year ended 30 September 2024 (audited) £
Income
- Dividends	388,876	25,000	47,465
- Money market funds	1,846,355	969,009	1,828,492
- Loan stock interest	479,283	253,566	632,724
- Bank deposit interest	76,301	123,625	208,775
Total Income	2,790,815	1,371,200	2,717,456

5. Investment Adviser's fees and performance fees

	Six months ended	Six months ended	Year ended
	31 March 2025	31 March 2024	30 September 2024
	(unaudited)	(unaudited)	(audited)
	£	£	£
Allocated to revenue return: Investment Adviser's fees	582,394	310,026	694,934
Allocated to capital return: Investment Adviser's fees	1,747,183	930,077	2,084,801
Investment Adviser's performance fees	849,789	-	-
Total	3,179,366	1,240,103	2,779,735
Investment Adviser's fee	2,329,577	1,240,103	2,779,735
Investment Adviser's performance fees	849,789	-	-
Total	3,179,366	1,240,103	2,779,735

Under the terms of a revised Investment Management Agreement dated 18 June 2024 (effective from the date of the acquisition of Mobeus Income & Growth 4 VCT plc ("MIG4") on 26 July 2024), Gresham House Asset Management Limited provides investment advisory, administrative and company secretarial services to the Company, for a fee of 2% per annum of closing net assets, paid in advance, calculated on a quarterly basis by reference to the net assets at the end of the preceding quarter (prior to 26 July 2024: 2.4%), plus a fixed fee of £215,080 per annum (prior to 26 July 2024: minimum and maximum limits of £150,000 and £170,000 per annum respectively) and subject to annual increases in RPI (RPI increases are currently being waived until otherwise agreed by the Board), the latter inclusive of VAT.

The Investment Adviser's fee includes provision for a cap on expenses excluding exceptional items, performance incentive fees and trail commission set at 3.0% of closing net assets at the year-end. In accordance with the Investment Management Agreement, any excess expenses are borne by the Investment Adviser. The excess expenses during the year amounted to £nil (2024: £nil).

Incentive Agreement

Under a Performance Incentive Agreement dated 18 June 2024, a performance incentive fee will be payable by the Company to Gresham House in respect of each Financial Period commencing on or after 1 October 2024 where the Company has achieved an average annual NAV total return per Share over a five year period ("Average Total Return") in excess of an average annual hurdle over that five year period ("Average Annual Hurdle"). If the Average Annual Hurdle is met in respect of a Financial Year, Gresham House would be entitled to an amount equal to 15% of the amount by which the Average Total Return exceeds the Average Annual Hurdle on a Per Share Basis, but subject to the Annual PIF Cap.

For these purposes:

'Financial Period' means each financial period of the Company.

'Average Total Return' means the movement in NAV per Share over a period covering the relevant Financial Period and the four preceding Financial Periods (Five Year Period), plus cumulative dividends per Share paid during that Five Year Period, divided by five.

'Average Annual Hurdle' means an average annual return across the Five Year Period on the NAV per Share at the beginning of the Five Year Period of the higher of (i) 6% per annum and (ii) the weighted average of the Bank of England base rate plus 2% at the end of each month during the Five Year Period.

'Per Share Basis' means the average number of Ordinary Shares in issue during the Five Year Period (mean average of the Financial Year-end positions during the relevant Five Year Period), and, in respect of Financial Periods prior to the Merger having taken place, taking into account the MIG4 VCT's share capital on an equivalent basis and the number of Consideration Shares that would have been in issue based on the Merger Ratio (so as to give an average historic Enlarged VCT position).

'Annual PIF Cap' means an amount equal to a cap of 1.25% of the VCT's net assets as at the end of the relevant Financial Period. Any performance incentive fee shall be calculated and paid in cash within 30 business days following the date of publication by the VCT of its annual report and financial statements for the relevant Financial Period. Any amount in excess of the PIF Cap will not, for the avoidance of doubt, be carried forward to any subsequent calculation period.

The first Financial Period to which the performance incentive fee will apply will be the financial period starting on 1 October 2024. The performance will be measured from 1 October 2020 to 30 September 2025 and, if a payment is due, would be paid following the publication of the Company's annual report and financial statements for the year ending 30 September 2025. As at 31 March 2025, the Average Total Return of 6.42p compared to the Average Annual Hurdle of 4.21p, resulting in an excess of 2.21p. If, at 30 September 2025, the NAV Total Return, the Net Asset Value and the weighted average number of shares in issue over the five-year period to 30 September 2025 remained unchanged from their positions as at 31 March 2025, Gresham House will be entitled to a performance incentive payment of £0.85 million. This has been accrued in these financial statements.

6. Taxation

There is no tax charge for the period as the Company incurred tax allowable expenses in excess of taxable income.

7. Basic and diluted earnings and return per share

	Six months ended	Six months ended	Year ended
	31 March 2025	31 March 2024	30 September 2024
	(unaudited)	(unaudited)	(audited)
	£	£	£
i) Total earnings after taxation:	(1,429,600)	3,035,779	995,424
Basic and diluted earnings per share (Note a)	(0.44)p	1.94p	0.57p
ii) Revenue earnings from ordinary activities after taxation Basic and diluted revenue earnings per share (Note b)	1,457,866 0.45p	470,334 0.30p	999,287 0.57p
Net investment portfolio (losses)/gains Capitalised Investment Adviser fees and performance fees less taxation	(650,592) (2,236,874)	3,346,143 (780,698)	1,712,433 (1,716,296)
iii) Total capital earnings	(2,887,466)	2,565,445	(3,863)
Basic and diluted capital earnings per share (Note c)	(0.89)p	1.64p	0.00p
iv) Weighted average number of shares in issue in the period (Note d)	325,056,644	156,342,828	176,030,526

Notes:

a) Basic earnings per share is total earnings after taxation divided by the weighted average number of shares in issue.

b) Basic revenue earnings per share is the revenue return after taxation divided by the weighted average number of shares in issue.

c) Basic capital earnings per share is the total capital return after taxation divided by the weighted average number of shares in issue.

d) There are no instruments that will increase the number of shares in issue in the future. Accordingly, the above figures currently represent both basic and diluted earnings per share.

8. Dividends

Dividend	Type	For the year ended 30 September	Pence per share	Date paid	Six months ended 31 March 2025 (unaudited) £	Six months ended 31 March 2024 (unaudited) £	Year ended 30 September 2024 (audited) £
Interim	Special*	2023		3.00p 7 November 2023	-	4,643,027	4,643,027
Interim	Capital	2023		4.00p 7 November 2023	-	6,190,703	6,190,703
Interim	Income	2024	0.75p	7 June 2024	-	-	1,163,900
Interim	Special*	2024	2.25p	7 June 2024	-	-	3,491,697
Interim	Capital*	2023	4.00p	18 October 2024	7,995,311	-	-
		Dividends refunded in the period			(16,901)	-	-
Total					7,978,410	10,833,730	15,489,327

* These dividends were paid out of the Company's special distributable reserve.

For the period-ended 31 March 2025, £7,978,410 disclosed above differs to that shown in the Statement of Cash Flows of £6,601,959 due to £1,376,451 of new shares allotted subject to listing under the Company's Dividend Investment Scheme.

After the period-end, a dividend of 2.50 pence per share was paid to shareholders on 11 April 2025.

Credit: Much Better Adventures, portfolio company

9. Summary of movement on investments during the period

The most critical estimates, assumptions and judgements relate to the determination of the carrying value of investments at "fair value through profit and loss" ("FVTPL"). All investments held by the Company are classified as FVTPL and measured in accordance with the International Private Equity and Venture Capital Valuation ("IPEV") guidelines, as updated in December 2022. This classification is followed as the Company's business is to invest in financial assets with a view to profiting from their total return in the form of capital growth and income.

Purchases and sales of unlisted investments are recognised when the contract for acquisition or sale becomes unconditional. For investments actively traded on organised financial markets, fair value is generally determined by reference to Stock Exchange market quoted bid prices at the close of business on the balance sheet date. Purchases and sales of quoted investments are recognised on the trade date where a contract of sale exists whose terms require delivery within a time frame determined by the relevant market. Where the terms of a disposal state that consideration may be received at some future date and, subject to the conditionality and materiality of the amount of deferred consideration, an estimate of the fair value discounted for the time value of money may be recognised through the Income Statement. In other cases, the proceeds will only be recognised once the right to receive payment is established and there is no reasonable doubt that payment will be received.

Unquoted investments are stated at fair value by the Directors at each measurement date in accordance with appropriate valuation techniques, which are consistent with the IPEV guidelines:

(i) Each investment is considered as a whole on a 'unit of account' basis, i.e. that the value of each portfolio company is considered as a whole, alongside consideration of:-

The price of new or follow-on investments made, if deemed to be made as part of an orderly transaction, are considered to be at fair value at the date of the transaction. The inputs that derived the investment price are calibrated within individual valuation models and at subsequent measurement dates, are reconsidered for any changes in light of more recent events or changes in light of more recent events or changes in the market performance of the investee company. The valuation bases used are the following:

• a multiple basis. The enterprise value of the investment may be determined by applying a suitable price-earnings ratio, revenue or gross profit multiple to that company's historic, current or forecast post-tax earnings before interest, depreciation and amortisation, or revenue, or gross profit (the ratio used being based on a comparable sector but the resulting value being adjusted to reflect points of difference identified by the Investment Adviser compared to the sector including, inter alia, scale and liquidity); or:
• where a company's underperformance against plan indicates a diminution in the value of the investment, provision against cost is made, as appropriate.
• (ii) Premiums, to the extent that they are considered capital in nature, and that they will be received upon repayment of loan stock investments are accrued at fair value when the Company receives the right to the premium and when considered recoverable.
• (iii) Where a multiple or the price of recent investment less impairment basis is not appropriate and overriding factors apply, a discounted cash flow, net asset valuation, realisation proceeds or a weighted average of these bases may be applied.

The methodology applied takes account of the nature, facts and circumstances of the individual investment and uses reasonable data, market input, assumptions and estimates in order to ascertain fair value. Methodologies are applied consistently each year except where a change results in a better estimate of fair value.

Capital gains and losses on investments, whether realised or unrealised, are dealt with in the profit and loss and revaluation reserves and movements in the period are shown in the Income Statement.

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

The key judgements for the Directors are in relation to identifying the most appropriate valuation methodologies for estimating the fair value of unquoted investments. The most relevant methodologies applied are explained above. A further key judgement made related to investments that are permanently impaired. Where the value of an investment has fallen permanently below the price of recent investment, the loss is treated as a permanent impairment and a realised loss, even though the investment is still held. The key estimates involved in determining the fair value of a company can include:

• identifying a relevant basket of market comparables;
• deducing the discount to apply to those market comparables;
• determining maintainable earnings or revenues; or
• identifying surplus cash.

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

• Level 1 Fair value is measured based on quoted prices in an active market.
• Level 2 Fair value is measured based on directly observable current market prices or indirectly being derived from market prices.
• Level 3 Fair value is measured using valuation techniques using inputs that are not based on observable market data.

	Traded on AIM	Unquoted ordinary shares	Unquoted Preference shares	Unquoted Loan stock	Total
	Level 1 £	Level 3 £	Level 3 £	Level 3 £	£
Valuation at 1 October 2024	6,897,986	103,410,408	7,332,759	18,311,568	135,952,721
Purchases at cost (Note a) Sales - proceeds Net realised losses on investments in the	- -	223,711 (820,498)	2,011,193 -	849,210 -	3,084,114 (820,498)
period Net unrealised gains/(losses) on investments in	-	-	-	(1,392,657)	(1,392,657)
the period	536,154	2,093,659	(492,134)	(1,395,614)	742,065
Valuation at 31 March 2025	7,434,140	104,907,280	8,851,818	16,372,507	137,565,745
Book cost at 31 March 2025 Unrealised gains/(losses) at 31 March 2025 Permanent impairment of cost of investments	3,108,961 4,825,179	84,620,196 26,374,948	8,713,234 140,251	20,608,387 (810,537)	117,050,778 30,529,841
(Note b)	(500,000)	(6,087,864)	(1,667)	(3,425,343)	(10,014,874)
Valuation at 31 March 2025	7,434,140	104,907,280	8,851,818	16,372,507	137,565,745
Gains/(losses) on investments Realised gains/(losses) based on historical cost Less amounts recognised as unrealised	-	166,440	-	(2,253,060)	(2,086,620)
(losses)/gains in previous years	-	(166,440)	-	860,403	693,963
Net movement in unrealised gains/(losses) in the period	536,154	2,093,659	(492,134)	(1,395,614)	742,065
Net investment portfolio gains/(losses) for the period-ended 31 March 2025	536,154	2,093,659	(492,134)	(2,788,271)	(650,592)

Notes:

a): Purchases shown above are £4,200 more than that shown on the Unaudited Condensed Statement of Cash Flows of £3,079,914 due to transaction costs paid after the period-end.

b): During the period, permanent impairments of the cost of investments have increased by £2,505,254 to £10,014,874. The increase is due to the full impairment of an investee company and loan impairment of another investee company.

Level 3 unquoted equity and loan investments are valued in accordance with IPEV guidelines as follows:

	as at 31 March 2025 (unaudited) £	as at 31 March 2024 (unaudited) £	as at 30 September 2024 (audited) £
Multiple of earnings, revenues or gross margin, as
appropriate	123,909,471	63,144,221	121,136,536
Recent investment price subsequently calculated as
appropriate	-	4,466,137	-
Recent investment price (reviewed for impairment)	3,885,717	1,365,852	3,376,534
Estimated realisation proceeds	2,284,941	468,771	820,498
Asset value supporting security held	-	2,273,349	3,677,598
Average price	51,476	25,302	43,569
Total	130,131,605	71,473,632	129,054,735

10. Current asset investments and Cash at bank

	as at 31 March 2025 (unaudited) £	as at 31 March 2024 (unaudited) £	as at 30 September 2024 (audited) £
OEIC Money market funds	82,093,194	34,405,412	48,655,849
Cash equivalents per Statement of Cash Flows Bank deposits that mature after three months	82,093,194 -	34,405,412 3,151,769	48,655,849 3,151,769
Current asset investments	82,093,194	37,557,181	51,807,618
Cash at bank	292,676	751,937	982,921

11. Net asset value per share

	as at	as at	as at
	31 March 2025	31 March 2024	30 September 2024
	(unaudited)	(unaudited)	(audited)
Net assets	£218,726,381	£115,292,676	£188,695,667
Number of shares in issue	322,242,893	155,187,008	266,136,776
Net asset value per share - basic and diluted	67.88p	74.29p	70.90p

12. Post balance sheet events

On 10 April 2025, a new investment of £0.64 million was made into Penfold Technology Limited, a pension platform, predominantly providing the infrastructure and back-end administration for SMEs that are required to provide their employees with pensions as a result of the government's auto enrolment legislation.

On 29 May 2025, a new investment of £2.49 million was made into Nu Quantum Limited, a developer of critical hardware components needed to interconnect quantum processors, enabling the creation of distributed, scalable quantum computing systems. This is an early-stage deep tech investment opportunity.

On 30 May 2025, a new investment of £1.28 million was made into Spinners Group Limited, a growing multi venue competitive socialising company, targeting students and young professional outside of the Greater London area, offering consumers activities such as darts, bowling and clay shooting alongside food and drink offerings.

On 13 June 2025, a new investment of £1.28 million was made into Modo25 Limited (trading as AskBosco/Modo25), a digital advertising agency and AI-powered software platform. The agency offers a full suite of digital marketing services, while the software platform enables brands and agencies to consolidate and visualise marketing data and performance metrics in an AI enabled dashboard.

13. Statutory information

The financial information for the six months ended 31 March 2025 and the six months ended 31 March 2024 has not been audited.

The financial information contained in this Half-Year report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 30 September 2024 have been filed with the Registrar of Companies. The auditor has reported on these Financial Statements and that report was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

14. Half-Year Report

Copies of this statement are being sent to all shareholders. Further copies are available free of charge from the Company's registered office, 5 New Street Square, London, EC4A 3TW, or can be downloaded via the Company's website at https://greshamhouse.com/gresham-house-income-growth-vct-plc/.

Shareholder information 09

Communications with Shareholders

We aim to communicate regularly with our Shareholders and are exploring ways to increase how shareholders can engage with the Company. The Company's Annual General Meetings provide a useful platform for the Board to meet Shareholders and exchange views. Your Board welcomes your attendance at all general meetings to give you the opportunity to meet your Directors and representatives of the Investment Adviser.

We were particularly pleased with the turn out and interaction at the Company's AGM in March 2025 and intend to further improve the AGM experience for shareholders. The Company's 2026 AGM will again be held with Gresham House Income & Growth 2 VCT plc (formerly Mobeus Income & Growth VCT plc) ("GHV2"). The presentation will take place in the morning and will be extended to include a spotlight on some of the portfolio companies to showcase their growth journeys. It will also provide an opportunity for shareholders to meet with the Company's Board and representatives of the Investment Adviser. After a break for lunch, the formal AGMs of both the Company and GHV2 will take place. Further information will be provided in the 2025 Annual Report & Financial Statements.

The Board and Investment Adviser believe it is important to update shareholders on the performance of their investment. To facilitate these updates and to improve shareholder engagement, the Investment Adviser will be circulating a revamped bi-annual newsletter to all shareholders for whom the Company's Registrar's hold an email address. The newsletters will provide updates on the Company, its performance and have insights on the portfolio companies. Video content will continue to be used to provide shareholders with user friendly information. The newsletter will only provide information specific to the Company, GHV2 and their portfolio companies. You will still need to opt in to receive marketing communications from the wider Gresham House business.

Shareholders wishing to follow the Company's progress can visit its website at https://greshamhouse.com/greshamhouse-income-growth-vct-plc/. The website includes up-to-date information on the Company's performance, including the most recent NAV, and dividends paid as well as publicly available information on the Company's portfolio of investments and copies of company reports. There is also a link to the London Stock Exchange's website at www.londonstockexchange.com which provides up to the minute details of the share price and latest NAV announcements, etc.

The Company releases Interim Management Statements in respect of those quarters when it does not publish Annual or Half-Year Financial Statements.

Financial calendar

June 2025	Announcement of Half-Year results and circulation of the Half-Year Report for the six months ended 31 March 2025
30 September 2025	Year-end
January 2026	Announcement of Annual Results and circulation to Shareholders of the Annual Report for the year ended 30 September 2025
March 2026	Annual General Meeting

Dividend

Shareholders who wish to have their dividends paid directly into their bank account, rather than having them sent by cheque to their registered address, can complete a mandate for this purpose. Mandates can be obtained by contacting the Company's Registrar, The City Partnership (UK) Limited, at the address given on page 41.

Shareholders are encouraged to ensure that the Registrar maintain up-to-date details for their accounts and to check whether they have received and banked all dividends payable to them. This is particularly important if a Shareholder has recently changed address or bank details. We are aware that a number of dividends remain unclaimed by Shareholders and whilst we will endeavour to contact them if this is the case, we cannot guarantee that we will be able to do so if the Registrar does not have an up-to-date postal and/or email address.

Dividend Investment Scheme (the "Scheme")

Those Shareholders who wish to participate, or to amend their existing participation, in the Scheme, can do so by visiting https://greshamhouse.com/gresham-house-income-growth-vct-plc/ and click the Dividends tab under Shareholder Information or by contacting the Registrar directly using the details below.

Those Shareholders who wish to opt-in or opt-out of the Scheme can do so at any time by completing a mandate form and posting it to The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH or to opt-out, by emailing a scanned signed removal form to registrars@city.uk.com from your registered email address or by contacting City using the contact details on the last page of this Report.

For further information and to download the Mandate Form required to opt-in to the Scheme, please visit https://greshamhouse.com/gresham-house-income-growth-vct-plc/ and select the Dividends subheading under Shareholder Information.

Alternatively, Shareholders can use the online portal to opt-in and opt-out of the Scheme via: https://gresham-house-vcts.cityhub.uk.com/login. You will need your Investor Code (CIN) which can be found in the letter dated 14 December 2023, on new share certificates or by contacting City.

Please note that Shareholders' elections to opt-in or opt-out of the Scheme must be received by City at least 15 days prior to a dividend payment date in order to become effective.

Managing your shareholding online

For details on your individual shareholding and to manage your account online, Shareholders may log into or register with the Cityhub Shareholder Portal: https://gresham-house-vcts.cityhub.uk.com/login. You can use the Portal to change your address details, check your holding balance and transactions, view the dividends you have received and add and amend your bank details.

Selling your shares

The Company's Shares are listed on the London Stock Exchange and as such they can be sold in the same way as any other quoted company through a stockbroker. Shareholders are also advised to discuss their individual tax position with their financial adviser before deciding to sell their shares.

The Company is unable to buy back shares direct from Shareholders, so you will need to use a stockbroker to sell your shares. If you do not have a broker already, the following links may be useful to help you identify a suitable broker: Find a Broker or Unbiased. You can check that they are FCA registered on the FCA website at: fca.org.uk.

If you are considering selling your shares or trading in the secondary market, please contact the Company's Corporate Broker, Panmure Liberum ("Panmure"). Panmure is able to provide details of close periods (when the Company is prohibited from buying in shares) and details of the price at which the Company has bought in shares.

Panmure can be contacted as follows:

Chris Lloyd: 0207 886 2716	Paul Nolan: 0207 886 2717
chris.lloyd@panmure.com	paul.nolan@panmure.com

Further details on how to sell your shares can be found here: https://greshamhouse.com/how-to-sell-baronsmead-andmobeusvct-shares/.

Common Reporting Standard ("CRS") and Foreign Account Tax Compliance Act ("FATCA")

Tax legislation was introduced with effect from 1 January 2016 under the Organisation for Economic Co-operation and Development Common Reporting Standard for Automatic Exchange of Financial Account Information. The legislation requires investment trust companies to provide personal information to HMRC on certain investors who purchase their shares. As an affected entity, the Company has to provide information annually to HMRC relating to a number of non-UK based certificated Shareholders who are deemed to be resident for tax purposes in any of the 90 plus countries who have joined CRS. All new Shareholders, excluding those whose shares are held in CREST, entered onto the share register after 1 January 2016 will be asked to provide the relevant information by the Registrar, City. Additionally, HMRC's policy position on FATCA now means that, as a result of the restricted secondary market in VCT shares, the Company's shares are not considered to be "regularly traded". The Company is therefore also an affected entity for the purposes of this legislation

and as such will have to provide information annually to HMRC relating to Shareholders who are resident for tax purposes in the United States.

For further information, please see HMRC's Quick Guide: Automatic Exchange of Information – information for account holders: https://www.gov.uk/government/publications/exchange-of-information-account-holders.

Fraud warning

Boiler room fraud and unsolicited communications to Shareholders

We are aware of Shareholders being contacted in connection with sophisticated but fraudulent financial scams which purport to come from the Company or to be authorised by it. This is often by a phone call or an email usually originating from outside of the UK, claiming or appearing to be from a corporate finance firm offering to buy your shares at an inflated price.

Further information on boiler room scams and fraud advice, as well as who to contact, can be found first in the answer to a question "What should I do if I receive an unsolicited offer for my shares?" within the VCT Investor area of the Investment Adviser's website in the What are VCTs section: https://greshamhouse.com/the-gresham-house-vcts/ and secondly, in a link to the FCA's ScamSmart site: www.fca.org.uk/scamsmart.

We strongly recommend that you seek financial advice before taking any action if you remain in any doubt. You can also contact the Investment Adviser on 020 7382 0999, or email info@greshamhouse.com to check whether any claims made by a caller are genuine.

Shareholders are also encouraged to ensure their personal data is always held securely and that data held by the Registrar of the Company is up to date, to avoid cases of identity fraud.

Shareholder enquiries:

For enquiries concerning the investment portfolio or the Company in general, please contact the Investment Adviser, Gresham House. To contact the Chairman or any member of the Board, please contact the Company Secretary, also Gresham House, in the first instance.

The Registrar, City, may be contacted via their shareholder portal, by post or telephone for queries relating to your shareholding.

Full contact details for each of Gresham House and City are included under Corporate Information on page 41.

Credit: Rotageek, portfolio company

Performance data at 31 March 2025

(unaudited)

Share price at 31 March 2025	64.50p1
NAV per share as at 31 March 2025	67.88p

Performance data for all fundraising rounds

The following tables shows, for investors in the first allotment of each fundraising in Gresham House Income & Growth VCT plc (formerly The Income & Growth VCT plc) ("GHV1"), and former Mobeus Income & Growth 4 VCT plc ("MIG 4 VCT"), how their investments have performed since they were originally allotted shares in each fundraising.

Shareholders from the original fundraising in 2000/01 should note that the funds were managed by three investment advisers, up until 10 March 2009. At that date, Mobeus became the sole adviser to this and all subsequent fundraisings.

On 26 July 2024, GHV1 acquired the assets and liabilities of MIG 4 VCT. Former MIG 4 VCT shareholders received 1.0119 shares in GHV1 VCT for every former MIG 4 VCT share they held.

Total return data, which includes cumulative dividends paid to date, is shown on both a share price and a NAV basis as at 31 March 2025. The NAV basis enables shareholders to evaluate more clearly the performance of the Investment Adviser, as it reflects the underlying value of the portfolio at the reporting date. This is the most widely used measure of performance in the VCT sector.

Allotment date(s)	Allotment price	Net allotment price2	Cumulative dividends paid	Total return per share to Shareholders since allotment
			per share3	(Share price basis)	(NAV basis)
	(p)	(p)	(p)	(p)	(p)
Funds raised - O Fund (launched 18 October 2000)4	100.00	60.62	147.49	196.37	198.93
Funds raised 2007/8 - S Share fund (launched 14 December 2007)	100.00	70.00	165.50	230.00	233.38
Funds raised 2010/11 (launched 12 November 2010)	104.80	73.36	165.00	229.50	232.88
Funds raised 2012 (launched 20 January 2012)	106.40	74.48	137.00	201.50	204.88
Funds raised 2013 (launched 29 November 2012)	116.00	81.20	137.00	201.50	204.88
Funds raised 2014 (launched 28 November 2013)	117.825	82.47	125.00	189.50	192.88
Funds raised 2015 (launched 10 December 2014)	108.335	75.83	107.00	171.50	174.88
Funds raised 2017/18 (launched 06 September 2017)	82.495	57.74	63.00	127.50	130.88
Funds raised 2019/20 (launched 25 October 2019)	77.285	54.10	48.00	112.50	115.88
Funds raised 2021/22 (launched 20 January 2022)	98.125	68.68	25.00	89.50	92.88
Funds raised 2022/23 (launched 5 October 2022)	82.735	57.91	17.00	81.50	84.88
Funds raised 2024/25 (launched 2 September 2024)	71.923	50.34	-	64.50	67.88

¹ Source: Panmure Liberum (mid-price basis), when the latest announced NAV was 64.96 pence adjusted for a 2.50 pence dividend paid on 11 April 2025.

² Net allotment price is the allotment price less applicable income tax relief. Income tax relief was 20% up until 5 April 2004, 40% from 6 April 2004 to 5 April 2006, and 30% thereafter.

³ For each fundraising, the allotment price, net allotment price, cumulative dividends paid, share price and NAV Total Return figures are based upon the first allotment in each fundraising.

⁴ Shareholders who invested in 2000/01 received 0.7578 shares in the current share class for each share previously held on 29 March 2010, when the Company's two share classes merged. The net allotment price, NAV, cumulative dividend, total return, share price and percentage return data per share have been adjusted to reflect this conversion ratio.

⁵ Average effective offer price. Shares were allotted pursuant to the 2014, 2015, 2017/18, 2019/20, 2021/22, 2022/23 and 2024/25 offers at individual prices for each investor in accordance with its pricing formula set out in each offer's respective securities note.

Former Mobeus Income & Growth 4 VCT plc

Share price at 31 March 2025	65.27p1
NAV per share as at 31 March 2025	68.69p

Allotment date(s)	Allotment price	Net allotment price2	Cumulative dividends paid	Total return per share to Shareholders since allotment
			per share3	(Share price basis)	(NAV basis)
	(p)	(p)	(p)	(p)	(p)
Funds raised 19994	200.00	160.00	169.24	234.51	237.93
Funds raised 2006/07 (launched 2 November 2006)	118.58	83.01	158.54	223.81	227.23
Funds raised 2010 Top Up Offer	112.40	78.68	153.54	218.81	222.23
Funds raised 2011 (launched 12 November 2010)	121.80	85.26	150.54	215.81	219.23
Funds raised 2012 (launched 20 January 2012)	123.50	86.45	147.54	212.81	216.23
Funds raised 2013 (launched 29 November 2012)	120.10	84.07	142.54	207.81	211.23
Funds raised 2014 (launched 28 November 2013)	120.365	84.25	135.04	200.31	203.73
Funds raised 2015 (launched 10 December 2014)	115.405	80.78	117.04	182.31	185.73
Funds raised 2017/18 (launched 06 September 2017)	89.535	62.67	71.04	136.31	139.73
Funds raised 2019/20 (launched 25 October 2019)	71.275	49.89	41.04	106.31	109.73
Funds raised 2021/22 (launched 20 January 2022)	101.895	71.32	26.04	91.31	94.73
Funds raised 2022/23 (launched 5 October 2022)	83.495	58.44	16.04	81.31	84.73

¹ Source: Panmure Liberum (mid-price basis), as adjusted for merger ratio.

² Net allotment price is the allotment price less applicable income tax relief. The tax relief was 20% up to 5 April 2004, 40% from 6 April 2004 to 5 April 2006, and 30% thereafter.

³ Dividends received since the merger date on 26 July 2024 have been converted using the merger ratio.

⁴ Investors in this fundraising may also have enhanced their returns if they had also deferred capital gains tax liabilities.

⁵ Average effective offer price. Shares were allotted pursuant to the 2014, 2015, 2017/18, 2019/20, 2021/22 and 2022/23 Offers at individual prices for each investor in accordance with the allotment formula set out in each respective Securities Note.

Gresham House Income & Growth VCT plc Half-Year Report 2025 37

Glossary of terms

Alternative performance measure ("APM")

A financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the VCT's financial reporting framework. These APMs tend to be industry specific terms which help Shareholders to understand and assess the Company's progress. A number of terms contained within this Glossary have been identified as APMs.

Cumulative dividends paid (APM)

The total amount of dividend distributions by the Company over the time period specified. A list of all dividends paid since the launch of the Company can be found on the Company's website. Dividends paid in the period/year and dividends paid in respect of the period/year are shown in the Performance Summary on page 2.

Cumulative total return (APM)

Cumulative total return per share comprises the NAV per share (NAV basis) or the mid-market price per share (Share price basis), plus cumulative dividends paid since launch of the current share class in 2008.

Internal Rate of Return ("IRR") (APM)

The internal rate of return is the annual discount rate that equates the original investment cost with the value of subsequent cash flows (such as receipts/dividends or further investment) and the latest valuation/exit proceeds or net asset value. Generally speaking, the higher an investment's IRR, the more successful it is.

Net asset value or NAV

The value of the Company's total assets less its total liabilities. It is equal to the total equity Shareholders' funds.

Net asset value per share or NAV per share

The net asset value per share is calculated as total equity Shareholders' funds divided by the number of Ordinary shares in issue at the year-end/period-end.

NAV Total Return (APM)

This measure combines two types of returns received by Shareholders. Firstly, as income in the form of dividends and secondly, as capital movements (net asset value) of the value of the Company.

Credit: Ozone API, portfolio company

A performance measure that adjusts for dividends that have been paid in a period or year. This allows Shareholders to assess the returns they have received both in terms of the performance of the Company but also including dividends they have received from the Company which no longer form part of the Company's assets.

It is calculated as the percentage return achieved after taking the closing NAV per share and adding dividends paid in the year and dividing the total by the opening NAV per share. The Directors feel that this is the most meaningful method for Shareholders to assess the performance of the Company.

To aid comparison with the wider Investment Trust market, the Annual Report also contains a Total Return performance measure which assumes dividends are reinvested. This assumes that dividends paid are reinvested at the date of payment at a price equivalent to the latest announced NAV at the ex-div date. Where this is referred to it will be specified in the notes.

Realised gains/(losses) in the period/year

This is the profit or loss that arises following the full or partial disposal of a holding in a portfolio company. It is calculated by deducting the value of the holding as at the previous year-end from the proceeds received in respect of such disposal.

Share price Total Return (APM)

As for the NAV Total Return, but the Company's mid-market share price is used in place of NAV. This measure more reflects the actual return a Shareholder will have earned, were they to sell their shares at the period-end date. It includes the impact of any discounts or premiums at which the share price trades compared to the underlying net asset values of the Company. If the shares trade at a discount, the returns could be less than the NAV Total Return, but if trading at a premium, returns could be higher than the NAV Total Return.

Timeline of the Company

October 2000

The Company is launched as TriVest VCT plc advised by three managers, Foresight Group, GLE Development Capital and LICA Development Capital.

April 2001

The Company's first fundraising of its "O Share Fund" is completed.

October 2007

The Company changes its name to The Income & Growth VCT plc.

December 2007

The 'S' Share Fund is launched.

March 2009

The Company becomes a VCT solely advised by Matrix Private Equity Partners. The Company changes its Investment Policy to focus on more mature businesses.

March 2010

The 'O' Share Fund (launched in 2000) merges with the 'S' Share Fund (launched in 2007) to create the current class of shares.

November 2011

The Company sells its stake in App-DNA for 32 times cost and pays a special interim capital dividend of 20p per share in the following January.

June 2012

Matrix Private Equity Partners LLP becomes a fully independent firm owned by its partners and renames itself Mobeus Equity Partners LLP.

2010-2014

The Company participates in four linked fundraisings with other Mobeus advised VCTs.

March 2015

The Company closes a successful fundraising with the other Mobeus advised VCTs in which £10 million was raised for the Company.

February 2016

The Company changes its Investment Policy to focus on younger, smaller development capital transactions.

September 2017 – March 2018

The Company launched and closed an Offer for Subscription raising £25 million.

October 2019 – January 2020

The Company launched and closed an Offer for Subscription raising £10 million.

October 2021

Gresham House Asset Management Limited acquires the VCT fund and investment management business from Mobeus Equity Partners LLP. The Mobeus-advised VCTs' investment advisory arrangements are novated from Mobeus Equity Partners LLP to Gresham House.

January 2022

The Company launched and closed a fundraising having successfully raised £10 million.

October 2022 – February 2023

The Company launched and closed a fundraising having successfully raised £22 million.

July 2024

The Company merges with Mobeus Income & Growth 4 VCT plc.

September – October 2024

The Company launched and closed a fundraising having successfully raised £45 million.

June 2025

The Company changes its name to Gresham House Income & Growth VCT plc.

Corporate information

Directors

Maurice Helfgott Graham Paterson Justin Ward Nemone Wynn-Evans

Company's Registered Office

5 New Street Square London EC4A 3TW

Company Registration Number

4069483

Company LEI number

213800FPC15FNM74YD92

Email

ghvcts@greshamhouse.com

Website

https://greshamhouse.com/gresham-house-incomegrowth-vct-plc/.

Investment Adviser, Company Secretary and Administrator

Gresham House Asset Management Limited 80 Cheapside London EC2V 6EE Tel: +44(0) 20 7382 0999

info@greshamhouse.com www.greshamhouse.com

Registrar

The City Partnership (UK) Limited The Mending Rooms Park Valley Mills Huddersfield HD4 7BH

Tel: 01484 240910 www.city.uk.com

Shareholder portal: https://gresham-house-vcts.cityhub.uk.com/

Independent Auditor

Johnston Carmichael LLP Bishop's Court 29 Albyn Place Aberdeen AB10 1YL

Solicitors

Shakespeare Martineau LLP 60 Gracechurch Street London EC3V 0HR

Corporate Broker

Panmure Liberum Limited 25 Ropemaker Street London EC2Y 9LY

VCT Status Adviser

Philip Hare & Associates LLP 6 Snow Hill London EC1A 2AY

Bankers

National Westminster Bank plc PO Box 12258 1 Princes Street London EC2R 8PA