THAMES VENTURES VCT 2 PLC

Annual / Quarterly Financial Statement • Aug 3, 2021

National Storage Mechanism | Additional information

Downing FOUR VCT plc (the “Company”)

**LEI: 21380035MV1VRYEXPR95

Net Asset Values and Portfolio Updates**

3 August 2021

The Company announces that the unaudited Net Asset Values (“NAVs”) of its Share Classes, as at 31 July 2021, were as follows:

	Unaudited
	31 July 2021
	Pence
Generalist Share pool
Net Asset Value (“NAV”) per Generalist Share	66.5
Cumulative distributions	2.5
Total Return per Generalist Share	69.0
Healthcare Share pool
Net Asset Value (“NAV”) per Healthcare Share	81.5
Cumulative distributions	2.5
Total Return per Healthcare Share	84.0
DSO D Share pool
Net Asset Value (“NAV”) per DSO D Share	10.0
Cumulative distributions	94.5
Adjusted for Performance Incentive estimate	(0.4)
Total Return per DSO D Share	104.1
DP67 Share pool
Net Asset Value (“NAV”) per DP67 Share	19.5
Cumulative distributions (since original launch)	67.8
Total Return per DP67 Share	87.3

The unaudited Balance Sheet of the Company is shown below, followed by a summary of the portfolio of investments held by each Share Class.

UNAUDITED BALANCE SHEET

as at 31 July 2021

		Unaudited 31 July 2021		Audited 31 March 2021
		£’000		£’000
Fixed assets
Investments		44,016		40,743
Current assets
Debtors		406		701
Cash at bank and in hand		6,970		6,986
		7,376		7,687
Creditors: amounts falling due within one year		(457)		(381)
Net current assets		6,919		7,306
Net assets		50,935		48,049
*Capital and reserves*
Called up Share capital		102		102
Other reserves		58		58
Special reserve		29,111		29,417
Share premium account		20,493		20,010
Funds held in respect of shares not yet allotted		346		241
Revaluation reserve		1,681		(1,143)
Capital reserve – realised		3,165		3,132
Revenue reserve		(4,021)		(3,768)
Total equity Shareholders’ funds		50,935		48,049

PORTFOLIO SUMMARIES

as at 31 July 2021

Generalist Share Pool	Cost	Valuation	% of net assets
Portfolio of investments (unaudited)	£’000	£’000
Venture Capital investments
E-Fundamentals (Group) Limited	1,342	2,760	8.64%
Imagen Limited	1,000	2,020	6.33%
Virtual Class Limited (Third Space Learning)	1,053	1,833	5.74%
Rated People Limited	1,282	1,583	4.95%
Cornelis Networks, Inc.	1,402	1,294	4.05%
Streethub Limited (t/a Trouva)	1,208	1,273	3.98%
Firefly Learning Limited	1,047	1,047	3.28%
Ecstase Limited (t/a ADAY)	1,000	1,000	3.13%
Trinny London Limited	219	957	2.99%
Limitless Technology Limited	757	920	2.88%
FundingXchange Limited	1,050	786	2.46%
Hackajob Limited	784	784	2.45%
Congenica Limited	734	746	2.33%
Arecor Therapeutics plc^^	418	743	2.32%
Ayar Labs, Inc.	764	720	2.25%
Parsable, Inc.	766	672	2.10%
Masters of Pie Limited	667	667	2.09%
Carbice Corporation	656	603	1.89%
Hummingbird Technologies Limited	750	535	1.67%
JRNI Limited	525	525	1.64%
Maverick Pubs (Holdings) Limited	1,000	450	1.41%
Fenkle Street LLP	301	388	1.21%
Cambridge Touch Technologies Limited	459	361	1.13%
Exonar Limited	550	358	1.12%
Destiny Pharma plc^^	500	354	1.11%
Xupes Limited	933	291	0.91%
Channel Mum Limited	675	278	0.87%
Empiribox Holdings Limited	1,563	262	0.82%
FVRVS Limited (t/a Fundamental VR)	250	250	0.78%
Upp Technologies Group Limited (prev. Volo Commerce)	1,077	242	0.76%
Lineten Limited	400	209	0.65%
MIP Diagnostics Limited	200	200	0.63%
Lignia Wood Company Limited	1,778	-	0.00%
Live Better With Limited	1,211	-	0.00%
Ormsborough Limited	900	-	0.00%
Glownet Limited	741	-	0.00%
	29,962	25,111	78.57%
Liquidity investments
Downing Strategic Micro-Cap Investment Trust plc^	4,269	3,050	9.54%
MI Downing UK Micro-Cap Growth Fund	124	99	0.31%
	4,393	3,149	9.85%
	34,355	28,260	88.42%
Cash at bank and in hand		3,773	11.80%
Other current assets		(71)	(0.22%)
Net assets		31,962	100.0%

^ listed and traded on the London Stock Exchange

^^ listed and traded on AIM

Healthcare Share Pool	Cost	Valuation	% of net assets
Portfolio of investments (unaudited)	£’000	£’000
Venture Capital investments
Arecor Therapeutics plc^^	1,533	2,726	17.04%
GENinCode plc^^	1,202	2,165	13.53%
Adaptix Limited	1,056	1,381	8.63%
Open Bionics Limited	1,000	1,379	8.61%
Congenica Limited	1,184	1,215	7.59%
Future Health Works Limited (t/a MyRecovery)	528	556	3.48%
The Electrospinning Company Limited	478	544	3.40%
Destiny Pharma plc^^	750	530	3.31%
FVRVS Limited (t/a Fundamental VR)	500	500	3.13%
Invizius Limited	500	500	3.13%
DiA Imaging Analysis Limited	415	405	2.53%
Cambridge Respiratory Innovations Limited	400	400	2.50%
MIP Diagnostics Limited	200	200	1.25%
Live Better With Limited	1,106	-	0.00%
	10,852	12,501	78.13%
Liquidity Investments
Downing Strategic Micro-Cap Investment Trust plc^	729	520	3.25%
MI Downing UK Micro-Cap Growth Fund	40	32	0.20%
	769	552	3.45%
	11,621	13,053	81.58%
Cash at bank and in hand		2,872	17.95%
Other current assets		75	0.47%
Net assets		16,000	100.0%

^ listed and traded on the London Stock Exchange

^^ listed and traded on AIM

DSO D Share pool	Cost	Valuation	% of net assets
Portfolio of investments (unaudited)	£’000	£’000
Venture Capital investments
Fresh Green Power Limited	189	279	35.36%
Pearce and Saunders Limited	275	76	9.63%
Green Energy Production UK Limited	100	66	8.37%
Pearce and Saunders DevCo Limited	19	19	2.41%
	583	440	55.77%
Cash at bank and in hand		315	39.92%
Other current assets		34	4.31%
Net assets		789	100.00%

DP67 Share pool	Cost	Valuation	% of net assets
Portfolio of investments (unaudited)	£’000	£’000
Venture Capital investments
Cadbury House Holdings Limited	1,409	791	36.22%
Gatewales Limited	343	745	34.11%
Fenkle Street LLP	405	727	33.29%
Yamuna Renewables Limited	400	-	0.00%
London City Shopping Centre Limited	99	-	0.00%
	2,656	2,263	103.62%
Cash at bank and in hand		10	0.46%
Other current assets		(89)	(4.08%)
Net assets		2,184	100.00%