TIDMCLC
CALCULUS VCT PLC
(formerly Investec Structured Products Calculus VCT Plc)
Half Yearly Report
for the six months ended 31 August 2015
INVESTMENT OBJECTIVE
The Company's principal objectives for investors are to:
* invest in a portfolio of Venture Capital Investments and Structured
Products that will provide investment returns that are sufficient to allow
the Company to maximise annual dividends and pay an interim return either
by way of a special dividend or cash offer for shares on or before an
interim return date;
* generate sufficient returns from a portfolio of Venture Capital Investments
that will provide attractive long-term returns within a tax efficient
vehicle beyond an interim return date;
* review the appropriate level of dividends annually to take account of
investment returns achieved and future prospects; and
* maintain VCT status to enable qualifying investors to retain their income
tax relief of up to 30 per cent. on the initial investment and receive
tax-free dividends and capital growth.
FINANCIAL REVIEW
Ordinary Share Fund
6 Months to 6 Months to 12 Months
31 August 31 August to
2015 2014 28 February
2015
Total return
Total return (GBP192,000) GBPNil (GBP73,000)
Total return per ordinary share (4.1)p 0.0p (1.5)p
Revenue
Net loss after tax (GBP32,000) (GBP20,000) (GBP57,000)
Revenue return per ordinary (0.7)p (0.4)p (1.2)p
share
As at As at As at
31 August 31 August 28 February
2015 2014 2015
Assets (investments valued at
bid market prices)
Net assets GBP2,711,000 GBP4,263,000 GBP3,148,000
Net asset value ("NAV") per
ordinary share 57.2p 90.0p 66.4p
Mid-market quotation
Ordinary shares 54.5p 85.5p 85.5p
(Discount)/premium to NAV (4.7)% (5.0)% 28.8%
C Share Fund
6 Months to 6 Months to 12 Months to
31 August 31 August 28 February
2015 2014 2015
Total return
Total return (GBP85,000) GBP10,000 GBP61,000
Total return per C share (4.4)p 0.5p 3.1p
Revenue
Net loss after tax (GBP13,000) (GBP13,000) (GBP23,000)
Revenue return per C share (0.7)p (0.7)p (1.2)p
As at As at As at
31 August 31 August 28
2015 2014 February
2015
Assets (investments valued at
bid market prices)
Net assets GBP1,569,000 GBP1,688,000 GBP1,739,000
NAV per C share 81.2p 87.4p 90.1p
Mid-market quotation
C shares 90.0p 90.0p 90.0p
Premium/(discount) to NAV 10.8% 3.0% (0.1)%
INTERIM MANAGEMENT REPORT
Performance Summary
The value of the qualifying portfolios for the ordinary shares and the C shares
fell over the period, reflecting a challenging period for smaller companies'
valuations and extreme volatility in financial markets. The net asset value
per ordinary share fell in the period to 31 August 2015 to 57.2 pence compared
to 66.4 pence as at 28 February 2015. In part, this was the result of paying a
dividend of 5.25 pence per ordinary share in July 2015. This dividend payment
took cumulative dividends paid on the ordinary shares since inception to 48.25
pence, bringing the total return per ordinary share to 105.45 pence. The net
asset value per C share was 81.2 pence as at 31 August 2015 compared to 90.1
pence as at 28 February 2015. Again, this was, in part, due to the payment of a
dividend of 4.5 pence per C share in July 2015. This dividend payment took
cumulative dividends paid on the C shares since inception to 18 pence, bringing
the total return per C share to 99.2 pence.
Notwithstanding the recent fall in NAV, as the portfolio continues to develop
and mature, it should lead to further value creation and provide opportunities
for profitable realisations.
Special Interim Dividend on Ordinary Shares
Within the Company's original subscription documents dated 3 March 2010, it was
stated that the Company's aim with regard to the ordinary shares was to produce
a return for investors of at least 70 pence per ordinary share by way of
dividends or cash tender offers by 14 December 2015.
The Directors are pleased that the Company is going to be in a position to meet
the targeted interim return on the ordinary Shares and have today declared a
special interim dividend of 21.8 pence per ordinary share, which will be paid
on 11 December 2015 to shareholders on the register on 20 November 2015. This
dividend will bring the total dividends paid to 70.05 pence per ordinary share.
Venture Capital Investments
Portfolio developments
Calculus Capital Limited manages the Company's portfolio of Qualifying
Investments. In general, we prefer to take stakes of sufficient size to enable
us to play a more influential role in helping the companies develop.
Investments may be by way of loan stock and/or preference shares as well as
equity. This provides income for the Company which helps us to pay regular
dividends and provides a measure of risk mitigation.
The Ordinary Share Fund and the C Share Fund are managed separately although
they both have the same investment remit and, therefore, both have similar
portfolios. As at 31 August 2015, the Company had eleven Qualifying Investments
and ten Qualifying Investments on behalf of the Ordinary Share Fund and the C
Share Fund, respectively.
In the six months to 31 August 2015, the Company sold its holding in Venn Life
Sciences plc ("Venn") on behalf of the Ordinary Share portfolio raising GBP
80,000. Hembuild Group Limited ("Hembuild") repaid half its loans and Hampshire
Cosmetics Limited ("Hampshire") repaid its loans in full from the Ordinary
Share portfolio. These two transactions raised GBP275,000 and the proceeds were
used to pay the dividend in July 2015.
Human Race Group Limited ("Human Race") (Ordinary and C Share Funds)
Human Race operates over 60 mass participation sports events in the UK. The
company's events include triathlon, cycling, running, duathlon, aquathlon and
open water swimming for over 90,000 participants of all abilities and ages,
making it the largest such operator in the UK. Two new flagship events have
been successfully launched in 2015: the London Winter Run, the largest
inaugural 10k run ever in the UK with 14,000 entries, and the Tour de
Yorkshire, a 3 day pro ride in partnership with ASO (organisers of the Tour de
France).
Benito's Hat (trading name for Pico's Limited) (C Share Fund)
Benito's Hat is a Mexican-themed, fast casual restaurant chain offering
tailor-made burritos, tacos, salads and a range of specials. Benito's Hat
provides an authentic experience and high-quality food, at an affordable price
point. The company ended its financial year on 31 July 2015, with like-for-like
sites beating both budget and prior year sales. The company opened three sites
during the year including at Selfridges on Oxford Street.
Metropolitan Safe Custody Limited ("Metropolitan") (Ordinary and C Share Funds)
Metropolitan runs two safe custody sites, one in Knightsbridge, the other in
St. John's Wood. These profitable, stable businesses serve several thousand
customers providing access to the vaults seven days a week. The company has
experienced strong year-on-year growth. Metropolitan upgraded systems and
added capacity during the financial year just ended.
Horizon Discovery Group plc ("Horizon") (C Share Fund)
Horizon is one of the leading life sciences companies in Europe supplying
research tools and services that power genomics research and the development of
personalised medicines. Horizon had a strong first half with revenues for the
six months to 30 June 2015 of GBP8.6million (same period in 2014: GBP4.1million).
The primary drivers were increased organic growth in the product division and
increased organic and inorganic growth in the service division.
Hampshire (Ordinary and C Share Funds)
Hampshire manufactures fragrances, body treatments, skincare products and
shampoos for third party customers including Bodyshop, Philip Kingsley and
Penhaligon. Our investment was made to back a new management turning around
this established manufacturer. This has been successfully achieved and the
company is now seeking to further grow and diversify its revenue base,
including the continuing integration of Mr Pets (an on-line retailer of
veterinary and ancillary pet products).
Scancell Holdings plc ("Scancell") (C Share Fund)
Scancell is developing novel therapeutic vaccines for treating cancer and
infectious disease. The company recently announced that it had completed
patient recruitment for its SCIB1 ImmunoBody® Phase 1/2 clinical trial in
patients with Stage III/IV melanoma. Whilst the primary objective of the study
(MORE TO FOLLOW) Dow Jones Newswires
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is to assess safety and tolerability, the trials indicate highly encouraging
survival times and melanoma-specific immune responses in patients. As with
previously reported data, SCIB1 continues to be a safe and well tolerated
treatment with no withdrawals from the study due to drug-related adverse
events.
Venn (C Share Fund)
Venn provides clinical trial management services to pharmaceutical,
biotechnology and medical device clients, offering clients a full service,
multi-centred capability in Phase II-IV trials across a range of principal
disease areas. 2015 revenues are forecast to exceed EUR8 million, double the
previous year, and the company is expected to reach break-even profitability by
the year end.
MicroEnergy Generation Services Limited ("MicroEnergy") (Ordinary Share Fund)
Following the acquisition of an additional 15 turbines in April, MicroEnergy
now owns and operates a fleet of 168 small onshore wind turbines (<5kW)
installed on farm land in East Anglia and Yorkshire. Revenues from the fleet of
turbines come from two sources, both of which are inflation protected, being
directly linked to RPI. Firstly, there is the Government backed feed-in tariff
(FIT) paid by the electricity suppliers for every kilowatt of electricity
generated for twenty years. Secondly, there is an export tariff for any surplus
electricity not used by the site owner that is exported to the grid. In the
year to the end of March 2015, the fleet generated c. 1 MWh of electricity (c.
80 per cent. of forecast annual energy production). The predicted annual sales
to March 2016 is c. GBP300k.
Tollan Energy Limited ("Tollan") (Ordinary Share Fund)
Tollan owns a portfolio of roof top solar installations in Northern Ireland
which benefits from Northern Ireland Renewable Obligation Certificates
(NIROCs). Under the current NIROC regime, solar installations of less than 50kW
per site receive 4 NIROCs per megawatt of electricity generated (roughly
17pence per kWh), indexed for 20 years. In addition, the company benefits from
the export tariff for any surplus electricity not used by the homeowner that is
exported to the grid (equating to roughly 2.4pence per kWh produced). The
portfolio is now fully installed and comprises 334 systems (1.55MW), producing
at an average efficiency of 83 per cent. from installation to 31 March 2015.
For the quarter to the end of June 2015, the fleet generated over 0.5 MWh or 99
per cent. of the seasonally adjusted forecast.
Quai Administration Services Limited ("Quai") (C Share Fund)
Quai provides platform technology combined with back office administration
services for the high-volume personal savings industry. The company's
proprietary technology platform provides automated trading and administration,
straight through processing, on-line web access and multi-currency portfolio
management services. Quai's platform allows it to administer many thousands of
individual savings plans at a fraction of the cost incurred by established
insurance companies and wealth managers, making it the ideal outsourcing
partner. Quai now has six corporate clients, compared to just one at the time
of investment. These clients include on-line investment services provider
Willis Owen, who has partnered with Quai to power its new investment platform.
The new platform allows access to a range of products including ISAs and SIPPs;
and provides access to a wide selection of asset classes, including funds and
shares, ETFs and bonds.
Money Dashboard (trading name for The One Place Capital Limited) (C Share Fund)
Money Dashboard empowers consumers to take control of their finances. By using
Money Dashboard, consumers are able to view all of their current accounts,
savings accounts and credit cards in one secure place, providing the true view
of their finances. Since Calculus Capital's first investment (2013), the
company has continued to develop its consumer service with new desktop and
mobile features.
AnTech Limited ("AnTech") (Ordinary Share Fund)
AnTech is a specialist engineering company providing products and services to
the upstream oil and gas industry. The company's Products Division offers
specialist products across a range of applications including coiled lubing,
completion equipment, wireline and drilling. It continues to grow and operate
profitably, despite the oil price fall. Antech's Services Division has a new
generation of directional coiled tubing drilling tools for effective
intervention in existing wells to enhance production yield and extend well
life. This is attractive in a low oil price environment.
Terrain Energy Limited ("Terrain") (Ordinary and C Share Funds)
Terrain currently has interests in nine petroleum licences: Keddington,
Kirklington, Dukes Wood and Burton on the Wolds in the East Midlands, Larne and
an offshore licence to the north of Larne in Northern Ireland, Brockham in
Surrey and Egmating and Starnberger See in Germany. Terrain has taken advantage
of attractive prices in the current market and will shortly complete
transactions to acquire interests in two new licences and increase its interest
in one existing licence. The company is currently producing from wells at
Keddington and Brockham. New wells at Larne and one of its new licences as well
as sidetracks at Keddington and Brockham are due to be drilled in H1 2016.
Brigantes Energy Limited ("Brigantes") (Ordinary Share Fund)
Brigantes and Corfe (details of which follows) were initially intended to be
one investment but were split for reasons of structural efficiency. Both
companies were originally established to hold certain oil and gas exploration
assets spun out from InfraStrata Plc. Brigantes' major interest is the Larne
licence in Northern Ireland which is estimated to have un-risked prospective
resources of 450 million barrels of oil. All permissions and approvals are in
place for the licence partners to drill the Woodburn Forest-1 exploration well,
which is the first well to be drilled on the license.
Corfe Energy Limited ("Corfe") (Ordinary Share Fund)
Corfe's license interests are predominantly in the Dorset area. Initial
interpretation of the reprocessed 3D data over the P1918 licence adjacent to
Wytch Farm shows a prospect with P50 prospective resources of some 34 million
barrels of oil. A preliminary interpretation of Corfe licenses PEDL237 and
PL090 also indicates a number of interesting opportunities.
Dryden Human Capital Group ("Dryden") (Ordinary Share Fund)
Dryden specialises in the actuarial, insurance and compliance recruitment
sector across UK, Europe and the Far East. The company has made significant
progress in the implementation of new systems and working processes and after a
difficult trading period, is showing evidence of improved performance.
Hembuild (Ordinary Share Fund)
Award winning Hembuild is a leading provider of fast-track, sustainable
building systems. Signature buildings include the science museum's large item
archive, Marks and Spencers' Cheshire Oaks superstore, the largest outside
Marble Arch, and a corporate archive for GlaxoSmithKline. Its modular
construction panels, made from hemp based materials, provide one of the lowest
carbon footprint solutions available. Although Hembuild's systems have a very
low carbon footprint, are thermally efficient and cost effective, the company's
products have struggled to achieve wide market acceptance.
Developments since the period end
In September 2015, the Company sold its holding in Horizon from the C share
portfolio. The sale raised over GBP90,000 in proceeds for the C Share Fund,
representing a 1.8 times return on cost.
Other than disclosed above, there have not been any significant developments in
the venture capital portfolio since the period end.
Structured Products Portfolio
A significant proportion of the portfolio of Structured Products have now
reached full term and there has been little change over the past six months in
the portfolio.
Despite the recent volatility in the market, the FTSE 100 continues to support
valuations in the Structured Products portfolio. The index has fallen from its
level of 6,247.94 as at 28 August 2015 to 6,061.61 as at 30 September 2015,
however it continues to sit comfortably above all of the product's strike
levels. Swap rates have decreased over the past month while market volatility
spiked in early September. Values of the Structured Product portfolio look
strong, with the highest strike value at 5,262.85 in the Ordinary Share Fund
and 5,246.99 in the C Share Fund.
No new investments were made in Structured Products during the period.
The Structured Products will achieve their target return subject to the Final
Index Level of the FTSE 100 being higher than the Initial Index Level. The
capital is at risk on a one-for-one basis ("CAR") if the FTSE 100 Index falls
more than 50 per cent. at any time during the investment term and fails to
fully recover at maturity such that the Final Index Level is below the Initial
Index Level. As at 31 August 2015, the following investments had been made in
Structured Products:
Ordinary Share Fund Structured Products Portfolio as at 31 August 2015
FTSE Price
100 as at
Initial Notional Purchase 31 August Maturity Return/Capital
Issuer Strike Index Investment Price 2015 Date at Risk ("CAR")
Date Level
Investec Bank 14/05/2010 5,262.85 GBP500,000 GBP0.98 GBP1.840032 19/11/2015 185% if FTSE 100
plc higher*; CAR if FTSE
100 falls more than
50%
Matured/Sold
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FTSE
100
Initial
Index Price at Maturity
Level at Notional Purchase Maturity/ Date/ Return/Capital
Issuer Strike Maturity Investment Price Sale Date Sold at Risk ("CAR")
Date
HSBC Bank plc 01/07/2010 4,805.75 GBP500,000 GBP1.00 Returned GBP 06/07/2012 125.1% if FTSE 100
1.2510 higher*; CAR if FTSE
100 falls more than
50%
The Royal Bank 18/03/2011 5,718.13 GBP50,000 GBP1.00 Returned GBP 19/03/2012 Autocallable 10.5%
of Scotland 1.1050 p.a.; CAR if FTSE 100
plc falls more than 50%
Nomura Bank 28/05/2010 5,188.43 GBP350,000 GBP0.98 Sold at GBP 30/03/2012 137% if FTSE 100
International* 1.2625 higher*; CAR if FTSE
* 100 falls more than
50%
Morgan Stanley 10/06/2010 5,132.50 GBP500,000 GBP1.00 Sold at GBP 31/10/2012 134% if FTSE 100
International 1.3224 higher*; CAR if FTSE
100 falls more than
50%
Abbey National 03/08/2011 5,584.51 GBP50,000 GBP1.00 Sold at GBP 21/06/2013 126% if FTSE 100
Treasury 1.1900 higher*; CAR if FTSE
Services 100 falls more than
50%
The Royal Bank 05/05/2010 5,341.93 GBP275,000 GBP0.96 Sold at GBP 06/11/2014 162.5% if FTSE 100
of Scotland 1.6057 higher*; CAR if FTSE
plc 100 falls more than
50%
Abbey National 25/05/2010 4,940.68 GBP350,000 GBP0.99 Sold at GBP 06/11/2014 185% if FTSE 100
Treasury 1.7920 higher*; CAR if FTSE
Services 100 falls more than
50%
The total current valuation of the amount invested in Structured Products in
the Ordinary Share Fund as at 31 August 2015 was GBP920,016
C Share Fund Structured Products Portfolio as at 31 August 2015
FTSE
100 Price at 31
Initial Notional Purchase August 2015 Maturity Return/Capital at
Issuer Strike Index Investment Price Date Risk ("CAR")
Date Level
Investec Bank 05/08/2011 5,246.99 GBP328,000 GBP1.00 GBP1.588735 10/03/2017 182% if FTSE 100
plc higher*; CAR if FTSE
100 falls more than
50%
Matured/Sold
FTSE
100
Initial
Index Notional Purchase Price at Maturity Return/Capital at
Issuer Strike Level at Investment Price Maturity Date Risk ("CAR")
Date Maturity
The Royal Bank 18/03/2011 5,718.13 GBP200,000 GBP1.00 Returned GBP 19/03/2012 Autocallable 10.5%
of Scotland 1.1050 p.a.; CAR if FTSE
plc 100* falls more than
50%
Nomura Bank 28/05/2010 5,188.43 GBP350,000 GBP1.26 Returned GBP 20/02/2013 137% if FTSE 100
International* 1.3700 higher*; CAR if FTSE
* 100 falls more than
50%
Abbey National 03/08/2011 5,584.51 GBP200,000 GBP1.00 Returned GBP 05/02/2014 126% if FTSE 100
Treasury 1.2600 higher*; CAR if FTSE
Services 100 falls more than
50%
The total current valuation of the amount invested in Structured Products in
the C Share Fund as at 31 August 2015 was GBP521,105.
* The Final Index Level is calculated using 'averaging', meaning that the
average of the closing levels of the FTSE 100 is taken on each Business Day
over the last 2-6 months of the Structured Product plan term (the length of the
averaging period differs for each plan). The use of averaging to calculate the
return can reduce adverse effects of a falling market or sudden market falls
shortly before maturity. Equally, it can reduce the benefits of an increasing
market or sudden market rises shortly before maturity.
** The Nomura Structured Product was sold prior to maturity with a return on
initial investment of 28.8 per cent. This was sold to the C Share Fund
Calculus Capital Limited
Investec Structured Products
23 October 2015 23
October 2015
INVESTMENT PORTFOLIO AS AT 31 AUGUST 2015
- ORDINARY SHARE FUND
% of Net Assets
Structured Products 34%
Unquoted - loan stock 15%
Quoted and unquoted - ordinary and 45%
preference shares
Unquoted - liquidity funds
-
Net current assets 6%
100%
Sector - % of Portfolio
Structured Products 36%
Quoted and unquoted - Qualifying 64%
Investments
Unquoted - other non-Qualifying
Investments -
100%
Nature of Book Cost Valuation % of Net % of
Company Business GBP'000 GBP'000 Assets Portfolio
Structured Products
Investec Bank plc Banking 490 920 34% 36%
Total Structured Products 490 920 34% 36%
Qualifying Investments
AnTech Limited Oil services 270 323 12% 13%
Human Race Group Limited Leisure 300 300 11% 12%
Terrain Energy Limited Onshore oil
and gas 100 173 6% 7%
production
Tollan Energy Limited Energy 150 164 6% 6%
Metropolitan Safe Custody Safe
Limited depository 90 155 6% 6%
services
Hampshire Cosmetics Cosmetics 100 153 6% 6%
Limited
MicroEnergy Generation
Services Limited Energy 150 147 5% 6%
Brigantes Energy Limited Oil and gas
exploration
and production 127 108 4% 4%
Hembuild Group Limited Construction 182 63 2% 2%
Corfe Energy Limited Oil and gas
exploration
and production 76 45 2% 2%
Dryden Human Capital Group Human
Limited resources 100 7 - -
Heritage House Limited Publishing and
media services 125 - - -
Secure Electrans Limited E-commerce
security 112 - - -
Total Qualifying 1,882 1,638 60% 64%
Investments
Other non-Qualifying
Investments
Aberdeen Sterling Liquidity fund 1 1 - -
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Liquidity Fund
Total Other non-Qualifying 1 1 - -
Investments
Total Investments 2,373 2,559 94% 100%
Net Current Assets less
Creditors due after one 152 6%
year
Net Assets 2,711 100%
INVESTMENT PORTFOLIO AS AT 31 AUGUST 2015
- C SHARE FUND
% of Net Assets
Structured Products 33%
Unquoted - loan stock 13%
Quoted and unquoted - ordinary and 55%
preference shares
Unquoted - liquidity funds -
Net current assets (1)%
100%
Sector - % of Portfolio
Structured Products 33%
Quoted and unquoted - Qualifying Investments 67%
Unquoted - other non-Qualifying Investments -
100%
Nature of Book Cost Valuation % of Net % of
Company Business GBP'000 GBP'000 Assets Portfolio
Structured Products
Investec Bank plc Banking 328 521 33% 33%
Total Structured 328 521 33% 33%
Products
Qualifying
Investments
Hampshire Cosmetics
Limited Cosmetics 150 162 10% 10%
Human Race Group
Limited Leisure 150 150 10% 10%
Quai Administration
Services Limited Technology 150 150 10% 10%
The One Place Capital
Limited Personal finance 127 127 8% 8%
Scancell Holdings plc Biotech 100 119 8% 8%
Horizon Discovery
Group plc Biotechnology 50 83 5% 5%
Terrain Energy Onshore oil and
Limited gas production 50 81 5% 5%
Metropolitan Safe Safe depository
Custody Limited services 40 69 4% 4%
Pico's Limited Leisure 50 64 4% 4%
Venn Life Sciences Clinical research 80 56 4% 3%
Plc
Heritage House Publishing and
Limited media services 63 - -
-
Secure Electrans E-commerce 75 - -
Limited security -
Total Qualifying
Investments 1,085 1,061 68% 67%
Other non-Qualifying
Investments
Aberdeen Sterling
Liquidity Fund Liquidity fund 1 1 -
-
Fidelity Liquidity Liquidity fund - - - -
Fund
Total Other
non-Qualifying 1 1 - -
Investments
Total Investments 1,414 1,583 101% 100%
Net Current Assets
less creditors due
after one year (14) (1)%
Net Assets 1,569 100%
PRINCIPAL RISKS
The principal risks facing the Company are substantially unchanged since the
date of the Annual Report and Accounts for the year ended 28 February 2015 and
continue to be as set out on pages 23 and 24 of that report.
Risks faced by the Company include, but are not limited to, loss of approval as
a venture capital trust and other regulatory breaches, risks of making Venture
Capital Investments, risks attaching to investment in Structured Products,
liquidity/marketability risk, changes in legislation/taxation, engagement of
third party advisers, C shares versus ordinary shares, market price risk and
credit risk.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that to the best of their knowledge:
* the condensed set of financial statements has been prepared in accordance
with the Statement on Half Yearly Financial Reports issued by the UK
Accounting Standards Board and gives a true and fair view of the assets,
liabilities and financial position of the Company; and
* this Half Yearly Financial Report includes a fair review of the information
required by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, 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; and a description of the principal risks and uncertainties for
the remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the Company during that period; and any changes in the
related party transactions described in the last Annual Report that could
do so.
This Half Yearly Financial Report was approved by the Board of Directors on 23
October 2015 and the above responsibility statement was signed on its behalf by
Michael O'Higgins, Chairman.
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2015
(UNAUDITED)
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2015 31 August 2014 28 February 2015*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Investment holding
(losses)/gains
- (107) (107) - 34 34 - (443) (443)
(Loss)/gain on
disposal of
investments - (41) (41) - 3 3 - 459 459
Income 33 - 33 40 - 40 64 - 64
Investment management
fee (4) (12) (16) (6) (17) (23) (10) (32) (42)
Other operating
expenses (61) - (61) (54) - (54) (111) - (111)
(Loss)/profit on
ordinary activities
before taxation (32) (160) (192) (20) 20 - (57) (16) (73)
Taxation on
ordinary activities 3 - - - - - - - - -
(Loss)/profit for the
period (32) (160) (192) (20) 20 - (57) (16) (73)
Basic and diluted
earnings per
ordinary share 2 (0.7)p (3.4)p (4.1)p (0.4)p 0.4p 0.0p (1.2)p (0.3)p (1.5)p
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2015 31 August 2014 28 February 2015*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
C Share Fund
Investment holding
(losses)/gains
- (65) (65) - 30 30 - 98 98
Loss on disposal of
investments
- - - - - - - (1) (1)
Income 11 - 11 11 - 11 25 - 25
Investment management fee
(2) (7) (9) (2) (7) (9) (4) (13) (17)
Other operating expenses
(23) - (23) (22) - (22) (44) - (44)
(Loss)/profit on ordinary
activities before taxation
(14) (72) (86) (13) 23 10 (23) 84 61
Taxation on ordinary
activities
3 - - - - - - - - -
(Loss)/profit for the
period (14) (72) (86) (13) 23 10 (23) 84 61
Basic and diluted earnings
per C share
2 (0.7)p (3.7)p (4.4)p (0.7)p 1.2p 0.5p (1.2)p 4.3p 3.1p
* These figures are audited.
The total columns of these statements represent the Total Comprehensive Income
Statement of the Ordinary Share Fund and the C Share Fund.
The supplementary revenue return and capital return columns are both prepared
in accordance with the Association of Investment Companies ("AIC") Statement of
Recommended Practice ("SORP").
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The notes form an integral part of these Accounts.
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2015 31 August 2014 28 February 2015*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total
Investment holding (losses)/
gains
- (172) (172) - 64 64 - (345) (345)
(Loss)/gain on disposal of
investments
- (41) (41) - 3 3 - 458 458
Income 44 - 44 51 - 51 89 - 89
Investment management fee
(6) (19) (25) (8) (24) (32) (14) (45) (59)
Other operating expenses
(84) - (84) (76) - (76) (155) - (155)
(Loss)/profit on ordinary
activities before taxation
(46) (232) (278) (33) 43 10 (80) 68 (12)
Taxation on ordinary
activities
3 - - - - - - - - -
(Loss)/profit for the period
(46) (232) (278) (33) 43 10 (80) 68 (12)
Basic and diluted earnings
per ordinary share
2 (0.7)p (3.4)p (4.1)p (0.4)p 0.4p 0.0p (1.2)p (0.3)p (1.5)p
Basic and diluted earnings
per C share
2 (0.7)p (3.7)p (4.4)p (0.7)p 1.2p 0.5p (1.2)p 4.3p 3.1p
* These figures are audited.
The total column of this statement represents the Company's Total Comprehensive
Income Statement.
The supplementary revenue return and capital return columns are both prepared
in accordance with the AIC's SORP.
No operations were acquired or discontinued during the period.
All items in the above statements derive from continuing operations.
There were no recognised gains or losses other than those passing through the
Income Statement.
The notes form an integral part of these Accounts.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2015
(UNAUDITED)
Non-distributable
reserves Distributable reserves
Capital Capital
Share Reserve Special Reserve Revenue
Capital Realised Reserve Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Ordinary Share Fund
For the 6 month period to 31 August
2015
1 March 2015 47 700 2,438 293 (330) 3,148
Investment holding losses - - - (107) - (107)
Loss on disposal of investments - (41) - - - (41)
Management fee allocated to capital
- (12) - - - (12)
Change in accrual in IFA Commission
- - 4 - - 4
Revenue return on ordinary activities
after tax - - - - (32) (32)
Dividend paid (note 9) - - (249) - - (249)
31 August 2015 47 647 2,193 186 (362) 2,711
For the 6 month period to 31 August
2014
1 March 2014 47 273 3,729 736 (273) 4,512
Investment holding gains - - - 34 - 34
Gain on disposal of investments - 3 - - - 3
Management fee allocated to capital
- (17) - - - (17)
Revenue return on ordinary activities
after tax - - - - (20) (20)
Dividend paid - - (249) - - (249)
31 August 2014 259 3,480 770 (293) 4,263
47
For the 12 months ended 28 February
2015*
1 March 2014 47 273 3,729 736 (273) 4,512
Investment holding losses - - - (443) - (443)
Gain on disposal of investments - 459 - - - 459
Management fee allocated to capital
- (32) - - - (32)
Revenue return on ordinary activities
after tax - - - - (57) (57)
Dividend paid - - (1,291) - - (1,291)
28 February 2015 47 700 2,438 293 (330) 3,148
* These figures are audited.
The notes form an integral part of these Accounts.
Non-distributable
reserves Distributable reserves
Capital Capital
Share Reserve Special Reserve Revenue
Capital Realised Reserve Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
C Share Fund
For the 6 month period to 31 August
2015
1 March 2015 19 72 1,541 235 (128) 1,739
Investment holding losses - - - (65) - (65)
Management fee allocated to capital
- (7) - - - (7)
Change in accrual in IFA Commission
- - 3 - - 3
Revenue return on ordinary
activities after tax - - - - (14) (14)
Dividend paid (note 9) - - (87) - - (87)
31 August 2015 19 65 1,457 170 (142) 1,569
For the 6 month period to 31 August
2014
1 March 2014 19 86 1,628 137 (105) 1,765
Investment holding gains - - - 30 - 30
Management fee allocated to capital
- (7) - - - (7)
Revenue return on ordinary
activities after tax - - - - (13) (13)
Dividend paid - - (87) - - (87)
31 August 2014 19 79 1,541 167 (118) 1,688
For the 12 months ended 28 February
2015*
1 March 2014 19 86 1,628 137 (105) 1,765
Investment holding gains - - - 98 - 98
Loss on disposal of investments - (1) - - - (1)
Management fee allocated to capital
- (13) - - - (13)
Revenue return on ordinary
activities after tax - - - - (23) (23)
Dividend paid - - (87) - - (87)
28 February 2015 19 72 1,541 235 (128) 1,739
* These figures are audited.
The notes form an integral part of these Accounts.
Non-distributable
reserves Distributable reserves
Capital Capital
Share Reserve Special Reserve Revenue
Capital Realised Reserve Unrealised Reserve Total
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GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total
For the 6 month period to 31 August
2015
1 March 2015 66 772 3,979 528 (458) 4,887
Investment holding losses - - - (172) - (172)
Loss on disposal of investments - (41) - - - (41)
Management fee allocated to capital
- (19) - - - (19)
Change in accrual in IFA Commission
- - 7 - - 7
Revenue return on ordinary activities
after tax - - - - (46) (46)
Dividend paid (note 9) - - (336) - - (336)
31 August 2015 66 712 3,650 356 (504) 4,280
For the 6 month period to 31 August
2014
1 March 2014 66 359 5,357 873 (378) 6,277
Investment holding gains - - - 64 - 64
Gain on disposal of investments - 3 - - - 3
Management fee allocated to capital
- (24) - - - (24)
Revenue return on ordinary activities
after tax - - - - (33) (33)
Dividend paid - - (336) - - (336)
31 August 2014 66 338 5,021 937 (411) 5,951
For the 12 months ended 28 February
2015*
1 March 2014 66 359 5,357 873 (378) 6,277
Investment holding losses - - - (345) - (345)
Gain on disposal of investments - 458 - - - 458
Management fee allocated to capital
- (45) - - - (45)
Revenue return on ordinary activities
after tax - - - - (80) (80)
Dividend paid - - (1,378) - - 1,378)
28 February 2015 66 772 3,979 528 (458) 4,887
* These figures are audited.
The notes form an integral part of these Accounts.
CONDENSED BALANCE SHEET
AS AT 31 AUGUST 2015
(UNAUDITED)
31 August 31 August 28 February
2015 2014 2015*
Note GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Fixed assets
Investments 4 2,559 4,250 3,061
Current assets
Debtors 91 99 62
Cash at bank and on deposit 123 6 107
214 105 169
Creditors: amounts falling due within
one year
Creditors (61) (90) (82)
Net current assets 153 15 87
Non-current liabilities
IFA trail commission (1) (2) -
Total net assets 2,711 4,263 3,148
Capital and reserves
Called-up share capital 7 47 47 47
Special reserve 2,193 3,480 2,438
Capital reserve - realised 647 259 700
Capital reserve - unrealised 186 770 293
Revenue reserve (362) (293) (330)
Total shareholders' funds 2,711 4,263 3,148
Net asset value per ordinary share - 5 57.2p 90.0p 66.4p
basic
* These figures are audited.
The notes form an integral part of these Accounts.
31 August 2015 31 August 2014 28 February 2015*
Note GBP'000 GBP'000
GBP'000
C Share Fund
Fixed assets
Investments 4 1,583 1,677 1,649
Current assets
Debtors 44 41 26
Cash at bank and on deposit - 11 103
44 52 129
Creditors: amounts falling due
within one year
Creditors (31) (37) (36)
Bank overdraft (27) - -
(58) (37) (36)
Net current (liabilities)/assets (14) 15 93
Non-current liabilities
IFA trail commission - (4) (3)
Total net assets 1,569 1,688 1,739
Capital and reserves
Called-up share capital 7 19 19 19
Special reserve 1,457 1,541 1,541
Capital reserve - realised 65 79 72
Capital reserve - unrealised 170 167 235
Revenue reserve (142) (118) (128)
Total shareholders' funds 1,569 1,688 1,739
Net asset value per C share - basic 5 81.2p 87.4p 90.1p
* These figures are audited.
The notes form an integral part of these Accounts.
31 August 31 August 28 February 2015*
Note 2015 2014
GBP'000 GBP'000 GBP'000
Total
Fixed assets
Investments 4 4,142 5,927 4,710
Current assets
Debtors 135 140 88
Cash at bank and on deposit 123 17 210
258 157 298
Creditors: amounts falling due within
one year
Creditors (92) (127) (118)
Bank overdraft (27) - -
(119) (127) (118)
Net current assets 139 30 180
Non-current liabilities
IFA trail commission (1) (6) (3)
Total net assets 4,280 5,951 4,887
Capital and reserves
Called-up share capital 7 66 66 66
Special reserve 3,650 5,021 3,979
Capital reserve - realised 712 338 772
Capital reserve - unrealised 356 937 528
Revenue reserve (504) (411) (458)
Total shareholders' funds 4,280 5,951 4,887
Net asset value per ordinary share - 5 57.2p 90.0p 66.4p
basic
Net asset value per C share - basic 5 81.2p 87.4p 90.1p
* These figures are audited.
The notes form an integral part of these Accounts.
CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2015
(UNAUDITED)
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 28 February
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2015 2014 2015*
Note GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Operating activities
Investment income received 33 44 70
Investment management fees (27) (56) (79)
Other cash payments (95) (74) (99)
Cash flow from operations 6 (89) (86) (108)
Cash flow from investing activities
Purchase of investments - - (3)
Sale of investments 354 363 1,531
Net cash flow from investing 354 363 1,528
activities
Equity dividend paid 9 (249) (249) (1,291)
Net cash flow before financing 16 28 129
Cash flow from financing activities
Expenses of share issues - - -
Net cash flow from financing - - -
activities
Increase in cash at bank and on
deposit 16 28 129
Opening cash and cash equivalents 107 (22) (22)
Closing cash and cash equivalents 123 6 107
* These figures are audited.
The notes form an integral part of these Accounts.
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 28 February
2015 2014 2015*
Note GBP'000 GBP'000 GBP'000
C Share Fund
Operating activities
Investment income received 10 11 27
Investment management fees (13) (13) (22)
Other cash payments (40) (30) (40)
Cash flow from operations 6 (43) (32) (35)
Cash flow from investing activities
Purchase of investments - - -
Sale of investments - - 95
Net cash flow from investing - - 95
activities
Equity dividend paid 9 (87) (87) (87)
Net cash flow before financing (130) (119) (27)
Cash flow from financing activities
Expenses of share issue - - -
Net cash flow from financing - - -
activities
Decrease in cash at bank and on
deposit (130) (119) (27)
Opening cash and cash equivalents 103 130 130
Closing cash and cash equivalents (27) 11 103
* These figures are audited.
The notes form an integral part of these Accounts.
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 28 February
2015 2014 2015*
Note GBP'000 GBP'000 GBP'000
Total
Operating activities
Investment income received 43 55 97
Investment management fees (40) (69) (101)
Other cash payments (135) (104) (139)
Cash flow from operations 6 (132) (118) (143)
Cash flow from investing activities
Purchase of investments - - (3)
Sale of investments 354 363 1,626
Net cash flow from investing 354 363 1,623
activities
Equity dividend paid 9 (336) (336) (1,378)
Net cash flow before financing (114) (91) 102
Cash flow from financing activities
Expenses of share issues - - -
Net cash flow from financing - - -
activities
(Decrease)/increase in cash at bank
and on deposit (114) (91) 102
Opening cash and cash equivalents 210 108 108
Closing cash and cash equivalents 96 17 210
* These figures are audited.
The notes form an integral part of these Accounts.
CONDENSED NOTES TO THE ACCOUNTS
1. Nature of Financial Information
Basis of accounting
The half-yearly financial results cover the six months ended 31 August 2015.
The Company applies UK Generally Accepted Accounting Principles in its annual
financial statements, and is intending to adopt FRS 102 and the AIC's Statement
of Recommended Practice issued in November 2014 for its financial year ending
29 February 2016. The financial statements for the six months to 31 August 2015
have therefore been prepared in accordance with FRS 104 'Interim Financial
Reporting'. The Directors do not expect any significant changes to the
Company's accounting policies as a result of the adoption of FRS 102. The
accounts have therefore been prepared on the basis of the same accounting
policies as set out in the Company's Annual Report and Financial Statements for
the year ended 28 February 2015.
The comparative figures for the financial year ended 28 February 2015 are not
the Company's statutory accounts for that financial year, but are based on
those accounts, represented as necessary to comply with FRS 102.
In determining the analysis of total income and expenses as between capital
return and revenue return, the Directors have followed the guidance contained
in the AIC SORP, as revised in 2009, and on the assumption that the Company
maintains VCT status.
The financial information contained in this report does not constitute full
statutory accounts as defined in Section 434 of the Companies Act 2006. The
financial information for the six month period ended 31 August 2015 and the six
month period ended 31 August 2014 has not been audited or reviewed by the
Company's Auditors pursuant to the Auditing Practices Board guidance on such
reviews.
The information for the year ended 28 February 2015 has been extracted from the
latest published Annual Report and Accounts, which have been filed with the
Registrar of Companies. The report of the Auditors on those Accounts contained
no qualification or statement under Section 498(2) or (3) of the Companies Act
2006.
With effect from 22 October 2015, the name of the Company was changed from
Investec Structured Products Calculus VCT Plc to Calculus VCT Plc.
Going concern
After making enquiries, and having reviewed the portfolio, balance sheet and
projected income and expenditure for the next twelve months, the Directors have
a reasonable expectation that the Company has adequate resources to continue in
operation for the foreseeable future. The Directors have therefore adopted the
going concern basis in preparing these Accounts.
2. Return per Share
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2015 31 August 2014 28 February 2015
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence Pence pence
Return per ordinary
share (0.7) (3.4) (4.1) (0.4) 0.4 0.0 (1.2) (0.3) (1.5)
Return per C share (0.7) (3.7) (4.4) (0.7) 1.2 0.5 (1.2) 4.3 3.1
Ordinary shares
Revenue return per ordinary share is based on the net revenue loss on ordinary
activities after taxation of GBP32,000 (31 August 2014: loss of GBP20,000; 28
February 2015: loss of GBP57,000) and on 4,738,463 ordinary shares (31 August
2014: 4,738,463; 28 February 2015: 4,738,463), being the weighted average
number of ordinary shares in issue during the period.
Capital return per ordinary share is based on the net capital loss for the
period of GBP160,000 (31 August 2014: gain of GBP20,000; 28 February 2015: loss of
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GBP16,000) and on 4,738,463 ordinary shares (31 August 2014: 4,738,463; 28
February 2015: 4,738,463), being the weighted average number of ordinary shares
in issue during the period.
Total return per ordinary share is based on the net loss on ordinary activities
for the period of GBP192,000 (31 August 2014: GBPnil; 28 February 2015: loss of GBP
73,000) and on 4,738,463 ordinary shares (31 August 2014: 4,738,463; 28
February 2015: 4,738,463), being the weighted average number of ordinary shares
in issue during the period.
C shares
Revenue return per C share is based on the net revenue loss on ordinary
activities after taxation of GBP14,000 (31 August 2014: loss of GBP13,000; 28
February 2015: loss of GBP23,000) and on 1,931,095 C shares (31 August 2014:
1,931,095; 28 February 2015: 1,931,095), being the weighted average number of C
shares in issue during the period.
Capital return per C share is based on the net capital loss for the period of GBP
72,000 (31 August 2014: gain of GBP23,000; 28 February 2015: gain of GBP84,000) and
on 1,931,095 C shares (31 August 2014: 1,931,095; 28 February 2015: 1,931,095),
being the weighted average number of C shares in issue during the period.
Total return per C share is based on the total loss for the period of GBP86,000
(31 August 2014: gain of GBP10,000; 28 February 2015: gain of GBP61,000) and on
1,931,095 C shares (31 August 2014: 1,931,095; 28 February 2015: 1,931,095),
being the weighted average number of C shares in issue during the period.
3. Taxation on Ordinary Activities
The estimated effective tax rate at the year end is 0 per cent. for both share
funds. This remains unchanged from the prior period.
4. Investments at Fair Value through Profit or Loss
31 August 31 August 28 February
2015 2014 2015
GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Investment portfolio summary
Investments in Structured Products 920 1,946 909
Quoted/unquoted investments 1,638 2,303 2,151
Other investments 1 1 1
2,559 4,250 3,061
C Share Fund
Investment portfolio summary
Investments in Structured Products 521 519 538
Quoted/unquoted investments 1,061 1,157 1,110
Other investments 1 1 1
1,583 1,677 1,649
Total
Investment portfolio summary
Investments in Structured Products 1,441 2,465 1,447
Quoted/unquoted investments 2,699 3,460 3,261
Other investments 2 2 2
4,142 5,927 4,710
5. Net Asset Value per Share
31 August 31 August 28 February
2015 2014 2015
pence pence pence
Net asset value per ordinary share 57.2 90.0 66.4
Net asset value per C share 81.2 87.4 90.1
The basic net asset value per ordinary share is based on net assets (including
current period revenue) of GBP2,711,000 (31 August 2014: GBP4,263,000; 28 February
2015: GBP3,148,000) and on 4,738,463 ordinary shares (31 August 2014: 4,738,463;
28 February 2015: 4,738,463), being the number of ordinary shares in issue at
the period end.
The basic net asset value per C share is based on net assets of GBP1,569,000 (31
August 2014: GBP1,688,000; 28 February 2015: GBP1,739,000) and on 1,931,095 C
shares (31 August 2014: 1,931,095; 28 February 2015: 1,931,095), being the
number of C shares in issue at the period end.
6. Reconciliation of Net Profit before Tax to Cash Flow from Operating
Activities
31 August 31 August 28 February
2015 2014 2015
GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Loss on ordinary activities before tax (192) - (73)
Loss/(gain) on investments 148 (37) (16)
(Increase)/decrease in debtors (29) (26) 11
Decrease in creditors (16) (23) (30)
Cash flow from operating activities (89) (86) (108)
C Share Fund
(Loss)/profit on ordinary activities (86) 10 61
before tax
Loss/(gain) on investments 65 (30) (97)
(Increase)/decrease in debtors (18) (12) 3
Decrease in creditors (4) - (2)
Cash flow from operating activities (43) (32) (35)
Total
(Loss)/profit on ordinary activities (278) 10 (12)
before tax
Loss/(gain) on investments 213 (67) (113)
(Increase)/decrease in debtors (47) (38) 14
Decrease in creditors (20) (23) (32)
Cash flow from operating activities (132) (118) (143)
7. Called-up Share Capital
31 August
2015
Number GBP'000
Ordinary shares of 1p each 4,738,463 47
C shares of 1p each 1,931,095 19
8. Fair Value Hierarchy
All investments are initially recognised and subsequently measured at fair
value. Changes in fair value are recognised in the Income Statement.
The methods of fair value measurement are classified into a hierarchy based on
reliability of the information used to determine the valuation.
Level a Fair value is measured based on quoted prices in an active
market.
Level b Fair value is measured based on directly observable
current market prices or indirectly being derived from market prices.
Level c (i) Fair value is measured using a valuation technique that is
based on data from an observable market or;
Level c (ii) Fair value is measured using a valuation technique that is
not based on data from an observable market.
Level a Level b Level c Level c Total
GBP'000 GBP'000 (i) (ii) GBP'000
GBP'000 GBP'000
Ordinary Share Fund
Opening book cost 121 489 - 2,158 2,768
Opening unrealised (32) 420 - (95) 293
appreciation
Opening valuation 89 909 - 2,063 3,061
Movements in the period:
Purchase at cost - - - - -
Sales - proceeds (79) - - (275) (354)
Sales - realised losses on (41) - - - (41)
sales
Unrealised losses realised
during the period (32) - - - (32)
(Decrease)/increase in
unrealised appreciation - 11 - (150) (139)
Closing valuation 1 920 - 1,638 2,559
Closing book cost 1 489 - 1,883 2,373
Closing unrealised - 431 - (245) 186
appreciation
Closing valuation 1 920 - 1,638 2,559
Level a Level b Level c Level c Total
GBP'000 GBP'000 (i) (ii) GBP'000
GBP'000 GBP'000
C Share Fund
Opening book cost 231 328 - 855 1,414
Opening unrealised 88 210 - (63) 235
appreciation
Opening valuation 319 538 - 792 1,649
Movements in the period:
Purchase at cost - - - - -
Sales - proceeds - - - - -
Sales - realised gains/
(losses) on sales - - - - -
Unrealised gains/(losses)
realised during the period - - - - -
(Decrease)/increase in
unrealised appreciation
(60) (17) - 11 (66)
Closing valuation 259 521 - 803 1,583
Closing book cost 231 328 - 855 1,414
Closing unrealised 28 193 - (52) 169
appreciation
Closing valuation 259 521 - 803 1,583
Level a Level b Level c Level c Total
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