Calculus VCT : Annual Report and Accounts – 28 February 2023

Registered number 07142153

Calculus VCT plc

Report and Accounts

For the year ended 28 February 2023

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About Calculus VCT plc

OUR AIM

The Calculus VCT plc (the "Company") is a tax efficient listed company which aims to achieve long-term returns, including tax-free dividends, for investors.

INVESTMENT OBJECTIVE

The Company invests, primarily, in a diversified portfolio of VCT qualifying UK growth companies, whether unquoted or traded on AIM.

Investments are made selectively across a range of sectors in companies that have the potential for long-term growth. Our investment is intended to support those companies to grow, innovate and scale up. The Board of Directors (the "Board)" believes that the Company can benefit from leveraging the sector experience and the inherent synergies from grouping similar businesses. Consequently, investments, primarily, fall within three sectors: technology, life sciences and media.

The Investment Objective has been met historically, enabling the Company to deliver target returns of a dividend of 4.5% of NAV to date.

DIVIDEND OBJECTIVE

Your Board aims to maintain a regular tax-free annual dividend mindful of the need to maintain net asset value.

The ability to meet these twin objectives depends significantly on the level and timing of profitable realisations and cannot be guaranteed.

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Contents

Strategic Report	6
Chairman's Statement	6
Manager's Review	8
Investment Portfolio	15
Business Review	27
Section 172 Statement	33
Board of Directors	34
The Manager	35
Directors' Report	37
Corporate Governance	41
Audit Committee Report	45
Directors' Remuneration Report	47
Directors' Responsibilities Statement	51
Independent Auditor's Report	52
Income Statement	59
Statement of Changes in Equity	60
Statement of Financial Position	62
Statement of Cashflows	63
Notes to the Financial Statements	64
Notice of Annual General Meeting	79
Shareholder Information	83
Glossary	84
Company Information	86

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Key Dates 2023

Annual General Meeting: 21 August 2023

Dividend reinvestment scheme application deadline: 11 August 2023

Final dividend payment date: 25 August 2023

Company's half year end: 31 August 2023

Unaudited half yearly results: to be announced October 2023

Annual results for thirteen month period to 31 March 2024: to be announced July 2024

Financial Highlights 2023

	Year to 28 February 2023	Year to 28 February 2022
Net Asset Value per share	65.63p	67.90p
Final dividend proposed	2.95p	3.06p
Annual yield*	4.50%	4.50%
Total return per share*	1.30p	4.83p
Share price	62.50p	55.00p

Portfolio Review

	2023 £'000	2022 £'000
Opening portfolio value	24,359	19,632
New and follow-on investments made	5,292	4,295
Disposal proceeds	(255)	(2,124)
Realised net (losses)/gains	(63)	543
Prior year unrealised losses realised
during the period	(572)	(106)
Unrealised valuation gains	1,902	2,119
Closing portfolio value	30,663	24,359

*These are Alternative Performance Measures (APM's), which have been defined in the glossary on pages 84 and 85 of the Annual Report.

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Investment Portfolio Yield

	2023 £'000	2022 £'000
Loan interest	185	82
Total portfolio income in the year	255	83
Portfolio value at year end	30,663	24,359
Portfolio income yield	0.83%	0.34%

Historical Total Return

Financial year-	NAV at the year-	Cumulative dividends	NAV at 28 February 2023 (p)	Total NAV Return (p)**
ended	end (p)	received (p)*
28th February 2017	92.43	20.93	65.63	86.56
28th February 2018	87.00	16.68	65.63	82.31
28th February 2019	75.84	12.68	65.63	78.31
29th February 2020	70.20	9.28	65.63	74.91
29th February 2021	67.08	6.08	65.63	71.71
28th February 2022	67.90	3.06	65.63	68.69

*Cumulative dividends received includes all dividends received since the relevant Financial year-end to date **Total NAV return is equal to the sum of NAV at 28 February 2023 and cumulative dividends received

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