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Share Name Share Symbol Market Type Share ISIN Share Description
Mobeus Income & Growth 4 Vct Plc LSE:MIG4 London Ordinary Share GB00B1FMDH51 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.00 2.42% 84.50 83.00 86.00 84.50 82.50 82.50 7,729 08:39:41
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 2.1 1.3 1.7 50.6 71

Mobeus Income & Growth 4 VCT PLC Annual Financial Report for 31 December 2020

29/03/2021 4:00pm

UK Regulatory (RNS & others)


TIDMMIG4

RNS Number : 8538T

Mobeus Income & Growth 4 VCT PLC

29 March 2021

 
                                                                                                            MOBEUS INCOME & GROWTH 4 VCT PLC 
                                                                                                                   LEI: 213800IFNJ65R8AQW943 
 
 
                                                                                                     ANNUAL FINANCIAL RESULTS OF THE COMPANY 
                                                                                                         FOR THE YEARED 31 DECEMBER 2020 
 
                                                                        Mobeus Income & Growth 4 VCT plc (the "Company") announces the final 
                                                                    results for the year ended 31 December 2020. These results were approved 
                                                                                                 by the Board of Directors on 29 March 2021. 
 
                                                                      You may, in due course, view the Annual Report & Financial Statements, 
                                                             comprising the statutory accounts of the Company by visiting www.mig4vct.co.uk. 
 
 
                                                                                                                        FINANCIAL HIGHLIGHTS 
 
                                                                                                                     As at 31 December 2020: 
                                                                                                                Net assets: GBP68.46 million 
                                                                                              Net asset value ("NAV") per share: 81.50 pence 
 
                                                                        - Net asset value ("NAV") total return(1) per share of 22.2% for the 
                                                                                                                                       year. 
                                                                             - Share price total return(1) per share was 12.9% for the year. 
                                                                 - Dividends paid in respect of the year of 6.00 pence per share. Cumulative 
                                                                                          dividends paid(1) stand at 134.20 pence per share. 
                                                                     - GBP4.80 million was invested into four new growth capital investments 
                                                                                      and four existing portfolio companies during the year. 
                                                                      - GBP8.87 million of unrealised gains achieved in the year from strong 
                                                                                                                      portfolio performance. 
                                                                       - The Company realised investments totalling GBP14.97 million of cash 
                                                                   proceeds and generated net realised gains in the year of GBP4.44 million. 
 
 
                                                                                                                         PERFORMANCE SUMMARY 
 
                                                                                            Cumulative Total return(1) per share (NAV basis) 
 
                                                                        The longer term trend of performance on this measure is shown in the 
                                                                                                                               table below:- 
                                                        R eporting date a s          NA V         Cumulative dividends      Cumulative total 
                                                                     at            (pence per share)      paid to date             return(1) 
                                                                                                  (pence per share)     to Shareholders (NAV 
                                                                                                                                      Basis) 
                                                                                                                           (pence per share) 
                                                               31 December 2020          81.50                134.20                  215.70 
                                                    --------------------  ------------------  --------------------  ------------------------ 
                                                               31 December 2019          74.90                124.20                  199.10 
                                                    --------------------  ------------------  --------------------  ------------------------ 
                                                               31 December 2018          84.79                105.20                  189.99 
                                                    --------------------  ------------------  --------------------  ------------------------ 
                                                               31 December 2017          86.57                101.20                  187.77 
                                                    --------------------  ------------------  --------------------  ------------------------ 
                                                               31 December 2016          107.57               73.20                   180.77 
                                                    --------------------  ------------------  --------------------  ------------------------ 
 
 
 
                                                                         (1) - Definitions of key terms and alternative performance measures 
                                                                      shown above and throughout this report are provided in the Glossary of 
                                                                                      Terms within the Annual Report & Financial Statements. 
 
 
 
                                                                                                                        CHAIRMAN'S STATEMENT 
 
                                                                        I am pleased to present the annual results of Mobeus Income & Growth 
                                                                                              4 VCT plc for the year ended 31 December 2020. 
 
                                                                                                                                Introduction 
                                                                   This is my first Statement since succeeding Christopher Moore as Chairman 
                                                                     on 1 October 2020 following my appointment as a Director of the Company 
                                                                        in September 2020. On your behalf, I would like to thank Christopher 
                                                                   for the excellent service he provided to Shareholders throughout a period 
                                                                                    of significant change and development in the VCT sector. 
 
                                                                                                                                    Overview 
                                                                        Overall, this year has been a very good one for Shareholder returns, 
                                                                     despite the significant and unprecedented challenges resulting from the 
                                                                     outbreak of COVID-19. Your Company's NAV total return per share for the 
                                                                                                             year was a very pleasing 22.2%. 
 
                                                                        At the start of the year, before the pandemic took hold, the Company 
                                                                     completed a timely and successful fundraising ensuring that the Company 
                                                                 remained well funded. The very solid performance achieved in 2019 initially 
                                                                      continued with strong portfolio progress as well as two well timed and 
                                                                                               profitable realisations achieved in February. 
 
                                                                      Shortly before the March quarter end, the COVID-19 pandemic and the UK 
                                                             Government's lockdown measures created substantial uncertainty and instability. 
                                                                     There was a significant decline in consumer and business confidence and 
                                                                      public markets saw a sharp fall. The immediate impact for Shareholders 
                                                                       was a fall in portfolio valuations at the end of March, the low point 
                                                                      of the year. These adjustments were partly general market related, but 
                                                                mainly reflected the Investment Adviser's assessment of COVID-19's potential 
                                                                                  impact on specific market segments and investee companies. 
 
                                                                  As the year progressed, the environment for most of our investee companies 
                                                                         proved less volatile and uncertain than initially assumed in March. 
 
                                                              In addition, favourable trading conditions emerged for a number of technology- 
                                                                      related companies in the portfolio including those companies operating 
                                                                     with direct to consumer business models. The valuation of the portfolio 
                                                                       not only recovered strongly during the second quarter but also showed 
                                                                      further improvement as the year progressed. Whilst the UK Government's 
                                                                     roadmap to ease restrictions leaves a number of hurdles to be overcome, 
                                                                        your Board is pleased with how well so many portfolio companies have 
                                                                       been able to take advantage of the opportunities that have arisen and 
                                                                                                      with the overall performance achieved. 
 
                                                                The Company remained an active investor during the year despite the COVID-19 
                                                                      related restrictions adversely impacting previously planned timelines. 
                                                                   Throughout the year, the Company made investments into four new portfolio 
                                                                companies and four existing portfolio companies. The Company also profitably 
                                                                  realised its investments in six portfolio companies including the disposal 
                                                                    of a residual interest in Auction Technology Group, an investment which, 
                                                               taken as a whole, has yielded one of the Company's most successful investment 
                                                                                                                     returns in its history. 
 
                                                                   Further information on investment activity, portfolio valuation movements 
                                                                       as well as investment activity after the year-end is presented in the 
                                                               Investment Portfolio section of this Statement and detailed in the Investment 
                                                                                                                     Adviser's Review below. 
 
                                                                       Looking forward, the Investment Adviser continues to report a healthy 
                                                                      pipeline of investment opportunities and strong trading performance in 
                                                                                                    the majority of the portfolio companies. 
 
                                                                                                                                 Performance 
                                                                      The Company's NAV total return per share for the year was 22.2% (2019: 
                                                                                                             10.7%) being the closing NAV of 
                                                                      81.50 pence plus 10.00 pence of dividends paid in the year, divided by 
                                                                        the opening NAV of 74.90 pence. The share price total return for the 
                                                                     year was 12.9% (2019: 17.9%), compared to the NAV return of 22.2%. This 
                                                                        difference arises principally due to the timing of NAV announcements 
                                                                   which are usually made on a date following the date to which they relate. 
                                                                      This is explained more fully in the Strategic Report within the Annual 
                                                                                                                  Report, under Performance. 
 
                                                                            The positive NAV total return for the year was primarily due to: 
 
                                                                                I. Substantial net unrealised gains in portfolio valuations; 
                                                                                            II. Significant realised gains on disposals; and 
                                                                                                               III. A strong revenue return. 
 
                                                                       The Company's performance has demonstrated strong resilience during a 
                                                                      volatile year. The valuations at the year-end reflect that many of our 
                                                                        investee companies became beneficiaries of accelerated changes in UK 
                                                                    consumer and business behaviour, brought on by the pandemic and lockdown 
                                                                restrictions. Despite the continued uncertainty in respect of the pandemic's 
                                                                     ultimate effect, both the Board and the Investment Adviser believe that 
                                                                          many of these changes have become structural and will not reverse. 
 
                                                                        The Company's revenue return increased to GBP1.85 million during the 
                                                                 year (2019: GBP1.13 million). This was mainly due to significant investment 
                                                                      income received on the disposal of Auction Technology Group as well as 
                                                                   higher dividend income, but partially offset by deferral of loan interest 
                                                                               payments to support portfolio companies impacted by COVID-19. 
 
                                                                     At the year-end, your Company was ranked 14th out of 30 Generalist VCTs 
                                                                       over ten years and 15th out of 41 Generalist VCTs over five years, in 
                                                                   the Association of Investment Companies' analysis of NAV Cumulative Total 
                                                                      Return Performance. Shareholders should note that these figures do not 
                                                                        reflect the increased NAV per share in the fourth quarter, disclosed 
                                                                                                                             in this Report. 
 
                                                                                                                        Investment portfolio 
                                                                   The portfolio performed strongly in the year. The overall value increased 
                                                                      by GBP13.31 million (2019: GBP5.68 million), or 34.5% (2019: 16.3%) on 
                                                                     a like-for-like basis, compared to the start of the year. This increase 
                                                                        comprised a net unrealised uplift in portfolio valuations of GBP8.87 
                                                                            million and GBP4.44 million in net realised gains over the year. 
 
                                                                      As at the year-end, the portfolio was valued at GBP41.68 million after 
                                                                      taking account of investments purchased and sold in the year, together 
                                                                with the net realised and unrealised gains referred to above (2019: GBP38.54 
                                                                                                                                   million). 
 
                                                                COVID-19 has been the dominant influence on the portfolio and its valuations 
                                                                     for the majority of the year. During this unprecedented time, the Board 
                                                                   liaised closely with the Investment Adviser, to ensure that all practical 
                                                                      steps were taken to enable each portfolio company to trade through the 
                                                                   crisis and return to growth in value. All investee companies were alerted 
                                                                           to, and most utilised, the available government support packages. 
 
                                                                       The Company initially provided loan interest payment holidays to some 
                                                                      portfolio companies, generating vital cash headroom during the period. 
                                                                 During the year, GBP4.80 million was invested by the Company (2019: GBP4.48 
                                                                    million), comprising GBP1.96 million in four new investments and GBP2.84 
                                                                    million in four existing portfolio companies (analysed in the Investment 
                                                                      Adviser's Review below and explained within the Notes to the Financial 
                                                                                                                                Statements). 
 
                                                                        These businesses may present opportunities for further investment in 
                                                                    the future as they may require additional capital to realise their plans 
                                                                                                                                  to expand. 
 
                                                                      The Company realised investments in Biosite, Auction Technology Group, 
                                                                        Access IS, Blaze Signs, Vectair Holdings and Bourn Bioscience during 
                                                                the year. Combined with loan repayment and other capital receipts, including 
                                                                       the partial realisation of Omega Diagnostics in several phases, total 
                                                                  proceeds of GBP14.97 million were generated. The six realised investments, 
                                                                  in aggregate, have generated total income and capital proceeds of GBP21.64 
                                                                     million and GBP13.99 million in realised gains over original cost which 
                                                                 is equivalent to a combined 2.8x return over the life of these investments. 
 
                                                                      For the year under review, the portfolio generated a net realised gain 
                                                                   of GBP4.44 million. Within this, the principal gains were from full exits 
                                                                 by Access IS (GBP1.75 million), Auction Technology Group (GBP1.16 million), 
                                                                        Bourn Bioscience (GBP0.80 million) and Blaze Signs (GBP0.04 million) 
                                                                     offset by a decline of GBP(0.04) million on the realisation of Vectair, 
                                                                      a strong profit over cost, but slightly below its holding value at the 
                                                                                                             start of the year pre-COVID-19. 
 
                                                                      Further gains of GBP0.57 million arose from the partial realisation of 
                                                                     Omega Diagnostics, as well as net gains of GBP0.16 million arising from 
                                                                                                 loan repayments and other capital proceeds. 
 
                                                                      The portfolio also achieved a net increase in unrealised valuations of 
                                                                    GBP8.87 million for the year on investments still held, with substantial 
                                                                  increases from Virgin Wines, MPB Group and Wetsuit Outlet partially offset 
                                                                        by modest valuation falls at Tapas Revolution, CGI Creative Graphics 
                                                                                                                 and Media Business Insight. 
 
                                                                Further details on these portfolio movements are contained in the Investment 
                                                                                                                           Adviser's Review. 
 
                                                                      I am also pleased to report that transactional activity remains strong 
                                                                  after the year-end, and up to the date of this report. Since the year-end, 
                                                                        the Company has made new and follow-on Investments totalling GBP1.88 
                                                                        million comprising one new investment of GBP0.91 million and GBP0.97 
                                                                                                      million in four follow-on investments. 
 
                                                                    There have also been two events resulting in additional positive returns 
                                                                       for Shareholders. Firstly, on 11 February 2021, the remaining holding 
                                                                        in Omega Diagnostics was realised for GBP0.42 million. Over the life 
                                                                   of this investment total proceeds of GBP1.17 million were received, which 
                                                                                                        is a 5.9x multiple on original cost. 
 
                                                               Secondly, as Shareholders may have seen in the financial press, the flotation 
                                                                  of Virgin Wines on the AIM market took place on 2 March 2021, at a Placing 
                                                                        Price per share that increased the value of the Company's investment 
                                                                        in Virgin Wines by GBP4.64 million. This increase reflects a premium 
                                                                       generated by the strong support received from investors in the public 
                                                                        offer. In isolation, this has resulted in a 5.53 pence uplift in NAV 
                                                                   per share compared to the 31 December 2020 NAV per share contained within 
                                                                       this Annual Report. As part of this transaction, the Company received 
                                                                       repayment of its remaining loan stock, leaving Virgin Wines ungeared. 
                                                                   The Board and Investment Adviser remain strong supporters of Virgin Wines 
                                                                                     and the Company has retained its entire equity holding. 
 
                                                                       The flotation on the AIM market of another portfolio company, Parsley 
                                                                       Box, is expected to take place on 31 March 2021. Subject to Admission 
                                                                      to trading, the Placement Price of GBP2.00 per share will increase the 
                                                                year-end value of the Company's investment by GBP1.70 million. In isolation, 
                                                                   this will result in a further 2.02 pence uplift in NAV per share compared 
                                                                  to the 31 December 2020 NAV per share contained within this Annual Report. 
 
                                                                                                                                   Dividends 
                                                                     Your Board declared and paid an interim dividend in respect of the year 
                                                                    ended 31 December 2020 of 6.00 pence on 7 May 2020. No further dividends 
                                                                                                        are proposed in respect of the year. 
 
                                                                     The interim dividend paid in respect of the year ended 31 December 2020 
                                                                        of 6.00 pence per share (2019: 19.00 pence) has increased cumulative 
                                                                     dividends paid since inception to 134.20 pence (2019: 128.20 pence) per 
                                                                                                                                      share. 
 
                                                                        The Company's target of paying a dividend of at least 4.00 pence per 
                                                                        share in respect of each financial year has been achieved in each of 
                                                                    the last ten years, and often exceeded. However, it should be noted that 
                                                                   the continued move of the portfolio to an increased proportion of younger 
                                                                    growth capital investments may lead to increased volatility, which could 
                                                                                                          affect the return in any one year. 
 
 
                                                                      A chart showing the dividends paid in respect of each of the last five 
                                                               years and cumulative dividends on the same basis is included in the Strategic 
                                                                        Report in the Annual Report. A full dividend history is contained in 
                                                                   the Fund Performance section of the Company's website: www.mig4vct.co.uk. 
 
 
                                                                                                                  Dividend Investment Scheme 
                                                                 The Company's Dividend Investment Scheme ("DIS") was re-activated following 
                                                                                       the Annual General Meeting ("AGM") held in June 2020. 
 
                                                                   Shareholders wishing to take advantage of this method of increasing their 
                                                              investment in the Company can elect to join the DIS at any time by instructing 
                                                                        the Registrar, Link Group, whose details are contained at the end of 
                                                                       the Annual Report & Financial Statements or by completing the mandate 
                                                                    form available on the Company's website: www.mig4vct.co.uk. Shareholders 
                                                                      should note that an election must be registered at least 15 days prior 
                                                                     to a dividend payment, for inclusion in the DIS. As no dividend payment 
                                                                   has been made since the DIS was reinstated, no shares were allotted under 
                                                                                                             the DIS scheme during the year. 
 
                                                                                                                              Share Buybacks 
                                                                     During the year, the Company bought back and cancelled 1,245,646 (2019: 
                                                                  1,483,865) of its own shares, representing 1.9% (2019: 2.2%) of the shares 
                                                                   in issue at the beginning of the year, at a total cost of GBP0.73 million 
                                                                   (2019: GBP1.07 million) inclusive of expenses. It is the Company's policy 
                                                                   to cancel all shares bought back in this way. The Board regularly reviews 
                                                                    its buyback policy and currently seeks to maintain the discount at which 
                                                                    the Company's shares trade at no more than 5% below the latest published 
                                                                        NAV. Further details are included in the Strategic Report within the 
                                                                                                                              Annual Report. 
 
                                                                                                                  Shareholder Communications 
                                                                     May I remind you that the Company has its own website containing useful 
                                                                                            information for Shareholders: www.mig4vct.co.uk. 
 
                                                                        The annual Shareholder event was held on Tuesday, 4 February 2020 at 
                                                                                                     the National Gallery in central London. 
                                                                      Feedback from attendees was that this was a successful and informative 
                                                                       event. Due to the uncertainty of when it may be possible to meet in a 
                                                                  physical location again and for the safety of all concerned, it is planned 
                                                                 to hold a virtual Shareholder event later in 2021. Details will be notified 
                                                                  to Shareholders once finalised and will be shown on the Company's website. 
 
                                                                                                  Environmental, Social and Governance (ESG) 
                                                                     Whilst the requirements under company law to detail ESG matters are not 
                                                                 directly applicable to the Company, the Board is conscious of its potential 
                                                                    impact on the environment as well as its social and corporate governance 
                                                                     responsibilities. The Investment Adviser has presented its ESG strategy 
                                                                       to the Board and has started to provide regular updates regarding the 
                                                                                ESG responsibilities of its portfolio of investee companies. 
 
                                                                        Your Board would like to assure Shareholders that ESG matters form a 
                                                            key consideration in investment decisions. The future FCA reporting requirements 
                                                                     consistent with the Task Force on Climate-related Financial Disclosures 
                                                                        commencing from 1 January 2021 do not currently apply to the Company 
                                                                      however will be kept under review in light of any recommended changes. 
 
                                                                       In future, the Annual Report will address ESG matters in more detail. 
                                                                     It is planned to provide additional reporting on these issues which are 
                                                                                       rightly viewed as integral to the investment process. 
 
                                                                                                                  Shareholder Fraud Warnings 
                                                                 We are aware of a number of cases where Shareholders are being fraudulently 
                                                                contacted or are being subjected to attempts of identity fraud. Shareholders 
                                                                     should remain vigilant of all potential financial scams or attempts for 
                                                                     them to disclose personal data for fraudulent gains. The Board strongly 
                                                                       recommends Shareholders take time to read the Company's Fraud Warning 
                                                              section, including details of who to contact, contained within the Information 
                                                                        for Shareholders section at the end of the Annual Report & Financial 
                                                                                                                                 Statements. 
 
                                                                                                                      Annual General Meeting 
                                                                        The next Annual General Meeting of the Company will be held at 11.30 
                                                                      am on Tuesday, 18 May 2021. Shareholders should note that you will not 
                                                                     be permitted to attend the AGM in person as it is likely the Government 
                                                                      restrictions on physical meetings will still be in place at that time. 
                                                                     The AGM will be held as a closed meeting with Shareholders able to join 
                                                                                               the meeting as attendees by electronic means. 
 
 
                                                                       A link to attend the meeting can be found in the Notice of Meeting at 
                                                                    the end of the Annual Report & Financial Statements and on the Company's 
                                                                       website at www.mig4vct.co.uk. Once the formal business of the meeting 
                                                                        is concluded, a presentation by the Investment Adviser will commence 
                                                                                                        followed by Shareholders' questions. 
 
                                                               Shareholders will not be able to vote at the meeting and the Board encourages 
                                                                       you to submit your vote by proxy by completing and returning the form 
                                                                        enclosed or by electronic submission via the Link Shareholder portal 
                                                                 at: www.signalshares.com. Shareholders are also strongly advised to appoint 
                                                                   the Chairman of the Meeting as their proxy as attendance by proxies other 
                                                                      than the Board and quorum, will not be permitted. Votes must arrive at 
                                                                                the Registrar by 11.30am on Friday, 14 May 2021 to be valid. 
 
                                                                       The Notice of the meeting is included at the end of the Annual Report 
                                                                    & Financial Statements. An explanation of the resolutions to be proposed 
                                                                             can be found in the Directors' Report within the Annual Report. 
 
                                                                      Shareholders can also submit any questions about the resolutions to be 
                                                                     passed at the AGM using the agm@mobeus.co.uk email address up to 12 May 
                                                                      2021 and a response will be provided prior to the deadline for lodging 
                                                                       proxy votes. You can also register any questions for the AGM by using 
                                                                the same email address or alternatively, use the question facility available 
                                                                                                                         during the meeting. 
 
                                                                                                                                     Outlook 
                                                             The impact of COVID-19 was and will continue to be wide reaching. Nevertheless, 
                                                                       your Board considers that your Company is well positioned to continue 
                                                               to respond and adapt in most likely scenarios that can presently be foreseen. 
                                                                  The successful realisations and earlier fundraising have given the Company 
                                                                       strong liquidity not only to support the existing portfolio, but also 
                                                                          to capitalise on opportunities which may arise for new investment. 
 
                                                                     The Investment Adviser is seeing a good pipeline of new and interesting 
                                                                   investment opportunities. COVID-19 uncertainties and economic instability 
                                                                may cause global markets and economies to be more volatile in the short-term 
                                                                     and UK and European businesses will continue to operate in an uncertain 
                                                                    trading environment for the near future as the new UK/EU trade agreement 
                                                                       beds in. The companies in the portfolio have been well prepared for a 
                                                                    considerable time for the impact of Brexit and those preparations appear 
                                                                     to be bearing fruit and working well. Although the degree and frequency 
                                                                    of any future restrictions as a result of the pandemic are unclear, both 
                                                                the Investment Adviser and portfolio companies are well equipped to respond. 
                                                                   Consequently, we have cause to be cautiously optimistic about the future. 
 
                                                                  I would like to take this opportunity once again to thank all Shareholders 
                                                                       for your continued support and hope you and your families remain safe 
                                                                                                                                   and well. 
 
                                                                                                                         Jonathan Cartwright 
                                                                                                                                    Chairman 
                                                                                                                               29 March 2021 
 
 
 
                                                                                                                           INVESTMENT POLICY 
                                                                           The Company's policy is designed to meet the Company's Objective: 
 
                                                                                                                                 Investments 
                                                              The Company invests primarily in a diverse portfolio of UK unquoted companies. 
                                                                    Investments are made selectively across a number of sectors, principally 
                                                                        in established companies. Investments are usually structured as part 
                                                                      loan stock and part equity in order to produce a regular income stream 
                                                                                            and to generate capital gains 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. The 
                                                                   Company will seek to make investments in accordance with the requirements 
                                                                                                              of prevailing VCT legislation. 
                                                                      Asset allocation and risk diversification policies, including the size 
                                                                        and type of investments the Company makes, are determined in part by 
                                                                        the requirements of prevailing VCT legislation. No single investment 
                                                                       may represent more than 15% (by VCT tax value) of the Company's total 
                                                                                                      investments at the date of investment. 
 
                                                                                                                                   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 borrowings of amounts 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. 
 
                                                                                                                 INVESTMENT ADVISER'S REVIEW 
 
                                                                                                                                    Overview 
                                                                       2020 has been an unprecedented year in terms of initial value decline 
                                                                      and subsequent recovery. The Company's year started well with a strong 
                                                                     portfolio performance and two highly successful realisations. In March, 
                                                                   the UK Government then introduced lockdown and social distancing measures 
                                                                       in response to the COVID-19 pandemic. These measures had an immediate 
                                                             adverse impact on UK businesses, with many companies experiencing a significant 
                                                                       reduction in demand, restrictions on working practices and disruption 
                                                              to their supply chains. Global markets also fell significantly. The valuations 
                                                                     of the portfolio companies reflected this and experienced a significant 
                                                                                                    decline at the end of the March quarter. 
 
                                                                   Once the immediate impact of lockdown subsided, the pandemic's continuing 
                                                                       influence on business generally and portfolio companies specifically, 
                                                                 was far clearer. It is pleasing that this impact has been far less negative 
                                                                     than was initially feared with markets recovering and business activity 
                                                                        levels quickly returning to pre COVID-19 levels in most cases. There 
                                                                      have been a few portfolio companies which have experienced significant 
                                                                        disruption but a significant proportion have actually benefited from 
                                                                       a structural change in consumer purchasing habits and are now trading 
                                                                    at or above their pre COVID-19 levels. General Retail now comprises over 
                                                                        50% of the portfolio and all these companies have significant direct 
                                                                        to consumer channels - a business model that has performed well. The 
                                                                       majority of the portfolio has therefore demonstrated a high degree of 
                                                                      resilience with over 85% of companies by number showing revenue and/or 
                                                                  earnings progression over the previous year. Software and other technology 
                                                                       enabled businesses have also performed strongly and the portfolio has 
                                                                        limited exposure to more challenging sectors such as hospitality and 
                                                                                                                                     travel. 
 
                                                                     Strong trading activity levels created investment opportunities for the 
                                                                        Company as portfolio companies sought to consolidate their positions 
                                                                       by building capability in light of demand. A number of further growth 
                                                                   capital investments were therefore made into the portfolio over the year. 
                                                                      Mobeus continues to review the opportunities for follow-on investments 
                                                               and is in a good position to capitalise on opportunities due to the Company's 
                                                                     strong liquidity. M&A sentiment also remained buoyant with a continuing 
                                                                      stream of attractive realisations throughout the year. The outlook for 
                                                                        both follow-on investment and realisations continues to be positive. 
 
                                                                     Although quoted markets have rallied since March, it is noteworthy that 
                                                                       the principal driver of the rise in valuations over the recent months 
                                                                      was strong underlying trading performance. A small number of companies 
                                                                       have clearly struggled, but they are in the minority and their impact 
                                                                      on overall shareholder return is minimal. Substantial value has arisen 
                                                                     from the increase in revenues and earnings achieved across the majority 
                                                                      of the portfolio. A significant example of this has been the flotation 
                                                                     of Virgin Wines on the AIM market on 2 March 2021, at a price per share 
                                                                    that further materially increases the value of the Company's investment. 
                                                                   This increase reflects a premium generated by the strong support received 
                                                                                                         from investors in the public offer. 
 
                                                                        The social and economic consequences of COVID-19 will be with us for 
                                                                     some time to come and the practical impact of Brexit is still emerging. 
                                                                    However, the portfolio is well prepared, in robust shape and well placed 
                                                                    to respond to the challenges and opportunities that arise going forward. 
 
                                                                     Overall, the portfolio has demonstrated great resilience and potential. 
                                                                     Nevertheless, we remain mindful of the macro-economic uncertainties and 
                                                                      market volatility. We are cautiously optimistic, based upon the recent 
                                                                        evidence of improved trading performance at many constituents of the 
                                                                        portfolio. Mobeus believes much of this uplift will become permanent 
                                                                       in many cases and should underpin further potential growth within the 
                                                                                                                                  portfolio. 
 
                                                                                                                 New and further investments 
                                                                    The Company made new and follow-on investments totalling GBP4.80 million 
                                                                 (2019: GBP4.48 million), comprising GBP1.96 million (2019: GBP4.03 million) 
                                                                       into four new investments and GBP2.84 million (2019: GBP0.45 million) 
                                                                  into four existing investments. This level of new and follow-on investment 
                                                                       is pleasing given that there was effectively a temporary pause in new 
                                                                        investment going into the summer months as entrepreneurs temporarily 
                                                                       deferred fundraising but a healthy pipeline of suitable opportunities 
                                                                     has been seen more recently. The level of follow-on investment into the 
                                                             portfolio has increased as anticipated, which indicates there are opportunities 
                                                                     to further back growing portfolio companies that are achieving a strong 
                                                                                                                                performance. 
 
                                                                                                             New investments during the year 
                                                                    A total of GBP1.96 million was invested into four new investments during 
                            the year, as detailed below:      Company               Business          Date of Investment       Amount of new 
                                                                                                                                  investment 
                                                                                                                                      (GBPm) 
                                                                                                                              Premium frozen 
                                                                                                                                raw dog food 
                                                                Bella & Duke             provider            February 2020              0.62 
                                                                         ----------------------  --------------------  --------------------- 
                                                                        Bella & Duke is a direct to consumer subscription service, providing 
                                                                       premium frozen raw dog food to pet owners in the UK. Founded in 2016, 
                                                                           the business provides an alternative to standard meal options for 
                                                                          dog owners by focusing on the well documented health benefits of a 
                                                                    raw food diet. This area is a growing niche in the large and established 
                                                                      pet food market and is being driven by the premiumisation of dog food. 
                                                                           The investment will be used to optimise its production and supply 
                                                                      facilities, expand and enhance its team and broaden its product range. 
                                                                             The company has grown revenues over 700% between 2018 and 2020. 
                                                                                                                            Electric vehicle 
                                                                Andersen EV              chargers              June 2020                0.19 
                                                                         ----------------------  --------------------  --------------------- 
                                                                     Muller EV Limited (trading as Andersen EV) is a design led manufacturer 
                                                                       of premium electric vehicle (EV) chargers. Incorporated in 2016, this 
                                                                   business has secured high profile partnerships with OEMs such as Porsche, 
                                                                        establishing an attractive niche position in charging points for the 
                                                                           high end EV market. The Company's funds will be used to scale the 
                                                                         business through investment in further products and software, sales 
                                                                         and marketing and electric vehicle manufacturer partnerships. Given 
                                                                         the current strong political and social emphasis on decarbonisation 
                                                                      and air quality, Andersen is well positioned and has already generated 
                                                                         significant growth in sales over 350% for its most recent financial 
                                                                                                                                       year. 
                                                                                                                        Vegan and dairy-free 
                                                               Northern Bloc        ice cream producer       December 2020              0.30 
                                                                         ----------------------  --------------------  --------------------- 
                                                                        Northern Bloc Ice Cream is an established food brand in the emerging 
                                                                           and rapidly growing vegan market. By focusing on chef quality and 
                                                                   natural ingredients, Northern Bloc has carved out an early mover position 
                                                                           in the vegan ice cream sector. The company's focus on plant-based 
                                                                       alternatives has strong environmental credentials as well as it being 
                                                                        the first ice cream brand to move wholly into sustainable packaging. 
                                                                    The investment is aimed at capitalising on the company's market position 
                                                                        and accelerating growth. It has obtained key listings across several 
                                                                      large supermarkets and is well placed to benefit from the food service 
                                                                         recovery as it continues to secure menu placings. Northern Bloc has 
                                                                          doubled its retail store facings in 2020 and saw a 60% increase in 
                                                                       retail sales over the year. Current facings now stand at 1,800 across 
                                                                                                                                     the UK. 
                                                                                                                          Nursery management 
                                                             Connect Childcare           software            December 2020              0.85 
                                                                         ----------------------  --------------------  --------------------- 
                                                                           Connect Childcare is a fully integrated nursery management system 
                                                                          for childcare providers in the UK. Its market leading Core Connect 
                                                                       product provides nurseries and preschools with an enterprise software 
                                                                   solution enabling more efficient administrative processes. The investment 
                                                                         will be used to drive product marketing and commercialise their new 
                                                                    SaaS product (Foundations), as well as support the roll out of a payment 
                                                                           facility to its underlying customer base. Supplying 14 of the top 
                                                                       25 largest nursery groups in the UK, the company has strong recurring 
                                                                             revenues which have grown 20% for each of the last three years. 
 
 
                                                                                                         Further investments during the year 
                                                                        A total of GBP2.84 million was invested into four existing portfolio 
         companies during the year, as detailed below:         Company                Business             Date of         Amount of further 
                                                                                                         Investment        investment (GBPm) 
                                                                                                                                   Workforce 
                                                                                                                                  management 
                                                                    RotaGeek                 software            May 2020               0.44 
                                                                              --------------------  -----------------  --------------------- 
                                                                           RotaGeek is a provider of cloud-based enterprise software to help 
                                                                        larger retail, leisure and healthcare organisations predict and meet 
                                                                      demand to schedule staff effectively. This investment, alongside funds 
                                                                   from a new investor and existing shareholders, will be used to capitalise 
                                                                        on opportunities that will emerge as the retail sector recovers from 
                                                                         lockdown restrictions. RotaGeek will also be expanding its presence 
                                                                          in healthcare to help address the workforce management issues of a 
                                                                      sector that is chronically overburdened at present. For the year ended 
                                                                       31 December 2019, revenues have grown over 45% on the prior year with 
                                                                                   2020 revenues holding up well despite COVID-19 lockdowns. 
                                                                                                                         Digital marketplace 
                                                                                                                           connecting school 
                                                                                                                              pupils seeking 
                                                                                                                           one-to-one online 
                                                                     MyTutor                 tutoring            May 2020               0.71 
                                                                              --------------------  -----------------  --------------------- 
                                                                      MyTutorweb (trading as MyTutor) is a digital marketplace that connects 
                                                                   school pupils who are seeking private one-to-one tutoring with university 
                                                                     students. The business is satisfying a growing demand from both schools 
                                                                       and parents to improve pupils' exam results. This further investment, 
                                                                         alongside other existing shareholders, seeks to build and reinforce 
                                                                         its position as a UK category leader in the online education market 
                                                                     as well as to begin to develop a broader, personalised learning product 
                                                                       offering. MyTutor has performed strongly over the last 18 months with 
                                                                       70% growth in 2019 and over 190% over the last 12 months. The company 
                                                                      has been chosen as Tutoring Partner for the National Tuition Programme 
                                                                          where they will directly support 30,000 students in catching up on 
                                                                                             lost learning because of the COVID-19 pandemic. 
                                                                                                                                Lighting and 
                                                                                                                                   interiors 
                                                                Bu s ter & P unch             brand           September 2020            1.12 
                                                                              --------------------  -----------------  --------------------- 
                                                                    Buster & Punch is a premium branded, fast growing business which designs 
                                                                       and manufactures a complete range of high-quality functional fittings 
                                                                           (lighting, electrical and hardware and other accessories) for the 
                                                                       home. The Company first invested in 2017 and since then, the business 
                                                                       has delivered consistent high growth, with revenues growing in excess 
                                                                         of 65%, and reaching nearly GBP10 million in 2020. Buster & Punch's 
                                                                          products are now sold in 99 countries via both its highly invested 
                                                                    ecommerce platform and direct services to consumers, trade and retailers 
                                                                         across the world. Buster and Punch also operates flagship showrooms 
                                                                          in London, Stockholm and Los Angeles. The new funding will be used 
                                                                     to drive the global business plans of this fast-growing luxury interior 
                                                                          fashion label with further international expansion into the US and 
                                                                                                                       Asia Pacific markets. 
                                                                                                                                   Seller of 
                                                                                                                                 proprietary 
                                                                                                                           digital archiving 
                                                                Preservica               software           September 2020              0.57 
                                                                       -----------------------  ---------------------  --------------------- 
                                                                         Preservica is a SaaS software business with blue chip customers and 
                                                                         strong recurring revenues. It has developed market leading software 
                                                                    for the long-term preservation of digital records, ensuring that digital 
                                                                content can remain accessible, irrespective of future changes in technology. 
                                                                           This latest investment is to provide additional growth capital to 
                                                                       finance the further development of the business. The year to 31 March 
                                                                          2020 saw record bookings growth of 68% and many key customer wins. 
 
 
                                                                                                               Portfolio valuation movements 
                                                                      The portfolio generated net unrealised gains of GBP8.87 million during 
                                                                      the year. The scale of the valuation increases in the last nine months 
                                                                    of the year was primarily driven by the Company's growth portfolio, many 
                                                                     of which have direct to consumer business models that have been ideally 
                                                                      suited to the more physically remote business environment necessitated 
                                                                    by COVID-19. Mobeus believes that this has accelerated an existing trend 
                                                                    and in many cases the shift in behaviour will prove permanent. Over this 
                                                                      period, some older style MBO portfolio companies with similar business 
                                                                       practices have also benefited. A few companies have struggled in this 
                                                                     environment, and while there remains a possibility such businesses will 
                                                                       fail, their value has already been reduced to modest levels, reducing 
                                                                                                     their risk to future shareholder value. 
                                                               Total valuation increases were GBP12.94 million. The main valuation increases 
                                                                                                      were: Virgin Wines     GBP3.84 million 
                                                                                                            MPB Group        GBP1.43 million 
                                                                                                            Wetsuit Outlet   GBP1.32 million 
                                                                                                            Parsley Box      GBP1.23 million 
 
 
                                                                        Virgin Wines, MPB and Parsley Box have generated record earnings and 
                                                                       revenues over the lockdown periods and beyond. All have significantly 
                                                                increased their customer base and there is evidence that these new customers 
                                                                are continuing to be at least as active and profitable as their pre-COVID-19 
                                                                       counterparts. Wetsuit Outlet has seen a marked turnaround in the last 
                                                                   year and its performance is likely to further benefit from stronger brand 
                                                                       relationships and increased usage by customers of its online channel. 
 
                                                                  Within total valuation decreases of GBP(4.07) million. The main reductions 
                                                                                                                                       were: 
                                                                                     Tapas Revolution                      GBP(1.13) million 
                                                                                     CGI Creative Graphics International   GBP(0.95) million 
                                                                                     Media Business Insight ("MBI")        GBP(0.88) million 
                                                                                     RotaGeek                              GBP(0.53) million 
 
                                                                      These companies saw the most significant impact of a sudden decline in 
                                                                     demand for their products or services as a result of COVID-19. However, 
                                                                      as restrictions are eventually eased, a recovery is anticipated in due 
                                                                                                                                     course. 
 
                                                                The majority of the increase in portfolio value lies in the top 10 companies 
                                                                     which represent over 70% of the portfolio by value. Year-on-year growth 
                                                                by either revenues or earnings has been seen in all of the top ten companies 
                                                                  and it is pleasing to note that nine of these are from the younger, growth 
                                                                                                                                  portfolio. 
 
                                                                    The year also saw portfolio companies, Jablite, Oakheath (formerly Super 
                                                                  Carers) and CB entering voluntary liquidation and recognised as a realised 
                                                                        loss. These companies were struggling before the impact of COVID-19. 
                                                                        Valuation reductions for these companies had already been made. As a 
                                                                        result, there has been little impact on shareholder value from these 
                                                                                                                   administration processes. 
 
                                                                                                                      Portfolio Realisations 
                                                                  The Company realised its investments in Biosite, Auction Technology Group, 
                                                                        Access IS, Blaze Signs, Vectair Holdings and Bourn Bioscience during 
                                                                   the year, receiving a total of GBP13.71 million in proceeds, contributing 
                                                                   to total proceeds of GBP14.97 million during the year, as detailed below. 
                                                                 In summary, aggregate proceeds generated over the life of these investments 
                                                                    were GBP21.64 million representing a gain over original cost of GBP13.99 
                                                                                                                                    million. 
                                                         Company               Business           Period of investment   Total cash proceeds 
                                                                                                                               over the life 
                                                                                                                           of the investment 
                                                                                                                             / Multiple over 
                                                                                                                                        cost 
                                                           Biosite         Workforce management        November 2016         GBP2.07 million 
                                                                                 and secu rit y                to                 1.5 x cost 
                                                                                                       ser v i ces             February 2020 
                                                                       ------------------------  ---------------------  -------------------- 
                                                                       The Company sold its investment in Pattern Analytics Limited (trading 
                                                                          as Biosite) to ASSA ABLOY AB for GBP1.98 million. Since investment 
                                                                           in 2016, the investment has generated proceeds of GBP2.07 million 
                                                                           compared to an original investment cost of GBP1.34 million, which 
                                                                                          is a multiple on cost of 1.5x and an IRR of 21.0%. 
                                                        Auction Techno        SaaS based online       October 2008 to        GBP9.04 million 
                                                            l ogy Group            auction ma rk          February 2020           4.5 x cost 
                                                                                                                          e t place platform 
                                                                       ------------------------  ---------------------  -------------------- 
                                                                            The Company sold its investment in Turner Topco Limited (trading 
                                                                           as Auction Technology Group) to TA Associates for GBP5.28 million 
                                                                       (including GBP1.08 million loan interest due on completion) (realised 
                                                                      gain in the year: GBP1.16 million). This investment generated proceeds 
                                                                      of GBP9.04 million over the life of the investment (including proceeds 
                                                                        received following a partial realisation from a sale to ECI Partners 
                                                                             in June 2014), compared to an original cost of GBP2.00 million. 
                                                                     Over the 11 1/2 years this investment was held, these returns generated 
                                                                                             a multiple on cost of 4.5x and an IRR of 28.9%. 
                                                          Access IS          Data capture and         October 2015 to        GBP6.24 million 
                                                                               scanning hardware           August 2020            2.5 x cost 
                                                                       ------------------------  ---------------------  -------------------- 
                                                                        The Company sold its investment in Tovey Management Limited (trading 
                                                                              as Access IS) to ASSA ABLOY AB for proceeds of GBP5.32 million 
                                                                              (realised gain in the year: GBP1.75 million). Since investment 
                                                                              in 2015, the investment has generated cash proceeds of GBP6.24 
                                                                         million compared to an original investment cost of GBP2.47 million, 
                                                                                    which is a multiple on cost of 2.5x and an IRR of 23.4%. 
                                                         Blaze Signs         Manufacturer and          April 2006 to         GBP1.61 million 
                                                                               installer of signs        September 2020           2.6 x cost 
                                                                       ------------------------  ---------------------  -------------------- 
                                                                             The Company sold its investment in Blaze Signs Holdings Limited 
                                                                             via a secondary buy out backed by Elaghmore Advisor LLP and has 
                                                                        received cash proceeds of GBP0.61 million (including GBP0.22 million 
                                                                      of dividends and GBP0.06 million proceeds received after the year-end) 
                                                                             (realised gain in the year: GBP0.04 million). Over the 14 years 
                                                                             this investment was held, cash proceeds of GBP1.55 million have 
                                                                           been received compared to original cost of GBP0.61 million, which 
                                                                                          is a multiple of cost of 2.6x and an IRR of 13.4%. 
                                                       Vectair Systems         Designer and           January 2006 to        GBP0.83 million 
                                                                                  distributor             November 2020           8.3 x cost 
                                                                                                                        of washroom products 
                                                                       ------------------------  ---------------------  -------------------- 
                                                                              The Company sold its investment in Vectair Holdings Limited to 
                                                                             a consortium of US investment funds, including Oxbow Industries 
                                                                       and Arcspring, and has received proceeds of GBP0.48 million (realised 
                                                                             loss in the year: GBP(0.04) million). This investment generated 
                                                                        proceeds over the life of the investment of GBP0.83 million compared 
                                                                            to original cost of GBP0.10 million, which is a multiple of cost 
                                                                                                                is 8.3x and an IRR of 22.2%. 
                                                       Bourn Bioscience   In vitro fertilisation      January 2014 to        GBP1.85 million 
                                                                                    clinics               December 2020           1.6 x cost 
                                                                       ------------------------  ---------------------  -------------------- 
                                                                              The Company sold its investment in Bourn Bioscience Limited to 
                                                                          Canadian acquirer Triangle Capital, and has received cash proceeds 
                                                                            of GBP1.40 million (realised gain in the year: GBP0.80 million). 
                                                                          This investment generated proceeds over the life of the investment 
                                                                            of GBP1.85 million compared to original cost of GBP1.13 million, 
                                                                                    which is a multiple of cost is 1.6x and an IRR of 8.5 %. 
 
                                                                                              Loan stock repayments and other gains/(losses) 
                                                                    During the year and following a significant increase in the share price, 
                                                                       the Company received GBP0.75 million from the partial realisations of 
                                                                  its holding in AIM listed Omega Diagnostics Group plc, generating realised 
                                                                    gains of GBP0.57 million. Based upon the valuation at the year-end, this 
                                                                       holding has achieved an attractive return to date of 5.1x multiple on 
                                                                      cost, an IRR of 18.2%. This investment was subsequently fully realised 
                                                               after the year-end (see realisations after the year-end for further details). 
 
                                                              Proceeds of GBP0.37 million were received via loan repayments from BookingTek, 
                                                                      Vian Marketing (trading as Red Paddle) and End Ordinary Group (trading 
                                                                          as Buster & Punch), generating a realised gain of GBP0.06 million. 
 
                                                                  Finally, consideration and a realised gain of GBP0.14 million was received 
                                                                       in respect of Redline Worldwide, an investment realised in a previous 
                                                                     year and a realised loss of GBP(0.04) million from Jablite Holdings was 
                                                                    recognised as this company entered liquidation, with some recovery still 
                                                             anticipated. Investment Portfolio Yield                            2020    2019 
                                                                                                                                GBPm    GBPm 
                                                                          Interest received in the year                         2.13    1.72 
                                                                          Dividends received in the year                        0.66    0.24 
                                                                        ----------------------------------------------------  ------  ------ 
                                                                          Total portfolio income in the year(1)                 2.79    1.96 
                                                                        ----------------------------------------------------  ------  ------ 
                                                                         Portfolio value at 31 December                        41.68   38.54 
                                                                        ----------------------------------------------------  ------  ------ 
                                                                                          Portfolio Income Yield (Income as a % of Portfolio 
                                                                                                                                    value at 
                                                                           31 December)                                         6.7%    5.1% 
 
 
                                                                      1 Total portfolio income in the year is generated solely from investee 
                                                                      companies within the portfolio. See Note 3 to the Financial Statements 
                                                                        for all income receivable by the Company. The increase in income was 
                                                                  mainly due to interest of GBP1.08 million received on the loan instruments 
                                                                    in Auction Technology Group being paid, as part of the sale transaction, 
                                                                       which had not previously been recognised. Portfolio yield is expected 
                                                                       to fall for the foreseeable future, as the growth portfolio's returns 
                                                                                                    are likely to be more capital in nature. 
 
                                                                                                                            Portfolio review 
                                                                  The portfolio's movements and valuation changes in the year are summarised 
                                                                                                                                      below: 
                                                                                                                               2020     2019 
                                                                                                                               GBPm     GBPm 
                                                                                           -------------------------------  -------  ------- 
                                                                                           Opening portfolio value            38.54    36.53 
                                                                                                                              38.54    36.53 
                                                                                           New and further investments         4.80     4.48 
                                                                                           Disposal proceeds                (14.97)  (8. 14) 
                                                                                           Net realised gains                  4.44     2.31 
                                                                                           Valuation movements                 8.87     3.36 
                                                                                           -------------------------------  -------  ------- 
                                                                                           Portfolio value at 31 December    41. 68    38.54 
                                                                                           -------------------------------  -------  ------- 
 
 
                                                                               Investment Portfolio Capital Movement           2020     2019 
                                                                                                                               GBPm     GBPm 
                                                                              -------------------------------------------  --------  ------- 
                                                                               Increase in the value of                       12.94     5.30 
                                                                                                                      unrealised investments 
                                                                              -------------------------------------------  --------  ------- 
                                                                               Decrease in the                               (4.07)   (1.94) 
                                                                                                                         value of unrealised 
                                                                                                                                 investments 
                                                                                                     Net increase in the value of unrealised 
                                                                                investments                                    8.87     3.36 
                                                                              -------------------------------------------  --------  ------- 
                                                                               Realised gains                                  4.52     2.31 
                                                                               Realised losses                              (0 .08)        - 
                                                                              -------------------------------------------  --------  ------- 
                                                                               Net realised gains in the year                  4.44     2.31 
                                                                              -------------------------------------------  --------  ------- 
                                                                                                   Net investment portfolio capital movement 
                                                                                in the year                                   13.31     5.67 
                                                                              -------------------------------------------  --------  ------- 
 
 
 
                                                                                                          New investments after the year-end 
                                                                    GBP0.91 million was invested into one new investment after the year-end, 
                                                                                                                         as detailed below:- 
                                                          Company              Business              Date of investment        Amount of new 
                                                                                                                           investment (GBPm) 
                                                                                                                     Artificial intelligence 
                                                                                                                             & urban traffic 
                                                               Vivacity           control system             February 2021              0.91 
                                                                  ----------------------------  ----------------------  -------------------- 
                                                                       Vivacity (www.vivacitylabs.com) develops camera sensors with on-board 
                                                                   video analytics software that enables real-time anonymised data gathering 
                                                                        of road transport system usage. It offers city transport authorities 
                                                                   the ability to manage their road infrastructure more effectively enabling 
                                                                        more efficient monitoring of congestion and pollution levels as well 
                                                                           as planning for other issues, such as the changing nature of road 
                                                                          usage (e.g. the increasing number of cyclists). The technology and 
                                                                software represent a significant leap forward for local planning authorities 
                                                                        which have traditionally relied upon manual data collection methods. 
                                                                        The growth capital funding will allow the management team to achieve 
                                                                           deeper penetration of the UK transport management sector, explore 
                                                                      opportunities internationally and commercialise its new Smart Junction 
                                                                         offering. Revenues have grown 350% over the last three years and it 
                                                                         has exceeded its most recent year's budget despite the onset of the 
                                                                                                                          COVID-19 pandemic. 
 
 
 
                                                                                                      Further investments after the year-end 
                                                                        A total of GBP0.97 million was invested into four existing portfolio 
                                                                                            companies after the year-end, as detailed below: 
                                                           Company                Business           Date of investment    Amount of further 
                                                                                                                           investment (GBPm) 
                                                                                                                         Ambient ready meals 
                                                                                                                          targeting the over 
                                                               Parsley Box                 60s                January 2021              0.26 
                                                                         ------------------------  --------------------  ------------------- 
                                                                          Parsley Box is a UK direct to consumer supplier of home delivered, 
                                                                          ambient ready meals for the over 60s. Founded in 2017, Parsley Box 
                                                                         has grown rapidly and has developed a unique meal delivery solution 
                                                                          for its customers. The company supplies a diverse range of ambient 
                                                                   meals via next day delivery which are easy to store and aim to contribute 
                                                                         to a more independent and healthier lifestyle. The incidence of the 
                                                                     COVID 19 pandemic has encouraged consumers to order ready meals online, 
                                                                       and the company's revenues have grown to eight times that at the time 
                                                                          of the original VCT investment. This further investment will scale 
                                                                         the company's marketing strategy, enable it to process larger order 
                                                                      volumes and continue to build out its team. This company has announced 
                                                                        an intention to admit its shares to trading on AIM on 31 March 2021. 
                                                                  Bleach          Hair colourants brand       February 2021             0.11 
                                                                         ------------------------  --------------------  ------------------- 
                                                                          Bleach London Holdings ("Bleach") is an established, branded, fast 
                                                                       growing business which manufactures a range of haircare and colouring 
                                                                          products. Bleach has made sound commercial progress since the VCTs 
                                                                           invested in 2019 with its direct-to- consumer channels benefiting 
                                                                      greatly from the COVID-19 pandemic. Revenues have grown over 90% ahead 
                                                                    of the previous year. This further investment, along with strong support 
                                                             from existing investors, will be used to invest in marketing and infrastructure 
                                                                        to enable the business to accelerate its direct-to-consumer channel. 
                                                                                                                              Regulatory and 
                                                                                                                                   reporting 
                                                                                                                         requirement service 
                                                             Arkk Consulting             provider             February 2021             0.48 
                                                                         ------------------------  --------------------  ------------------- 
                                                                           Arkk Consulting (trading as Arkk Solutions) provides services and 
                                                                        software to enable organisations to remain compliant with regulatory 
                                                                          reporting requirements. Arkk was established in 2009 and currently 
                                                                           has over 800 clients across 20 countries. These include more than 
                                                                          80 of the FTSE 350 and half of the largest 20 accountancy firms in 
                                                                          the UK. This further investment is to enable continued development 
                                                                      of its software to capitalise on HMRC's 'Making Tax Digital' campaign. 
                                                                         Recurring revenues are now over 50% higher than at the point of the 
                                                                                                            original investment in May 2019. 
                                                                                                                          Spanish restaurant 
                                                             Tapas Revolution             chain                March 2021               0.12 
                                                                         ------------------------  --------------------  ------------------- 
                                                                        Tapas Revolution is a leading Spanish restaurant chain in the casual 
                                                                      dining sector. At initial investment in January 2017, it was operating 
                                                                           five sites and, subsequent to a further investment round in March 
                                                                        2018, had grown to 12 sites. Tapas was trading well and had a strong 
                                                                           outlook up until the onset of COVID-19 which mandated the closure 
                                                                          of much of its estate during the course of 2020 in response to the 
                                                                     varying patterns of government restrictions. Costs have been controlled 
                                                                      well under the circumstances and this further investment is to provide 
                                                                  financial headroom through the remaining lockdown period and to capitalise 
                                                                          on new site acquisition opportunities once the lockdown period has 
                                                                                                                                      ended. 
 
 
                                                                                                             Realisations after the year-end 
                                                          Company               Business          Period of investment   Total cash proceeds 
                                                                                                                            over the life of 
                                                                                                                             the investment/ 
                                                                                                                          Multiple over cost 
                                                       Omega Diagnostics    In Vitro diagnostics       December 2010         GBP1.17 million 
                                                                                                                 for                      to 
                                                                               food intolerance,          February 2021           5.9 x cost 
                                                                                                                        auto-immune diseases 
                                                                                                                              and infectious 
                                                                                                                                    diseases 
                                                                        -----------------------  ---------------------  -------------------- 
                                                                    Following a further significant increase in the share price, the Company 
                                                                    sold its remaining investment in Omega Diagnostics Group plc for GBP0.42 
                                                                           million. Combined with partial realisations during the year under 
                                                                 review, total proceeds received over the eleven-year life of the investment 
                                                                     were GBP1.17 million compared to an original investment cost of GBP0.20 
                                                                           million, which is a multiple on cost of 5.9x and an IRR of 19.9%. 
 
 
                                                                                                            Admission to AIM of Virgin Wines 
                                                                      Mobeus is also pleased to report that on 2 March 2021, Virgin Wines UK 
                                                                        plc ("Virgin Wines"), an existing portfolio company, was admitted to 
                                                                    trading on the Alternative Investment Market ("AIM") of the London Stock 
                                                                       Exchange, alongside a placing of new and existing shares. The Placing 
                                                                        Price of these shares was GBP1.97 per share, valuing Virgin Wines at 
                                                                        a market capitalisation of GBP110m. Mobeus has been proud to partner 
                                                                        the management of Virgin Wines in growing this business. We continue 
                                                                       to support Virgin Wines and its future development and are pleased to 
                                                                                           be retaining the Company's entire equity holding. 
 
                                                                   At the date of the admission, and based upon the Placing Price of GBP1.97 
                                                                       per share, the Company's beneficial equity investment in Virgin Wines 
                                                                        was valued at GBP9.12 million. This represented a significant uplift 
                                                                 in valuation of GBP4.64 million, compared to that included in the Company's 
                                                                      audited Net Asset Value ("NAV") per share at 31 December 2020 as shown 
                                                                     as part of this Annual Report. As part of this transaction, the Company 
                                                                      received net proceeds of GBP1.86 million (net of transaction costs) to 
                                                                    repay its loan stock and interest, leaving Virgin Wines ungeared at that 
                                                                        point. At the date of this Report, Virgin's share price has remained 
                                                                                                                    above its Placing Price. 
 
                                                                                                              Funds available for investment 
                                                                      Cash and other liquid investments available for investment amounted to 
                                                                        GBP26.69 million at the year-end. Of this amount, GBP4.05 million is 
                                                                       held as cash in bank accounts, and the balance is placed in AAA rated 
                                                                       money market funds. The returns on these funds are low, but the Board 
                                                                    retains its policy of seeking to minimise the loss of capital in respect 
                                                                                                                        of uninvested funds. 
 
                                                                                            Environmental, Social, Governance considerations 
                                                                The Investment Adviser and the Board have discussed an appropriate framework 
                                                                        within which to assess progress on these matters within the existing 
                                                                    portfolio, and it will continue to be an important consideration in both 
                                                                                                            the Investment Adviser's and the 
                                                                                         Board's assessment of new investment opportunities. 
 
                                                                      The statutory environmental disclosures are included in the Directors' 
                                                                                                            Report within the Annual Report. 
 
                                                                                                                                     Outlook 
                                                                     The portfolio is in a healthy position with many companies trading well 
                                                                        throughout the lockdowns, and several at record levels. It continues 
                                                                    to evolve offering a balance of fast-growing and more stable investments 
                                                                    at various stages of maturity and scale across a range of diverse market 
                                                                 sectors. There is a significant exposure to the direct to consumer business 
                                                                    model which has underpinned performance during the year. This also gives 
                                                                    confidence about the future performance of the portfolio and its ability 
                                                                                                           to cope with other uncertainties, 
                                                                     challenges and opportunities associated with Brexit, the macro-economic 
                                                                      outlook and the latest and potentially ongoing national lockdowns. The 
                                                                       new investment pipeline is recovering to levels seen pre-COVID-19 and 
                                                                      capital deployment should continue at an encouraging rate in line with 
                                                                        forecast. The Investment Adviser, although cautious in its approach, 
                                                                     is confident that the portfolio is in a robust shape to be able to cope 
                                                                                               with whatever the short to medium-term holds. 
 
                                                                                                                  Mobeus Equity Partners LLP 
                                                                                                                          Investment Adviser 
                                                                                                                               29 March 2021 
 
 
                                                                                         Investment Portfolio Summary as at 31 December 2020 
                                                                                                                                       Total 
                                                                                                                                   valuation 
                                                                                                                      Total cost          at 
                                                                                                           at          31         Unrealised 
                                                                    31 December    December     gains/(losses)                          % of 
                                                                           2020        2020            in year    % of equity      portfolio 
                                                                            GBP         GBP                GBP           held       by value 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                        Virgin Wines Holding 
                                                                                                                                     Company 
                                                                                                                                   Limited 1 
                                                                                            Online wine                              6 , 3 1 
                                           retailer                   1,930,813       2,889          3,837,158        9 . 7 %        15 . 1% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                           MPB Group Limited 
                                                                                                                          Online marketplace 
                                                                                                                                    for used 
                                                                                                                              photographic e 
                                           quipm e nt                 1,480,993   4,126,952          1,425,620        5 . 3 %        1 0.2 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                           P r ese rvic a Li 
                                                                                                                                       mited 
                                                                                                                          Seller of pr o pri 
                                                                                                                                       e tar 
                                                                                                                         y digital ar c hi v 
                                                                                                                                        in g 
                                           s o ft w ar e              2,152,042   3,611,144         1, 001,002         10.9 %          8.7 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                             End O rdin a ry 
                                                                                                                                 Group Limit 
                                                                                                                              ed (trading as 
                                                                                                                                  Buster and 
                                                                                                                                      Punch) 
                                                                                                                            I ndus tri al in 
                                                                                            spired lig                               2 , 6 4 
                                                                                            h ti ng and                              6 , 2 7 
                                           interiors retailer        1,4 96,785           2            754,240          7.8 %        6 . 3 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                         My Tutorweb Limited 
                                                                                                                              D i g it a l m 
                                                                                                                                  arketplace 
                                                                                                                              co n nec tin g 
                                                                                                                               school pupils 
                                                                                                                              seeking one- t 
                                                                                                                                o-one online 
                                           tutoring                   2,023,042   2,476,581         453 , 5 39         8 . 2%           5.9% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                                EOTH Limited 
                                                                                                                                 (trading as 
                                                                                                                               Equip Outdoor 
                                                                                                                               Technologies) 
                                                                                                                             D istributor of 
                                                                                                                             branded outdoor 
                                                                                                                          e quipm e nt and c 
                                                                                                                                   l o thing 
                                                                                                                              (Rab a nd Lowe 
                                           Alpine)                      951,471   2,400,632            251,840        1 . 7 %          5.8 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                            Ma nuf a cturing 
                                                                                                                                      Servic 
                                                                                                                             e s Inv estment 
                                                                                                                            Limited (trading 
                                                                                                                          as Wetsuit Outlet) 
                                                                                                                          Online retailer in 
                                                                         t he water                               2, 33 1          1 , 3 1 5 
                                           sp o rts market            2,333,102       , 110              , 232           6.4%           5.6% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                              Data Discovery 
                                                                                                                                   Solutions 
                                                                                                                         Limited (trading as 
                                                                                                                                      Active 
                                                                                                                                 Navigation) 
                                                                                                                          Provider of global 
                                                                                                                         market leading file 
                                                                                                                                        anal 
                                                                                                                         y sis s o ft w ar e 
                                                                                                                                     for inf 
                                                                                                                                    ormation 
                                                                                                                            governance, secu 
                                                                                            rit y and                               2 , 20 1 
                                           compliance               1 ,100, 500       , 000        1 ,100, 500        6 . 3 %        5 . 3 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                        Parsl ey Box Limited 
                                                                                                                          Sup pli er of home 
                                                                                                                                  delivered, 
                                                                                                                         ambient ready meals 
                                                                         targeting                                                  1 , 23 3 
                                           th e ov er 60s               668,400   1,937,571             , 2 12          4.9 %           4.6% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                            Proactiv e Group 
                                                                                                                                    Holdings 
                                                                                                                                         Inc 
                                                                                                                         Provider of media s 
                                                                                                                                       erv i 
                                                                                                                            ces and investor 
                                                                                                                                 conferences 
                                                                                                                               for companies 
                                                                                                                                  primaril y 
                                                                                                                             listed on s eco 
                                                                                                                               ndar y public 
                                           markets                      755,340  1, 900,421                  -           2.6%           4.6% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                              Vian Marketing 
                                                                                                                            Limited (trading 
                                                                                                                           as Red Paddle Co) 
                                                                                                                            Design, manuf ac 
                                                                                                                                   tur e and 
                                                                                                                          sale of stand - up 
                                                                                                                                paddleboards 
                                                                                            and w indsurfi ng s                      1 , 465 
                                           a ils                        789,006       , 304            285,370         10.9 %           3.5% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                             Arkk Consulting 
                                                                                                                                     Limited 
                                                                                                                         Provider of s erv i 
                                                                                                                                     ces and 
                                                                                                                            s o ft w ar e to 
                                                                                                                                      enable 
                                                                                                                               organisations 
                                                                                                                                  to rem ain 
                                                                                                                             compliant w ith 
                                                                                                                            regulatory r epo 
                                         rtin g requirements        1,118,490  1,1 78,143             35,792          7.5 %            2.8 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  --------------- 
                                                                                                                             Master Removers 
                                                                                                                                  Group 2019 
                                                                                                                         Limited (trading as 
                                                                                                                                     Anthony 
                                                                                                                                Ward Thomas, 
                                                                                                                                 Bishopsgate 
                                                                                                                         and Aussie Man & Va 
                                                                                                                                          n) 
                                                                                                                          A sp ec i a list l 
                                                                                                                                     o gisti 
                                                                                                                           c s, stor age and 
                                                                                            removals                                 1 , 044 
                                         business                    348,64 1      , 97 1            259,625           6.6%             2.5% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  --------------- 
                                                                                                                            Tharst ern Group 
                                                                                                                                     Limited 
                                                                                                                          M I S & Commercial 
                                                                                                                                       print 
                                                                                                                           s o ft wa r e s o 
                                                                                                                                      luti o 
                                         ns                         1,091,886   1,037,390           (69,039)         12.2 %             2.5% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  --------------- 
                                                                                                                              Media Business 
                                                                                                                            Insight Holdings 
                                                                                                                                     Limited 
                                                                                                                            A publishing and 
                                                                                                                                     eve nts 
                                                                                                                         business focused on 
                                                                                                                                        t he 
                                                                                                                           creative p r oduc 
                                                                                                                                     ti on i 
                                         ndus tri es                2,722,760  1, 013,748         (88 0,159)         1 5.7%            2.4 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  --------------- 
                                                                                                                        Con ne ct Childcar e 
                                                                                                                                       Group 
                                                                                                                                     Limited 
                                                                                                                               N urs ery man 
                                                                                                                                 agement s o 
                                                                                                                          ft w ar e pr ov id 
                                         er                           846,007     846,007                  -          3.0 %             2.0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  --------------- 
                                                                                                                               B ella & Duke 
                                                                                                                                     Limited 
                                                                                                                            A premium frozen 
                                                                                                                                     raw dog 
                                         food provider                617,400     836,042            218,642          4.3 %             2.0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  --------------- 
                                                                                                                               Bleach London 
                                                                                                                            Holdings Limited 
                                                                                                                            Hair co lourants 
                                         brand                        519,672     832,878         3 1 3, 206          3.1 %             2.0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  --------------- 
                                                                                                                          Rota G eek Limited 
                                                                                                                                   Workforce 
                                                                                                                              management s o 
                                         ft w ar e                    874,000    7 26,667          (526,952)           4.4%          1 . 7 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  --------------- 
                                                                                                                                IP V Limited 
                                                                                                                           Provider of media 
                                                                                                                                     asset s 
                                         o ft w ar e                  619,487     619,487                  -           5.5%           1 . 5% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  --------------- 
                                                                                                                               CGI Cr eative 
                                                                                                                                    Graphics 
                                                                                                                               International 
                                                                                                                                     Limited 
                                                                                                                          V in y l g r a phi 
                                                                                                                                      c s to 
                                                                                                                           global a ut o m o 
                                                                                                                                     ti ve , 
                                                                                                                          recreation vehicle 
                                                                                                                               and aerospace 
                                           markets                    1,449,746   39 0 ,849          (954,059)        6 . 3 %          0.9 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                         N orth e rn Bloc Ic 
                                                                                                                                     e Cream 
                                                                                                                                     Limited 
                                                                                                                          Da ir y- fr ee ice 
                                                                                            cream                                   3 0 4, 0 
                                           producer                     304,050          50                  -        0 . 7 %        0 . 7 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                           Omega Diagnostics 
                                                                                                                                   Group plc 
                                                                                                                                           2 
                                                                                                                           In -v itr o di ag 
                                                                                                                                     nosti c 
                                                                                                                                  s for food 
                                                                                                                              intolerance, a 
                                                                                                                               ut o- immu ne 
                                                                                                                                diseases and 
                                                                         inf ec ti o us                                            2 0 8 , 3 
                                           diseases                      50,011     266,680                 55           0.2%           0.6% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                          Muller E V Limited 
                                                                                                                                    (trading 
                                                                                                                          as Anders en E V ) 
                                                                                                                         Provider of premium 
                                                                                                                                        elec 
                                                                                                                          tri c vehicle ( EV 
                                           ) chargers                   195,200     217,904             22,704         0 . 5%         0 . 5% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                          K udos Innovations 
                                                                                                                                     Limited 
                                                                                                                         Online pl a tf o rm 
                                                                                                                                        that 
                                                                                                                                provides and 
                                                                                                                           promotes academic 
                                                                                                                          research di s semi 
                                                                                                                                       n a t 
                                           io n                         328,950    1 52,488          (362,884)         3 . 2%           0.4% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                           R D L Corporation 
                                                                                                                                     Limited 
                                                                                                                             Rec ruitment co 
                                                                                                                                   nsultants 
                                                                                                                          for th e pharm ace 
                                                                                                                                       uti c 
                                                                         al and IT industri                                        (1 4 2, 4 
                                           es                         1,000,000     151,247               6 1)           9.1%           0.4% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                         Spanish R estaurant 
                                                                                                                                       Group 
                                                                                                                           Limited (formerly 
                                                                                                                                    Ibericos 
                                                                                                                              Etc. Limit ed) 
                                                                                                                                 (trading as 
                                                                                                                          Tapa s Revolution) 
                                                                                                                         Spanish r e st a ur 
                                                                         a nt                                    1 39,3 1         ( 1,1 3 4, 
                                           chain                      1,044,869           7              989 )          5.8 %          0.3 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                           Jablit e Holdings 
                                                                                                                                     Limited 
                                                                                                                         M anuf ac tur er of 
                                                                                                                                    expanded 
                                                                                                                          p o l y st y r ene 
                                                                                                                                     pr o du 
                                           c ts                         376,083      49,597                  -           9.1%           0.1% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                         BG Training Limited 
                                                                                                                          C it y- b ase d pr 
                                                                                                                                      ovider 
                                                                                                                           of sp e ci a list 
                                                                                                                                   technical 
                                           trainin g                     10,625       7,969              2,656          0 .0%          0 .0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                            Veritek Glob a l 
                                                                                                                                    Holdings 
                                                                                                                                     Limited 
                                                                                                                             Maint enance of 
                                                                                                                                   imaging e 
                                           quipm e nt                 1,620,086           -                  -        1 5 .4%          0 .0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                        Book i ngTek Limited 
                                                                                                                            So ft wa r e for 
                                           hotel groups                 582,300           -                  -           3.5%          0 .0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                            Oakheath Limited 
                                                                                                                                   (formerly 
                                                                                                                           Super Carers) (in 
                                                                                                                                    members' 
                                                                                                                             v o l unta ry l 
                                                                                                                                 iquidation) 
                                                                                                                         Online pl a tf o rm 
                                                                                                                                        that 
                                                                                                                         co nn ec ts p eo pl 
                                                                                                                                   e seeking 
                                                                                                                              care home from 
                                                                                                                                 experienced 
                                           independent carers           485,730           -                  -          4.3 %          0 .0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                                  Racoon Int 
                                                                                                                            ernational Group 
                                                                                                                                     Limited 
                                                                                                                         S uppli e r of hair 
                                                                                                                                        e xt 
                                                                                                                            e nsi o ns, hair 
                                                                                                                                     care pr 
                                                                                                                               o du c ts and 
                                           trainin g                    484,347           -                  -          8.0 %          0 .0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                            CB Imports Group 
                                                                                                                                    Limit ed 
                                                                                                                         (trading as Country 
                                                                                                                                    Baskets) 
                                                                                                                              Import e r and 
                                                                                                                                 distributor 
                                                                                                                            of a rtifi c ial 
                                                                                                                                    flowers, 
                                                                                                                           floral sundries a 
                                                                                                                                      nd hom 
                                                                                                                         e décor pr o d 
                                           uc ts                        175,000           -                  -          5.8 %          0 .0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                   4 1,2 25                                            98 .9 
                                          Total                      32,546,834       ,31 0         8, 648,150                             % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                        Former Elderstr eet                                                - 
                                                                                                                                      Privat 
                                                                                                                          e Equity Portfolio 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                            Cashfac Li mited 
                                                                                                                               Provider of v 
                                                                                                                              irtual banking 
                                                                                                                          ap pli ca ti o n s 
                                                                                                                                      o ft w 
                                                                                                                          ar e s o luti o ns 
                                                                                            to corporate                2 6 0, 1    45 1 , 3 
                                           c ustom e rs                      01          86            218,661          2. 9%          1.1 % 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                         Sift Group Limit ed 
                                                                                                                                Developer of 
                                                                                                                                business - t 
                                                                                                                                 o- business 
                                                                                                        internet co mmuniti        1 35 , 39 
                                           e s                                1           -                  -         1 . 3%          0 .0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                          Total                         395,492  45 1 , 386            218,661                          1.1% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                        Tota l Inv estment                         4 1 ,6            8 ,8 66 
                                           Portfolio                 32,942,326    7 6,6 96               ,811                       1 00.0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                          Tota l Inv estment 
                                                                                                                                   Portfolio 
                                                                                                                              split by typ e 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                           Gro w th focus ed 
                                                                         portfolio                                32,713,         7, 0 72,71 
                                           3                         22,080,980         007                  5                        78. 5% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                              M B O focus ed 
                                                                                            portfolio                             8, 96 3,68 
                                           3                         10,861,346           9         1,7 94,096                      2 1 . 5% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
                                                                                                                                 Inv estment 
                                                                         Adviser's Tota                            4 1 ,6            8 ,8 66 
                                           l                         32,942,326    7 6,6 96               ,811                       1 00.0% 
                                       ---------------------  ---------------  ----------  -----------------  -------------  ------------- 
 
                                                                                                                                      Notes: 
                                                                       (1) After the year-end, this company was admitted to AIM. For further 
                                                                         details see Post Balance Sheet Events in the notes to the Financial 
                                                                                                                                 Statements. 
                                                                                                                          (2) Quoted on AIM. 
                                                                        (3) 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. 
 
 
 
 
 
                                                                                                                             PRINCIPAL RISKS 
                                                                    The Directors acknowledge the Board's responsibilities for the Company's 
                                                                     internal control systems and have instigated systems and procedures for 
                                                                     identifying, evaluating and managing the significant and emerging risks 
                                                                   faced by the Company. The Board's risk appetite is cognitive of the risks 
                                                                 and rewards of investing in small unquoted companies. A key risk management 
                                                                     review and robust assessment of the risks takes place at each quarterly 
                                                                       Board meeting and the Board discusses emerging risks as and when they 
                                                                  arise, such as the COVID-19 pandemic, and puts in place mitigating actions 
                                                                      to manage the risk. The principal and emerging risks identified by the 
                                                                      Board, a description of the possible consequences of each risk and how 
                                                                                              the Board manages each risk are set out below: 
                                                                              Risk             Possible           How the Board manages risk 
                                                                                                                                 consequence 
                                          ---------------  -----------------  -------------------------------------------------------------- 
                                                                                                           Loss of          The Company must 
                                               approval         comply with          *    The Company's VCT qualifying status is continually 
                                                              as a Venture     section 274 of            reviewed by the Investment Adviser. 
                                                                                                                 Capital Trust    the Income 
                                                                                                                                Tax Act 2007 
                                                                   ("ITA") which        *    The Board receives regular reports from its VCT 
                                                              allows it to be           Status Adviser who has been retained by the Board to 
                                                             exempt from               monitor the Company's ongoing compliance with the VCT 
                                                                                                            capital gains             Rules. 
                                                                                                                                      tax on 
                                                                                                                                  investment 
                                                                                                                                  gains. Any 
                                                                                                                             breach of these 
                                                                                                                              rules may lead 
                                                                                                                              to the Company 
                                                                                                                                  losing its 
                                                                                                                               approval as a 
                                                                                                                                     Venture 
                                                                                                                              Capital Trust, 
                                                                                                                                  qualifying 
                                                                                                                            Shareholders who 
                                                                                                                                    have not 
                                                                                                                                  held their 
                                                                                                                              shares for the 
                                                                                                                                  designated 
                                                                                                                              holding period 
                                                                                                                             having to repay 
                                                                                                                                  the income 
                                                                                                                             tax relief they 
                                                                                                                                obtained and 
                                                                                                                            future dividends 
                                                                                                                                 paid by the 
                                                                                                                            Company becoming 
                                                                                                                                  subject to 
                                                                                                                            tax. The Company 
                                                                                                                                  would also 
                                                                                                                                    lose its 
                                                                                                                              exemption from 
                                                                                                                                 corporation 
                                                                                                                              tax on capital 
                                                                                                                                      gains. 
                                          ---------------  -----------------  -------------------------------------------------------------- 
                                                                                                             Economic and     Events such as 
                                                  Political       the COVID-19           *    The Board monitors the portfolio as a whole to 
                                                                                                                                pandemic and 
                                                                                                                                   resultant 
                                                                                           restrictions          (1) ensure that the Company 
                                                                                    imposed by            invests in a diversified portfolio 
                                                                                                         Government, the       of companies; 
                                                                                          impact of             (2) ensure that developments 
                                                                                    Brexit, an            in the macro- economic environment 
                                                                                         economic              such as movements in interest 
                                                                                               recession and         rates are monitored and 
                                                                                          movements in          (3) With regard to COVID-19, 
                                                                                          interest rates        the Investment Adviser holds 
                                                                                          could affect          ongoing discussions with all 
                                                                                            trading               the portfolio companies to 
                                                                                            conditions for        ascertain where support is 
                                                                                            smaller               required. Cash comprises a 
                                                                                             companies and         significant proportion of 
                                                                                        consequently          the net assets of the Company, 
                                                                                             the value of the      further to the successful 
                                                                                       Company's             realisations and the fund-raise 
                                                                                            qualifying            earlier in the year giving 
                                                                                        investments.          the Company a strong liquidity 
                                                                                                                 position. The portfolio has 
                                                                                                                 minimal exposure to sectors 
                                                                                                               such as leisure, hospitality, 
                                                                                                                 retail and travel which are 
                                                                                                                     currently more at risk. 
                                          ---------------  -----------------  -------------------------------------------------------------- 
                                                                                                              Investment       Investment in 
                                                            VCT qualifying         *    The Board regularly reviews the Company's investment 
                                                                                                       earlier stage               strategy. 
                                                                                                                              unquoted small 
                                                                                                                                   companies 
                                                                  involves a             *    Careful selection and review of the investment 
                                                                                   higher                      portfolio on a regular basis. 
                                                                                                                              degree of risk 
                                                                                                                             than investment 
                                                                   in fully listed        *    The Investment Adviser has provided a growing 
                                                              companies.                  pipeline of compliant investment opportunities and 
                                                                    Smaller                     continues to strengthen its investment team. 
                                                                                                                             companies often 
                                                                                                                                        have 
                                                                   limited product        *    The valuation of the investment portfolio and 
                                                               lines, markets              valuation methodologies are reviewed by the Board 
                                                                                                   or financial                each quarter. 
                                                                                                                              resources, may 
                                                                                                                                      not be 
                                                                                                                               profitable at 
                                                                                                                                   the point 
                                                                                                                               of investment 
                                                                                                                                  and may be 
                                                                                                                                   dependent 
                                                                                                                                   for their 
                                                                                                                             management on a 
                                                                                                                              smaller number 
                                                                                                                                      of key 
                                                                                                                                individuals. 
                                                                                                                            This may lead to 
                                                                                                                                    variable 
                                                                                                                                  investment 
                                                                                                                             returns and the 
                                                                                                                                 use of more 
                                                                                                                                  subjective 
                                                                                                                                   valuation 
                                                                                                                              methodologies. 
                                          ---------------  -----------------  -------------------------------------------------------------- 
                                                                                                             Regulatory       The Company is 
                                                                  required to          *    Regulatory and legislative developments are kept 
                                                                  comply with the           under review by the Company's solicitors and the 
                                                                                                            Companies                 Board. 
                                                                                                                            Act, the Listing 
                                                                                                                                    Rules of 
                                                                                                                              the UK Listing 
                                                                                                                               Authority and 
                                                                                                                              United Kingdom 
                                                                                                                                  Accounting 
                                                                                                                                  Standards. 
                                                                                                                              Changes to and 
                                                                                                                            breach of any of 
                                                                                                                                 these might 
                                                                                                                                     lead to 
                                                                                                                               suspension of 
                                                                                                                                         the 
                                                                                                                             Company's Stock 
                                                                                                                                    Exchange 
                                                                                                                                    listing, 
                                                                                                                                   financial 
                                                                                                                                penalties, a 
                                                                                                                                   qualified 
                                                                                                                             audit report or 
                                                                                                                                 the loss of 
                                                                                                                               the Company's 
                                                                                                                                 status as a 
                                                                                                                                        VCT. 
                                                                                                                                Furthermore, 
                                                                                                                                     changes 
                                                                                                                               to the UK VCT 
                                                                                                                                 legislation 
                                                                                                                            or the State-aid 
                                                                                                                                 rules could 
                                                                                                                             have an adverse 
                                                                                                                                   effect on 
                                                                                                                               the Company's 
                                                                                                                                  ability to 
                                                                                                                                     achieve 
                                                                                                                                satisfactory 
                                                                                                                                  investment 
                                                                                                                                    returns. 
                                          ---------------  -----------------  -------------------------------------------------------------- 
                                                                                                             Financial and    Failure of the 
                                                  operating       systems                 *    The Board carries out an annual review of the 
                                                               (including                   internal controls in place and reviews the risks 
                                                            breaches of                  facing the Company at each quarterly Board meeting, 
                                                                        cyber security)              receiving control reports by exception. 
                                                                                                                               at any of the 
                                                                                                                                 third-party 
                                                            service                 *    It reviews the performance of the service providers 
                                                                  providers that               annually and has obtained assurance that such 
                                                            the                          providers have controls in place to reduce the risk 
                                                                           Company has                  of breaches of their cyber security. 
                                                                                                                            contracted with, 
                                                                                                                               could lead to 
                                                                                                                                  inaccurate 
                                                                                                                                   reporting 
                                                                                                                              or monitoring. 
                                                                                                                                  Inadequate 
                                                                                                                              controls could 
                                                                                                                                 lead to the 
                                                                                                                            misappropriation 
                                                                                                                               or insecurity 
                                                                                                                                  of assets. 
                                                                                                                             Outsourcing and 
                                                                                                                             the increase in 
                                                                                                                              remote working 
                                                                                                                             could give rise 
                                                                                                                                to cyber and 
                                                                                                                               data security 
                                                                                                                                    risk and 
                                                                                                                                    internal 
                                                                                                                               control risk. 
                                          ---------------  -----------------  -------------------------------------------------------------- 
                                                                                                           Market           Movements in the 
                                                            valuations              *    The Board receives quarterly valuation reports from 
                                                                                        of the Company's             the Investment Adviser. 
                                                                                                                                 investments 
                                                                                                                                 will, inter 
                                                              alia, be                *    The Investment Adviser alerts the Board about any 
                                                                                             connected                    adverse movements. 
                                                                                                                             to movements in 
                                                                                                                             UK Stock Market 
                                                                                                                             indices as well 
                                                                                                                                as affecting 
                                                                                                                               the Company's 
                                                                                                                             own share price 
                                                                                                                            and its discount 
                                                                                                                                to net asset 
                                                                                                                                      value. 
                                          ---------------  -----------------  -------------------------------------------------------------- 
                                                                                                              Asset            The Company's 
                                                   liquidity        investments          *    The Board receives reports from the Investment 
                                                               may be difficult          Adviser and reviews the portfolio at each quarterly 
                                                                  to realise.               Board meeting. It carefully monitors investments 
                                                                                                where a particular risk has been identified. 
                                          ---------------  -----------------  -------------------------------------------------------------- 
                                                                                                        Environmental,   Non-compliance 
                                              Social and      with current          *    ESG is also taken into account when considering new 
                                            Governance      and future                 investment proposals. The Investment Adviser monitors 
                                                Emerging Risk   reporting                  the potential impact on investee companies of any 
                                                                requirements               proposed new legislation regarding environmental, 
                                                             could lead to a            social and governance matters and advises and adapts 
                                                                                                     fall in demand             accordingly. 
                                                                                                                         from investors. 
                                                                                                                         That may affect 
                                                                   the level of          *    The Board recognises that climate change is an 
                                                               capital the                important emerging risk that the Company is taking 
                                                            Company                    into account in their strategic planning although the 
                                                                       has available to           Company itself has little direct impact on 
                                                              meet its                   environmental issues. Measures have been introduced 
                                                               investment                 to decrease the amount of travel undertaken and to 
                                                            objectives.                reduce the cost and environmental impact of providing 
                                                                                              paper copies of Shareholder correspondence, as 
                                                                                                   mentioned elsewhere in the Annual Report. 
                                          ---------------  -----------------  -------------------------------------------------------------- 
 
                                                                           The risk profile of the Company changed as a result of changes to 
                                                                           VCT legislation 2015. As the Company is required to focus its new 
                                                                      investment activity on growth capital investments in younger companies 
                                                                         it is anticipated that investment returns will be more volatile and 
                                                                         have a higher risk profile. The Board also discusses emerging risks 
                                                                          as and when they arise, such as the COVID-19 pandemic, and puts in 
                                                                           place mitigating actions to manage the risk. In an environment of 
                                                                           ultra-low interest rates, returns on liquidity may impact overall 
                                                                       performance. This factor is monitored by the Board with the objective 
                                                                       of optimising returns on liquid funds whilst minimising capital risk. 
 
 
 
                                                                                                    STATEMENT OF DIRECTORS' RESPONSIBILITIES 
                                                                       The Directors are responsible for preparing the Annual Report and the 
                                                                     Financial Statements in accordance with applicable law and regulations. 
 
                                                                      Company law requires the Directors to prepare Financial Statements for 
                                                                 each financial year and the Directors have elected to prepare the Financial 
                                                                  Statements in accordance with United Kingdom Generally Accepted Accounting 
                                                                    Practice (United Kingdom Accounting Standards and applicable law). Under 
                                                                  company law the Directors must not approve the Financial Statements unless 
                                                                      they are satisfied that they give a true and fair view of the state of 
                                                                    affairs of the Company and of the profit or loss of the Company for that 
                                                                                                                                     period. 
                                                                     In preparing these Financial Statements, the Directors are required to: 
 
                                                                                     *    select suitable accounting policies and then apply 
                                                                                                                          them consistently; 
 
 
                                                                                      *    make judgements and accounting estimates that are 
                                                                                                                     reasonable and prudent; 
 
 
                                                                                       *    state whether the Financial Statements have been 
                                                                                       prepared in accordance with United Kingdom accounting 
                                                                                               standards, subject to any material departures 
                                                                                        disclosed and explained in the Financial Statements; 
 
 
                                                                                  *    prepare the Financial Statements on the going concern 
                                                                                        basis unless it is inappropriate to presume that the 
                                                                                                          Company will continue in business; 
 
 
                                                                                  *    prepare a Strategic Report, a Director ' s Report and 
                                                                                       Directors ' Remuneration Report which comply with the 
                                                                                                     requirements of the Companies Act 2006. 
 
 
 
                                                                       The Directors are responsible for keeping adequate accounting records 
                                                                      that are sufficient to show and explain the Company's transactions and 
                                                                        disclose with reasonable accuracy at any time the financial position 
                                                                      of the Company and enable them to ensure that the Financial Statements 
                                                              comply with the Companies Act 2006. They are also responsible for safeguarding 
                                                                     the assets of the Company and hence for taking reasonable steps for the 
                                                                                 prevention and detection of fraud and other irregularities. 
 
 
                                                                                                                         Website publication 
                                                                        The Directors are responsible for ensuring the Annual Report and the 
                                                                  Financial Statements are made available on a website. Financial Statements 
                                                                       are published on the Company's website in accordance with legislation 
                                                                        in the United Kingdom governing the preparation and dissemination of 
                                                               Financial Statements, which may vary from legislation in other jurisdictions. 
                                                                The maintenance and integrity of the Company's website is the responsibility 
                                                                 of the Directors. The Directors' responsibility also extends to the ongoing 
                                                                                    integrity of the Financial Statements contained therein. 
 
                                                                    Directors' responsibilities pursuant to Disclosure and Transparency Rule 
                                                                                                               4 of the UK Listing Authority 
                                                                                  The Directors confirm to the best of their knowledge that: 
 
                                                                    a) the Financial Statements, which have been prepared in accordance with 
                                                                       United Kingdom Generally Accepted Accounting Practice give a true and 
                                                                     fair view of the assets, liabilities, financial position and the profit 
                                                                                                                         of the Company; and 
 
                                                              b) the Annual Report includes a fair review of the development and performance 
                                                                of the business and the position of the Company, together with a description 
                                                                                     of the principal risks and uncertainties that it faces. 
 
                                                                       Having taken advice from the Audit Committee, the Board considers the 
                                                                 Annual Report and Financial Statements, taken as a whole, is fair, balanced 
                                                                       and understandable and that it provides the information necessary for 
                                                                        shareholders to assess the Company's performance, business model and 
                                                                                                                                   strategy. 
 
                                                                    Neither the Company nor the Directors accept any liability to any person 
                                                                   in relation to the Annual Report except to the extent that such liability 
                                                                                                              could arise under English law. 
 
                                                                                                              For and on behalf of the Board 
 
                                                                                                                         Jonathan Cartwright 
                                                                                                                                    Chairman 
                                                                                                                               29 March 2021 
 
 
                                                                                                                        FINANCIAL STATEMENTS 
                                                                                        Income Statement for the year ended 31 December 2020 
               -------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                      Year ended 31 December 
                                                                2020 Notes Revenue Capital                            Year ended 31 December 
                                                             Total                                               2019 R evenue Capital Total 
                                                                     GBP GBP GBP                                                 GBP GBP GBP 
                                                                   Net investment portfolio                             13,307,      13,307, 
                    gains                          8              -        684        684                      -    5,675,164      5,675,164 
                                                                                                                                      2,868, 
                   Income                          3            103             -        2,868,103     2,107,357            -      2,107,357 
                   Investment Adviser's fees       4a    (309 ,827)    (929 ,481)      (1,239,308)    (309 ,641)    (928,923)    (1,238,564) 
                   Other expenses                  4d     (426,422)             -        (426,422)     (451,261)            -      (451,261) 
                  -----------------------------  ----  ------------  ------------  ---------------  ------------  -----------  ------------- 
                                                                                                                          Profit on ordinary 
                                                              activities                                                             14,510, 
                    before taxation                      2, 131,854    12,378,203              057     1,346,455    4,746,241      6,092,696 
                                                                                                                       Taxation on profit on 
                                                                                                                                    ordinary 
                    activities                     5     (280 ,053)      176, 602        (103,451)     (211,879)      176,496       (35,383) 
                  -----------------------------  ----  ------------  ------------  ---------------  ------------  -----------  ------------- 
                                  Profit for the year and total                                           14,406,                     4,922, 
                    comprehensive income                  1,851,801    12,554,805              606     1,134,576          737     6,057 ,313 
                  -----------------------------------  ------------  ------------  ---------------  ------------  -----------  ------------- 
                                                                                                                  Basic and diluted earnings 
                    per ordinary share            6           2.22p       15. 05p           17.27p        1. 67p       7 .28p          8.95p 
                  -----------------------------  ----  ------------  ------------  ---------------  ------------  -----------  ------------- 
 
                                                                The revenue column of the Income Statement includes all income and expenses. 
                                                              The capital column accounts for the net investment portfolio gains (unrealised 
                                                               gains and realised gains 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") (updated in October 
                                                                 2019) by the Association of Investment Companies, 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. 
 
                                                                      All the items in the above statement derive from continuing operations 
                                                                    of the Company. No operations were acquired or discontinued in the year. 
 
 
 
                                                                                   Balance Sheet as at 31 December 2020 Company No. 03707697 
                                                          ------------------------------------------------------------------------------- 
                                                                                                                   31 December   31 December 
                                                                                                           Notes          2020          2019 
                                                                                                                           GBP           GBP 
                                                                                                                                Fixed assets 
                                                              Investments at fair value                        8   41, 676,696    38,538,281 
 
                                                                                                                              Current assets 
                                                              Debtors and prepayments                                  403,568       183,175 
                                                              Current investments                              9    22,634,956     8,928,456 
                                                              Cash at bank                                     9     4,053,536   2, 627 ,511 
                                                             -----------------------------------  --------------  ------------  ------------ 
                                                                                                                  27 , 092,060  11, 739 ,142 
                                                             ---------------------------------------------------  ------------  ------------ 
                                                                                                                  Creditors: amounts falling 
                                                               due within one year                                  (307 ,561)     (242,109) 
                                                             -----------------------------------  --------------  ------------  ------------ 
                                                              Net current assets                                    26,784,499   11,497, 033 
                                                             ---------------------------------------------------  ------------  ------------ 
                                                              Net assets                                            68,461,195  50 , 035,314 
                                                             ---------------------------------------------------  ------------  ------------ 
 
                                                                                                                        Capital and reserves 
                                                              Called up share capital                         10       840,040       667,991 
                                                              Share premium reserve                                 12,495,262             - 
                                                              Capital redemption reserve                               20 ,512        8, 056 
                                                              R evaluation reserve                                  10,205,933     3,713,586 
                                                              Special distributable reserve                         26,563,547    35,514,889 
                                                              R ealised capital reserve                             16,738,215     8,935,662 
                                                              R evenue reserve                                      1,597, 686    1, 195,130 
                                                             -----------------------------------  --------------  ------------  ------------ 
                                                              Equity Shareholders' funds                            68,461,195  50 , 035,314 
                                                             ---------------------------------------------------  ------------  ------------ 
                                                                                                                       Basic and diluted net 
                                                                                                                    asset value per ordinary 
                                                               share                                          11        81.50p        74.90p 
                                                             ---------------------------  ----------------------  ------------  ------------ 
 
 
 
 
                                                                          Statement of Changes in Equity for the year ended 31 December 2020 
       ---------------------------------------------------------------------------------------------------------------------------------- 
                                                                     Non-distributable reserves                       Distributable reserves 
                                                                                                                                      Called 
                                                                    up        Capital      Share                       Special      Realised 
                                                   share     redemption    premium   Revaluation   distributable       capital       Revenue 
                                  capital        reserve    reserve       reserve         reserve       reserve       reserve          Total 
                                                                                                                                For the year 
                           ended 31 December                                                                                           (Note 
                           2020                                                                         (Note a)      (Note b)            b) 
                         Notes        GBP            GBP        GBP           GBP             GBP           GBP           GBP            GBP 
          --------------------  ---------  -------------  ---------  ------------  --------------  ------------  ------------  ------------- 
 
                                                                                                                                At 1 January 
            2020                  667,991              -      8,056     3,713,586      35,514,889     8,935,662     1,195,130     50,035,314 
 
                                                                                                                               Comprehensive 
                                                                                                                                  income for 
                                                                                                                                    the year 
                                                                                                                                  Profit for 
            the year                    -              -          -     8,866,811               -     3,687,994     1,851,801     14,406,606 
                                                                                                                                       Total 
                                                                                                                               comprehensive 
                                                                                                                                  income for 
            the year                    -              -          -     8,866,811               -     3,687,994     1,851,801     14,406,606 
                           ---             -------------  ---------                --------------  ------------ 
 
                                                                                                                               Contributions 
                                                                                                                                      by and 
                                                                                                                               distributions 
                                                                                                                                   to owners 
 
                                                                                                                               Shares issued 
                                                                                                                                   via Offer 
                                                                                                                                         for 
                                                                                                                                Subscription 
            (Note c)        10    184,505     12,815,495          -             -               -                           -     13,000,000 
 
                                                                                                                                 Issue costs 
                                                                                                                                         and 
                                                                                                                                facilitation 
                                                                                                                               fees on Offer 
                                                                                                                                         for 
                                                                                                                                Subscription 
            (Note c)        10          -      (320,233)          -             -       (145,330)                           -      (465,563) 
 
                                                                                                                               Shares bought 
                                                                                                                                  back (Note 
            d)              10   (12,456)              -     12,456             -       (728,216)             -             -      (728,216) 
 
                                                                                                                                   Dividends 
            paid            7           -              -          -             -     (6,337,701)             -   (1,449,245)    (7,786,946) 
                                                                                                                                       Total 
                                                                                                                               contributions 
                                                                                                                                      by and 
                                                                                                                               distributions 
            to owners             172,049     12,495,262     12,456             -     (7,211,247)             -   (1,449,245)      4,019,275 
                           ---             -------------  ---------                --------------  ------------ 
 
                                                                                                                                       Other 
                                                                                                                                   movements 
                                                                                                                                    Realised 
                                                                                                                                      losses 
                                                                                                                                 transferred 
                                                                                                                                  to special 
                                                                                                                               reserve (Note 
            a)                          -              -          -             -     (1,740,095)     1,740,095             -              - 
 
                                                                                                                                 Realisation 
                                                                                                                               of previously 
                                                                                                                                  unrealised 
            gains                       -              -          -   (2,374,464)               -     2,374,464             -              - 
                                                                                                                                 Total other 
            movements                   -              -          -   (2,374,464)     (1,740,095)     4,114,559             -              - 
                           ---             -------------  ---------                --------------  ------------ 
 
                                                                                                                              At 31 December 
            2020                  840,040     12,495,262     20,512    10,205,933      26,563,547    16,738,215     1,597,686     68,461,195 
                           ---             -------------  ---------                --------------  ------------ 
 
                                                                                                                                       Notes 
                                                                         a) The Special distributable reserve also provides the Company with 
                                                                       a reserve to absorb any existing and future realised losses and, when 
                                                                          considered by the Board to be in the interests of shareholders, to 
                                                                          fund share buybacks and for other corporate purposes. The transfer 
                                                                    of GBP1,740,095 to the special reserve from the realised capital reserve 
                                                                        above is the total of realised losses incurred by the Company in the 
                                                                          year. As at 31 December 2020, the Company has a special reserve of 
                                                                         GBP26,563,547, GBP8,396,941 of which arises from shares issued more 
                                                                        than three years ago. Reserves originating from share issues are not 
                                                                          distributable under VCT rules if they arise from share issues that 
                                                                          are within three years of the end of an accounting period in which 
                                                                                                                         shares were issued. 
 
                                                                   b) The realised capital reserve and the revenue reserve together comprise 
                                                                                                 the Profit and Loss Account of the Company. 
 
                                                                        c) Under the Company's Offer for Subscription launched on 25 October 
                                                                       2019, 18,450,535 Ordinary Shares were allotted between 8 January 2020 
                                                                       and 2 April 2020, raising net funds of GBP12,534,437 for the Company. 
                                                                       This figure is net of issue costs of GBP320,233 and facilitation fees 
                                                                                                                              of GBP145,330. 
 
                                                                       d) During the year, the Company purchased 1,245,646 of its own shares 
                                                                        at the prevailing market price for a total cost of GBP728,216, which 
                                                                                                                were subsequently cancelled. 
 
                                                                          Statement of Changes in Equity for the year ended 31 December 2019 
          ---------------------------------------------------------------------------------------------------------------------------------- 
                                                                     Non-distributable reserves                       Distributable reserves 
                                                                                                                                      Called 
                                                                    up        Capital      Share                       Special      Realised 
                                                   share     redemption    premium   Revaluation   distributable       capital       Revenue 
                                  capital        reserve    account       reserve         reserve       reserve       reserve          Total 
                                      GBP            GBP        GBP           GBP             GBP           GBP           GBP            GBP 
          --------------------  ---------  -------------  ---------  ------------  --------------  ------------  ------------  ------------- 
 
                                                                                                                                At 1 January 
            2019                  682,830     31,474,977     26,257     1,848,472      14,784,518     6,815,730     2,263,000     57,895,784 
                                                                                                                               Comprehensive 
                                                                                                                                  income for 
                                                                                                                                    the year 
                                                                                                                                  Profit for 
            the year                    -              -          -     3,362,520               -     1,560,217     1,134,576      6,057,313 
                                                                                                                                       Total 
                                                                                                                               comprehensive 
                                                                                                                                  income for 
            the year                    -              -          -     3,362,520               -     1,560,217     1,134,576      6,057,313 
                           ---             -------------  ---------                --------------  ------------ 
 
                                                                                                                               Contributions 
                                                                                                                                      by and 
                                                                                                                               distributions 
                                                                                                                                   to owners 
                                                                      -                        -                             -             - 
                                                                                                                               Shares bought 
            back                 (14,839)              -     14,839             -     (1,071,326)                                (1,071,326) 
 
                                                                                                                                   Dividends 
            paid                        -              -          -             -     (8,953,893)   (1,690,118)   (2,202,446)   (12,846,457) 
                                                                                                                                       Total 
                                                                                                                               contributions 
                                                                                                                                      by and 
                                                                                                                               distributions 
            to owners            (14,839)              -     14,839             -    (10,025,219)   (1,690,118)   (2,202,446)   (13,917,783) 
                           ---             -------------  ---------                --------------  ------------ 
 
                                                                                                                                       Other 
                                                                                                                                   movements 
                                                                                                                                Cancellation 
                                                                                                                                    of Share 
                                                                                                                                     Premium 
            account                     -   (31,474,977)   (33,040)             -      31,508,017             -             -              - 
 
                                                                                                                                    Realised 
                                                                                                                                      losses 
                                                                                                                                 transferred 
                                                                                                                                  to special 
            reserve                     -              -          -             -       (752,427)       752,427             -              - 
 
                                                                                                                                 Realisation 
                                                                                                                               of previously 
                                                                                                                                  unrealised 
            appreciation                -              -          -   (1,497,406)               -     1,497,406             -              - 
 
                                                                                                                                 Total other 
            movements                   -   (31,474,977)   (33,040)   (1,497,406)      30,755,590     2,249,833             -              - 
                           ---             -------------  ---------                --------------  ------------ 
 
                                                                                                                                       At 31 
                                                                                                                                    December 
            2019                  667,991              -      8,056     3,713,586      35,514,889     8,935,662     1,195,130     50,035,314 
          ===============  ===  =========  =============  =========  ============  ==============  ============  ============  ============= 
 
                                                                               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. 
 
                                                                                                                         Revaluation reserve 
                                                                         Increases and decreases in the valuation of investments held at the 
                                                                       year-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 year. 
 
                                                                                                               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 is charged to this reserve. In 
                                                                      addition, any realised losses on the sale or impairment of investments 
                                                                        (excluding transaction costs), and 75% of the Investment Adviser fee 
                                                                      expense, and the related tax effect, are transferred from the realised 
                                                                       capital reserve to this reserve. The cost of any IFA facilitation fee 
                                                                       payable as part of the Offer for Subscription is also charged to this 
                                                                                                                                    reserve. 
 
                                                                                                                    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; 
                                                                                                                                         and 
                                                                    -- 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. 
 
                                                                                                                             Revenue reserve 
                                                                         Income and expenses that are revenue in nature are accounted for in 
                                                                        this reserve together with the related tax effect, as well as income 
                                                                                    dividends paid that are classified as revenue in nature. 
 
    Statement of Cash Flows for the year ended 31 December 2020 
   -------------------------------------------------------------------------------------- 
                                                                               Year ended 
                                                                Year ended    31 December 
                                                          31 December 2020           2019 
                                                 Notes 
                                                                       GBP            GBP 
    Cash flows from operating activities 
    Profit for the financial year                               14,406,606      6,057,313 
    Adjustments for: 
    Net investment portfolio gains                            (13,307,684)    (5,675,164) 
    Tax charge for the current year                                103,451         35,383 
    (Increase)/decrease in debtors                               (220,393)        120,121 
    (Decrease)/increase in creditors                               (2,616)         33,245 
   ------------------------------------------- 
    Net cash inflow from operations                                979,364        570,898 
    Corporation tax paid                                          (35,383)       (66,529) 
    Net cash inflow from operating activities                      943,981        504,369 
 
    Cash flows from investing activities 
    Sale of investments                            8            14,974,305      8,136,792 
    Purchase of investments                        8           (4,805,036)    (4,475,355) 
    Net cash inflow from investing activities                   10,169,269      3,661,437 
 
    Cash flows from financing activities 
    Share issued as part of Offer for 
     Subscription                                 10            13,000,000              - 
    Issue costs and facilitation fees 
     as part of Offer for subscription            10             (465,563)              - 
    Equity dividends paid                          7           (7,786,946)   (12,846,457) 
    Purchase of own shares                                       (728,216)    (1,134,829) 
   -------------------------------------------  ------  ------------------  ------------- 
    Net cash inflow/(outflow) from financing 
     activities                                                  4,019,275   (13,981,286) 
 
 
    Net increase/(decrease) in cash and 
     cash equivalents                                           15,132,525    (9,815,480) 
    Cash and cash equivalents at start 
     of year                                                     9,555,967     19,371,447 
   -------------------------------------------  ------  ------------------  ------------- 
    Cash and cash equivalents at end of 
     year                                                       24,688,492      9,555,967 
 
    Cash and cash equivalents comprise: 
    Cash at bank and in hand                       9             4,053,536      2,627,511 
    Cash equivalents                               9            20,634,956      6,928,456 
   -------------------------------------------  ------  ------------------  ------------- 
 
    The notes below form part of these Financial 
     Statements. 
   Notes to the Financial Statements for the year ended 31 December 2020 
    1      Company information 
           Mobeus Income & Growth 4 VCT plc is a public limited company incorporated 
            in England, registration number 03707697. The registered office 
            is 30 Haymarket, London, SW1Y 4EX. 
    2      Basis of preparation 
           A summary of the principal accounting policies, all of which have 
            been applied consistently throughout the year are set out next to 
            the related disclosure throughout the Notes to the Financial Statements. 
            All accounting policies are included within an outlined box at the 
            top of each relevant Note. 
 
            These Financial Statements have been prepared in accordance with 
            applicable United Kingdom accounting standards, including Financial 
            Reporting Standard 102 ("FRS102"), 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 October 2019) issued by the Association of Investment 
            Companies. The Company has a number of financial instruments which 
            are disclosed under FRS102 s11/12 as shown in Note 15 of the Company's 
            Annual Report. 
 
            After performing the necessary enquiries, the Directors have undertaken 
            an assessment of the Company's ability to meet its liabilities as 
            they fall due. The Company has significant cash and liquid resources 
            and no external debt or capital commitments. The Company's cash 
            flow forecasts, which consider levels of anticipated new and follow 
            on investment, as well as investment income and annual running cost 
            projections, are discussed at each quarterly Board meeting and, 
            in particular, have been considered in light of the ongoing impact 
            of the COVID-19 pandemic. The Directors have also received assurances 
            that the Company's key suppliers' ability to continue to service 
            the Company has not been materially impacted by the COVID-19 pandemic. 
            Following this assessment, the Directors have a reasonable expectation 
            that the Company will have adequate resources to continue to meet 
            its liabilities for at least 12 months from the date of these Financial 
            Statements. The Directors therefore consider the preparation of 
            these financial statements on a going concern basis, to be appropriate. 
    3      Income 
           Dividends receivable on quoted equity shares are brought into account 
            on the ex-dividend date. Dividends receivable on unquoted equity 
            shares are brought into account when the Company's right to receive 
            payment is established and there is no reasonable doubt that payment 
            will be received. 
 
            Interest income on loan stock is accrued on a daily basis. Provision 
            is made against this income where recovery is doubtful or where 
            it will not be received in the foreseeable future. Where the loan 
            stocks only require interest or a redemption premium to be paid 
            on redemption, the interest and redemption premium is recognised 
            as income or capital as appropriate once redemption is reasonably 
            certain. 
 
            When a redemption premium is designed to protect the value of the 
            instrument holder's investment rather than reflect a commercial 
            rate of revenue return, the redemption premium is recognised as 
            capital. The treatment of redemption premiums is analysed to consider 
            if they are revenue or capital in nature on a company by company 
            basis. Accordingly, the redemption premium recognised in the year 
            ended 31 December 2020 has been classified as capital and has been 
            included within gains on investments. 
                                                                         2020 
                                                                          GBP 
                                                                                      2019 
                                                                                       GBP 
            Income from bank deposits                                 29 ,451       40,298 
            -----------------------------------------------------  ----------  ----------- 
            Income from investments 
            - from equities                                           657,891      243,975 
            - from overseas based OEICs                                42,612      106,151 
            - from loan stock                                      2, 113,964   1, 714,938 
            - from interest on preference share dividend arrears      17, 770        1,995 
            -----------------------------------------------------  ----------  ----------- 
                                                                    2,832,237  2,067 , 059 
            ----------------------------------------------------- 
            Other income                                                6,415            - 
            -----------------------------------------------------  ----------  ----------- 
            Total income                                           2,868, 103  2, 107 ,357 
            -----------------------------------------------------  ----------  ----------- 
            Total income comprises 
            Dividends                                                 700,503    350 , 126 
            Interest                                               2, 161,185   1, 757,231 
            Other income                                                6,415            - 
            -----------------------------------------------------  ----------  ----------- 
                                                                   2,868, 103  2, 107 ,357 
 
 
            Total loan stock interest due but not recognised in the year was 
            GBP777,919 (2019: GBP422,063) due to uncertainty over its recoverability. 
            This increase is due to a number of investee company provisions 
            in light of COVID-19, partially offset by the realisations of two 
            investee companies whose interest was only recognised on exit. 
    4      Investment Adviser's fees and performance fees 
                      All expenses are accounted for on an accruals basis. 
 
                      a) Investment Adviser's fees 
 
                      25% of the Investment Adviser's fees are charged to the revenue 
                      column of the Income Statement, while 75% is charged against the 
                      capital column of the Income Statement. This is in line with the 
                      Board's expected long-term split of returns from the investment 
                      portfolio of the Company. 
 
                      100% of any performance incentive fee payable for the year is charged 
                      against the capital column of the Income Statement, as it is based 
                      upon the achievement of capital growth. 
                                               Revenue    Capital       Total    Revenue   Capital       Total 
                                                  2020       2020        2020       2019      2019        2019 
                                                   GBP        GBP         GBP        GBP       GBP         GBP 
                       Mobeus Equity 
                       Partners LLP 
                       Investment Adviser's 
                        fees                   309,827   929 ,481   1,239,308   309 ,641   928,923   1,238,564 
 
 
 
                      Under the terms of a revised investment management agreement dated 
                      12 November 2010 (as amended and restated on 10 November 2016), 
                      Mobeus Equity Partners LLP provides investment advisory, administrative 
                      and company secretarial services to the Company, for a fee of 2% 
                      per annum of closing net assets, calculated on a quarterly basis 
                      by reference to the net assets at the end of the preceding quarter, 
                      plus a fixed fee of GBP115,440 per annum, the latter being subject 
                      to indexation, if applicable. In 2013, Mobeus agreed to waive such 
                      further increases due to indexation, until otherwise agreed with 
                      the Board. 
 
                      The Investment Adviser fee includes provision for a cap on expenses 
                      excluding irrecoverable VAT and exceptional items set at 3.4% 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 GBPnil 
                      (2019: GBPnil). 
 
                      With effect from 1 July 2020, the Investment Adviser's fee upon 
                      the net funds raised from use of the over-allotment facility of 
                      GBP5 million under the 2019/20 offer was reduced from 2% to 1% per 
                      annum for one year. Between 1 April 2018 and 31 March 2019, the 
                      Investment Adviser's fee upon the net funds raised from use of the 
                      over-allotment facility of GBP5 million under the 2017/18 offer 
                      was reduced from 2% to 1% per annum for one year. 
 
                      The Company is responsible for external costs such as legal and 
                      accounting fees, incurred on transactions that do not proceed to 
                      completion ("abort expenses") subject to the cap on total annual 
                      expenses referred to above. No such costs have been incurred in 
                      the current or previous year. 
 
                      In line with common practice, Mobeus Equity Partners LLP retains 
                      the right to charge arrangement and syndication fees and Directors' 
                      or monitoring fees to companies in which the Company invests. The 
                      Investment Adviser received fees totalling GBP341,947 (2019: GBP327,776) 
                      during the year ended 31 December 2020, being GBP126,542 (2019: 
                      GBP111,884) for arrangement fees, and GBP215,405 (2019: GBP215,892) 
                      for acting as non-executive directors on a number of investee company 
                      boards. These fees attributable to the Company are based upon the 
                      investment allocation to the Company which applied at the time of 
                      each investment. These figures are not part of these financial statements. 
 
                      b) Incentive fee agreement 
                      Under the terms of a separate agreement dated 1 November 2006, from 
                      the end of the accounting period ending on 31 January 2009 and in 
                      each subsequent accounting period throughout the life of the Company, 
                      the Investment Adviser will be entitled to receive a performance 
                      related incentive fee of 20% of the dividends paid in excess of 
                      a "Target Rate" comprising firstly, an annual dividend target of 
                      6% of the net asset value per share at 5 April 2007 (indexed each 
                      year for RPI) and secondly a requirement that any cumulative shortfalls 
                      below the 6% hurdle must be made up in later years, while any excess 
                      is not carried forward, whether a fee is payable for that year or 
                      not. Payment of a fee is also conditional upon the average Net Asset 
                      Value per share for each such year equalling or exceeding the average 
                      Base NAV per share for the same year. The performance fee will be 
                      payable annually. No incentive fee is payable to date. 
 
                      c) Offer for Subscription fees 
                                                                                                2020   2019 
                                                                                                GBPm   GBPm 
                       Funds raised by the Company                                             12.53      - 
                      ----------------------------------------------------------------------  ------  ----- 
                       Offer costs payable to Mobeus at 3.00% of funds raised by the Company    0.39      - 
 
 
                      Under the terms of an Offer for Subscription, with the other Mobeus 
                      advised VCTs, launched on 25 October 2019, Mobeus was entitled to 
                      fees of 3.00% of the investment amount received from investors. 
                      This amount totalled GBP1.74 million across all four VCTs, out of 
                      which all the costs associated with the allotment were met, excluding 
                      any payments to advisers facilitated under the terms of the Offer. 
           d) Other expenses 
            Expenses are charged wholly to revenue, with the exception of expenses 
            incidental to the acquisition or disposal of an investment, which 
            are written off to the capital column of the Income Statement or 
            deducted from the disposal proceeds as appropriate. 
                                                                                      2020      2019 
                                                                                       GBP       GBP 
             Directors' remuneration (including NIC of GBP10,309 (2019: 
              GBP9,733) -                                                                       114, 
              Note i)                                                              141,524       686 
             IFA trail commission                                                   78,825   60 ,201 
             Broker's fees                                                           9,000   12, 000 
             Auditor's fees - Audit of Company (excluding VAT)                      26,650    27,932 
             - audit related assurance services - note ii) (excluding VAT)           5,919     5,638 
             - tax compliance services - note ii) (excluding VAT)                        -     1,845 
                                                                                                47 , 
             Registrar's fees                                                       54,145       668 
             Printing                                                              42, 113    48,530 
             Legal & professional fees                                              11,544    24,831 
             VCT monitoring fees                                                     9,600     9,600 
             Directors' insurance                                                    7,573     7,921 
             Listing and regulatory fees                                            28,700    29,230 
             Sundry                                                                  8,333    61,179 
             Running costs                                                         423,926   451,261 
            -------------------------------------------------------------------  ---------  -------- 
             Provision against loan interest receivable (note iii)                   2,496         - 
             Other expenses                                                        426,422   451,261 
            -------------------------------------------------------------------  ---------  -------- 
 
           Notes: 
           i) See analysis in Directors' Remuneration table in the Remuneration 
            Report within the Annual Report & Financial Statements, which excludes 
            the NIC above. The key management personnel are the four non-executive 
            directors. The Company has no employees. 
 
            ii) The audit-related assurance services are in relation to the 
            review of the Financial Statements within the Company's Half Year 
            Report. The Audit Committee reviews the nature and extent of these 
            services to ensure that auditor independence is maintained. In this 
            regard, compliance tax services are carried out by another firm, 
            so are included within legal and professional fees. 
 
            iii) Provision against loan interest receivable above relates to 
            an amount of GBP2,496 (2019: GBPnil), being a provision made against 
            loan stock interest regarded as collectable in previous years. 
 
    5      Taxation on ordinary activities 
 
            The tax expense for the year comprises current tax and is recognised 
            in profit or loss. The current income tax charge is calculated on 
            the basis of tax rates and laws that have been enacted or substantively 
            enacted by the reporting date. 
 
            Any tax relief obtained in respect of adviser fees allocated to 
            capital is reflected in the capital reserve - realised and a corresponding 
            amount is charged against revenue. The tax relief is the amount 
            by which corporation tax payable is reduced as a result of these 
            capital expenses. 
 
            Deferred tax is recognised in respect of all timing differences 
            that have originated but not reversed at the balance sheet date 
            where transactions or events that result in an obligation to pay 
            more tax in the future or a right to pay less tax in the future 
            have occurred at the balance sheet date. Timing differences are 
            differences between the Company's taxable profits and its results 
            as stated in the financial statements that arise from the inclusion 
            of gains and losses in the tax assessments in periods different 
            from those in which they are recognised in the financial statements. 
 
            Deferred tax is measured at the average tax rates that are expected 
            to apply in the years in which the timing differences are expected 
            to reverse based on tax rates and laws that have been enacted or 
            substantively enacted at the balance sheet date. Deferred tax is 
            measured on a non-discounted basis. 
 
            A deferred tax asset would be recognised only to the extent that 
            it is more likely than not that future taxable profits will be available 
            against which the asset can be utilised. 
                                      2020          2020          2020        2019          2019          2019 
                                   Revenue       Capital         Total     Revenue       Capital         Total 
                                       GBP           GBP           GBP         GBP           GBP           GBP 
             a) Analysis of 
             tax charge: 
             UK Corporation 
              tax on 
              profits/(losses) 
              for the year         280,053     (176,602)       103,451     211,879     (176,496)        35,383 
            ------------------  ----------  ------------  ------------  ----------  ------------  ------------ 
             Total current tax 
              charge/(credit)      280,053     (176,602)       103,451     211,879     (176,496)        35,383 
            ------------------  ----------  ------------  ------------  ----------  ------------  ------------ 
             Corporation tax 
             is based on a 
             rate of 19.00% 
             (2019: 19.00%) 
 
             b) Profit on 
              ordinary 
              activities 
              before tax         2,131,854    12,378,203    14,510,057   1,346,455     4,746,241     6,092,696 
             Profit on 
              ordinary 
              activities 
              multiplied by 
              main company 
              rate of 
              corporation 
              tax in the UK of 
              19.00% (2019: 
              19.00%)              405,052     2,351,859     2,756,911     255,826       901,786     1,157,612 
             Effect of: 
             UK dividends        (124,999)             -     (124,999)    (46,355)             -      (46,355) 
             Net investment 
              portfolio gains 
              not taxable                -   (2,528,461)   (2,528,461)           -   (1,078,282)   (1,078,282) 
             Expenditure not 
              allowable for 
              tax purposes               -             -             -       2,408             -         2,408 
             Actual current 
              tax charge           280,053     (176,602)       103,451     211,879     (176,496)        35,383 
            ------------------  ----------  ------------  ------------  ----------  ------------  ------------ 
 
 
            Tax relief relating to investment adviser fees is allocated between 
            revenue and capital where such relief can be utilised. 
 
            No asset or liability has been recognised for deferred tax in relation 
            to capital gains or losses on revaluing investments as the Company 
            is exempt from corporation tax in relation to capital gains or losses 
            as a result of qualifying as a Venture Capital Trust. 
 
            There is no potential liability to deferred tax (2019: GBPnil). 
            There is no unrecognised deferred tax asset in 2020 (2019: GBPnil). 
    6      Basic and diluted earnings per share 
                                                                              2020         2019 
                                                                                GBP          GBP 
             Total earnings after taxation:                              14,406,606    6,057,313 
             Basic and diluted earnings per share (note a)                   17.27p        8.95p 
            ----------------------------------------------------------  -----------  ----------- 
             Revenue earnings from ordinary activities after taxation     1,851,801    1,134,576 
             Basic and diluted revenue earnings per share (note b)            2.22p        1.67p 
            ----------------------------------------------------------  -----------  ----------- 
 
             Net investment portfolio gains                              13,307,684    5,675,164 
             Capital Investment Adviser fees less taxation                (752,879)    (752,427) 
             Total capital earnings                                      12,554,805    4,922,737 
            ----------------------------------------------------------  -----------  ----------- 
             Basic and diluted capital earnings per share (note c)           15.05p        7.28p 
            ----------------------------------------------------------  -----------  ----------- 
             Weighted average number of shares in issue in the year      83,426,755   67,649,790 
 
            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 future. Accordingly, the above figures currently represent 
            both basic and diluted earnings per share. 
 
    7      Dividends paid and payable 
           Dividends payable are recognised as distributions in the Financial 
            Statements when the Company's liability to pay them has been established. 
            This liability is established for interim dividends when they are 
            paid, and for final dividends when they are approved by the Shareholders, 
            usually at the Company's Annual General Meeting. 
 
            A key judgement in applying the above accounting policy is in determining 
            the amount of minimum dividend to be paid in respect of a year. 
            The Company's status as a VCT means it has to comply with Section 
            259 of the ITA, which requires that no more than 15% of the income 
            from shares and securities in a year can be retained from the revenue 
            available for distribution for the year. 
             Amounts recognised as distributions to equity shareholders in the year: 
 
               Dividend      Type         For year      Pence    Date Paid    2020 GBP     2019 GBP 
                                          ended 31        per 
                                          December      share 
                  Final     Income            2018      1.75p   28/05/2019           -    1,188,375 
                  Final    Capital*           2018      2.25p   28/05/2019           -    1,527,911 
                Interim     Income            2019      1.50p   20/09/2019           -    1,014,071 
                Interim    Capital            2019      2.50p   20/09/2019           -    1,690,118 
                Interim    Capital*           2019      9.00p   20/09/2019           -    6,084,426 
                Interim    Capital*           2019      2.00p   30/12/2019           -    1,341,556 
                Interim    Capital*           2019      4.00p   10/01/2020   2,671,965            - 
                Interim     Income            2020    1.70p**   07/05/2020   1,449,245            - 
                Interim    Capital*           2020    4.30p**   07/05/2020   3,665,736            - 
 
                                                                             7,786,946   12,846,457 
 
 
            * - Paid out of the Company's special distributable reserve. 
            ** - The split of the current year's dividend has increased the 
            amounts allocated to income and reduced the amount to capital by 
            0.2p, from those provisionally allocated in the unaudited Half-Year 
            Report. 
             Distributions to equity holders after the year end: 
 
             Distributions 
             to equity                     For year      Pence 
             holders after                 ended 31        per           Date 
             the year end:         Type    December      share   paid/payable   2020 GBP    2019 GBP 
                    Interim   Capital*         2019      4.00p     10/01/2020          -   2,671,965 
 
                                                                                       -   2,671,965 
              -------------------------------------  ---------  -------------  ---------  ---------- 
 
 
 
            * - Paid out of the Company's special distributable reserve. 
 
            Any proposed final dividend is subject to approval by Shareholders 
            at the Annual General Meeting and has not been included as a liability 
            in these financial statements. 
 
            Set out below are the total income dividends payable in respect 
            of the financial year, which is the basis on which the requirements 
            of section 274 of the Income Tax Act 2007 are considered. 
 
             Recognised income distributions in the financial statements for the year: 
 
             Dividend     Type           For year       Pence           Date    2020 GBP    2019 GBP 
                                         ended 31   per share   paid/payable 
                                         December 
             Revenue available for distribution by way of dividends for the 
              year                                                             1,851,801   1,134,576 
            ----------------------------------------------------------------  ----------  ---------- 
                Interim       Income         2019       1.50p     20/09/2019           -   1,014,071 
                Interim       Income         2020       1.70p     07/05/2020   1,449,245           - 
 
             Total income dividends 
              for the year                                                     1,449,245   1,014,071 
    8      Investments at fair value 
                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 2018 (as updated by Special Valuation 
                 guidance issued in March 2020). 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:- 
 
                 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 every subsequent quarterly measurement date, are reconsidered 
                 for any 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 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 the price of a new investment is 
                       made, as appropriate. 
 
 
 
                 i. 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. 
 
                 ii. 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. 
 
                 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 figures 
                 are shown net of any applicable transaction costs incurred by the 
                 Company. 
 
                 All investments are initially recognised and subsequently measured 
                 at fair value. Changes in fair value are recognised in the Income 
                 Statement. 
 
                 A key judgement made in applying the above accounting policy relates 
                 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 as a realised 
                 loss, even though the investment is still held. The Board assesses 
                 the portfolio for such investments and, after agreement with the 
                 Investment Adviser, will agree the values that represent the extent 
                 to which an investment loss has become realised. This is based upon 
                 an assessment of objective evidence of that investment's future 
                 prospects, to determine whether there is potential for the investment 
                 to recover in value. 
 
                 Accounting standards classify methods of fair value measurement 
                 as Levels 1, 2 and 3. This hierarchy is based upon the reliability 
                 of information used to determine the valuation. All of the unquoted 
                 investments are Level 3, i.e. fair value is measured using techniques 
                 using inputs that are not based on observable market data. 
 
                 Movements in investments during the year are summarised as follows: 
                                       Traded on       Unquoted     Unquoted      Unquoted          Total 
                                             AIM         equity   preference    loan stock 
                                                         shares       shares 
                                             GBP            GBP          GBP           GBP            GBP 
                         Cost at 31 
                      December 2019      200,028     18,299,196       12,871    16,820,197     35,332,292 
                         Unrealised 
                     gains/(losses) 
                     at 31 December 
                               2019       33,317      3,923,697      (2,142)     (241,286)      3,713,586 
                          Permanent 
                      impairment in 
                           value of 
                     investments as 
                     at 31 December 
                               2019            -      (419,959)            -      (87,638)      (507,597) 
                 ------------------  -----------  -------------  -----------  ------------  ------------- 
                    Valuation at 31 
                      December 2019      233,345     21,802,934       10,729    16,491,273     38,538,281 
 
                  Purchases at cost            -      3,366,442      453,000       985,594      4,805,036 
                      Sale proceeds 
                           (Note a)    (748,520)    (8,357,183)      (8,156)   (5,860,446)   (14,974,305) 
                   Reclassification 
                           at value            -      (471,261)      471,261             -              - 
                       Net realised 
                     gains/(losses) 
                        in the year      573,500      3,593,483        (227)       274,117      4,440,873 
                         Unrealised 
                     gains/(losses) 
                        in the year 
                           (Note b)      208,355     11,072,295       42,792   (2,456,631)      8,866,811 
                 ------------------  -----------  -------------  -----------  ------------  ------------- 
                    Valuation at 31 
                      December 2020      266,680     31,006,710      969,399     9,433,907     41,676,696 
                 ------------------  -----------  -------------  -----------  ------------  ------------- 
 
                         Cost at 31 
                      December 2020       50,011     19,150,794      905,332    12,836,189     32,942,326 
                         Unrealised 
                     gains/(losses) 
                     at 31 December 
                               2020      216,669     13,262,864       64,294   (3,337,894)     10,205,933 
                          Permanent 
                      impairment in 
                           value of 
                     investments at 
                   31 December 2020 
                              (Note 
                                 c)            -   (1,406 ,948)        (227)      (64,388)    (1,471,563) 
                 ------------------  -----------  -------------  -----------  ------------  ------------- 
                    Valuation at 31 
                      December 2020      266,680     31,006,710      969,399     9,433,907     41,676,696 
                 ------------------  -----------  -------------  -----------  ------------  ------------- 
 
 
                 Details of investment transactions such as disposal proceeds, valuation 
                 movements, cost and carrying value at the end of previous year are 
                 contained in the Investment Portfolio Summary in the Annual Report. 
 
                 Net realised gains/(losses) in the year of GBP4,440,873 and unrealised 
                 gains/(losses) in the year of GBP8,866,811 equal net investment 
                 portfolio gains of GBP13,307,684 as shown on the Income Statement. 
 
                 Note a) Disposals of investment portfolio companies during the year 
                 were: 
 
                  Company                 Type             Investment     Disposal    Valuation      Realised 
                                                                 Cost     Proceeds        at 31   gain/(loss) 
                                                                                       December       in year 
                                                                                           2019 
                                                                  GBP          GBP          GBP           GBP 
                  Tovey Management 
                   Limited (trading as 
                   Access IS)             Realisation       2,469,013    5,323,917    3,571,056     1,752,861 
                  Turner Topco Limited 
                   (trading as Auction 
                   Technology Group)      Realisation       1,529,075    4,190,494    3,029,777     1,160,717 
                  Bourn Bioscience 
                   Limited                Realisation       1,132,521    1,402,829      606,708       796,121 
                  Omega Diagnostics       Part 
                   Group plc               Realisation        150,017      748,520      175,020       573,500 
                  Redline Worldwide       Contingent 
                   Limited                 consideration            -      141,326            -       141,326 
                  BookingTek Limited      Loan repayment       69,837       55,535            -        55,535 
                  Blaze Signs Holdings 
                   Limited                Realisation         190,631      334,404      291,039        43,365 
                  H Realisations (2018) 
                   Limited (formerly 
                   Hemmels)               Realisation          23,250        2,044            -         2,044 
                  Pattern Analytics 
                   Limited (trading as 
                   Biosite)               Realisation       1,338,539    1,978,710    1,978,710             - 
                  End Ordinary Group 
                   Limited (trading as 
                   Buster & Punch)        Loan repayment      157,319      157,319      157,319             - 
                  Vian Marketing 
                   Limited (trading as    Part loan 
                   Red Paddle Co)          repayment          110,068      157,240      157,240             - 
                  Vectair Holdings 
                   Limited                Realisation          24,732      481,967      522,139     ( 40,172) 
                  Jablite Holdings        Permanent 
                   Limited                 impairment               -            -                  ( 44,424) 
 
                                                            7,195,002   14,974,305   10,489,008     4,440,873 
                                                          -----------  -----------  -----------  ------------ 
 
 
 
                 Note b) The major components of the net increase in unrealised valuations 
                 of GBP8,866,811 in the year were increases of GBP3,837,158 in Virgin 
                 Wines Holding Company Limited, GBP1,425,620 in MPB Group Limited, 
                 GBP1,315,232 in Manufacturing Services Investment Limited (trading 
                 as Wetsuit Outlet), GBP1,233,212 in Parsley Box Limited, and GBP1,100,500 
                 in Data Discovery Solutions Limited (trading as Active Navigation). 
                 These increases were partly offset by the falls of GBP1,134,989 
                 in Spanish Restaurant Group Limited (trading as Tapas Revolution), 
                 GBP954,059 in CGI Creative Graphics International Limited, GBP880,159 
                 in Media Business Insight Holdings Limited, GBP526,952 in Rota Geek 
                 Limited, and GBP362,884 in Kudos Innovations Limited. 
 
                 Note c) During the year, permanent impairments of the cost of investments 
                 have increased from GBP507,597 to GBP1,471,563 due to the impairment 
                 of three portfolio companies, partially offset by the disposal of 
                 one company. 
 
    9      Current asset investments and Cash at bank 
           Cash equivalents, for the purposes of the Statement of Cash Flows, 
            comprises bank deposits repayable on up to three months' notice 
            and funds held in OEIC money-market funds. Current asset investments 
            are the same but also include bank deposits that mature after three 
            months. Current asset investments are disposable without curtailing 
            or disrupting the business and are readily convertible into known 
            amounts of cash at their carrying values at immediate or up to three 
            months' notice. Cash, for the purposes of the Statement of Cash 
            Flows is cash held with banks in accounts subject to immediate access. 
            Cash at bank in the Balance Sheet is the same. 
                                                                                2020        2019 
                                                                                 GBP         GBP 
             OEIC Money market funds                                      20,634,956   6,928,456 
             Cash equivalents per Statement of Cash Flows                 20,634,956   6,928,456 
             Bank deposits that mature after three months but are not 
              immediately repayable                                        2,000,000   2,000,000 
            -----------------------------------------------------------  -----------  ---------- 
             Current asset investments                                    22,634,956   8,928,456 
            -----------------------------------------------------------  -----------  ---------- 
             Cash at bank                                                  4,053,536   2,627,511 
    10   Called up share capital 
                                                                            2020      2019 
                                                                              GBP       GBP 
 
             Allotted, called-up and fully paid: 
             Ordinary Shares of 1p each: 84,004,018 (2019: 66,779,129)    840,040   667,991 
            -----------------------------------------------------------  --------  -------- 
 
 
            Under the 2019/20 Offer, 18,450,535 (2019: Nil) new Ordinary shares 
            were allotted at an average effective offer price of 70.46 pence 
            per share, raising net funds of GBP12,534,437 (2019: GBPNil) for 
            the Company. 
 
            During the year, the Company purchased 1,245,646 (2019: 1,483,865) 
            of its own Ordinary shares for cash (representing 1.9% (2019: 2.2%) 
            of the ordinary shares in issue at the start of the year) at the 
            prevailing market price for a total cost of GBP728,216 (2019: GBP1,071,326). 
            These shares were subsequently cancelled by the Company. 
    11     Basic and diluted net asset value per share 
           Net asset value per Ordinary Share is based on net assets at the 
            end of the year, and on 84,004,018 (2019: 66,799,129) Ordinary shares, 
            being the number of Ordinary shares in issue on that date. 
 
            There are no instruments that will increase the number of shares 
            in issue in future. Accordingly, the figures currently represent 
            both basic and diluted net asset value per share. 
    12     Post balance sheet events 
           On 7 January 2021, a follow-on investment of GBP0.26 million was 
            made into Parsley Box Limited, a supplier of home delivered ambient 
            ready meals targeting the over 60s. 
 
            On 26 January 2021, the Company received a loan repayment of GBP0.01 
            million from BG Training Limited. 
 
            On 27 January 2021, further proceeds of GBP0.06 million were received 
            by the Company in relation to the sale of Blaze Signs Holdings Limited 
            which occurred in September 2020. 
 
            On 5 February 2021, a follow-on investment of GBP0.11 million was 
            made into Bleach London Holdings Limited, a hair colourants brand. 
 
            On 11 February 2021, the entire remaining holding of Omega Diagnostics 
            plc was realised for proceeds of GBP0.42 million. 
 
            On 12 February 2021, a follow-on investment of GBP0.48 million was 
            made into Arkk Consulting Limited, a regulatory and reporting requirement 
            service provider. 
 
            On 18 February 2021, a new investment of GBP0.91 million was made 
            into Vivacity Labs Limited, an artificial intelligence & urban traffic 
            control system. 
 
            Ahead of the Admission to AIM of Virgin Wines on 2 March 2021, the 
            Company's equity investment in Virgin Wines Holding Company Ltd 
            ("VWHCL") had been exchanged for an equity investment in Rapunzel 
            Newco Limited ("RNL"), a company owned by the four Mobeus advised 
            VCTs pro rata to each VCT's share of its investment in Virgin Wines. 
            Immediately prior to Admission, RNL exchanged its equity investment 
            in VWHCL for an equity investment in Virgin Wines UK plc ("VWUK"). 
            The Company is beneficially interested in 4,627,424 shares in VWUK, 
            through its holding in RNL. RNL is the legal owner of the shares 
            in VWUK, but each VCT is the beneficial holder. 
 
            At the Placing Price of GBP1.97 per share upon Admission, the Company's 
            beneficial holding in VWUK had a value of GBP9.12 million, an increase 
            of GBP4.64 million over the value of the equity at the year-end, 
            and represented 8.29% of the enlarged equity of VWUK. 
 
            Alongside the Admission, VWUK also raised new funds from other investors 
            in a Placing of new shares. These funds have been applied partly 
            to repay the Company's loan stock investment and accrued interest 
            in Virgin Wines via RNL. The Company has received net proceeds to 
            date of GBP1.86 million, after the deduction of transaction costs 
            of GBP0.06 million. 
 
            On 12 March 2021, the Company made a GBP0.12 million follow-on investment 
            into Spanish Restaurant Group Limited (trading as Tapas Revolution), 
            a leading Spanish restaurant chain. 
 
            On 25 March 2021, a new investment of GBP0.14 million was made into 
            Caledonian Leisure Limited, a travel & leisure company specialising 
            in providing UK based, value short breaks and holidays. 
            On 26 March, the portfolio company, Parsley Box, announced an intention 
            to float on the AIM market on 31 March 2021. Subject to Admission 
            to trading on that date, the Placement Price of GBP2.00 per share 
            will increase the year-end value of the Company's investment by 
            GBP1.70 million. 
           Statutory information 
           The financial information set out in these statements does not constitute 
            the Company's statutory accounts for the year ended 31 December 
            2020 but is derived from those accounts. Statutory accounts will 
            be delivered to the Registrar of Companies after the Annual General 
            Meeting. The auditors have reported on these accounts and their 
            report was unqualified and did not contain a statement under section 
            498(2) of the Companies Act 2006. 
           Annual Report & Financial Statements 
           The Annual Report & Financial Statements will be published on the 
            Company's website at www.mig4vct.co.uk shortly and, following the 
            adoption of electronic communications by the Company, Shareholders 
            will shortly receive notification from the Company on how to download 
            a pdf of the Report from the website. Shareholders and members of 
            the public who wish to receive a hard copy of the Annual Report, 
            may request a copy by writing to the Company Secretary, Mobeus Equity 
            Partners LLP by email at vcts@mobeus.co.uk. 
           Annual General Meeting 
           The Company's next Annual General Meeting will be held on Tuesday, 
            18 May 2021 as a closed meeting a t the f ollowing address : mobeusvctAGM.co.uk 
            , the link is also available on the Company's website at: www.mig4vct.co.uk. 
           Contact details for further enquiries 
           Mobeus Equity Partners LLP (the Company Secretary) on 020 7024 7600 
            or by email to info@mobeus.co.uk . 
           DISCLAIMER 
           Neither the contents of the Company's website nor the contents of 
            any website accessible from hyperlinks on the Company's website 
            (or any other website) is incorporated into, or forms part of, this 
            announcement. 
 

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END

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March 29, 2021 11:00 ET (15:00 GMT)

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