Calculus VCT : Annual Report and Accounts – 28 February 2022

Registered number 07142153

Calculus VCT plc

Report and Accounts

For the year ended 28 February 2022

(Company number 07142153)

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About Calculus VCT plc

OUR AIM

Calculus VCT is a tax efficient listed company, which aims to achieve long-term returns, including tax-free dividends, for investors.

INVESTMENT OBJECTIVE

To invest primarily in a diverse portfolio of VCT qualifying UK growth companies whether unquoted or traded on AIM.

Investments are made selectively across a range of sectors in companies that have the potential for long-term growth. Our investment is intended to support those companies to grow, innovate and scale up.

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

DIVIDEND OBJECTIVE

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

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

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Contents

Strategic Report	7
Chairman's Statement	7
Manager's Review	9
Investment Portfolio	16
Business Review	27
Section 172 Statement	31
Board of Directors	32
The Manager	33
Directors' Report	35
Corporate Governance	39
Audit Committee Report	44
Directors' Remuneration Report	45
Directors' Responsibilities Statement	49
Independent Auditor's Report	50
Income Statement	56
Statement of Changes in Equity	57
Statement of Financial Position	59
Statement of Cashflows	60
Notes to the Financial Statements	61
Notice of Annual General Meeting	76
Shareholder Information	80
Glossary	81
Company Information	83

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Key Dates 2022

Annual General Meeting: 14 July 2022

Dividend reinvestment scheme application deadline: 14 July 2022

Final dividend payment date: 29 July 2022

Company's half year end: 31 August 2022

Unaudited half yearly results: announced October 2022

Annual results for year to 28 February 2023: announced May 2023

Financial Highlights

	Year to 28 February 2022	Year to 28 February 2021
Net Asset Value per share	67.90p	67.08p
Final dividend proposed	3.06p	3.02p
Annual yield*	4.50%	4.50%
Total return per share*	4.83p	0.98p
Share price	55.00p	60.00p

Portfolio Review

	2022 £'000	2021 £'000
Opening portfolio value	19,632	14,309
New and follow-on investments made	4,295	5,016
Disposal proceeds	(2,124)	(413)
Realised net gains	543	316
Prior year unrealised losses realised	(106)	(122)
during the period
Unrealised valuation gains	2,119	526
Closing portfolio value	24,359	19,632

*These are Alternative Performance Measures (APM's), which have been defined in the glossary on pages 81 and 82 of the Annual Report.

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Investment Portfolio Yield

	2022 £'000	2021 £'000
Loan interest	82	143
Total portfolio income in the year	83	151
Portfolio value at year end	24,359	19,632
Portfolio income yield	0.34%	0.77%

Total Return By Shareholder Cohort

Investors by calendar year	Issue price (p)*	NAV at 28	Cumulative	Total	Total Return
		February	dividends	Return**	on net
		2022 (p)	received (p)		investment***
2016 subscription	102.7	67.9	17.87	0.84x	1.19x
2017 subscription	95.7	67.9	13.27	0.85x	1.21x
2018 subscription	84.7	67.9	9.62	0.92x	1.31x
2019 subscription	76.3	67.9	8.28	1.00x	1.43x
2020 subscription	65.2	67.9	4.15	1.11x	1.58x
2021 subscription	65.4	67.9	3.02	1.08x	1.55x
2022 subscription (current)	65.7	67.9	3.02	1.08x	1.54x

• Weighted average in respect of each year
• Total Return is equal to the sum of NAV at 28 February and cumulative dividends received, divided by the average issue price
• Total Return on net investment is equal to the sum of NAV at 28 February and cumulative dividends received, divided by the average issue price less 30% tax relief

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