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Annual Report and Foresight Accounts 4 VCT 31 March plc 2007
Unaudited Half-yearly Financial i Report
for the six month period
ended 31 August 2008
Foresight 4

4
Foresight 4 VCT plc
Foresight 4 VCT
Objective
The objective of Foresight 4 VCT plc is to provide private investors with an attractive return from a portfolio of
investments in fast-growing unquoted technology-based companies in the United Kingdom.
It is the intention to maximise the tax-free income available to investors from a combination of dividends and interest
received on investments and the distribution of capital gains arising from trade sales or flotations.
VCT Tax Benefit for Shareholders beyond 6 April 2006
To obtain VCT tax reliefs on subscriptions up to £200,000 per annum, a VCT investor must be a ‘qualifying’ individual
over the age of 18 with UK taxable income. The tax reliefs for subscriptions from 6 April 2006 are:
● Income tax relief of 30% on subscription into new shares, which is retained by shareholders if the shares are held
for more than five years.
● VCT dividends (including capital distributions of realised gains on investments) are not subject to income tax.
● Capital gains on disposal of VCT shares are tax free, whenever the disposal occurs.
Website: www.foresightgroup.eu
Contents
Chairman’s Statement 1
Investment Summary
Unaudited Half-Yearly Results and
4
Responsibility Statements 7
Unaudited Profit and Loss Account 8
Unaudited Balance Sheet
Unaudited Reconciliation of Movement in
9
Shareholders’ Funds 9
Unaudited Cash Flow Statement 10
Notes to the Unaudited Financial Statements 11
Shareholder Information 13

Chairman’s Statement
I Summary
• Net asset value per Ordinary Share as at 31 August
2008 was 104.4p (compared to 110.2p as at
29 February).
• An interim dividend of 5.0p per share dividend will be
paid on 19 December 2008.
• Two new investments totalling £500,000 were made in
Lynwood Group Holdings Limited (£250,000) and
Silvigen Limited (£250,000).
• Proceeds of £2,103,110 were realised from two
investments: £1,952,800 from the sale of Utarget and
a further £150,310 from the ongoing realisation of
Casella Group’s assets.
• As a result of the Linked Offer, Foresight 4 VCT raised
gross proceeds of £1,979,376 as at 30 April 2008
when the offer closed.
• The Company made seven follow-on investments
totalling £1,311,961: Closed Loop London (£503,333),
Advanced Visual Technology (£300,000), O-Gen
(£210,000), The Bunker Secure Hosting (£118,700),
Global Immersion (£66,670), Vectorcommand
(£60,000) and Oled-T (£53,258).
• The Company continues to exceed the 70%
requirement for investment in Qualifying Holdings as
set by HM Revenue & Customs.
I Portfolio Review
During the six months under review, stock markets
continued to experience adverse conditions primarily as a
result of the unprecedented difficulties in the US and UK
banking sectors and the resulting effect this had on both
businesses and consumers. These financial difficulties
when combined with volatile commodity prices,
principally due to record prices for oil and gas as well as
increased food prices have resulted in a particularly
difficult backcloth for trading for many sectors of the
economy. Whilst this market turmoil has not materially
affected the unquoted holdings within our investments,
several investments have suffered indirectly as a result of
the fallout from uncertain trading conditions. Against this
background your Company’s net asset value has fallen to
104.4p per share from 110.2p per share six months
Peter Dicks
Chairman
Half-yearly Financial Report for the six months ended 31 August 2008
01
earlier, as a result of fair value adjustments against
companies whose results were poorer than expected.
After several years of building revenues and investment in
product development, Eqos has had a difficult 2008 as
customers delay capital expenditure on large software
systems. The company is considering moving from large
one-off sales to a subscription usage model for its
software to counter the current downturn in trading.
This would require additional funding as the subscription
usage model would take some time to build up.
OLED-T has not made the necessary commercial progress
with its proprietary chemicals for improving the colour and
life of displays on mobile phones and similar electronic
equipment as quickly as had originally been envisaged or
to support further investment. The company has recently
sold its IPR assets to chemical company Merck and is in
administration and being wound up. As a result Foresight 4
has provided in full against the value of this investment.
Despite the difficult trading conditions, the performance of
a number of portfolio companies continues to improve,
reflecting growing demand and strong sales pipelines,
most notably Adeptra, Datapath, Probability, Infrared
Integrated Systems (IRISYS) and Ixaris. Adeptra is enjoying
growing sales for its automated alert services, in particular
winning more contracts from major financial institutions in
the USA, UK and now Europe. Adeptra achieved sales of
£5 million in the 6 months to 30 June 2008 and EBITDA of
£278k. Datapath achieved profits in excess of £2.5 million
for the year ended 31 March 2008 and is on track for
another very profitable year to 31 March 2009. Probability
recently announced its annual results which showed a
152% increase in revenues, a doubling of its customer
base to 414,000 and monthly profitability towards the end
of the current year. Probability is forecasting that its next
financial year to 30 June 2009 will show, in aggregate, a
profit for the full year. IRISYS core footfall business
continues to grow and has recently closed a significant
contract with a large supermarket chain.
Ixaris’s sales progress has continued throughout the
seven months of the current year showing an increase of
over 180% on the previous year as well as achieving a
reduction in underlying losses. The company is focusing
on growing its sales team to continue its recent progress
and diversify into new markets.

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Foresight 4 VCT plc
02
Chairman’s Statement
I Investment Activity
The level of new investment activity has started to pick up
again, with two new investments being made totalling
£500,000: £250,000 in Lynwood Group Holdings and
£250,000 in Silvigen. This is in line with Foresight’s
increasing focus on investing in the environmental
infrastructure and sustainable sectors.
Lynwood is an established business in the plastic building
products market in the UK and has made the transition to
using waste plastic streams as its raw material. Lynwood
has acquired a small business with specialist expertise in
manufacturing wood profile and wood replacement
products from waste plastic and it is now one of the best
equipped plastic recycling manufacturing operations in
the UK. The company is well positioned in a growing
market for recycled and sustainable products such as
wood replacement, which offer considerable economic
and environmental advantages.
Silvigen has positioned itself to supply the urgent biomass
fuel needs of the UK power generation sector and the
developing industrial heat sector, both of which are driven
by a number of regulatory incentives.
The Company made seven follow-on investments totalling
£1,311,961: Closed Loop London (£503,333), Advanced
Visual Technology (£300,000), O-Gen (£210,000), The
Bunker Secure Hosting (£118,700), Global Immersion
(£66,670), Vectorcommand (£60,000) and Oled-T
(£53,258).
Advanced Visual Technology (AVT) required ongoing
funding while progressing its sales process. After the
period end AVT was sold to Oracle for an undisclosed
amount. A further investment was made into O-Gen in
April to fund the latest stage of the company’s biomass to
energy plant. The plant has already produced some
electricity with full commissioning expected later in 2008.
The Bunker Secure Hosting is experiencing strong
demand for its ultra secure IT hosting services and is
currently planning for a substantial increase in its capacity.
Closed Loop London has completed its first plant in
Dagenham and is in the early stages of developing a
second plant in the north-west of England.
Global Immersion and Vectorcommand required further
investment due to a shortfall in working capital as a result
of poorer trading, whereas the investment in OLED-T was
to finance the company on the anticipation of an
impending strategic investment by a large chemicals
company. Unfortunately, the strategic investment did not
materialise and OLED-T’s IP was sold for €450,000.
I Realisations
Utarget, a provider of Internet subsite advertising, was
sold to Fox International in March 2008 for total proceeds
of £1,952,800 compared to an original cost of
£1,000,000. This represented an uplift of almost 100%
on cost in little over a year, following the original
investment in December 2006.
Additionally, further proceeds of £150,310 were received
from the ongoing sale of the assets of The Casella Group.
A final payment from the completion of the liquidation
process is expected in the next few months.
I Net Asset Value
The net asset value per share as at 31 August 2008
decreased to 104.4p compared to 110.2p as at
29 February 2008.
I Dividend
The Company’s dividend policy is to aim to distribute to
shareholders a steady flow of dividends from income and
realised capital gains. Reflecting recent realised gains, an
interim dividend of 5.0p per share for the year ending
28 February 2009 will be paid on 19 December 2008,
making 17.5p per share of cumulative dividend payments
in the last three years. The ex dividend date will be
10 December 2008 and the record date will be
12 December 2008.
I Valuation policy
Investments held by the Company have been valued in
accordance with the International Private Equity and
Venture Capital (IPEVC) guidelines developed by the
British Venture Capital Association and other
organisations under which investments are valued, as
defined in the guidelines, at “fair value”. Ordinarily,
unquoted investments will be valued at cost for the

12 months following the date of acquisition as the most
suitable approximation of fair value unless there is an
impairment or significant accretion in value during the
period. Quoted investments and investments traded on
AIM and PLUS are valued at the bid price as at
31 August 2008. The portfolio valuations are prepared
by Foresight Group and are subject to approval by
the Board.
I Share Issues and Share Buy-backs
During the period year the Company issued 787,662
Ordinary Shares at prices ranging from 109.0p to 116.0p
per share. These funds enable your Company to remain
an active investor in the current market and take
advantage of new opportunities currently being reviewed
by Foresight Group.
It continues to be the Company’s policy to consider
purchasing shares in the market when they become
available in order to help provide liquidity for the
Company’s shareholders. During the period, the
Company repurchased 80,332 shares at a cost of
£72,700.
Landsbanki Securities, Foresight 4’s incumbent market
maker, as a result of the financial difficulties of its parent
company, terminated its market making activities during
October 2008.
It is currently unclear whether the termination of its
market making activities is temporary or permanent and
once this becomes apparent, which is expected to be in
the very near future, Foresight Group and the Board will
be in a position to update shareholders accordingly.
I Top-up Offer
Foresight 4, alongside Foresight VCT, Foresight 2 and
Foresight 3, will shortly be launching a series of top-up
offers to each raise up to approximately £2 million.
The requirement to raise new funds is to enable Foresight
Group to continue to make new investments in the
environmental infrastructure and management buyout
sectors and, generally, to take advantage of the ongoing
pipeline of new opportunities being considered.
Existing Foresight 4 shareholders will shortly be sent
details of the top-up offer.
Half-yearly Financial Report for the six months ended 31 August 2008
03
I Outlook
The extreme volatility of the financial markets as well as
the increasing inability of companies to raise debt finance
has proved a double edged sword for the Company. On
the one hand Foresight Group’s deal flow of companies
seeking investment, specifically in the environmental
infrastructure sector, is stronger than ever as potential
investee companies are finding banks less inclined to lend
to them now than in the recent past. On the other hand,
we have also seen some evidence of trade sales within
the portfolio being subject to less attractive terms,
delayed or terminated as a result of potential acquirers
failing to raise sufficient finance to complete transactions.
While we continue to look forward with cautious
optimism, we are at the same time conscious that we are
likely to be entering a period of economic slowdown and
tighter credit conditions. In this environment we will
encourage all of our investee companies to keep a tight
control on costs and conserve cash.
The market in which Foresight 4 operates continues to be
encouraging in terms of potential new investment
opportunities, as evidenced by the current deal flow
being reviewed by Foresight Group. Foresight 4 will have
access to this deal flow of new opportunities as it invests
new funds raised as well as reinvesting some of the
proceeds from successful realisations.
Peter Dicks
Chairman
October 2008

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Investment Summary
31 August 2008 29 February 2008
Amount Amount
invested Valuation Valuation Methodology invested Valuation
Investment £ £ £ £
Datapath Holdings Limited 1,000,000 2,459,661 * Discounted price/earnings multiple 1,000,000 2,459,661
VectorCommand Limited 1,528,750 1,568,580 * Discounted last funding round 1,468,750 1,379,856
The Bunker Secure Hosting Limited 864,168 1,450,482 * Discounted revenue multiple 745,468 1,245,249
Closed Loop London Limited 1,753,333 1,836,667 * Price of recent funding round 1,250,000 1,250,000
ZOO Digital Group plc (AIM listed) 1,150,000 953,974 * Bid price 1,150,000 1,012,384
SkillsMarket Limited 539,998 871,108 * Price of recent funding round 539,998 871,108
O-Gen (UK) Limited 840,000 840,000 * Cost 630,000 630,000
Advanced Visual Technology Limited 2,332,183 830,000 * Indicative offer 2,032,183 939,730
Trilogy Communications Limited 825,000 825,000 * Price of recent funding round 825,000 825,000
Iskra Wind Turbines Limited 750,000 750,000 * Cost 750,000 750,000
Ixaris Systems Limited 750,000 750,000 Cost 750,000 750,000
Sindicatum Carbon Capital Limited 200,063 525,100 Price of recent funding round 200,063 525,100
TFC Europe Limited 500,000 500,000 Cost 500,000 500,000
Eqos Limited 1,050,000 470,084 Discounted revenue multiple 1,050,000 1,152,011
Snell & Wilcox (UK) Limited 839,137 409,500 Indicative offer less discount 839,137 409,500
Global Immersion Limited 333,336 333,336 Price of recent funding round 266,666 266,666
Probability plc (AIM listed) 450,000 301,974 Bid price 450,000 402,631
Infrared Integrated Systems Limited 250,005 250,005 Cost 250,005 250,005
Lynwood Group Holdings Limited 250,000 250,000 Cost — —
Silvigen Limited 250,000 250,000 Cost — —
Adeptra Limited 1,283,272 215,783 Discounted revenue multiple 1,283,272 235,147
alwaysON Group Limited 210,070 210,070 Cost 210,070 210,070
Aigis Blast Protection Limited 275,000 206,250 Cost less impairment 275,000 206,250
The Casella Group Limited 172,389 20,742 Indicative offer less discount 774,291 171,052
OLED-T Limited† 1,117,428 0 Nil value 1,064,170 441,701
Utarget plc 0 0 Sold 1,000,000 1,952,800
19,514,132 17,078,316 19,304,073 18,835,921
* Top ten investments by value shown on pages 5 and 6.
† Includes amount invested of £710,000 relating to Elam-T, a predecessor company.
Companies in liquidation have been excluded from the table above.

Half-yearly Financial Report for the six months ended 31 August 2008
05
Descriptions of Top Ten Investments by Value
A summary of all investments is provided on page 4.
Datapath Holdings Limited
is a UK manufacturer of PC-based multi-screen computer graphics and video capture hardware, specialising in video wall and data
wall technology. Established in 1982, it has provided solutions for wide-ranging and varied applications including control rooms,
financial dealing rooms, CCTV, distance learning, digital signage and business presentations.79)
VectorCommand Limited
is a leading provider of training and exercising software for emergency services. The majority of fire brigades in the UK and Australasia
use the Vector training software and the company has recently released its new Command Support System, a leading system for
operational control of live incidents, with applications across the emergency services.
The Bunker Secure Hosting Limited
provides ultra secure, high availability IT data centre and managed services to companies and public bodies from owned and leased
facilities totalling 41,500 square feet in ex-military bunkers at Ash, Kent, Greenham Common and Bawdsey, Lincolnshire. With particular
expertise in Open Source and Microsoft software and systems, web and digital security, BH builds, hosts and manages ultra secure,
high availability IT infrastructure platforms for its customers and provides secure co-location services to host customers’ servers or
back-up servers. The Bunker is highly regarded for its technical skills, its customers including top financial, telecoms and web-based
businesses which are concerned with data security and looking to outsource their mission critical IT systems. The Bunker continues to
make good progress in increasing revenues from existing customers and winning new customers under term contracts which generate
high visibility of future revenues. An application has recently been made to the local planning authority for permission to build a new
data centre above ground at Ash.
Closed Loop London Limited
is the first plant in the UK to recycle waste PET and HDPE plastic bottles into food grade packaging material. Following in excess of £15 million
private and public sector funding issue led by Foresight Group, the 35,000 tonne capacity plant in Dagenham is now in the commissioning
phase with output volumes ramping up during the remainder of 2008 to near full capacity. The company is enjoying very strong market demand
and has now announced its second UK plant in North Wales, for which it is currently fund-raising.
ZOO Digital Group plc (AIM listed)
supplies authoring software and services to film studios and post-production films and to publishers and developers of interactive games on
DVD. Authoring is the process of transferring video and audio content to DVD and adding menus and links to allow consumers to navigate
the content. In August 2007, ZOO acquired the authoring business of Scope Seven, providing the group with a base near its key customers
in California and a broader service offering.

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Descriptions of Top Ten Investments by Value
SkillsMarket Limited
the company’s online information exchange provides a central store for CVs, converted into a dynamic professional profile or “iProfile”.
The iProfile is easy to set up and update, and enables individuals to control the job-seeking process and obtain feedback from recruiters
and hiring managers. The iProfile has been adopted by many of the UK’s biggest recruiters, including Hays IT, Reed, Spring and
Alexander Mann and is seen as the industry standard format for online CVs. In April 2008 the company announced the acquisition of
PurplePassport, whose online ‘Skills Passport’ has been adopted by five Government appointed Sector Skills Councils covering more
than 10 million people.
O-Gen (UK) Limited
develops, builds, owns and operates biomass to energy and combined heat and power (‘CHP’) plants. The market is driven by
government regulation and incentives. Specifically, landfill tax, which is driving waste operators towards cheaper and more efficient
methods of waste disposal such that gate fees will be received by O-Gen from the biomass suppliers. The electricity generated will be
sold to the National Grid and attracts Renewable Obligation Certificates (‘ROCs’) which generate further revenue. The first plant has
been completed and is being commissioned. Planning approval has been achieved for three other plants.
Advanced Visual Technology Limited
develops and markets retail space management software and interactive hand-held mobile store planners and now has 50 customers
worldwide including Tesco, Waterstones, WH Smith, Barclays and HMV in the UK and Office Depot, Staples and KMart in the USA, its
products deliver impressive financial improvements for customers. The company is reliant on winning a small number of large contracts
in any one year and, although considerable interest is being shown in the new hand held planner, sales have been adversely impacted
by the slowdown in consumer demand in the US and Europe. Notwithstanding the considerable cost savings and profit improvements
from using the software, contracts with major Tier 1 retailers are accordingly taking longer to reach final signature or are being deferred.
On 8 October 2008, the company was sold to Oracle Corporation for an undisclosed amount.
Trilogy Communications Limited
is a world class supplier of audio communications and broadcast solutions to the defence, emergency management, industrial and
broadcast sectors. Trilogy counts some of the world’s best known names in broadcast and defence among its customer base including
the BBC, Sony, Radio France, Raytheon, Northrop Grumman and BAE. The company continues on a strong growth track, with Trilogy’s
new Mercury IP system making particularly good progress in the US defence market.
Iskra Wind Turbines Limited
is a manufacturer of high efficiency tree-sized wind turbines, suitable for volume manufacture, that have the best price/performance
combination of any tree-sized turbine currently commercially available. The company has an installed base of around 250 units and is
forecast to grow strongly based on the BWEA projections of a doubling in the size of the UK market and also the new overseas
distribution networks.

Half-yearly Financial Report for the six months ended 31 August 2008
07
Unaudited Half-Yearly Results and Responsibility Statements
I Principal Risks and Uncertainties
The principal risks faced by the Company can be divided into various areas as follows:
● Performance;
● Regulatory;
● Operational; and
● Financial.
The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Accounts
for the year ended 29 February 2008. A detailed explanation can be found on pages 10 to 13 of the Annual Report and
Accounts which is available on www.foresightgroup.eu or by writing to Foresight Group at ECA Court, South Park,
Sevenoaks, Kent, TN13 1DU.
In the view of the Board, there have not been any changes to the fundamental nature of these risks since the previous
report and these principal risks and uncertainties are equally applicable to the remaining six months of the financial year
as they were to the six months under review.
I Directors’ Responsibility Statement:
The Disclosure and Transparency Rules (“DTR”) of the UK Listing Authority require the Directors to confirm their
responsibilities in relation to the preparation and publication of the Interim Report and financial statements.
The Directors confirm to the best of their knowledge that:
(a) the summarised set of financial statements has been prepared in accordance with the pronouncement on interim
reporting issued by Accounting Standards Board;
(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of
important events during the first six months and description of principal risks and uncertainties for the remaining
six months of the year);
(c) the summarised set of financial statements give a true and fair view in accordance with UK GAAP of the state of
affairs of the Company and of the profit and loss of the Company for that period and comply with UK GAAP and
Companies Act 1985; and
(d) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of
related parties’ transactions and changes therein).
The half-yearly Financial Report has not been audited or reviewed by the auditors.
By order of the Board
Peter Dicks
Chairman
29 October 2008

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Foresight 4 VCT plc
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Unaudited Profit and Loss Account
for the six months ended 31 August 2008
Six months to 31 August 2008 Six months to 31 August 2007 Year to 29 February 2008
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Investment income and deposit interest 409 — 409 243 — 243 559 — 559
Investment management fees* (27) (83) (110) (84) (252) (336) (169) (506) (675)
Other expenses (127) — (127) (135) — (135) (258) — (258)
Unrealised (loss)/gain on revaluation of investments — (1,968) (1,968) — 312 312 — 1,387 1,387
Operating profit/(loss) 255 (2,051) (1,796) 24 60 84 132 881 1,013
Gain on realisation of investments — 436 436 — 262 262 — 2,017 2,017
Profit/(loss) on ordinary activities before taxation 255 (1,615) (1,360) 24 322 346 132 2,898 3,030
Tax on ordinary activities — — — — — — — — —
Profit/(loss) on ordinary activities after taxation 255 (1,615) (1,360) 24 322 346 132 2,898 3,030
Balance transferred to/(from) reserves 255 (1,615) (1,360) 24 322 346 132 2,898 3,030
Earnings/(loss) per share 1.1p (6.9)p (5.8)p 0.1p 1.5p 1.6p 0.6p 13.1p 13.7p
All items in the profit and loss account derive from continuing operations. There were no recognised gains or losses for the period other than those recognised in the unaudited profit and loss account
above and accordingly no statement of total recognised gains and losses has been prepared.
Earnings for the period should not be taken as a guide to the results for the full year.
* VAT recovered and recoverable from HM Revenue & Customs following the decision to treat investment management fees for VCTs as exempt has been included under investment management fees
above. The split of recovered and recoverable VAT is £57,160 revenue and £171,480 capital.

Unaudited Balance Sheet
at 31 August 2008
Half-yearly Financial Report for the six months ended 31 August 2008
09
As at As at As at
31 August 31 August 29 February
2008 2007 2008
(unaudited) (unaudited) (audited)
£’000 £’000 £’000
Non-current assets
Assets held at fair value
through profit and loss — Investments 17,078 18,562 18,836
Current assets
Debtors 1,994 253 1,835
Money market and other deposits 3,789 3,607 4,387
Cash 1,745 389 121
7,528 4,249 6,343
Creditors: Amounts falling due within one year (117) (150) (118)
Net current assets 7,411 4,099 6,225
Net assets 24,489 22,661 25,061
Capital and reserves
Called-up share capital 235 220 228
Share premium account 11,030 9,173 10,177
Capital redemption reserve 1,827 1,824 1,826
Profit and loss account 11,397 11,444 12,830
Equity shareholders’ funds 24,489 22,661 25,061
Net asset value per share 104.4p 103.2p 110.2p
Unaudited Reconciliation of Movement in Shareholders’ Funds
for the six months ended 31 August 2008
Six months to Six months to Year to
31 August 31 August 29 February
2008 2007 2008
(unaudited) (unaudited) (audited)
£’000 £’000 £’000
Opening shareholders’ funds 25,061 22,681 22,681
Net proceeds from share issues 861 (3) 1,011
Shares repurchased in the period/year (73) (363) (563)
(Loss)/profit for the period/year (1,360) 346 3,030
Dividend — — (1,098)
Closing shareholders’ funds 24,489 22,661 25,061

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Foresight 4 VCT plc
10
Unaudited Cash Flow Statement
for the six months ended 31 August 2008
Six months to Six months to Year to
31 August 31 August 29 February
2008 2007 2008
(unaudited) (unaudited) (audited)
£’000 £’000 £’000
Cash flow from operating activities
Investment income received 189 70 176
Deposit and similar interest received 111 133 212
Investment management fees paid (365) (167) (639)
Secretarial fees paid (38) (37) (37)
Other cash payments (99) (103) (166)
Net cash outflow from operating activities and returns on investment (202) (104) (454)
Taxation — — —
Financial investment
Purchase of unquoted investments and investments quoted on AIM (1,812) (3,417) (4,863)
Net proceeds on sale of unquoted investments 2,103 — 3,725
Net proceeds on sale of quoted investments — 539 394
Repurchase of own shares (64) (363) (500)
Net capital inflow/(outflow) from financial investment 227 (3,241) (1,244)
Equity dividends paid — — (1,098)
Net cash inflow/(outflow) before financing and liquid resource management 25 (3,345) (2,796)
Management of liquid resources
Movement in money market and other deposits 598 3,728 2,948
598 3,728 2,948
Financing
Proceeds of fund-raisings 1,058 — —
Expenses of fund-raisings (57) (3) (40)
1,001 (3) (40)
Increase in cash 1,624 380 112
Reconciliation of net cash flow to movement in net cash
Increase in cash for the period 1,624 380 112
Net cash at start of period 121 9 9
Net cash at end of period 1,745 389 121
Reconciliation of operating profit/(loss) to net cash flow
from operating activities
Operating (loss)/profit (1,796) 84 1,013
Unrealised losses/(gains) on investments 1,968 (312) (1,387)
(Decrease)/increase in creditors (8) 89 (7)
(Increase)/decrease in debtors (366) 35 (73)
Net cash outflow from operating activities (202) (104) (454)

Notes to the Unaudited Financial Statements
Half-yearly Financial Report for the six months ended 31 August 2008
11
1 The unaudited Financial Statements have been prepared on the basis of accounting policies set out in the statutory accounts of
the Company for the year ended 29 February 2008. Unquoted investments have been valued in accordance with IPEVC
guidelines. Quoted investments are stated at bid prices in accordance with the IPEVC guidelines and Generally Accepted
Accounting Practice.
2 These are not statutory accounts in accordance with section 240 of the Companies Act 1985 and are neither audited nor
reviewed. Statutory accounts in respect of the period to 29 February 2008 have been audited and reported on by the
Company’s auditors and delivered to the Registrar of Companies. No statutory accounts in respect of any period after
29 February have been reported on by the Company’s auditors or delivered to the Registrar of Companies. The auditors have
reported on the statutory accounts for the year ended 29 February 2008; their report was unqualified, and did not contain
statements under s237(2) or (3) Companies Act 1985.
3 Copies of the Half-yearly Financial Report, have been sent to shareholders and are available for inspection at the Registered
Office of the Company at ECA Court, South Park, Sevenoaks, Kent, TN13 1DU.
Copies of the Half-yearly Financial Report are also available electronically at www.foresightgroup.eu.
4 The net asset value per share is based on net assets at the end of the period and on 23,462,434 Ordinary Shares, being the
number of Ordinary Shares in issue at that date.
5 Earnings per share
Year ended
Six months ended Six months ended 29 February
31 August 2008 31 August 2007 2008
(unaudited) (unaudited) (audited)
£’000 £’000 £’000
Total earnings after taxation (1,360) 346 3,030
Basic earnings per share (note a) (5.8)p 1.6p 13.7p
Net revenue from ordinary activities after taxation 255 24 132
Revenue return per share (note b) 1.1p 0.1p 0.6p
Net realised capital gains/(losses) 436 262 2,017
Net unrealised capital gains (1,968) 312 1,387
Net capital expenses (83) (252) (506)
Total capital return (1,615) 322 2,898
Capital return per share (note c) (6.9)p 1.5p 13.1p
Weighted average number of shares in issue in the period 23,399,796 22,165,119 22,130,708
Notes:
a) Basic earnings per share is total earnings after taxation divided by the weighted average number of shares in issue.
b) Revenue return per share is net revenue after taxation divided by the weighted average number of shares in issue.
c) Capital return per share is total capital return divided by the weighted average number of shares in issue.
6 Income
Year ended
Six months ended Six months ended 29 February
31 August 2008 31 August 2007 2008
(unaudited) (unaudited) (audited)
£’000 £’000 £’000
Loan stock interest 300 123 356
Bank deposits 109 120 203
Total income 409 243 559

4
Foresight 4 VCT plc
12
Notes to the Unaudited Financial Statements
7 Foresight Group, as Investment Manager of the Company, is considered to be a related party by virtue of its management
contract with the Company. During the period, services of a total value of £338,000 (31 August 2007: £336,000, 29 February
2008: £675,000) were purchased by the Company from Foresight Group. At 31 August 2008, the amount due to Foresight
Group disclosed under creditors was £nil.
Foresight Fund Managers Limited, as Secretary of the Company and as a subsidiary of Foresight Group, is also considered to
be a related party of the Company. During the period, services of a total value of £32,024 (31 August 2007: £31,427,
29 February 2008: £63,550) were purchased by the Company from Foresight Fund Managers Limited. At 31 August 2008, the
amount due to Foresight Fund Managers Limited disclosed under creditors was £4,773.
No Director has, or during the period had, a contract of service with the Company. Bernard Fairman is Managing Partner of
Foresight Group, the Company's investment manager. Subject to these exceptions, no Director was party to, or had an
interest in, any contract or arrangement with the Company at any time during the period under review or as at the date of
this report.
8 Investments
Quoted Unquoted Total
£’000 £’000 £’000
Book cost as at 1 March 2008 1,600 21,302 22,902
Unrealised depreciation (185) (3,881) (4,066)
Valuation at 1 March 2008 1,415 17,421 18,836
Movements in the period:
Purchases at cost — 1,812 1,812
Disposal proceeds — (2,103) (2,103)
realised gains — 501 501
Unrealised depreciation (159) (1,809) (1,968)
Valuation at 31 August 2008 1,256 15,822 17,078
Book cost as at 31 August 2008 1,600 21,512 23,112
Unrealised depreciation (344) (5,690) (6,034)
Valuation at 31 August 2008 1,256 15,822 17,078
In addition, deferred consideration of £65,502 was written off during the period.
9 Capital and reserves
Called-up Share Capital Profit
share premium redemption and loss
capital account reserve account Total
£’000 £’000 £’000 £’000 £’000
As at 1 March 2008 228 10,177 1,826 12,830 25,061
Share issues in the period 8 903 — — 911
Expenses on share issues — (50) — — (50)
Shares repurchased in the period (1) — 1 (73) (73)
Retained profit for the period — — — (1,360) (1,360)
As at 31 August 2008 235 11,030 1,827 11,397 24,489

Shareholder Information
Half-yearly Financial Report for the six months ended 31 August 2008
13
Dividends
Interim dividends are ordinarily paid to shareholders in December. Final dividends are ordinarily paid to shareholders in July.
Shareholders who wish to have dividends paid directly into their bank account rather than by cheque to their registered address can
complete a Mandate Form for this purpose. Mandates can be obtained by telephoning the Company’s registrar, Computershare
Investor Services PLC (see over for details).
Share price
The Company’s Ordinary Shares are listed on the London Stock Exchange. The mid-price of the Company’s Ordinary Shares is given
daily in the Financial Times in the Investment Companies section of the London Share Service. Share price information can also be
obtained from many financial websites.
Notification of change of address
Communications with shareholders are mailed to the registered address held on the share register. In the event of a change of address
or other amendment this should be notified to the Company’s registrar, Computershare Investor Services PLC, under the signature of
the registered holder.
Trading shares
The Company’s Ordinary Shares can be bought and sold in the same way as any other quoted company on the London Stock
Exchange via a stockbroker. Investments in VCTs should be seen as a long-term investment and shareholders selling their shares
within three years of original purchase (five years post-6 April 2007) may lose any tax reliefs claimed. Investors who are in any doubt
about selling their shares should consult their independent financial adviser.
Please call Foresight Group (see details below) if you or your adviser have any questions about this process.
Indicative financial calendar
June 2009 Announcement of annual results for the year ended 28 February 2009
June 2009 Posting of the Annual Report for the year ended 28 February 2009
July 2009 Annual General meeting
October 2009 Announcement of Half-yearly Financial Results for the six months to 31 August 2009
Enquiries
Contact Foresight Group for Foresight 4 VCT plc:
Telephone: 01732 471803
Fax: 01732 471810
e-mail: info@foresightgroup.eu
website: www.foresightgroup.eu
Foresight 4 VCT plc is managed by the Foresight Group which is authorised and regulated by the Financial Services Authority. Past
performance is not necessarily a guide to future performance. Stock markets and currency movements may cause the value of
investments and the income from them to fall as well as rise and investors may not get back the amount they originally invested. Where
investments are made in unquoted securities and smaller companies, their potential volatility may increase the risk to the value of, and
the income from, the investment.

4
Corporate Information
Directors
Peter Dicks (Chairman)
Roger Brooke
Bernard Fairman
Philip Stephens
Company Secretary
Foresight Fund Managers Limited
ECA Court
South Park
Sevenoaks
TN13 1DU
Registered Office and Investment Managers
Foresight Group
ECA Court
South Park
Sevenoaks
TN13 1DU
Auditors and Tax Advisers
Ernst & Young LLP
1 More London Place
London
SE1 2AF
Contact Numbers
● Registrars Shareholder Helpline — Computershare (0870 703 6292)
● General and Portfolio Queries — Foresight Group (01732 471800)
4
Foresight 4 VCT plc
ECA Court
South Park
Sevenoaks
Kent
TN13 1DU
Solicitors and VCT Status Advisers
Martineau
No. 1 Colmore Square
Birmingham
B4 6AA
Registrar
Computershare Investor Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol
BS99 7NH
Registered Number
3506579