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4 <strong>Foresight</strong> 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
Page 1 and 2: Heading Annual Report and Foresight
Page 3 and 4: Chairman’s Statement I Summary
Page 5 and 6: 12 months following the date of acq
Page 7 and 8: Half-yearly Financial Report for th
Page 9 and 10: Half-yearly Financial Report for th
Page 11: Unaudited Balance Sheet at 31 Augus
Page 15 and 16: Shareholder Information Half-yearly

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