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Notes to the Unaudited Financial Statements
Half-yearly Financial Report for the six months ended 31 August 2008
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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