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MB7-638 - NAV 5.0 Trade & Inventory - Dump Information

Vendor : Microsoft
Exam Code : MB7-638
Exam Name : NAV 5.0 Trade & Inventory
Questions and Answers : 63 Q & A
Updated On : April 22, 2019
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MB7-638 Questions and Answers

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MB7-638 NAV 5.0 Trade & Inventory

Study Guide Prepared by Microsoft Dumps Experts

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MB7-638 exam Dumps Source : NAV 5.0 Trade & Inventory

Test Code : MB7-638
Test Name : NAV 5.0 Trade & Inventory
Vendor Name : Microsoft
Q&A : 63 Real Questions

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Microsoft NAV 5.0 Trade

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First-time Microsoft MVP Andrey Baludin every so often thinks of an historic joke to describe the mixing work he does every day as an IT solutions architect on the Awara IT options workplaces in St. Petersburg, Russia.

What do you get if you move a hedgehog and a snake? You get five toes of barbed wire.

"always i'm answerable for NAV integrations with different systems – exterior accounting, billing, net shops, third-birthday celebration operators, bank programs, SFTP servers, exterior APIs," he says. "I organized demos of integrations with FIFA API – to get football World Cup 2018 results in [Microsoft Dynamics 365] business critical, integration with Arduino controller and extra. only for enjoyable – to reveal how bendy business vital is."

From manner engineer to NAV consumer

Baludin, who bought his award on Feb. 1, begun his profession at Awara IT three years in the past as a senior developer. From his very first day on the job, Baludin says he changed into responsible for imposing tasks that had never been implemented in the past.

"i was fortunate adequate to have time for gaining knowledge of and analysis," he says. "It continues to be challenging to believe that some in reality loopy concepts grew to become precise. I've discovered greater in this ultimate three years at Awara IT than in the eight years i used to be working [for a customer]."

through the years at Awara IT, Baludin has committed time to getting to know more about Azure functions and Azure administration. The combination of these talents allows for him to calculate the necessary resources, set up the infrastructure, and start planning and imposing the solution for valued clientele.

Baludin become brought to Dynamics NAV in 2008, while he was working as a technique engineer at a security programs manufacturing company.

"This turned into after graduating from Saint-Petersburg Polytechnic university," he says. "[Processing engineering] became my most important, but I additionally had programming capabilities. at the moment, my  organisation company began implementing NAV 5.0. i used to be a key user for the manufacturing module."

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"surely, in a couple of years this became boring for me because the internal customer's operations with NAV have been quite standardized and were not altering tons," he says.

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NAV 5.0 Trade

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Foresight VCT plc - Annual Financial Report | real questions and Pass4sure dumps

April 10, 2019 11:29 ET | Source: Foresight VCT PLC


Final Results31 December 2018

Foresight VCT plc, managed by Foresight Group CI Limited, today announces the final results for the year ended 31 December 2018.These results were approved by the Board of Directors on 10 April 2019.The Annual Report will shortly be available in full at All other statutory information can also be found there.


• Total net assets £136.7 million.• Net Asset Value per Ordinary Share increased by 3.9% from 80.0p at 31 December 2017 to 83.1p before dividends. After payment of a 5.0p dividend made on 4 May 2018, NAV per share at 31 December 2018 was 78.1p.• The investment portfolio has seen an uplift in valuation of £6.8 million during the year.• Seven new investments totalling £13.2 million and five follow-on investments totalling £4.5 million made during the year.• The Company successfully exited ICA Group, Thermotech Solutions and CoGen realising a total of £3.4 million.• The Board has declared an interim dividend relating to the year ended 31 December 2018 of 5.0p per share, to be paid on 3 May 2019.

Chairman’s Statement

I am pleased to present the Company’s Audited Annual Report and Accounts for the year ended 31 December 2018. In last year’s Annual Report, I provided shareholders with detailed information on the wind-down of both the Planned Exit and Infrastructure Share classes, which were removed in January 2018. As a consequence, the issued share capital now consists solely of Ordinary Shares.

STRATEGYThe Directors, together with the Manager, have been pursuing a long-term strategy for the Company which includes the following four key objectives:

 • Increasing and then maintaining the Company’s net asset value (NAV) significantly above £150 million; • Paying an annual dividend to shareholders of at least 5.0p per share and endeavouring to maintain, or increase, NAV per share year on year, after payment of dividends; • Completing a significant number of new and follow on qualifying investments every year; and • Offering a programme of regular share buy backs at a discount of approximately 10% to the prevailing NAV.

The Directors and the Manager believe that these key objectives remain appropriate and the Company’s performance in relation to each of them over the past year is reviewed more fully below.

NET ASSET VALUEDuring the year ended 31 December 2018 the NAV per share rose by 3.1p, an increase of 3.9%. However, following the payment of a 5.0p per share dividend on 4 May 2018, which came to a total of £8.7 million, including shares allotted under the dividend reinvestment scheme, the NAV of the Company decreased from £140.4m at 31 December 2017 to £136.7 million as at 31 December 2018. The Directors believe that it would be beneficial to increase the Company’s net assets over the coming years but with some £33.2 million of funds available for investment at the time of writing, it is not the Board’s present intention to seek new money by way of an offer for subscription.

DIVIDENDSThe interim dividend of 5.0p per share was paid on 4 May 2018 based on an ex-dividend date of 19 April 2018, with a record date of 20 April 2018. This is in line with the Board’s objective on dividend payments.

The Company has achieved or exceeded its target of paying an annual dividend of at least 5.0p per share for each of the past eight years.

If you had invested five years ago, your NAV total return per share would have increased by 14.0%. It is the combined achievement of dividend payments and the maintenance or increase in NAV per share which is now at the centre of the Company’s current and future portfolio management.

The Board has declared an interim dividend relating to the year ended 31 December 2018 of 5.0p per share, to be paid on 3 May 2019 based on an ex-dividend date of 11 April 2019, with a record date of 12 April 2019.


A detailed analysis of the investment portfolio performance over the period is given in the Manager’s Review.

Before the payment of dividends, the Company’s NAV increased last year by £5.0 million. The Board believes that this reflects the benefit of the enlarged and diversified portfolio of qualifying investments which the Manager has built up over the past few years. The Company started the current year with nearly 72% of its available resources invested in a range of unquoted growth capital investments; the Board and Manager believe that, in aggregate, these investments will continue to mature and should help improve the future rate of growth in NAV.

During the year under review the Manager completed seven new investments amounting to £13.2 million and two new investments totalling £3.7 million have been made since the end of the year. Details of each of these new portfolio companies can be found in the Manager’s Review.

The Manager expects that the current pipeline of opportunities should support completion of a significantly increased number of new investments during the current year.

The complexity surrounding qualification for VCT investment inevitably limits the opportunity for the Company to make new investments and the Manager’s ongoing ability to source new deals is pivotal to the Company’s future performance. As a consequence, investments made under the new VCT rules will change the risk profile of the portfolio because the rules now incline us towards investments in earlier stage businesses.

The Board is aware that Foresight 4 VCT plc (‘Foresight 4’) has over the past two years raised a considerable amount of new money, much of which needs to be invested in the near future. The Company and Foresight 4 have the same Manager and share similar investment policies. The Board closely monitors the extent and nature of the pipeline of investment opportunities and is reassured by the Manager’s confidence in being able to increase the level of new investments without compromising quality during 2019 and beyond, so as to be in a position to satisfy the needs of both the Company and Foresight 4.

BUYBACKSDuring the year the Company repurchased 2.6 million shares for cancellation at an average discount of 10.1%. The Board and the Manager consider that the ability to offer to buy back shares at a target discount of approximately 10% is fair to both continuing and selling shareholders and is an appropriate way to help underpin the discount to NAV at which the shares trade.

MANAGEMENT CHARGES, CO-INVESTMENT AND INCENTIVE ARRANGEMENTSThe annual management fee is an amount equal to 2.0% of net assets, excluding cash balances above £20 million, which are charged at a reduced rate of 1.0%. This has resulted in ongoing charges for the year ended 31 December 2018 being 2.1% of net assets, which is at the lower end of the range when compared to competitor VCTs.

Since March 2017, co-investments made by the Manager and individual members of Foresight Group’s private equity team have totalled £0.5 million alongside the Company’s investments of £32.4 million. Currently the ‘Total NAV Return Hurdle’, as detailed in note 14 to the accounts, has not been achieved and no performance incentive payment is due.

BOARD COMPOSITIONAs announced in last year’s Annual Report, Peter Dicks, a founder member of the Board and a past chairman retired at the Annual General Meeting held in May 2018.

The Board continues regularly to review its own performance and undertakes succession planning to maintain an appropriate level of independence, experience, diversity and skills in order to be in a position to discharge all its responsibilities.

OUTLOOKEconomic uncertainty is, in general, not good for UK businesses and Brexit has and will continue to cause economic uncertainty for some time. Notwithstanding this, the Manager and the Directors are confident in the ability of the current portfolio companies to produce good returns.

The Board and the Manager believe that the value of investments currently held within the portfolio should grow further during the current year and that the pipeline of new investment opportunities will provide worthwhile new investments in the months ahead. In these circumstances the Board believes that the Company is well positioned to work towards meeting its key objectives and in particular to provide shareholders with regular dividends alongside maintained growth in NAV per share.

SHAREHOLDER COMMUNICATIONAs part of its commitment to high quality investor relations, Foresight Group continues to host its popular investor forums. In addition to an annual event in London, several regional investor forums have been or will be held around the country. Details of regional events will be sent to shareholders resident in the locality as and when they are organised.

ANNUAL GENERAL MEETINGThe Company’s Annual General Meeting will take place on 23 May 2019 at 1.00pm. I look forward to welcoming you to the meeting, which will be held at the offices of Foresight Group in London. Details can be found on page 70 of the accounts.

John Gregory

ChairmanTelephone: 01296 682751Email: j.greg@btconnect.com10 April 2019

Manager’s Review

The Company has appointed Foresight Group CI Limited as its manager (“The Manager”) to provide investment management and administration services. Foresight Group CI Limited has appointed Foresight Group LLP to be its investment adviser. The Manager has also delegated secretarial, accounting and other administration services to Foresight Group LLP. References to “the Manager” throughout this report refer to the activities of Foresight Group CI Limited and include the activities of Foresight Group LLP when acting as the Manager’s investment adviser and administrative delegate.

Portfolio SummaryAs at 31 December 2018 the Company’s portfolio comprised 33 actively managed investments with a total cost of £80.5 million and a valuation of £99.1 million. The portfolio is diversified by sector, transaction type and maturity profile. Details of the ten largest investments by valuation, including an update on their performance, are provided on pages 12 to 16 of the accounts.

NEW INVESTMENTSThe Company invested a total of £13.2 million in seven new portfolio companies during 2018: Luminet Networks, a provider of fixed wireless internet access, Mologic, a health diagnostics company, The Naked Deli, a Newcastle-based group of ‘clean eating’ restaurants, Codeplay, a software developer and consultancy specialising in Artificial Intelligence, Accrosoft, a software provider with a focus on HR and education, Fertility Focus, an ovulation monitoring company and most recently Spektrix, a performing arts software business. Post-year end, the Company completed a £1.3 million investment into sports management software company, ClubSpark and a £2.4 million investment into Steamforged Games, a developer and retailer of tabletop games.

LUMINETIn April, the Company committed £2.4 million to a Foresight Group-led £3.0 million development capital investment into Luminet Networks, an award-winning provider of connectivity and managed IT services to businesses. Founded in 2005, Luminet was one of the first companies to offer commercial wireless broadband solutions to businesses and has grown its client base to more than 550.

MOLOGICAlso in April, the Company committed £2.4 million to a Foresight Group-led £4.0 million growth capital investment round in Bedford-based Mologic. The business is a Point of Care diagnostics company that provides contract research and manufacturing services, as well as developing proprietary diagnostics.

THE NAKED DELIIn May, the Company completed a £1.7 million growth capital investment in The Naked Deli, a Newcastle based group of ‘clean eating’ restaurants offering eat-in casual dining and grab-and-go options. Established in 2014, The Naked Deli serves a tasty range of healthy gluten and dairy-free, vegan and paleo dishes. The group uses unprocessed whole and natural state foods, with a clear pathway from origin to plate. Since investment, management have continued to extend the pipeline of new potential sites and in December 2018, opened a fifth site in Newcastle city centre.

CODEPLAYIn July, the Company invested £0.7 million in Codeplay, a software developer specialising in Artificial Intelligence. Building on its proven expertise in the fields of games and mobile phones, Codeplay has developed a new technology which supports the deployment of Artificial Intelligence applications into mass produced devices, with an initial focus on the automotive sector and, specifically, Advanced Driver Assistance Systems (“ADAS”) and autonomous vehicles.

ACCROSOFTIn August, the Company completed a new investment totalling £1.7 million in Accrosoft. Based in Loughborough, Accrosoft offers two Software as a Service (“SaaS”) products, Vacancy Filler, an Applicant Tracking System which improves the recruitment process for organisations and Weduc, an engagement tool to enable parent-teacher communication. The business will use the investment to drive continued growth across both products through new hires and initiatives.

FERTILITY FOCUSIn December, the Company invested £0.9 million in Fertility Focus, a leading fertility monitoring technology company that has developed OvuSense, a registered medical device that enables women to predict ovulation. Fertility Focus was established in 2005 to commercialise the intellectual property developed by a team from Bristol University that identified the ability to determine and predict ovulation. The growth capital investment will be primarily used to invest in sales and marketing and will also fund a clinical trial to further prove the benefits of OvuSense as a tool to diagnose ovulatory issues.

SPEKTRIXAlso in December, the Company invested £3.4 million in Spektrix, the UK’s leading provider of cloud-based ticketing, marketing and fundraising software for the arts sector. Founded in 2007, Spektrix was an early pioneer in bringing cloud technology to the arts. The investment will be used to accelerate product development and support Spektrix’s international expansion, particularly in North America where it is already working with nearly 100 arts organisations.

CLUBSPARKPost-year end the Company made a £1.3 million investment into Sportlabs Technology Limited, trading as ClubSpark, a specialist software company providing sports management software to sports clubs, venues, coaches and participants. ClubSpark was founded in 2012 by two ex-Lawn Tennis Association employees who spotted an opportunity to develop a platform to manage operations for the LTA member clubs. The investment will be used to establish an international presence, enhance the platform and expand into new sports markets.

STEAMFORGED GAMESIn March 2019 the Company invested £2.4 million in Steamforged Games, a developer and retailer of tabletop games with a portfolio of miniature role playing, board and card games. Founded in 2014, Steamforged Games has successfully carved out a niche in the market developing tabletop games based on popular video game titles, as well as their own original content. The investment will be used to fund growth through product development and international expansion.

FOLLOW ON INVESTMENTSFollow-on investments totalling £4.5 million were also made in five existing portfolio companies throughout the year. Further details of each of these are provided below.

OLLIE QUINNPortfolio company Ollie Quinn, a branded retailer of prescription glasses and sunglasses which the Company first committed to in March 2017, received four follow-on funding rounds from the Company throughout 2018, totalling £2.7 million. This supported Ollie Quinn’s working capital needs and site optimisation strategy, which focuses on increasing the footprint in Canada. Management restructured towards the end of 2018 putting the business in a stronger position to improve overall site performance and develop its product range across the stores.

IDIODuring the year the Company made a £0.1 million follow-on investment in data analysis software platform, Idio, as part of a larger funding round. This additional investment enabled Idio to invest in new technologies and provided support for further growth.

BIOFORTUNAIn August, molecular diagnostics business, Biofortuna, drew down the second tranche of the 2017 round of investment, with the Company providing £0.2 million of capital. This investment round was focused on supporting the growth of a differentiated contract services business, under new management, and maximising value from the potential product collaboration with a global diagnostics company.

200 DEGREESAlso in August, the Company provided 200 Degrees, an artisan coffee chain headquartered in Nottingham, with c. £0.5 million of capital. This was the second tranche of committed capital from the original investment, approved in November 2017. This additional investment will support the targeted retail store expansion in the UK and associated growth in the company’s B2B wholesale and B2C subscription offerings. Since investment, the business has opened two new stores with a pipeline of new sites to come.

ONLINE POUNDSHOPIn September, the Company made a follow-on investment of £0.9 million into Online Poundshop. This funding followed a management restructuring in May and enabled Online Poundshop to continue to fund growth, increase its product lines and stock and make several key hires with a stronger team in place.

PIPELINEForesight Group continues to see a strong pipeline of potential investments and has started the year with a number of opportunities under exclusivity or in due diligence. Our investment team currently consists of 24 experienced private equity professionals operating from five offices in the UK, due to be expanded to six in 2019. During 2018 we reviewed nearly 1,500 business plans of potential investee companies, with an increasing number of prospects originated directly by our investment team, which will continue to be at the core of our investment sourcing strategy. The Company focuses on SME’s in all sectors across the UK, seeking funding of £1-5 million. At the time of writing, the Company has cash balances of £33.2 million, which will be used to fund new and follow-on investments, buybacks and running expenses.

EXITS AND REALISATIONSDuring the year, total proceeds of £3.4 million were generated from the disposal of three investments.

ICA GROUPIn February, ICA, which provides document management solutions to businesses in London and the South East, was acquired by Automated Systems Ltd, a large independent print solution business. ICA became part of the Company’s portfolio through the merger with Foresight 2 VCT plc in December 2015, at a holding value of £0.9 million following an original investment of £1 million made in 2009. Overall, including returns pre-merger, the ICA investment generated a 2.4x return.

THERMOTECHIn May, the Company completed the successful sale of facilities management provider Thermotech to Servest Group, a global facilities management group headquartered in South Africa, generating a return of 2.3x original investment of £1.5 million. Thermotech, in which the Company invested in August 2013, provides customised air conditioning and fire sprinkler systems for retail, commercial and residential properties, with clients including M&S, John Lewis and Selfridges & Co. Under the Company’s ownership Thermotech was able to expand its high-quality customer base and develop further recurring maintenance revenue streams, as well as complete a strategic acquisition.

COGENIn December, the Company disposed of CoGen, a developer of Waste to Energy plants in the UK. CoGen, largely financed to date by loans from other shareholders, carries significant costs and overheads as plants are developed and built and had been operating at a loss. Further funding would have been required from other shareholders to continue to develop the pipeline of new opportunities. In these circumstances, to avoid further dilution, the investment was realised. The Company received £0.2 million for its holding against a cost of £1.6 million.

Foresight Group continues to engage with a range of potential acquirers of several portfolio companies, with demand for the high growth businesses demonstrated by both private equity and trade buyers.


Company Detail Original Cost/ Take-On Value(£) Proceeds(£) Realised (Loss)/Gain(£) Valuation at 31 December 2017(£) CoGen Limited Full disposal 1,603,491 199,832   (1,403,659) 550,734 ICA Group Limited Full disposal   885,232 1,200,088*   314,856   1,290,701 Thermotech SolutionsLimited Full disposal   300,000 1,980,206^   1,680,206 1,915,331 Total disposals     2,788,723 3,380,126 591,403 3,756,766

*In addition £158,411 of shareholder loan interest was received on completion and £1,029,671 had been received by Foresight 2 VCT plc pre-merger.^£1,452,828 had also been received by way of interest and loan payments in prior years.

Deferred consideration of £257,846 was also received by the Company from the sale of Simulity Labs and £51,547 from the sale of O-Gen Acme Trek.

Final administration proceeds totalling £20,320 were received in relation to the liquidation of Evance Wind Turbines, Closed Loop Recycling and Global Immersion.


Overall, the value of investments held rose to £99.1 million, driven by a deployment of £17.7 million and an increase in value of the portfolio by £6.8 million including realisations. Material changes in valuation, defined as increasing or decreasing by £1 million or more since 31 December 2017, are detailed below.

Company Valuation Methodology Valuation Change (£) Itad Limited Discounted earnings multiple 1,362,619 Fresh Relevance Limited Discounted revenue multiple 1,281,686 Dhalia Limited Net assets 1,251,150 TFC Europe Limited Discounted earnings multiple 1,246,184 Specac International Limited Discounted earnings multiple 1,212,768 FFX Group Limited Discounted earnings multiple 1,037,397 Powerlinks Media Limited Discounted revenue multiple (1,168,336)


Whilst UK inflation fell to a two-year low, the jobs market remained robust as the UK reached record levels of employment. The demand for labour continued to bolster wage growth, as real wages climbed at their strongest pace since 2016. However, the backdrop of Brexit means that consumer and business confidence is weakening in the UK amid ongoing uncertainty over the UK’s future trading position with Europe, and indeed the rest of the world.

At the time of writing, parliament had yet to reach a consensus on how the UK’s departure from the EU is to be realised. Although the majority of MPs oppose a ‘hard Brexit’ this remains a near-term possibility, as does the Government’s proposed deal. However, the lack of progress towards an agreed Brexit route is increasing the likelihood of a general election and a further delay to Brexit, thereby prolonging and exacerbating the current uncertainty. We will therefore continue to support portfolio management teams in planning for a variety of Brexit scenarios. Whilst the direct impact of a ‘hard’ or ‘soft’ Brexit would vary across the portfolio, some potentially heavily impacted, some potentially benefitting, a wider recession would inevitably cause broader issues and there is likely to be a period of volatility ahead.

Nonetheless, we remain positive about the prospects for the existing portfolio and continues to see encouraging levels of activity from smaller UK companies seeking growth capital, as well as from potential acquirers of portfolio companies. We remain focused on targeting companies in markets with sound fundamentals, with attractive growth attributes and strong management teams. We will continue to monitor and adapt to market and regulatory changes to ensure the Company’s portfolio is well-placed to deliver returns to its investors.

Russell Healey

Head of Private EquityForesight Group10 April 2019

Audited Income Statementfor the year ended 31 December 2018

  Year ended

31 December 2018

  Revenue  Capital

  £’000  £’000 






Year ended

31 December 2017^

  Revenue  Capital

  £’000  £’000



Realised gains on investments — 921 921 — 12,550 12,550 Investment holding gains — 5,916 5,916 — 4,107 4,107 Income 1,398 — 1,398 1,570 — 1,570 Investment management fees (595) (1,784) (2,379) (729) (3,051)* (3,780) Other expenses (472) — (472) (1,199) — (1,199) Return/ (loss) on ordinary activities 331 5,053 5,384 (358) 13,606 13,248 Taxation (34) 34 — — — — Return/ (loss) on ordinary activities after taxation 297 5,087 5,385 (358)






Return/ (loss) per share:             Ordinary Share 0.2p 2.9p 3.1p (0.3)p 6.0p 5.7p Planned Exit Share — — — (0.4)p 0.3p (0.1)p Infrastructure Share — — — 0.8p 10.9p 11.7p

^Comparative includes Planned Exit Shares Fund and Infrastructure Shares Fund.*Includes £863,000 performance incentive fee relating to the Infrastructure Shares Fund.

The total column of this statement is the profit and loss account of the Company and the revenue and capital columns represent supplementary information.

All revenue and capital items in the above Income Statement are derived from continuing operations. No operations were acquired or discontinued in the year.

The Company has no recognised gains or losses other than those shown above, therefore no separate statement of total comprehensive income has been presented.

Audited Reconciliation of Movements in Shareholders’ Funds

Year ended 31 December 2018 Called-upshare capital


Share premium account


Capital redemption reserve £’000 Distributable



Capital reserve


Revaluation reserve




As at 1 January 2018 2,194 97,687 455 23,169 4,251 12,673 140,429 Share issues in the year* 22 1,523 — — — — 1,545 Removal of shares (439) — 439 — — — — Expenses in relation to share issues** — (95) — — — — (95) Repurchase of shares (26) — 26 (1,817) — — (1,817) Realised gains on disposal of investments — — — — 921 — 921 Investment holding gains — — — — — 5,916 5,916 Dividends paid — — — (8,720) — — (8,720) Management fees charged to capital — — — — (1,784) — (1,784) Tax credited to capital — — — — 34 — 34 Revenue return for the year — — — 297 —- — 297 As at 31 December 2018 1,751 99,115 920 12,929 3,422 18,589 136,726 *Relating to the dividend reinvestment scheme.**Expenses in relation to share issues relate to trail commission for prior years fund raising.

Total distributable reserves at 31 December 2018 total £16,351,000 (2017: £27,420,000).

Year ended 31 December 2017^ Called-upshare capital


Share premium account


Capital redemption reserve £’000 Distributable



Capital reserve


Revaluation reserve




As at 1 January 2017 1,718 112,541 435 18,543 (5,248) 8,566 136,555 Share issues in the year 496 42,110 — — — — 42,606 Expenses in relation to share issues* — (1,759) — (95) — — (1,854) Repurchase of shares (20) — 20 (1,476) — — (1,476) Cancellation of share premium — (55,205) — 55,205 — — — Realised gains on disposal of investments — — — — 12,550 — 12,550 Investment holding gains — — — — — 4,107 4,107 Dividends paid — — — (48,650) — — (48,650) Management fees charged to capital — — — — (3,051) — (3,051) Revenue loss for the year — — — (358) — — (358) As at 31 December 2017 2,194 97,687 455 23,169 4,251 12,673 140,429

^Comparative includes Planned Exit Shares Fund and Infrastructures Share Fund.*Expenses in relation to share issues include advisor fees (£686,000) and promoters fees (£958,000) for the 2017 Ordinary Shares Fund raise and trail commission for prior years fund raising (£115,000).

Audited Balance Sheet

at 31 December 2018

  Registered Number: 03421340

  As at                               As at  31 December                   31 December  2018                               2017  £’000                               £’000

Fixed assets Investments held at fair value through profit or loss  99,065 77,963 Current assets     Debtors  542 887 Money market securities and other deposits 34,723 60,482 Cash 2,696 1,517   37,961 62,886 Creditors     Amounts falling due within one year  (300) (420) Net current assets 37,661 62,466 Net assets 136,726 140,429 Capital and reserves     Called-up share capital  1,751 2,194 Share premium account 99,115 97,687 Capital redemption reserve 920 455 Distributable reserve 12,929 23,169 Capital reserve 3,422 4,251 Revaluation reserve 18,589 12,673 Equity Shareholders’ funds 136,726 140,429 Net asset value per share:     Ordinary Share  78.1p 80.0p

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2019 and were signed on its behalf by:

John GregoryChairman

Audited Cash Flow Statementfor the year ended 31 December 2018

  Year                     Year  ended                   ended  31 December       31 December  2018                   2017^  £’000                   £’000 Cash flow from operating activities     Investment income received 1,180 2,457 Deposit and similar interest received 258 113 Investment management fees paid (2,379) (3,797) Secretarial fees paid (115) (113) Other cash payments (495) (902) Net cash outflow from operating activities (1,551) (2,242) Cash flow from investing activities     Purchase of investments (17,705) (17,869) Net proceeds on sale of investments 3,380 48,394 Net proceeds on deferred consideration 310 561 Net proceeds on liquidation of investments 20 — Net cash (outflow)/ inflow from investing activities (13,995) 31,086 Cash flow from financing activities     Proceeds of fund raising — 39,384 Expenses of fund raising (95) (1,247) Repurchase of own shares (1,763) (1,336) Equity dividends paid (7,176) (45,983) Movement in money market funds 25,759 (29,506) Net cash inflow/(outflow) from financing activities 16,725 (38,688) Net inflow/(outflow) of cash in the year 1,179 (9,844) Reconciliation of net cash flow to movement in net funds     Increase/(decrease) in cash and cash equivalents for the year 1,179 (9,844) Net cash and cash equivalents at start of year 1,517 11,361 Net cash and cash equivalents at end of year 2,696 1,517

^Comparative includes Planned Exit Shares Fund and Infrastructure Shares Fund.

Analysis of changes in net debt At 1 January 2018 Cashflow At 31 December 2018   £'000 £'000 £'000 Cash and cash equivalents 1,517 1,179 2,696


1.     These are not statutory accounts in accordance with S436 of the Companies Act 2006. The full audited accounts for the year ended 31 December 2018, which were unqualified and did not contain statements under S498(2) of the Companies Act 2006 or S498(3) of the Companies Act 2006, will be lodged with the Registrar of Companies. Statutory accounts for the year ended 31 December 2018 including an unqualified audit report and containing no statements under the Companies Act 2006 will be delivered to the Registrar of Companies in due course. 

2.    The audited Annual Financial Report has been prepared on the basis of accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2018.  All investments held by the Company are classified as ‘fair value through the profit and loss’. 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.

3.   Copies of the Annual Report will be sent to shareholders and will be available for inspection at the Registered Office of the Company at The Shard, 32 London Bridge Street, London, SE1 9SG and can be accessed on the following website:

4.    Net asset value per share

The net asset value per share is based on net assets at the end of the year and on the number of shares in issue at that date.

  31 December 2018 31 December 2017   Ordinary Ordinary Planned Infrastructure   Shares Shares Exit Shares Shares   Fund Fund Fund Fund Net assets £136,726,000 £140,429,000 £nil £nil No. of shares at year end 175,051,026 175,601,977 11,404,314 32,495,246 Net asset value per share 78.1p 80.0p 0.0p 0.0p

5.    Return per share

  Year ended 31 December 2018 Year ended 31 December 2017   Ordinary Share Ordinary Share Planned Exit Share Infrastructure Share   £'000 £'000 £'000 £'000 Total return after taxation 5,384 9,452 (9) 3,805 Total return per share (note a) 3.1p 5.7p (0.1)p 11.7p Revenue return from ordinary activities after taxation 297 (561) (45) 248 Revenue return per share (note b) 0.2p (0.3)p (0.4)p 0.8p Capital return from ordinary shares after taxation 5,087 10,013 36 3,557 Capital return per share (note c) 2.9p 6.0p 0.3p 10.9p Weighted average number of shares in issue in the year 175,834,593 165,748,167 11,404,314 32,495,246

Notes:a) Total return per share is total return after taxation divided by the weighted average number of shares in issue during the year.b) Revenue return per share is revenue return after taxation divided by the weighted average number of shares in issue during the year.c) Capital return per share is capital return after taxation divided by the weighted average number of shares in issue during the year.

6.    Annual General Meeting

The Annual General Meeting will be held at 1.00pm on 23 May 2019 at the offices of Foresight Group LLP, The Shard, 32 London Bridge Street, London, SE1 9SG.

7.    Income

  Year ended           Year ended  31 December       31 December  2018                   2017^  £’000                     £’000 Loan stock interest 985 820 Dividends receivable 155 637 Overseas based Open Ended Investments Companies (“OEICs”) 241 113 Bank interest received 17 -   1,398 1,570

^Comparative includes Planned Exit Shares Fund and Infrastructure Shares Fund

8.    Investments





Unquoted investments   99,065 77,963     99,065 77,963   Total     £’000   Book cost as at 1 January 2018 65,611   Investment holding gains 12,352   Valuation at 1 January 2018 77,963   Movements in the year:     Purchases at cost 17,705   Disposal proceeds (3,380)   Realised gains* 591   Investment holding gains** 6,186   Valuation at 31 December 2018 99,065   Book cost at 31 December 2018 80,527   Investment holding gains 18,538   Valuation at 31 December 2018 99,065    



*Realised gains in the income statement include deferred consideration received of £258,000 (Simulity) and £52,000 (O-Gen Acme Trek) as well as final administration proceeds of £10,000 (Evance Wind Turbines), £7,000 (Closed Loop Recycling) and £3,000 (Global Immersion) received in the year.

** Investment holding gains in the income statement have been reduced by the offset in the deferred consideration debtor of £258,000 (Simulity) and £19,000 (O-Gen Acme Trek) and have been increased by an adjustment to the deferred consideration debtor for Trilogy of £7,000.

9.    Related party transactions

No Director has an interest in any contract to which the Company is a party other than their appointment as directors.

10.  Transactions with the manager

Foresight Group CI Limited acts as manager of the Company. During the year, services of a total cost of £2,379,000 (2017: £3,780,000 including an £863,000 performance incentive fee in relation to the Infrastructure Shares Fund) were purchased by the Company from Foresight Group CI Limited. At 31 December 2018, the amount due to Foresight Group CI Limited was £nil (2017: £nil).

During the year, services of a total cost of £117,000 (2017: £113,000) were indirectly delivered to the Company by Foresight Group LLP. At 31 December 2018, the amount due to Foresight Group LLP was £2,000 (2017: £nil).

No amounts have been written off in the year in respect of debts due to or from the Manager.


Fleury gets 15th playoff shutout, Vegas beats Sharks 5-0 | real questions and Pass4sure dumps

LAS VEGAS (AP) — Marc-Andre Fleury said his toughest task in the playoffs is simply finding the puck against a heavy-shooting team like the San Jose Sharks.

He found all 28 shots fired at him Tuesday night, and the 15-year veteran added another spotless performance to his storied postseason career.

Fleury earned his 15th playoff shutout, Max Pacioretty had two goals and two assists and the Vegas Golden Knights defeated the Sharks 5-0 for a 3-1 lead in their best-of-seven Western Conference series.

Fleury has stopped 87 of 93 shots in the last three games. He moved into a tie for fourth place in playoff shutouts and improved his career goals-against average in the postseason to 2.58.

Vegas can eliminate the Sharks from the playoffs for the second consecutive year on Thursday in San Jose.

"They're a good team. It's not over, obviously. It's a big game tonight, a big win for us," said Fleury, who also took over sole possession of seventh place with 78 career playoff wins. "They're dangerous. I think we've just got to go in, focus on our game, focus on the first period, nothing too far ahead, just focus on playing the right way."

Shea Theodore, Alex Tuch and Jonathan Marchessault also scored for Vegas. Nate Schmidt and Reilly Smith each had two assists.

Since losing Game 1 on the road, the Golden Knights have never trailed and they've outscored the Sharks 16-6.

San Jose goaltender Martin Jones allowed two goals and made five saves in the first period before giving way to backup Aaron Dell, who finished with 17 saves.

The Sharks outshot Vegas 28-27. After the first two periods, San Jose had 15 shots on net from the slot, but Fleury's brilliance throughout the game was the difference.

"When you look at the game you can't put this all on the goalies because you have to score, too," San Jose coach Peter DeBoer said. "We have to find a way to solve Fleury. This isn't all on our goalies. We wouldn't have won tonight anyway 'cause we didn't score a goal. We've got to find a way to score and we've got to get some good goaltending, too."

The Golden Knights continued to hurt San Jose in the opening moments of periods, as Pacioretty's first goal marked the 10th time in 18 games they scored in the opening five minutes against the Sharks.

Mark Stone, who has energized the Golden Knights since arriving in February at the trade deadline, dropped the puck off for Pacioretty, who promptly snapped a shot through a screen just 71 seconds into the game.

Theodore made it 2-0 with the prettiest goal of the series. He skated into the zone and by Kevin Labanc, then faked out Brent Burns and skated between the All-Star and Brenden Dillon, through the slot and deked Jones before backhanding the puck just inside the pipe.

Pacioretty punched in his second goal of the night when he one-timed his own rebound off the post and into the net with 7:27 left in the second period.

The second line of Pacioretty, Stone and Paul Stastny has 28 points in the series, while the rest of the Golden Knights have 21 combined.

"That's just playoffs. Different lines step up on different nights or different rounds or series," Stastny said. "The most important thing tonight that was big was Marchy getting on the board, was Tuchy getting on the board, getting other guys, and all of a sudden they're going to play with a lot more confidence and we're going to be a more dangerous team."

Tuch ended an eight-game goal drought when he gathered a long rebound, maneuvered through the defense and beat Dell to make it 4-0 with a little less than 14 minutes left.

Marchessault capped the scoring when he finished a nifty pass from Schmidt with 3:36 to go.

While coach Gerard Gallant remained critical of his Vegas team, he was pleased by the way his players stepped up on special teams, stopping San Jose on its four power-play opportunities.

"The goalie was the best player on the PK for sure," Gallant said. "Sometimes your goalie gets a shutout and it's a team shutout — tonight was a Fleury shutout."

NOTES: The Golden Knights are the first team in NHL history to score in the opening 90 seconds of four consecutive postseason periods. ... Tuch's goal marked the 13th time San Jose defenseman Erik Karlsson was on the ice when the Golden Knights scored. ... The Sharks were without injured center Michael Haley and defenseman Marc-Edouard Vlasic. San Jose center Joe Thornton served a one-game suspension for an illegal hit on Vegas left wing Tomas Nosek in Game 3. ... Stone became the eighth player in the last 30 seasons to have 10 or more points in his team's first four games of a postseason.


Game 5 in San Jose on Thursday.


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