Annual Report and Financial Statements for the Year Ended 31 March 2020 (Pembroke VCT)

Summary

• Total value of investments was £88.1m, an increase of portfolio value over cost of 23.9%.p.4
• Cash invested during the year included £7.8m in seven new investments and £17.3m in 16 follow-on investments.p.4
• The portfolio comprised 39 investments with a cost of £70.6 million and a fair value of £87.5 million, a £16.9 million or 23.9% increase over cost.p.12
• The Company made a loss of £3.9 million in the year (2019: profit £5.8 million).p.8
• A final dividend of 3 pence per Ordinary share and 3 pence per B Ordinary share is recommended.p.9

Key insights

1. Over 87.4% of the portfolio was invested in VCT-qualifying investments, above the 80% threshold.p.9
2. The Company begins the new financial year with a cash balance of £16.4 million after passing the £100 million net asset hurdle.p.9
3. Strong portfolio performance in the 11 months to February 2020 was largely reversed in March 2020 as a result of COVID-19.p.8
4. Fair values of businesses with physical sites that suspended trade were lowered by up to 90%.p.13
5. Chucs Bar & Grill rolled over secured debt of £2.2 million as part of a rescue by existing shareholders.p.9
6. The Company made no significant disposals during the year.p.8