Final Results

FORESIGHT TECHNOLOGY VCT PLC
LEI: 21380013CXOR8N6OD977
22 July 2026

Final results
31 March 2026

Foresight Technology VCT Plc, managed by Foresight Group LLP, today announces the final results for the year ended 31 March 2026.

These results were approved by the Board of Directors on 22 July 2026.

The Annual Report will shortly be available in full at www.foresight.group. All other statutory information can also be found there.

Financial Highlights
Total Net Assets as at 31 March 2026: £43.4m 2025: £38.4m
Net Asset Value per share as at 31 March 2026: 91.1p 2025: 91.4p

• During the year, the Company invested in three new portfolio companies and executed nine follow-on investments in eight existing companies.
• During the year, under the buyback policy, the Company completed the repurchase and subsequent cancellation of 1.1 million shares at an average discount of 5.0% to the prevailing NAV per share.
• During the year, under the Offers for subscription dated 5 September 2024 and 16 September 2025, £6.3 million of new funds were raised.
• Since the end of the reporting period, a further £2.8 million was raised, bringing the total funds raised to £51.3 million.
• Since the end of the reporting period eight follow-on investments have been made, bringing total deployment to £38.7 million.
  
  

Chair’s Statement

On behalf of the Board, I present the Audited Annual Report and Accounts for Foresight Technology VCT Plc (“the Company”) for the year ended 31 March 2026.

Company

The FWT share class was launched in December 2019, and represents an exciting investment opportunity. The Company provides investors with the opportunity to invest in a portfolio of early-stage companies with high growth-potential, developing
innovative and occasionally transformational technologies across a range of different sectors.

Fundraising and share issues

The offers for subscription, dated 5 September 2024 and relaunched on 16 September 2025, were each up to £15 million (with an overallotment facility for up to an additional £10 million) through the issue of shares. During the year ended 31 March 2026, across both offers, 6.6 million shares were allotted, raising a further £6.3 million. This brings the total funds raised to over £48.5 million.

Post year end, a further 2.9 million FWT shares were allotted, increasing the total funds raised to £51.3 million.

Portfolio and deal activity

During the year, the Company’s Net Asset Value (“NAV”) decreased by 0.4% from 91.4p per share as at 31 March 2025 to
91.1p as at 31 March 2026. A detailed analysis of the investment portfolio performance over the year is given in the Investment Manager’s Review on page 10 in the Annual Report.

During the year under review, the Company completed three new and nine follow-on investments into eight existing companies costing a total of £6.3 million. The new investments in the year were into Spaceflux Limited, SenseAI Visions Limited and Optera Holdings Limited. The follow-on investments that were completed in the year were into Opsydia Limited, Zayndu Limited, Audioscenic Limited, Kognitiv Spark Inc, Lifelight Limited, Synaptec Limited, Living Optics Limited and Zomp Group Limited.

Portfolio highlights include Opsydia Limited, which has made substantial progress since the Company led a turnaround funding round in April 2025 to support its pivot from diamond marking into the high-growth photonics and optical networking market. Other notable developments included Living Optics Limited, which secured external capital during the year, unlocking progress on a number of material contracts across multiple channels, whilst Forefront RF Limited also achieved a significant milestone, with its technology selected for use in a customer’s product for the first time.

Details of each of the top ten companies by value as at 31 March 2026 can be found in the Investment Manager’s Review on page 15 in the Annual Report.

As at 31 March 2026, the Company had made investments totalling £36.3 million in 38 portfolio companies. Post year end, the Company made eight follow-on investments totalling £2.4 million.

Management fees

The annual management fee is calculated as 2.0% of Net Assets and equated to £837,000 during the year. The Board believes that the annual management fee represents good value for investors.

Responsible investing

The Board acknowledges the Investment Manager’s ongoing commitment to responsible investing. Foresight integrates sustainability criteria across its business and investment activities. Sustainability analysis is embedded within the investment process and is considered fundamental to assessing business quality and sustainability. Five core ESG principles guide the evaluation of investee companies and progress against these principles is tracked annually throughout the investment lifecycle, from initial review to exit. Please refer to page 34 in the Annual Report for further information.

Annual General Meeting

The Company’s Annual General Meeting will take place on 17 September 2026 and we look forward to meeting as many of you as possible in person. Please refer to the formal notice on pages 83 to 86 in the Annual Report for further details in relation to the format of this year’s meeting. We would encourage you to submit your votes by proxy ahead of the deadline of 12.30pm on 15 September 2026 and to forward any questions by email to [e-mail] in advance of the meeting.

Buybacks

The Board is pleased to have achieved an average discount across all buybacks of 5.0% to the Net Asset Value per share in the year and continues to have an objective of maintaining buybacks at a discount of 5.0%, subject to market conditions. In the year ended 31 March 2026, the Company had purchased 1,072,118 shares, which were subsequently cancelled. The Company retains Panmure Liberum as its corporate broker to assist in operating the share buyback process. Contact details for Panmure Liberum can be found on page 2 in the Annual Report.

Changes to upfront income tax relief on VCTs

It was announced in the November 2025 Budget that the upfront income tax relief on VCT share subscriptions would be reduced from 30% to 20% from 6 April 2026. Dividends and capital gains from VCT shares would still remain tax-free. At the same time, the Government proposed increased investment limits for companies in Great Britain that raise funds through VCTs. The impact of
these changes on the VCT market is as yet unknown. While the drop in tax relief on VCT shares is unwelcome and initially may reduce fundraising, particularly in the 2026/27 year, we believe that VCT shares still offer significant tax benefits in a landscape with fewer alternative tax planning solutions than before. Nonetheless, the Company will continue to lobby against this tax change and emphasise the important role that VCTs have played within the economy by funding young businesses, driving innovation and creating jobs.

Portfolio management

The Investment Manager continues to take an active approach to managing the portfolio, with a clear focus on supporting companies through a demanding environment for early-stage businesses. Across the portfolio, work remains centred on helping companies achieve the operational and commercial progress needed either to unlock further growth capital or to move closer to an exit opportunity. This includes close engagement with management teams on strategic priorities, performance milestones and, where relevant, fundraising plans, alongside ongoing assessment of market appetite for more mature assets.

As the portfolio develops, the level of support and engagement required has naturally increased. While this has helped a number of businesses continue to make good underlying progress, the external backdrop has remained mixed. Continued weakness in listed markets and a subdued transaction environment have weighed on valuation sentiment and limited the pace of realisation activity. Nonetheless, the Board is encouraged by the resilience shown across much of the portfolio and by the progress many companies are making against their long-term plans. Against this backdrop, the Board remains comfortable that the current portfolio strategy is the right one. At the same time, market conditions continue to create attractive opportunities for selective new investment. Lower valuation expectations and a more disciplined fundraising market are providing supportive conditions for investors able to take a long-term view. The Investment Manager continues to see a healthy flow of both new and follow-on opportunities through its origination network and the Company remains well placed to back opportunities where it believes there is potential to generate strong long-term returns.

Outlook

As at 31 March 2026, the UK economic backdrop remained mixed. Growth expectations for 2026 were subdued, business confidence and private investment had softened, and inflation, while below recent peaks, was proving slower to return to target than previously anticipated. Recent geopolitical tensions and energy market volatility have added further uncertainty, increasing the risk of renewed cost pressures, more persistent inflation and monetary policy remaining restrictive for longer than previously expected.

For deep technology (“deep tech”) VCTs, this backdrop presents both challenge and opportunity. Funding conditions are likely to remain selective and portfolio companies with longer development, certification or commercialisation cycles may continue to experience elongated sales processes, customer caution, procurement delays and a higher cost of capital. That said, the long-term investment case for deep technology remains compelling. The UK continues to benefit from a strong research base, deep technical talent and recognised strengths in semiconductors, photonics, artificial intelligence, robotics, quantum technologies and engineering biology, all of which remain strategically important in an increasingly security-conscious and productivity-focused environment.

Policy support for deep tech and university spinouts has also continued to evolve. In March 2026, Innovate UK set out a more targeted approach to backing the UK’s most promising deep-tech businesses, with greater focus on priority sectors and on helping companies access capital and commercialise more quickly. This followed a UK Research and Innovation review in February 2026 recommending stronger proof-of-concept and pre-seed funding pathways, closer alignment between universities, investors and public funders, and improved support for scaling spinouts. Set alongside the broader direction of the UK’s Modern Industrial Strategy, these developments should help strengthen the long-term pipeline and funding environment for investable UK deep tech businesses.

The Board therefore remains cautiously optimistic. While the near-term environment is likely to remain demanding for smaller, unquoted growth companies, periods of dislocation can also create attractive entry points for patient capital. In that context, disciplined deployment, active portfolio support and careful liquidity management will remain particularly important, especially while geopolitical risks, funding market selectivity and inflation uncertainty continue to weigh on sentiment.

Ernie Richardson
Chair

22 July 2026

Investment Manager’s Review

We present our Investment Manager’s Review for the year ended 31 March 2026.

Andrew Bloxam

As at 31 March 2026, the Company’s portfolio comprised 38 investments with a total cost of £36.3 million and a valuation of £36.7 million

Portfolio summary

The Company’s portfolio currently includes 38 companies, spanning various sectors within the broader domain of deep technology such as semiconductors, artificial intelligence, space technology and scientific instrumentation. The macroeconomic environment in the last year has continued to be volatile, with ongoing periods of low economic growth, above average levels of inflation and political uncertainty being compounded by ongoing geopolitical events. However, amid these challenges, the portfolio has shown resilience, indicating that the Company’s selective capital deployment and hands-on portfolio management are effective. The total unrealised investment valuation gain for the year ended 31 March 2026 was £0.7 million.

Portfolio diversification
Hardware (cost 38% | valuation 35%)
Software (cost 31% | valuation 33%)
Semiconductors (cost 21% | valuation 21%)
Pharmaceutical (cost 4% | valuation 7%)
Other (cost 6% | valuation 4%)

New and follow-on investments
Three new investments totalling £1.5 million were completed in the year to 31 March 2026. There is a strong pipeline of opportunities to pursue during the next year to 31 March 2027.

The Company made nine follow-on investments into eight companies during the year to 31 March 2026, totalling £4.8 million. Further details of each of these are provided here.

The additional cash injections in the year were used to support further growth plans, such as launching new products and expansion of commercial capabilities. The Investment Manager continues to successfully navigate the volatility that has been felt across the markets over the course of the year and remains vigilant about the health of the portfolio and the need for follow-on funding during the next 12 months. Given the size of the portfolio, further opportunities to deploy capital into growing existing investments are expected.

Spaceflux Limited
In July 2025, the Company completed a £0.5 million initial investment into Spaceflux Limited (“Spaceflux”), as part of an oversubscribed £5.4 million funding round. Spaceflux is a provider of real-time Space Situational Awareness and Space Traffic Management solutions using a global network of advanced optical ground sensors, combined with proprietary software, AI and analytics. Since investment, Spaceflux has sustained its commercial growth, securing several new government contracts both within the UK - most notably with the Ministry of Defence - and internationally, including an agreement with the Canadian Government. In April 2026, post year-end, the Company made an additional £0.2 million investment into Spaceflux, at an increased valuation compared to the initial investment round, reflecting the considerable progress made.

SenseAI Visions Ltd
In August 2025, the Company completed a £0.6 million initial investment into SenseAI Visions Ltd (“SenseAI”) as part of a seed investment round, which also included participation from the Foresight Technology EIS Fund and other external investors. SenseAI has developed an innovative software-based compressive sensing technology for use initially in electron microscopy. It is also applicable for other imaging modalities. Since investment, SenseAI has continued to make encouraging progress, strengthening its leadership team with a high profile non-executive chairman, and securing a number of strategically important commercial wins. These include further traction in the US market, progress in channel collaboration with key partners and customer deployments that support the expansion of its technology into additional industrial and semiconductor-related use cases.

Optera Holdings Ltd
In March 2026, the Company completed an initial investment of £0.5 million into Optera, as part of a £3.1 million funding round alongside other investors including Innovation & Science Seed Fund LP (“UKI2S”) and Blackfinch Ventures. Optera is a deep tech business developing neuromorphic event-based sensing and proprietary signal-processing systems for defence and space applications. The funding is intended to support the next phase of Optera’s development, including advancing its product roadmap across its core sensing platforms, supporting customer delivery and commercialisation activity and strengthening its operational and commercial capabilities as the business scales.

Audioscenic Limited
In April 2025, the Company completed a £1.3 million follow-on investment into Audioscenic Limited, which has developed a software-based solution that unlocks the full potential of 3D audio. Since investment, the business has continued to make encouraging commercial progress, including securing a significant customer programme that supports the rollout of its technology into multiple high-volume end products, while also attracting strategic interest from major industry participants.

Opsydia Limited
In April 2025, the Company completed a £1.1 million follow-on investment into Opsydia Limited (“Opsydia”). With guidance from Foresight, Opsydia has pivoted into a new market opportunity of optical networking and interconnects, driven by the growing need to transmit data optically in high-performance AI data centres. Progress since has been encouraging, driving a heightened level of strategic engagement. In May 2026, post year-end, the Company invested an additional £0.5 million into Opsydia, as part of a £2.8 million funding round, alongside other Foresight-managed funds and co-investor, Parkwalk.

Kognitiv Spark Inc
In September 2025, the Company completed a £0.3 million follow-on investment into Kognitiv Spark Inc (“Kognitiv Spark”) a software company that provides 3D data to support field service workers in remote locations via Augmented Reality. Since investment, Kognitiv Spark has secured additional funding, continued to advance strategic financing discussions, and is seeing improving quality within its opportunity pipeline across defence and industrial end markets.

Xim (“Lifelight”) Limited
In October 2025, the Company completed a £0.2 million follow-on investment into Lifelight, a digital health software company that uses a smartphone or tablet camera to measure vital signs - particularly blood pressure, pulse and respiration - without cuffs, wearables or other hardware. This funding round is expected to help expand the sales and marketing team, accelerating international sales and strategic partnerships.

Living Optics Limited
In January 2026, the Company completed a £1.1 million follow-on investment into Living Optics Limited (“Living Optics”), as part of a £16.0 million funding round alongside existing investors including Octopus Ventures and Oxford Science Enterprises and new investors including BRV Capital Management, Lockheed Martin and the British Business Bank. Living Optics develops high-throughput hyperspectral imaging technology for industrial applications. The funding is intended to support the next phase of the company’s growth, including continued product development, further commercialisation of its imaging platform, expansion of software and systems capabilities and support for customer deployments across a number of high-value end markets.

Zomp Group Limited
In March 2026, the Company completed a £0.1 million follow-on investment into Zomp Group Limited (“Zomp”), as part of a £1.1 million funding round alongside existing investor Zeiss. This was the first completion of a tranched funding round, with the Company investing a further £0.1 million in June 2026 mandated by the business winning a £500k Innovate UK grant. Zomp, a University of Cambridge spin-out, is developing a high-throughput 3D imaging flow cytometry platform for cellular analysis and sorting. Funding will support product and software development, enhance label-free analytics, and deepen commercial engagement. The Investment Manager continues its close support, including appointing a new Chair to guide product strategy.

Synaptec Limited
In November 2025, the Company completed a £0.1 million follow-on investment into Synaptec Limited (“Synaptec”), as part of a total £1.0 million bridge funding round. Synaptec produces the world’s only passive electrical sensor network for high voltage monitoring across complex electrical networks. This funding round is anticipated to provide stability whilst Synaptec continues to diversify beyond offshore wind into grid, rail and industrial markets.

Zayndu Limited
In April 2025, the Company completed a £0.4 million follow-on investment into Zayndu Limited (“Zayndu”), as part of a £1.4 million funding round. In January 2026, the Company completed a further £0.2 million investment into Zayndu as part of an internal bridge round. Zayndu is a Loughborough University spin-out developing cold plasma-based seed treatment technology that boosts crop yields without the use of agricultural chemicals. While commercial progress has been slower than expected, significant regulatory and product developments throughout the year, together with favourable market prospects and sustained investor interest, mean Zayndu is now well-positioned for future growth.

Key portfolio movement

The net valuation gain of £0.7 million recognised in the portfolio, was principally driven by a £1.8 million uplift in the valuation of the Company’s holding in Audioscenic Limited, reflecting encouraging commercial progress and the achievement of key milestones. Other notable valuation increases included £0.6 million in Kognitiv Spark Inc, as a result of securing a number of material contracts in the defence space; £0.4 million in Xim Limited (t/a Lifelight) as a result of a funding round which closed during the year; and a £0.2 million uplift in Opsydia Limited, as a result of substantial progress made following a repositioning of the business away from the diamond-marking market and into the high-growth photonics and optical-networking sector.

Against this, the portfolio also experienced a number of valuation reductions during the year, reflecting the more challenging market backdrop. These included a £1.2 million reduction in the holding value of VividQ Limited. Operating within a highly specialised sector of holographic displays, VividQ has encountered persistent challenges in generating significant revenues and securing further investment amidst the prevailing funding climate. Additionally, there was a £0.5 million decrease in the holding value of Zayndu Limited, following a bridge funding round that closed during the year and a £0.3 million decrease in the holding value of Mach42 Limited, attributed to the adverse funding conditions faced by pre-revenue businesses.

Outlook
The outlook for the year ahead remains shaped by a still-uncertain macroeconomic backdrop and a selective venture funding environment, particularly for capital-intensive deep tech businesses. However, the UK continues to exhibit strong structural advantages for deep tech investing, underpinned by a world-class research base and a deep pipeline of university spin-outs and knowledge-intensive companies. Recent evidence suggests deep tech is now a meaningful component of UK venture activity, with the ecosystem continuing to attract substantial levels of funding and producing an increasing number of scale-up outcomes. Alongside this, government policy continues to place greater emphasis on technology sovereignty and resilience, with the UK’s Modern Industrial Strategy highlighting priority areas spanning advanced manufacturing, digital technologies and defence recent policy has also focused on reinforcing the strategic importance of enabling technologies such as photonics, semiconductors, space and defence-adjacent innovation.

For VCT managers investing in UK deep tech, this environment reinforces the importance of disciplined capital deployment, careful syndication and active portfolio support to help companies extend runway, execute against technical milestones and access non-dilutive funding where available. In parallel, the Government policy changes taking effect from 6 April 2026 including the positive change of an increase in qualifying investment limits for VCT-eligible companies alongside a potentially detrimental reduction in upfront VCT income tax relief, may influence the pace and composition of VCT fundraising. This places an even greater emphasis on underlying investment performance and differentiated deal access. Against this backdrop, we remain encouraged by the progress across the portfolio and the continued demand for strategically important UK deep tech capabilities. Looking forward, the Investment Manager is actively prioritising pathways to liquidity and realisations, working closely with portfolio companies and co-investors to position businesses for trade sales, strategic partnerships and other exit opportunities as market conditions improve.

Post year end

Post year end the Company has completed investments totalling £2.4 million into eight existing portfolio companies bringing total deployment to £38.7 million.

Foresight Group LLP
22 July 2026

Financial Statements

Income Statement for the year ended 31 March 2026

	Year ended 31 March 2026			Year ended 31 March 2025
	Revenue £’000	Capital £’000	Total £’000	Revenue £’000	Capital £’000	Total £’000
Investment holding gains/(losses)	—	668	668	—	(2,206)	(2,206)
Income	233	—	233	335	—	335
Investment management fees	(209)	(628)	(837)	(180)	(541)	(721)
Other expenses	(414)	—	(414)	(478)	—	(478)
(Loss)/profit before taxation	(390)	40	(350)	(323)	(2,747)	(3,070)
Taxation	—	—	—	—	—	—
(Loss)/profit after taxation	(390)	40	(350)	(323)	(2,747)	(3,070)
(Loss)/profit per share:
FWT Share	(0.9)p	0.1p	(0.8)p	(0.9)p	(7.5)p	(8.4)p

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 comprehensive income has been presented.

The notes on pages 69 to 82 in the Annual Report form part of these Financial Statements.

Reconciliation of Movements in Shareholders’ Funds
   

Year ended 31 March 2026	Called-up share capital	Share premium account	Capital redemption reserve	Distributable reserve*	Capital reserve*	Revaluation reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
As at 1 April 2025	420	1,450	208	36,961	(342)	(283)	38,414
Share issues in the year	66	6,268	—	—	—	—	6,334
Buybacks	(11)	—	11	(944)	—	—	(944)
Expenses in relation to share issues	—	(137)	—	—	—	—	(137)
Expenses in relation to prior year share issues	—	(17)	—	—	—	—	(17)
Investment holding gains	—	—	—	—	—	668	668
Management fees charged to capital	—	—	—	—	(628)	—	(628)
Revenue loss for the year	—	—	—	(390)	—	—	(390)
As at 31 March 2026	475	7,564	219	35,627	(970)	385	43,300
Year ended 31 March 2025	Called-up share capital	Share premium account	Capital redemption reserve	Distributable reserve*	Capital reserve*	Revaluation reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
As at 1 April 2024	324	29,132	208	272	199	1,923	32,058
Share issues in the year	96	9,678	—	—	—	—	9,774
Expenses in relation to share issues	—	(244)	—	—	—	—	(244)
Expenses in relation to prior year share issues	—	(18)	—	—	—	—	(18)
Investment holding losses	—	—	—	—	—	(2,206)	(2,206)
Management fees charged to capital	—	—	—	—	(541)	—	(541)
Share premium cancellation¹	—	(37,098)	—	37,098	—	—	—
Buybacks	—	—	—	(86)	—	—	(86)
Revenue loss for the year	—	—	—	(323)	—	—	(323)
As at 31 March 2025	420	1,450	208	36,961	(342)	(283)	38,414

The notes on pages 69 to 82 of the Annual Report form part of these Financial Statements.
*Total distributable reserves at 31 March 2026 were £34,657,000 (2025: £36,619,000).
1 On 3 March 2025 under Part 8 of the Civil Procedure Rules 1998 and PD49A the Company completed the cancellation of the share premium account. The total balance of the share premium account at this date was £37,097,938.

Balance Sheet at 31 March 2026                         Registered Number: 07289280

	As at 31 March 2026 £’000	As at 31 March 2025 £’000
Fixed assets
Investments held at fair value through profit or loss	36,728	29,733
Current assets
Debtors	161	10
Cash and cash equivalents¹	6,915	8,965
	7,076	8,975
Creditors
Amounts falling due within one year	(504)	(294)
Net current assets	6,752	8,681
Total assets less current liabilities	43,300	38,414
Net assets	43,300	38,414
Capital and reserves
Called-up share capital	475	420
Share premium	7,564	1,450
Capital redemption reserve	219	208
Distributable reserve	35,627	36,961
Capital reserve	(970)	(342)
Revaluation reserve	385	(283)
Equity Shareholders’ funds	43,300	38,414
Net Asset Value per share
FWT Share	91.1p	91.4p

¹Cash and cash equivalents are composed of cash at bank of £1,756,000 (2025: £3,256,000) and money market funds totalling £5,159,000 (2025: £5,709,000).

The accounts on pages 65 to 82 in the Annual Report were approved by the Board of Directors and authorised for issue on 22 July 2026 and were signed on its behalf by:

Ernie Richardson
Chair
22 July 2026

The notes on pages 69 to 82 in the Annual Report form part of these Financial Statements.
Cash Flow Statement for the year ended 31 March 2026

	Year ended 31 March 2026 £’000	Year ended 31 March 2025 £’000
Cash flow from operating activities
Deposit and similar interest received	233	305
Investment management fees paid	(842)	(743)
Secretarial fees paid	(123)	(104)
Other net cash payments	(438)	(26)
Net cash outflow from operating activities	(1,170)	(568)
Cash flow from investing activities
Purchase of investments	(6,327)	(9,099)
Investments pending completion	(150)	—
Net cash outflow from investing activities	(6,477)	(9,099)
Cash flow from financing activities
Proceeds of fund raising	6,334	9,705
Expenses of fund raising	(154)	(261)
Repurchase of own shares	(583)	(88)
Net cash inflow from financing activities	5,597	9,356
Net outflow of cash in the year	(2,050)	(311)
Reconciliation of net cash flow to movement in net funds
Decrease in cash for the year	(2,050)	(311)
Net cash at start of year	8,965	9,276
Net cash at end of year	6,915	8,965

Analysis of changes in net debt
	At 1 April 2025 £’000	Cashflow £’000	At 31 March 2026 £’000
Cash and cash equivalents	8,965	(2,050)	6,915

The notes on pages 69 to 82 of the Annual Report form part of these financial statements.
Notes to the Accounts for the year ended 31 March 2026

1. These are not statutory accounts in accordance with S436 of the Companies Act 2006. The full audited accounts for the year ended 31 March 2026, 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 March 2026 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 March 2026. All investments held by the Company are classified as ‘fair value through the profit and loss’. Unquoted investments have been valued in accordance with IPEV guidelines.

3. Copies of the Annual Report will be sent to Shareholders and can be accessed on the following website: http://www.foresight.group/strategies-funds/tax-efficient-investing/venture-capital-trusts/foresight-technology-vct.

4. Net Asset Value per share

Net Asset Value per share is based on net assets at the year end of £43,300,000 (2025: £38,414,000) and on 47,549,892 FWT Shares (2025: 42,045,605), being the number of FWT Shares in issue at that date.

5. Return per share

	Year ended 31 March 2026	Year ended 31 March 2025
	Company £’000	Company £’000
Total loss after taxation	(350)	(3,070)
Total loss per share (note a)	(0.8)p	(8.4)p
Revenue loss after taxation	(390)	(323)
Revenue loss per share (note b)	(0.9)p	(0.9)p
Capital gain/(loss) after taxation	40	(2,747)
Capital gain/(loss) per share (note c)	0.1p	(7.5)p
Weighted average number of shares in issue during the year	45,270,861	36,685,138

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

6. The Annual General Meeting will be held at 12.30pm on 17 September 2026 at the offices of Foresight Group LLP, The Shard, 32 London Bridge Street, London, SE1 9SG. Please refer to the formal notice on page 83 of the Annual Report and Accounts for further details in relation to this year’s meeting.

7. Income

	Year ended 31 March 2026 £’000	Year ended 31 March 2025 £’000
Dividends received	—	30
Deposit and other interest	233	305
	233	335

8. Investments held at fair value through profit or loss

	2026	2025
	£’000	£’000
Unquoted Investments	36,728	29,733
	2026 £’000	2025 £’000
Book cost at 1 April 2025	30,016	20,188
Investment holding (losses)/gains	(283)	1,923
Valuation at 1 April 2025	29,733	22,111
Movements in the year:
Purchases at cost	6,327	9,828
Investment holding gains/(losses)	668	(2,206)
Valuation at 31 March 2026	36,728	29,733
Book cost at 31 March 2026	36,343	30,016
Investment holding gains/(losses)	385	(283)
Valuation at 31 March 2026	36,728	29,733

9. Related party transactions

No Director has an interest in any contract to which the Company is a party. Please refer to page 56 in the Annual Report for the Directors’ remuneration tables.    

10. Transactions with the Investment Manager

Foresight Group LLP was appointed as Investment Manager in January 2020 and earned fees of £837,000 in the year ended 31 March 2026 (2025: £721,000). No performance fee was paid during the year (2025: £nil).

Foresight Group LLP is the Company Secretary (appointed in November 2017) and received accounting and company secretarial services fees of £123,000 (2025: £102,000), during the year.

At the balance sheet date there was £8,000 due to (2025: £67,000 due to) Foresight Group LLP. No amounts have been written off in the year in respect of debts due to or from the Investment Manager.

A copy of the Annual Report and Accounts will be submitted to the National Storage Mechanism in accordance with UK Listing Rules (“UKLR”) 11.4.1 / UKLR 6.4.1 and UKLR 6.4.3.

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For further information, please contact:

Company Secretary
Foresight Group LLP
Contact: Stephen Thayer Tel: [phone]

Investor Relations
Foresight Group LLP
Contact: Andrew James Tel: [phone]