Final Results for the period ended 30 Sept 2022

Companies

Atrato Onsite Energy (ROOF)

UK 100

Latest directors dealings

7 hours ago Luceco
7 hours ago Helios Towers
8 hours ago Wise Class A
8 hours ago EDX Medical Group Plc
8 hours ago Naked Wines

All directors dealings today

Key metrics	As at 30 September 2022 (audited)	As at 31 March 2022 (unaudited)
Net Asset Value ("NAV")	£139.1m	£146.1m
NAV per ordinary share[1]	92.8 pence	97.4 pence
Ordinary share price (p)	99. 5 pence	112.5 pence
Ordinary share price premium to NAV 1	7.2%	15.5%
Dividends declared per ordinary share (p)	3.01 pence	Nil
Ongoing charges ratio 1	1.4%	1.5%

●	Raised £150m in the Company's Initial Public Offering ("IPO")
●	Deployed £49m into a diversified portfolio of solar photovoltaic (" PV") systems
	○	91% of revenue contracted under Power Purchase Agreement ("PPA") or subsidy[2]
	○	82% of revenue has contracted annual inflation or fixed uplifts2
	○	19 years weighted average unexpired PPA term and assumed asset life
●	3.01 pence dividend declared for the Period, in line with the target set out at IPO
●	Portfolio valuation based on an unlevered discount rate of 6.6%. The rate reflects the elevated macro-economic volatility and the increase in UK government bond yields observed at the end of the financial reporting period
●	The increase in the discount rate equated to a reduction in the NAV of 6.5 pence per share
●	Awarded the LSE Green Economy Mark
●	Supporter of the Task Force on Climate Related Financial Disclosures ("TCFD")
●	Signatory of the UN Principals for Responsible Investment ("UNPRI")
●	The Portfolio has achieved a 6,000t CO_2e equivalent saving to date

Atrato Partners Limited
Gurpreet Gujral / Francisca Wiggins / Christopher Fearon	+44 (0)20 3790 8087

Alvarium Securities Limited
Mark Thompson	+44 (0)20 7016 6711
Eddie Nissen	+44 (0)20 7016 6713
Oliver Kenyon	+44 (0)20 7016 6704

Kaso Legg Communications	atrato@kl-communications.com
Charles Gorman	+44 (0)20 3995 6673
Millie Steyn	+44 (0)20 3995 6671

Off-taker	Location	Sector	Capacity (MWp)	Status	Remaining term
Nissan Motor Manufacturing UK Limited	County Durham	Manufacturing	20.0	Installation	19.9
Anglian Water Services Limited	Cambridgeshire	Utility	11.7	Operational	22.9
Marks & Spencer Plc	Leicestershire	Grocery	6.1	Operational	12.2
Amazon UK Services Ltd.	Essex	Distribution	3.1	Operational	17.9
Amazon UK Services Ltd.	Leicestershire	Distribution	2.2	Operational	19.1
Amazon UK Services Ltd.	Fife	Distribution	1.6	Operational	18.2
Amazon UK Services Ltd.	Warwickshire	Distribution	1.6	Operational	18.0
Amazon UK Services Ltd.	Cheshire	Distribution	1.5	Operational	18.2
Amazon UK Services Ltd.	Luton	Distribution	1.5	Operational	18.3
Gardner Group Limited	Derbyshire	Manufacturing	1.3	Installation	25.2
Recipharm HC Ltd	Cheshire	Pharmaceuticals	1.0	Installation	25.2
Vale of Mowbray	North Yorkshire	Food production	1.0	Operational	24.3
Anglian Water Services Limited	Essex	Utility	0.9	Operational	21.9
Tesco Stores Limited	Greater Manchester	Grocery	0.7	Operational	17.8
Tesco Stores Limited	Nottinghamshire	Grocery	0.7	Operational	19.1
Anglian Water Services Limited	Northamptonshire	Utility	0.6	Operational	21.5
Tesco Stores Limited	Lincolnshire	Grocery	0.6	Operational	19.2
Amazon UK Services Ltd.	Northamptonshire	Distribution	0.6	Operational	17.2
Tesco Stores Limited	North Yorkshire	Grocery	0.5	Operational	19.3
Tesco Stores Limited	Greater London	Grocery	0.5	Operational	17.7
Anglian Water Services Limited	Essex	Utility	0.5	Operational	20.8
Tesco Stores Limited	Lincolnshire	Grocery	0.5	Operational	17.4
Tesco Stores Limited	Kent	Grocery	0.4	Operational	17.4
Tesco Stores Limited	Suffolk	Grocery	0.4	Operational	17.6
Tesco Stores Limited	Essex	Grocery	0.4	Operational	17.2
Tesco Stores Limited	Kent	Grocery	0.3	Operational	17.3
Tesco stores Limited	Somerset	Grocery	0.3	Operational	17.5
Tesco Stores Limited	Wiltshire	Grocery	0.3	Operational	17.3
Tesco Stores Limited	Kent	Grocery	0.3	Operational	17.7
Tesco Stores Limited	Kent	Grocery	0.3	Operational	18.7
Tesco Stores Limited	Essex	Grocery	0.3	Operational	17.1
Anglian Water Services Limited	Cambridgeshire	Utility	0.2	Operational	21.0
Anglian Water Services Limited	Lincolnshire	Utility	0.2	Operational	21.5
Anglian Water Services Limited	Cambridgeshire	Utility	0.2	Operational	21.0
Tesco Stores Limited	Greater Manchester	Grocery	0.2	Operational	17.5
Tesco Stores Limited	Kent	Grocery	0.1	Operational	17.1
Tesco Stores Limited	Essex	Grocery	0.1	Operational	17.2
Total			62.6		19 .0 average

	Actual	Budget	GWh above	% above
	(GWh)	(GWh)	expectation	expectation
Total	28,816.65	27,886.69	929.96	3.33

Final Results for the period ended 30 Sept 2022

Chair's Statement

Investment Adviser's Report

Our Market

Our Portfolio

Case Studies

Sustainability Report

Board developments and activities as per Section 172(1) Statement

Our Key Stakeholder Relationships

Risks and Risk Management

Principal Risks

The Board of Directors

The Investment Adviser

Leadership and Purpose

Key Board Statements

Management Engagement Committee Report

Audit Committee Report

Directors' Remuneration Report

Directors' Report

Statement of Directors' Responsibilities in Respect of the Financial Statements

Alternative Investment Fund Manager's Report

Independent Auditors' Report to the Members of Atrato Onsite Energy Plc

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

Classification of investments

Glossary

Contacts and Company Details

Companies

UK 100

Latest directors dealings

	£m
Portfolio valuation as at 16 September 2021	-
Portfolio acquisition cost	48.3
Capitalised acquisition costs	0.6
Portfolio Fair value movement	(1.8)
Portfolio valuation as at 30 September 2022	47.1

Movement in Net Asset Value from IPO to 30 September 2022	£m	Pence per share
NAV following IPO	£147.1	98.1
Dividends paid	£(4.5)	(3.0)
Rerate on yield	£5.0	3.3
Operating cash flow	£2.8	1.9
Increase in unlevered discount rate	£(9.7)	(6.5)
Net operating expenses	£(1.6)	(1.0)
NAV as at 30 September 2022	£139.1	92.8

As at 30 September 2022
Number of renewable energy assets	Off-takers supplied	Portfolio generating capacity³
37	8	62.6 MW
Clean electricity generated since IPO	Tonnes of CO_2e avoided	Weighted average unexpired PPA term
28,817 GWh	6,000	19 years

Nissan

Type	Ground mount solar PV
PPA length	20 years
Size	20MWp
Status	Commissioning expected Jan 2023

Marks & Spencer
Type	Rooftop solar PV
PPA length	12 years
Size	6MWp
Status	Operational

Sonne Solar Portfolio

Type	Ground mount and rooftop solar PV
PPA length	20 year average remaining
Size	33MWp
Status	Operational

a)	Determine the manufacturer of the panels installed, on a best-efforts basis and obtain the certificates of origin or details of raw material sources, processing and manufacturing.
b)	Determine if the panels manufacturer has exposure to the Xinjian province, and / or no evidence provided that the panels have been procured through a segregated supply chain that excludes the Xinjiang province.
c)	Request certificates of origin for any post transactions panels that are procured, in accordance with the Supplier Criteria, and link these to the original screening and investment paper.
d)	Clearly communicate to the Investment Committee, Board and Head of Sustainability what actions are still required to satisfy compliance criteria, and seek to agree an improvement plan,
e)	Develop an improvement plan, which should be signed off by the Head of Sustainability and registered in the Panels Compliance register.

s172 Factor		Our approach	Relevant disclosures
A	The likely consequences of any decision in the long term	The Board has regard to its wider obligations under Section 172 of the Act. As such strategic discussions involve careful considerations of the longer-term consequences of any decisions and their implications on Shareholders and other stakeholders and the risk to the longer-term success of the business. Any recommendation is supported by detailed cash flow projections based on various scenarios, which include availability of funding; borrowing; as well as the wider economic conditions and market performance.	Our Key Stakeholder relationships on pages 27 to 29. Board activities during the year on pages 38 and 41.
B	The interests of the Company's employees	The Company does not have any employees because of its external management structure. The Board's main working relationship is with the Investment Adviser. Consequently, the Directors have regard to the interests of the individuals who are responsible for delivery of the investment advisory services to the Company to the extent that they can do so. Secondary to the Investment Adviser, the consider the interests of individuals in other service providers to the Company.	Our Key stakeholders on pages 27 to 29. Culture on page 39.
C	The need to foster the Company's business relationships with suppliers, customers and others	The Board believes that building effective business relationships with suppliers, customers and other key counterparties is crucial to preserving long-term shareholder value. Excluding the Investment Adviser, at the corporate level, these stakeholders include the Administrator and Company Secretary, Corporate Broker, Legal Counsel, public relations agency and the Auditor and tax advisers. At the operational level, this includes asset-level counterparties, local communities and debt providers.	Our Key stakeholders on pages 27 to 29.
D	The impact of the Company's operations on the community and the environment	As an owner of assets located in communities across the UK, we aim to ensure that our solar assets provide safe and comfortable environments and contribute to the reduction of fossil fuels. The impact on the community is covered in the Company's Sustainability section of this Report.	Our Key stakeholders on pages 27 to 29. Details of the ESG policy and strategy are included on pages 21 to 23. The Board's approach to sustainability is explained on pages 21 to 23.
E	The desirability of the Company maintaining a reputation for high standards of business conduct	The Board is mindful that the ability of the Company to continue to conduct its investment business and to finance its activities depends in part on the reputation of the Board, the Investment Adviser and Investment Advisory Team. The risk of falling short of the high standards expected and thereby risking business reputation is included in the Audit and Risk Committee's review of the Company's risk register, which is conducted at least annually.	Chair's letter on corporate governance on pages 51 and 53. Principal risks and uncertainties on pages 30 to 34. Our culture on page 39.
F	The need to act fairly as between members of the Company	The Board recognises the importance of treating all members fairly and oversees investor relations initiatives to ensure that views and opinions of Shareholders can be considered when setting strategy.	Chair's letter on corporate governance on pages 51 and 53. Our Key stakeholders on pages 27 to 29.

●	The 2023 AGM will be held as a physical meeting in London and will be attended by all the board. The meeting details will be announced by RNS and open to all Shareholders.
●	Because the Company had no formal analyst coverage in March 2022, there was no FY22 interim results presentation to analysts. The Company's broker arranged a roadshow for institutional shareholders.
●	The Board approves all resolutions and related documentation to be put to Shareholders at the AGM, together with circulars, prospectuses, listing particulars and regulatory announcements concerning the Company.
●	Our website contains comprehensive information about our business, regulatory news and press releases alongside information about our approach to ESG issues.
●	The formal investor relations programme is designed to promote engagement with major investors, generally defined as those holding more than approximately 1% of the shares in the Company. Major investors are offered meetings after each results announcement or other significant announcements. The Investment Adviser also held multiple virtual meetings with prospective and new investors.

●	Financial performance of the Company and disclosures contained within the interim report
●	The impact on the Company because of Vale of Mowbray administration.
●	Macroeconomic themes including the impact of inflation, merchant power prices and government decisions in relation to energy prices.

●	Regular meetings held with EPC contractors to discuss development pipeline and performance on current projects in construction.
●	We carried out site visits, both internally and using 3^rd party technical advisors, to assess construction quality and verify construction is in line with contractual timelines.

●	Issues on sites, particularly related to timelines and safety on site.
●	New PPA projects on the horizon, contractors' ability to deliver such sites, and potential PPA pricing.
●	Design issues pre-construction, to ensure that the solar PV plants are in line with our specifications.
●	Topics related to commissioning, acceptance and handover documentation.

●	Inclusion of a section on activities undertaken pursuant to the delegated authorities within the quarterly Investment Advisers report.
●	Establishment of monthly meetings to update the Board on the pipeline and deployment progress.

●	the Company does not have standard or maximum payment terms but seeks to settle supplier invoices in accordance with pre-agreed terms.
●	invoices may be submitted electronically but as the volume of payments is relatively low, the Company does not operate electronic tracking for suppliers.
●	the Company does not offer supply chain finance.
●	there are no arrangements for participation on supplier lists and no charges for being on such a list.
●	the Company is not a member of a payment code of conduct.

●	We provide PPA prices to EPC contractors for projects that meet our investment criteria.
●	We provide PPA prices to EPC contractors for projects that meet our investment criteria.
●	We translate contractor's reports to report to the off-takers as required under the PPA.
●	We manage the EPC contractors to ensure that projects are built on time and budget, and that all acceptance criteria are being met.

●	The Board engages with the Investment Adviser at a minimum on a quarterly basis which follows the Company corporate calendar. In addition to the scheduled quarterly meetings, the Board will also have separate unscheduled Board meetings to approve recommendations for all acquisitions, approval of asset management opportunities, and appointment of advisers.
●	The Management Engagement Committee met after year end and have performed a detailed review of the Investment Adviser's performance.
●	The Independent Directors will seek to obtain and assess feedback from investors, advisers and other market participants, where appropriate, in order to monitor standards of conduct, including the conduct and reputation of the Investment Adviser and the reputation of the business.
●	The Board will also engage with the Investment Adviser through the annual strategy day in addition to informal meetings as and when required.

●	The process for operating the delegated authorities and related controls at the Investment Adviser.
●	Deployment speed and pipeline updates.

●	Issues on sites, particularly in connection with the asset managers ability to monitor the meters and operation and maintenance contractors remotely.
●	Performance of the solar assets and their generation during the relevant period.
●	Performance of the operations and maintenance service providers.
●	Financial issues that have arisen on any of the assets in the portfolio.

●	The asset manager's monitoring software will be connected to all sites.
●	Monthly and quarterly reports provided by the asset manager are reviewed and discussed at informal weekly meetings with the Investment Adviser and the formal quarterly meetings.

●	Key suppliers such as our Company's corporate broker, Alvarium Securities, are invited to attend the quarterly Board meetings in order for the Board to be kept informed of the current market within which we operate.
●	The Board and Committees are able to speak with accounting and law firms on an informal or one to one basis to discuss specific issues relating to the Company.

●	There is direct engagement between the Investment Adviser and the Board in respect of suppliers engaged during the year. Feedback has continued to be positive on all our key supplier arrangements.
●	The Board has established a Management Engagement Committee, where the supplier performance and fees are reviewed on an annual basis to ensure that the Company continues to obtain best value for money on services procured.
●	Face to face meetings with key service providers will be arranged in order to discuss the ongoing relationship with the company, these will be held without the Investment Adviser present.
●	The Company has implemented a procurement policy, which aims to eliminate the practices of modern slavery in the supply chain of module suppliers. Our procurement policy states that the purchasing of panels should include a guarantee that the raw materials and manufacturing will exclude any forced labour and should be procured outside of the known regions where these practices are known to be happening. The policy has been developed with the UK's Modern Slavery Act 2015 as set out below and is reviewed annually. Suppliers are reviewed at least semi-annually to ensure that procurement procedures are up to date.

Risk	Assumption
Inflation risk	The increase in inflationary costs are managed by capping the inflation applicable to main supplier contracts in line with inflation caps applied to PPA revenues.
Liquidity risk	The Company continues to generate sufficient cash to cover its costs while retaining the ability to make distributions.
Off-taker risk	Off-takers comply with their obligations over the term of the Power Purchase Agreement ("PPA") and no key off-taker suffers an insolvency event over the term of the review.

●	Portfolio yield - the Company's objective is to seek to provide Shareholders with an attractive level of distributions with modest capital growth over the long term. In alignment with the IPO, an annualised dividend of five pence per share has been declared out of NAV, while the deployment of capital has secured a portfolio yield of 7.7%. The Portfolio yield is the average yield of the next five years for the existing portfolio, where the yield is net cash generated in each year from the Portfolio over the cost of investment.
●	Dividend cover forecast - dividends form a key component of the total return to Shareholders. With the deployment of a third of the capital raised, the fully operational portfolio will provide 50% cover of dividend target in future years before funding operating expenses of the Company. While long term dividend cover will be the ratio of net cash flows generated from the investments and all costs incurred by the Company to the dividend paid in the period. This 50% dividend cover reflects the portion of a 5 pence per share dividend, covered by the cash generated by the existing portfolio once fully commissioned.
●	Ongoing charges ratio - the expenses of managing the Company are carefully monitored by the Board. The standard performance measure of these is the ongoing charges ratio ("OCR"), which is calculated by dividing the sum of such expenses over the course of the year by the average NAV over the year. This ratio provides a guide to the effect on this performance of annual operating costs. The Company's OCR for the Period was 1.38% against a target of 1.5%.
●	Premium / discount of share price to NAV per share - The Board monitors the price of the Company shares in relation to their NAV and the premium / discount at which the shares trade. The level of discount or premium is mostly a function of investor sentiment and demand for the shares, over which the Board may have limited influence. The share price stood at a 7.2% premium as at 30 September 2022.

●	The performance of the Board and its committees, including how the Directors work together as a whole;
●	The balance of skills, experience, independence and knowledge of the Directors; and
●	Individual performance, particularly considering whether each Director continues to make an effective contribution. The assessment involves the completion of anonymous questionnaires followed by a discussion with all Directors, as a group and individually.

●	Clarity and transparency are achieved by way of the structure of the Investment Advisory Agreement which compensates the Investment Adviser through the advisory fee to cover all overheads and running costs relating to the Company and which provides strong shareholder alignment through the payment of the Semi-annual fees, which are to be used to purchase further shares in the Company, at the Boards discretion.
●	The structure of and rationale behind the Investment Adviser's fees are explained in note 6 to the financial statements and are designed to be simple and not to require subjectivity in their calculation.
●	Given the simple arithmetic underlying the fee calculations, the range of potential outcomes is straightforward to calculate and not subject to discretion.

	Quarterly Board meetings	Audit Committee	Management Engagement Committee
	4 Scheduled meetings	3 Scheduled meetings	0 Scheduled meetings

	100% attendance	100% attendance	n/a

Juliet Davenport	100% attendance	100% attendance	n/a
Marlene Wood	100% attendance	100% attendance	n/a
Faye Goss	100% attendance	100% attendance	n/a

AIC Code	Principle	Evidence of compliance / explanation of departure from the AIC Code
A	A successful company is led by an effective board, whose role is to promote the long-term sustainable success of the Company, generating value for Shareholders and contributing to wider society.	Section 172(1) Statement on pages 26 . Leadership and Purpose on pages 38 to 41 . Strategic report on pages 1 to 34 .
B	The Board should establish the Company's purpose, values and strategy, and satisfy itself that these and its culture are aligned. All Directors must act with integrity, lead by example and promote the desired culture.	Strategic report on pages 1 to 34 . Leadership and Purpose on pages 38 to 41 .
C	The Board should ensure that the necessary resources are in place for the Company to meet its objectives and measure performance against them. The Board should also establish a framework of prudent and effective controls, which enable risk to be assessed and managed.	Our Principal Risks on pages 31 to 32 . Audit Committee report on pages 45 to 47 . Directors' report on pages 51 to 53 .
D	For the Company to meet its responsibilities to Shareholders and stakeholders, the Board should ensure effective engagement with, and encourage participation from, these parties.	Section 172(1) Statement on page 26. Our Key stakeholders on pages 27 to 29 .
F	The Chair leads the Board and is responsible for its overall effectiveness in directing the Company. They should demonstrate objective judgement throughout their tenure and promote a culture of openness and debate. In addition, the Chair facilitates constructive board relations and the effective contribution of all Non-Executive Directors, and ensures that Directors receive accurate, timely and clear information.	Board activities during the year on page 41.
G	The Board should consist of an appropriate combination of directors (and, in particular, independent Non-Executive Directors) such that no one individual or small group of individuals dominates the Board's decision making	Leadership and Purpose on pages 38 to 41 .
H	Non-Executive Directors should have sufficient time to meet their Board responsibilities. They should provide constructive challenge, strategic guidance, offer specialist advice and hold third party service providers to account	Leadership and Purpose on pages 38 to 41 . Management Engagement Committee report on page 44.
I	The Board, supported by the Company Secretary, should ensure that it has the policies, processes, information, time and resources it needs in order to function effectively and efficiently.	Board Activities during the year on page 41. Leadership and Purpose on pages 38 to 41 .
J	Appointments to the Board should be subject to a formal, rigorous and transparent procedure, and an effective succession plan should be maintained. Both appointments and succession plans should be based on merit and objective criteria and, within this context, should promote diversity of gender, social and ethnic backgrounds, cognitive and personal strengths.	Leadership and Purpose on pages 38 to 41 .
K	The Board and its committees should have a combination of skills, experience and knowledge. Consideration should be given to the length of service of the Board as a whole and membership regularly refreshed.	Board of Directors Biographies on page 35. Leadership and Purpose on pages 38 to 41 .
L	Annual evaluation of the Board should consider its composition, diversity and how effectively members work together to achieve objectives. Individual evaluation should demonstrate whether each Director continues to contribute effectively.	Leadership and Purpose on pages 38 to 41 .
M	The Board should establish formal and transparent policies and procedures to ensure the independence and effectiveness of external audit functions and satisfy itself on the integrity of financial and narrative statements	Audit Committee report on pages 45 to 47 .
N	The Board should present a fair, balanced and understandable assessment of the Company's position and prospects.	Audit Committee report on pages 45 to 47 .
O	The Board should establish procedures to manage risk, oversee the internal control framework, and determine the nature and extent of the principal risks the Company is willing to take in order to achieve its long-term strategic objectives	Audit Committee report on pages 45 to 47 . Alternative Investment Fund Manager's report on pages 55 to 56 .
P	Remuneration policies and practices should be designed to support strategy and promote long-term sustainable success.	Directors Remuneration report on pages 48 to 50 .
Q	A formal and transparent procedure for developing a remuneration policy should be established. No Director should be involved in deciding their own remuneration outcome.	Directors Remuneration report on pages 48 to 50 .
R	Directors should exercise independent judgement and discretion when authorising remuneration outcomes, taking account of company and individual performance, and wider circumstances.	Directors Remuneration report on pages 48 to 50 .

Key Board Statements continued
Requirement	Board statement	Where to find further information
Going concern basis	The Board is of the opinion that the going concern basis adopted in the preparation of the Annual Report is appropriate.	Further details are set out on page 33 of the Strategic Report.
Viability Statement	The Board is of the opinion that the viability statement made in the Annual Report is appropriate.	Further details are set out on page 34 of the Strategic Report.
Annual review of systems of risk management and internal control	A continuing process for identifying, evaluating and managing the risks the Company faces has been established and the Board has reviewed the effectiveness of the internal control systems.	Further details are set out in the Audit Committee Report on page 47 of this Governance Report
Robust assessment of the Company's emerging and principal risks to the business model, future performance, solvency and liquidity of the Company.	The Audit and Risk Committee and the Board undertake a full risk review annually where all the emerging, principal risks and uncertainties facing the Company and the Portfolio are considered.	Further details can be found in Our Principal Risks on pages 31 to 34 of the Strategic Report.
Fair, balanced and understandable	The Directors confirm that to the best of their knowledge the Annual Report and Accounts taken as a whole is fair, balanced and understandable and provides the information necessary for Shareholders to assess the Company's position, performance, business model and strategy.	Further details of the fair, balanced and understandable statement can be found in the Audit Committee Report on page 46.
Appointment of the Investment Adviser	The Directors consider the continuing appointment of the Investment Adviser on the terms agreed in the Investment Advisory Agreement dated 1 November 2021 to be in the best interests of the Company.	Further details are set out in Note 6 to the Financial Statements.
s172	The Directors have considered the requirements of s172 when making strategic decisions.	Section 172 Statement on pages 26 .

●	The comprehensive documentation that outlines the controls in place to produce the Annual Report, including the verification processes to confirm the factual content.
●	The detailed reviews undertaken at various stages of the production process by the Investment Adviser, AIFM, Company Secretary, Financial Advisers, Auditor and the Committee, which are intended to ensure consistency and overall balance.
●	Controls enforced by the Investment Adviser, Company Secretary and other third-party service providers, to ensure complete and accurate financial records and security of the Company's assets.
●	The satisfactory ISAE 3402 control report produced by the JTC (UK) Limited, who are engaged to undertake payment processing for the Company, for the year ended 30 March 2022. This report has been reviewed and reported upon by their external auditor, to verify the effectiveness of their internal controls over cash management.
●	The Investment Adviser have a highly experienced team who have a strong proficiency in producing financial statements.

Director	Date of original appointment	Most recent date of election	Latest due date of re-election
Juliet Davenport	13 October 2021	13 October 2021	16 March 2023
Marlene Wood	13 October 2021	13 October 2021	16 March 2023
Faye Goss	13 October 2021	13 October 2021	16 March 2023

	Period ended 30 September 2022 £'000	Fixed Remuneration %
Juliet Davenport	48	100
Faye Goss	37	100
Marlene Wood	41	100
Total	126	100

a)	The remuneration paid to the Directors.
b)	The management fee and expenses which have been included to give Shareholders a greater understanding of the relative importance of spend on pay.
c)	Distributions to Shareholders by way of dividend to provide a comparison of the Shareholders returns against directors' remuneration.
		Period ended 30 September 2022 £'000
Directors' fees		126
Management fee and expenses		1,224
Dividends paid		4,515

Directors	As at the date of this report	As at 30 September 2022
Juliet Davenport	20,000	20,000
Marlene Wood	20,000	20,000
Faye Goss	20,000	20,000
Total	60,000	60,000

Date declared	Amount per share (pence)	Payment date
21 April 2022	1.76	27 May 2022
28 July 2022	1.25	26 August 2022
11 November 2022	1.26	16 December 2022