Full Year Results for period ended 31 March 2023

Subsidy-free solar asset	Installed Capacity	Status	Location
Hatherden	50MW	Ready-to-build	Hampshire, UK
Whitecross	36MW	Under construction	Lincolnshire, UK
Staughton	50MW	Operational	Bedfordshire, UK
The Grange	50MW	Operational	Nottinghamshire, UK
South Lowfield	50MW	Operational	Yorkshire, UK

UK hedging summary¹	FY23/24	FY24/25	FY25/26
Generation hedged (%)	87.9%	44.3%	13.0%
Average fixed price (£/MWh)	£79.0	£91.4	£147.2

	Year Ended 31 March
Ordinary share price	117.5p	101.5p	99.6p	103.4p	104.8p
Market capitalisation of ordinary shares	£683m	£593m	£585m	£609m	£619m
NAV per ordinary share ¹	110.9p	99.0p	98.9p	113.5p	114.3p
Total ordinary NAV ¹	£645m	£579m	£581m	£668m	£674m
Premium/(discount) to NAV ¹	6.0%	2.5%	0.7%	(8.9%)	(8.3%)
Earnings per ordinary share	12.37p	(5.09p)	6.87p	21.69p	8.20p
Dividend per ordinary share	6.65p	6.87p	7.05p	7.16p	7.52p
Dividend yield ¹	5.7%	6.8%	7.1%	6.9%	7.2%
Cash dividend cover - pre scrip dividends ¹	1.3x	1.2x	1.1x	1.2x	1.4x
Preference shares in issue	100m	200m	200m	200m	200m
Financial debt outstanding at subsidiaries level	£269m	£214m	£246m	£283m	£345m
Financial debt (financial debt/GAV)¹	27%	22%	24%	25%	28%
Gearing (financial debt + preference shares/GAV) ¹	36%	42%	43%	42%	45%
GAV	£1,014m	£991m	£1,025m	£1,150m	£1,218m
Weighted average cost of capital	5.4%	5.5%	5.4%	5.3%	5.7%
Ordinary shareholder total return - cumulative since IPO ³	46.7%	37.5%	42.6%	53.6%	62.4%
Ordinary shareholder total return - annualised since IPO ³	9.5%	6.3%	6.1%	6.7%	7.0%
Ordinary shareholder total return	11.8%	-7.8%	5.1%	11.0%	8.6%
Ordinary NAV total return ¹	11.8%	-4.5%	7.0%	22.0%	7.3%
Ordinary NAV total return - annualised since IPO ³	8.1%	5.9%	6.0%	8.0%	8.0%
Ongoing charges ratio ¹	1.1%	1.1%	1.1%	1.1%	1.1%
Weighted average discount rate	7.0%	6.8%	6.3%	6.3%	7.3%
Operational Key Performance Indicators
Invested capital ¹	£896m	£950m	£999m	£1,039m	£1,134m
Number of operating assets	87	90	94	99	99
Total installed capacity	691 MW	755 MW	814 MW	865 MW²	865 MW²
Annual generation	693 GWh	712 GWh	738 GWh	773 GWh	870 GWh
% increase (year-on-year)	54%	3%	3%	4%	13%
Generation since IPO	1.8 TWh	2.5 TWh	3.2 TWh	4.0 TWh	4.9 TWh
Solar irradiation (delta vs. budget)	9.0%	4.0%	5.5%	3.4%	7.5%
Generation (delta vs. budget)	9.1%	4.7%	6.2%	1.8%	3.8%
Asset Management Alpha ¹	0.1%	0.7%	0.7%	-1.6%	-3.7%
Remaining weighted average useful life	25.2 years	26.9 years	27.5 years	27.3 years	26.3 years

FY2023	Irradiation (delta vs. budget)	Asset Management Alpha)	Generation (delta vs. budget)
UK portfolio	+7.7%	-3.8%	+3.8%
Italy portfolio	+5.9%	-2.6%	+3.3%
Total	+7.5%	-3.7%	+3.8%

12 months ended 31 March	No. of assets monitored	Irradiation (delta vs. budget)	Asset Management Alpha	Generation (delta vs. budget)
2018	55	-0.9%	+1.8%	+0.9%
2019	84	+9.0%	+0.1%	+9.1%
2020	85	+4.0%	+0.7%	+4.7%
2021	88	+5.5%	+0.7%	+6.2%
2022	90	+3.4%	-1.6%	+1.8%
2023	90	+7.5%	-3.7%	+3.8%
Cumulative from IPO to March 2023	90	+3.5%	+0.9%	+4.4%

UK hedging summary¹	FY2023/ 2024	FY2024/ 2025	FY2025/ 2026
Generation hedged (%)	87.9%	44.3%	13.0%
Average fixed price (£/MWh)	£79.0	£91.4	£147.2

Portfolio valuation - key assumptions	As at 31 March 2023	As at 31 March 2022
UK long-term inflation	2.25%	2.25%
UK short-term inflation (1 year horizon)	4.9%	8.0%
Weighted average discount rate	7.3%	6.3%
Remaining weighted average useful life	26.3 years	27.3 years
UK short-term power price average (2023-2027)	£105.2/MWh	£86.1/MWh (real 2023)
UK long-term power price average (2028-2042)	£50.9/MWh	£50.6/MWh (real 2023)
Italy power price average (20 years)	€92.6/MWh	€64.0/MWh (real 2023)
UK corporation tax rate	25%	19% until 2023, 25% thereafter

Discount rate assumptions	Premium	As at 31 March 2023	As at 31 March 2022
UK unlevered	-	6.75%	5.75%
UK levered	0.7-1.0%	7.45-7.75%	6.45-6.75%
Italy unlevered¹	1.5%	8.25%	7.25%
Subsidy-free (uncontracted)²	1.0%	7.75%	6.75%
Life extensions³	1.0%	7.75-8.75%	6.75-7.75%

FAC timeline for remaining assets	Capacity (MW)
Financial quarter ending December 2023	75
2024 onwards	138
Total	213

Year ended 31 March 2023			Actual per MW¹	Budget per MW¹	Delta vs. Budget	Comments
Solar Irradiation	[A]	(kWh/m²)	1,277	1,188	+7.5%	Actual solar irradiation for the year
Conversion Factor²	[B]	(%)	78.8%	81.6%	(3.5%)	Represents Performance Ratiofor the year
Metered Generation	[C] = [A x B]	(kWh)	1,007	970	+3.8%	Actual generation measured at the meter for the year

		Power price	Subsidies	Power price	Subsidies
Realised Prices	[D]	(£/ MWh)	88.0	75.2	97.8	76.3	(1.4%) subsidies (10.1%) power price	Implied average power price and subsidies across entire portfolio (including ROC recycle and Embedded benefits)
Revenues (Subsidies, PPAs, Etc.)	[E] =[C x D]	(£'000)	88.6	75.7	94.9	74.0	2.3% subsidies (6.7%) power price	Actual revenues at portfolio level for the year (unaudited figures per MW)

Cash flows of the Company	Year end 31 March 2023 £'000	Year end 31 March 2022 £'000
Company cash balance at 1 April	19,608	10,809
Investment in HoldCos	(26,920)	6,877
Received from HoldCos	81,460	57,735
Directors' fees	(293)	(212)
Investment Management fees	(5,875)	(4,979)
Administrative Expenses	(1,730)	(1,281)
Dividends paid in cash to ordinary shareholders	(42,396)	(39,841)
Preference share dividends	(9,500)	(9,500)
Company cash balance at 31 March	14,354	19,608

	Year end 31 March 2023 (unaudited) £'000	Year end 31 March 2022 (audited) £'000
Total NESF Group revenue	141,205	114,220
EBITDA	111,332	89,819
EBIT	52,819	38,575
Cash income for the year	78,519	65,792

Year ended 31 March 2023	£'000	Pre-scrip dividends £'000
Cash income for year¹	78,519
Net operating expenses for year	(8,209)
Preference shares dividend	(9,500)
Net cash income available for distribution	60,810
Ordinary shares dividend paid during year		43,807
Cash dividend cover²		1.4x

Provider / arranger	Type	Borrower	No. of power assets secured¹	Loan to Value² (%)	Tranches	Facility Amount (£m)	Amount Outstanding (£m)	Termination (inc. options to extend)	Applicable rate
MIDIS / CBA / NAB	Fully-amortising long-term debt³	NESH	21 (241MW)	43.0%	Medium-term	48.4	35.1	Dec-26	2.91%⁴
Floating long-term	24.2	24.2	Jun-35	3.68%⁴
Index-linked long-term	38.7	33.4⁵	Jun-35	RPI + 0.36%
Fixed long-term	38.7	38.7	Jun-35	3.82%
Debt service reserve facility	7.5	-	Jun-26	1.50%
MIDIS	Fully-amortising long-term debt³	NESH IV	5 (84MW)	38.8%	Inflation-linked	27.5	18.9⁵	Sep-34	RPI + 1.44%
Fixed long-term	27.5	21.7	Sep-34	4.11%
Total long-term debt					212.5	171.3

Banco Santander	Revolving credit facility	NESH VI	13 (100MW)	N/a	N/a	70.0	31.3	Jun-24	SONIA + 1.60%
Natwest/AIB	Revolving credit facility	NESH III	19 (226MW)	N/a	N/a	135.0	135.0	Jun-24	SONIA + 1.20%
Total short-term debt						205.0	166.3
NPIII LP look through debt	N/a		N/a	N/a	N/a	N/a	7.7⁶
Total debt							345.3

Power Plant	Location	Acquisition date	Subsidy/PPA¹	Installed capacity (MW)	Cost (£m)	Remaining useful life of asset (Years)
1	Higher Hatherleigh	Somerset	Apr-14	1.6	6.1	7.3³	15.0
2	Shacks Barn	Northamptonshire	May-14	2.0	6.3	8.2³	14.3
3	Gover Farm	Cornwall	Jan-15	1.4	9.4	11.1³	16.7
4	Bilsham	West Sussex	Jan-15	1.4	15.2	18.9³	21.2
5	Brickyard	Warwickshire	Jan-15	1.4	3.8	4.1³	16.6
6	Ellough	Suffolk	Jul-14	1.6	14.9	20.0³	25.9
7	Poulshot	Wiltshire	Apr-15	1.4	14.5	15.7³	15.9
8	Condover	Shropshire	May-15	1.4	10.2	11.7³	16.6
9	Llwyndu	Ceredigion	Jul-15	1.4	8.0	9.4	26.7
10	Cock Hill Farm	Wiltshire	Jul-15	1.4	20.0	23.6³	16.4
11	Boxted Airfield	Essex	Apr-15	1.4	18.8	20.6³	17.0
12	Langenhoe	Essex	Apr-15	1.4	21.2	22.9³	32.0
13	Park View	Devon	Jul-15	1.4	6.5	7.7³	31.8
14	Croydon	Cambridgeshire	Apr-15	1.4	16.5	17.8³	16.7
15	Hawkers Farm	Somerset	Jun-15	1.4	11.9	14.5³	17.0
16	Glebe Farm	Bedfordshire	Apr-15	1.4	33.7	40.5³	26.7
17	Bowerhouse	Somerset	May-15	1.4	9.3	11.1³	32.0
18	Wellingborough	Northamptonshire	Jun-15	1.4	8.5	10.8³	16.2
19	Birch Farm	Essex	Sep-15	FiTs UK	5.0	5.3³	17.2
20	Thurlestone Leicester	Leicestershire	Oct-15	FiTs UK	1.8	2.3	10.1
21	North Farm	Dorset	Oct-15	1.4	11.5	14.5³	31.7
22	Ellough Phase 2	Suffolk	Aug-16	1.3	8.0	8.0³	32.6
23	Hall Farm	Leicestershire	Nov-15	FiTs UK	5.0	5.0³	37.4
24	Decoy Farm	Lincolnshire	Mar-16	FiTs UK	5.0	5.2³	33.0
25	Green Farm	Essex	Dec-16	FiTs UK	5.0	5.8	18.0
26	Fenland	Cambridgeshire	Jan-16	1.4	20.4	23.9^2,4	17.3
27	Green End	Cambridgeshire	Jan-16	1.4	24.8	29.0^2,4	17.4
28	Tower Hill	Gloucestershire	Jan-16	1.4	8.1	8.8^2,4	17.0

29	Branston	Lincolnshire	Mar-16	1.4	18.9		31.9
30	Great Wilbraham	Cambridgeshire	Mar-16	1.4	38.1		31.9
31	Berwick	East Sussex	Mar-16	1.4	8.2	97.9^2,5	18.5
32	Bottom Plain	Dorset	Mar-16	1.4	10.1		32.2
33	Emberton	Buckinghamshire	Mar-16	1.4	9.0		37.1

34	Kentishes	Essex	Jul-17	1.2	5.0	4.5	37.0
35	Mill Farm	Hertfordshire	Jul-17	1.2	5.0	4.2	33.8
36	Bowden	Somerset	Sep-17	1.2	5.0	5.6	33.9
37	Stalbridge	Dorset	Jan-17	1.2	5.0	5.4	33.8
38	Aller Court	Somerset	Sep-17	1.2	5.0	5.5	19.0
39	Rampisham	Dorset	Sep-17	1.2	5.0	5.8	19.5
40	Wasing	Berkshire	Aug-17	1.2	5.0	5.3	23.7
41	Flixborough	South Humberside	Aug-17	1.2	5.0	5.1	24.8
42	Hill Farm	Oxfordshire	Mar-17	1.2	5.0	5.5	28.9
43	Forest Farm	Hampshire	Mar-17	FiTs UK	3.0	3.3	29.0
44	Birch CIC	Essex	May-17	FiTs UK	1.7	1.7	17.2
45	Barnby	Nottinghamshire	Aug-17	1.2	5.0	5.4	19.3
46	Bilsthorpe	Nottinghamshire	Aug-17	1.2	5.0	5.4	19.7
47	Wickfield	Wiltshire	Mar-17	1.2	4.9	5.6	20.1
48	Bay Farm	Suffolk	Sep-17	1.6	8.1	10.5	31.9
49	Honnington	Suffolk	Sep-17	1.6	13.6	16.0	31.8
50	Macchia Rotonda	Apulia	Dec-17	FiTs Italy	6.6		12.8
51	Lacovangelo	Apulia	Dec-17	FiTs Italy	3.5		13.1
52	Armiento	Apulia	Dec-17	FiTs Italy	1.9		13.1
53	Inicorbaf	Apulia	Dec-17	FiTs Italy	3.0	116.2^2,6	12.9
54	Gioia del Colle	Campania	Dec-17	FiTs Italy	6.5		13.6
55	Carinola	Apulia	Dec-17	FiTs Italy	3.0		13.6
56	Marcianise	Campania	Dec-17	FiTs Italy	5.0		13.5
57	Riardo	Campania	Dec-17	FiTs Italy	5.0		13.5

58	Gilley's Dam	Cornwall	Nov-17	1.3	5.0	6.4	31.7
59	Pickhill Bridge	Clwyd	Dec-17	1.2	3.6	3.7	34.5
60	North Norfolk	Norfolk	Dec-17	1.6	11.0	14.6	21.6
61	Axe View	Devon	Dec-17	1.2	5.0	5.6	24.4
62	Low Bentham	Lancashire	Dec-17	1.2	5.0	5.4	22.9
63	Henley	Shropshire	Jan-18	1.2	5.0	5.2	23.2
64	Pierces Farm	Berkshire	May-18	FiTs UK	1.7	1.2	16.1
65	Salcey Farm	Buckinghamshire	May-18	1.4	5.5	6.5	16.1
66	Thornborough	Buckinghamshire	Jul-18	1.2	5.0	5.7	18.7
67	Temple Normanton	Derbyshire	Jul-18	1.2	4.9	5.6	18.3
68	Fiskerton Phase 1	Lincolnshire	Jul-18	1.3	13.0	16.6	27.0
69	Huddlesford HF	Staffordshire	Jul-18	1.2	0.9	0.9	17.8
70	Little Irchester	Northamptonshire	Jul-18	1.2	4.7	5.9	18.8
71	Balhearty	Clackmannanshire	Jul-18	FiTs UK	4.8	2.6	27.8
72	Brafield	Northamptonshire	Jul-18	1.2	4.9	5.8	33.2
73	Huddlesford PL	Staffordshire	Jul-18	1.2	0.9	0.9	18.0
74	Sywell	Northamptonshire	Jul-18	1.2	5.0	5.9	18.1
75	Coton Park	Derbyshire	Jul-18	FiTs UK	2.5	1.1	18.1
76	Hook	Somerset	Aug-18	1.6	15.3	21.8²	31.0
77	Blenches	Wiltshire	Aug-18	1.6	6.1	7.8²	15.7
78	Whitley	Somerset	Aug-18	1.6	7.6	10.4²	30.8
79	Burrowton	Devon	Aug-18	1.6	5.4	7.3²	30.5
80	Saundercroft	Devon	Aug-18	1.6	7.2	9.6²	30.9
81	Raglington	Hampshire	Aug-18	1.6	5.7	8.1²	30.8
82	Knockworthy	Cornwall	Aug-18	FiTs UK	4.6	6.6²	15.0
83	Chilton Cantello	Somerset	Aug-18	FiTs UK	5.0	9.0²	29.3
84	Crossways	Dorset	Aug-18	FiTs UK	5.0	10.0²	29.3
85	Wyld Meadow	Dorset	Aug-18	FiTs UK	4.8	7.1²	29.8
86	Ermis	Rooftop Portfolio	Jul-18	FiTs UK	1.0	3.0	13.6
87	Angelia	Rooftop Portfolio	Jul-18	FiTs UK	0.2	0.6	13.5
88	Ballygarvey	County Antrim	Jul-19	1.4 NIROCs	8.2	8.5	24.8
89	Hall Farm2	Leicestershire	Aug-19	Subsidy-free	5.4	2.5	36.3
90	Staughton	Bedfordshire	Dec-19	Subsidy-free	50.0	27.4	35.9
91	High Garrett	Essex	Oct-20	Subsidy-free	8.4	4.1	37.1
92	Marham	Norfolk	Jan 21	Long-term PPA	1.0	0.7	22.8
93	Sutterton	Lincolnshire	Mar 21	Long-term PPA	0.4	0.3	22.9
94	The Grange	Nottinghamshire	Feb 21	Long-term PPA	50.0	32.1	37.8
95	South Lowfield	Yorkshire	Jun-21	Long-term PPA	50.0	29.6	38.2
96	JSC (NZ) ¹	Worcestershire	Mar-19	FiTs UK	0.04	0.04	16.4
97	Karcher (NZ)¹	Oxfordshire	Nov-19	Subsidy-free	0.3	0.2	22.0
98	Dolphin (NZ)¹	East Sussex	Jul-21	Subsidy-free	0.2	0.2	23.6
99	Holiday Inn (NZ)¹	Northamptonshire	Apr-22	Long-term PPA	0.18	0.2	24.1
Subtotal				865.0	999.4	26.3⁷

100	NPIII LP	OECD Markets	Jun-21	Multiple long-term PPAs	24.0⁸	31.0	n/a
Total				889.0	1030.4	26.3⁷

			Year Ended 31 March 2023	Since acquisition
1	Higher Hatherleigh	Apr-13	5.6	3.7	-1.6	1.7	3.8
2	Shacks Barn	Mar-13	6.2	5.9	10.8	3.0	8.3
3	Gover Farm	Oct-14	8.5	8.6	-4.8	3.9	0.5
4	Bilsham	Nov-14	16.7	8.7	10.1	5.5	6.4
5	Brickyard	Nov-14	3.5	6.1	4.0	3.6	5.7
6	Ellough	Mar-14	14.8	6.4	4.8	1.5	5.1
7	Poulshot	Mar-15	13.7	2.4	3.9	1.0	5.0
8	Condover	Mar-15	9.3	2.6	0.2	0.6	0.9
9	Llwyndu	Feb-15	8.0	-0.5	8.7	-2.7	4.4
10	Cock Hill Farm	Mar-15	20.2	4.4	7.8	3.2	5.4
11	Boxted Airfield	Mar-15	19.0	7.1	8.8	3.7	5.9
12	Langenhoe	Mar-15	22.5	11.4	13.7	6.7	9.6
13	Park View	Mar-15	6.6	2.6	3.3	-0.9	1.5
14	Croydon	Mar-15	16.5	11.5	12.9	6.8	7.5
15	Hawkers Farm	Mar-15	12.3	3.3	6.7	1.0	4.1
16	Glebe Farm	Mar-15	35.2	13.7	16.8	7.3	12.6
17	Bowerhouse	Mar-15	8.4	6.1	-4.5	3.5	-0.7
18	Wellingborough	Mar-14	8.7	8.3	13.7	3.2	6.2
19	Birch Farm	Jun-15	5.1	9.8	9.5	4.9	6.7
20	Thurlestone Leicester¹	Apr-13	1.5	-0.6	2.7	-0.6	0.2
21	North Farm	Mar-15	11.5	0.5	-4.7	-2.2	-4.3
22	Ellough Phase 2	Jan-16	8.7	12.4	16.7	8.8	13.2
23	Hall Farm	Aug-16	4.4	6.8	2.9	4.2	0.8
24	Decoy Farm	Nov-15	5.2	10.6	15.1	5.6	10.3
25	Green Farm	Mar-16	5.0	6.5	2.7	3.9	3.8
26	Fenland	Feb-15	20.6	9.3	8.5	5.6	9.1
27	Green End	Mar-15	24.0	9.1	4.3	5.2	3.2
28	Tower Hill	Mar-15	8.1	3.1	8.0	3.3	7.1
29	Branston	Mar-15	19.5	10.9	12.8	6.7	7.7
30	Great Wilbraham	Mar-15	37.6	9.6	5.9	5.8	5.4
31	Berwick	Mar-15	9.1	5.6	7.0	4.7	9.0
32	Bottom Plain	Dec-14	10.1	6.5	0.0	3.8	3.2
33	Emberton	Mar-15	8.8	9.3	4.1	4.8	2.6
34	Kentishes	Dec-16	5.3	10.1	8.1	6.1	6.5
35	Mill Farm	Dec-16	5.4	13.4	15.8	8.9	11.2
36	Bowden	Mar-17	5.2	1.9	-0.3	0.5	0.9
37	Stalbridge	Mar-17	5.3	1.5	4.9	0.8	5.9
38	Aller Court	Mar-17	5.2	3.5	4.0	3.4	4.8
39	Rampisham	Mar-17	5.3	-0.9	-0.2	-1.8	-1.0
40	Wasing	Mar-17	5.3	7.1	8.8	5.7	8.9
41	Flixborough	Mar-17	5.1	8.5	10.0	5.9	8.2
42	Hill Farm	Mar-17	5.3	7.1	11.8	6.2	9.0
43	Forest Farm	Mar-17	3.2	6.8	10.6	4.8	8.9
44	Birch CIC	Jun-15	1.7	9.8	6.9	5.8	5.0
45	Barnby	Mar-17	5.0	8.3	9.2	5.1	5.5
46	Bilsthorpe	Mar-17	5.0	7.5	8.3	4.7	6.4
47	Wickfield	Mar-17	4.8	5.7	2.0	5.2	4.2
48	Bay Farm	Mar-14	8.1	8.9	11.1	6.9	8.7
49	Honnington	Mar-14	14.1	8.8	10.9	4.4	5.1
50	Macchia Rotonda	Feb-11	9.1	8.2	-2.2	6.5	1.8
51	Iacovangelo	Apr-11	5.2	6.4	3.8	4.8	5.6
52	Armiento	Apr-11	2.9	7.2	7.7	5.6	7.5
53	Inicorbaf	Mar-11	4.7	9.1	7.7	6.2	6.7
54	Gioia del Colle	Oct-11	9.4	3.8	2.2	1.5	3.5
55	Carinola	Oct-11	4.3	4.5	6.7	2.8	4.4
56	Marcianise	Sep-11	7.3	5.0	7.5	3.0	4.4
57	Riardo	Sep-11	7.1	4.5	1.3	2.5	0.5
58	Gilley's Dam	Mar-16	4.7	-4.3	-9.0	-4.4	-3.6
59	Pickhill Bridge	Mar-17	3.6	4.5	7.8	4.7	8.1
60	North Norfolk	Jan-14	9.6	11.7	-7.1	7.2	4.0
61	Axe View	Mar-17	5.1	6.5	6.9	5.8	7.2
62	Low Bentham	Mar-17	4.4	-0.9	-2.9	1.8	2.2
63	Henley	Mar-17	4.8	3.1	4.7	3.2	5.8
64	Pierces Farm	Mar-15	1.7	4.7	7.4	3.3	7.0
65	Salcey Farm	Sep-14	5.3	8.8	2.8	8.0	4.8
66	Thornborough	Mar-16	4.3	3.5	-9.2	4.4	-8.0
67	Temple Normanton	Mar-16	4.0	5.2	-11.1	4.5	-6.2
68	Fiskerton Phase 1	Mar-15	12.0	9.5	-3.2	8.0	-0.1
69	Huddlesford HF	Mar-16	0.9	7.0	7.4	5.9	5.4
70	Little Irchester	Mar-16	3.9	4.8	-15.5	4.3	-7.4
71	Balhearty⁴	Mar-16	-	-	-	-0.7	-31.7
72	Brafield	Mar-16	4.9	11.4	1.3	7.7	1.2
73	Huddlesford PL	Mar-16	0.9	6.1	3.0	5.4	2.5
74	Sywell	Dec-15	5.2	8.1	8.0	6.3	3.5
75	Coton Park	Dec-15	2.3	1.4	5.2	2.5	4.7
76	Hook	Mar-14	14.1	3.8	-8.5	3.5	-1.2
77	Blenches	Mar-14	5.6	5.0	0.2	4.6	4.5
78	Whitley	Mar-14	6.9	11.3	-7.6	6.9	-1.8
79	Burrowton	Mar-14	11.8	3.7	-7.5	4.2	-0.7
80	Saundercroft	Mar-14
81	Raglington	Mar-13	4.9	5.2	-18.8	3.6	-12.5
82	Knockworthy	Mar-13	3.5	4.8	-26.0	2.4	-13.4
83	Chilton Cantello	Jul-12	4.9	10.1	-5.3	6.0	2.9
84	Crossways	Jul-12	4.9	5.1	-10.8	3.9	0.2
85	Wyld Meadow	Jul-12	3.9	1.2	-23.4	-0.5	-7.6
86	Ermis¹	Oct-11	0.8	4.0	4.8	3.9	-2.0
87	Angelia¹	Oct-11	0.2	9.4	4.3	8.6	4.9
88	Ballygarvey	Mar-18	5.9	-0.7	-6.1	1.2	-2.8
89	Hall Farm 2	Aug-19	4.9	12.6	9.3	11.3	2.3
90	Staughton	Dec-19	53.4	18.0	16.3	12.8	10.2
91	High Garrett	Oct-20	8.9	12.9	11.4	9.6	5.3
92	Marham	Jan-21	1.0	0.0	2.5	-0.9	-3.9
93	Sutterton	Mar-21	0.5	6.4	6.6	3.1	6.2
94	The Grange	Jan-21	52.6	9.1	0.5	6.7	-4.3
95	South Lowfield	Jun-21	48.8	3.3	-0.9	-0.1	-3.3
96	JSC (NZ) ¹	Mar-19	0.0	-2.9	-1.0	-3.0	-0.9
97	Karcher (NZ) ¹	Nov-19	0.3	2.6	-3.3	2.5	-3.4
98	Dolphin (NZ)¹	Jul-21	0.2	7.9	0.8	7.3	0.2
99	Holiday Inn (NZ¹	Apr-22	0.2	6.5	1.5	-0.9	1.5
Subtotal		870	7.5	3.8	3.5	4.4

	NPIII LP ³	Multiple	-	-	-	-	-
Total		870	7.5	3.8	3.5	4.4

Environmental Performance

870GWh clean energy generated	363 ktCO₂e avoided	45 Universal Biodiversity Management Plan sites
C. 50% of the NESF portfolio is grazed	Habitat provisions: 65 bird boxes installed, 66 bug hotels, 22 bat boxes, 24 raptor boxes, 6 owl boxes, 22 hibernacula created and c.26 beehives, all of which are additional to statutory planning obligations.

Social Performance
£103,668 community funding (through SPVs)	£400,000 donated to the Foundation
Governance Performance
27 Board Meetings, including Committee of Board and ad-hoc meetings	Gender diversity 50% female at board level	2 ESG Board Committee meetings

NESF ESG in Figures:

Tonnes of CO₂e emissions avoided p.a.	Equivalent UK homes powered for one year	Total emissions avoided Since 2014 (ktCO₂e)
363,000	242,000	2,181
(31 March 2022: 328,700)	(31 March 2022: 216,300)	(31 March 2022: 1,818)
Total fossil fuel avoided since 2015 kilotonnes of oil equivalent (ktoe)	Universal Biodiversity Management Plan sites ¹	Total exemplar biodiversity projects ²
929.4	45	8
(31 March 2022: 769.1)	(31 March 2022: 30)	(31 March 2022: 6)
Community funding (through SPVs)	Proportion of the portfolio grazed	Donation to the NextEnergy Foundation
£104k	c.50%	£400k
(31 March 2022: £91k)	(31 March 2022: N/A)	(31 March 2022: £100k)

Metric	Units	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
GHG avoided	ktCO₂e	211.2	299.4	307.7	317.6	328.7	363.0
NOx avoided	tonnes	193.1	267.5	274.4	283.4	296.3	331.1
SOx avoided	tonnes	365.9	499.2	511.9	527.5	549.7	612.4
PM2,5	tonnes	15.9	22.6	23.2	24.0	25.2	28.3
PM10	tonnes	4.0	5.6	5.8	5.9	6.2	6.9
Fossil Fuels avoided	kilotonnes of oil equivalent (ktoe)	90.0	127.7	131.2	135.9	142.8	160.3
million barrels	0.66	0.94	0.96	1.00	1.05	1.20

Term	Risk Type	Risks	Opportunities
Short < 5 years	Physical	The short-term risks are limited in severity as climate change risks are expected to develop over the medium to long term. Observed weather events to date suggest that the short term would see a continuation and slight increase in extreme weather events (flash floods and heat waves). These have the potential to interrupt cash flows and damage assets. There is an expectation that higher irradiance, whilst increasing yield, will increase wear and degradation of parts, shortening useful life and increasing failure rates. To mitigate, this requires a maturation of the spare parts strategy and other investments in asset health as well as strategic assessment of relationships with key component manufacturers, installers, and maintenance providers.	Increased irradiation should enhance the energy yield from the portfolio. Coupled with storage this could represent a positive cash flow opportunity. Short-term planning and monitoring of the actual climate pathway will enable the portfolio to be positioned for resilience to future physical risks. Adaption can take many forms and there are opportunities to enhance resilience whilst also improving biodiversity, which in turn helps to mitigate climate change. Early mitigation actions, such as those described in the risk section, can provide a competitive advantage vs organisations who do not take action (ensuring robust spare part supply chains, securing access to parts and ensuring ongoing operation of plants).
	Transition	Government policy in jurisdictions the portfolio is exposed to, is to achieve net zero by 2050. This can primarily be considered an opportunity, but these policies will cause significant disruption to the energy mix and that can present a risk to power prices.	Renewable energy is clearly a vital component of meeting government net zero policies. The increase in demand for clean energy is the primary transition opportunity for the portfolio and future development.
Medium 5-10 years	Physical	These risks are dependent on which climate pathway develops but potential risks include: Water stress - Italian assets exposed to extreme annual water stress, cleaning panels becomes difficult, efficiency drops and power output declines. Flooding - UK assets are exposed to a heightened risk of flooding with the potential damage assets and restrict access to sites for maintenance. Temperature - Italian assets exposed to rising temperatures and an increase in days with +35⁰C, reducing efficiency and power output declines.	The primary opportunity that climate change presents for the portfolio is an expected increase in electricity demand. Industrial cooling, in particular, can be linked to physical climate change and will increase electricity demand. This is in addition to further demands through the transition opportunities (eg electric cars). There are innovations, such as agrivoltaics¹, that can develop into opportunities depending on asset-specific micro-climates. Raising panels provides adaption to flood risk and presents an agriculture/biodiversity opportunity beneath them. In hotter climates the shade presents an opportunity for crop growth which wouldn't otherwise be possible and evaporation from the crops cools the panels. The interplay with transition opportunity will also develop as physical climate change impacts become more observable, they will spur increased policy reaction and create transition opportunities (eg an increase in clean energy demand).
	Transition	There is a high degree of ambition in some transitional policies and as the implementation deadlines move closer there is a risk that policies are delayed. This may mean expected increases in demand for renewable electricity do not occur.	Government policy across a range of sectors will take effect in this period. In the UK, the Government has adopted a policy of transitioning to electric vehicles by banning the sale of new fossil fuel cars (excluding hybrids) by 2030. They have also banned the installation of gas boilers in new build homes from 2025, promoting low-carbon alternatives. They are also promoting the uptake of low carbon alternatives to gas boilers in homes, (such as heat pumps), with the government setting a target of 600,000 installations per year by 2028. The impact of this is an increase on overall clean electricity demand, especially when coupled with net zero policy, instigating a significant shift to renewables. This will create an opportunity for clean energy generation and storage.
Term	Risk Type	Risks	Opportunities
Long > 10 years	Physical	The long-term risks are highly dependent on the climate change pathway that develops. The IPCC released their latest AR6 Synthesis Report in 2023, modelled pathways based on policies implemented by the end of 2020 are consistent with global warming of 3.2^oC. This level of warming will exacerbate all of the risks identified in the medium term. In addition, instances of extreme weather events will increase significantly and resulting disruption will likely interrupt cash flows and damage assets. Adaption costs would be significant.	As with risks, the physical opportunities will develop in line with the climate pathway that manifests. These will be in line with those that have been identified in the medium term.
	Transition	The levels of uncertainty around long term policy positions create a risk. Depending on climate pathways that transpire, there could be dramatic shifts in policy. For example, if the expected impacts of an RCP8.5 scenario start to play out then governments may take emergency actions with far reaching consequences to try and recover the situation. The portfolio should naturally be positioned well, as the demand for clean energy should be ever present, but this would still present a challenging policy landscape to navigate and could have broader economic impacts.	If a controlled, orderly transition to net zero is enacted then the portfolio should benefit from high demand for clean energy. The impact of economies moving to net zero should limit temperature increases to below 2⁰C and reduce the physical risks too.

Radiative Forcing	Atmospheric CO₂ equivalent (parts per million)	Description
8.5	>1,370	Worst-case emissions scenario, whereby no effort is made to curb climate change and emissions continue to rise throughout the 21st century
6	850	Emissions peak around 2080, then decline
4.5	650	Emissions in RCP 4.5 peak around 2040, then decline
2.6	490	Ambitious pathway, whereby emissions go to zero by 2100

General classification	Physical risks	Possible consequences	Risk rating
	Increased severity and frequency of extreme weather events (hurricanes, storm surge, heat waves)	Damage to property and infrastructure resulting in environmental damage, increased capital costs (e.g. repairs, cleaning, write-offs and possible early retirement of assets), decreased power generation, worker incidents (e.g. unable to access site).	Medium (Likely + Moderate)
Acute	Fires	Low (Unlikely + Minimal)
	Flooding	Low (Unlikely + Minimal)
	Changes in precipitation patterns, solar irradiation and cloudiness	Reduction of anticipated power generation, increased losses in transmission lines, increased costs associated with more frequent or intense cleaning requirements and an increase in health and safety incidents as a result of increased changed weather conditions (e.g. heat stress, associated with hot days)	Low (Unlikely + Minimal)
Chronic	Changes in dirt, dust, snow, atmospheric particles and others	Low (Unlikely + Minimal)
	Changes in mean temperatures	Low (Unlikely + Minimal)
	Water stress and drought	Decreased water availability increases cost to clean panels and domestic water to site	Low (Unlikely + Minimal)

Description	Metric
Scope 1 GHG Emissions	NA¹
Scope 2 GHG Emissions	1,169 tCO₂e
Scope 3 GHG Emissions	150 tCO₂e
Carbon Footprint	1.02 tCO₂e
GHG Intensity	6.68 tCO₂e

Key Stakeholders	Why they are important to us	How we engage with them
Shareholders (All investors in the Company- institutional investors, wealth managers and retail investors (including private individuals))	A well-informed and supportive shareholder base is crucial to the long-term sustainability of our business. Understanding the views and priorities of our shareholders is, therefore, fundamental to retaining their continued support and to having the potential to access equity capital in order to continue to expand the Company's portfolio over time in order to further diversify the investment portfolio and create economies of scale.	• Annual and Interim Reports • Quarterly factsheets • Market announcements, including quarterly NAV announcements • Website • Institutional investor meetings (one-to-one and group), primarily through our Investment Adviser and Corporate Brokers, to keep communications open (including annual and interim results presentations) and gauge their opinions on speciﬁc matters (e.g. strategy and capital raisings) • Regular institutional investor feedback received from our Investment Adviser and Corporate Brokers • Chairman meetings and other communications with substantial shareholders • Research analyst presentations • Dialogue with research analysts through our Investment Adviser, as and when required • AGM • Rothschild & Co shareholder perception study
Investment Adviser	The Investment Adviser's performance is critical for the Company to deliver its investment strategy successfully and meet its investment and strategic objectives. Accordingly, the Company relies on the Investment Adviser's expertise, and needs to ensure the quality and sustainability of its services, to deliver the necessary performance. The Investment Adviser's culture and reputation is also important when it is representing the Company and its subsidiaries.	• Board and Committee meetings • Ad hoc meetings and calls with the Board • External Board evaluation, which includes feedback from the Investment Adviser • Informal meetings
Investment Manager	The Investment Manager's role is important to ensure all acquisitions and divestments meet the Company's investment and strategic objectives.	• Quarterly reports to the Board • Annual evaluation by the Management Engagement Committee • Ad hoc meetings and calls with Directors

Key Stakeholders	Why they are important to us	How we engage with them
Administrator	As the Company has no employees, we rely on the Administrator to provide us with administrative, fund accounting and company secretarial services. In particular, we rely on the Administrator maintaining the accuracy of our accounting records and ensuring our compliance with applicable laws, rules and regulations.	• Board and Committee meetings • Ad hoc meetings and calls with the Board • Quarterly reports to the Board • Annual evaluation of the Administrator by the Management Engagement Committee and the Audit Committee
Other Key Service Providers and Advisers (Registrar, Financial Advisers, Legal advisers, Corporate Brokers, Public Relations and Auditors)	A strong and constructive working relationship with our other key service providers and advisers ensures that we receive high quality services to help deliver our investment and strategic objectives.	• Board and Committee meetings • One-to-one meetings and calls • Provision of relevant information to or by the Company • Annual evaluation of key service providers and advisers by the Management Engagement Committee and Audit Committee
Lenders (Provider of the Company's credit facilities)	An appropriate amount of gearing is required to achieve our target returns. It is important to maintain a strong working relationship with our existing lenders in case we may need, at some point, their consent for, e.g., strategic initiatives. We also look to build strong relationships with lenders, including our existing lenders, who may provide debt facilities in the future.	• Provision of information to lenders in accordance with the terms of the relevant facility agreements • Consultation in advance on matters which may require their consent under the relevant facility agreements
Local Communities	Ensuring our investment creates a positive social impact is core to our sustainability approach.	• See the ESG Report • Review and challenge by the ESG Committee
Asset Manager	The Asset Manager's performance is critical for the operating solar assets to deliver operational outperformance versus the budget. The Asset Manager also provides the administration and fund accounting for the Company's subsidiaries, as well as providing an energy sales desk to manage our electricity price and sales strategy.	• Monthly and ad-hoc meetings with the Investment Adviser • Monthly reports to the Investment Adviser • Quarterly reports to the Investment Manager, which is reported to the Board

Portfolio Management and Performance Risk
Risks	Summary	Mitigation
Electricity generation falling below expectation	Solar is an intermittent energy source compared to traditional energy resources such as coal and gas. The volume of solar irradiation available on a given day is out of the Company's control and this is a risk on the performance of the assets. Unplanned DNO outages, weather patterns and technical issues can impact generation.	There is a level of predictability for solar irradiation compared to other renewables, in that solar irradiation levels tend to follow a set trend throughout the year and exhibits low inter-year volatility. The geographical location of the asset has an impact on solar irradiation levels, due to climate variations and small differences in day lengths across regions. Assets are chosen with this in mind. The Asset Manager has value-enhancing tools that optimise the Company's portfolio generation and resolve interruptions efﬁciently. The diversity of the underlying solar module and inverter manufacturers and O&M suppliers.
Portfolio valuation	Valuation of a solar PV asset is dependent on ﬁnancial models based on several drivers, principally: discount rates, rate of inﬂation, power price curves and amount of electricity the solar assets are expected to produce. Certain assumptions may prove to be inaccurate, particularly during periods of volatility.	The Company's model and the internal controls thereon are reviewed in detail on a periodic basis by a third party modelling specialist to ensure the Company's model is robust and compliant with the latest modelling standards and controls. Documentation supporting the fair values model is presented to the Board quarterly for approval and adoption. To manage the impact of the power price volatility, the Investment Adviser uses an average of the power price curves from three Consultants.

Operational and Strategic Risks
Risks	Summary	Mitigation
A decline in the price of electricity	Revenues of solar assets are dependent on the electricity market. Exposure to the wholesale energy market impacts the prices received for energy generated by and revenues forecast for the operating assets of the Company. For the year ended 31 March 2023, 52% of revenues were derived from government subsidies and long-term PPAs. The remaining 48% of the Company's revenues were derived from selling the electricity generated to carefully selected counterparties in the open market. The acquisition of subsidy-free assets will increase this risk as currently most of their revenues are derived from the wholesale energy market with only a part beneﬁting from short-term PPAs. The recent supply chain issues associated with the conflict in Ukraine, alongside wider macroeconomic and geopolitical uncertainty has led to volatile power prices.	The Investment Adviser uses the most recent quarterly reports from the Consultants to be kept informed of long-term electricity prices, and uses this information to formulate the Company's electricity sales and hedging strategies. Short-term: The Company enters into PPAs and forward contracts to ﬁx electricity prices for a future period ranging from six to 12 months. The NextEnergy Group has an Energy Sales desk which is responsible for hedging generation produced in the short-term. As at 1 June 2023, the Company had secured ﬁxed price agreements covering 87.9% of its electricity generation for the 2023/24 financial year and 44.3% for the 2024/25 financial year. Long-term: Wholesale power prices are beyond the control of the Company. Factors that could increase the price of electricity including the roll-out of electric vehicles and the electriﬁcation of domestic heating and transportation networks. The Investment Adviser reviews wholesale electricity price forecasts and enters into long-term PPAs where appropriate. Subsidy-free assets: The Investment Adviser will plan for short-term and long-term contracts before the asset is operational.
Counterparty risk	This is the risk of counterparty failure. The Company has entered into O&M contracts and PPAs, which affect the costs and revenues of the Company. The Company has also contracted with various EPCs for construction of the subsidy-free assets. If the counterparty becomes insolvent there is a risk of disruption and ﬁnancial loss until the counterparty is replaced.	The Asset Manager continuously monitors NESF's contracts in line with the market. There are contractual arrangements in place that have warranties in case of defaults. The Asset Manager ensures that counterparties are of an acceptable ﬁnancial standing to minimise risk.
Plant operational risk	The Company relies on third-party contractors to provide corrective and preventative maintenance through O&M contracts. The O&M contractor could fail to fulﬁl its obligation and the solar asset's performance could deteriorate. Degradation of the solar modules reduce the performance of the plant over time. An increase in the rate of degradation may lead to under performance.	The Company can seek legal recourse against failure by an O&M contractor. The Asset Manager monitors and ensures that the O&M contract maintains a detailed preventative schedule, with contract warranties and penalty payments in the event of failure. NESF looks at technological improvements on an ongoing basis to reduce the effect of degradation. Also, NESF has contract warranties to secure the design performance of the assets.

External and Market Risks
Risks	Summary	Mitigation
Adverse changes in government policy and political uncertainty (principal or emerging)	International conflicts and geopolitical tensions may impact trade of commodities, such as oil and gas, which have subsequent downstream impacts on power price volatility and supply chain stability for solar equipment. The conflict in Ukraine has led to global volatility in supply chains and power prices. Supply chain shortages in solar equipment could prohibit construction of new projects and drive-up acquisition prices of existing assets.	The Investment Manager and the Board believe Brexit to have a very limited effect on the Company's financial and operating prospects. The Investment Manager continue to closely monitor the impact on the underlying portfolio. The global consequences of international conflict on power prices emphasises the importance of national energy independence, which the Company believes it is well placed to facilitate. The Investment Manager has a wealth of experience and a strong network built through its global presence that enables it to source the best projects and contracts for the NESF portfolio. The geopolitical expectations known at the time of acquisition of an asset are built into the Company's strategy and projected financial returns for the asset.
Adverse changes to regulatory framework for solar PV (principal or emerging)	Uncertainty for the future regulatory framework for solar PV creates a risk that further planned acquisitions do not take place. This would affect the Company's growth potential, valuation and proﬁtability.	The Company actively monitors regulatory changes within the industry and participates in contributing towards government discussions on the industry in the UK, and Italy and other countries in which investments are located.
Changes to tax legislation and rates (principal or emerging)	Changes to the existing rates and rules could have an adverse effect on the valuation of the portfolio and levels of dividends paid to shareholders. As a result of the elevated power prices exhibited during 2022, the UK government announced the Electrical Generator Levy ("EGL"), which is a temporary 45% charge on exceptional receipts generated from the production of wholesale electricity. Exceptional receipts will be defined as wholesale electricity sold at an average price in excess of £75 per MWh over an accounting period. Changes to current subsidies based on findings of the regulator would impact the Company's revenue streams.	NESF has tax advisers to ensure constant awareness of any upcoming changes to tax legislation and rates, to implement the necessary changes as required. Investment in multiple jurisdictions diversifies exposure to individual country regulations and hence risk. Increase in subsidy free assets in the portfolio reduces exposure to regulated revenues, supported by the hedging strategy.
Health and Safety (principal or emerging)	The physical location, maintenance and operation of a solar power plant may pose health and safety risks to those involved.	Health and safety practices are in place that conform to local governmental standards. The Investment Manager, Investment Adviser and the Asset Manager monitor adherence to the standards. Insurance policies are in place and reviewed to increase cover where necessary.
Climate-related risks (emerging risk)	These are detailed in the Task-Force on Climate-Related Financial Disclosure ("TCFD") report.

Director	Board	Audit Committee	Management Engagement Committee	Remuneration and Nominations Committee	Environmental, Social & Governance Committee
Kevin Lyon	4/4	3/3	1	1	1
Vic Holmes	4/4	3/3	1	1	1
Patrick Firth	4/4	3/3	1	1	1
Joanne Peacegood	4/4	3/3	1	1	1
Josephine Bush	4/4	2/3	1	1	1
Helen Mahy*	n/a	n/a	n/a	n/a	n/a
*Helen Mahy was not yet an appointed Director during the year ended 31 March 2023

Director	Role	2023	2022
Kevin Lyon	Chairman	£75,000	£70,000
Patrick Firth	Audit Committee Chairman	£55,000	£50,000
Vic Holmes	Senior Independent Director/ Remuneration and Nominations Committee Chairman	£50,000	£46,000
Joanne Peacegood	Management Engagement Committee Chair	£48,500	£45,000
Josephine Bush¹	ESG Committee Chair	£48,292	£10,500
Helen Mahy²	Chair-elect	N/A	N/A

Director	2023	2022
Kevin Lyon	210,000	210,000
Patrick Firth	91,207	91,207
Vic Holmes	158,400	158,400
Joanne Peacegood	50,000	50,000
Josephine Bush	10,000	10,000
Helen Mahy¹	38,586	N/A

	2023 £'000	2022 £'000	Change £'000
Directors' total remuneration	277	222	55
Total dividends paid or payable¹	43,807	41,940	1,867

	2023 £'000	2022 £'000
NESF	92	84
Subsidiaries	518	497
Total audit fees	610	581
Interim review	52	45
Total fees	662	626

Information
Directors
Directors' interests in shares
Appointment and removal of directors
Financial Instruments
Principal and emerging risks
Going concern and viability
Annual Review of systems of risk management and internal control
Disclosure of Information to Auditor
Annual Evaluation of the Investment Manager and Investment Adviser
Section 172 Statement

	Ordinary Shares
Artemis Investment Management LLP on behalf of discretionary funds under management	63,719,056	10.80%
M&G Investments	55,859,697	9.46%
Gravis Capital Mgt	40,429,010	6.85%
Legal & General Investment Mgt	31,786,109	5.39%
Baillie Gifford & Co	30,430,980	5.16%
Foresight Group	25,977,689	4.40%
Investec Wealth & Investment (RS)	25,951,430	4.40%
Privium Fund Management	21,236,546	3.60%

Companies

NextEnergy Solar Fund Limited Red (NESF)

UK 100

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Joint Venture Partnership 1 ("JVP1")	Joint Venture Partnership 2 ("JVP2")
£100m	£200m
Owned 70% by NESF and 30% by Eelpower	Owned 75% by NESF and 25% by Eelpower
Energy storage assets:
Camilla: The Company's first 50MW battery storage project through JVP1, currently under construction in Fife, Scotland, and is expected to be energised and grid-connected shortly. Camilla was selected to provide battery storage capacity in the UK Government's latest Capacity Market Auction. The contracts are expected to deliver revenues of £557k over winter 2023 and £576k per annum over 2026 to 2032, adding to Camilla's existing Capacity Market contract for delivery in winter 2025-26 worth £305k.	Project Lion: First acquisition as part of JVP2 secured for £32.5m. The project includes the development rights, permits, and initial grid milestones for a 250MW portfolio of high-quality battery storage projects and grid connections in the East of England. Once constructed, the project will provide vital grid balancing services. Furthermore, the project will harness electricity at low import prices and export electricity at times of low generation and high prices, benefiting from excess generation from neighbouring offshore wind.

	NAV p/share	NAV
At 31 March 2022 (as originally announced)	113.5p	£668.5m
NAV correction	(1.3p)	(7.6m)
At 31 March 2022 (as corrected)	112.2p	£660.9m
Investment in new assets
New assets at cost	16.3p	96.2m
RCF drawdown	(11.9p)	(70.1m)
Utilisation of cash on hand to fund investment	(4.4p)	(26.1m)
Power price forecasts, net of Electricity Generator Levy impact	14.6p	86.1m
Ordinary share dividends paid	(7.2p)	(42.4m)
Discount rate increase	(7.0p)	(41.2m)
Change in short-term inflation	5.6p	33.4m
Strategic provisions	(2.3p)	(13.2m)
Residual movements including preference share dividends and fund operating costs	(1.6p)	(9.2m)
At 31 March 2023	114.3p	£674.4m

Calendar Year	31 March 2023
2023/24	4.90%
2024/25	3.40%
2025/26	3.30%
2026/27	3.20%
2027/28	3.70%
2028/29 -2029/30	3.00%
2030/31 onwards	2.25%

Financial Year	UK budgeted generation hedged	Average fix price
2023/24	88%	£79MWh
2024/25	44%	£91MWh
2025/26	13%	£147MWh

For further information: NextEnergy Capital Michael Bonte-Friedheim	020 3746 0700 ir@nextenergysolarfund.com
Ross Grier
Stephen Rosser
Peter Hamid (Investor Relations)
RBC Capital Markets	020 7653 4000
Matthew Coakes
Elizabeth Evans Kathryn Deegan
Cenkos Securities	020 7397 8900
James King
William Talkington
H/Advisors Maitland	020 7379 5151
Neil Bennett
Finlay Donaldson

Ocorian Administration (Guernsey) Limited	014 8174 2642
Kevin Smith

Full Year Results for period ended 31 March 2023

NESF Contribution to Community Impacts

Our opinion is unmodified

In our opinion, the accompanying financial statements:

Basis for opinion

Key audit matters: our assessment of the risks of material misstatement

Our application of materiality and an overview of the scope of our audit

Going concern

Fraud and breaches of laws and regulations - ability to detect

Identifying and responding to risks of material misstatement due to fraud

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

Context of the ability of the audit to detect fraud or breaches of law or regulation

Other information

Disclosures of emerging and principal risks and longer term viability

Corporate governance disclosures

We have nothing to report on other matters on which we are required to report by exception

Respective responsibilities

Directors' responsibilities

Auditor's responsibilities

The purpose of this report and restrictions on its use by persons other than the Company's members as a body

Companies

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OVERVIEW
NextEnergy Solar Fund Overview
Performance Highlights
Snapshot of Our Diversified Portfolio
Why Invest in NextEnergy Solar Fund?
STRATEGIC REPORT
Chairman's Statement
Our Business Model
Five Year Record
Our Investment Strategy and Track Record
Investment Adviser's Report
Operating Portfolio
Portfolio Generation Performance
Sustainability and ESG
Stakeholder Engagement
Risks and Risk Management
Going Concern and Viability
GOVERNANCE
Introduction from the Chairman
Governance Framework
Board of Directors
Corporate Governance Statement
Directors' Remuneration Report
Audit Committee Report
Directors' Report
Statement of Directors' Responsibilities
Independent Auditor's Report
FINANCIAL STATEMENTS
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
ADDITIONAL INFORMATION
Alternative Performance Measures
General Shareholder Information
Glossary and Definitions
Corporate Information

NAV per ordinary share as at 31 March 2023	Ordinary shareholders' NAV as at 31 March 2023	Financial debt gearingas at 31 March 2023²
114.3p	£674.4m	28%
(31 March 2022: 113.5p)	(31 March 2022: £668.5m)	(31 March 2022: 25%)
Dividends per ordinary share for the year ended31 March 2023	Cash dividend cover (pre-scrip dividends) for the year ended 31 March 2023	Total gearing as at 31 March 2023 ³
7.52p	1.4x	45%
(31 March 2022: 7.16p)	(31 March 2022: 1.2x)	(31 March 2022: 42%)
NAV total return per ordinary share for the year ended31 March 2023	Ordinary shareholder total return for the year ended31 March 2023	Ordinary shareholder annualised total return since IPO
7.3%	8.6%	7.0%
(31 March 2022: 22%)	(31 March 2022: 11%)	(31 March 2022: 6.7%)

Operational Highlights		ESG Highlights
Total capacity installed as at 31 March 2023⁵	Total electricity generation for the year ended 31 March 2023	Tonnes of CO₂e emissions avoided p.a.⁴
865MW	870GWh	363,000
(31 March 2022: 865MW)	(31 March 2022: 773GWh)	(31 March 2022: 328,700)
Operating solar assetsas at 31 March 2023⁶	Generation above budget for the year ended 31 March 2023	Equivalent UK homes powered for one year⁴
99	3.8%	242,000
(31 March 2022: 99)	(31 March 2022: 1.8%)	(31 March 2022: 216,300)

	Year Ended 31 March
Financial Key Performance Indicators	2019	2020	2021	2022	2023
Ordinary shares in issue	581.7m	584.2m	586.9m	589.1m	590.3m
Ordinary share price	117.5p	101.5p	99.6p	103.4p	104.8p
Market capitalisation of ordinary shares	£683m	£593m	£585m	£609m	£619m
NAV per ordinary share ¹	110.9p	99.0p	98.9p	113.5p	114.3p
Total ordinary NAV ¹	£645m	£579m	£581m	£668m	£674m
Premium/(discount) to NAV ¹	6.0%	2.5%	0.7%	(8.9%)	(8.3%)
Earnings per ordinary share	12.37p	(5.09p)	6.87p	21.69p	8.20p
Dividend per ordinary share	6.65p	6.87p	7.05p	7.16p	7.52p
Dividend yield ¹	5.7%	6.8%	7.1%	6.9%	7.2%
Cash dividend cover - pre scrip dividends ¹	1.3x	1.2x	1.1x	1.2x	1.4x
Preference shares in issue	100m	200m	200m	200m	200m
Financial debt outstanding at subsidiaries level	£269m	£214m	£246m	£283m	£345m
Financial debt (financial debt/GAV)¹	27%	22%	24%	25%	28%
Gearing (financial debt + preference shares/GAV) ¹	36%	42%	43%	42%	45%
GAV	£1,014m	£991m	£1,025m	£1,150m	£1,218m
Weighted average cost of capital	5.4%	5.5%	5.4%	5.3%	5.7%
Ordinary shareholder total return - cumulative since IPO ³	46.7%	37.5%	42.6%	53.6%	62.4%
Ordinary shareholder total return - annualised since IPO ³	9.5%	6.3%	6.1%	6.7%	7.0%
Ordinary shareholder total return	11.8%	-7.8%	5.1%	11.0%	8.6%
Ordinary NAV total return ¹	11.8%	-4.5%	7.0%	22.0%	7.3%
Ordinary NAV total return - annualised since IPO ³	8.1%	5.9%	6.0%	8.0%	8.0%
Ongoing charges ratio ¹	1.1%	1.1%	1.1%	1.1%	1.1%
Weighted average discount rate	7.0%	6.8%	6.3%	6.3%	7.3%
Operational Key Performance Indicators
Invested capital ¹	£896m	£950m	£999m	£1,039m	£1,134m
Number of operating assets	87	90	94	99	99
Total installed capacity	691 MW	755 MW	814 MW	865 MW²	865 MW²
Annual generation	693 GWh	712 GWh	738 GWh	773 GWh	870 GWh
% increase (year-on-year)	54%	3%	3%	4%	13%
Generation since IPO	1.8 TWh	2.5 TWh	3.2 TWh	4.0 TWh	4.9 TWh
Solar irradiation (delta vs. budget)	9.0%	4.0%	5.5%	3.4%	7.5%
Generation (delta vs. budget)	9.1%	4.7%	6.2%	1.8%	3.8%
Asset Management Alpha ¹	0.1%	0.7%	0.7%	-1.6%	-3.7%
Remaining weighted average useful life	25.2 years	26.9 years	27.5 years	27.3 years	26.3 years

Total Revenues	[E]	(£'000)	164.3	168.9	(2.8%)
Operating Expenses	[F]	(£'000)	(34.7)	(34.2)⁴	+1.6%	Actual costs at portfolio level for the year (unaudited figures per MW)
EBITDA³	[G] = [E - F]	(£'000)	129.5	134.7	(3.9%)	Actual EBITDA for the year (unaudited figures per MW)
EBITDA Margin³			78.9%	79.8%

Kevin Lyon Chairman Resident: UK Appointed: 22 January 2014 Independent: Yes	Relevant Skills and Experience: Over 35 years of experience in private equity and Director positions in a number of different companies. Qualified Chartered Accountant. Spent approximately 17 years with 3i Group, responsible for their core private equity business across the UK, with a team of 10 directors and 40 executives. Independent Non-Executive Director and Chairman of more than 30 companies over the last 15 years, including Smart Metering Systems plc, Valiant Petroleum plc, Wyndeham Press Group, Craneware plc, Booker plc, David Lloyd Leisure and Phase 8. Attended management courses of INSEAD, IESE and Ashridge. Won the Institute of Directors Scotland Non-Executive Director of the Year Award in 2013.	Principal External Appointments: Chairman of KultraLab Limited, a technology led behavioural science consultancy. Chairman of AMG Vango, an owner & distributor of outdoor brands. Non-Executive Director of retailer SpaceNK.
Vic Holmes Senior Independent Director Resident: Guernsey Appointed: 22 January 2014 Independent: Yes	Relevant Skills and Experience: Over 40 years of experience in financial services. Qualified Chartered Certified Accountant. Joined the Board of Guernsey International Fund Management Limited, Guernsey's largest fund administration company, in 1986. Senior roles in the international fund administration services business of the Baring Asset Management group of companies from 1990 to 2005 (based in Dublin) including Head of Fund Administration Services with responsibility for services out of London, Dublin, Guernsey, Isle of Man and Jersey. Head of Northern Trust's Irish businesses (2005 to 2007) and Channel Island businesses (2007 to 2011). Chairman of the Guernsey Investment Fund Association's executive committee from 2013 to 2015.	Principal External Appointments: Chairman of Permira Holdings Limited, Utmost Worldwide Limited, Highbridge Tactical Credit Fund Limited and Ocorian Administration (Guernsey) Limited. Non-Executive Director of DBG Management GP (Guernsey) Limited, Rothschild & Co BI Limited and a range of Ashmore funds.
Patrick Firth Non-Executive Director Resident: UK Appointed: 22 January 2014 Independent: Yes	Relevant Skills and Experience: Has worked in the fund industry in Guernsey since joining Rothschild Asset Management C.I. Limited in 1992. Qualified Chartered Accountant. Managing Director at Butterfield Fund Services (Guernsey) Limited (subsequently Butterfield Fulcrum Group (Guernsey Limited), a Company providing third party fund administration services, from 2002 to 2009. Former Chairman of the Guernsey International Business Association and of the Guernsey Investment Fund Association.	Principal External Appointments: Non-Executive Director of Riverstone Energy Limited, India Capital Growth Fund Limited and CT UK Capital and Income Investment Trust plc.
Joanne Peacegood Non-Executive Director Resident: Guernsey Appointed: 20 February 2020 Independent: Yes	Relevant Skills and Experience: Over 20 years of experience in the Investment Management sector including Premium Listed Funds and Alternative assets. Worked for 'Big Four' accounting firms in the Channel Islands, UK and Canada for 20 years. Qualifications include Chartered Accountant (FCA), Institute of Directors Diploma and BA honours degree in Accounting. Previously Audit Engagement Leader, Risk & Quality Director, Controls Assurance and Innovation & Technology Director. Expertise in Valuations, Accounting, Auditing, Risk, Controls, Corporate Governance and Regulations.	Principal External Appointments: Non-Executive Director roles include Private Equity, Debt, Hedge, Real Estate, Utilities, Asset Managers, Volta Finance Limited and Chair of Castelnau Group Limited. Immediate past Chair of the Guernsey Investment & Fund Association and Deputy Chair of the Guernsey International Business Association. Member of the AIC Channel Islands Committee.
Josephine Bush Non-Executive Director Resident: UK Appointed: 1 January 2022 Independent: Yes	Relevant Skills and Experience: Over 14 years of experience in the renewable energy sector. Was a senior partner at Ernst & Young LLP for 14 years specialising in the renewable energy sector and amongst other things was responsible for developing the Ernst & Young LLP global renewables business plan. She was a member of the Ernst & Young LLP Power and Utilities Board and UK&I Governance Board. Qualified Solicitor and Chartered Tax Adviser and CFA ESG investing qualification. Passed the Cambridge Institute of Sustainable Leadership Sustainable Finance course. Josephine founded a not for profit, Sustainability & You, to raise awareness of climate change challenges and opportunities.	Principal External Appointments: Chair of the Audit, Risk and ESG committee, of Vulcan Energy Resources Limited (ASX listed). Non-Executive director of Net Zero Now Limited and Foresight Sustainable Forestry Company PLC. Member of the investment committee of Gresham House's British Sustainable Infrastructure Fund.
Helen Mahy CBE Non-Executive Director Resident: UK Appointed: 1 April 2023 Independent: Yes	Relevant Skills and Experience: Over 20 years of experience in the energy sector. Helen has previously served as Group General Counsel and Company Secretary of National Grid plc, and more recently as Chairman of The Renewables Infrastructure Group having served her full nine-year tenure. Helen is a qualified barrister and was an Associate of the Chartered Insurance Institute. In 2015, she was awarded a CBE for services to business, particularly relating to diversity in the workplace. Previous Directorships include SVG Capital plc, Primary Health Properties plc, Bonheur ASA and she was also Chair of MedicX Fund Limited	Principal External Appointments: Non-Executive Director of SSE plc and chairs the Safety, Sustainability, Health and Environment Advisory Committee. Non-Executive Director of Gowling WLG (UK) LLP. Chair of the Global Media Campaign to End FGM.

	Ordinary Shares
Investor	No.	%
Artemis Investment Management LLP on behalf of discretionary funds under management	63,719,056	10.80%
M&G Investments	55,859,697	9.46%
Gravis Capital Mgt	40,429,010	6.85%
Legal & General Investment Mgt	31,786,109	5.39%
Baillie Gifford & Co	30,430,980	5.16%
Foresight Group	25,977,689	4.40%
Investec Wealth & Investment (RS)	25,951,430	4.40%
Privium Fund Management	21,236,546	3.60%

	Notes	2023 £'000	2022 £'000
Income
Income comprises:
Interest income		12,346	12,799
Investment income		56,287	42,009
Administrative services income		10,390	10,226
Net changes in fair value of investments	17	(13,199)	78,665
Unrealised foreign exchange gain		201	-
Total net income		66,025	143,699
Expenditure
Preference share dividends		9,500	9,454
Management fees	5	5,828	5,041
Legal and professional fees		766	744
Directors' fees	7	277	222
Administration fees	6	346	227
Other expenses	9	311	122
Audit fees	8	144	138
Charitable donation	10	400	100
Regulatory fees		114	79
Insurance		23	22
Total expenses		17,709	16,149
Profit and comprehensive income for the year		48,316	127,550
Earnings per ordinary share - basic	14	8.20p	21.69p
Earnings per ordinary share - diluted	14	7.55p	17.34p

	Share capital and premium £'000	Retained earnings £'000	Total equity £'000
Ordinary shareholders' equity at 1 April 2021	605,938	(25,147)	580,791
Profit and comprehensive income for the year	-	127,550	127,550
Scrip shares issued in lieu of dividends	2,099	-	2,099
Ordinary dividends declared	-	(41,940)	(41,940)
Ordinary shareholders' equity at 31 March 2022	608,037	60,463	668,500
Ordinary shareholders' equity at 1 April 2022	608,037	60,463	668,500
Profit and comprehensive income for the year	-	48,316	48,316
Scrip shares issued in lieu of dividends	1,411	-	1,411
Ordinary dividends declared	-	(43,807)	(43,807)
Ordinary shareholders' equity at 31 March 2023	609,448	64,972	674,420

	31 March 2023 £'000	31 March 2022 £'000
Fees payable to the auditor for the audit of the Company	92	84
Fees payable to the auditor for the interim review of the Company	52	45
Additional audit fee and disbursements for prior year	-	9
Total	144	138

	31 March 2023 £'000	31 March 2022 £'000
Amortisation expense	139	139
Sundry expenses	167	(18)
Directors' expenses	5	1
Total	311	122

	31 March 2023 £'000	31 March 2022 £'000
Administrative service fee income receivable	504	-
Accrued Income	40	20
Prepayments	101	74
Due from HoldCos	5,879	16,295
Total trade and other receivables	6,524	16,389

	31 March 2023 £'000	31 March 2022 £'000
Other payables	271	273
Due to NPIII LP	-	896
Preference dividends payable	2,342	2,342
Due to HoldCos	-	8,274
Total trade and other payables	2,613	11,785

Ordinary shares issuance	31 March 2023 Shares	31 March 2022 Shares
Opening balance	589,077,244	586,987,678
Scrip shares issued during the year	1,176,937	2,089,566
Total issued at 31 March	590,254,181	589,077,244

Issued ordinary shares - share capital and premium	31 March 2023 £'000	31 March 2022 £'000
Opening balance	608,037	605,938
Value of scrip shares issued during the year	1,411	2,099
Total issued at 31 March	609,448	608,037

	31 March 2023	31 March 2022
Profit and comprehensive income for the year (£'000)	48,316	127,550
Basic weighted average number of issued ordinary shares	589,518,997	588,014,946
Earnings per share basic	8.20p	21.69p

	31 March 2023 £'000	31 March 2023 Pence per share	31 March 2022 £'000	31 March 2022 Pence per share
Quarter 1	10,550	1.7900	10,346	1.7625
Quarter 2	11,080	1.8800	10,527	1.7900
Quarter 3	11,086	1.8800	10,529	1.7900
Quarter 4	11,091	1.8800	10,538	1.7900
Total	43,807	7.4300	41,940	7.1325

	31 March 2023	31 March 2022
Ordinary shareholders' equity (£'000)	674,420	668,500
Number of issued ordinary shares	590,254,181	589,077,244
Net assets per ordinary share	114.3p	113.5p

	31 March 2023 £'000	31 March 2022 £'000
Brought forward cost of investments	809,531	815,494
Investment proceeds from HoldCos	(71,584)	(82,443)
Investment payments to HoldCos	84,977	58,370
Investment proceeds from NPIII LP	-	(10,502)
Investments in NPIII LP	11,812	28,612
Carried forward cost of investments	834,736	809,531
Brought forward unrealised losses on valuation	32,815	(45,850)
Movement in unrealised gains on valuation	21,981	95,004
Movement in unrealised losses on valuation	(35,180)	(16,339)
Carried forward unrealised gains on valuation	19,616	32,815
Total investments at fair value	854,352	842,346

Name	Country of incorporation	Name	Country of incorporation
NextEnergy Solar Holdings Limited	UK
BL Solar 2 Limited	UK	North Farm Solar Park Limited	UK
Bowerhouse Solar Limited	UK	Push Energy (Birch) Limited	UK
Ellough Solar 2 Limited	UK	Push Energy (Boxted Airfield) Limited	UK
Glebe Farm SPV Limited	UK	Push Energy (Croydon) Limited	UK
Glorious Energy Limited	UK	Push Energy (Decoy) Limited	UK
Greenfields (A) Limited	UK	Push Energy (Hall Farm) Limited	UK
NESF-Ellough Limited	UK	Push Energy (Langenhoe) Limited	UK
Nextpower Ellough LLP	UK	SSB Condover Limited (Condover)	UK
Nextpower Gover Farm Limited	UK	ST Solarinvest Devon 1 Limited	UK
Nextpower Higher Hatherleigh	UK	Sunglow Power Limited	UK
Nextpower Shacks Barn Limited	UK	Wellingborough Solar Limited	UK
NextEnergy Solar Holdings III Limited	UK
Balhearty Solar Limited	UK	Lapwing Fen II Limited	UK
Ballygarvey Solar Limited	UK	Burcroft Solar Parks Limited UK	UK
Birch Solar Farm CIC	UK	Burrowton Farm Solar Park Limited	UK
Blenches Mill Farm Solar Park Limited	UK	Camilla Battery Storage Limited	UK
Brafield Solar Limited	UK	Chilton Cantello Solar Park Limited	UK
Greenfields (T) Limited	UK	Crossways Solar Park Limited	UK
Helios Solar 1 Limited	UK	Empyreal Energy Limited	UK
Helios Solar 2 Limited	UK	Fiskerton Limited	UK
Hook Valley Farm Solar Park Limited	UK	NextZest Limited	UK
Knockworthy Solar Park Limited	UK
Lark Energy Bilsthorpe Limited	UK	Pierces Solar Limited	UK
Le Solar 51 Limited	UK	Raglington Farm Solar Park Limited	UK
Little Irchester Solar Limited	UK	RRAM Energy Limited	UK
Little Staughton Airfield Solar Limited	UK	Saundercroft Farm Solar Park Limited	UK
Micro Renewables Domestic Limited	UK	SL Solar Services Limited	UK
Micro Renewables Limited	UK	Sywell Solar Limited	UK
NESH 3 Portfolio A Limited	UK	Tau Solar Limited	UK
Nextpower Bosworth Limited	UK	Temple Normanton Solar Limited	UK
Nextpower Eelpower Limited	UK	NextPower Grange Limited	UK
NextPower High Garrett Limited	UK	Thornborough Solar Limited	UK
Nextpower Hops Energy	UK	NextPower South Lowfield Limited	UK
Nextpower SPV 4 Limited	UK	Thurlestone-Leicester Solar Limited	UK
Nextpower SPV 6 Limited	UK	UK Solar (Fiskerton) LLP	UK
Nextpower SPV 10 Limited	UK	Wheb European Solar (UK) 2 Limited	UK
Nextpower Water Projects Limited	UK	Wheb European Solar (UK) 3 Limited	UK
Nextpower Eelpower (2) Limited	UK	Whitley Solar Park (Ashcott Farm) Limited	UK
Wyld Meadow Farm	UK	Wickfield Solar Limited	UK
ESF Llwyndu Limited	UK	NextEnergy Solar Holdings II Limited	UK
NextEnergy Solar Holdings VI Limited	UK	Trowbridge PV Limited	UK
Green End Renewables Limited	UK	Bowden Lane Solar Park Limited	UK
Fenland Renewables Limited	UK	Green End Renewables Limited	UK
		Tower Hill Farm Renewables Limited	UK
NextEnergy Solar Holdings IV Limited	UK
Berwick Solar Park Limited	UK	Emberton Solar Park Limited	UK
Bottom Plain Solar Park Limited	UK	Great Wilbraham Solar Park Limited	UK
Branston Solar Park Limited	UK	Nextpower Radius Limited	UK
NextEnergy Solar Holdings V Limited	UK
Agrosei S.r.l	Italy	Starquattro S.r.l	Italy
Fotostar 6 S.r.l	Italy	SunEdison Med. 6 S.r.l	Italy
Macchia Rotonda Solar S.r.l	Italy	Agenor Hive S.L. *	Spain
NextPower III LP Co-Invest LP**	Portugal

Discount rate sensitivity	+0.5% change	Investments	-0.5% change
31 March 2023
Directors' valuation	(£18.8m)	£707.5m	£20.0m
Directors' valuation - percentage movement	(2.7%)		2.8%
Change in NAV per ordinary share	(3.2p)		3.4p
31 March 2022
Directors' valuation	(£20.1m)	£699.6m	£21.6m
Directors' valuation - percentage movement	(2.9%)		3.1%
Change in NAV per ordinary share	(3.4p)		3.7p

Power price sensitivity	-10% change	Investments	+10% change
31 March 2023
Directors' valuation	(£52.5m)	£707.5m	£50.9m
Directors' valuation - percentage movement	(7.4%)		7.2%
Change in NAV per ordinary share	(8.9p)		8.6p
31 March 2022
Directors' valuation	(£48.9m)	£699.6m	£46.5m
Directors' valuation - percentage movement	(7.0%)		6.6%
Change in NAV per ordinary share	(8.3p)		7.9p

Energy generation sensitivity	-5% underperformance	Investments	+5% outperformance
31 March 2023
Directors' valuation	(£43.9m)	£707.5m	£43.1m
Directors' valuation - percentage movement	(6.2%)		6.1%
Change in NAV per ordinary share	(7.4p)		7.3p
31 March 2022
Directors' valuation	(£46.2m)	£699.6m	£43.9m
Directors' valuation - percentage movement	(6.6%)		6.3%
Change in NAV per ordinary share	(7.8p)		7.5p

Inflation rate sensitivity	-1.0% change	Investments	+1.0% change
31 March 2023
Directors' valuation	(£45.8m)	£707.5m	£51.3m
Directors' valuation - percentage movement	(6.5%)		7.3%
Change in NAV per ordinary share	(7.8p)		8.7p
31 March 2022	-3.0% change	Investments	+3.0% change
Directors' valuation	(£132.9m)	£699.6m	£191.1m
Directors' valuation - percentage movement	(19.0%)		27.3%
Change in NAV per ordinary share	(22.6p)		32.4p

Operating costs sensitivity	+5% change	Investments	-5% change
31 March 2023
Directors' valuation	(£6.4m)	£707.5m	£6.5m
Directors' valuation - percentage movement	(0.9%)		0.9%
Change in NAV per ordinary share	(1.1p)		1.1p
31 March 2022
Directors' valuation	(£6.5m)	£699.6m	£6.5m
Directors' valuation - percentage movement	(0.9%)		0.9%
Change in NAV per ordinary share	(1.1p)		1.1p

	31 March 2023 £'000	31 March 2022 £'000
Cash and cash equivalents	14,354	19,608
Trade and other receivables	6,524	16,389
Debt investments	306,554	306,554
Total	327,432	342,551

	Credit rating Standard & Poor's	Cash £'000
31 March 2023
Barclays Bank PLC	Long - A+ Short - A-1	14,354
31 March 2022
Barclays Bank PLC	Long - A Short - A/A-1	19,608

	Carrying amount £'000	Up to 3 months £'000	3 to 12 months £'000	Greater than 12 months £'000
31 March 2023
Assets
Cash and cash equivalents	14,354	14,354	-	-
Trade and other receivables	6,524	6,524	-	-
Liabilities
Contractual preference shares repayment and dividends payable¹	(198,197)	(2,342)	(7,158)	(323,500)
Trade and other payables	(2,613)	(2,613)	-	-
31 March 2022
Assets
Cash and cash equivalents	19,608	19,608	-	-
Trade and other receivables	16,389	16,389	-	-
Liabilities
Contractual preference shares repayment and dividends payable¹	(200,400)	(2,342)	(7,132)	(333,000)
Trade and other payables	(9,443)	(9,443)	-	-

	Opening £'000	Amortisation £'000	Carrying Amount £'000
31 March 2023
Preference shares	198,058	139	198,197
31 March 2022
Preference shares	197,919	139	198,058

	Opening £'000	Cash Flows £'000	Net Income Allocation £'000	Non-cash Flows £'000	Carrying Amount £'000
31 March 2023
Preference shares	198,058	(9,500)	9,500	139	198,197
31 March 2022
Preference shares	197,919	(9,500)	9,500	139	198,058