Powering ambition
£1.8bn
Assets under management
2023: £1.4bn
Our vision is to be the first choice for our investors,
investees and employees.
We are trusted to deliver for all of our stakeholders. Fuelling UK
business ambitions and forging long-term partnerships, we provide
venture capital, debt and private equity investment ranging from
£100,000 to £20million, to accelerate growth and impact.
Strategic report
1
Highlights
2
Non-executive Chair’s statement
6
s172 compliance
8
Chief Executive Officer’s review
10
Strategy
12
Strategy in action
14
Sustainability and corporate
governance
16
People and talent
18
Impact investment
20
Chief Investment Officer’s review
28
Chief Financial Officer’s review
33
Principal risks and uncertainties
Governance
42
Board of Directors
44
Directors’ report
46
Statement of Directors’
responsibilities
47
Corporate governance report
53
Remuneration report
Financial statements
59
Independent auditor’s report
67
Consolidated statement of
comprehensive income
68
Consolidated statement of
financial position
69
Consolidated statement of
cash flows
70
Consolidated statement of changes
in equity
71
Notes to the consolidated financial
statements
95
Company balance sheet
96
Company statement of changes
in equity
97
Notes to the Company financial
statements
Other information
103 Directors, secretary and advisers
104 Notice of Annual General Meeting