Top 10 Investments

The top ten investments by current value at 31 December 2014 illustrate the diversity and size of investee companies within the portfolio.

This financial information is taken from publicly available information, which has been audited by the auditors of the investee companies.

1 NETCALL PLC Hertfordshire
Providers of customer engagement solutions

Baronsmead VCT 4

Cost: £868,000
Valuation: £3,318,000
Valuation basis: Bid Price
% of equity held: 3.61%

Year ended 30 June2014
2013

£ million£ million
Sales16.116.1
EBITA4.93.9
Net Assets20.216.9



No. of Employees146141

(Source: Netcall plc, Annual report and Accounts 30 June 2014)

Netcall is one of the UK's leading providers of customer engagement solutions. They support organisations to deliver outstanding customer service and achieve a realistic return on their investment. Some of the challenges their solutions can help overcome include customer contact across multiple channels, resource utilisation, improving customer satisfaction ratings, process automation, unifying communications effectively and maximising available budget.

Currently over 750 organisations in the Public, Private and Healthcare markets use one or more of the Netcall solutions which include contact management, buiness process management, workforce optimisation and enterprise content management.

www.netcall.com/

2 NEXUS VEHICLE HOLDINGS LIMITED Leeds
Vehicle Rental Supplier

Baronsmead VCT 4

Cost: £245,000
Valuation: £2,502,000
Valuation basis: Earnings Multiple
% of equity held: 13.67%

Year ended 30 September2013
2012

£ million£ million
Sales41.336.5
EBITA2.63.3
Net Assets1.51.8



No. of Employees130113

(Source: Nexus Vehicle Holdings Limited, Report and Financial Statements 30 September 2013)

Nexus enables corporate users to source all their vehicle rental needs from one source - a highly efficient and cost effective online based process. The service is provided using its proprietary system, IRIS, an advanced web based IT tool that is highly regarded in the industry. It offers fast access to a large range of rental fleets and enables customers to benefit from the buying scale of Nexus.

Vehicle rental in the UK represents a large market and Nexus is gaining market share through its innovative approach. Two acquisitions have also added to its growth.

www.nexusrental.co.uk

3 CREW CLOTHING HOLDINGS LIMITED London
Multi-channel clothing retailer

Baronsmead VCT 4

Cost: £1,454,000
Valuation: £2,464,000
Valuation basis: Earnings Multiple
% of equity held: 6.08%

Year ended 28 October2013
2012

£ million£ million
Revenue52.748.5
EBITA1.33.5
Net Assets6.06.0



No. of Employees381363

(Source: Crew Clothing Holdings Limited, Report and Financial Statements 28 October 2013)

Crew Clothing Co. is an English clothing brand with a wide range of active, outdoor and casual wear for men and women. Since it was founded in 1993, the brand has since evolved into the fast growing premium active and casual wear sectors, but retained its unique heritage and positioning. Today it is a well known, respected and aspirational clothing brand in the UK.

The business is a multi-channel retailer with its own significant retail estate, wholesale accounts and direct mail order channels. It is growing by expanding all these routes to market as the brand grows in presence.

www.crewclothing.co.uk

4 ACCUMULI PLC Salford
Independent IT Security specialist

Baronsmead VCT 4

Cost: £505,000
Valuation: £1,829,000
Valuation basis: Bid Price
% of equity held: 4.20%

Year ended 31 March2014
2013

£ million£ million
Revenue16.614.1
EBITA2.62.0
Net Assets15.114.6



No. of Employees7355

(Source: Accumuli plc, Annual Report and Accounts 2014)

Accumuli is a leading, rapidly growing, UK-based independent specialist in IT Security. Accumuli specialises in value-added solutions and services to help organisations secure their business against the ever-increasing threat landscape.

Accumuli’s solutions and services secure IT infrastructure, remove complexity of security management, provide real time security intelligence and reduce total cost of implementation and on-going management.

Accumuli achieves this through a combination of Technology, Professional and Managed Services, underpinned by its highly experienced, highly skilled employees.

www.accumuli.com

5 IDOX PLC London
Local Authority IT Provider

Baronsmead VCT 4

Cost: £614,000
Valuation: £2,530,000
Valuation basis: Last Traded Price
% of equity held: 1.8%

Year ended 31 October2014
2013

£ million£ million
Sales60.757.3
EBITA15.614.3
Net Assets48.644.7



No. of Employees554558

(Source: IDOX Plc, Annual Report and Accounts 31 October 2014)  

IDOX group is a leading software and information management solutions provider, providing local authorities with software and managed services. These deliver seamless integration and automation from consumer websites through to document storage. In the private sector, its engineering information management software combines McLaren and CTSpace, who are leaders in their markets.

The Baronsmead VCTs first invested in IDOX in 2002, approximately two years after the company floated on AIM.  Over the last decade IDOX has shown strong growth through a combination of organic growth and acquisition, and is now seeking to diversify from its core local authority markets into the private sector to become a leading player in industries like oil, gas and pharmaceuticals.

www.idoxgroup.com

6 CREATE HEALTH Ltd London
Renowned Fertility Clinic

Baronsmead VCT 4

Cost: £1,065,000
Valuation: £1,775,000
Valuation basis: Earnings Multiple
% of equity held: 5.74%

Year ended 31 March2014
2013

£ million£ million
Sales4.94.2
EBITA##
Net Assets3.32.3



No. of Employees58#

(Source: Create Health Ltd Abbreviated Accounts 31 March 2014)

# Not disclosed

Create Health is a renowned fertility clinic specialising in Natural and Mild In Vitro Fertilisation (IVF) and In Vitro Maturation (IVM). Natural and Mild IVF uses lower levels of drugs making it cheaper, safer and healthier for the mother and baby.

Its leading edge fertility service has an international reputation through its research and development of advanced ultrasound techniques, IVM and the one stop fertility MOT. The investment will enable the business to expand nationally and internationally, making this type of choice available to more women.

www.createhealth.org/

7 LUXURY FOR LESS Warwickshire
Online bathroom products retailer

Baronsmead VCT 4

Cost: £955,000
Valuation: £1,621,000
Valuation basis: Earnings Multiple
% of equity held: 3.96%

Year ended 31 December2013
2013 (March)

£ million£ million
Sales9.6#
EBITA(1.1)#
Net Assets9.4#



No. of Employees95#

(Source: Annual Report and Financial Statement 31 December 2013)

Luxury for Less is an online bathroom products retailer. The company designs and sources its own product, supplying direct to consumers, predominantly via its website www.bathempire.com.

The company is constantly evolving its product sourcing capability as a foundation on which to establish the key brand anchors - aspirational product quality at affordable prices, trusted by tradesmen (through ease of installation). This, coupled with best in class online customer engagement and experience, will ensure the company takes advantage of the continuing channel shift to online in the sector.

www.bathempire.com/

9 month accounting period 31 March 2013 – 31 December 2013

# No comparable information available

8 TASTY PLC London
Branded Restaurant Operator

Baronsmead VCT 4

Cost: £595,000
Valuation: £1,500,000
Valuation basis: Bid Price
% of equity held: 2.53%

Year ended 29 December2013
2012

£ million£ million
Sales23.219.3
EBITA1.61.6
Net Assets17.412.3



No. of Employees506453

(Source: Tasty Plc, Report and Financial Statements 29 December 2013)

Tasty plc is a branded restaurant operator in the UK casual dining market. Tasty's two core trading brands are Dim T and Wildwood Restaurants. Wildwood serves pizza, pasta and grills and offers customers a warm, homely and rustic feel. It is the core growth brand with 17 units around the M25 and South East of England. Dim T serves pan Asian food with Dim Sum and offers customers a modern, ethinic and relaxed feel, trading from six units. It is primarily more London focused, positioned in high footfall areas. With both brands now established and the group having achieved critical mass Tasty is now self-funding for its continued roll-out strategy. Tasty's highly regarded management team have prior experience of opening over 20 restaurants a year and have critical knowledge of the UK property market, which underpin this strategy.

www.dimt.co.uk

9 PHO HOLDINGS LTD London
Vietnamese fast casual restaurant chain

Baronsmead VCT 4

Cost: £991,000
Valuation: £1,375,000
Valuation basis: Bid Price
% of equity held: 5.54%

Year ended 23 February2014
2013

£ million£ million
Sales9.78.2
EBITA0.40.6
Net Assets1.61.5



No. of Employees205154

(Source: Directors’ Report and Financial Statements 23 February 2014)

Pho is a fast casual restaurant chain serving Vietnamese food. Pho – a noodle soup – is the national dish of Vietnam. Pho also offer an array of Vietnamese dishes, coffees, beers and fresh juices.

Pho was founded in 2005 and now operates from 13 sites in an array of channels: London High St sites (e.g. Soho, Clerkenwell); regional sites (e.g. Brighton, Leeds); and food courts in malls (e.g. Westfield).

www.phocafe.co.uk

10 INDEPENDENT COMMUNITY CARE MANAGEMENT LIMITED Kettering
Care Management Company

Baronsmead VCT 4

Cost: £1,358,000
Valuation: £1,344,000
Valuation basis: Bid Price
% of equity held: 13.86%

Year ended 31 March2014
2013

£ million£ million
Sales9.88.4
EBITA0.30.2
Net Assets0.80.5



No. of Employees441390

(Source: ICCM Ltd, Directors' Report and Financial Statements 31 March 2014)

Based in Kettering, ICCM supports adults and children with a range of conditions, including spinal chord injuries, acquired brain injuries and other degenerative disabilities such as multiple sclerosis, motor neurone disease and cerebral palsy.

By building a nurse-led package to suit individual needs, ICCM gives clients freedom to live independent lives in the community.

The investment will ensure that ICCM can continue its excellent reputation in the East Midlands, whilst also building on existing relationships in other geographies. As part of the transaction, ICCM also acquired Excel at Care to ensure that industry leading training continues to be delivered to carers.

www.iccmcares.co.uk