Top 10 Investments

The top ten investments by current value at 30 September 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 NEXUS VEHICLE HOLDINGS LIMITED Leeds
Vehicle Rental

Baronsmead VCT

Cost: £2,374,000
Valuation: £5,639,000
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 & 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

2 NETCALL PLC Hemel Hempstead 
Customer engagament solutions

Baronsmead VCT

Cost: £869,000
Valuation: £3,021,000
Valuation basis: Bid Price
% of equity held: 3.62%

Year ended 30 September2014
2013

£ million£ million
Sales16.916.1
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 solution 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, business process management, workforce optimisation and enterprise content management.


www.netcall.com

3 STAFFLINE GROUP PLC Nottingham
Labour outsourcing

Baronsmead VCT

Cost: £87,000
Valuation: £2,986,000
Valuation basis: Last Traded Price
% of equity held: 1.20%

Year ended 31 December2013
2012

£ million£ million
Sales416.0367.0
EBITA12.811.1
Net Assets113.4100.0



No. of Employees807693

(Source: Staffline Recruitment Limited, Annual Report 31 December 2013)

Staffline are a specialist blue-collar labour supplier. Instead of serving clients from its branches, Staffline operates from client premises, providing a full on-site outsourcing service. This approach transformed the business from a regional temporary staff provider into a national innovative business.

By the time of Staffline’s flotation on AiM in 2004, its Onsite business was operating in 35 locations and in 2010, after the completion of 3 acquisitions sales were increased by 79 per cent. with pre-tax profits up 100 per cent.

http://www.staffline.co.uk

4 CREW CLOTHING HOLDINGS LIMITED London
Multi-channel clothing retailer

Baronsmead VCT

Cost: £1,454,000
Valuation: £2,445,000
Valuation basis: Earnings Multiple
% of equity held: 6.08%

Year ended 28 October2013
2012

£ million£ million
Sales52.748.5
EBITA1.33.5
Net Assets6.06.0



No. of Employees381363

(Source: Crew Clothing Holdings Limited, Report & 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 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

5 ACCUMULI PLC Salford
Managed IT network security

Baronsmead VCT

Cost: £506,000
Valuation: £1,678,000
Valuation basis: Bid Price
% of equity held: 4.20%

Year ended 31 March2014
2013

£ million£ million
Sales16.614.1
EBITA2.62.0
Net Assets15.114.6



No. of Employees7355

(Source: Accumuli plc, Annual Report and Accounts 2013)

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 businesses 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

6 INDEPENDENT COMMUNITY CARE MANAGEMENT Kettering
Care management company

Baronsmead VCT

Cost: £1,358,000
Valuation: £1,554,000
Valuation basis: Earnings Multiple
% 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 conditions such as multiple sclerosis, motor neurone disease and cerebal palsy.

www.iccmcares.co.uk

7 CREATE HEALTH LIMITED London
Fertility clinic

Baronsmead VCT

Cost: £1,065,000
Valuation: £1,520,000
Valuation basis: Earnings Multiple
% of equity held: 5.74%

Year ended 31 March2013
2012

£ million£ million
Sales4.23.5
EBITA1.31.2
Net Assets2.31.7



No. of Employees##

(Source: Create Health Ltd Abbreviated Accounts 31 March 2013) # Number 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

8 TASTY PLC London
Restaurant operator

Baronsmead VCT

Cost: £594,000
Valuation: £1,474,,000
Valuation basis: Bid Price
% of equity held: 2.53%

Year ended 29 December2013
2012

£ million£ million
Sales23.219.3
EBITA1.91.6
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, ethic and relaxed feel, trading from six units It is primarily more London focused, positioned in high footfall areas.

With both brands established and the group having achieved critical mass, Tasty is now self-funding for its continued rool-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 JELF GROUP PLC Bristol
Insurance, employee benefits, financial planning

Baronsmead VCT

Cost: £692,000
Valuation: £1,436,000
Valuation basis: Bid Price
% of equity held: 1.30%

Year ended 30 September2013
2012

£ million£ million
Sales76.273.0
EBITA11.510.4
Net Assets99.496.5



No. of Employees941961

(Source: Jelf Group Plc Annual Report and Accounts for the Year End 30 September 2013)

Jelf is a leading consultancy providing expert advice on insurance, employee benefits, healthcare and financial planning for businesses and individuals. Jelf has more than 30 offices across England, Wales and Scotland and is a full service intermediary with national reach.

Jelf works side-by-side with their clients to understand their business needs and individual circumstances. From this position they can recommend bespoke solutions from their broad range of products and services that mitigate risk and add value. In 2014 Jelf retained its '3 Star' Investor in Customers rating for excellence in client service and was awarded the title of 'Insurance Broker of the Year' by publishers Insurance Age, alongside a number of other independent industry awards.

www.jelfgroup.com

10 TLA WORLDWIDE PLC London
Sports Management and Marketing Agency

Baronsmead VCT

Cost: £734,000
Valuation: £1,382,000
Valuation basis: Bid Price
% of equity held: 2.97%

Year ended 31 December2013
2012

£ million£ million
Sales11.39.3
EBITA4.44.1
Net Assets21.321.4



No. of Employees5151

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

TLA Worldwise plc acts as a sports management and marketing agency concentrating it on-field practice on the US baseball market. The company reports its business activities in two areas: Baseball representation and Sports marketing.

Baseball representation: mainly assists the on field activities of baseball players, including all aspects of a player's contract negotiation. Sports marketing: mainly assists the off-field activities of athletes. In addition it represents broadcasters and coaches in respect of their contract negotiations.

www.tlaww-plc.com

This website is maintained by Livingbridge VC LLP, which is the manager of the Baronsmead VCTs. It is a financial promotion which has been made and approved for the purposes of section 21 Financial Services and Markets Act 2000 by Livingbridge VC LLP