Octopus Future Generations VCT plcWe were pleased to raise £8.6 million in our previous fundraise which closed on 31 October 2023. We have since launched a new offer to raise up to £15.0 million with an over-allotment facility of up to £5.0 million. The offer will close for new applications on 27 January 2025, or earlier if fully subscribed.I am pleased to report that the Company has met the 30% Investment Rule for the funds raised to June 2023 ahead of the deadline, which was 30 June 2024. Additionally, we have achieved ahead of deadline the requirement for 80% of the Company’s funds to be invested in qualifying holdings by 1 July 2024 (for funds raised up to 30 June 2022).The Board continues to review the risk environment in which the Company operates. We were pleased in the November Autumn Statement that the chancellor announced that the VCT sunset clause will be extended, meaning VCT relief will be available to subscribers for shares issued before April 2035, rather than April 2025. At this time, there have been no significant changes to the key risks which were described in the Annual Report for the year ended 30 June 2023. The Board does not anticipate significant changes to these risks in the year ahead.In 2023, the Board reviewed and approved a proposal to move the Company’s year end from 30 June to 31 December. This change is mainly being driven by operational efficiency gains that can be achieved by aligning year-end periods with other funds with which the Company co-invests. As a result, shareholders will receive a half-yearly report for periods ending 31 December 2023 and 30 June 2024, followed by an annual report for 31 December 2024 covering an extended 18-month period. After this, the normal cadence of reporting will resume.Emma Davies has announced her retirement from the Board of Directors. It has been a pleasure to work with Emma, and I would like to take this opportunity to thank her on behalf of the Board and shareholders for her valuable contribution since the Company launched. Having completed a structured recruitment process, I am pleased to announce the appointment of Ajay Chowdhury as an independent Non-Executive Director. Ajay is a serial entrepreneur, venture capitalist and author, and is currently a senior partner at the Boston Consulting Group. We look forward to benefitting from his wealth of experience in the early-stage venture ecosystem.The Company is at the beginning of its investment journey. The nature of investing into early-stage companies means that the value of our portfolio will take time to grow. We also expect that some of the investments made by the Company fail. Until the Company is fully invested, there is a greater concentration of value in fewer companies, so performance will be more sensitive to valuation movements in the underlying holdings than if the portfolio was larger. Higher interest rates also continue to dampen business and consumer confidence and these conditions are particularly challenging for early-stage companies to navigate and do not look set to ease in the short to mid-term.Chair
28 March 2024Below is a breakdown of the 30 investments held as at 31 December 2023, showing the proportion and value of the portfolio in each investment theme:Revitalising healthcare: 53%
Empowering people: 27%
Building a sustainable planet: 20%Revitalising healthcare: £16.0m
Empowering people: £7.5m
Building a sustainable planet: £3.2mThe Company completed six new investments in the reporting period (comprising a total of £2.0 million) and three further investments after 31 December 2023 totalling £2.8 million of investment. More information on three of these businesses can be found below:CellVoyantAn artificial intelligence (AI) first biotechnology company creating novel stem cell-based therapies for chronic diseases. Its technology uses AI-first live cell imaging to predict and optimise stem cell differentiation, to controllably manufacture any cell and tissue in the body at scale. It is working at the exciting intersection of cell biology, computer vision, engineering, and machine learning to industrialise next-generation science from research into the real world.MetrisA platform that allows landlords of multi-unit buildings to monetise modular renewable energy projects through a single billing platform to charge tenants. Its innovative technology and guidance makes navigating the path to solar energy quick and easy allowing commercial property owners to play a part in securing a greener, more prosperous future for their portfolio and the planet.AwellAutomates routine clinical tasks, synchronising data between systems and driving seamless coordination between care teams and patients. Despite significant technological advances, healthcare delivery remains sub-optimal and Awell wants to change this to give care teams more time for the human aspects of care.31 December 2023As part of our strategy, we require portfolio companies to put in place a Diversity and Inclusion policy (D&I) and an Anti-Harassment policy. We also engage with each company to help them understand their greenhouse gas emissions and support them to take action to minimise them.Policy in place: 30
In progress: 0Signed up: 19
Introduced: 9
In progress: 2We continue to grow the portfolio with a further six investments completing in the six-month reporting period and an additional three to 28 March 2024. These investments span the Company’s three investment themes, with each of the founding teams looking to solve a different issue they have identified. These problems range from looking to redefine how the brain is measured and treated, to building a platform to allow landlords to monetise renewable energy projects. Looking ahead at the pipeline of new investments, we are excited to see this diversity of opportunity continues, with each sharing the goal of trying to transform the world for the better, addressing fundamental issues in our society and planet.  Chair
28 March 2024 
  investmentsChair
Company Number: 13750143Statement of changes in equity£’000£’000£’000£’000£’000£’000£’000£’000£’000£’000£’000£’000£’000£’000£’000£’000£’000£’00031 December 2022totoProceed from share issues1,95715,1798,429The unaudited half-yearly results which cover the six months to 31 December 2023 have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (January 2022) and the Statement of Recommended Practice (SORP) for Investment Companies re-issued by the Association of Investment Companies in July 2022.The unaudited half-yearly report for the six months ended 31 December 2023 does not constitute Statutory Accounts within the meaning of s.415 of the Companies Act 2006 and has not been delivered to the Registrar of Companies. The comparative figures for the year ended 30 June 2023 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor’s report on those financial statements, in accordance with Chapter 3, Part 16 of the Companies Act 2006, was unqualified. This half-yearly report has not been reviewed by the Company’s auditor.The loss per share is based on 48,725,532 Ordinary shares (31 December 2022: 37,304,813, 30 June 2023: 40,987,788) being the weighted average number of shares in issue during the period. There are no potentially dilutive capital instruments in issue and so no diluted returns per share figures are relevant. The basic and diluted earnings per share are therefore identical.During the six months to 31 December 2023, 2,027,485 shares were issued at a weighted average price of 97.3p per share (period ended 31 December 2022: 8,557,932 shares at a weighted average price of 99.1p, 30 June 2023: 15,569,159 shares at a weighted average price of 98.6p per share).Future Generations VCT is classified as a full-scope Alternative Investment Fund (AIF) under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). Future Generations VCT has appointed Octopus AIF Management Limited to provide the services of an Alternative Investment Fund Manager (AIFM) of a full scope AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management Limited has delegated portfolio management to Octopus Investments Limited, whilst retaining the obligations of a risk manager.Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Future Generations VCT’s portfolio companies, but they have no controlling interests in those companies.The following table shows the percentage voting rights held by Future Generations VCT in each of the top ten investments, on a fully diluted basis.  
                                                        % voting rights held byFuture Generations VCTThe following events occurred between the balance sheet date and the signing of this half-yearly report:The unaudited half-yearly report for the six months ended 31 December 2023 will shortly be available to view at https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/
A copy of the half-yearly report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanismOctopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067
(GlobeNewsWire)