Category: Great Britain

MIL-OSI United Kingdom: Greens lodge plans for tenants to withhold rent if landlords don’t carry out repairs

Source: Scottish Greens

29 Apr 2025 Housing

Homes are for living in, not for profiteering.

More in Housing

Scottish Green MSP Ariane Burgess has lodged proposals that would allow renters to withhold rent payments if landlords do not promptly carry out serious repairs to their property.

Ms Burgess’ proposed amendment to the Housing (Scotland) Bill would see renters able to withhold payment of rent if landlords do not carry out the repairs within 30 days of being notified about the issues.

This would ensure major concerns such as damp, mould, broken floorings and heating and hot water systems are repaired promptly, so that private housing stock is maintained to a safe standard for living in.

The amendment would also make the tribunal process more evenly shared, as landlords who act in bad faith would have to prove they have done enough to resolve the issue to unlock the withheld rent.

Ms Burgess said:

“My proposals will make it easier for renters to stand up to rogue landlords and to get vital repairs done quickly.

“At the moment, renters can do little except threaten to take their landlords to tribunals, which can be time consuming and stressful, and the burden of the tribunal falls on the renter.

“My amendment, which is backed by Living Rent, would allow tenants to withhold rent if their landlord hasn’t fixed serious issues within a timeframe of 30 days of being notified about them.

“Renters should expect their homes to be maintained to the same standard as any other. But in some cases, there are landlords who simply feel it is okay to take rent and let their properties fester with damp, mould and serious problems that significantly impact health and wellbeing.

“While not all landlords let this happen, and many will be encouraged to keep up the good work, there are some bad faith actors who fail to maintain their properties. For those who rent these properties, it can be a miserable experience. People in this situation need more support and the power to make sure major repairs happen.”

MIL OSI United Kingdom –

April 29, 2025
MIL-OSI United Kingdom: Greens in tax bid to tackle holiday home crisis in National Parks

Source: Scottish Greens

29 Apr 2025 Finance

National Parks are iconic spaces that should be protected.

More in Finance

The Scottish Greens are lodging plans to tackle the housing crisis in our National Parks and protect the communities who live there by increasing the tax due when buying a holiday home within park boundaries.

At present, someone buying a second or holiday home anywhere in Scotland must pay a tax known as the Additional Dwelling Supplement.

These new proposals, to be lodged by Ross Greer MSP as an amendment to the upcoming Housing Bill, would create a further charge on top of this within National Parks, in recognition of the housing crisis in these communities being caused by so many properties becoming holiday homes.

The change would build on successful changes already made by the Scottish Greens, namely doubling the Additional Dwelling Supplement from 4% to 8% since 2021. This will raise more than a quarter of a billion pounds in the current financial year.

The Greens preferred policy would be for the Additional Dwelling Supplement to be doubled again in National Parks, though this would be for MSPs to agree on an annual basis.

The latest data shows there are 2455 second homes in Loch Lomond and the Trossachs National Park, which is around 5% of all homes. This is more than five times the national average of 0.9%.

The problem is far worse within the Cairngorms National Park, where around 12% of all houses are second homes, reaching 20% in some communities, meaning one in five homes are empty for most of the year.

The Greens are confident that their amendment would raise more funds for public services and free up more homes for people to live in by reducing the number bought to be used as holiday homes.

Research from 2022 shows that 75% of National Park households cannot afford average house prices.

Ross Greer said:

“Our National Parks are iconic and beautiful places, but the families who actually live there are being pushed out by second home owners.

“Young people in particular are too often forced to leave the communities they grew up in after being outbid by those wealthy enough to buy a second property.

“Too many properties are also used as cash cows for short-term lets while local people are priced out and businesses find it impossible to recruit staff because there is nowhere for them to live.

“The changes already delivered by Green MSPs have reduced the number of second and holiday homes bought each year, freeing up more properties for people who need a home to live in. Now we can build on this success and ensure that the communities within our National Parks are more than just holiday parks.”

MIL OSI United Kingdom –

April 29, 2025
MIL-OSI Australia: 134-2025: Scheduled Outage: Friday 02 May 2025 – AAMP

Source: New South Wales Government 2

29 April 2025

Who does this notice affect?

Approved arrangements operators who will be required to view and/or update details of their Approved Arrangement via the Approved Arrangement Management Product (AAMP).

Information

Due to scheduled system maintenance, AAMP will be unavailable between 20:00 to 23:30 Friday 02 May 2025 (AEST).

Action

Clients are advised to await the completion of this maintenance period before attempting to access this service…

MIL OSI News –

April 29, 2025
MIL-OSI Europe: Piero Cipollone: Navigating a fractured horizon: risks and policy options in a fragmenting world

Source: European Central Bank

Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund

Frankfurt am Main, 29 April 2025

I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).^[1]

Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.

This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.

First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.

The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.^[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.

Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.

The emerging reality of fragmentation

Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.^[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.

Fragmentation of the real economy

Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.^[4]

The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.^[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area^[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.^[7]

However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.^[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.

The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.^[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.^[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.

Financial fragmentation

The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.

In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.^[11]

But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.^[12]

The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role^[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.^[14]

Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.^[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.^[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.

Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.^[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.

The looming consequences of fragmentation

Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.

Medium-term impacts

The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26^[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.^[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.

Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.^[20]

The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.^[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.^[22]

The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.

In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.

Long-term structural changes

The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.

The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.^[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.^[24]

However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.

But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,^[25] which had played a key role in worsening and prolonging the Great Depression^[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.^[27]

The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.^[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.^[29]

Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.

The central bank’s role in a fragmented world

So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.

First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.

Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.^[30]

Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap^[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.^[32]

And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.^[33]

In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.^[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies^[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.

Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.^[36]

Conclusion

Let me conclude.

As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.

Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.

Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.

MIL OSI Europe News –

April 29, 2025
MIL-OSI Australia: Death following St Leonards crash on 17 April

Source: New South Wales Community and Justice

Death following St Leonards crash on 17 April

Tuesday, 29 April 2025 – 4:30 pm.

Sadly, police can confirm a 32-year-old man has died in Southern Tasmania.
The man was the passenger in a vehicle involved in a crash on Johnston Road at St Leonards on 17 April.
Following the crash the man was flown to hospital in a serious condition and has since passed away.
Sadly the 27-year-old woman who was the driver of the vehicle died at the scene of the crash.
Our thoughts are with everyone affected by the crash.
A report will be prepared for the Coroner.

MIL OSI News –

April 29, 2025

MIL-OSI: Annual report and financial statements for the period ended 31 December 2024

Source: GlobeNewswire (MIL-OSI)

OCTOPUS FUTURE GENERATIONS VCT PLC

Annual report and financial statements for the period ended 31 December 2024

Octopus Future Generations VCT plc (‘Future Generations VCT’ or the ‘Company’) is backing businesses that aim to address some of society’s biggest challenges, providing an opportunity for investors to share in the growth of ambitious, purpose‑driven companies.

The Company is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

Chair’s statement

I am pleased to present the financial report and audited accounts for the Company for the 18 months to 31 December 2024.

I would like to welcome all of our new shareholders to the Company. Future Generations VCT invests in exciting early-stage companies which aspire to address current environmental and societal issues. In 2023, the Board reviewed and approved a proposal to move the Company’s year end from 30 June to 31 December. As a result, shareholders are receiving this annual report covering an extended 18-month period and will thereafter receive a half-year report as at June, and annual report and audited financial statements for the years ending December thereafter.

The NAV per share at 31 December 2024 was 88.8p, which represents a net decrease of 5.5p per share from 30 June 2023. In the 18 months to 31 December 2024, we utilised £10.1 million of our cash resources, including £8.2 million which was invested into 16 new and follow‑on opportunities. The cash balance of £20.1 million (excluding cash awaiting allotment) as at 31 December 2024 represents 42% of net assets at that date. The loss made in the period to 31 December 2024 was £2.9 million. This decline is reflective of some company specific performance challenges and the difficult funding conditions in the early-stage space which have led to downward movements in some valuations. Given the Company is still a relatively young VCT, many of its portfolio companies are at the beginning of their journey and will likely require further funding to succeed, so it is to be expected to see under performance or even failures before any growth in value of companies which are ultimately successful. The decline is also accentuated by the running costs of the Company exceeding returns from investments, which is to be anticipated at this stage.

We look forward to deploying further capital into attractive new investment opportunities, and we ultimately intend the profile of the Company to comprise 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash.

Fundraise
We raised £3.6 million in the fundraise which closed on 31 October 2024. The 2023/2024 VCT fundraise market was highly competitive, ranking as the third highest on record with £882 million raised. In this environment, newer VCTs such as ours faced challenges in raising funds, as we compete with more established funds.

On 3 February 2025, to further support the Company’s growth, the Board launched an initial offer to raise up to £5 million. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5.0 million.

As investors will be aware, the intention is to invest in businesses which meet one of three key themes, which we hope will demonstrate excellent investment prospects as well as having the potential to transform the world we live in for the better.

VCT status
In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning that VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024 His Majesty’s Treasury brought the extension into effect through The Finance Act 2024.

Board of Directors
As announced in the half-yearly report to 31 December 2023, Emma Davies announced her retirement from the Board of Directors with effect from 31 March 2024 and Ajay Chowdhury was appointed with effect from 1 March 2024 and was elected by shareholders at the Annual General Meeting (AGM) held in December. We are already benefiting from his extensive experience in the early-stage venture ecosystem.

All the other Directors have indicated their willingness to remain on the Board and will be seeking re-election at the AGM.

Portfolio Manager
In September 2024, Octopus Titan VCT PLC, a fund which the Company has co-invested alongside to date, announced a review of strategy, due to the ongoing performance issues it has faced. This review (which benefits from independent external advice) is ongoing, and when concluded, the results will be shared with the Board of the Company and via any public announcements that the Board of Octopus Titan VCT PLC may make.

During this period, the investment team has prioritised much of its resource towards those portfolio companies which they believe have the potential to drive the greatest returns. This has affected your Company’s investment rate into new opportunities.

In the meantime, there have been a significant number of leavers from the broader Octopus Ventures team which invests capital from both the Company and other funds under management. Simon King, Octopus’ Lead Fund Manager for Future Generations, has unfortunately resigned to pursue a new opportunity after 13 years with Octopus. He will continue to take an active role as Lead Fund Manager of the Company until late summer. I would like to take this opportunity to thank Simon for his contribution and to wish him well for the future. We will provide you with updates in due course regarding his potential successor.

Erin Platts was appointed as new Chief Executive Officer (CEO) of Octopus Ventures in January 2025. Previously, she was CEO of HSBC Innovation Banking UK, formerly Silicon Valley Bank UK and worked at the heart of the UK and European tech ecosystem. Erin will be looking to scale the Octopus Ventures business, including ensuring there is appropriate investment and portfolio management resource to support the ongoing success of the Company.

AGM
The AGM will take place on 4 June 2025 from 10am and will be held at 33 Holborn, London EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of the AGM. We will have a Portfolio Manager’s update at the AGM, supported by a filmed update from the Portfolio Manager which will be available on the website at www.octopusinvestments.com/futuregenvct/.

Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of the AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

Outlook
In the 18-month reporting period, the sharpest decline in NAV was seen in the first half of 2024 with a 7.1% drop. This was reflective of some of the portfolio companies struggling to scale, secure customer wins and successfully fundraise, meaning they were not achieving the milestones set at the time the Company invested. With companies not able to prove their business models, we will unfortunately see some fail. The Board is mindful that such performance is not an unusual outcome for a VCT at this stage of its investment life cycle, with any failures likely preceding valuation growth which is usually expected once the portfolio matures. The portfolio has been operating in a volatile macro environment since the Company launched and global geo-political and economic pressures continue to hamper some of their growth plans. However, we are satisfied to see a stabilisation in the NAV, with the portfolio showing a positive return in the six months from June to December 2024.

The Mergers and Acquisitions (M&A) environment has started to thaw with startups experiencing the highest annual M&A transaction levels since 2019¹. We are delighted to have been able to realise the Company’s first full and partial exits in the reporting period. These exits within just three years of launch we hope provide validation of Future Generations VCT’s investment strategy, demonstrating the ability of Octopus to identify and back high-potential companies while delivering early returns to the VCT and brings confidence that it is well positioned to generate long-term, sustainable value for shareholders.

The long-term target is to pay an annual dividend of 5% of the NAV. However, given the expected holding period of target portfolio companies and restrictions imposed on VCTs, it is very unlikely that the Company will be able to pay dividends before 2026. During this time, any growth in value will increase the net asset value of the Company. Dividends are likely to be generated from successful exits, so the Company is unlikely to pay significant dividends until more portfolio companies have time to mature and realisations are secured.

I would like to conclude by thanking both my Board colleagues and the Octopus team on behalf of all shareholders for their hard work. The Board’s long-term view of early-stage venture capital remains positive, and I am looking forward to seeing what 2025 brings for your Company.

Helen Sinclair
Chair

¹ https://carta.com/uk/en/data/state-of-private-markets-q4-2024/#key-trends

Portfolio Manager’s review

At Octopus, our focus is on managing your investments and providing investors with clear and transparent communication. Our annual and half-yearly updates are designed to keep you informed about the progress of your investment.

Focus on Future Generations VCT’s performance
The NAV per share at 31 December 2024 was 88.8p, which represents a decrease in NAV of 5.5p per share versus a NAV of 94.3p per share as at 30 June 2023. The Company invests in three key areas that we believe demonstrate excellent investment prospects and have potential to transform our world for the better.

Below is a breakdown of the 36 investments held as at 31 December 2024, showing the proportion and value of the portfolio in each investment theme:

Proportion by number of portfolio companies in each theme
Revitalising healthcare: 53%
Empowering people: 28%
Building a sustainable planet: 19%

Value of the portfolio in each theme
Revitalising healthcare: £13.3m
Empowering people: £8.0m
Building a sustainable planet: £5.5m

The decline in valuation over the 18-month period has been in large part driven by the downward valuation movements across 11 companies which saw a collective decrease in valuation of £7.9 million. The businesses which contributed most significantly to this were Tympa Health, Pear Bio and Elo Health. Tympa Health over‑invested in growth and had to make significant cost cuts and changes to senior management whilst running a fundraise process. It has successfully concluded a further investment round, but at a reduced valuation and the Company’s shareholding now sits behind a large preference stack, meaning that other investors get paid back first before the Company would see any returns. Pear Bio also had to significantly reduce its cash burn but has limited runway and needs to further fundraise, so the valuation has been reduced to reflect the risk to its future. Elo Health struggled to find a market fit and execute on the investment thesis, so to extend its cash runway it had to raise an investment round at a reduced valuation. These three valuation movements account for 86% of the total decline in the reporting period. The total investment cost of these three companies was £7 million.

Octopus Ventures believes that some of the companies which have seen decreased valuations in the 18 months have the potential to overcome the issues they face and get their growth plans back on track. We will continue to work with them to help them realise their ambitions. In some cases, if a company is achieving its performance milestones, the support offered could include further funding, to ensure a business has the capital it needs to execute on its strategy. At this early stage of the Company’s life cycle, it is to be anticipated that failures will likely precede valuation growth, which takes longer as the portfolio companies must achieve their agreed milestones and mature.

Conversely, 12 companies saw an increase in unrealised valuation in the period, delivering a collective increase in valuation of £4.4 million. These valuation increases reflect businesses which have successfully concluded further funding rounds, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Apheris and Manual, both of which have shown impressive capital efficient growth. These strong performers demonstrate that there are opportunities available for companies to scale.

The interest on Future Generation’s uninvested cash reserves was £1.4 million in the 18 months to 31 December 2024 (30 June 2023: gain of £0.4 million), driven by returns on money market funds. The Board’s objective for these investments is to generate sufficient returns through the cycle to cover costs, at limited risk to capital.

Disposals
In September 2024, as part of a Series A funding round, Octopus sold a portion of the Company’s shares in Neat. Then in November, Pluxee (a global leader in employee benefits) acquired Cobee. The two exits combined offer the Company a return of 1.5x, including contingent deferred proceeds.

Overview of investments
The Company completed 16 investments in the 18 months to 31 December 2024 (comprising a total of £8.2 million) and 4 further investments after the reporting date totalling £2.4 million. More information on some of these businesses can be found below:

A selection of our completed investments

Revitalising Healthcare

Pencil Biosciences is a gene editing technology platform.

Awell Health automates routine clinical tasks, synchronising data between systems and driving seamless coordination between care teams and patients.

Cellvoyant is an artificial intelligence (AI) first biotechnology company creating novel stem cell-based therapies for chronic diseases.

Manual provides easy access to advice and medical support for diagnosis, custom treatment plans and holistic care to induce long-term behaviour change.

Nanosyrinx has developed a targeted biologic therapeutic delivery platform (a nano-syringe).

Empowering people

Correcto is an AI writing and grammar tool for the Spanish language.

Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.

Swiipr has developed a digital payments platform specifically for the airline industry.

Building a sustainable planet

Metris Energy has created a platform that allows landlords of multi-unit buildings to monetise modular renewable energy projects through a single billing platform to charge tenants.

Drift is designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore using a fully integrated desalination, electrolysis and storage system.

Q&A

Q. How do you value a portfolio company?
A. Future Generations VCT’s unquoted portfolio companies are valued in accordance with UK Generally Accepted Accounting Practice (UK GAAP) accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines.

This means we value the portfolio at fair value, with all companies being valued at least twice yearly, for our half-year (June) and annual accounts (December).

Q. What do you mean by ‘fair value’?
A. When we say fair value, we mean the price we expect people would be willing to buy or sell an asset for, assuming they understand the asset and market conditions, are knowledgeable parties, act independently, and that the transaction is carried out under the normal course of business (i.e. is not rushed and proper marketing has taken place).

Q. Who values the portfolio, what is the process and what oversight is there to make sure this is right?
A. The Octopus Investment Managers involved with the portfolio companies, either in the capacity of a Director or observer on the board, or the primary contact, will provide commentary including, but not limited to, recent developments with the portfolio and the wider market in which they operate, progress towards milestones, management team changes, board dynamics and technical progress. This is combined with the latest available financial accounts and budget provided by the portfolio company which will be summarised into Key Performance Indicators (KPIs).

From this information, a member of the separate Valuations team drafts the initial proposal. This will highlight any material changes, key asset level assumptions used and KPIs, and discuss portfolio company performance as well as the rationale underpinning the selected valuation methodology. A peer review exercise then takes place, where the proposals are challenged and reviewed. The peer reviewer is an investment professional from the Fund Manager (typically the Lead Fund Manager) who has not been involved in preparing the valuations.

This will then be reviewed and approved by the Octopus Valuations Committee which comprises individuals with appropriate expertise and experience in valuations. Those individuals are not involved in the investment decisions and as such can independently review and challenge. The Future Generations VCT Board will then meet to discuss them in detail, revise as necessary and ultimately approve them.

There are also more valuation checkpoints throughout the year in advance of allotments and other share-related transactions, which means that the portfolio’s valuation is reviewed to ensure NAV is fairly represented prior to these corporate actions.

As part of our continuous improvement processes, we periodically review the actual realised value of our investments compared to their last holding value and refine our valuation methodologies accordingly. This, combined with the high proportion of valuations that are based on the terms of further funding rounds led by new external investors, firmly underpins the robustness of the valuation process.

Valuations
The table illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed in the last 18 months to the period end or shortly after the period end, and exits of companies where terms have been agreed with an acquirer. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability weighted ‘scenario analysis’ is considered.

Valuation methodology	By value	By number of companies
Multiples	18%	3
External price	44%	12
Scenario analysis	14%	7
Milestone analysis	24%	10
Write-off	—	4

Portfolio case studies

CoMind
CoMind is building revolutionary brain sensing technologies.

Their mission is to redefine the way the brain is measured and treated at every stage of care. One of the first applications of CoMind’s core technology is in measuring intracranial brain pressure using an adhesive sensor and advanced signal processing. This will be a step change from the current standard of having to drill through the skull to measure intracranial pressure in patients impacted by traumatic brain injury, stroke, and/or other neurocritical conditions.

While other companies are trying to create noninvasive technology in this sector, we believe CoMind has a distinct competitive advantage. CoMind has developed an advanced optical sensing technique that has opened up new possibilities in monitoring brain health. Unlike existing methods, CoMind’s technology is more similar to the “LiDAR” (Light Detection and Ranging) systems used in self-driving cars. This allows CoMind’s devices to give a unique, detailed view of brain health, helping doctors deliver more personalised and targeted treatments to patients at every stage of care.

>250 subjects were measured in 2024.
Several devices are currently being used in hospitals for clinical trials.

Swiipr
Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service.

When flights are disrupted, compensating passengers is a hassle for both airlines and travellers. Swiipr’s platform simplifies this by automating payment verification and processing through a system designed specifically for airlines. The company provides passengers with virtual and physical prepaid cards, offering instant, flexible spending compared to outdated paper vouchers or slow payments. Swiipr also supports airlines with solutions for crew, operational, and crisis payments, enabling fast, direct payouts to staff. Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service, and retailers benefit from instant payment settlement. Swiipr also integrates with airline Customer Relationship Management systems, making it an essential partner for the industry.

Octopus Ventures is excited about Swiipr’s travel-focused digital payments solution and its potential to revolutionise how airlines handle pay-outs. Swiipr’s innovative product aims to transform compensation payments and speed up management processes for airlines and beyond. By enabling digital payments, Swiipr seeks to boost efficiency, enhance customer experiences, and provide automated processes that are transparent and compliant with regulations.

With over 500 million passengers affected by travel disruptions each year, simplifying the path to compensation has the potential to significantly improve customer satisfaction, build trust, and foster loyalty in the industry.

Only 1–2% of disrupted passengers currently receive compensation.
Billions of dollars lost by passengers in outdated, inefficient pay-out processes every year.
Pay360 Payment Award winner: Best B2B Programme and Best Customer Facing Experience at the 2024 awards.

DRIFT
DRIFT aims to drive the clean energy transition worldwide with high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.

It does this using a unique, AI-enabled vessel routing system that enables the vessels to find and stay in optimum weather conditions. The growing demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector. DRIFT’s solution is mobile, resilient and works outside of existing infrastructure. The company is developing renewable energy partnerships that will benefit coastal and island communities around the world.

DRIFT is leading the way in developing a truly innovative new class of mobile renewable energy, building the world’s first net-positive ships and unlocking a new era of clean fuel generation capable of covering 70% of the globe. The company’s technology uniquely unlocks the planet’s greatest resource, overcoming supply challenges and enabling a fair and equitable clean energy transition.

€10 trillion: Goldman Sachs estimates that the green hydrogen market could reach €10 trillion by 2050.

24%: Bank of America predicts that clean hydrogen could provide 24% of global energy needs by 2050.

COP 28 winner: DRIFT is a COP 28 award-winning DeepTech company and winner of the Monaco Prize for Innovation in Renewable Hydrogen and Transportation 2024.

Top 10 investments
Here, we set out the cost and valuation of the top 10 holdings, which account for over 58% of the value of the portfolio.

Portfolio company	Investment cost	Valuation at 31 December 2024	Investment Theme
1. HelloSelf Limited	£2.6m	£2.6m	Revitalising healthcare
2. Remofirst, Inc	£1.2m	£1.7m	Empowering people
3. Infinitopes Ltd	£1.6m	£1.6m	Revitalising healthcare
4. Neat SAS	£0.6m	£1.5m	Building a sustainable planet
5. TYTN Ltd (t/a TitanML)	£0.5m	£1.5m	Building a sustainable planet
6. Apheris AI GmbH	£1.5m	£1.5m	Empowering people
7. Menwell Limited (t/a Manual)	£0.9m	£1.5m	Revitalising healthcare
8. Mr & Mrs Oliver Ltd (t/a Skin + Me)	£1.0m	£1.4m	Revitalising healthcare
9. Intrinsic Semiconductor Technologies Ltd	£0.9m	£1.2m	Empowering people
10. CoMind Technologies Ltd	£0.8m	£1.0m	Revitalising healthcare

Top 10 investments in detail¹

HelloSelf Limited
A digital, personalised psychological therapy and coaching platform.
www.helloself.com

Initial investment date:	January 2023
Investment cost:	£2.6m
	(2023: £2.6m)
Valuation:	£2.6m
	(2023: £2.6m)
Last submitted accounts:	31 March 2024
Turnover:	Not available² (2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	£(15.5)m
	(2023: £(9.8)m)
Valuation methodology:	Calibration

2
Remofirst, Inc.
Global payroll and compliance system for remote teams.
www.remofirst.com

Initial investment date:	February 2024
Investment cost:	£1.2m
	(2023: n/a)
Valuation:	£1.7m
	(2023: n/a)
Last submitted accounts:	Not available²
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax	Not available²
	(2023: Not available²)
Net assets:	Not available²
	(2023: Not available²)
Valuation methodology:	Last Round

3
Infinitopes Ltd
Has built an antigen discovery platform to develop cancer vaccines that provide better treatment outcomes.
www.infinitopes.com

Initial investment date:	December 2022
Investment cost:	£1.6m
	(2023: £1.6m)
Valuation:	£1.6m
	(2023: £1.6m)
Last submitted accounts:	31 December 2023
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax	Not available²
	(2023: Not available²)
Net assets:	£9.3m
	(2023: £8.1m)
Valuation methodology:	Last Round

4
Neat SAS
An embedded insurance platform that gives merchants the ability to provide insurance bundles to their customers at a competitive rate.
mobility.neat.eu

Initial investment date:	November 2022
Investment cost:	£0.6m
	(2023: £0.8m)
Valuation:	£1.5m
	(2023: £0.8m)
Last submitted accounts:	Not available²
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	Not available²
	(2023: Not available²)
Valuation methodology:	Last round

TYTN Ltd (t/a TitanML)
An artificial intelligence company which is developing a one-stop-shop for Natural Language Processing AI Optimisation, allowing enterprises to generate value from their data.
www.titanml.co

Initial investment date:	February 2023
Investment cost:	£0.5m
	(2023: £0.5m)
Valuation:	£1.5m
	(2023: £0.5m)
Last submitted accounts:	30 April 2024
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	£1.5m
	(2023: £2.0m)
Valuation methodology:	Last Round

Apheris AI GmbH
An end-to-end federated learning platform enabling data scientists to conduct analysis over sensitive data without compromising the privacy or security of the data subjects.
www.apheris.com

Initial investment date:	November 2022
Investment cost:	£1.5m
	(2023: £1.2m)
Valuation:	£1.5m
	(2023: £1.2m)
Last submitted accounts:	Not available²
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	Not available²
	(2023: Not available²)
Valuation methodology:	Last round

Menwell Limited (t/a Manual)
Making high-quality healthcare more accessible and stigma-free
www.manual.co

Initial investment date:	May 2024
Investment cost:	£0.9m (2023: n/a)
Valuation:	£1.5m
	(2023: n/a)
Last submitted accounts:	31 December 2023
Turnover:	£54.7m (2023: £22.4m)
Profit/(loss) before tax:	£(7.9)m (2023: £(10.6)m)
Net assets:	£11.8m (2023: £8.0m)
Valuation methodology:	Last round

8
Mr & Mrs Oliver Ltd (t/a Skin + Me)
A direct to consumer, personalised skin care company.
www.skinandme.com

Initial investment date:	December 2022
Investment cost:	£1.0m
	(2023: £1.0m)
Valuation:	£1.4m
	(2023: £1.3m)
Last submitted accounts:	31 August 2023
Turnover:	£28.7m
	(2023: £14.3m)
Profit/(loss) before tax:	£1.8m
	(2023: £(3.3)m)
Net assets:	£12.8m
	(2023: £(0.7)m)
Valuation methodology:	Revenue Multiple

9
Intrinsic Semiconductor Technologies Ltd
Solid state memory technology that is simple to integrate and faster than current alternatives like Flash.
www.intrinsicsemi.com

Initial investment date:	December 2023
Investment cost:	£0.9m
	(2023: n/a)
Valuation:	£1.2m
	(2023: n/a)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² (2023: Not available²)
Profit/(loss) before tax:	Not available² (2023: Not available²)
Consolidated net assets:	£4.0m
	(2023: £5.5m)
Valuation methodology:	Scenario Analysis

CoMind Technologies Ltd
Development of non-invasive brain sensing technology for monitoring of medical conditions.
comind.io

Initial investment date:	November 2023
Investment cost:	£0.8m
	(2023: n/a)
Valuation:	£1.0m
	(2023: n/a)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² (2023: Not available²)
Profit/(loss) before tax:	Not available² (2023: Not available²)
Net assets:	£17.1m
	(2023: £4.1m)
Valuation methodology:	Milestone Analysis

1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
2. Information not publicly available.

Portfolio engagement
As 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 (GHG) emissions and support them to take action to minimise them. You can see how we are progressing with these goals below, as at the date of this report:

D&I policy status
Policy in place: 100%

Engaged in monitoring 2023 greenhouse gas emissions¹
Signed up: 16
Introduced: 19
In progress: 1

¹ As of 31 December 2024, only 2023 carbon emissions data was available.

Outlook
Despite the declining NAV in the reporting period, we are reassured to see an increase in the NAV per share of the fund in the last six months. This, combined with the two profitable realisations in the period, is offering us early proof points of the Company’s investment strategy to deliver sustainable growth as it moves into its third year of deployment. With a more diversified portfolio, in terms of both stage and sector, this also offers a clearer path for the Company to enter a growth phase.

As is to be expected at this stage in the Company’s lifecycle, it has started to make its first follow-on investments into portfolio companies which are achieving their agreed milestones and successfully gaining new external lead funders. The Company made two follow-on investments in the reporting period and three after.

This strategy of reinvesting into existing portfolio companies aims to increase the Company’s stake in portfolio companies that have achieved market fit and are scaling successfully, supporting its overall growth plan. Along with further financial support, Octopus’ resources are directed in the most impactful way, both through Octopus-appointed non-executive Directors or monitors on the boards and our in-house People and Talent team. This team works directly with the portfolio company management teams, offering training and recruitment support to ensure the best talent pool is being explored to help drive success.

We are excited to have the opportunity to continue to scale the Company, support its ambition to make the world a better place for future generations, and hope to deliver attractive returns to shareholders.

Simon King
Partner and Lead Fund Manager for Future Generations VCT

Risks and risk management

The Board assesses the risks faced by Future Generations VCT, reviews the mitigating controls and monitors the effectiveness of these controls.

Emerging and principal risks, and risk management
The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place. The Board carries out a regular review of the risk environment in which the Company operates.

Emerging risks

The Board has considered emerging risks. The Board seeks to mitigate risks by setting policy, regularly reviewing performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

The following are some of the potential emerging risks management and the Board are currently monitoring:

adverse changes in global macroeconomic environment;
challenging market conditions for private company fundraising and exits;
geo‑political instability; and
climate change.

Detailed below are the principal risks of Future Generations VCT, and the mitigating actions in relation to those risks.

Principal risks

*Risk*	*Mitigation*	*Change*
Investment performance:
The focus of Future Generations VCT investments is into early-stage, unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies.	Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Future Generations VCT portfolio and the engagement levels of other investors. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Future Generations VCT to play a prominent role in a portfolio company’s ongoing development and strategy.	Increased exposures reflected in the previous period remain unchanged due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
*Risk*	*Mitigation*	*Change*
VCT qualifying status:
Future Generations VCT is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Future Generations VCT and its investors losing access to the various tax benefits associated with VCT status and investment.	Octopus tracks Future Generations VCT’s qualifying status throughout the period, and reviews this at key points, including at the point of investment and realisation. This status is reported to the Board at each Board meeting. The Future Generations VCT Board has also engaged external independent advisers to undertake an independent VCT status monitoring role.	VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
*Risk*	*Mitigation*	*Change*
Loss of key people:
The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Future Generations VCT.	The Portfolio Manager has a broad team experienced in and focused on early-stage investing. This mitigates the risk of any one individual with the required skill set and knowledge of venture capital investing, and the portfolio specifically, leaving. Key investment staff are also incentivised via the performance incentive fee.	The increase is attributed to the departure of key personnel from the Octopus Ventures team and risk exposure reflects a reduction in performance fees potentially increasing attrition.
*Risk*	*Mitigation*	*Change*
Operational:
The Future Generations VCT Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third‑party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules.	The Future Generations VCT Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Future Generations VCT’s internal controls). These include controls designed to make sure that Future Generations VCT assets are safeguarded and that proper accounting records are maintained.	No overall change in risk exposure on balance.
*Risk*	*Mitigation*	*Change*
Information security:
A loss of key data could result in a data breach and fines. The Future Generations VCT Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information.	Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated Information Security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence.	No overall change on balance, although cyber threat remains a significant risk area faced by all providers.
*Risk*	*Mitigation*	*Change*
Economic:
Events such as an economic recession, movement in interest rates, inflation and rising living costs could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions of the sectors in which they operate. This could result in a reduction in the value of Future Generations VCT assets.	Future Generations VCT aims to invest in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Future Generations VCT also maintains adequate liquidity to make sure that it can continue to provide follow‑on investment to those portfolio companies which require it and which are supported by the individual investment case.	Increased exposures reflected in the previous periods remain as economic uncertainty persists through high inflation, high interest rates and other economic factors.
*Risk*	*Mitigation*	*Change*
Legislative:
A change to the VCT regulations could adversely impact Future Generations VCT by restricting the companies Future Generations VCT can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Future Generations VCT’s ability to raise further funds.	The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation.	Risk exposure has reduced following the extension of the sunset clause to 2035 being agreed.
*Risk*	*Mitigation*	*Change*
Liquidity:
The risk that Future Generations VCT’s available cash will not be sufficient to meet its financial obligations. Future Generations VCT invests into smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice.	Future Generations VCT’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Future Generations VCT’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Future Generations VCT maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these resources were valued at £20,084,000.	Risk exposures continue to increase, reflecting the potential knock-on effects of economic uncertainty, impacting fundraising and increasing the risk of disposal failure.

Viability statement

In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Future Generations VCT over a period of five years, consistent with the expected investment holding period of an investor. A fundraise with an initial offer to raise up to £5 million was launched on 3 February 2025. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5 million. Under VCT rules, subscribing investors are required to hold their investment for a five‑year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Future Generations VCT’s shares, and a five-year period is considered to be a reasonable time horizon for this.

The Board carried out a robust assessment of the emerging and principal risks facing Future Generations VCT and its current position. This includes risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to the Company’s reliance on, and close working relationship with, the Investment Manager. The principal risks faced by the Company and the procedures in place to monitor and mitigate them are set out above.

The Board has carried out robust stress testing of cash flows, which included assessing the resilience of portfolio companies, including the requirement for any future financial support.

The Board has additionally considered the ability of Future Generations VCT to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

Based on this assessment, the Board confirms that it has a reasonable expectation that Future Generations VCT will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to make sure Future Generations VCT has sufficient liquidity.

Directors’ responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the Financial Statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the UK Listing Rules of the Financial Conduct Authority.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102), United Kingdom accounting standards and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the Directors is aware:

there is no relevant audit information of which the Company’s auditor is unaware; and
the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the Directors are of the opinion that this report as a whole provides the necessary information to assess the Company’s performance, business model and strategy and is fair, balanced and understandable.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors confirm that, to the best of their knowledge:

the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board

Helen Sinclair
Chair

Income statement

	18 months to 31 December 2024			Year to 30 June 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Gain on disposal of fixed asset investments	—	1,382	1,382	—	—	—
Net loss on valuation of fixed asset investments	—	(3,564)	(3,564)	—	(6)	(6)
Investment management fee	(345)	(1,035)	(1,380)	(174)	(522)	(696)
Investment income	1,427	—	1,427	424	—	424
Other expenses	(759)	—	(759)	(500)	—	(500)
Earnings/(loss) before tax	323	(3,217)	(2,894)	(250)	(528)	(778)
Tax	—	—	—	—	—	—
Earnings/(loss) after tax	323	(3,217)	(2,894)	(250)	(528)	(778)
Earnings/(loss) per share – basic and diluted	0.6p	(6.3)p	(5.7)p	(0.6)p	(1.3)p	(1.9)p

The ‘Total’ column of this statement is the profit and loss account of Future Generations VCT; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
Future Generations VCT has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.

Future Generations VCT has no other comprehensive income for the period.

The accompanying notes form an integral part of the financial statements.

Balance sheet

	As at 31 December 2024		As at 30 June 2023
	£’000	£’000	£’000	£’000
Fixed asset investments		26,769		24,895
Current assets:
Debtors	1,166		379
Applications cash¹	100		370
Cash at bank	112		152
Money market funds	19,972		20,140
		21,350		21,041
Creditors: amounts falling due within one year	(196)		(518)
Net current assets		21,154		20,523
Net assets		47,923		45,418
Share capital		54		48
Share premium		51,854		46,461
Capital reserve realised		(328)		(640)
Capital reserve unrealised		(3,526)		3
Revenue reserve		(131)		(454)
Total equity shareholders’ funds		47,923		45,418
NAV per share		88.8p		94.3p

Cash received from investors but not yet allotted.

The accompanying notes form an integral part of the financial statements.

The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

Helen Sinclair
Chair
Company No: 13750143

Statement of changes in equity

	Share capital £’000	Share premium £’000	Capital reserve realised¹ £’000	Capital reserve unrealised £’000	Revenue reserve¹ £’000	Total £’000
As at 1 July 2023	48	46,461	(640)	3	(454)	45,418
Comprehensive income for the period:
Management fees allocated as capital expenditure	—	—	(1,035)	—	—	(1,035)
Current year gain on disposal of fixed asset investments	—	—	1,382	—	—	1,382
Net loss on fair value of fixed asset investments	—	—	—	(3,564)	—	(3,564)
Gain after tax	—	—	—	—	323	323
Total comprehensive loss for the period	—	—	347	(3,564)	323	(2,894)
Contributions by and distributions to owners:
Share issue	6	5,506	—	—	—	5,512
Share issue costs	—	(113)	—	—	—	(113)
Total contributions by and distributions to owners	6	5,393	—	—	—	5,399
Other movements:
Prior year fixed asset loss unrealised	—	—	(35)	35	—	—
Total other movements	—	—	(35)	35	—	—
Balance as at 31 December 2024	54	51,854	(328)	(3,526)	(131)	47,923

	Share capital £’000	Share premium £’000	Capital reserve realised¹ £’000	Capital reserve unrealised £’000	Revenue reserve¹ £’000	Total £’000
As at 1 July 2022	33	31,572	(118)	9	(204)	31,292
Comprehensive income for the period:
Management fees allocated as capital expenditure	—	—	(522)	—	—	(522)
Net loss on fair value of fixed asset investments	—	—	—	(6)	—	(6)
Loss after tax	—	—	—	—	(250)	(250)
Total comprehensive loss for the period	—	—	(522)	(6)	(250)	(778)
Contributions by and distributions to owners:
Shares issued	15	15,164	—	—	—	15,179
Share issue costs	—	(275)	—	—	—	(275)
Total contributions by and distributions to owners	15	14,889	—	—	—	14,904
Balance as at 30 June 2023	48	46,461	(640)	3	(454)	45,418

Reserves are available for distribution, subject to the restrictions.

The accompanying notes form an integral part of the financial statements.

Cash flow statement

	18 months to 31 December	Year to 30 June
	2024	2023
	£’000	£’000
Cash flows from operating activities
Loss before tax¹	(2,894)	(778)
Decrease/(increase) in debtors	173	(325)
Decrease in creditors	(52)	(103)
Gain on disposal of fixed assets	(1,382)	—
Loss on valuation of fixed asset investments	3,564	6
Outflow from operating activities	(591)	(1,200)
Cash flows from investing activities
Purchase of fixed asset investments	(8,162)	(23,238)
Sale of fixed asset investments	3,146	—
Outflow from investing activities	(5,016)	(23,238)
Cash flows from financing activities
Movement in applications account	(270)	(1,544)
Proceeds from share issues	5,512	15,179
Share issue costs	(113)	(275)
Inflow from financing activities	5,129	13,360
Decrease in cash and cash equivalents	(478)	(11,079)
Opening cash and cash equivalents	20,662	31,741
Closing cash and cash equivalents	20,184	20,662
Cash and cash equivalents comprise
Cash at bank	112	152
Money market funds	19,972	20,140
Applications cash	100	370
Closing cash and cash equivalents	20,184	20,662

Loss before tax includes cashflows from dividends of £1.4 million (2023: £0.4 million).

The accompanying notes form an integral part of the financial statements.

Notes to the financial statements

1. Principal accounting policies

Octopus Future Generations VCT plc (‘Future Generations VCT’) is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

Future Generations VCT has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Future Generations VCT were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 5 April 2022 and can be found under the TIDM code OFG. Future Generations VCT is premium listed.

The principal activity of Future Generations VCT is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

The financial statements are presented in GBP (£) to the nearest £’000. The functional currency is also GBP (£). Some accounting policies have been disclosed in the respective notes to the financial statements.

Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

2. Investment income
Accounting policy

Investment income comprises interest earned on money market funds. Dividend income is shown net of any related tax credit. Dividends receivable are brought into account when Future Generation’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

Disclosure

	18 months to
	31 December 2024	30 June 2023
	£’000	£’000
Money market funds	1,427	424
Total investment income	1,427	424

3. Investment management fees
Accounting policy

For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 25% to revenue and 75% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Future Generations VCT’s investment portfolio.

Disclosure

	18 months to 31 December 2024			Year to 30 June 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Investment
management fee	345	1,035	1,380	174	522	696
Total	345	1,035	1,380	174	522	696

The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Future Generations VCT. It also provides accounting and administration services to Future Generations VCT under a Non-Investment Services Agreement (NISA). No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given.

4. Other expenses
Accounting policy

Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

	18 months to	Year to
	31 December	30 June
	2024	2023
	£’000	£’000
NISA fees	213	122
Directors’ remuneration¹	157	77
Audit fees²	78	63
Directors and Officers (D&O) insurance	74	15
Depositary fees	62	57
Listing fees	46	58
Registrars fees	28	21
Director recruitment & expenses	27	—
Report and account fees	26	38
Other fees	48	49
Total	759	500

1. Includes employers’ NI.
2. Includes VAT.

Total ongoing charges are capped at 3.0% of net assets. For the period to 31 December 2024, the ongoing charges exceeded this cap and a rebate was paid from the Portfolio Manager for the amount of £39,000. For the 18 months to 31 December 2024 the ongoing charges were 3.0% (2023: 3.0%) of net assets. This is calculated by summing the annualised expenses incurred in the period (excluding non-recurring expenses) divided by the average NAV throughout the period.

5. Tax on ordinary activities
Accounting policy

Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue return on the ‘marginal’ basis as recommended in the SORP.

Deferred tax is recognised in respect of all timing differences at the reporting date. Timing differences are differences between taxable profits and total income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

Disclosure
The corporation tax charge for the period was £nil.

	18 months to	Year to
	31 December	30 June
	2024	2023
	£’000	£’000
Loss on ordinary activities before tax	(2,894)	(778)
Current tax at 25% (2023: 20.5%)	(724)	(159)
Effects of:
Non-taxable income	(357)	—
Non-taxable capital gains	546	1
Non-deductible expenses	1	—
Excess management expenses on which deferred tax not recognised	534	193
Tax rate differences¹	—	(35)
Total current tax charge	—	—

1. Tax rate difference due to tax charge for the period being calculated at 20.5% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

Unrelieved tax losses of £3,231,000 (2023: £1,094,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Future Generations VCT’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Future Generations VCT has not recognised the deferred tax asset of £808,000 (2023: £273,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward.

Approved VCTs are exempt from tax on capital gains. As the Directors intend for Future Generations VCT to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

6. (Loss)/earnings per share

	18 months to 31 December 2024			Year to 30 June 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Earnings/(loss) attributable to Ordinary shareholders (£’000)	323	(3,217)	(2,894)	(250)	(528)	(778)
Earnings/(loss) per Ordinary share (p)	0.6	(6.3)	(5.7)	(0.6)	(1.3)	(1.9)

The Earnings/(loss) per share is based on 51,727,417 (2023: 40,987,788) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.

There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

7. Net asset value per share

	31 December	30 June
	2024	2023
Net assets (£’000)	47,923	45,418
Shares in issue	53,941,104	48,138,337
NAV per share (p)	88.8	94.3

8. Transactions with the Manager and Portfolio Manager

Future Generations VCT is classified as a full-scope Alternative Investment Fund 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 AIFM of a full-scope AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management Limited has delegated investment management to Octopus Investments Limited, whilst retaining the obligations of a risk manager.

Future Generations VCT paid Octopus AIF Management Limited £1,380,000 (2023: £696,000) in the period as a management fee, after applying a rebate to maintain the total ongoing charges below the 3% cap. The annual management charge (AMC) is based on 2% of Future Generations VCT’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. Once the quarter has ended, an adjustment will be made if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. The Manager will donate 10% of the management fee to the Octopus Giving Charitable Foundation, which was set up in 2014 to help charities make the world a better place and which, since inception, has donated more than £1 million to such worthy causes.

Octopus also provides Non-Investment Services to Future Generations VCT, payable quarterly in advance. The fee is 0.3% of Future Generations VCT’s NAV, calculated at quarterly intervals. The NISA fee is calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. As with the AMC, an adjustment will be made once the quarter has ended if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. During the period £213,000 (2023: £122,000) was paid to Octopus for Non‑Investment Services. In addition, Octopus is entitled to performance-related incentive fees, subject to Future Generations VCT’s total return at year end exceeding the total return at the previous year end when an incentive fee was paid, or 97p if the first incentive fee has not yet been paid (the ‘Excess’), equal to 20% of the Excess. No performance fee will be paid prior to the financial year ending on 31 December 2025, dividends (paid or declared) being equal to or greater than 10p per Ordinary share and the total return exceeding 120p.

The cap relating to Future Generations VCT’s total expense ratio, that is the regular, recurring costs of Future Generations VCT expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 3.0%, and is calculated in accordance with the AIC Guidelines.

Octopus AIF Management Limited remuneration disclosures (unaudited)
Quantitative remuneration disclosures required to be made in this annual report in accordance with the FCA Handbook FUND 3.3.5 are available on the website: https://www.octopusinvestments.com/remuneration-disclosures/.

9. Related party transactions

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.

Emma Davies, a Non-Executive Director of Future Generations VCT, previously held the role of co-CEO of Octopus Ventures and she also holds shares in Octopus Capital Ltd. On 24 March 2023, Emma Davies ceased to be employed by Octopus Capital Limited and therefore she is no longer considered a related party. Emma retired as a Non-Executive Director of Future Generations VCT on 31 March 2024. No dividends have been paid to the Directors of Future Generations VCT in the period (2023: £nil).

10. 2024 financial information

The figures and financial information for the period ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the period to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

11. 2023 financial information

The figures and financial information for the year ended 30 June 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

12. Annual Report and financial statements
The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/.
The Notice of Annual General Meeting is contained within the Annual Report.

13. General information

Registered in England & Wales. Company No. 13750143
LEI: 213800AL71Z7N2O58N66

14. Directors

Helen Sinclair (Chair), Joanna Santinon and Ajay Chowdhury

15. Secretary and registered office

Octopus Company Secretarial Services Limited
6^th Floor, 33 Holborn, London EC1N 2HT

The MIL Network –

April 29, 2025

MIL-OSI: Annual report and financial statements for the year ended 31 December 2024

Source: GlobeNewswire (MIL-OSI)

OCTOPUS TITAN VCT PLC

Annual report and financial statements for the year ended 31 December 2024

Octopus Titan VCT plc announces the final results for the year to 31 December 2024 as below.

Octopus Titan VCT plc (‘Titan’ or the ‘Company’) is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

Key financials

	2024	2023
Net assets (£’000)	£831,358	£993,744
Loss after tax (£’000)	£(147,649)	£(149,499)
NAV per share	50.5p	62.4p
Total value per share¹	155.6p	164.4p
Total return per share²	(8.8)p	(9.5)p
Total return per share %³	(14.1)%	(12.4)%
Dividends paid in the year	3.1p	5.0p
Dividend yield %⁴	5.0%	6.5%
Dividend declared	0.5p	1.9p

Total value per share is an alternative performance measure, calculated as NAV plus cumulative dividends paid since launch, as described in the glossary of terms.
Total return per share is an alternative performance measure, calculated as movement in NAV per share in the period plus dividends paid in the period, as described in the glossary of terms.
Total return % is an alternative performance measure, calculated as total return/opening NAV, as described in the glossary of terms.
Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV, as described in the glossary of terms.

Chair’s statement
Titan’s total return for the year to 31 December 2024 was -14.1% with net assets at the end of the period totalling £831 million.

The Net Asset Value (NAV) per share at 31 December 2024 was 50.5p which, adjusting for dividends paid in the year, represents a net decrease of 8.8p per share from 31 December 2023 or a total return of –14.1%.

This further decline in value has been driven by several factors, including company-specific performance issues and tougher trading conditions, which have reduced revenue growth across a range of sectors. As a result, many companies in the portfolio have not met performance expectations, leading to lower valuation multiples being applied compared to those at recent points of investment. This situation has been exacerbated by a continued slow private market fundraising environment, leading to more limited capital availability. Consequently, companies have prioritised extending their cash runway, aiming to achieve profitability or delay fundraising until market conditions improve. In the short term, this has led to reduced valuations due to slower growth, but in the long run, the disciplined focus on sustainable growth should be beneficial.

With this further decline in NAV, the 5-year tax-free annual compound return for shareholders is now -3.5%. Since the high watermark as at 31 December 2021, Titan’s total return per share has been –39.8% with which the Board and Manager are, and shareholders will be, deeply disappointed. The scale of shareholder dissatisfaction has been made abundantly clear following the recently conducted survey.

In the 12 months to 31 December 2024, the Company utilised £137 million of its cash resources, comprising £30 million in new and follow-on investments, £44 million in dividends (net of the Dividend Reinvestment Scheme (DRIS)), £38 million in share buybacks and £25 million in annual investment management fees and other running costs. The cash and corporate bond balance of £184 million at 31 December 2024 represented 22% of net assets at that date, compared to 20% at 31 December 2023.

The total value (NAV plus cumulative dividends paid per share since launch) at the end of the period was 155.6p (31 December 2023: 164.4p). Titan’s one-year total return of -8.8p (-14.1%) five-year total return of -15.6p (-16.4%) and ten-year total return of 6.7p (6.6%) evidences the disappointing decline in performance in recent years.

Strategic Review

As shareholders will be aware, in the half-yearly report issued at the end of September 2024, we announced a review of strategy to ensure a thorough retrospective analysis took place and a plan be drawn up for how the Company can be best structured for sustainability and improved performance in the future. A significant amount of work has been undertaken by Octopus and our appointed external advisers, Smith Square Partners LLP, across a number of different workstreams. This includes a detailed analysis of historical investment performance, ongoing sustainability, the forward-looking pipeline for realisations, future investment strategy, investment team resources and, finally, investment manager’s culture and governance. The significant performance challenges and the early-stage nature of much of the portfolio mean that it will take some time for changes to have an impact on performance and a longer-term approach to shaping the future of the Company is needed. We are making reasonably good progress, and more can be read about the steps which have been taken in the Spotlight section. The response to our shareholder survey is included below. From this it is clear that there is widespread and deep dissatisfaction with the past performance of Titan, both in absolute and relative terms and an understandable frustration with the lack of capital growth in recent years. The Board also acknowledges the recent press coverage, particularly in respect of shareholders’ views on the fees that Titan pays. We would like to thank those that participated in the survey, as well as those that have provided their feedback to both the Board and Octopus. The Board wishes to assure shareholders that it is considering the results and feedback alongside the review.

We expect to provide a further update on the review at, or prior to, our Annual General Meeting (AGM) on 19 June 2025. However, we do not anticipate the process to be completed by this point, so any proposals for the future of the Company will likely be put to shareholders at a later date.

Performance incentive fees
As the 2024 total return has been negative, and total value per share has declined since 31 December 2021, no performance fee is payable. To remind you, the performance fee is calculated as 20% on net gains above the high-water mark (the highest total value per share as at previous year ends), which is currently set as 197.7p as at 31 December 2021.

Dividends
Following careful consideration and recognising the value that shareholders’ place on receiving tax-free dividends, I am pleased to confirm that the Board has decided to declare a second interim dividend of 0.5p per share (2023: 1.9p per share). This will be paid on 29 May 2025 to shareholders on the register as at 25 April 2025. This second interim dividend, in addition to the 1.2p per share interim dividend paid in December 2024 brings the total dividends declared to 1.7p per share in respect of 2024. However, this 0.5p per share dividend is lower than that paid in previous years because of the ongoing performance challenges and dividends are typically a distribution of achieved performance. Considering dividends paid during 2024 (totalling 3.1p), the total dividend yield for the year is 5%, therefore meeting the Company’s target.

Dividends, whether paid in cash or reinvested under the DRIS, are always at the discretion of the Board, are never guaranteed, and are subject to regular review reflecting the returns generated by the Company, the timing of investment realisations, cash and distributable reserves and continuing compliance with VCT rules.

The Board will consider any further dividends to be paid in 2025 in the second half of the year at, or around, the release of the interim accounts for the six months ending 30 June 2025, subject to Titan’s performance, both realised and unrealised, improving and, as ever, Titan holding sufficient cash reserves.

As with the dividend paid to shareholders on 19 December 2024, and in light of the ongoing review of Titan’s strategy, the Board continues to suspend the Company’s dividend reinvestment scheme for the dividend to be paid on 29 May 2025, with the dividend being paid to shareholders in cash.

Fundraise and buybacks
We were pleased to raise over £107 million in the fundraise which closed on 5 April 2024. As stated in the half-yearly review, the Board will decide on the approach to future fundraising at the conclusion of the review of strategy.

During the year, Titan repurchased 67 million shares for £38 million (representing 4.2% of the net asset value as at 31 December 2023). Further details can be found in Note 14 of the financial statements. Details of the share buybacks undertaken during the year can be found in the Directors’ Report.

VCT status
In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024, His Majesty’s Treasury brought the extension into effect through The Finance Act 2024. The Board is delighted that this has brought clarity to the status of VCTs.

Board of Directors
Rupert Dickinson was appointed to the Board with effect from 1 May 2024 and was elected by shareholders at the AGM held in June 2024. Rupert has over 20 years’ experience in the wealth and investment management industries. We are already benefitting from his extensive experience.

All the other Directors have indicated their willingness to remain on the Board, and Jane O’Riordan and Lord Rockley will be seeking re-election at the AGM.

Portfolio Manager and team
In March 2024, Malcolm Ferguson, Octopus’ lead Fund Manager for Titan, resigned and Jo Oliver was appointed as lead Fund Manager and Adviser to the Board on fund and strategy on an interim basis. In August 2024, Jo stepped down from this interim role. We wish to take this opportunity to thank both Jo and Malcolm for their contributions to the Company and wish them well for the future. We are pleased that, despite Malcolm’s resignation, he continues to support with portfolio management on a contractual basis. The process to appoint a replacement lead Fund Manager will commence once the review of strategy is completed.

Shareholders may be aware that there has been considerable turnover over the past twelve months in the Octopus Ventures team, which is responsible for managing Titan. As part of the on-going strategic review, Octopus is assessing the team structure, size, culture and experience to ensure it is aligned with its future investment strategy proposals. In the interim, the Octopus Ventures team is receiving additional senior support from across the business to ensure adequate resources are available.

AGM and shareholder event
The AGM will take place on 19 June 2025 from 12.00 noon and will be held at the offices of Octopus Investments Limited, 33 Holborn, London, EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of AGM.

Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. Shareholders are invited to send any questions they may have via email to TitanAGM@octopusinvestments.com. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

Currently, we do not anticipate the strategic review process will have been fully completed by the date of the AGM. As a result, we will issue a further communication to shareholders in due course setting a date for a shareholder event and, if applicable, a General Meeting at which shareholders will be able to vote on any proposals for the future direction of the Company.

Outlook
The further decline in NAV to 31 December 2024 is extremely disappointing, especially when set against the backdrop of the recent recovery of some of the comparable markets and other VCTs. This decline has been primarily driven by specific portfolio performance issues and sectoral downturns, leading to cash constraints exacerbated by a challenging fundraising environment. Some portfolio companies attempted to raise funds but were unsuccessful, resulting in several being placed into administration or accepting acquisition offers on unfavourable terms. More details on these disposals can be found in the Portfolio Manager’s review. Others had to complete funding rounds at lower valuations or in ways that negatively impacted the value of the Company’s shareholding.

The Company returned £29 million in cash proceeds from exits in 2024, in addition to £12.4 million distributed from Zenith Holding Company to Titan. This is a disappointing outcome as it is below the level achieved in 2023, and does not accomplish the Company’s long-term sustainability target. Despite the Manager’s initiatives to increase the number of realisations of portfolio companies and return cash proceeds to Titan, we have not yet seen any profitable realisations in 2025. This sustained focus on achieving regular liquidity is an important step towards ensuring the ongoing sustainability of the Company.

Despite this, the Board retains a degree of optimism about the potential of some of the companies within what is undoubtedly a diversified portfolio, with over 135 companies spanning a wide range of sectors, business models and investment stages. Furthermore, Titan’s portfolio remains well funded with circa 42% of the portfolio NAV being comprised of companies not expecting to need further funding. This figure rises to 67% when including those companies with more than 12 months’ cash runway.

I would like to conclude by thanking both the Board and the Octopus team on behalf of all shareholders for their hard work during this very challenging period.

Tom Leader
Chair

Spotlight on the review of strategy

On 30 September 2024, the Board, in conjunction with the Manager, announced a strategic review. This was catalysed by the ongoing challenges in the early-stage venture market to which the Company is exposed and the resultant performance issues faced. Since this date, the Board and Manager have undertaken numerous actions to identify the areas of focus and potential changes which could be made to drive the best performance for the Company and outcome for shareholders. Below is a summary of the steps taken to date by both the Board and Manager.

Date	Investment Manager’s actions	Titan VCT Board’s actions	Board meetings held
Sep 2024		Announcement of review of strategy.	Four Board meetings
Oct 2024	Establish internal review committee comprised of different areas of the business. Co-ordinating information packs for the external advisers.	External adviser selection process concluded and terms agreed.
Nov 2024	Recruitment process for senior Portfolio Management roles commences. Internal review committee submits scope of work to the Board.	External advisers, Smith Square Partners, appointed. Board reviews Octopus’ scope of work.	Two Board meetings
Dec 2024	Internal review committee submits information pack on sustainability and fund performance workstreams to the Board.	Shareholder and adviser survey launched. Board reviews information pack on sustainability and fund performance. Board reviews external advisers’ analysis of performance and benchmarking.	One Board meeting
Jan 2025	Survey results analysed. External specialists commence review of Consumer Duty. Internal review committee submits information pack on team and culture and risk and governance work streams to the Board.	Board reviews external advisers’ progress report including analysis of the realisations pipeline. Board reviews information pack on team and culture and risk and governance work streams. Survey results analysed.	Two Board meetings
Feb 2025	Internal review committee presents first part of the go-forward investment strategy and further sustainability analysis and metrics.	Board reviews go‑forward strategy and sustainability analysis and metrics.	One Board meeting
Mar 2025	Results of Consumer Duty Review analysed.	Board reviews external advisers’ progress report. Results of Consumer Duty Review analysed. Unaudited NAV released with update on progress of review.	Two Board meetings
Apr 2025	Internal review committee presents follow up detail on the go-forward investment strategy, as well as proposals for future team and resourcing plan. Proposal submitted to Board regarding ongoing fees.	External advisers’ interim report shared with the Board. Annual report published. Board considers proposal on future team and resourcing strategy and fees. Board commences fee negotiations with Octopus.	Two Board meetings

Summary of the Manager’s internal review workstreams:

1. Fund performance
Working to understand the most appropriate investment and divestment strategy looking at past performance metrics, benchmarks and future objectives.

2. Fund strategy
Investigating potential future options for Titan’s strategy which could drive improved performance. Some potential options were included in the shareholder survey to canvas views.

3. Sustainability
Working on past performance and future forecasting to ensure Titan operates sustainably, returning funds through realisations.

4. Team & culture
Reviewing the team structure, size, culture and experience (past and present) and how it maps to the successful management of the Company. Full Octopus Ventures strategy refresh in line with new Chief Executive Officer (CEO) Erin Platts joining.

5. Consumer Duty
External consultants appointed to carry out a review of Consumer Duty. This is to understand shareholders’ expected outcomes and assessing how the Company has delivered against them.

6. Risk & governance
Work led by the compliance team updating Titan’s risk register. Review and enhancement of governance processes and procedures, where relevant.

What’s next
1. Final Smith Square Partners report presented to the Board.
2. Finalise fee proposal, as well as review of the Investment Management Agreement and Non-Investment Services Agreement.

Octopus Ventures’ new CEO

Erin Platts joined Octopus Ventures as CEO in January 2025.

Previously, she held the role of CEO at HSBC Innovation Banking UK, formerly Silicon Valley Bank UK & EMEA. Over two decades in leadership roles with the institution, she established Silicon Valley Bank UK as a standalone, regulated subsidiary before leading the organisation through the transition period following its sale to HSBC in 2023, scaling operations to over 800 people, across six countries and into the market leading position across the sector.

With a career spent in the US, UK and European tech ecosystems, Erin is an active and vocal spokesperson, championing Diversity, Equity and Inclusion through partnerships with organisations including Tech Nation, Founders Forum and the Newton Venture Program.

Portfolio Manager’s review

At Octopus, our focus is on managing your investments and providing open communication. Our annual and half-year updates are designed to keep you informed about the progress of your investment.

Focus on performance
The NAV of 50.5p per share at 31 December 2024 represents a decrease in NAV of 8.8p per share versus a NAV of 62.4p per share as at 31 December 2023, after adding back dividends paid during the year of 3.1p (2023: 5p) per share, a negative total return per share of 14.1% in the year.

The performance over the five years to 31 December 2024 is shown below:

	Year ended	Year ended	Year ended	Year ended	Year ended
	31 December	31 December	31 December	31 December	31 December
	2020	2021	2022	2023	2024
NAV, p	97.0	105.7	76.9	62.4	50.5
Cumulative dividends paid, p	81.0	92.0	97.0	102.0	105.1
Total value, p	178.0	197.7	173.9	164.4	155.6
Total return¹	7.1%	20.3%	(22.5)%	(12.4)%	(14.1)%
Dividend yield²	5.3%	11.3%	4.7%	6.5%	5.0%

1. Total return % is an alternative performance measure, calculated as total return/opening NAV.
2. Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV.

We are deeply disappointed by the negative total return of 14.1% in 2024 which has been driven by a decline of £193 million across 72 companies. The businesses that contributed most significantly to this decline were Pelago, Many Pets and Big Health. Whilst these companies continue to look to scale, they have underperformed the high expectations set at their last funding round, and so have seen their valuations decline.

These three valuation movements account for around a third of the total decline in NAV over the twelve-month reporting period.

Octopus Ventures believes that many of the companies which have seen decreased valuations in the period have the potential to overcome the issues they face and get their growth plans back on track. Octopus Ventures continues to work with them to help them realise their potential. In some cases, the support offered could include further funding to ensure a business has the capital it needs to execute on its strategy. Our in-house Talent team is being utilised to build high-performing teams and support on key recruitment initiatives. This team, as well as our expert network of consultants, support companies on project work and can also work part-time with the businesses.

More positively, 39 companies saw an increase in valuation in the period, delivering a collective increase in valuation of £56 million. These valuation increases reflect businesses which have successfully concluded further funding rounds at increased valuations, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Legl, Taster and Katkin – all of which have increased their market reach through new product launches. These strong performers demonstrate that there are opportunities available for companies to thrive, and Titan’s diverse portfolio allows different routes for each company to succeed in their market.

The gain on Titan’s uninvested cash reserves was £9.2 million in the year to 31 December 2024, primarily driven by a fair value movement of £4.4 million in the corporate bond portfolio and a return of £4.2 million on the money market funds. The objective for the money market funds is to earn appropriate market rates on highly liquid treasury holdings, with limited risk to capital.

Titan total value growth from inception
The table below highlights the compound annual growth rate across different holding periods.

Despite the reduction in NAV in the year, the total value has seen an increase since the end of Titan’s first year, from 89.9p to 155.6p at 31 December 2024. Since Titan launched, a total of over £557 million has been distributed back to shareholders in the form of tax-free dividends. This includes dividends reinvested as part of the DRIS.

Holding period	Total return	Tax-free compound annual growth rate
Since October 2008	73.1%	3.4%
10 years	6.6%	0.6%
5 years	(16.4)%	(3.5)%
1 year	(14.1)%	(14.1)%

Disposals
Disposals and deferred proceeds have returned £29 million in cash during the period. In addition, £12.4 million was distributed from Zenith Holding Company to the Company.

Exits
In June, Taxfix (a European focused tax return technology platform) acquired TaxScouts, for a combination of cash and equity, which has allowed it to enter the UK market. As a result, Titan now holds shares in Taxfix.

In July, Foodsteps was acquired by Registrar Corp (a provider of regulatory and compliance software for the food, cosmetic and life sciences industry). This transaction was also for a combination of cash and equity and has offered Registrar Corp access to Foodsteps’ global market platform of over 32,000 companies in 190 countries.

In November, Cobee was acquired by Pluxee Group (an employee benefits and engagement platform) as part of its strategic growth plan. Pluxee is a global leader in employee benefits and engagement, operating in 31 countries with over 5,000 employees. Pluxee is uniquely positioned to support Cobee’s continued growth.

In November, nCino (a cloud-based software company that provides a platform for financial institutions to manage their business lines) acquired FullCircl. This will enhance nCino’s data and automation capabilities and allow it to expand its reach across the UK and Europe.

In December, Behavox (a leading provider of AI powered archiving, compliance and security solutions) acquired Mosaic Smart Data.

Partial exits
Two partial exits completed in October with Neat (an embedded insurance platform that enables merchants to offer tailored insurance bundles to their customers at competitive rates) completing a €50 million Series A funding round, and Vitesse (a global domestic settlement and liquidity management system to hold funds and execute cross-border payments) completing a $93 million Series C investment round. As part of both of these rounds, Titan sold a portion of its shares. We are pleased to have realised some value for shareholders in these transactions, but also excited to maintain a holding in the companies and to be able to continue to support their growth journeys.

Deferred proceeds
In the year, Titan also received deferred proceeds from the sale of Calastone (to The Carlyle Group in 2020) which was held via Octopus Zenith Holding Company, iSize (to Sony Interactive Entertainment in 2023), Conversocial (to Verint), Glofox (to ABC Fitness), Comma (to Weavr) and Foodsteps (to Registrar).

Exits at a loss
There have been four disposals made at a loss: Titan sold its remaining shares in Cazoo, which was listed on the New York Stock Exchange, Unmade was acquired by High-Tech Apparel, and Titan’s shares in Appear Here were converted to deferred shares and divested, as there was not seen to be a chance of recovery of any funds. Vinter was acquired by Kaiko (a leading provider of cryptocurrency market data, analytics and indices) for equity. As a result, Titan now holds shares in Kaiko, which are currently valued below Titan’s initial cost of investment, but these will be subject to re-valuation at least twice annually as per our normal process. In aggregate, these losses generated negligible proceeds compared to an investment cost of £19 million.

Companies placed into administration
Unfortunately, Audiotelligence, Stackin (now fully dissolved), Contingent, Phoelex, Excession, Dead Happy, Pulse Platform and Allplants were placed into administration having all been unsuccessful in securing further funding and having explored and exhausted all available options. In aggregate, the investment cost of the companies placed into administration totalled £26 million.

In the year to 31 December 2024, Third Eye and LifeBook were fully dissolved having been placed into administration in previous reporting periods.

The underperformance of a portfolio company is always disappointing for Octopus and shareholders alike, but it is an inherent characteristic of a venture capital portfolio, and we believe the successful disposals will continue to outweigh the losses over the medium to long-term.

	Year ended 31 December 2020	Year ended 31 December 2021	Year ended 31 December 2022	Year ended 31 December 2023	Year ended 31 December 2024	Total
Disposal proceeds¹ (£’000)	23,915	221,504	62,213	45,637	41,432	394,701

1.This table includes cash and retention proceeds received in the period.

New and follow-on investments
Titan completed 8 new investments and made 14 follow-on investments in the reporting period. Together, these totalled £30 million (made up of £19 million into new companies and £11 million invested into the existing portfolio).

Please see a summary of some of the new investments we made in the year.

DRIFT Energy: Designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore.
ExpressionEdits: Using a proprietary AI algorithm to design DNA sequences and intronization technology to enhance the expression of proteins in mammalian cells.
Forefront: Developing a tuneable Radio Frequency Front-End (RFFE) module for mobile devices which is smaller, cheaper, and more flexible than currently available products sold.
LabGenius: A next-generation platform leveraging machine learning to develop novel therapeutic antibodies.
Manual: Provides innovative treatments for a range of health conditions.
Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.
SWiiPR: Developed a digital payments platform specifically for the airline industry.

As explained in the half-yearly report, the Octopus Ventures team is focused on improving performance from the existing portfolio and driving improved returns to shareholders. Given Titan’s scale, the greatest returns are expected to be driven by its existing, largest holdings. Over the last nine months, Titan has focused on building value in its existing portfolio, allowing capital and time to be prioritised on existing companies. No term sheets for new investments have been signed since the summer of 2024. The five follow-on investments which completed in the second half of 2024 have all increased in value in the December valuation round, on average seeing an increase of 10%. We believe that this focus will drive positive future NAV performance as these portfolio companies are more established, so have a greater potential to secure further investment, or are closer to an exit.

Shareholder survey results
Octopus regularly seeks feedback from Titan’s investor and adviser base either through local Business Development Managers or after webinars with the Investment Managers. Considering the ongoing review of Titan’s strategy, which is looking at a wide range of areas such as investment strategy, fundraising and dividend policies, Octopus and the Board wanted to give investors and advisers an extra opportunity to share feedback and help shape the future strategic direction of Titan. In conjunction with an external research firm, between December 2024 and January 2025, Octopus surveyed Titan’s investor and adviser base to try to better understand investors’ priorities, areas of concern and opportunities which may be of interest.

We were pleased to see significant engagement, having received over 3,000 responses from investors and advisers. As stated in the Chair’s statement, the results emphasise that the greatest areas of dissatisfaction are around past performance and the capital growth opportunity, as highlighted below. Octopus and the Board share investors’ frustration with the recent poor performance, and have been reviewing Titan’s investment strategy with the aim to improve shareholder returns. The Board intends to communicate to investors any strategic changes once they are agreed in due course.

To understand investors’ priorities when making their investment decision we asked the following:

When you first chose to invest in Titan VCT, how important were the following factors?
The results were as follows in order of importance:

Tax reliefs available on your investment (income tax relief, tax free dividends and tax free capital gains)
5% annual target dividend
Capital growth opportunity
Past performance of fund
Access to early-stage, unlisted tech enabled companies with high growth potential
Ability to sell your shares back to the VCT via the share buyback facility
Size of fund
Fees and charges

Octopus asked investors to rank their level of satisfaction against each of the top eight factors and the results were as follows:

	Satisfied	Dissatisfied	Neutral or not sure
Tax reliefs available on your investment	88%	2%	10%
5% annual target dividend	50%	22%	28%
Capital growth opportunity	18%	60%	22%
Past performance of fund	21%	52%	27%
Access to early-stage, unlisted tech enabled companies with high growth potential	39%	10%	51%
Ability to sell your shares back to the VCT via the share buyback facility	29%	8%	63%
Size of fund	34%	6%	60%
Fees and charges	22%	18%	60%

Survey results based on responses from 1,093 direct investors and 2,195 advised investors, does not include responses from advisers.

Valuations
Titan’s unquoted portfolio companies are valued in accordance with UK GAAP accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines. This means we value the portfolio at Fair Value, which is the price we expect people would be willing to buy or sell an asset for, assuming they had all the information available that we do, are knowledgeable parties with no pre-existing relationship, and that the transaction is carried out under the normal course of business.

The table below illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed by the year end or shortly after the year end, and exits of companies where terms have been issued with an acquirer. ‘External price’ also includes quoted holdings, which are held at their quoted price as at the valuation date. As at 31 December 2024, Titan only held one quoted holding. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability-weighted ‘scenario analysis’ is considered.

Valuation methodology	By value	By number of companies
External price	17%	25
Multiples	53%	30
Scenario analysis	16%	33
Milestone analysis	14%	25
Write-off	–	25

Case studies

MANUAL
https://www.manual.co/
Making high-quality care more accessible and stigma-free

MANUAL provides innovative treatments for a range of conditions, from hair loss and low testosterone to weight management and diagnostics.

With over 800,000 patients served across the UK and Brazil, MANUAL continues to expand its impact. The company’s weight loss brand, Voy, has helped over 70,000 people lose weight. In 2024, MANUAL acquired Menopause Care – the UK’s second largest menopause clinic – furthering its mission to support underserved areas of health.

Following the company’s £29 million Series B raise in 2024, the company is accelerating its growth, with a 140% revenue Compound Annual Growth Rate (CAGR) since 2019. With this investment, MANUAL is scaling its reach and pioneering new healthcare solutions, ensuring more people get the treatments they need to improve their quality of life.

Nearly 90% of men do not seek help unless they have a serious problem
Served more than 800,000 patients to date

Legl
https://legl.com/
Revolutionising Legal Services with AI and Data-Driven Insights

Legl delivers a world-class client experience for UK law firms by reducing risk, improving cash flow, and enabling them to bill and collect payments faster. With actionable client intelligence, their customers are empowered to make smarter decisions and drive business growth.

By leveraging cutting-edge technology and data insights, Legl creates seamless onboarding experiences and superior payment processing capabilities. Beyond onboarding, they provide intelligence and audit functionality to help firms manage risk intelligently in a complex and ever-changing environment. Its embedded finance stack, which has been built specifically for law firms, makes collecting payments, reducing debt, and fostering exceptional client relationships effortless. In turn, providing a step-change for internal cash flow and treasury management.

Helped firms manage risk for over one million clients
Processed over $500 million in payments

BondAval
https://www.bondaval.com/
Transforming non-payment risk protection

Founded in 2020, B2B insurtech Bondaval protects companies when their customers buy now, but don’t pay later, and is already serving some of the largest companies in the world. While existing options are opaque, inflexible or limited, Bondaval’s range of insurance products are made more powerful via their proprietary technology platform, which translates policy obligations into clear tasks, helps aggregate and monitor risk signals, and makes limit management effortless for credit managers. With their receivables secured, businesses can grow faster with more peace of mind, achieve more predictable financial performance, and even access new lines of financing.

Offices in London, New York and Dallas
Licensed in 30+ countries

Taster
https://taster.com/
Food innovators redefining quick-service dining

Taster was founded with the goal of revolutionising the quick-service food experience globally. In 2017, the company raised €8 million, and by 2021, they secured an additional €30 million. By the end of 2023, Taster had grown to 400 online restaurants, with its franchise network expanding across France, the UK, Spain, the Netherlands, and Belgium. Taster collaborates closely with co-creators and kitchen partners, from launching new brands to creating special edition menu items. Their strategy focuses on building social media-first brands that engage audiences and cultivate communities around their digital restaurants.

Operating in over 90 cities across Europe

We are disappointed to report a net decrease in the value of the portfolio of £137 million since 31 December 2023, excluding additions and disposals. This represents a decline of 17% on the value of the portfolio at the start of the year. Here, we set out the cost and valuation of the top 20 holdings, which account for 61% of the value of the portfolio and 47% of the total NAV.

	Portfolio:	Investment focus:	Investment cost:	Total valuation including cost:
1	Skin+Me	Health	£11.5m	£44.9m
2	Amplience	B2B Software	£13.6m	£35.0m
3	Permutive	B2B Software	£19.0m	£31.0m
4	Elliptic	Fintech	£9.9m	£26.2m
5	Vitesse	Fintech	£8.8m	£25.8m
6	ManyPets	Fintech	£10.0m	£24.6m
7	Pelago¹	Health	£17.9m	£23.2m
8	Legl	B2B Software	£7.3m	£18.6m
9	Orbex	Deep tech	£12.0m	£17.8m
10	Token	Fintech	£12.6m	£16.5m
11	Taster	Consumer	£8.1m	£15.4m
12	vHive	Deep tech	£8.0m	£14.9m
13	Ometria	B2B Software	£11.5m	£14.0m
14	SeatFrog	Consumer	£9.6m	£13.5m
15	KatKin	Consumer	£8.2m	£13.2m
16	Automata	Health	£12.3m	£12.4m
17	XYZ	Consumer	£15.3m	£10.7m
18	BondAval	Fintech	£7.1m	£10.6m
19	Iovox	B2B Software	£7.2m	£10.4m
20	Ibex	Health	£11.8m	£9.5m

Digital Therapeutics, Inc., formerly Quit Genius, has rebranded as Pelago.

Top 10 investments in detail¹
1
Skin+Me

Skin+Me offers direct-to-consumer, personalised skincare.
www.skinandme.com

Initial investment date:	September 2019
Investment cost:	£11.5m
	(2023: £11.5m)
Valuation:	£44.9m
	(2023: £48.5m)
Last submitted accounts:	31 August 2023
Turnover:	£28.7m (2023: £14.3m)
Profit/(loss) before tax:	£1.8m
	(2023: £(3.3)m)
Net assets:	£12.8m
	(2023: £(0.7m)
Valuation methodology:	Multiple 2023: Multiple

2
Amplience
Amplience is a leading headless content management system, which powers retailers’ digital channels.
www.amplience.com

Initial investment date:	December 2010
Investment cost:	£13.6m
	(2023: £13.6m)
Valuation:	£35.0m
	(2023: £41.8m)
Last submitted accounts:	30 June 2024
Turnover:	£16.0m
	(2023: £14.9m)
Loss before tax:	£(5.5)m
	(2023: £(8.1)m)
Net assets:	£(22.8)m
	(2023: (£17.4m)
Valuation methodology:	Multiple 2023: Multiple

3
Permutive
Permutive’s publisher data platform gives its customers an in-the-moment view of everyone on their site.
www.permutive.com

Initial investment date:	May 2015
Investment cost:	£19.0m
	(2023: £19.0m)
Valuation:	£31.0m
	(2023: £41.2m)
Last submitted accounts:	31 January 2023
Turnover:	Not available²
	(2023: £9.8m)
Loss before tax:	Not available²
	(2023: £(19.3)m)
Net assets:	Not available²
	(2023: £(40.2)m)
Valuation methodology:	Multiple
	2023: Multiple

4
Elliptic
Crypto compliance and forensic investigation solutions used by financial institutions, crypto businesses, law enforcement, and regulators to detect and prevent financial crime.
www.elliptic.co

Initial investment date:	July 2014
Investment cost:	£9.9m
	(2023: £9.9m)
Valuation:	£26.2m
	(2023: £19.0m)
Last submitted accounts:	31 March 2024
Turnover:	£13.7m
	(2023: £9.6m)
Loss before tax:	£(16.4)m
	(2023: £(27.1)m)
Net assets:	£(3.8)m
	(2023: £10.6m)
Valuation methodology:	Multiple 2023: Multiple

5
Vitesse

A settlement and liquidity management platform to hold funds and deliver international payments globally, using domestic, in-country processing.
www.vitesse.io/

Initial investment date:	June 2020
Investment cost:	£8.8m
	(2023: £10.1m)
Valuation:	£25.8m
	(2023: £26.6m)
Last submitted accounts:	31 March 2024
Consolidated turnover:	£24.8m
	(2023: £11.2m)
Consolidated profit/(loss) before tax:	£0.6m
	(2023: £(5.7)m)
Net assets:	£17.3m
	(2023: £16.2m)
Valuation methodology:	Multiple 2023: Last Round

6
ManyPets

An award-winning insurtech company with a specific focus on providing better pet insurance for everyone.
www.manypets.com

Initial investment date:	October 2016
Investment cost:	£10.0m
	(2023: £10.0m)
Valuation:	£24.6m
	(2023: £47.1m)
Last submitted accounts:	31 March 2024
Turnover:	£29.6m
	(2023: £35.9m)
Loss before tax:	£(34.1)m
	(2023: £(67.5)m)
Net assets:	£79.9m
	(2023: £110.6m)
Valuation methodology:	Multiple 2023: Multiple

7
Pelago

A digital health solution for managing substance use disorders.
www.pelagohealth.com

Initial investment date:	January 2020
Investment cost:	£17.9m (2023: £17.9m)
Valuation:	£23.2m
	(2023: £38.6m)
Last submitted accounts:	Not available²
Turnover:	Not available² 2023: Not available²:
Loss before tax:	Not available² 2023: Not available²
Net assets:	Not available² 2023: Not available²
Valuation methodology:	Multiple 2023: Last round

8
Legl
Cloud based legal workflow automation platform.
www.legl.com

Initial investment date:	January 2021
Investment cost:	£7.3m
	(2023: £7.3m)
Valuation:	£18.6m
	(2023: £13.8m)
Last submitted accounts:	31 December 2023
Turnover:	Not available²
	2023: Not available²
Profit/(loss) before tax:	$1.5m
	(2023: $(0.1)m)
Net assets:	$30.4m
	(2023: $28.8m)
Valuation methodology:	Multiple 2023: Multiple

9
Orbex

Focused on providing low-cost orbital launch services for small satellites.
www.orbex.space

Initial investment date:	December 2020
Investment cost:	£12.0m
	(2023: £10.3m)
Valuation:	£17.8m
	(2023: £15.3m)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² 2023: Not available²
Consolidated loss before tax:	£(17.2)m (2023:(8.8)m)
Consolidated net assets:	£16.3m
	(2023: £31.8m)
Valuation methodology:	Scenario Analysis 2023: Scenario Analysis

10
Token

A leading open banking solution, focused on payments.
www.token.io

Initial investment date:	March 2017
Investment cost:	£12.6m
	(2023: £12.6m)
Valuation:	£16.5m
	(2023: £17.1m)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² 2023: Not available²
Loss before tax:	Not available² 2023: Not available²
Net assets:	£0.9m
	(2023: £0.7m)
Valuation methodology:	Multiple 2023: Multiple

1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
2. Information not publicly available.

Outlook
Our portfolio companies have been navigating a turbulent few years and global geo‑political and economic conditions remain uncertain. Due to the early‑stage nature of the portfolio companies, any improvement in conditions will not be felt immediately.

The fundraising environment remains challenging for portfolio companies, with 2024 seeing both a decline in the number of investments completed at the seed and Series A stages and many rounds completing at decreased valuations. This is largely a function of a reset in venture-backed valuations which began in 2022, with many companies having no option but to accept a reduced valuation to bring in new capital to survive or scale. We have also seen in the year that the venture landscape has been reshaped by AI, which captured a 37% share in all funding in 2024 and 17% of all deals.¹ However, when AI investments are excluded, global deal activity dropped to its lowest levels since 2016.

With some of our portfolio companies struggling to secure new investors and requiring significant investment to develop, many have had to focus on cash preservation and limit their growth. As such, the valuation multiples being applied have declined in line with this. We have also seen some companies being unable to achieve the milestones Octopus set out when the initial investment was completed and so we have seen more declines in value.

Looking to the future, the Octopus Ventures team has been focusing on driving both improved performance and distributions to Titan. In the year, we have been able to realise £29 million in cash proceeds to the Company from exits. This includes deferred amounts received in cash relating to disposals from previous periods. In addition, £12.4 million was distributed from Zenith Holding Company to the Company. The team is actively involved in its portfolio companies and during the year developed specific workstreams to support the portfolio with value-adding activities, as summarised below:

Capital allocation: aims to optimise financial planning by fostering stronger alignment between each company’s strategic objectives and their financial plans, reducing the risk of unexpected cash issues and value-eroding insolvencies or emergency down-rounds. Improving financial planning will ensure efficient resource allocation, minimise risks and enhance profitability, ultimately leading to sustainable growth and long-term success.
Return: looking to drive exits or other liquidity events as part of a clear aim of regularly recycling capital back into the Company.
Raise: to improve fundraising outcomes for portfolio companies, through initiatives such as supporting the creation of fundraising material, network introductions for potential investors or timeframe planning. Raising additional funding is crucial to provide the necessary capital to expand operations, invest in new technologies and seize available growth opportunities, ensuring a company’s long-term viability and competitive edge.
Talent and board: to drive performance in companies by supporting and influencing the build of high performing leadership teams and effective boards. This workstream is driven by Octopus Ventures in-house People and Talent team. Building talented teams drives innovation, enhances productivity and contributes to a positive work culture, all of which lead to a company’s overall success.

Titan’s capital and resources have been prioritised on those portfolio companies which have the potential to drive the greatest returns. This portfolio focus has been leveraging the advantages Titan has of being a very large and mature VCT holding a highly diversified portfolio. Having made over 80 investments in the preceding few years, there remains the opportunity for long-term returns to the Company. The ongoing focus for the team will be optimising growth plans for the portfolio and taking advantage of exit opportunities.

1. https://www.cbinsights.com/research/report/venture-trends-2024/

Risks and risk management

The Board assesses the risks faced by Titan and, as a board, reviews the mitigating controls and actions, and monitors the effectiveness of these controls and actions.

Emerging and principal risks, and risk management

Emerging risks

The Board has considered emerging risks. The Board seeks to mitigate emerging risks and those noted below by setting policy, regular review of performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

The following are some of the potential emerging risks that management and the Board are currently monitoring:

adverse changes in global macroeconomic environment;
challenging market conditions for private company fundraising and exits;
geo-political instability; and
climate change.

Principal risks

*Risk*	*Mitigation*	*Change*
Investment performance:
The focus of Titan’s investments is into unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies.	Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Titan portfolio and the engagement levels of other investors. Regular board reports are prepared by the portfolio company’s management and examined by the Manager. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Titan to play a prominent role when necessary in a portfolio company’s ongoing development and strategy. The overall risk in the portfolio is mitigated by maintaining a wide spread of holdings in terms of financing stage, age, industry sector and business model. The Board reviews the investment portfolio with the Portfolio Manager on a regular basis. The Portfolio Manager is incentivised via a performance incentive fee for exceeding certain performance hurdles. The Board and Octopus are reviewing the fee structure.	Risk exposures continue to increase due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
*Risk*	*Mitigation*	*Change*
VCT qualifying status:
Titan is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Titan and its investors losing access to the various tax benefits associated with VCT status and investment.	Octopus tracks Titan’s qualifying status regularly throughout the year, and reviews this at key points including investment realisation. This status is reported to the Board at each Board meeting. The Board has also engaged external independent advisers to undertake an independent VCT status monitoring role.	Decreased exposures reflected in the previous period remain. VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
*Risk*	*Mitigation*	*Change*
Loss of key people:
The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Titan.	The Portfolio Manager has a broad team, experienced in and focused on early-stage investing and portfolio company management. Various mitigants exist to assist in managing key person risk. These include frameworks that review succession, remuneration and career progression. Workforce planning is continuous and reviews skillsets and team structures. To reduce the exposure further, the core team is also supplemented by part-time venture partners with sector or functional specialism.	The increased exposures reflected in the previous period remain due to the loss of the lead fund manager and other leadership positions at the Portfolio Manager. The absence of a performance fee and lack of new investments or deal-making opportunities compared to previous periods are also factors.
*Risk*	*Mitigation*	*Change*
Operational:
The Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third-party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules.	The Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Titan’s internal controls). These include controls designed to make sure that Titan’s assets are safeguarded and that proper accounting records are maintained.	No overall change in risk exposure on balance.
*Risk*	*Mitigation*	*Change*
Information security:
A loss of key data could result in a data breach and fines. The Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information.	Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated information security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events.	No overall change on balance, although cyber threat remains a significant risk area faced by all service providers. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence.
*Risk*	*Mitigation*	*Change*
Economic:
Events such as an economic recession and movement in interest rates could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions or the sectors in which they operate. This could result in a reduction in the value of Titan’s assets.	Titan invests in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Titan also maintains adequate liquidity to make sure it can continue to provide follow‑on investment to those portfolio companies which require it and which is supported by the individual investment case.	Increased exposures reflected in the previous periods remain and have heightened further as economic uncertainty persists through high inflation, high interest rates and other economic factors.
*Risk*	*Mitigation*	*Change*
Legislative:
A change to the VCT regulations could adversely impact Titan by restricting the companies Titan can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Titan’s ability to raise further funds.	The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation.	Risk exposure has continued to reduce since the previous period following the extension of the sunset clause to 2035 being agreed.
*Risk*	*Mitigation*	*Change*
Liquidity:
The risk that Titan’s available cash will not be sufficient to meet its financial obligations. Titan invests in smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice.	Titan’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Titan’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Titan maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these investments were valued at £183,770,000 (2023: £199,841,000), which represents 22% (2023: 20%) of the net assets of Titan. The Board also reviews the cash runway in the portfolio.	Risk exposure has continued to increase, reflecting economic uncertainty, the impact on fundraising and the risk of failing to exit portfolio companies.
*Risk*	*Mitigation*	*Change*
Valuation:
The portfolio investments are valued in accordance with International Private Equity and Venture Capital (IPEV) valuation guidelines. This means companies are valued at fair value. As the portfolio comprises smaller unquoted companies, establishing fair value can be difficult due to the lack of a readily available market for the shares of such companies and the potentially limited number of external reference points.	Valuations of portfolio companies are performed by appropriately experienced staff, with detailed knowledge of both the portfolio company and the market it operates in. These valuations are then subject to review and approval by Octopus’ Valuation Committee, comprised of staff who are independent of Octopus Ventures with relevant knowledge of unquoted company valuations, as well as Titan’s Board of Directors.	Risk exposure remains unchanged from the previous period due to economic uncertainty within valuation modelling.
*Risk*	*Mitigation*	*Change*
Foreign currency exposure:
Investments held and revenues generated in other currencies may not generate the expected level of returns due to changes in foreign exchange rates.	Octopus and the Board regularly review the exposure to foreign currency movement to make sure the level of risk is appropriately managed. Investments are primarily made in GBP, EUR and USD so exposure is limited to a small number of currencies. On realisation of investments held in foreign currencies, cash is converted to GBP shortly after receiving the proceeds to limit the amount of time exposed to foreign currency fluctuations.	Risk exposure has not changed since the previous period.

Viability statement

In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Titan over a period of five years, consistent with the expected investment hold period of a VCT investor. Under VCT rules, subscribing investors are required to hold their investment for a five-year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Titan’s shares, and a five-year period is considered to be a reasonable time horizon for this.

The Board carried out a robust assessment of the emerging and principal risks facing Titan and its current position, including risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to Titan’s reliance on, and close working relationship with, the Portfolio Manager.

The Board has carried out robust stress testing of cash flows which included assessing the resilience of portfolio companies, including the requirement for any future financial support and the ability to pay dividends, and buybacks.

The Board has additionally considered the ability of Titan to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

Based on this assessment the Board confirms that it has a reasonable expectation that Titan will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to ensure Titan has sufficient liquidity.

Directors’ responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the financial statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the Listing Rules of the Financial Conduct Authority.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland’ (FRS 102), (United Kingdom accounting standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

Insofar as each of the Directors is aware:

there is no relevant audit information of which the Company’s auditor is unaware; and
the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Directors confirm that, to the best of their knowledge:

the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board

Tom Leader
Chair

Income statement

	Year to 31 December 2024			Year to 31 December 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Gain/(loss)/gain on disposal of fixed asset investments	—	5,184	5,184	—	(1,870)	(1,870)
Gain on disposal of current asset investments	—	563	563	—	355	355
Loss on valuation of fixed asset investments	—	(136,894)	(136,894)	—	(131,655)	(131,655)
Gain on valuation of current asset investments	—	4,439	4,439	—	8,098	8,098
Investment income	4,215	—	4,215	4,467	—	4,467
Investment management fee	(954)	(18,125)	(19,079)	(1,054)	(20,028)	(21,082)
Other expenses	(6,072)	—	(6,072)	(6,264)	—	(6,264)
Foreign exchange translation	—	(5)	(5)	—	(1,548)	(1,548)
Loss before tax	(2,811)	(144,838)	(147,649)	(2,851)	(146,648)	(149,499)
Tax	—	—	—	—	—	—
Loss after tax	(2,811)	(144,838)	(147,649)	(2,851)	(146,648)	(149,499)
Loss per share – basic and diluted	(0.2)p	(8.8)p	(9.0)p	(0.2)p	(9.7)p	(9.9)p

The ‘Total’ column of this statement is the profit and loss account of Titan. The supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
Titan has only one class of business and derives its income from investments made in shares and securities, and from bank and money market funds.

Titan has no other comprehensive income for the period.

The accompanying notes form an integral part of the financial statements.

Balance sheet

	As at 31 December 2024		As at 31 December 2023
	£’000	£’000	£’000	£’000
Fixed asset investments		640,797		791,403
Current assets:
Money market funds	93,523		91,172
Corporate bonds	90,247		108,669
Applications cash¹	22		17,842
Cash at bank	213		2,970
Debtors	8,412		1,218
		192,417		221,871
Creditors: amounts falling due within one year	(1,856)		(19,530)
Net current assets		190,561		202,341

Net assets		831,358		993,744

Share capital		1,647		1,594
Share premium		—		45,780
Capital redemption reserve		141		74
Special distributable reserve		1,056,537		1,025,614
Capital reserve realised		(125,444)		(89,570)
Capital reserve unrealised		(57,285)		51,674
Revenue reserve		(44,238)		(41,422)

Total equity shareholders’ funds		831,358		993,744

NAV per share		50.5p		62.4p

Funds raised from investors since Titan opened for new investment which have not been allotted as at year end.

The accompanying notes form an integral part of the financial statements.

The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

Tom Leader, Chair
Company Number 06397765

Statement of changes in equity

			Capital	Special	Capital	Capital
	Share	Share	redemption	distributable	reserve	reserve	Revenue
	capital	premium	reserve	reserve¹	realised¹	unrealised	reserve¹	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
As at 1 January 2024	1,594	45,780	74	1,025,614	(89,570)	51,674	(41,422)	993,744
Comprehensive income for the year:
Management fees allocated as capital expenditure	—	—	—	—	(18,125)	—	—	(18,125)
Current year gain on disposal of fixed asset investments	—	—	—	—	5,184	—	—	5,184
Current year gain on disposal of current asset investments	—	—	—	—	563	—	—	563
Loss on fair value of fixed asset investments	—	—	—	—	—	(136,894)	—	(136,894)
Gain on fair value of current asset investments	—	—	—	—	—	4,439	—	4,439
Loss after tax	—	—	—	—	—	—	(2,811)	(2,811)
Foreign exchange translation	—	—	—	—	—	—	(5)	(5)
Total comprehensive income for the year	—	—	—	—	(12,378)	(132,455)	(2,816)	(147,649)
Contributions by and distributions to owners:
Share issue (includes DRIS)	120	76,664	—	—	—	—	—	76,784
Share issue costs	—	(1,893)	—	—	—	—	—	(1,893)
Repurchase of own shares	(67)	—	67	(37,986)	—	—	—	(37,986)
Dividends paid (includes DRIS)	—	—	—	(51,642)	—	—	—	(51,642)
Total contributions by and distributions to owners	53	74,771	67	(89,628)	—	—	—	(14,737)
Other movements:
Share premium cancellation	—	(120,551)	—	120,551	—	—	—	—
Prior year fixed asset gains now realised	—	—	—	—	7,473	(7,473)	—	—
Prior year current asset losses now realised	—	—	—	—	(74)	74	—	—
Transfer between reserves	—	—	—	—	(30,895)	30,895	—	—
Total other movements	—	(120,551)	—	120,551	(23,496)	23,496	—	—
Balance as at 31 December 2024	1,647	—	141	1,056,537	(125,444)	(57,285)	(44,238)	831,358

Reserves are available for distribution, subject to the restrictions.

The accompanying notes form an integral part of the financial statements.

			Capital	Special	Capital	Capital
	Share	Share	redemption	distributable	reserve	reserve	Revenue
	capital	premium	reserve	reserve¹	realised¹	unrealised	reserve¹	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
As at 1 January 2023	1,368	92,896	27	887,288	(53,430)	160,634	(37,023)	1,051,760
Comprehensive income for the year:
Management fees allocated as capital expenditure	—	—	—	—	(20,028)	—	—	(20,028)
Current year loss on disposal of fixed asset investments	—	—	—	—	(1,870)	—	—	(1,870)
Current year gain on disposal of current asset investments	—	—	—	—	355	—	—	355
Loss on fair value of fixed asset investments	—	—	—	—	—	(131,655)	—	(131,655)
Gain on fair value of current asset investments	—	—	—	—	—	8,098	—	8,098
Loss after tax	—	—	—	—	—	—	(2,851)	(2,851)
Foreign exchange translation	—	—	—	—	—	—	(1,548)	(1,548)
Total comprehensive income for the year	—	—	—	—	(21,543)	(123,557)	(4,399)	(149,499)
Contributions by and distributions to owners:
Share issue (includes DRIS)	273	207,132	—	—	—	—	—	207,405
Share issue costs	—	(5,737)	—	—	—	—	—	(5,737)
Repurchase of own shares	(47)	—	47	(32,422)	—	—	—	(32,422)
Dividends paid (includes DRIS)	—	—	—	(77,763)	—	—	—	(77,763)
Total contributions by and distributions to owners	226	201,395	47	(110,185)	—	—	—	91,483
Other movements:
Share premium cancellation	—	(248,511)	—	248,511	—	—	—	—
Prior year current asset losses now realised	—	—	—	—	(355)	355	—	—
Transfer between reserves	—	—	—	—	(14,242)	14,242	—	—
Total other movements	—	(248,511)	—	248,511	(14,597)	14,597	—	—
Balance as at 31 December 2023	1,594	45,780	74	1,025,614	(89,570)	51,674	(41,422)	993,744

Reserves are available for distribution, subject to the restrictions.

The accompanying notes form an integral part of the financial statements.

Cash flow statement

	Year to 31 December	Year to 31 December
	2024	2023
	£’000	£’000
Reconciliation of profit to cash flows from operating activities
Loss before tax¹	(147,649)	(149,499)
Decrease in debtors²	279	3,671
Decrease/(increase) in creditors	146	(440)
Gain on disposal of current asset investments	(563)	(355)
Gain on valuation of current asset investments	(4,439)	(8,098)
Gain on disposal of fixed asset investments	(5,184)	(1,111)
Loss on valuation of fixed asset investments	136,894	131,655
Outflow from operating activities	(20,516)	(24,177)
Cash flows from investing activities
Sale of current asset investments	23,424	4,028
Purchase of fixed asset investments	(30,011)	(97,650)
Proceeds from sale of fixed asset investments³	41,432	45,637
Inflow/(outflow) from investing activities	34,845	(47,985)
Cash flows from financing activities
Movement in applications account	(17,820)	(5,457)
Dividends paid (net of DRIS)	(43,881)	(58,210)
Purchase of own shares	(37,986)	(32,422)
Share issues (net of DRIS)	69,025	187,852
Share issue costs	(1,893)	(5,737)
(Outflow)/inflow from financing activities	(32,555)	86,026
Increase/(decrease) in cash and cash equivalents	(18,226)	13,864
Opening cash and cash equivalents	111,984	98,120
Closing cash and cash equivalents	93,758	111,984
Cash and cash equivalents comprise
Cash at bank	213	2,970
Applications cash	22	17,842
Money market funds	93,523	91,172
Closing cash and cash equivalents	93,758	111,984

Loss before tax includes cashflows from dividends of £4.2 million (2023: £4.2 million).
Movement in debtors, net of disposal proceeds received in the year £41.4 million, with £40.9 million relating to current year disposals and £0.5 million relating to prior year disposals.
Of these proceeds, £12.4 million was distributed from Zenith Holding Company, a wholly owned subsidiary of Titan, to Titan during the year.

The accompanying notes form an integral part of the financial statements.

Notes to the financial statements

1. Principal accounting policies

Titan is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

Titan has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Titan were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 28 December 2007 and can be found under the TIDM code OTV2. Titan is premium listed.

The principal activity of Titan is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), and with the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

2. Investment income
Accounting policy
Investment income includes interest earned on money market funds. Dividend income is shown net of any related tax credit.

Dividends receivable are brought into account when Titan’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

Disclosure

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Money market funds	4,215	4,154
Loan note interest receivable	—	313
Total investment income	4,215	4,467

In the current year, accrued loan note interest income is treated to be included in the fair value of investments. The opening balance of accrued loan interest has been reclassified to be included in the fair value of investments. This reclassification amends the balance previously reported as of 31 December 2023.

3. Investment management fees
Accounting policy

For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 5% to revenue and 95% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Titan’s investment portfolio.

Disclosure

	Year to 31 December 2024			Year to 31 December 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Investment
management fee	954	18,125	19,079	1,054	20,028	21,082

The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Titan. It also provides non-investment services to Titan under a non-investment services agreement. No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given. The basis upon which the management fee is calculated is disclosed within the Annual Report and financial statements.

4. Other expenses
Accounting policy

Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Ongoing adviser and non-advised charges	2,111	2,370
Non-investment services fee¹	2,078	2,020
Other fees	780	480
Directors’ remuneration²	263	192
Audit fees	204	191
Registrar’s fees	196	200
Depositary fees	187	270
Listing fees	136	401
Directors and Officers (D&O) insurance	117	123
Impairment of accrued loan note interest receivable	—	17
Total	6,072	6,264

For further information please see note 9.
Includes employers’ NI.

Total ongoing charges are capped at 2.5% of net assets. For the year to 31 December 2024, the ongoing charges were 2.5% of net assets (2023: 2.4%). This is calculated by summing the expenses incurred in the period (excluding ongoing IFA charges and non‑recurring expenses) divided by the average NAV throughout the period.

5. Tax on ordinary activities
Accounting policy

Disclosure
The corporation tax charge for the period was £nil (2023: £nil).

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Loss on ordinary activities before tax	(147,649)	(149,499)
Current tax at 25% (2023: 23.5%)	(36,912)	(35,163)
Effects of:
Non‑taxable income	(1,054)	(977)
Non‑taxable capital loss	31,677	29,418
Non‑deductible expenses	55	71
Zenith distribution¹	3,100	—
Excess management expenses on which deferred tax not recognised	3,134	7,070
Tax rate differences²	—	(419)
Total current tax charge	—	—

1. £12.4 million was distributed from Zenith Holding Company to Titan in the year which is taxable income for Titan.
2. Tax rate difference in the year to 31 December 2023 due to tax charge for the year being calculated at 19% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

Unrelieved tax losses of £227,486,000 (2023: £214,949,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Titan’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Titan has not recognised the deferred tax asset of £56,871,000 (2023: £53,737,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward. There is no expiry period on these deductible expenses under the UK HMRC legislation.

Approved VCTs are exempt from tax on capital gains. As the Directors intend for Titan to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

6. Dividends
Accounting policy

Dividends payable are recognised as distributions in the financial statements when Titan’s liability to make the payment has been established. This liability is established on the record date, the date on which those shareholders on the share register are entitled to the dividend.

Disclosure

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Dividends paid in the year
Previous year’s second interim dividend – 1.9p (2023: 3.0p)	31,876	46,127
Current year’s interim dividend – 1.2p (2023: 2.0p)	19,767	31,636
Total	51,643	77,763

Dividends in respect of the year
Interim dividend – 1.2p (2023: 2.0p)	19,767	31,636
Second interim dividend – 0.5p (2023: 1.9p)	8,236	31,876
Total	28,003	63,512

The figures above include dividends elected to be reinvested through the DRIS.

The second interim dividend of 0.5p for the period ending 31 December 2024 will be paid on 29 May 2025 to shareholders on the register on 25 April 2025, this equates to 1% of the Company’s opening NAV per share.

7. Earnings per share

	Year to 31 December 2024			Year to 31 December 2023
	Revenue	Capital	Total	Revenue	Capital	Total
Loss attributable to Ordinary shareholders (£’000)	(2,811)	(144,838)	(147,649)	(2,851)	(146,648)	(149,499)
Loss per Ordinary share (p)	(0.2)p	(8.8)p	(9.0)p	(0.2)p	(9.7)p	(9.9)p

The total loss per share is based on 1,644,900,726 (2023: 1,506,111,802) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year.

There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

8. Net asset value per share

	31 December	31 December
	2024	2023
Net assets (£)	831,358,000	993,744,000
Ordinary shares in issue	1,647,212,355	1,593,601,092
NAV per share (p)	50.5	62.4

9. Transactions with the Manager and Portfolio Manager

Since 1 September 2017, Titan has been classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). As a result, since 1 September 2017, Titan’s investment management agreement was assigned by way of the deed of novation from Octopus Investments Limited to Octopus AIF Management Limited to act as Manager (an authorised alternative investment fund manager responsible for ensuring compliance with the AIFM Directive). Octopus AIF Management Limited has in turn appointed Octopus Investments Limited to act as Portfolio Manager to Titan (responsible for portfolio management and the day-to-day running of Titan).

Titan paid Octopus AIF Management Limited £19,079,000 (2023: £21,082,000) in the period as a management fee. The annual management charge (AMC) is based on 2% of Titan’s NAV in respect of existing funds but in respect of funds raised by Titan under the 2018 Offer and thereafter (and subject to Titan having a cash reserve of 10% of its NAV), the AMC on uninvested cash is the lower of either (i) the actual return that Titan receives on its cash and funds that are the equivalent of cash (which currently consist of corporate bonds and money market funds) subject to a 0% floor and (ii) 2% of Titan’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Titan and the number of shares in issue at each quarter end.

Octopus provides non-investment services to the Company and receives a fee for these services which is capped at the lower of (i) 0.3% per annum of the Company’s NAV or (ii) the administration and accounting costs of the Company for the year ended 31 December 2020 with inflation increases in line with the Consumer Price Index. During the period, the Company paid £2,078,000 (2023: £2,020,000) to Octopus for the non‑investment services.

In addition, Octopus is entitled to performance-related incentive fees. The incentive fees were designed to ensure that there were significant tax-free dividend payments made to shareholders as well as strong performance in terms of capital and income growth, before any performance-related fee payment was made.

Due to performance in the year, the total value has decreased to 155.6p, representing a total loss of 8.8p. Therefore, the high water mark for the 2025 financial year remains at 197.7p.

If, on a subsequent financial year end, the performance value of Titan falls short of the high water mark on the previous financial year end, no performance fee will arise. If, on a subsequent financial year end, the performance exceeds the previous best high water mark of Titan, the Manager will be entitled to 20% of such excess in aggregate.

Octopus received £39,000 in the period to 31 December 2024 (2023: £36,000) in regard to arrangement and monitoring fees in relation to investments made on behalf of Titan. Since 31 October 2018, Octopus no longer receives such fees in respect of new investments or any such new fees in respect of further investments into portfolio companies in which Titan invested on or before 31 October 2018, with any such fees received after that time being passed to Titan.

The cap relating to Titan’s total ongoing charges ratio, that is the regular, recurring costs of Titan expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 2.5%, and is calculated in accordance with the AIC Guidelines.

10. Related party transactions

Titan owns Zenith Holding Company Limited, which owns a share in Zenith LP, a fund managed by Octopus.

In the year, Octopus Investments Nominees Limited (OINL) has purchased Titan shares from shareholders to correct administrative issues, on the understanding that shares will be sold back to Titan in subsequent share buybacks. As at 31 December 2024, no Titan shares were held by OINL (2023: no shares) as beneficial owner. Throughout the period to 31 December 2024, OINL purchased 65,000 shares (2023: 1,883,000 shares) at a cost of £36,000 (2023: £1,563,000) and sold 65,000 shares (2023: 1,883,000 shares) for proceeds of £34,000 (2023: £1,353,000). This is classed as a related party transaction as Octopus, the Portfolio Manager, and OINL are part of the same group of companies. Any such future transactions, where OINL takes over the legal and beneficial ownership of Company shares, will be announced to the market and disclosed in annual and half‑yearly reports.

Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Titan’s portfolio companies, but they have no controlling interests in those companies.

Details of the Directors and their remuneration can be found in the Directors’ Remuneration Report.

The Directors received the following dividends from Titan:

	Year to	Year to
	31 December	31 December
	2024	2023
	£	£
Jane O’Riordan	4,766	6,901
Tom Leader	1,464	1,889
Lord Rockley	2,406	2,776
Julie Nahid Rahman	138	89
Gaenor Bagley Rupert Dickinson	738 —	901 —

11. 2024 financial information

The figures and financial information for the year ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the year to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

12. 2023 financial information

The figures and financial information for the period ended 31 December 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

13. Annual Report and financial statements

The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, octopustitanvct.com. The Notice of Annual General Meeting is contained within the Annual Report.

14. General information

Registered in England & Wales. Company No. 06397765
LEI: 213800A67IKGG6PVYW75

15. Directors

Tom Leader (Chair), Jane O’Riordan, Lord Rockley, Gaenor Bagley, Julie Nahid Rahman and Rupert Dickinson.

16. Secretary and registered office

Octopus Company Secretarial Services Limited
6^th Floor, 33 Holborn, London EC1N 2HT

The MIL Network –

April 29, 2025

MIL-OSI Australia: New Home Energy Empowerment Program aims to help local residents
Source: New South Wales Ministerial News

The City in collaboration with the Central Victoria Greenhouse Alliance (CVGA) and Bendigo Sustainability Group have developed a Home Energy Empowerment Program to help local homeowners and renters to improve the energy efficiency of their homes.

City of Greater Bendigo Climate Change and Environment Manager Michelle Wyatt said the Home Energy Empowerment Program has been developed to support local households to improve the comfort and energy efficiency of their home, plan for the short and long term, and save on their energy bills.

“Everyone is feeling the impact of rising energy costs and the City and our partners want to empower residents with the information they need to know to make their homes energy efficient and to ultimately save money,” Ms Wyatt said.

The program is free and will commence on Sunday May 4, 2025 with an in-person home energy efficiency planning session at the Old Church on the Hill 36 Russell Street, Quarry Hill from 10.30am to 12pm.

It will then continue through to October with fortnightly short webinars on:
- Energy Efficiency for renters
- Draught proofing
- Efficient heating and cooling
- Insulation
- Hot water heat pumps
- Solar panels
- Windows and blinds for comfort and efficiency
- Electric vehicles and e-bikes
To register, visit:

MIL OSI News –
April 29, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 29, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on April 29, 2025.

Why are political parties allowed to send spam texts? And how can we make them stop?
Source: The Conversation (Au and NZ) – By Tegan Cohen, Postdoctoral Research Fellow, Digital Media Research Centre, Queensland University of Technology Ti Wi / Unsplash Another election, another wave of unsolicited political texts. Over this campaign, our digital mailboxes have been stuffed with a slew of political appeals and promises, many from the new party

The Oscars have rolled out the red carpet for generative AI. And surprisingly, viewers don’t seem to mind
Source: The Conversation (Au and NZ) – By Paul Crosby, Senior Lecturer, Department of Economics, Macquarie University The Oscars have entered the age of artificial intelligence (AI). Last week the Academy of Motion Picture Arts and Sciences explicitly said, for the first time, films using generative AI tools will not be disqualified from the awards.

Echidna ancestors lived watery lifestyles like platypuses 100 million years ago – new study
Source: The Conversation (Au and NZ) – By Sue Hand, Professor Emeritus, Palaeontology, UNSW Sydney Mary_May/Shutterstock As the world’s only surviving egg-laying mammals, Australasia’s platypus and four echidna species are among the most extraordinary animals on Earth. They are also very different from each other. The platypus is well adapted for a semi-aquatic lifestyle, spending

‘Do something about it before it gets worse’: young people want government action on gambling reform
Source: The Conversation (Au and NZ) – By Hannah Pitt, Senior Research Fellow – Institute for Health Transformation, Deakin University David P. Smith/Shutterstock Do something about it before it gets worse. This was a response from a 16-year-old boy in one of our recent studies when asked what he would say to the prime minister

‘I’m always afraid for the future of my family’: why it’s too hard for some refugees to reunite with loved ones
Source: The Conversation (Au and NZ) – By Mary Anne Kenny, Associate Professor, School of Law, Murdoch University When refugees flee their home country due to war, violence, conflict or persecution, they are often forced to leave behind their families. For more than 30,000 people who have sought asylum in Australia since arriving more than

Major survey finds most people use AI regularly at work – but almost half admit to doing so inappropriately
Source: The Conversation (Au and NZ) – By Nicole Gillespie, Professor of Management; Chair in Trust, Melbourne Business School Matheus Bertelli/Pexels Have you ever used ChatGPT to draft a work email? Perhaps to summarise a report, research a topic or analyse data in a spreadsheet? If so, you certainly aren’t alone. Artificial intelligence (AI) tools

1 billion years ago, a meteorite struck Scotland and influenced life on Earth
Source: The Conversation (Au and NZ) – By Chris Kirkland, Professor of Geochronology, Curtin University Stoer Head lighthouse, Scotland. William Gale/Shutterstock We’ve discovered that a meteorite struck northwest Scotland 1 billion years ago, 200 million years later than previously thought. Our results are published today in the journal Geology. This impact now aligns with some

Arsenic is everywhere – but new detection methods could help save lives
Source: The Conversation (Au and NZ) – By Magdalena Wajrak, Senior Lecturer in Chemistry, Edith Cowan University Arsenic is a nasty poison that once reigned as the ultimate weapon of deception. In the 18th century, it was the poison of choice for those wanting to kill their enemies and spouses, favoured for its undetectable nature

Forming new habits can take longer than you think. Here are 8 tips to help you stick with them
Source: The Conversation (Au and NZ) – By Ben Singh, Research Fellow, Allied Health & Human Performance, University of South Australia SarahMcEwan/Shutterstock If you’ve ever tried to build a new habit – whether that’s exercising more, eating healthier, or going to bed earlier – you may have heard the popular claim that it only takes

‘Complaining is career suicide’: the hidden mental health crisis turning our screen industry upside down
Source: The Conversation (Au and NZ) – By Peter Hegedus, Associate Professor, Griffith Film School, Griffith University Shutterstock The Australian screen industry is often associated with fun, creativity and perhaps even glamour. But our new Pressure Point Report reveals a more troubling reality: a pervasive mental health crisis, which could see the screen industry lose

New survey shows business outlook is weakening and uncertainty rising as the trade war bites
Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University Vivid Brands/Shutterstock Uncertainty is everywhere these days. There is even uncertainty about the uncertainty. The Reserve Bank of Australia, for example, noted in the minutes from its April 1 meeting: The most significant development in the period leading up

How ICE is becoming a secret police force under the Trump administration
Source: The Conversation (Au and NZ) – By Lee Morgenbesser, Associate Professor, School of Government and International Relations, Griffith University Secret police are a quintessential feature of authoritarian regimes. From Azerbaijan’s State Security Service to Zimbabwe’s Central Intelligence Organisation, these agencies typically target political opponents and dissidents through covert surveillance, imprisonment and physical violence. In

Democracy on display or a public eyesore? The case for cracking down on election corflutes
Source: The Conversation (Au and NZ) – By Andrew Hughes, Lecturer in Marketing, Research School of Management, Australian National University In my time researching political advertising, one common communication method that often generates complaints is the proliferation of campaign corflutes. Politicians love them. Not so, many members of the general public. People are so fed

Here’s how to make your backyard safer and cooler next summer
Source: The Conversation (Au and NZ) – By Pui Kwan Cheung, Research Fellow in Urban Microclimates, The University of Melbourne Varavin88, Shutterstock Our backyards should be safe and inviting spaces all year round, including during the summer months. But the choices we make about garden design and maintenance, such as whether to have artificial turf

Five ways to make cities more resilient to climate change
Source: The Conversation (Au and NZ) – By Paul O’Hare, Lecturer in Human Geography and Urban Development, Manchester Metropolitan University John_T/Shutterstock Climate breakdown poses immense threats to global economies, societies and ecosystems. Adapting to these impacts is urgent. But many cities and countries remain chronically unprepared in what the UN calls an “adaptation gap”. Building

Politics with Michelle Grattan: pollster Kos Samaras on how voters are leaving the major parties behind
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra As we enter the final days of campaigning, Labor leads with its nose in front on most polls, but the devil is in the detail of particular seats. To help get a read on what the voters are feeling at

Vanuatu communities growing climate resilience in wake of Cyclone Lola
Communities in Vanuatu are learning to grow climate resilient crops, 18 months after Cyclone Lola devastated the country. The category 5 storm struck in October 2023, generating wind speeds of up to 215 kmph, which destroyed homes, schools, plantations, and left at least four people dead. It was all the worse for following twin cyclones

Election Diary: Labor to slash more consultant costs and increase visa charges to pay for fresh election commitments
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The government has dug out last-minute savings of more than A$7 billion, to ensure its election commitments are more than offset in every year of the forward estimates. Its costings, released Monday, include savings of $6.4 billion from further reducing

Big and small spending included in Labor costings, but off-budget items yet to be revealed
Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra The federal budget will be stronger than suggested in last month’s budget, according to Treasurer Jim Chalmers who released Labor’s costings on Monday. Many of the policies included in the costings were already detailed in either the 2025 Budget

How much do election promises cost? And why have we had to wait so long to see the costings?
Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra With the May 3 federal election less than a week away, voters have only just received Labor’s costings and are yet to hear from the Coalition. At the 2022 election, the costings were not released for nearly two months

MIL OSI Analysis – EveningReport.nz –

April 29, 2025
MIL-OSI Australia: Police conducted dedicated day of action enforcing road rules across North West

Source: New South Wales Community and Justice

Police conducted dedicated day of action enforcing road rules across North West

Tuesday, 29 April 2025 – 10:25 am.

Police conducted a dedicated day of action enforcing the road rules across North West Tasmania yesterday, aimed at detecting and deterring unsafe behaviours that contribute to fatal and serious injury crashes.
Acting Inspector Martin Parker said police from Western Road Policing Service (RPS) and Crash Investigation Services (CIS) conducted dedicated traffic enforcement activities in a range of areas and detected offences at Burnie, Penguin, Devonport, Parramatta Creek, Kimberley, Sulphur Creek, Latrobe, Port Sorell, Forth and Don.
Police issued 141 traffic infringement notices and two defect notices, for offences including:

63 x drivers detected speeding between 10 and 14 km/hr over the limit.
54 x drivers detected speeding between 15 and 29 km/hr over the limit.
1 x driver detected speeding 35 km/hr over the limit.
1 x driver detected speeding 31 km/hr over the limit.
6 x drivers failed to stop at a railway crossing.
1 x driver failed to display P plates.
1 x driver detected using a mobile phone while driving.
4 x drivers failed to wear a seat belt.
1 x unlicensed driver.

“Tasmania Police are committed to ensuring the safety of both Tasmanians and visitors on our roads,” said Acting Inspector Martin Parker.
“Despite the conclusion of Operational Safe Arrival over the Easter period, our efforts in road safety enforcement will persist.”
“This year, we have seen a devastating increase in fatalities and serious crashes compared to last year. Even one death or serious crash is one too many.”
“It is disappointing that some individuals continue to disregard the law and endanger other road users by undertaking risky driving behaviours.”
“Police will continue to conduct targeted and random patrols on Tasmania’s roads to curb high-risk behaviours such as speeding, drink driving, inattention, and not wearing seatbelts. These factors overwhelmingly contribute to serious and fatal crashes.”
“We encourage the public to report dangerous driving and traffic offences to police on 131 444, or Triple Zero (000) in an emergency. Reports can also be made through our website.”

MIL OSI News –

April 29, 2025
MIL-OSI United Kingdom: Scotland Office/Office of the Advocate General appointments
Source: United Kingdom – Executive Government & Departments

News story

Scotland Office/Office of the Advocate General appointments

The Scotland Office and the Office of the Advocate General have strengthened their management team with the appointment of three new non-executive directors.
Susan Deacon has been appointed as lead non-executive director, and Catherine MacLeod and Andrew Kerr have been appointed as non-executive directors. The appointments have been made following a rigorous, fair and open recruitment process under the public appointment rules. The appointees join Martin Dorchester and Stuart Patrick as non-executive members on the offices’ joint management board.

Announcing the appointments Scottish Secretary Ian Murray said:

“This is great news for the Scotland Office and the Office of the Advocate General. I am delighted to welcome Susan, Catherine and Andrew to the team. These distinguished individuals bring a wealth of skills and experience. They join our current non-executive directors who will continue to offer invaluable insight, advice and challenge. They will all be instrumental in helping us deliver on my four key priorities – economic growth, delivering clean energy, tackling poverty, and rolling out Brand Scotland. These appointments demonstrate our commitment to strong governance and strategic leadership, which is a key part of the UK Government’s Plan for Change.”

UK Government non-executive board members are appointed by the Secretary of State following approval by the Prime Minister and sit on the departmental board. Their role is to:

Give advice to ministers and officials on the operational and delivery implications of policy proposals.

Provide independent support, guidance and challenge on the progress and implementation of the department’s strategic direction.

Advise on performance and monitor implementation of the department’s business plans.

Non-executive directors do not have decision-making powers.

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Published 29 April 2025
MIL OSI United Kingdom –
April 29, 2025
MIL-Evening Report: Echidna ancestors lived watery lifestyles like platypuses 100 million years ago – new study

Source: The Conversation (Au and NZ) – By Sue Hand, Professor Emeritus, Palaeontology, UNSW Sydney

Mary_May/Shutterstock

As the world’s only surviving egg-laying mammals, Australasia’s platypus and four echidna species are among the most extraordinary animals on Earth.

They are also very different from each other.

The platypus is well adapted for a semi-aquatic lifestyle, spending up to 20 hours a day swimming in Australian waterways to forage for freshwater invertebrates. Echidnas, on the other hand, live entirely on land. They are widely distributed across Australia and New Guinea, and adapted for feeding on termites, ants and earthworms.

How did these differences emerge? Some researchers think echidnas evolved from a swimming, platypus-like ancestor. This hypothesis is based on evidence from aspects of their genes and anatomy, and from hypotheses about their evolutionary history.

However, this idea is controversial because fossil evidence for such a profound evolutionary transformation has been lacking – until now.

Did the ancestors of echidnas spend time in the water? It’s a controversial idea.
Natalia Golovina/Shutterstock

A bone from 108 million years ago

In our study published today in PNAS, we gleaned new data from a 108-million-year-old mammal humerus (arm bone), found 30 years ago at Dinosaur Cove, Victoria, by a team from Museums Victoria.

This arm bone, from a species called Kryoryctes cadburyi, belongs to an ancestral monotreme – a semi-aquatic burrower like the platypus. Our findings support the hypothesis that land-living echidnas evolved from a swimming ancestor.

Kryoryctes lived during the Age of Dinosaurs (the Mesozoic), when monotremes and monotreme relatives were more common than they are today. Glimpses of this past diversity are found in the fossil record in southern Victoria and Lightning Ridge, New South Wales.

Nevertheless, Australian Mesozoic mammal fossils are exceedingly rare, and mostly consist of teeth and jaws. Kryoryctes is the only one known from a limb bone, which provides significant information about its identity, relationships and lifestyle.

Reconstruction of Kryoryctes cadburyi and a small dinosaur (above) at Dinosaur Cove, Victoria, Australia ~108 million years ago.
Peter Schouten

Tiny clues inside bones

In order to test the evolutionary relationships of Kryoryctes, we added it to a broader data set of 70 fossil and modern mammals. From there, we calculated an evolutionary tree. This showed Kryoryctes is an ancestral monotreme.

We also compared the external shape of the Kryroryctes humerus bone to living monotremes. These analyses indicated the bone is more like those of echidnas, rather than platypuses.

But it was a different story on the inside. When we looked at the internal structure of the Kryoryctes humerus with several 3D scanning techniques, we uncovered microscopic features of this arm bone that were actually more like those of the platypus.

Such tiny features inside bones yield crucial clues about the lifestyle of an animal. Numerous previous studies link bone microstructure in mammals and other tetrapods (four-limbed animals) with their ecology.

Using the wealth of data available for living mammals, we compared characteristics of the Kryoryctes humerus microstructure to those in platypuses, echidnas and 74 other mammal species.

These analyses confirmed that the Kryoryctes humerus has internal bone features found in semi-aquatic burrowing mammals (such as the platypus, muskrat and Eurasian otter), rather than land-living burrowing mammals such as the echidna.

The Kryoryctes humerus we studied.
Museums Victoria

From water to land

This discovery suggests that a semi-aquatic lifestyle is ancestral for all living monotremes. It also suggests the amphibious lifestyle of the modern platypus had its origins at least 100 million years ago, during the Age of Dinosaurs.

In this scenario, the modern platypus lineage has retained the ancestral semi-aquatic burrowing lifestyle for more than 100 million years. Echidnas would have reverted to a land-based way of life more recently.

For echidnas, a return to land appears to have resulted in adaptations such as their long bones becoming lighter, as shown in our study.

They possibly also lost several other features more useful for spending time in the water rather than on land, including the loss of a long tail, reduction of webbing between fingers and toes, reduction of the duck-like bill to a narrow beak, and a reduced number of electroreceptors on that beak.

However, precisely when this evolutionary transformation occurred is not yet known. The answer must wait until early echidna fossils are found – so far, nothing definitive has turned up anywhere.

The modern habitats of monotremes are increasingly under threat from environmental degradation, interactions with humans and feral predators, and climate change. This is especially true for platypuses. To ensure the survival of this ancient lineage, we need to better understand how their unique features evolved and adapted.

Sue Hand receives funding from the Australian Research Council

Laura A. B. Wilson receives funding from the Australian Research Council

Robin Beck receives funding from the UK’s National Environmental Research Council, and the Australian Research Council.

Camilo López-Aguirre does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Echidna ancestors lived watery lifestyles like platypuses 100 million years ago – new study – https://theconversation.com/echidna-ancestors-lived-watery-lifestyles-like-platypuses-100-million-years-ago-new-study-254484

MIL OSI Analysis – EveningReport.nz –

April 29, 2025
MIL-Evening Report: 1 billion years ago, a meteorite struck Scotland and influenced life on Earth

Source: The Conversation (Au and NZ) – By Chris Kirkland, Professor of Geochronology, Curtin University

Stoer Head lighthouse, Scotland. William Gale/Shutterstock

We’ve discovered that a meteorite struck northwest Scotland 1 billion years ago, 200 million years later than previously thought. Our results are published today in the journal Geology.

This impact now aligns with some of Earth’s earliest known, land based, non-marine microbial fossils, and offers new insights into how meteorite strikes may have shaped our planet’s environment and life.

A rocky treasure trove

The Torridonian rocks of northwest Scotland are treasured by geologists as some of the finest archives of the ancient lakes and river systems that existed a billion years ago.

Those water bodies were home to microbial ecosystems consisting of eukaryotes. Eukaryotes are single-celled organisms with complex internal structures that are the ancestors of all plants and animals.

But the Torridonian environments and their associated microbial communities were dramatically disrupted when a meteor slammed into the planet.

A drone’s-eye view of the Stac Fada Member reveals towering blocks of sandstone preserving a meteorite impact frozen in time. Look closely and you’ll spot figures for scale, dwarfed by the chaotic jumble of rock fragments encased in impact-smashed debris.
Tony Prave

The record of this event is preserved in a geological unit known as the Stac Fada Member. It is comprised of unusual layers of rock fragments broken and melted by the impact.

Also, crucially, there are shock-altered minerals that closely resemble those found in famous impact sites such as Chicxulub (Mexico) and Sudbury (Canada).

In the case of the Stac Fada, these minerals were engulfed in high-energy, ground-hugging flows of smashed rock triggered by the impact that spread across the ancient landscape.

What is exciting about our new date for the Stac Fada impact is that it now overlaps in age with microfossils preserved elsewhere in the Torridonian rocks.

This raises some interesting questions. For example, how did the meteorite strike influence the environmental conditions those early non-marine microbial ecosystems relied on?

Finding out the date

Determining when a meteorite struck is no easy task.

We can use minerals to constrain the age, but they have to be the right kind. In this case it means something that wasn’t overly altered by the intense heat, pressure and fluids generated by the impact, yet robust enough to survive the ravages of deep geological time.

Suitable minerals are extremely rare, but we found a few in the Stac Fada rocks. One was reidite, a mineral that only forms under extreme pressure. The other was granular zircon, a uranium-bearing mineral formed by immense impact temperatures.

Electron microscope image of a shocked zircon: blue is granular zircon, red is reidite formed under extreme pressure from a meteorite impact.
Timmons Erickson

These minerals are, in effect, tiny stopwatches whose clocks start “ticking” at the time they form. Although these clocks are often damaged during the impact and the ensuing pulse of heat, we used mathematical modelling to determine the most probable time of impact.

Together, these techniques consistently pointed to an event 1 billion years old, not 1.2 billion years old as previously suggested. Given such vast spans of time, a 20% change in age might not seem dramatic.

However, the new age shows the timing of the impact coincides with early non-marine eukaryotic fossils. It also lines up with a major mountain-building event. This means the Torridonian lifeforms had to cope with significant, environment-altering phenomena.

Why this is important for you, me, and life in general

The origin of life is a deeply complex process that likely began with a series of pre-biotic chemical reactions.

While much remains unknown, it is intriguing that two ancient meteorite impacts, the 3.5-billion-year-old North Pole impact in Western Australia and now the 1-billion-year-old Stac Fada deposit in northwest Scotland, occur close in time to major milestones in the fossil record.

The North Pole impact occurs in a sequence of rocks containing stromatolites, some of the oldest-known fossils considered to be indicative of microbial life.

These rippled layers in the Torridon rocks were built by ancient microbial communities, evidence of some of the earliest life on land.
Tony Prave

All life requires energy. The earliest forms of life are thought to be associated with volcanic hydrothermal springs. Impacts offer a plausible alternative. The immediate aftermath of a meteorite strike is extreme and hostile, and would ruin your day. But the long-term effects could support key biological processes.

Meteorite strikes fracture rocks, generate long-lived hydrothermal systems and form crater lakes that enable the concentration of important ingredients for life, such as clays, organic molecules and phosphorus. The latter is a key element for all forms of life.

In Scotland, the Stac Fada impact lies within an ancient river and lake environment that housed microbial ecosystems colonising the land. What makes the Stac Fada impact deposits fascinating is that, unlike most other impacts on Earth, they preserve the environments in which those pioneering organisms lived immediately prior to the impact.

Further, the impact deposits were subsequently buried as non-marine microbial habitats became reestablished. So, the Stac Fada rocks provide an opportunity to see how microbial life recovered from impact.

Extraterrestrial visitors in the form of meteorite collisions may not just have scarred Earth’s surface, but shaped its future, turning catastrophic events into natural crater-cradles of life.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. 1 billion years ago, a meteorite struck Scotland and influenced life on Earth – https://theconversation.com/1-billion-years-ago-a-meteorite-struck-scotland-and-influenced-life-on-earth-254285

MIL OSI Analysis – EveningReport.nz –

April 29, 2025
MIL-OSI United Kingdom: UK researchers access more quantum and space Horizon funding
Source: United Kingdom – Executive Government & Departments 2

Press release

UK researchers access more quantum and space Horizon funding

EU Commissioner visits London as UK researchers and businesses get access to more Horizon Europe funding calls for quantum and space research
Minister for EU Relations today welcomes EU Commissioner Maroš Šefčovič ahead of his first official visit to the United Kingdom.

Visit comes as UK researchers and businesses benefit from wider access to Horizon Europe funding calls for quantum and space research, which will help drive sector and economic growth and deliver our Plan for Change.

New backing from the world’s largest programme of research collaboration, worth c.£80 billion, builds on high-potential tech areas like AI, telecoms and high-performance computing

Minister for EU Relations, Nick Thomas-Symonds, today welcomes EU Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency, Maroš Šefčovič, ahead of his first official visit to the United Kingdom under this government (Tuesday, 29 April 2025).

Commissioner Šefčovič’s visit follows the recent engagement with European Commission President Ursula Von Der Leyen last week, providing a significant opportunity to review the progress of ongoing discussions between the UK and the European Union. This engagement is a key step in the lead-up to the UK-EU Summit scheduled for next month.

This visit comes as UK scientists, researchers and businesses working on the latest innovations in quantum and space technologies have now been given access to more Horizon Europe funding, under the new 2025 Horizon Europe Work Programme published last week (Friday 25 April).

Access to Horizon Europe funding, and the opportunities for international collaboration that Horizon presents, will be an important boost to these two sectors which are at the cutting edge of new opportunities for economic growth, helping to drive the Government’s Plan for Change.

These are technologies that will be instrumental to the future of the economy: quantum computing alone is projected to deliver $5-10 billion of benefits globally over the next 3-5 years, while since 2015 the UK has attracted more private investment in space than any other country outside of the United States.

During his visit in the UK, the European Commissioner for Trade and Economic Security, alongside the Minister for the Cabinet Office, Nick Thomas-Symonds, will meet professors at Imperial College London who have benefited from Horizon funding for their projects.

Minister Nick Thomas-Symonds will co-chair the Withdrawal Agreement Joint Committee with Commissioner Šefčovič, who is also scheduled to meet with the Secretaries of State for the Foreign, Commonwealth and Development Office, the Department for Business and Trade, and the Northern Ireland Office.

Paymaster General and Minister for the Cabinet Office (Minister for the Constitution and European Union Relations), Rt Hon Nick Thomas-Symonds MP, said:

In just under a month, the United Kingdom will host the UK-EU Summit here in London. Today provides an opportunity to take stock of negotiations and the progress made. We are fully aligned in our ambitions to build a safer, more secure, and prosperous future for people across the UK and Europe.

We will always act in the national interest as we work towards a strong and durable strategic partnership with our European partners, unlocking new opportunities for British citizens and businesses.

UK Science Minister Lord Vallance said:

Thanks to this welcome news, the opportunities for British researchers and businesses working in quantum, space, and beyond are only set to grow.

They now have greater access to one of the world’s foremost vehicles for R&D funding, and an even bigger chance to build the international ties which we know are critical to advancing knowledge, tackling the world’s biggest challenges, and delivering the economic growth that is at the heart of this Government’s Plan for Change.

I want innovators up and down the UK to seize the moment that stands before them. Horizon’s doors are open to you, and we have support available to help you. Now is the time to bid for funding, build consortia, and take your work to the next level.

The UK gained access to the vast majority (95%+) of Horizon funding calls, when we associated to the programme in 2024, with some very limited exceptions on some emerging technologies.

Today’s breakthrough comes after a period of constructive collaboration between UK and EU teams and means that more British experts working on space and quantum can now confidently bid for a share of the c.£80 billion that is available through Horizon overall.

They can also build consortia with research partners across Europe, and beyond in Canada, Switzerland, and more. This includes complete access to all Horizon Europe quantum funding calls.

Horizon also offers a huge opportunity to businesses and researchers focusing on other cutting-edge technologies, like AI, telecoms, and high-performance computing, including through access to cutting-edge computing resources through EuroHPC. Recent UK-EU engagement has ensured that the UK retains open access to all calls in these areas.

The Horizon Europe programme is an innovation powerhouse –spending over €380 billion on R&D in 20231 – and fostering deep and high-quality links between the continent’s brightest minds, and the UK’s, will be critical if we are to seize the promise for science and tech innovations to support the Government’s Missions to grow the economy, fix the NHS and improve health outcomes and deliver clean energy under the Plan for Change. Innovative and high-potential sectors like space and quantum will be instrumental to rebuilding the foundations of the economy, and kickstarting growth.

Greater access to Horizon is a win for the UK, given the growing importance of space and quantum to the economy and society. The UK space sector already employs 52,000 people and generates an of £18.9 billion each year.

Meanwhile new innovations in quantum – harnessing the unique properties of subatomic particles to process information and solve problems – are already unlocking breakthroughs in healthcare, logistics, financial services and more. On top of this, experts working in fields like AI, high performance computing, and future telecoms continue to enjoy valuable Horizon access, as well as a vast number of other sectors including food and agritech, digital, industry and more.

British researchers having access to more Horizon science funding calls also further emphasises the value of the UK’s participation in the EU’s Copernicus Earth Observation programme.

Furthermore, the UK and EU have a strong shared commitment to developing assured and independent European access to space: work which forms a key part of the UK’s own ambitions for space launch. With plans for the first launches from SaxaVord in the Shetland Islands later this year, the UK is a leading international partner and cooperator in Europe’s space ambitions and it is encouraging that British researchers will be able to access calls that help to further Europe’s ambition.

There is no time to lose for businesses, researchers, and scientists working in quantum, space and beyond to take advantage of this news, because new Horizon funding calls open in the coming weeks. New space and industry calls open from Thursday 22 May, and digital calls open from Tuesday 10 June.

Notes to editors

Since 2024, the government has provided extensive assistance to our R&D communities to maximise their chances of applying and succeeding in Horizon Europe. In addition to concrete funding initiatives, such as Pump Priming, we recently piloted brokerage visits to Italy, Germany and Spain for UK innovators and researchers looking to build Horizon consortia. Last month, more than 500 of the UK’s leading researchers, businesspeople and scientists gathered at London’s Oval for a Showcase event sharing insight on opportunities available through Horizon. Further information, including practical support on how to apply, is available on the Horizon Hub website. UK Research and Innovation (UKRI) also host regular events that help guide businesses and researchers through the opportunities on offer and the application process. We will continue to review the needs of the UK R&D community in order to offer support and facilitate access to Horizon Europe opportunities.

Potential applicants can find Horizon Europe calls (funding opportunities) open to UK-based applicants using the European Commission’s funding and tender opportunities portal.

More information on how to submit applications are available on the European Commission’s website. The pre-publication of the Horizon Europe 2025 Work Programme can be found here.

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Published 29 April 2025
MIL OSI United Kingdom –
April 29, 2025
MIL-OSI United Kingdom: Government takes leaps forwards in driving up school standards
Source: United Kingdom – Government Statements

Press release

Government takes leaps forwards in driving up school standards

New regional improvement teams expanded to reach more than 200 schools and 120,000 children to drive up standards across the country.
Thousands more children are set to benefit from the government’s flagship new school improvement teams, as the programme significantly ramps up this week.

The government’s RISE (Regional Improvement for Standards and Excellence) teams are expanding their reach from an initial 32 schools, to more than 200 reaching over 120,000 children.

The drive comes as the government’s Children’s Wellbeing and Schools Bill progresses in the Lords this week, with new laws to put money back in parents’ pockets, keep children safe and bring every school up to the standard of the best.

RISE teams are backed by £20 million, and central to the government’s mission to drive up school standards for children in all corners of the country, as part of its Plan for Change.

Each RISE school could be eligible for support of up to £100,000 to help turn around the quality of education for children and young people.

This expansion goes hand in hand with a tripling of the government’s team of RISE advisers, with an additional 45 starting their work this week, bringing the total to 65.

Every adviser is an expert with a track record of improving schools, with the majority academy trust leaders, with advisers already hitting the ground running to drive up improvement in schools.

There are more than 600 ‘stuck’ schools in England that have received consecutive poor Ofsted judgements, and which are attended by more than 300,000 children.

Data shows that the schools RISE advisers are supporting, have spent an average of 6.6 years rated by Ofsted as below good or equivalent, amounting to a child spending their whole primary or secondary school years in an underperforming school.

Education Secretary, Bridget Phillipson said:

No child should be spending precious days, let alone years, in schools that are underperforming.

Our new RISE teams, made up of the best of the best in school improvement, can be the spark that turns around the life chances of tens of thousands of children.

RISE teams have already hit the ground running, and as we deliver on our Plan for Change, I am determined to make sure we lift every school, for every child, up to the standard of the best.

Dozens of the schools have been stuck for more than six years and 42 for more than 11 years, reinforcing the need to secure swift improvement for children across the country.

As part of the bespoke improvement plans drawn up by the RISE advisers, working with the school’s responsible body, the first 32 ‘stuck’ schools have already started to be paired with supporting organisations, including high-quality multi-academy trusts, who will provide support and expertise to assist the schools on their improvement journeys.

Some of these supporting organisations include high-performing multi academy trusts who have years of experience working with the sector. Mulberry Schools Trust, L.E.A.D Academy Trust and the Northern Education Trust are a few of many trusts involved in supporting other schools.

Gaenor Bagley, Chair of Trustees and Dr Karen Roberts, CEO, The Kemnal Academies Trust, whose schools, are receiving RISE support said:

We would like to say, at this juncture and for the record, just how refreshing, different and positive the experience of working with the RISE advisers has been – it really does feel like a genuine partnership.

More widely teams will also work across all schools up and down the country providing a universal service, signposting to best practice and bringing schools together to share their knowledge and innovation, focusing on four national priorities: attainment, attendance, inclusion and reception year quality.

RISE adviser, Dr Herminder K Channa, Oasis Community Learning Regional Director, said:

I am deeply honoured to take on the RISE Adviser role, fully aware of the responsibility it carries. At its heart, RISE reflects a powerful truth: we are stronger when we stand together.

This policy unites us as a sector regardless of trust, local authority, faith or context with a shared commitment to ensure every child can achieve and thrive.

By championing collaboration over fragmentation and support over intervention, RISE unlocks the collective expertise across our system. Together, we can build a future where excellence is not the exception, but the expectation for every school, every teacher, and every child.

RISE adviser, Anita Cliff, Chief Executive Advisor, Manor Multi Academy Trust, said:

I’m privileged to serve as a Regional Improvement Adviser for Standards and Excellence with the Department for Education. This role gives me the opportunity to support schools across the region in removing barriers to achievement—helping to transform children’s life chances and ensure every child can thrive, regardless of background.

RISE adviser, Lee Mason-Ellis, Chief Executive, The Pioneer Academy, said:

RISE is a fantastic opportunity to work across and within our sector, in a collaborative way; to ensure that every child, no matter where they live, receives a good education in strong schools. Who wouldn’t want to be part of this amazing opportunity to improve life chances of our children, across the nation.

I firmly believe that RISE will bring the education sector together, working in partnership, in collaboration – together sharing and problem solving for the benefit of all children across the nation.

As a further commitment to support its ongoing engagement with the sector the Department for Education is also establishing a new RISE operational stakeholder group to advise on delivery to ensure views are reflected.

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Published 29 April 2025
MIL OSI United Kingdom –
April 29, 2025
MIL-OSI Security: Saugus Man Sentenced to 15 Years in Prison for Drug Conspiracy Involving Tens of Thousands of Counterfeit Pills and Firearm Offense

Source: Office of United States Attorneys

BOSTON – A Saugus man was sentenced today in federal court in Boston for a drug conspiracy involving tens of thousands of counterfeit pills containing methamphetamine, pills containing fentanyl and a firearm offense.

Aaron Lenardis, 38, was sentenced by U.S. District Court Judge Leo T. Sorokin to 15 years in prison, to be followed by five years of supervised release. In November 2024, Lenardis was convicted by a federal jury of conspiracy to possess with intent to distribute 500 grams or more of methamphetamine and 40 grams or more of fentanyl; one count of possession with intent to distribute 500 grams or more of methamphetamine and 40 grams or more of fentanyl; and one count of being a felon in possession of firearms and ammunition. In February 2023, Lenardis was indicted along with co-conspirator Charles Bates.

In August 2022, an investigation began into Bates after he ordered 50 kilograms of an orange binding agent commonly used to make counterfeit Adderall pills, which he was observed picking up at a UPS store in Boston. Bates brought the binding agent to Lenardis’s house in Saugus, where he and Lenardis used it to manufacture counterfeit pills using a pill press.

Throughout September 2022 and October 2022, Bates exchanged text messages with drug customers and associates in which he spoke about pills that are “made to order,” described being physically present at the place where the pills were made—Lenardis’s house—and “watching the guy work so no corners have been cut.” Bates described the pill press being used for 20 hours at a time and producing 5,000 pills per hour. In total, the offense involved at least 136,000 counterfeit pills containing methamphetamine, equivalent to approximately 40 kilograms of such pills.

After the pill press broke, Bates traveled to Pawtucket, R.I. to obtain a replacement. Bates and Lenardis were observed carrying the replacement pill press into Lenardis’ residence in Saugus.

A search of Lenardis’ residence in Saugus on Oct. 25, 2022 resulted in the seizure of an industrial pill press; 14 firearms including a Glock outfitted to operate as a machinegun; at least 1.85 kilograms of pills; powder containing methamphetamine; at least 87.6 grams of pills and powder containing fentanyl and “M30” stamps commonly used to manufacture counterfeit pills.

In November 2024, Bates was sentenced to 10 years in prison to be followed by five years of supervised release.

United States Attorney Leah B. Foley and Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division made the announcement today. Assistant U.S. Attorneys Samuel R. Feldman and Charles Dell’Anno of the Narcotics & Money Laundering Unit prosecuted the case.

MIL Security OSI –

April 29, 2025
MIL-Evening Report: Here’s how to make your backyard safer and cooler next summer
Source: The Conversation (Au and NZ) – By Pui Kwan Cheung, Research Fellow in Urban Microclimates, The University of Melbourne

Varavin88, Shutterstock

Our backyards should be safe and inviting spaces all year round, including during the summer months.

But the choices we make about garden design and maintenance, such as whether to have artificial turf or real grass for a lawn, can have serious consequences. Children, elderly people and pets are particularly susceptible to burns from contact with artificial turf on a hot day.

Watering your lawn or planting a shady tree can also dramatically change how hot your backyard feels in summer. Ultimately, these factors will influence how much time you and your family spend outside.

No matter where in the world you live, it is never too late to find out how to make your backyard safer and cooler next summer.

The case against artificial turf

Artificial turf or synthetic grass, commonly used on sports fields, has become popular in private outdoor spaces such as backyards.

People may think it’s cheaper and easier to maintain than real turf. Perhaps they like the idea of saving water and having the look of lawn without the hassle of mowing and fertilising it.

But this type of plastic surface is known to become very hot on a sunny day.

We wanted to find out just how hot artificial turf can get in a suburban backyard over summer.

So we set up an experiment to compare the temperatures of artificial turf, dry natural turf, and watered natural turf in Melbourne. We took surface temperature measurements continuously for 51 days during the summer of 2023–24.

The research was part of a project demonstrating the benefits of green space in residential properties. The project received funding from Horticulture Innovation Australia, a grower-owned not-for-profit research and development corporation. That funding, in part, came from three water authorities.

Thermal imaging reveals artificial turf is hotter than natural turf on a hot sunny day.
Pui Kwan Cheung

Feeling the heat

In adults, irreversible burns occur when the skin is in contact with a surface that is 48°C or hotter for ten minutes.

The temperature needed to cause skin burns in children is approximately 2°C lower, because their skin is thinner and more sensitive.

Contact skin burns due to the high surface temperature of artificial turf has been identified as a health risk.

In our latest research, the artificial turf reached a scorching 72°C, which is sufficient to cause irreversible skin burns in just ten seconds. In contrast, the real turf was never hot enough to cause such burns (maximum temperature of 39°C).

Over the course of our experiment, the artificial turf was hot enough to cause adults irreversible skin burns for almost four hours a day. While adults might be expected to move away from the heat before it burns, vulnerable people such as babies and the elderly, as well as pets, are most at risk because they may be unable to move away.

We also took measurements in real backyards on a hot sunny summer’s day. We compared the risk of skin burns on four different surfaces: artificial turf, mulch, timber and real turf. The only surface that did not get hot enough to cause skin burns in adults was real turf.

Watering the grass can cool your backyard in more ways than one.
Stephen Livesley

Why should I water the lawn?

Grass and other plants release water vapour from little holes in their leaves into the atmosphere. This process helps the plant maintain a liveable leaf temperature on a hot day, but it also cools the air around the leaves.

It is a good idea to water your lawn throughout summer for two reasons:
1. well-watered lawn is healthier, stays green for longer, and has more leaves to release water vapour into the air (“transpire”).
2. more water is available to evaporate from the soil and leaves, adding to the cooling effect.
If you’re worried about wasting drinking water on your lawn, you can install a rainwater tank or household water recycling plant. Having access to alternative water sources will become increasingly important as the world warms and the climate dries.

More shade will cool your backyard.
Stephen Livesley

What about shade?

The most effective way to make you feel cooler in your backyard is to provide adequate shade. This reduces the amount of sun energy hitting your body or the ground, heating the surface and warming the surrounding air.

A single tree can lower the level of heat stress from extreme to moderate. This may be the difference between wanting to spend time outside on a hot day and avoiding your backyard altogether.

Even small trees can still make you feel cooler, if they provide some shade.

However, too-dense tree canopy cover may prevent air flow – so there is a happy medium. Air flow is necessary to move the heat away from your backyard and cool your body down.

Taking all the above measures will keep your backyard safe and cool throughout summer. This will allow you and your family to spend more quality time in your backyard, cool your home, and improve your quality of life.

Pui Kwan Cheung receives funding from Horticulture Innovation Australia (Hort Innovation) for the research project “demonstrating the benefits of increasing available green infrastructure in residential homes”, which is relevant to this article.
The project involves co-investment from South East Water, Greater Western Water, Yarra Valley Water, the Department of Energy, Environment and Climate Action (Victoria), Department of Planning, Housing and Infrastructure (New South Wales), The University of Melbourne, and the Australian Government. Hort Innovation is the grower-owned, not-for-profit research and development corporation for Australian horticulture.

Stephen Livesley receives funding from Horticulture Innovation Australia, the Australian Research Council and various water authorities.

– ref. Here’s how to make your backyard safer and cooler next summer – https://theconversation.com/heres-how-to-make-your-backyard-safer-and-cooler-next-summer-254928
MIL OSI Analysis – EveningReport.nz –
April 29, 2025
MIL-OSI United Kingdom: Allister writes to organisers of the Glastonbury Festival to ask them to drop Kneecap

Source: Traditional Unionist Voice – Northern Ireland

Jim Allister had today written the following letter to the organisers of the Glastonbury Festival:

Dear Sir / Madam,

Re: Booking of ‘Kneecap’ for Glastonbury Festival

I write as a Member of Parliament for North Antrim and leader of TUV to express deep concern over the decision to host the group “Kneecap” at this year’s Glastonbury Festival.

Kneecap is a group that derives its name from one of the most vicious forms of paramilitary violence used in Northern Ireland — the so-called “kneecapping” of innocent civilians. Their choice of name alone is an affront to the countless victims maimed by terrorist brutality.

However, the concerns go deeper. Kneecap has repeatedly glorified the actions of the Provisional IRA and promoted a narrative that seeks to romanticise a terrorist campaign which caused immense suffering across our United Kingdom.

More recently, this group has been embroiled in fresh controversy — publicly advocating that people should “kill your local Tory MP,” an utterly abhorrent incitement to political violence.

Furthermore, Kneecap has made inflammatory and deeply offensive comments about Israel, during a time when antisemitism and violent rhetoric against the Jewish community are a growing and serious concern.

That Glastonbury would offer a platform to a group which glorifies terrorism, advocates the murder of elected representatives, and engages in inflammatory rhetoric against the State of Israel is nothing short of a disgrace. It stands wholly at odds with the values of tolerance, peace, and inclusivity which your Festival claims to promote.

It is wholly unacceptable for a mainstream, UK-wide cultural event to be seen to endorse — even by implication — messages of political violence and terror glorification.

Accordingly, I call upon you to immediately rescind the invitation to Kneecap to perform at this year’s Festival.

To allow them to proceed would seriously damage the reputation of Glastonbury Festival and cast doubt on its commitment to basic democratic and moral principles.

I trust you will give this matter urgent and serious consideration.

Yours sincerely,
Jim Allister KC MP

MIL OSI United Kingdom –

April 29, 2025
MIL-OSI United Kingdom: Caithness Committee adopts Caithness Area Place Plan

Source: Scotland – Highland Council

At a meeting of the Caithness Committee held earlier today (Monday 28 April) members agreed to adopt the Caithness Area Place Plan. They also agreed to fully support and promote the plan where possible, giving it consideration within other plans, strategies, development and funding opportunities across or impacting the Caithness area.

The Caithness Area Place Plan (APP) is ambitious but realistic, covering the aspirations within communities and focusing on outcomes for the whole area. It will help inform local and regional decision making about public services, budgeting and policy areas, as well as informing those wider statutory plans. It recognises the good work already taking place in Caithness and supports community action to make the most of opportunities.

Chair of the Committee, Councillor Jarvie said: “The Caithness APP is about communities, and their views, opinions and ideas are at the core of this plan. As well as in partnership with communities, the Caithness APP has been developed in partnership with various services, organisations.

“The depth of the data at a community level we have captured is a fantastic starting point. It is a resource for everyone, from small groups to large organisations to show levels of need and demands. However as Local Councillors, the next steps we take of how to put this into action, and make this plan a real plan that makes a difference on the ground, is the ultimate test.”

The aspirations have been categorised under the headings of People, Place and Prosperity.

The Committee have agreed the next steps for progressing the work set out in the plan.

Councillor Jarvie added: “I’d like to thank all the individuals, stakeholders and local community groups for coming along to the sessions we held and playing a proactive role. Their input into the process has been invaluable. I’d like to especially thank all the young people who provided feedback as it was important their voices were heard as part of the preparation work.

“Through our discussions, it became clear that many community priorities and aspirations reflect those which have been voiced for some time, but also that new upcoming ideas and opportunities were being identified.

“Going forward our APP will help us and our communities secure funding for Caithness by evidencing the impact of every pound spent here. The associated actions will provide clarity and manage expectations around how and where resources are prioritised. It will also provide a stronger framework for communities to prepare more local plans, should they wish to, empowering them to drive and deliver change in our towns, villages, communities and settlements.”

MIL OSI United Kingdom –

April 29, 2025
MIL-OSI United Kingdom: Wester Ross, Strathpeffer and Lochalsh Area Committee members note the approval of Ward Discretionary projects

Source: Scotland – Highland Council

Members of the Wester Ross, Strathpeffer and Lochalsh Area Committee today (28 April 2025) noted the range of projects which had been supported with more than £7,000 worth of Ward Discretionary Fund budget since the beginning of the year.

Cllr Biz Campbell, Chair of the Committee, commented: “It is encouraging to see how our local Ward Budget can support such a range of projects, helping communities to support and deliver on local priorities. As Ward Councillors, we are able to utilise our local knowledge and work with local organisations to make positive improvements to our communities.”

The approved applications were:

– Remembrance Day – wreaths – £204.60
– Wester Loch Ewe Trust – Cataloguing of Historical Artefacts – £900.00
– Community Out West Trust – Community Toilets Refurbishment – £1,250.00
– Torridon District Community Association – Community Centre Gutter Repairs – £630.00
– Torridon – Community Development Officer Bridging Funding – £1,000.00
– Southwest Ross Drama – One Act Play Festival – £500.00
– Stromeferry & Achmore Community Council – Manual grit spreader to aid Winter Resilience – £353.99
– Welcome Ullapool – Replace public benches and picnic tables – £2,386.16

All Council Wards receive a discretionary budget, and it is for Ward Councillors to consider what they wish to commit funds to, in line with Highland Council objectives and outcomes.

28 Apr 2025

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MIL OSI United Kingdom –

April 29, 2025
MIL-OSI United Kingdom: Joint Chairs appointed for Caithness Committee
Source: Scotland – Highland Council

First thing on the agenda at today’s Caithness Committee was to elect a new Chair to take over from Cllr Ron Gunn who has held the role since July 2022. The committee have taken the decision to have a joint chair arrangement between Councillor Andrew Jarvie and Councillor Karl Rosie.

The duty of chairing the regular Caithness Committee meetings will currently fall to Councillor Andrew Jarvie.

He said: “I am honoured to be given this opportunity to serve Caithness as joint chair and I would like to thank Councillor Gunn who has held the role since 2022.

“I stood for election in Caithness because I saw so many tremendous opportunities for the County and abundance of highly skilled people, despite the mood music from too many organisations being rather negative about Caithness’s prospects. I have only seen the odds of those opportunities begin to come a financial reality with the Highland Investment Plan, so I cannot think of a more exciting time to take on this role.

“There is not much time remaining in my Council term, so getting on with doing what matters and not hosting endless meetings is my priority. It is also why I wanted two people to take this on as co-chairs, because there is more work to be done outside of Committee meetings than in them.

“The priorities are simple, making best use of the Highland Investment Plan to fix our roads and build the future infrastructure, encouraging economic development and improving connectivity for both business and leisure – such as the Wick Airport PSO.”

Joint Chair, Councillor Karl Rosie added: “I too look forward to serving in my new role and working to represent Caithness’ best interests.”

All Council Wards receive a discretionary budget, and it is for Ward Councillors to consider what they wish to commit funds to, in line with Highland Council objectives and outcomes.

During today’s meeting the Committee reflected on the Discretionary Awards they have allocated to applicants over the last financial year.

Today’s Chair Councillor Jarvie said: “It is always a privilege and a pleasure for Ward Councillors to make discretionary budget awards. One of the most rewarding aspects is that it allows members to utilise their local knowledge and work with local organisations to make positive improvements to our communities.

“On behalf of the Committee, I’d like to wish all the successful applicants the very best with their projects.”

Thurso and Northwest Caithness Ward Discretionary Budget applications approved 1 April 2024 – 31 March 2025
- Community Food Initiatives North East – Fareshare in Highland – £1,690.00
- Caithness Chamber of Commerce – Caithness Transport Forum – £500.00
- Pentland Firth Yacht Club – Replacement Windows – £1,450.00
- Highlife Highland – Active School Coaching & Equipment – £1,500.00
- Sidh Chailleann Art – “Industrial Caithness” Exhibition – £1,000.00
- Thurso Youth Club SCIO – Holiday Activities £1,000.00
- Thurso Community Council – Thurso Town Centre initiative 2024 – £400.00
- Association of Caithness Community Council – Village officer Funding – £3,200.00
- Connecting Carers Caithness – £1,916.00
- Caithness Voluntary Group – Winter Support 24/25 – £1000.00
Wick and East Caithness Ward Discretionary Budget applications approved 1 April 2024 – 31 March 2025
- Community Food Initiatives North East – Fareshare in Highland – £2,763.00
- Caithness Chamber of Commerce – Caithness Transport Forum – £500.00
- Highlife Highland – Youth Session Resources – £999.00
- Argyll Square Area Association – Replacement Litter Bin – £561.60
- Association of Caithness Community Council – Village officer Funding – £5,300.00
- Caithness Voluntary Group – Winter Support 24/25 – £2,000
- Dunbeath & District Centre – Back Office Support £2,276.40
MIL OSI United Kingdom –
April 29, 2025
MIL-OSI United Kingdom: Update to Caithness Committee on project to renew interest in low-demand void housing

Source: Scotland – Highland Council

Good progress is being made to create sustainable tenancies in Caithness by enhancing the appeal for re-letting of low-demand void council housing.

The Council’s Void-Plus Policy is being delivered in Caithness on a trial basis as part of the Council’s Delivery Plan 2024 – 2027. It is designed to help create sustainable tenancies in parts of Caithness where there has been difficulty in re-letting void Council housing.

It involves improvements being made to voided properties to increase the appeal of these homes. There are low demand issues in Caithness so a choice-based letting scheme currently operates in the area. This means housing applicants can register an interest in a property which will then be considered by the service.

By the end of March 18 empty properties had been brought up to Void-Plus standard. While the Void-Plus Policy is focused primarily on decorative works, 2 of the 18 properties have benefited from the supply of white goods and carpeting.

To date, no Void-Plus property has been refused. The local Housing team has spoken with 9 of the new tenants as part of the standard settling-in process. All have advised that they are satisfied with the quality of their new homes.

Caithness Chair, Councillor Andrew Jarvie said: “This is a fantastic project which will help encourage people to move into Caithness.

“By taking empty Council houses and fitting them out to an enhanced standard, it encourages people to register interest from the broader Highlands and brings homes back into use which would otherwise sit empty

“Caithness has so much to offer, and it is great to see more people moving in.

“I am also glad to note that the feedback from tenants who are now living in these homes has been very positive.

“Our committee looks forward to a more detailed report once the first-year milestone of this pilot project has been reached.”

28 Apr 2025

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MIL OSI United Kingdom –

April 29, 2025
MIL-OSI United Kingdom: HIREP unveils ten-year strategy for regional growth

Source: Scotland – Highland Council

Issued by Highlands and Islands Enterprise on behalf of HIREP

A partnership of public, private and academic organisations in the Highlands and Islands has unveiled its ten-year strategy to deliver sustainable economic growth across the region.

The Highlands and Islands Regional Economic Partnership (HIREP)’s Regional Economic Strategy 2025-2035 presents a vision of a thriving, resilient and inclusive region in 2035.

Aligning with the goals of member organisations, the strategy addresses the challenges affecting the region’s businesses and communities, including high cost of living, population and connectivity.

It sets out the importance of regional-scale collaborative actions necessary to address those challenges while capitalising on ‘once-in-a-generation’ opportunities that could deliver thousands of jobs and millions of pounds into the economy.
Informed by research, analysis, stakeholder surveys and a consultation, it spells out a commitment to deliver high quality, affordable housing as well as enhanced transport and digital infrastructure.

There’s a focus on renewable energy and the need to maximise economic and community benefits while driving the region’s transition to net zero emissions.

The need to enhance skills and workforce capabilities to meet future demands is emphasised.

Current chair of HIREP is Cllr Raymond Bremner, Leader of The Highland Council. He said: “The Highlands and Islands is a region with tremendous potential. Realising that potential and building a vibrant economy and leading Scotland’s transition to net zero requires collaboration on a very broad scale.

“That’s what this strategy is all about. It’s a major step in our joint efforts to build a dynamic, connected, resilient and prosperous Highlands and Islands. I very much look forward to working with the HIREP partners to deliver the actions that will make a real and lasting difference.”

HIREP was established in 2021 to bring together public, private, academic and third sector interests in pursuit of economic opportunities and addressing challenges across the region. It is one of eight Regional Economic Partnerships in Scotland. Since its inception, it has worked across several policy areas including housing, population attraction and retention, skills, childcare, and community wealth building, as well as sectoral opportunities.

It emphasises collaboration, community benefit and leveraging regional strengths to address unique challenges and opportunities. HIREP plays a key role in a developing a regional vision for delivery of the Scottish Government’s National Strategy for Economic Transformation (NSET).
Membership of the HIREP includes local authorities, Highlands and Islands Enterprise, Skills Development Scotland, Scottish Funding Council, UHI, NatureScot, VisitScotland, Bord na Gaidhlig, HITRANS, Cairngorm National Park Authority, the Crofting Commission, business representatives and third sector organisations.

The full strategy is available on the HIREP website.

MIL OSI United Kingdom –

April 29, 2025
MIL-OSI United Kingdom: Badenoch and Strathspey Committee members agree funding for community regeneration projects

Source: Scotland – Highland Council

Two community projects in Badenoch and Strathspey have been awarded £9,435.20 of funding from the Community Regeneration Fund following today’s meeting of the Area Committee.

Cllr Russell Jones, Chair of the Badenoch and Strathspey Committee, said: “Community Regeneration Funding helps us support key projects in the heart of our communities. £4,435.20 will be invested in window repairs for the Burnfield Public Toilets in Grantown on Spey, with £5,000 being invested in urgent electrical work at the Newtonmore Village Hall.

“Additionally, £50,000 of funding from the Highland Coastal Communities Fund has also been ringfenced to deliver the Loch Vaa car park project. I am pleased that these projects will now be prioritised and taken forward which will bring welcome improvements for those in the local community.”

Community Regeneration Funding is an umbrella term for several funds that are available for communities and organisations to access in Highland. The Highland Coastal Communities Fund is designed to support economic regeneration and sustainable development around coastal areas in Highland.

28 Apr 2025

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MIL OSI United Kingdom –

April 29, 2025
MIL-OSI United Kingdom: Nature Restoration Fund benefits for Highland projects highlighted ahead of Green Health Week
Source: Scotland – Highland Council
In celebration of the upcoming Green Health Week (3 – 11 May 2025), The Highland Council is showcasing the impressive achievements of the Highland Nature Restoration Fund.

Chair of the Economy and Infrastructure Committee, Councillor Ken Gowans said: “The 67 projects supported by the fund have made significant contributions to enhancing biodiversity through a variety of projects including wildflower planting, woodland and wetland creation, and removal of invasive species.”

The Scottish Government established the Nature Restoration Fund as a capital fund to support projects aimed at restoring nature, protecting wildlife, and addressing biodiversity loss caused by climate change. Over three years, Highland Council managed the fund, with most of the allocation distributed by Nature Scot.

In total, £633,061.09 was allocated over the three years, supporting 67 projects across the Highlands. These projects achieved the following:

Planted 24,283 trees

Planted 8.97 hectares of wildflowers, equivalent to 12 football pitches

Planted 1,635 meters of hedgerows

Removed 34 hectares of non-native or invasive species

Created 2.5 hectares of wetlands/ponds, equivalent to 19 Olympic swimming pools

Installed 35 wildlife boxes

Engaged 1,709 volunteers

Councillor Gowans added: “The theme and key focus of Green Health Week 2025 is that nature is for everyone. It’s about taking the opportunity to celebrate diversity and promote equality of access by breaking down the barriers to participation. As we prepare to mark the week, I think it’s very fitting for us to highlight the successful projects funded by the Nature Restoration Fund, that are making a difference across our communities. “

“Our Community Regeneration Team is currently developing a Nature Restoration Fund brochure to highlight these remarkable projects and their impact on the Highlands so stay tuned for details.”

The Highland Council is a member of the Highland Green Health Partnership, a programme which aims to encourage more use of the outdoors to tackle physical inactivity, mental health issues and health inequalities. The Partnership is supporting Green Health Week. More details on Green Health Week are available here
28 Apr 2025

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April 29, 2025
MIL-OSI United Kingdom: BT consultation on the removal of 110 payphones in Highland

Source: Scotland – Highland Council

BT has launched a consultation on the removal of 110 public payphones in Highland which they state are no longer needed. Details of the payphones being considered for closure are set out in the list at this link

The Highland Council is encouraging members of the public to look at BT’s proposals and to comment, giving as much information as possible.

BT has indicated that they have assessed the 110 payphones using the criteria in Ofcom’s Review of the telephony universal service obligation.

BT’s consultation is open until 15 July 2025.

They will take account of representations that are made about their plans when they are making their final decision. They will write to you setting out the reasons for their decision which will also be published their decision on their website www.bt.com/payphones/service.

If you have any questions or want to make representations, please contact BT at btp.authorisation.team@bt.com.

28 Apr 2025

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MIL OSI United Kingdom –

April 29, 2025
MIL-OSI United Kingdom: Local Transport Forum agreed for Badenoch and Strathspey

Source: Scotland – Highland Council

Members of the Badenoch and Strathspey Committee have today agreed to establish a Transport Forum for the area, comprising Highland Council Members, transport operators and other partner organisations.

The forum is supported by the Badenoch and Strathspey Community Partnership and will be a central point of contact for transport issues in the area.

Chair of the Badenoch and Strathspey Committee, Cllr Russell Jones, said: “The transport forum will allow us to develop an integrated Transport Plan which will provide a framework for transport provision and improvements in the area. The forum’s remit will cover all modes of public transport operating within Badenoch and Strathspey, namely local bus, express coach, community transport and train. Local transport is especially important in rural areas and the Forum will give our communities the opportunity to raise concerns, share ideas for improvements and engage directly with transport operators in the area.

“It is important that the Badenoch and Strathspey Transport Forum delivers tangible actions and improvements for local people, and we look forward to building strong relationships with partner organisations to develop solutions for improved and sustainable community transport throughout Badenoch and Strathspey. We will be in touch with local community and statutory partners, including the Cairngorms National Park Authority, to set up an initial meeting of the Transport Forum before the end of June.”

28 Apr 2025

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MIL OSI United Kingdom –

April 29, 2025
MIL-OSI Global: Hospitals have huge environmental footprints – here’s how they can be more sustainable

Source: The Conversation – UK – By James Scott Vandeventer, Senior Lecturer in Sustainability, Manchester Metropolitan University

North Manchester General is a Victorian hospital that would benefit from a retrofit. James Scott Vandeventer, CC BY-NC-ND

Hospital visits usually involve a medical emergency or appointment. The last thing on most patients’ minds will be how the building works. We expect the lights to be on, medical equipment to work, a comfortable room temperature, healthy food, an appropriate layout with efficient routes between departments and all the other features that make the healthcare system run smoothly.

But many decisions about how hospitals will operate are made long before we enter the door – and have significant consequences for their environmental footprint.

In England, the NHS contributes 4% of the country’s total carbon emissions, equating to 40% of all emissions from the public sector. In addition to carbon, NHS operations demand immense quantities of natural resources.

This translates into significant environmental impact embodied in buildings – depending on how a hospital’s material form (think walls, floors, ceilings, windows, pipes, wires) is designed and built.

Construction materials must be manufactured, transported to a building site and used by construction crews. Here, raw inputs come from mines, quarries or other extraction sites where environmental injustices are perpetuated on land and local communities.

Then there are operational impacts, like electricity, water, medical equipment (PPE, hospital beds, syringes), medical gases and food. These essentials are also manufactured, require infrastructures (from the electricity grid to food systems) and are often constrained by previous building design decisions.

Today, the UK’s NHS is facing major capacity pressures on healthcare services, with hospitals expected to handle significant increases in visits. And in January, the Labour government announced three waves of funding for new NHS hospital construction, with 16 hospitals greenlit as part of wave one.

While investment in NHS hospitals is necessary, it brings more greenhouse gas emissions from the operational running of the building and its construction (that includes the extraction and manufacture of raw materials and is referred to as embodied carbon) and its raw materials. embodied and operational environmental impacts.

Ensuring hospitals’ sustainability starts with their design. So, what would designing a more sustainable hospital really involve?

For the past 18 months, I have been attending design meetings and interviewing the design team working on a wave one hospital, North Manchester General. It’s one of the major acute hospitals of Manchester University NHS Foundation Trust (MFT), whose forward-thinking leadership welcomed my research into hospital design.

I have found that sustainability is predominantly integrated into the hospital design through adopting external technical specifications, like the NHS Net Zero Carbon Building Standard, and by aligning with local trust sustainability strategies. In this case MFT’s Green Plan.

I’ve also seen how North Manchester General’s design must adapt to standardisations from the government’s New Hospital Programme. That’s a national initiative coordinating new hospital design and construction, including by working with suppliers.

Adhering to existing statutory requirements related to sustainability – including building safety, social value, net zero carbon, and biodiversity net gain – also features in design considerations.

While reducing carbon emissions remains a focus of North Manchester General’s designs, I’ve witnessed increasing interest in the broader environmental footprint – particularly water and waste. The bar for sustainability is being set high.

But several key areas deserve further consideration in the design process – and the government’s national approach -– to minimise their overall emissions and translate sustainability ambition into action.

For NHS hospitals, and sustainable cities generally, one of the most important decisions is whether to undertake renovation and retrofit of existing buildings as opposed to demolition and rebuild.

Modernising existing buildings not only lowers the carbon emissions associated with materials and construction that come with starting anew, but also reduces impacts associated with construction – while inviting radical innovations like airflow retrofit and modular and mobile facilities.

North Manchester General is a Victorian hospital, which, like historic homes and museums, has stood for well over a century. With the right care, maintenance and design, its older structures could be cost-effectively upgraded, while incorporating flexibility for future innovations into retrofit.

Retaining parts of the existing estate – and only demolishing where absolutely necessary – respects the carbon footprint of the building structure already invested in hospitals and allows for sustainable adaptation rather than the significant environmental footprint of replacement.

Designing 21st-century healthcare

Looking ahead, a “fabric first” approach to new hospitals will prioritise the performance of the building’s envelope – walls, roofs, insulation, windows – before relying on technology to manage energy use. While high-efficiency models like Passivhaus (an approach to designing buildings that requires minimal-to-no energy for heating and cooling) often come with a slightly higher initial cost, they deliver long-term benefits in energy efficiency and cost savings.

Beyond driving down operational impacts, investing in building fabrics could be coordinated by the New Hospital Programme to ensure localised suppliers can ethically source these materials. This could enhance buildings’ lifespan while improving UK healthcare and construction supply chains’ resilience.

So many hospitals need retrofitting.
richardjohnson/Shutterstock

Sustainable hospital designs will change alongside the NHS’ model of healthcare. For example, smaller, more agile hospitals and community health services are becoming future priorities. While some major treatments (think open-heart surgeries) still require acute hospitals, future designs should think small and flexible, while learning from sustainable innovations that improve health outcomes and reduce environmental footprints.

Take Alder Hey Children’s Hospital in Liverpool, where every ward has a kitchen and chef who cooks food to order, helping children recover faster and drastically reducing food waste. Capturing and systematising such learnings should be a priority for future hospitals.

Will ever-larger hospitals become a thing of the past if preventative care, mobile surgical facilities and similar innovations become embedded in a future-fit, 21st-century NHS? Perhaps new hospitals’ target operating models need more flexible spaces, and lower overall floor areas, as healthcare shifts towards a community-oriented approach.

Designing-out reliance on new materials and energy use through retrofit and fabric first approaches, while designing-in flexibility and best practices from contemporary hospitals, will help lower environmental footprints and place the NHS estate at the forefront of sustainable healthcare systems globally.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

James Scott Vandeventer received funding for this research from the British Academy and Leverhulme Trust (SRG-2223/230837), as part of the ‘Conceiving sustainable space’ project.

– ref. Hospitals have huge environmental footprints – here’s how they can be more sustainable – https://theconversation.com/hospitals-have-huge-environmental-footprints-heres-how-they-can-be-more-sustainable-253693

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: What excluded children think about their education in alternative provision – and why it matters

Source: The Conversation – UK – By Claire Kinsella, Trinity College Dublin

PeopleImages.com – Yuri A/Shutterstock

Nearly 16,000 children in England learn in state-funded alternative provision (AP). These are educational settings for school-aged pupils who are unable to attend mainstream school. These pupils may have been excluded from their previous school, have a medical condition or find themselves without a school place.

There are around 333 state-funded APs in England, with a growing array of unregistered providers. While APs offer core elements of the national curriculum, they typically provide additional elements such as work-based qualifications and recreational activities like sports and art, as well as therapeutic pursuits. Class sizes are usually much smaller than in mainstream school, and many APs have a higher presence of support staff.

For all their efforts at innovation, AP settings are still heavily stigmatised. They face questions around quality, reports of abuse and concerns about how pupils do in life after they leave.

Some parents are reluctant to send their children to AP, feeling disempowered by the process of exclusion and limited by the school options presented to them. While adult voices on AP are prominent in these debates, pupils’ own insights have received far less attention.

We carried out research on the experiences of children in AP, working with young boys who remained on the margins of everyday life there, as well as young people who were more actively engaged in creative classroom activities.

Many of the students we spoke to in AP were acutely aware of their stigmatised identity. One spoke of how boys from his previous school saw him “as a freak” and that they think alternative provision is “for the stupid kids”. Others questioned the level of intellectual challenge in AP, calling it “baby school” and finding the classroom work undemanding.

What really stood out in our studies was the pivotal influence of peers. When young people had little trust in the professionals around them or had experienced bullying, their friendship networks became critical.

During creative activities, we saw close collaboration between young people, with particularly high levels of “affiliative agency”: supportive talk that emphasises social bonds. This helped young people keep each other emotionally and intellectually engaged when faced with challenging activities.

Rethinking alternative provision

Under the previous Conservative government, efforts were underway to “rebrand” AP as part of the special education needs system. With a new government now in place, it remains to be seen what will come of these plans.

On the surface this appears to be a constructive policy move, because it draws attention to AP and those pupils accessing these provisions. But the special educational needs system itself demands further reflection.

Nevertheless, the existing policy framework for special educational needs points us in some useful directions. The latest Code of Practice emphasises that pupils’ voices should matter.

In contexts where young people have limited control over how they are perceived and the decisions institutions make about them, educational practices that recognise and build on the existing reciprocity, trust and cooperation between young people can have a lot of value.

Today, the general trend is towards an increased emphasis on relational practices in AP: approaches to education that focus on building connections. This includes initiatives such as anger management and nurture groups, as well as trauma-informed practice, which takes into account the impact past trauma can have on a person’s development and ability to build relationships.

We have little doubt that a learner who is anxious or in a distressed state is likely to find it extremely difficult to concentrate in a maths or English lesson. These relational practices matter. But learning should also be a holistic and liberating experience for pupils.

Pupils in AP care about their education.
BearFotos/Shutterstock

Our research has found that young people in AP question their education but want to be challenged. The cognitive dimensions of the learning experience should not be downplayed for those in AP.

We are committee members of the Alternative Provision Research Network, a network of academics and people working in AP who are committed to social justice for children in alternative provision. This means rethinking AP in ways that incorporate children’s voices on their education and is also based on evidence.

In emphasising the cognitive, we do not mean simply trying to improve the GCSE grades of children in AP. We mean consulting with the pupils themselves about what truly matters to them when it comes to learning. The signs are that pupils value a challenging curriculum.

Claire Kinsella is affiliated with the Alternative Provision Research Network which a network committed to a social justice agenda for children in Alternative Provision. See: https://www.apresearchnetwork.com/

Craig Johnston is affiliated with the Alternative Provision Research Network, which highlights issues of social justice for disadvantaged children and young people.

– ref. What excluded children think about their education in alternative provision – and why it matters – https://theconversation.com/what-excluded-children-think-about-their-education-in-alternative-provision-and-why-it-matters-252124

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: As Police Scotland bring in body-worn video, our research shows little is known about its effectiveness

Source: The Conversation – UK – By William Webster, Professor and Director, Centre for Research into Information, Surveillance and Privacy, University of Stirling

John Gomez/Shutterstock

By autumn 2026, all frontline officers of the UK’s second largest police force will be expected to wear a camera while on duty, at a cost of over £13 million.

Police Scotland is one of the last forces in the UK to employ this technology nationally. It has been a requirement for armed officers in Scotland since it hosted the UN climate conference, Cop26, in 2021. Devon and Cornwall Police ran the first body-worn trial in Plymouth some 20 years ago.

The use of this technology was recommended by Lady Elish Angiolini (currently lord clerk register of Scotland) who led a 2020 independent review of complaints and misconduct in Scottish policing. The report argued that body-worn cameras have the potential to significantly reduce complaints against the police.

In theory, being late to the party means Police Scotland is in a position of strength. They can adopt recognised best practice from other police forces in the UK, while steering clear of mistakes. But our review of the evidence reveals how little is really known about the effectiveness of this technology.

Body-worn video promises to aid in evidence gathering, which can be used to support investigations and prosecutions. It is also seen to provide a level of personal protection for police officers, and increased transparency and accountability when it comes to police behaviour or misconduct.

But there are still uncertainties about its actual impact on society. The evidence base is relatively mixed and ambiguous, with mostly small-scale studies and anecdotal evidence.

Survey research shows there is significant public support for police using body-worn video, but this is mainly shaped by the technology’s perceived benefits.

Does body-worn video work?

Body-worn video is now commonplace in policing around the world. It is also seen to be critical equipment for security guards, traffic wardens and prison officers. It is even used by football referees, ticket inspectors, delivery drivers and healthcare and retail workers.

While it is now commonplace, there is a notable lack of robust evidence about the consequences of its use. A lot rests on the assumptions about what the technology will do.

There are no reliable measures capturing any reduction in violent incidents or levels of complaints about police behaviour.

There are many uncertainties about body-worn video’s effectiveness.
Loch Earn/Shutterstock

An argument for the use of body-worn video is that it creates “objective” recorded accounts of interactions between police and citizens. In theory, the recordings can provide irrefutable proof about what happened, which in turn will enhance confidence in policing.

The Scottish Police Authority notes that video recordings can streamline the process of resolving complaints against officers. It also can enhance the quality of evidence and “reduces the number of officers required to attend court” in investigations.

However, the issue remains that officers may use their discretion to turn the cameras on or off. In 2023, a BBC investigation revealed more than 150 reports of camera misuse by officers in England and Wales. Forces need processes in place to prevent this and to hold officers accountable, or the digital account of an interaction will always be determined by the police.

There is some evidence that body-worn video can exacerbate existing racial tensions. Research from North America suggests minority groups do not believe that police body-worn video will make the police more accountable or transparent, and that they instead reinforce existing power structures in society. This can fracture already strained relations with the police.

Surveillance concerns

There are technical, legal and ethical challenges emerging from the capture and processing of personal data.

New body-worn video units, including those purchased by Police Scotland, also have the technical capability to integrate facial recognition software. If deployed, this would mean that the technology is no longer about a retrospective account of events, but a tool for live identity matching. This would significantly change the purpose and scope of the technology and how the police interact with citizens.

Live facial recognition divides opinion and is seen to discriminate against women and minority ethnic groups. There are also concerns about its effectiveness.

Read more:
Banning face coverings, expanding facial recognition – how the UK government and police are eroding protest rights

As we found in our research, police forces across the UK have different procedures for using this technology, and for holding officers accountable.

A few UK forces have set up technology-specific oversight mechanisms, for example independent scrutiny panels that include members of the public. But these mechanisms are the exception, not the norm. In Scotland, scrutiny will take place via the Scottish Police Authority using existing arrangements.

While we commend Police Scotland for the due caution they have exercised in delaying the national roll-out of this technology, our view is that technology-specific protocols and oversight mechanisms need to be in place at the earliest possible opportunity.

Police need to be trained properly in the operation of cameras or they risk capturing inappropriate personal data and encroaching on citizens’ privacy expectations.

William Webster has previously received funding from the Scottish Institute for Policing Research to undertake an evidence review into the police use of BWV.

Diana Miranda received funding from SIPR (Scottish Institute for Policing Research), and ESRC (Economic and Social Research Council) to investigate emerging policing technologies, namely body-worn video.

– ref. As Police Scotland bring in body-worn video, our research shows little is known about its effectiveness – https://theconversation.com/as-police-scotland-bring-in-body-worn-video-our-research-shows-little-is-known-about-its-effectiveness-253388

MIL OSI – Global Reports –

April 29, 2025

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