Gresham House

Renewable Energy

VCT1 plc

Annual Report and Accounts for the period

1 October 2024 to 31 March 2026

The 21.3MWp of renewable energy projects, which

reduced to 20.3 MWp remaining after the sale of

the small wind assets on 23 February 2026, co-

owned by Gresham House Renewable Energy VCT1

plc (the VCT or VCT1 or the Company) and Gresham

House Renewable Energy VCT2 plc (VCT2) generated

26,071 megawatt-hours (MWh) of electricity over the

18months ended 31 March 2026, sufficient to meet

the annual electricity consumption of c. 9,656 homes

The Investment Adviser estimates that generating

this output from renewable energy sources such as

solar and wind, rather than coal or gas-fired power

stations, saves 11,686 tonnes

of carbon dioxide (CO

Overview

1 Shareholder Information

2 Financial Highlights, Directors

and Investment Adviser

4 Chairman’s Statement

6 Investment Adviser’s Report

9 Review of Investments

14 Strategic Report

24 Sustainable Investing

26 Section 172

Governance

28 Report of the Directors

31 Directors’ Remuneration Report

34 Corporate Governance

38 Independent Auditor’s Report

Financial Statements

44 Income Statement

45 Balance Sheet

46 Statement of Changes in Equity

47 Cash Flow Statement

48 Notes to the Accounts

62 Company Information

For more information visit

https://greshamhouse.com/real-assets

Gresham House Renewable Energy VCT 1 plc is a Venture

Capital Trust established under the legislation introduced

in the Finance Act 1995. Following the adoption of the new

Investment Policy from 13 July 2021 (the New Investment

Policy), the VCT’s principal objective is to manage the VCT

with the intention of realising the sale or monetisation

otherwise of all remaining assets in the portfolio in a

prudent manner consistent with the principles of good

investment management and with a view to returning value to

Shareholders in an orderly manner, whilst protecting the tax

position of Shareholders, hereafter being defined as Managed

Wind Down.

The VCT will pursue its investment objective by effecting

an orderly realisation of its assets in a manner that seeks to

achieve a balance between maximising the value received

from those assets and making timely returns of capital to

Shareholders. This process might include sales of individual

assets or running of the portfolio in accordance with the

existing terms of the assets, or a combination of both.

The detailed investment policy adopted to achieve

theinvestment objectives is set out in the VCT’s

Strategic Report of the Annual Report on

pages 14 to 15.

Investment Objectives

1 Assuming an average annual electricity usage per household of 2.7MWh, as quoted by Ofgem May 2023. “Homes powered” calculated using Renewable UK methodology: MWh divided by average

annual domestic electricity consumption. Household power consumption dropped in 2023 due to high power prices.

2 Assuming an “all non-renewable fuels” emissions statistic of 448tCO

/GWh of electricity supplied, DESNZ statistics July 2025, Digest of UK Energy Statistics, Table 5.14 (“Estimated carbon dioxide

intensity of electricity supplied”). “Carbon avoided” calculated using Renewable UK methodology: Carbon reduction is calculated by multiplying the total amount of electricity generated by solar and

wind per year by the number of tonnes of carbon which fossil fuels would have produced to generate the same amount of electricity.

Financial

StatementsGovernanceOverview

Share price

The VCT’s share prices can be found on various

financial websites with the following TIDM/

EPIC codes:

Ordinary

Shares ‘A’ Shares

TIDM/EPIC codes GV1O GV1A

Latest share price

(28July 2026)

23.0p

per share

5.05p

per share

Selling shares

The Board has decided that the VCT will not

be buying shares for the foreseeable future,

as the VCT wishes to conserve such cash

as it generates for the Managed Wind Down

of the VCT and the payment of dividends.

The Company intends on entering members

voluntary liquidation on 2 September 2026.

Dividends

Dividends will be paid by the registrar on

behalf of the VCT. Shareholders who wish

to have dividends paid directly into their

bank account, rather than by cheque to their

registered address, and did not complete

these details on their original application

form can, if they have a UK bank account,

for the registrar’s Investor Centre at

https://uk.investorcentre.mpms.mufg.com/

or by contacting the Customer Support

Centre. The Investor Centre is a secure online

site where you can manage your shareholding

quickly and easily.

MUFG Corporate Markets Customer Support

Centre can be contacted:

Æ by phone on UK – 0371 664 0300 (Calls are

charged at the standard geographic rate

and will vary by provider. Calls outside

the United Kingdom will be charged at

the applicable international rate. Lines

are open between 09:00 – 17:30, Monday

to Friday excluding public holidays in

England and Wales).

Æ By email – vcts@cm.mpms.mufg.com

Æ By post – MUFG Corporate Markets,

Central Square, 29 Wellington Street,

Leeds, LS1 4DL

Notification of change of address

Communications with Shareholders are mailed

to the registered address held on the share

or other amendment this should be notified to

the VCT’s registrar, MUFG Corporate Markets

(formerly known as Link Group), under the

signature of the registered holder.

Other information for Shareholders

Up-to-date VCT information (including

financial statements, share prices and

dividend history) is available on the Investment

Adviser’s website at:

https://greshamhouse.com/real-assets

If you have any queries regarding your

shareholding in Gresham House Renewable

Energy VCT 1 plc, please contact the registrar

on the above number or email.

Shareholder

Information

Gresham House Renewable Energy VCT1 plc

Financial Highlights*

Net asset value per

Ordinary Share (pence)

(as at 31 March 2026)

NAV Total return per Ordinary

Share and ‘A‘ Share (pence)

(as at 31 March 2026)

106.5p

23.3p

119.6p

121.9p

Mar 25

Sep 24

36.4p

38.7p

Mar 25

Sep 24

Cumulative Dividends paid

(pence)

(as at 31 March 2026)

83.1p

Mar 25

Sep 24

VCT1 Share Price Total Return

Total Return with dividends reinvested**

The graph below represents the VCT’s performance over the reporting

periods since the VCT’s Ordinary Shares and ‘A’ Shares were first listed

on the London Stock Exchange, and shows share price total return

(share price plus cumulative dividends paid) and net asset value total

return (net asset value plus cumulative dividends paid) on a dividends

reinvested basis, as per the AIC method.

Gresham House Renewable Energy VCT1 plc NAV Total Return

Gresham House Renewable Energy VCT1 plc Share Price Total Return

Pence (p)

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

Dec-

* Data runs to 31 March 2026.

** Alternative Performance Measure (APM)

Cash Returned to Shareholders by date of investment

The chart below shows the cash returned to Shareholders based on the

subscription price and the income tax reclaimed on subscription.

100

120

140

2011

Ordinary

2012

Ordinary

2014

Ordinary

2018

Ordinary

2019

Ordinary

Cash invested (p)

Income tax reclaim (p)

Cumulative dividends (p)

Pence (p)

Following the sale of the remaining solar assets announced on 23June

2026, a dividend of17.0p per Ordinary share was announced on 23July

2026 for payment on 21 August 2026. The chart above includes the

Cash Returned to Shareholders as of the date of publication of the

Company’s Annual Financial statements. After 21 August 2026, a

Cash Returned to Shareholders chart including the dividend of 17.0p

per Ordinary Share payable on 21 August 2026 will be available on

https://greshamhouse.com/real-assets.

* The above financial highlights are considered to be Alternative Performance

Measures, further details on how these are calculated have been included in

the Strategic Report under the Key Performance Indicators section.

Net asset value per

‘A’ Share (pence)

(as at 31 March 2026)

0.1p

Mar 25

Sep 24

Gresham House Renewable Energy VCT1 plc

Giles Clark has worked on solar projects

across Europe since 2006 and on UK

projects since 2010. In 2006, he co-

founded SunRay Renewable Energy,

where he was CFO, developing large

utility scale solar projects across

Southern Europe.

SunRay had built a pipeline of 1.4GWp

of projects by the time it was acquired

by SunPower Corporation for $277mn

in 2010. From 2013 to 2016 Giles was a

founding Shareholder and chairman of

Solstice Renewables which developed

and sold 100 MWp of ground mounted

solar farms in the UK.

From 2013 to 2017, Giles was the founder

and CEO of Primrose Solar which

acquired and built 253MW of ground

mounted solar farms in the UK. The

completed projects were sold in 2016 to

Bluefield, Greencoat and Equitix.

Giles is also a Director of Altano Energy

SLU and of AlSi Consulting Limited.

Giles was appointed as Director of

National Energy Holdings Limited in

December2023. Giles has a BA in PPE

from Oxford and an MBA from the London

Business School.

Gill Nott (Chairman) spent the majority

of the first 27years of her career working

in the energy sector. In 1994 she became

CEO of ProShare.

Due to her work in the retail savings

sector, she spent six years on the Board

of the Financial Services Authority from

1998 to 2004.

Gill has held a portfolio of Non-Executive

positions, including roles with a number

of VCTs and other closed-end funds, over

the last 15years.

She was also a board member of the AIC

from 2004 until 2014.

Gill Nott is Chairman of US Solar Fund plc.

Gill also remains appointed as a Director

of PremierMiton Global Renewables

Trust plc and PMGR Securities 2025 plc,

with both companies having entered

members voluntary liquidation.

David Hunter qualified as a chartered

accountant with PwC before joining 3i,

the FTSE100 listed private equity group

where he became Managing Director of

Investment Management responsible for

the entire UK portfolio of assets.

David is also a board member at Better

Society Capital where he is the chair of

the Valuation Committee.

In the not-for-profit area, David is

Treasurer of Motability Foundation – the

charity& endowment which oversees the

disabled car scheme.

Past Non-Executive roles in the

investment area have included chairing

UCL Business, membership of Bridges

Ventures’ Investment Committee and

chairman of the Audit Committee of

one of the Baronsmead family of listed

investment companies

Directors

Gresham House Asset Management Limited

(GHAM or Gresham House) is the Investment

Adviser to the VCT and Gresham House

Renewable Energy VCT2plc. GHAM is owned

by Gresham House Limited, a specialist

investment manager providing funds,

direct investments, and tailored investment

solutions, including co-investment across

a range of highly differentiated alternative

investment strategies. GHAM’s expertise

includes strategic public equity and private

assets, forestry, renewable energy, housing,

andinfrastructure.

Gresham House has been a privately

owned company since 20December 2023

when it delisted following the acquisition

by Searchlight Capital PartnersL.P.

The acquisition has had a minimal

impact on the Company and business

has continued as usual. For further

information please visit the website

link:https://greshamhouse.com/about/.

Investment Adviser

All Directors are Non-Executive and all Directors are independent of the Investment Adviser.

Gresham House Renewable Energy VCT1 plc

Additional

InformationGovernanceOverview

I am pleased to present the Annual

Report of Gresham House Renewable

Energy VCT1 plc (VCT1) for the period

1 October 2024 to 31 March 2026.

Chairman’s

Statement

Gill Nott

Chairman

As announced in the RNS on 1December 2025,

in light of the timeline for asset sales and the

need for the Company to subsequently enter

into a Members’ Voluntary Liquidation (MVL),

the Board resolved to change the Company’s

accounting reference date from 30September

2025 to 31March 2026 with immediate effect

from that date. The Annual Report covering the

18-months up to 31March 2026 is presented on

the following pages.

Completion of the Company’s sale of

assetsprocess

The sale of the remaining solar assets

announced on 23June 2026 completes the

Company’s realisation strategy following

Shareholder approval in July2021 that the

Company should enter into a Managed

Wind Down with a revised investment policy.

The Company’s remaining solar assets (ground-

mounted solar) were sold to a UK entity managed

by True Green Capital ManagementLLC, a

specialist renewable energy infrastructure fund

manager. The sale of these assets, co-owned

by Gresham House Renewable Energy VCT2plc,

completed for total gross consideration of

approximately £20mn across both VCTs.

Following repayment of certain outstanding

loan balances, this equates to net proceeds of

approximately £6.3mn for VCT1. This compares

with the last published valuation of £8.5mn as at

31March 2025.

This follows the disposal of small wind assets

on 23February 2026 comprising around

200 wind turbines with a total capacity of

approximately 1MW for cash considerations

and loan repayments totalling £559,000.

This compares to a NAV valuation of around

£552,000 on 31March 2025, the latest

published unaudited Net Asset Value (NAV) prior

to completion of the small wind transaction.

Two ground-mounted solar sites and

approximately 1,600 commercial and residential

rooftop solar installations had previously been

disposed of at the end of April2023 for a cash

consideration of approximately £12.6mn across

both VCTs. Following the recent divestment

in June2026, the Company has progressed

the preparation of the proposed entry into

MVL, currently anticipated to take place on

2September 2026.

Post sale timeline

The Board was pleased to announce a special

interim dividend from the sale proceeds

received in late June2026 of 17.0 pence per

Ordinary Share for Shareholders on the register

on 31 July2026 and payment on 21August2026.

No amount is payable to ‘A’Shares on

21August2026. Retaining sufficient funds

to cover future operating expenses and the

estimated costs of liquidation, together with a

contingency for any overspend of forecasted

costs and/or any unknown costs prior to the

Company being dissolved have been carefully

considered by theBoard.

The Board intends to issue a circular in early

August2026 to convene a General Meeting

of the Company on 2September 2026 with a

resolution to place the Company into MVL.

Sale of remaining solar assets

The divestment process of the remaining solar

assets proved significantly more challenging

and time-consuming than originally anticipated.

The portfolio comprised a relatively small

number of mature assets with complex

financing arrangements and a range of legal,

property and administrative matters emerged

during the sale process. These factors

contributed to an extended timetable, increased

transaction costs and some material price

adjustments. These included the repayment

of consortium tax relief taken by operating

subsidiaries; a loan prepayment to de-lever

the portfolio; the impact of the Government’s

switch in indexation consultation from Retail

Price Index (RPI) to Consumer Price Index (CPI)

with effect from 1April 2026

(1)

; and cable reburial

costs at the Parsonage solar farm.

The Energy and Infrastructure Advisory Team

of Jones Lang LaSalle (JLL) was appointed

by the Board in late 2023 to advise on the sale

of these assets. The assets continued to be

managed by the Investment Adviser with the

focus on delivering the best possible yield

whilst managing costs ahead of the completion

of a sale. Although technical challenges

remained due to the age of the assets, the

technical performance of the solar assets was

on budget during the reporting period thanks

to good irradiation and maintenance and

repowering works carried out. Total revenue

was 7.3% above budget in the reporting period.

The Investment Adviser has also supported the

Boards of the VCTs and JLL in progressing and

completing the sale of the assets.

(1)

https://www.gov.uk/government/consultations/renewables-obligation-ro-scheme-indexation-changes

Gresham House Renewable Energy VCT1 plc

Valuation 31March 2026

The valuation at 31March 2026 reflects the

sale proceeds of the remaining solar assets

received in late June2026 and the possible

return of a small escrow amount expected to

be received in the upcoming months. Since the

most recent audited financial statements for

the year ended 30September 2024, estimated

realisation proceeds, taking account of the

market conditions and the offers received from

potential buyers, has been used as a valuation

methodology by the Board. Poor market

conditions for realising these types of mature,

small solar assets continued throughout 2025

and into 2026 with the value of the Company’s

assets, and the Company’s NAV, being adjusted

downwards. At the period end, the Company’s

NAV per ‘pair’ of shares (one Ordinary Share and

one ‘A’ Share) was 23.4p, compared to 36.5p

included in the published unaudited financial

statements six months ended 31March 2025.

The Board has reviewed the investment

valuations at offer price at the period end and

notesthat the valuation of the renewables’

portfolio has decreased by £3.9mn or 27.5%

over the 18-month period. The decrease

includes the small wind assets’ permanent

impairment in costs of £0.6mn at 31March

2025 and the £0.4mn cost of these assets at

disposal in February2026. The decrease of the

valuation of the solar assets was largely due

to the issues giving rise to the material price

adjustments summarised above. The portfolio

benefitted from having locked in Power Price

Agreements (PPAs) at attractive power prices

which partially offset the negative price

adjustments during the period.

Investment portfolio

At 31March 2026, the VCT held a portfolio of six

investments, comprising five ground-mounted

solar investments valued at £10.3mn and

one non-renewables asset, bio-bean Limited

valued at £nil (company in administration

since April2023). The four wind investments

(approx. 200 wind turbines) were divested on

23February 2026.

Kingston and Lake Farm, two of the large

solar assets, have been impacted by the

deterioration of some of their solar panels. This

allows moisture to enter the panels, which in

turn causes electrical faults. These faults have

an impact on the sites’ capacity, leading to c.

9% of Kingston and 11% of Lake Farm being

disconnected. The Investment Adviser has

successfully pursued warranty claims against

the manufacturers of these solar panels. One

manufacturer has provided replacement panels

whilst the other has made a cash settlement.

Beechgrove Farm, another of the larger assets,

raised a warranty claim against its solar panel

manufacturer as the solar panel connectors,

which had been replaced under a previous

warranty claim, were not fitted correctly by

the manufacturer’s contractor, causing them

to overheat. The manufacturer has accepted

liability and has shipped sufficient connectors

to replace all on site.

Net asset value and results

At 31March 2026, the NAV per Ordinary Share

stood at 23.3p and the NAV per ‘A’ Share stood

at 0.1p, producing a combined total of 23.4p

per ‘pair’ of shares. The movement in the NAV

per share during the period 1October 2024 to

31March 2026 is detailed in the table below:

Pence per

‘pair’ of shares

NAV as at 30 September 2024 38.8

Realised losses on assets sold (2.7)

Valuation decrease on assets

still held (11.2)

Income less expenses (1.5)

NAV as at 31 March 2026 23.4

The NAV Total Return (NAV plus cumulative

dividends) has decreased by 12.6% in the last

18-months and now stands at 106.5p excluding

the initial 30% VCT tax relief, compared to the

cost to investors in the initial fundraising of

£1.00 or 70.0p net of income tax relief.

The loss on ordinary activities after taxation

for the period 1October 2024 to 31March 2026

was £3.9mn (30September 2024:£2.4mn),

comprising a revenue profit of £0.4mn

(30September 2024:£1.2mn) and a capital loss

of £4.3mn (30September 2024:£3.6mn) as

shown in the Income Statement on page44.

VCT qualifying status

In order to maintain VCT status, the Company

needs to ensure that it maintains certain

percentages of qualifying investments within

its portfolio. The Board anticipated that the

Company would fall below these required

percentages by mid-September2025. To

avoid a technical breach, the Company

applied to HM Revenue & Customs (HMRC)

which granted dispensation whilst the sale

of wind and remaining solar assets process

were progressed. The Company’s qualifying

investment test was temporarily restored

following the sale of the small wind assets in

February2026 and is deemed to be met at

31March 2026. The qualifying investment test

has dropped below the required percentage

of qualifying investments following the sale

of remaining solar assets on 22 June 2026.

Currently, HMRC dispensation is in place to

1September 2026, but it is anticipated that

the qualifying investment test will restore

following a dividend payment on 21 August 2026

(as announced on 23 July 2026). The Company

anticipates entering members’ voluntary

liquidation on 2 September 2026.

Dividends

At 31March 2026, total cumulative dividends of

83.1p per ‘pair’ of shares had been paid to those

who invested at the outset. No dividends were

paid during the period 1October 2024 to 31March

2026. Now that all renewable assets have been

sold, the Board intends to return as much as

possible of the sale proceeds to Shareholders

through a dividend or capital distribution.

Adistribution in respect of the sale proceeds

was announced on 23 July 2026.

2026 Annual General Meeting (AGM)

The VCT’s fourteenth AGM was held on 18March

2025 at 3:30p.m. All resolutions were passed

by way of a poll.

Share Buybacks

As noted in previous Reports, no share

buybacks are envisaged prior to the VCT

entering MVL. Any remaining value held within

the VCT after the intended distribution as a

result of the sale proceeds will be returned to

Shareholders through the liquidation process.

Outlook

The completion of the sale of the remaining

solar assets, announced on 23June 2026,

completes the sale of the Company’s assets

and the Company will now move rapidly towards

the liquidation process with the publication of

the Notice of General Meeting to propose that

the company be placed in liquidation being

issued on 5 August 2026.

The Board would like to take this opportunity to

thank Shareholders for their patience in what

has been a very drawn-out sale process. The

Board worked hard to try to expedite matters.

However, we are pleased that we have now

reached the point where the majority of the

proceeds of the sale can be distributed to

Shareholders as indicated above.

Gill Nott

Chairman

30 July 2026

Financial

StatementsGovernanceOverview

Gresham House Renewable Energy VCT1 plc

Investment Adviser’s Report

Portfolio Highlights

During the reporting period of 1October

2024 to 31March 2026, Gresham House

Renewable Energy VCT1plc (VCT or VCT1

or the Company) remained invested in the

renewable energy projects that the VCT and

Gresham House Renewable Energy VCT2plc

(VCT2) have co-owned for nearly 15years. The

total generation capacity of assets co-owned

by the VCT was 21.3MWp at the start of the

reporting period, made up of 20.3MWp from

six ground mounted solar FIT projects and c.

1MWp of small-wind projects spread across

approximately 200 sites. Following the sale of

the small wind assets in February2026, sonly

the 20.3MWp of solar projects remained.

Work to sell the VCT’s remaining solar assets

continued during the reporting period and

thereafter with the completion of the sale

of the remaining solar assets announced on

23June 2026. JLL, the Corporate Finance

Adviser, advised the Board throughout the

sale processes since their appointment. The

preferred bidder was selected in Q2 2025, and

the Investment Adviser has been supporting

the Boards of the VCTs and JLL in advancing

the sale process ever since. The Investment

Adviser continued to manage the assets up to

the completion of the sale.

For the purpose of determining the NAV for

the Company’s portfolio, the valuation at

31March 2026 presented in this report reflects

the sale proceeds of the remaining solar

assets received in late June2026 and a small

escrow amount expected to be received in

the upcoming months. It is the VCT Directors

who have the responsibility of valuing the

Company’s assets based on input from the

Investment Adviser. Since the audited financial

statements 30September 2024, estimated

realisation proceeds considering the market

conditions and the offers received from

potential buyers was used as the valuation

methodology.

During the 18-month period, the total revenue

from solar energy generation was £15.3mn.

Revenue was £11.8mn in the previous

12months. Revenue for the wind assets was

£531k until they were sold during February2026

(£394k in the previous 12months). 85.4%

of this revenue is from Feed-in-Tariff (FiT)

revenues which are set by the UK Government.

The total revenue from the renewable assets

was 7.3% above forecast budget, thanks to

higher than forecast power prices in the period

compensating for technical issues related to

the age of the assets.

Due to the age of the VCT’s assets, additional

maintenance is required to keep them

operating effectively. Wychwood and

Parsonage benefitted from a program of

inverter replacements during the period

enabling improved technical performance for

those sites. Lake Farm and Kingston made

successful warranty claims against their solar

panel manufacturers following the decline in

their output as a result of early degradation.

Beechgrove Farm also had a successful

warranty claim against its solar panel

manufacturer due to solar panel connectors

being incorrectly fitted following a previous

warranty claim.

Portfolio Composition

Portfolio composition by asset type and impact on VCT1 NAV

31 March 2026 31 March 2026 30 September 2024

Asset Type kWp

VCT1 Value**

(‘000)

% of Portfolio

value

VCT1 Value**

(‘000)

% of Portfolio

value

Ground mounted solar (FiT)* 20,292 £ 10,291 100.0% £13,165 92.7%

Wind assets (FiT)* – sold on 23 February 2026 N.A. £0 0.0% £1,033 7.3%

Venture Capital investments N.A. £0 0.0% £0 0.0%

Total 20,292 £10,291 100.0% £14,198 100.0%

* Feed in Tariff (FiT)

** The investment values above are gross and include loans owed by the VCT to the investment portfolio companies of £4.0mn at 31 March 2026 (30 September 2024: £4.4mn) as reflected in the net

assets on the VCT’s balance sheet.

During the 18-month period from 1October 2024 to 31March 2026 the renewable energy projects held in the portfolio of the VCT and VCT2

generated26,071 MWh (26 GWh) of electricity, sufficient to meet the annual electricity consumption of c. 9,656 homes

. The Investment Adviser

estimates that generating this output from renewable energy sources such as solar and wind, rather than coal or gas-fired power stations, saves

11,686 tonnes

of CO

Assuming an average annual electricity usage per household of 2.7MWh, as quoted by Ofgem May 2023. “Homes powered” calculated using Renewable UK methodology: MWh divided by average

annual domestic electricity consumption. Household power consumption dropped in 2023 due to high power prices.

Assuming an “all non-renewable fuels” emissions statistic of 448tCO

/GWh of electricity supplied, DESNZ statistics July 2025, Digest of UK Energy Statistics, Table 5.14 (“Estimated carbon dioxide

wind per year by the number of tonnes of carbon which fossil fuels would have produced to generate the same amount of electricity.

Gresham House Renewable Energy VCT1 plc

The performance against budget for the 18-month period is shown below:

1 October 2024 – 31 March 2026

Asset type

Budgeted

revenue

(£)

Actual

revenue

(£)

Revenue

performance

(%)

Ground mounted solar (FiT) 14,297,429 15,337,038 107.3%

Wind assets (FiT) 753,837* 531,322* 70.5%*

Total 15,051,266 15,868,360 105.4%

* The wind data is for the period 1 October 2024 to 28 February 2026 due to the sale of the assets during February 2026.

The revenue is affected by:

Æ renewable energy resources (solar

irradiation & wind);

Æ the technical performance of the assets;

and

Æ the revenue per unit of energy generated.

Technical performance

The table below shows the technical performance, for each of the groups of assets.

1 October 2024 – 31 March 2026

1October 2023

– 30September

2024

Asset Type

Budgeted

output

(kWh)

Actual

output

(kWh)

Technical

performance

(%)*

Actual output

(kWh) – in the

12months

Ground mounted solar (FiT) 24,904,517 24,952,802 100.2% 18,117,821

Wind assets (FiT) 1,586,610** 1,118,279** 70.5%** 875,646

Total 26,491,127 26,071,081 98.4% 18,993,467

* Technical performance is a measure of the percentage of actual output over budgeted output.

** The wind data is for the period 1 October 2024 to 28 February 2026 due to the sale of the assets during February 2026.

During the 18-month period, three of the six

ground-mounted solar projects have been

repowered and other repairs have been carried

out following successful warranty claims.

This has led to improved performance across

the portfolio. Two of the sites, Kingston and

Lake Farm are experiencing faults due to the

early deterioration of solar panels which in

turn leads to water ingress. The Investment

Adviser has raised warranty claims against the

two manufacturers, both of which have now

accepted the faults and offered compensation.

One of the manufacturers has provided

replacement solar panels which were delivered

during May2025. The other has provided cash

compensation of €292,123 (c. £253,000).

One of the transformers at Lake Farm failed

during early January2026 and was off for a

significant portion of the month. This was

repaired under warranty.

Beechgrove Farm raised a warranty claim

against its solar panel manufacturer as the

solar panel connectors, which had been

replaced under a previous warranty claim,

were not fitted correctly by the manufacturer’s

contractor. The manufacturer has accepted

liability and has shipped sufficient connectors

to replace all on site.

Two smaller sites, Wychwood and Parsonage,

had some inverters that no longer functioned.

These inverters are now obsolete. Wychwood

had all its inverters repowered during the

18-month period. Some of its original inverters

that still work were used to replace the

failed inverters at Parsonage. This approach

is cost-effective and should extend the

economic life of Parsonage by a few years as

well as boosting the technical performance

of Wychwood. At Parsonage, survey work

during the period identified a small number of

locations where the cable connecting the solar

farm to the substation needed to be reburied.

An experienced cable contractor has been

selected. The reburial works, the cost of which

has been covered by the VCT along with VCT2,

are expected to be undertaken by the buyer

later in the year.

At South Marston, the implementation of an

independent Distribution Network Operator

(iDNO) solution has been completed. iDNOs

are similar to DNOs in that they also own,

operate and maintain electricity infrastructure.

The networks they adopt are typically new

installed assets, such as connections to new

developments, which will connect back onto

the DNO’s network. The Investment Adviser

has been liaising with Honda, Panattoni, and

various advisers to ensure the viability of the

solar park and continuity to power export.

The new contracts between South Marston

RenewablesLtd and Panattoni received lender

consent and were completed in April2025.

Upgrades were carried out to the point of

connection equipment which required a few

days’ outage and new meters were fitted to the

site, which continues to operate as normal.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

The small wind portfolio performed 29.5%

lower than budget (16.2% lower than budget

in the previous 12-month period). The

Investment Adviser attributes the lower

performance to a combination of inverter

failures and general wear and tear which leads

to turbines being off for refurbishment, where

applicable. Small wind assets accounted

for less than 5% of the portfolio in terms of

capacity, so the Investment Adviser sought

to balance performance against considerable

refurbishment costs, given the sales process.

During the period, three turbines which were

deemed uneconomical to repair, were handed

over to their landowner. The remainder of the

small wind portfolio was sold on 23February

2026 as previously announced.

Revenue per MWh of renewable energy

generated

The VCT’s assets benefit from revenues

linked to the RPI, with c.85.8% of total

revenues generated in the period earned from

government backed incentives for generating

renewable electricity. This income is fixed

by the Government, is RPI linked and is a

significant driver of value in the portfolio. The

rest of the revenue is based on wholesale price

which dropped significantly since its peak

following Russia’s invasion of Ukraine. Prices

increased in volatility with the start of the

Iran war although they have not reached prior

peaks. Total revenues per MWh generated by

the solar assets were almost £615 during the

period, compared to £654 during the 12months

prior. Nevertheless, the Investment Adviser

was able to secure new power purchase

agreements during the period at rates higher

than budgeted for all sites.

The significance of the government backed

incentives to revenues is shown by the

following chart.

VCT portfolio revenue profile during period

1October 2024 – 31 March 2026

FiT (Ground Mounted) 82.4%

FiT (Wind Assets) 3.0%

Export (Ground Mounted) 13.1%

Export (Wind Assets) 0.4%

Private Wire (Ground mounted) 0.1%

Other (Ground mounted) 1.0%

The wind data is for the period 1October 2024 to 28February

2026 due to the sale of the assets during February2026.

Operating costs

The majority of the cost base is fixed and/or

contracted under long-term contracts and

includes rent, business rates, and regular O&M

costs. Many of these costs have also risen in

line with inflation.

The most material variable cost item is

for repair and maintenance. Repair and

maintenance expenditure for the remaining

ground mounted solar panels is largely covered

by cash held in the maintenance reserve

account as part of the debt facility totalling

£469k at 31March 2026.

Outlook – Sale of Assets completed on

23June 2026

Up to completion of the sale of remaining

solar assets announced on 23June 2026, the

Investment Adviser’s continued focus has been

to maximise generation and therefore revenues

from the remaining assets, whilst supporting

the Board’s efforts to realise the maximum exit

value for Shareholders.

After the sale of the remaining solar assets

announced on 23June 2026, all the Company’s

renewable investments have been disposed

of in accordance with the revised investment

policy 2021 approved by Shareholders.

Gresham House Asset Management Limited

30 July 2026

Investment Adviser’s Report (continued)

Gresham House Renewable Energy VCT1 plc

Review of Investments

Portfolio of investments

The following investments were held at 31 March 2026:

Qualifying and partially

qualifying investments Operating sites Sector

Cost

£’000

Valuation

£’000

Valuation

movement

in 18-month

period

£’000

% of

portfolio

by value

Lunar 2 Limited

1,3

South Marston, Beechgrove Ground solar 1,330 9,090 (2,522) 88.3%

Lunar 1 Limited

1,3

Kingston Farm, Lake Farm Ground solar 124 505 (148) 4.9%

New Energy Era Limited

Wychwood Solar Farm Ground solar 884 367 (107) 3.5%

Vicarage Solar Limited

Parsonage Farm Ground solar 871 330 (96) 3.2%

bio-bean Limited

Cambridgeshire Clean energy 695 - - 0.0%

Lunar 3 Limited

1,3

Ground solar 1 - - 0.0%

3,905 10,291 (2,873) 99.9%

Cash at bank and in hand 9 0.1%

Total investments 10,300 100.0%

Partially qualifying investment

bio-bean Limited was permanently impaired as at 31 March 2023. bio-bean's liquidation was ongoing at 31 March 2026.

On 23 June 2026, the sale of remaining solar assets was announced. The ground-mounted solar portfolio valuations at 31 March 2026, allocated by MWh per solar investment,

reflects the offer price. Lunar 2 Limited holds a higher beneficial interest in other solar companies within the group structure resulting in a higher allocated proportion of the

offer price.

All venture capital investments are incorporated in England and Wales.

VCT2, of which Gresham House is the Investment Adviser, holds the same investments as above.

Investment movements for the period ended 31 March 2026

Disposals

Qualifying investments

Original cost

£’000

Cost

£’000

Redemption

of loan notes

£’000

Sales

proceeds

£’000

Gross realised

gain/(loss)

£’000

HRE Willow Limited 875 119 - 11 (108)

Minsmere Power Limited 975 133 136 6 9

Tumblewind Limited 850 116 60 4 (52)

Small Wind Generation Limited 975 23 135 4 116

Total 3,675 391 331 25 (35)

£0.6mn of the small wind assets valuation movement has been recognised as a realised loss at 31 March 2025 and is included in Cost. The small wind assets were sold on

23February 2026.

The basis of valuation for the Company’s investments is set out below on pages 10 to 12.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Further details of the remaining investments (by value):

Lunar 2 Limited

Lunar 2 Limited is a holding company of FiT remunerated

ground-mounted solar farms of 5MW (Wiltshire), 4MW

(Devon) and 0.6MW (Somerset).

Cost at 31/03/26: £1,330,000

Cost at 30/09/24: £1,330,000

Date of first investment: Dec 2013

Valuation at 31/03/26**: £9,094,000

Valuation at 30/09/24: £11,101,000

Valuation method: Offer price

Investment comprises:

Ordinary shares: £1,330,000

Proportion of equity held: 50%

Summary financial information

from statutory accounts

(non-consolidated): 31 March 2025

Turnover: *

Operating profit/(loss): *

Net assets: £3,635,000

* This information is not publicly available

** The remaining solar assets valuations are based on the offer price

allocated by MWh per solar investment. Lunar 2 Limited holds a

higher beneficial interest in other solar companies within the group

structure resulting in a higher allocated proportion of the offer price.

The completion of the sale of remaining solar assets was announced on

23June 2026.

Lunar 1 Limited

Lunar 1 Limited is a holding company of FiT remunerated

ground-mounted solar farms of two 5MW (Wiltshire) and one

0.7MW (Oxfordshire).

Cost at 31/03/26: £125,000

Cost at 30/09/24: £125,000

Date of first investment: Dec 2013

Valuation at 31/03/26: £505,000

Valuation at 30/09/24: £1,925,000

Valuation method: Offer price

Investment comprises:

Ordinary shares: £125,000

Proportion of equity held: 5%

Summary financial information

from statutory accounts: 31 March 2025

Turnover: £nil

Operating loss: £(14,000)

Net assets: £2,386,000

Review of Investments (continued)

Gresham House Renewable Energy VCT1 plc

New Energy Era Limited

New Energy Era Limited owns a FiT remunerated solar farm

of 0.7MW near Shipton-under-Wychwood, Oxfordshire.

Cost at 31/03/26: £884,000

Cost at 30/09/24: £884,000

Date of first investment: Nov 2011

Valuation at 31/03/26: £367,000

Valuation at 30/09/24: £1,320,000

Valuation method: Offer price

Investment comprises:

Ordinary shares: £884,000

Proportion of equity held: 45%

Summary financial information

from statutory accounts: 31 March 2025

Turnover: £513,000

Operating profit: £352,000

Net assets: £2,341,000

Vicarage Solar Limited

Vicarage Solar Limited is the holding company of a FiT

remunerated solar farm of 0.7MW near Ilminster, Somerset.

Cost at 31/03/26: £871,000

Cost at 30/09/24: £871,000

Date of first investment: Mar 2012

Valuation at 31/03/26: £330,000

Valuation at 30/09/24: £1,049,000

Valuation method: Offer price

Investment comprises:

Ordinary shares: £871,000

Proportion of equity held: 45%

Summary financial information

from statutory accounts

(non-consolidated): 31 March 2025

Turnover: *

Operating profit/(loss): *

Net assets: £1,934,000

* This information is not publicly available

Financial

StatementsGovernanceOverview

Gresham House Renewable Energy VCT1 plc

Lunar 3 Limited

Lunar 3 Limited was incorporated at end of 2013 as part of

the refinancing of the ground-mounted solar assets owned

by Lunar 1 Limited and Lunar 2 Limited. Lunar 3 Limited is a

dormant company and does not own any assets.

Cost at 31/03/26: £100

Cost at 30/09/24: £100

Date of first investment: Dec 2013

Valuation at 31/03/26: £0

Valuation at 30/09/24: £0

Valuation method: n/a

Investment comprises:

Ordinary shares: £200

Proportion of equity held: 50%

Summary financial information

from statutory accounts: 31 March 2025

Turnover: *

Operating profit/(loss): *

Net assets: £200

* This information is not publicly available

Review of Investments (continued)

Gresham House Renewable Energy VCT1 plc

Explanatory notes

The summary financial information has been sourced from the statutory accounts of the underlying investee companies. The net asset/liability

figures presented therefore do not approximate a valuation.

The proportion of equity held in each investment also represents the level of voting rights held by the VCT in respect of the investment.

Summary of loan stock interest income – small wind assets

Period ended

31 March

2026*

£’000

Year ended

30September

2024

£’000

Loan stock interest income in the period*

Tumblewind Limited 7 7

Minsmere Power Limited 15 11

Small Wind Generation Limited 0 5

Total 22 23

* The small wind loan stock interest income is for the period 1 October 2024 to 23 February 2026, date the small wind assets were sold.

Analysis of investments by commercial sector

The Company investment portfolio by sector at 31 March 2026 is as follow:

Æ by cost: ground mounted solar 100%;

Æ by value: ground mounted solar 100%.

The Company’s remaining assets, ground mounted solar assets, were disposed of in late June 2026.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

The Directors present the Strategic Report for

the 18-month period ended 31March 2026. The

Board has prepared this report in accordance

with the Companies Act2006.

Business model

The VCT acts as an investment company,

investing in a portfolio of businesses within

the renewable and clean energy sectors

and operating as a VCT to ensure that its

Shareholders can benefit from the tax reliefs

available.

Business review and developments

The VCT’s business review and developments

during the financial period, including updates

on the Managed Wind Down process for the VCT

and the ongoing sale of the portfolio, are set out

in the Chairman’s Statement and Investment

Adviser’s Report.

During the 18-month period to 31March 2026,

the renewable investments held decreased

in value by £3.5mn. The value of the non-

renewable investment bio-bean Limited

remained at £nil during the reporting period

having entered administration in April2023.

Income over expenditure for the 18-month

period resulted in a net loss, after accounting

for capital expenses, of £3.9mn (12-month

period to 30September 2024:£2.4mn loss).

The total loss for the 18-month period was

£3.9mn and net assets at the period end

were £6.0mn (30September 2024:£9.9mn).

No dividend was declared or paid during

the 18-month period. An interim dividend of

17.0p per Ordinary Share was announced on

23July2026 and will be paid on 21August2026.

The Directors initially obtained provisional

approval for the VCT to act as a Venture Capital

Trust from HM Revenue& Customs. In order

to maintain VCT status, the Company needs to

ensure that it maintains a certain percentages

of qualifying investments within its portfolio.

The Board anticipated that the Company

would fall below these required percentages

by 9September 2025. To avoid a technical

breach, the Company applied to HMRC which

granted dispensation whilst the sale of small

wind and remaining solar assets processes

were progressed. The Company’s qualifying

investment test was temporarily restored

following the sale of the small wind assets in

February2026 and is deemed to be met at

31March 2026. The qualifying investment test

has dropped below the required percentage of

qualifying investments the sale of remaining

solar assets on 22June 2026. Currently,

HMRC dispensation is in place to 1September

2026, but it is anticipated that the qualifying

investment test will restore following a dividend

payment on 21August 2026 (as announced

on 23July 2026). The Company anticipates

entering members’ voluntary liquidation on

2September 2026.

Investment advisory and administration fees

Gresham House Asset Management Limited

(Gresham House) provides investment advisory

services to the VCT, at a fee equivalent to

1.15% of net assets. The annual advisory fee is

a NAV based fee and was, up to an Investment

Advisory Agreement (IAA) amendment

announced on 25June 2024, subject to a

clawback depending on whether the Company’s

annual running costs exceed 3% of NAV. The

agreement is for a minimum term of 2years,

effective from 7November 2017, with a 9-month

notice period on either side thereafter. Written

notice can be provided to terminate the IAA

immediately if one of the parties, the VCT or

Gresham House, enter liquidation and approved

by the other party in writing.

Following the sale of some assets in April2023

and subsequent dividend paid as a result of

the 13July 2021Shareholder vote to wind-

down the Company, the Company’s net assets

reduced significantly to a level not anticipated

when the IAA was agreed and signed. Due

to this significant reduction in the NAV as a

result of the Managed Wind Down process,

the annual running costs for the financial year

ending 30September 2024 were forecast to

be around 4% of NAV. This would mean that

running costs, many of which are largely fixed,

would now exceed the initial 3% cap and the

Investment Adviser’s annual advisory fee would

therefore be subject to the clawback (on top of

an already reduced annual advisory fee due to

a lower NAV following asset sales). To rectify

this unintended consequence of the new

investment policy, the IAA amendment seeks to

minimise the effect of the clawback by raising

the cap to 5% of NAV or £625,000, whichever

is lower.

The Board has reviewed the services to be

provided by Gresham House and has concluded

that it is satisfied with the strategy, approach

and procedures which are to be implemented

in providing investment advisory services to

the VCT. The Board is also of the opinion that

the allocation of the investment advisory fee

between capital and revenue of the VCT, as

described in Note 4 to the financial statements,

is still appropriate.

JTC (UK) Limited (JTC) acts as Administrator

and Company Secretary. JTC provides

administration and accounting services to

the VCT for a fee of c. £47,400 (plus VAT,

if applicable) per annum. It also provides

company secretarial services for a base fee of

c. £47,400 (plus VAT, if applicable) per annum

and during the financial period as an agreed

standard cost for further company secretarial

support has charged a fee of £1,250 for each

additional meeting of the Board convened

to discuss the Managed Wind Down of the

Company. The agreement shall continue

in force until determined by either party,

with a 6-month notice period on either side.

Written notice can be provided to terminate

immediately following the entry into liquidation

by the VCT and VCT2.

Investment policy

General

At the General Meeting held on 13July 2021,

89.43% of the Shareholders resolved to approve

the New Investment Policy of the Company to

reflect a realisation strategy and the Company

ceasing to make any new investments. The

new Investment Policy replaced the previous

Investment Policy in its entirety.

Following the sale of the remaining solar assets

announced on 23June 2026, substantially all of

the Company’s investments have been realised.

A distribution in respect of the sale proceeds

was announced on 23 July2026. The Board

intends to issue a circular to convene a General

Meeting of the Company to seek Shareholder

approval for the Company to be placed into

members voluntary liquidation.

Strategic Report

Gresham House Renewable Energy VCT1 plc

Since inception to 13July 2021

Up to 13July 2021, the VCT’s objectives were

to maximise tax free capital gains and income

to Shareholders from dividends and capital

distributions by investing the VCT’s funds in:

Æ a portfolio of clean technology and

environmentally sustainable investments,

primarily being in the UK and the EU,

that have attractive income and growth

characteristics, with investments

in existing asset-backed renewable

generation projects as the core of the

portfolio; and

Æ a range of non-qualifying investments,

comprised from a selection of cash

deposits, fixed income funds, securities

and secured loans and which will have

credit ratings of not less than A minus

(Standard& Poor’s rated)/A3 (Moody’s

rated). In addition, as the portfolio of VCT

qualifying investments will involve smaller

start-up companies, non-qualifying loans

could be made to these companies to

negate the need to borrow from banks

and, therefore, undermine the companies’

security within the conditions imposed

on all VCTs under current and future VCT

legislation applicable to the VCT.

13July 2021 to 31March 2026

Following Shareholder approval at the General

Meeting on 13July 2021, the New Investment

Policy of the VCT is that the Company will be

managed with the intention of realising all

remaining assets in the portfolio in a prudent

manner consistent with the principles of good

investment management and with a view to

returning cash to Shareholders in an orderly

manner, whilst protecting the tax position of

Shareholders.

The Company will pursue its investment

objective by effecting an orderly realisation of

its assets in a manner that seeks to achieve a

balance between maximising the value received

from those assets and making timely returns

of capital to Shareholders. This process might

include sales of individual assets or running off

the portfolio in accordance with the existing

terms of the assets, or a combination of

both. Pursuant to its investment objective,

following the sale of a portion of its solar

assets in April2023 and its small wind assets

in February2026, the Company’s realisation

strategy completed in June2026 with the sale

of its remaining solar assets.

The Company will cease to make any

new investments or to undertake capital

expenditure except where, in the opinion of

both the Board and the Investment Adviser

(or, where relevant, the Investment Adviser’s

successors):

Æ the investment is a follow-on investment

made in connection with an existing asset

in order to comply with the Company’s pre-

existing obligations; or

Æ failure to make the follow-on investment

may result in a breach of contract or

applicable law or regulation by the

Company; or

Æ the investment is considered necessary

to protect or enhance the value of any

existing investments or to facilitate orderly

disposals.

Any cash received by the Company as part of

the realisation process prior to its distribution

to Shareholders will be held by the Company as

cash on deposit and/or as cash equivalents.

Asset allocation

Details of the Company’s compliance with

the VCT qualifying investments is included on

page14.

Prior to the Company’s entry into the Managed

Wind Down, the VCT sought to invest in at least

eight investments to diversify risk and to reduce

the potential impact of poor performance by

any individual investment. As at 31March 2026,

the number of investments has decreased to

six investments. The sale of five investments

was announced on 23June 2026. The

remaining investment entered administration

in April2023.

Risk Management

During the period under review, the VCT’s assets

have been managed to reduce risk as far as

possible in anticipation of the conclusion of the

Managed Wind Down.

The main risk management features include:

Æ monitoring of investee companies – the

Investment Adviser will closely monitor the

performance of all the investments made

by the VCT in order to identify any issues

and to enable necessary corrective action

to be taken; and

Æ the VCT will ensure that it has sufficient

influence over the management of the

business of the investee companies, in

particular, through rights contained in the

relevant investment agreements and other

Shareholder/constitutional documents.

The VCT has followed the above risk

diversification strategy with regard to the Lunar

1 Limited and Lunar 2 Limited investments

in AEE Renewables UK3 Limited, AEE

Renewables UK26 Limited, South Marston Solar

Limited, Beechgrove Solar Limited, New Energy

Era Limited and Vicarage Solar Limited.

Gearing

The creditors shown on the Balance Sheet at

31March 2026, which are short-term, include

amounts owed to investee companies. These

amounts were cleared as part of the sale of

the remaining assets on 22June 2026. As at

31March 2026, the VCT had the ability to borrow

£4.5mn in accordance with the articles and had

actual borrowings of £nil.

The VCT has no intention to borrow any funding

in the foreseeable future.

UKListing rules

In accordance with the UKListing Rules:

(i) the VCT may not invest more than 10%, in

aggregate, of the value of the total assets

of the VCT at the time an investment

is made in other listed closed-ended

investment funds except listed closed-

ended investment funds which have

published investment policies which

permit them to invest no more than 15% of

their total assets in other listed closed-

ended investment funds;

(ii) the VCT must not conduct any trading

activity which is significant in the context

of the VCT; and

(iii) the VCT must, at all times, invest and

manage its assets in a way which is

consistent with its objective of spreading

investment risk and in accordance with its

published investment policy set out in this

document. This investment policy is in line

with Chapter15 of the UKListing Rulesand

Part6 of the Income Tax Act.

The UKListing Ruleshave been complied with

for the 18-month period ended 31March 2026.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Directors and senior management

The VCT has three Non-Executive Directors,

including one female and two males. The VCT

has no employees.

Key performance indicators

At each Board meeting, the Directors consider

a number of performance measures to assess

the VCT’s success in meeting its objectives. The

Board has identified the VCT’s key performance

indicators as NAV Total Return and dividends

paid per share, the performance of which

during the year are in the table below:

Key performance

indicators per

financialperiod:

18-month

period ended

31 March 2026

Year ended

30 September

20 24

Net Asset Value

Total Return (% p.a.) (12.6)% (7.2)%

Dividends paid per

share (p) 0.0p 0.0p

These are defined as follows:

Net Asset Value Total Return:the sum of

NAV per Ordinary Share, NAV per ‘A’ Share and

cumulative dividends paid.

Net Asset Value per Ordinary Share:The

closing total net asset position of the VCT as at

the reporting date less the total par value of all

‘A’ Shares in issue at the reporting date divided

by the total number of Ordinary Shares in issue

at the reporting date.

Net Asset Value per ‘A’ Share:Par value per ‘A’

Share.

Cumulative dividends paid:The gross total

of all dividends paid for both Ordinary and ‘A’

Shares from inception up to the reporting date.

The total net asset position of the VCT as at

the reporting date is as per the Balance Sheet,

while the total number of shares in issue for

both Ordinary and ‘A’ Shares is disclosed in

Note14.

In addition, the Board considers the VCT’s

performance in relation to other VCTs.

The position of the VCT’s NAV Total Return as

at 31March 2026 and a summary of dividends

paid per share are as indicated in the table on

this page. The VCT had an objective of paying

dividends of 5p per share per annum. Under the

New Investment Policy the quantum and timing

of any dividends paid during the Managed

WindDown process is at the sole discretion

of the Board, and depends on the sale of the

assets, ongoing income streams generated

by the assets held and the Company’s ongoing

cash requirements. As part of the Managed

Wind Down, now that the remaining assets have

been sold (as at late June2026), the intention

is to return all sale proceeds to Shareholders

through dividend distributions or, once the VCT

has entered voluntary liquidation, via capital

distributions.

Principal risks and uncertainties

The principal and emerging risks including

the significant economic risks that might

impact the Company and the attainment of

its realisation strategy have been reviewed

in detail. The Board recognises that there

are risks and uncertainties that could have

a material effect on the Company’s financial

results. Under the 2019 AIC Corporate

Governance Code, Directors of listed

companies are required to confirm in the

annual report that they have performed

a robust assessment of the Company’s

emerging and principal risks, including those

that would threaten its business model,

future performance, solvency or liquidity and

reputation.

The Board is ultimately responsible for

risk management with oversight of the

risk framework and management process

delegated to the Audit Committee. The main

features of the risk management framework

are included in the Strategic Report on page15.

The Company’s risk matrix is the core element

of the risk management process. The matrix

is prepared, in conjunction with the Board and

Company Secretary, by the Investment Adviser,

is updated frequently and is used to assess all

the operational, performance and other risks

that might impact the Company. The matrix

also provides detail as to how these risks are

potentially mitigated by the Board or third-party

service provider controls.

Schedule of principal risks

The other principal risks faced by the VCT,

along with the steps taken to mitigate these

risks, are shown in the table below. The

changes in the factors impacting the risks

attributable are discussed below.

The Board identified principal risks relating

to Investment performance and Operational

– portfolio level. As part of the Company’s

Managed Wind Down, the wind and remaining

solar assets were sold in February and

June2026 respectively. Accordingly, these

risks are no longer considered a principal risk

at the date of the sale of the remaining solar

assets. Post 22June 2026, the Board continues

to monitor residual risks listed in below table,

Principal risk column:

Strategic Report (continued)

Gresham House Renewable Energy VCT1 plc

Principal Risk Context Specific risks Possible impact Mitigation

Investment

Performance

Until 22 June 2026,the

VCT held investments in

unquoted UK businesses

mainly in the renewable

energy sector. As part of

the Managed Wind Down,

the VCT’s wind assets

were sold on 23 February

2026 and the remaining

solar assets on 22 June

2026.

Poor investment

decisions or strategy

or poor monitoring,

management

and realisation of

investments.

Adverse weather

conditions, low inflation

rates and/or low power

prices resulting in below

forecast investment

returns.

Reduction in the NAV

of the VCT and the

inability of the VCT to pay

dividends.

The Investment Adviser has significant

experience in the renewable energy

sector. The Investment Adviser also

actively manages the portfolio, engaging

reputable and experienced Operations and

Maintenance (O&M) contractors.

The assets have limited exposure to power

prices, due to the use of the Feed in Tariff

(FiT) regime. The Company notes the

consultation issued on 31October 2025 by

the Department for Energy Security & Net

Zero on changes to inflation indexation in

the Renewables Obligation scheme. The

consultation resulted in FiT rates being

increased by CPI instead of by the higher RPI

annually on 1 April, applied as of 1 April 2026.

The Board regularly reviews the performance

of the portfolio, alongside the Board of the

sister company.

The CPI Inflation rate for March 2026 was

3.3%. The Bank of England’s long-term

inflation target is 2% per year measured by

the CPI.

Higher inflation, whilst of concern from the

point of view of the wider UK and global

economy, is positive for the owners of

subsidised UK renewable assets. Although

most costs also rise in line with inflation, as

does the cost of servicing the debt facility,

the net benefit of increased inflation is

positive since it increases the inflation

linked revenues more than it increases the

costs. The debt facility was transferred as

part of the sale of the remaining assets on

22 June 2026.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Strategic Report (continued)

Principal Risk Context Specific risks Possible impact Mitigation

Loss of

VCT status

The VCT must maintain

continued compliance

with the VCT Regulations,

which prescribe a number

of tests and conditions.

Breach of any of the rules

could result in the loss of

VCT status.

The loss of VCT status

would result in dividends

becoming taxable and

new Shareholders losing

their initial tax relief.

The VCT Qualification is actively

monitored by the Investment Adviser and

the Administrator, who liaise with the

designated VCT Status Adviser. The VCT

Status Adviser also produces twice yearly

reports for the Board. With no new or

follow-on investments having been made,

the Company’s qualifying ratio fell below

80% on 9 September 2025. To avoid a

technical breach, the Company applied to

HMRC which granted a dispensation whilst

the Company progressed the ongoing

sales processes of the small wind and

remaining solar assets. The Company’s 80%

qualifying holding test restored following

the sale of wind assets on 23February

2026 and was met at period end 31 March

2026. The qualifying investment test

has dropped below the required % of

qualifying investments following the sale

of remaining solar assets on 22 June 2026.

Currently, HMRC dispensation is in place to

1 September 2026, but it is anticipated that

the qualifying investment test will restore

following a dividend payment on 21 August

2026 (as announced on 23 July 2026). The

Company anticipates entering members’

voluntary liquidation on 2 September 2026.

The Investment Adviser is aware of the

dates of the latest fundraisings, and that

the five-year minimum holding period

finished in October 2023.

The Investment Adviser has also prepared

detailed forecasts relating to the wind up of

the VCTs, which takes this into account.

Legislative In recent years, the

changes to VCT

Regulations have

narrowed the breadth of

permitted investments.

VCTs were established

to encourage private

individuals to invest in

early-stage companies

that are considered to

be risky and have limited

funding options. The

state provides these

investors with tax relief.

A change in government

policy could result in a

cessation of tax reliefs or

reduction of the amount

of tax relief available

to investors which

would make them less

attractive to investors.

The loss of VCT status

would result in dividends

becoming taxable and

new Shareholders losing

their initial tax relief.

Both the Investment Adviser and

the Administrator closely monitor

developments and attend AIC conferences.

The VCT Status Adviser also has significant

experience in this field and works closely

with HMRC.

Further commentary on VCT Status is

provided on page 14.

The Investment Adviser engages with

HMT and industry representative bodies

to demonstrate the cost benefit of VCTs

to the economy in terms of employment

generation and taxation revenue.

The VCT Income tax relief was reduced from

30% to 20% with effect from 6April2026.

Gresham House Renewable Energy VCT1 plc

Principal Risk Context Specific risks Possible impact Mitigation

Regulatory

and

compliance

As a listed entity, the

VCT is subject to the UK

Listing Rules and related

regulations.

Any breaches of relevant

regulations could result

in suspension of trading

in the VCT’s shares or

financial penalties.

Reduction in the NAV

of the VCT due to

financial penalties and a

suspension of trading in

its shares, also leading to

loss of VCT status.

The VCT Secretary and Administrator have

a long history of acting for VCTs. The Board,

Investment Adviser and Administrator also

employ the services of reputable lawyers,

auditors, and other advisers to ensure

continued compliance with its regulatory

obligations.

Operational –

VCT level

The VCT relies on the

Investment Adviser,

Administrator and other

third parties to provide

many of its services at

the VCT level. As part

of the Managed Wind

Down, the VCT’s wind

assets were sold on

23February 2026 and

the remaining solar

assets on 22June2026.

Inferior provision of

these services, thereby

leading to inadequate

systems and controls or

inefficient management

of the VCT’s assets

and its reporting

requirements. Service

providers, predominantly

the Registrar, hold

Shareholders’ personal

data and there is a risk of

an external shock (natural

disaster or terrorist

attack) or a cyber-attack

on a provider.

Errors in Shareholder

records, incorrect

mailings, misuse of data,

non-compliance with key

legislation, loss of assets,

breach of legal duties

and inadequate financial

reporting.

The VCT, the Investment Adviser and

the Administrator engage experienced

and reputable service providers, the

performance of which is reviewed on an

annual basis.

The Directors and the Investment Adviser

regularly review the service providers,

including their internal controls and the

procedures and policies they have in place

for preventing cyber attacks.

Operational

– portfolio

level

At the portfolio level, the

VCT uses third party O&M

contractors managing

the various sites. As part

of the Managed Wind

Down, the VCT’s wind

assets were sold on 23

February 2026 and the

remaining solar assets on

22 June 2026.

Inferior provision of

these services, thereby

leading to inadequate

systems and controls or

inefficient management

of the VCT’s assets.

Maintenance and repairs

not carried out in a timely

manner.

Poor investment

performance due to

assets being offline and

non-revenue generating.

The VCT, the Investment Adviser and

the Administrator engaged experienced

and reputable service providers, the

performance of which was reviewed on an

ongoing basis up to the assets were sold.

At the portfolio level, technical reviews and

studies are conducted on the assets as

appropriate.

Repair and reconfiguration work was

carried out up to the assets were sold.

Economic,

political

and other

external

factors

The VCT’s investments

are heavily exposed to

the Feed in Tariff (FiT)

regime. Events such as

the Russian Federation’s

invasion of Ukraine,

conflict in the Middle

East, the US/Israeli

intervention in Iran,

economic recession,

increasing interest rates

and inflation.

Retrospective changes

to the regimes. Changes

in energy prices and

inflation. An increase in

inflation results in higher

interest charges for the

debt facility.

A significant negative

impact on performance

in respect of regime

changes, low inflation

and energy prices can

reduce portfolio revenue.

The Investment Adviser and Board

members closely monitor policy and geo-

political developments. However, the UK

Government has a general policy of not

introducing retrospective legislation.

CPI Inflation rate for March 2026 was 3.3%.

The Bank of England’s long-term inflation

target is 2% per year measured by the CPI.

Lower inflation reduces the increase of

interest charges for the debt facility. The

debt facility was transferred as part of the

sale of the remaining assets on 22 June

2026.

Lower energy prices and lower inflation

reduces portfolio performance as returns

are directly linked to both factors. The VCT’s

wind assets were sold on 23 February 2026

and the remaining solar assets on 22 June

2026.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Principal Risk Context Specific risks Possible impact Mitigation

(Retroactive)

change

to Energy

Market

regulation

and policies

The VCT operates within

the UK Energy market

which is governed by UK

regulation and could be

subject to change. As

part of the Managed Wind

Down, the VCT’s wind

assets were sold on 23

February 2026 and the

remaining solar assets on

22 June 2026.

The current or future UK

Government may decide

that subsidies provided

to renewable energy

generation assets in the

form of feed-in-tariffs

(FiTs) pose too big a

burden on electricity

consumers and reduce

or even eliminate them

retroactively. Similarly,

other measures that

achieve a similar effect

such as special taxes,

a cap on applicable

inflation rates, limits on

generated KWhs that

earn FiTs.

A significant negative

impact of the renewable

energy generation

assets revenue reducing

the cash availability

of the VCT. The EGL

was introduced from

1 January 2023 and

legislated for in Part 5

of Finance Act (Number

2) 2023. The levy is

legislated to remain in

force until 31 March 2028.

The Investment Adviser continuously

monitors the regulatory landscape in the

UK. If an action that retroactively targets

these subsides it would join forces with

other owners of these assets and vigorously

challenge such retroactive law changes

in the courts. All of the sites owned by the

VCTs up to their sale were fully-accredited

which means that there was no risk of an

individual asset losing its subsidy.

The previous government introduced the

EGL from 1 January 2023 to tax exceptional

profits up to 31 March 2028. The EGL does

not impact the VCT’s portfolio given its

smaller size, but any potential acquirer may

subsequently incur this levy.

The Company notes the consultation issued

on 31 October 2025 by the Department for

Energy Security & Net Zero on changes

to inflation indexation in the Renewables

Obligation scheme. The consultation

resulted in FiT rates being increased by

CPI instead of by the higher RPI annually on

1April, applied as of 1 April 2026.

Principal risks since inception to 13 July 2021

The principal financial risks faced by the VCT, which include interest rate, market price, investment valuation, credit and liquidity risks, are

summarised within Note17 to the financial statements.

Other principal risks faced by the VCT have been assessed by the Board and grouped into the key categories outlined below:

Æ underperformance*;

Æ loss of VCT status;

Æ VCT Regulations;

Æ regulatory and compliance;

Æ operational VCT level;

Æ operational portfolio level*;

Æ economic, political and other external factors; and

Æ government intervention in the renewables market.

Æ principal risks until the sale of the underlying assets on 22June 2026 as part of the Managed Wind Down.

Strategic Report (continued)

Gresham House Renewable Energy VCT1 plc

Principal risks 13 July 2021 to 31 March 2026

In approving a new Investment Policy for the Company, a number of risks which are material and currently known to the Company have been

disclosed. Additional risks and uncertainties not currently known to the Company, or that the Company deems immaterial, may also have an

adverse effect on the Company.

At the period end 31 March 2026, the Board identified execution risk relating to the proposed sale of its remaining solar assets, including the

risk that the sale may not complete or may complete on less favourable terms. Following the period end, the sale completed on 22 June 2026.

Accordingly, this is no longer considered a principal risk at the date of approval of these financial statements. The Board continues to monitor

residual risks relating to the sale of remaining solar assets e.g. escrow account and VCT status, as applicable.

The main risks identified as part of the new Investment Policy of the Company are:

Risk identified Context Mitigation

Asset diversification In a Managed Wind Down, the investment portfolio will be

reduced as investments are realised and concentrated

in fewer holdings, and the mix of asset exposure will be

affected accordingly.

None identified.

Ownership All of the VCT’s main solar assets are owned 50:50

between the VCT and VCT2 and there are no rights

attached to such ownership that would allow one

company to force the other to sell its share in each asset.

The VCTs will sell their shares in each asset

simultaneously, so that no VCT holds more than 50% of

the underlying assets.

Volatility in NAV and/or

share price

The VCT might experience increased volatility in its Net

Asset Value and/or its share price as a result of possible

changes to the Portfolio structure following the adoption

of the new Investment Policy.

None identified.

Sale of assets The VCT’s assets may not be realised at their carrying

value, and it is possible that the VCT may not be able

to realise some assets at any value. The VCT’s assets’

fair value is linked to estimates and assumptions

about a variety of matters, including macroeconomic

considerations, which assumptions may prove to be

incorrect and which are subject to change. A material

change of governmental, economic, fiscal, monetary or

political policy, may result in a reduction in the value of

the VCT’s assets on sale.

The Board has engaged several experts in this field

to ensure an appropriate sale price is reached. The

Directors will ensure that the sale price reflects the

best available offer for the Company’s assets taking into

account future income generation by the portfolio and

the age and condition of the assets. Please see page 4 of

the Chairman’s Statement for further detail on the sale of

wind and remaining solar assets concluded in February

2026 and June 2026 respectively.

Sale of assets Sales commissions, liquidation costs, taxes

and other costs associated with the realisation

of the VCT’s assets together with the usual

operating costs of the VCT will reduce the cash

available for distribution to the Shareholders.

The Investment Adviser prepares detailed cash flow

forecasts which are presented to the Board quarterly.

The forecasts include the additional costs incurred and

expected to be incurred during the Managed Wind Down

of the VCT.

Sale of assets A sale of the VCT’s assets may prove materially more

complex than anticipated, and the distribution of

proceeds to Shareholders may be delayed by a number

of factors, including, without limitation, the ability of

a liquidator to make distributions to Shareholders.

The Board engaged several experts in this field, to

mitigate the possibility of an extended handover period.

The sale of wind and remaining solar assets concluded

in February and June 2026 respectively. It has been the

Directors’ consistent intention to ensure that the sale

value obtained was ultimately in Shareholders’ interests.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Strategic Report (continued)

Viability statement

In accordance with Provisions 33 and 36 of the

2019 AIC Code of Corporate Governance, the

Directors have conducted a robust assessment

of the potential strategic decisions facing the

VCTs that would threaten their future solvency or

liquidity, how these strategic decisions are being

managed and how they are being mitigated.

Following the results of the continuation vote

at the 2021 AGM and with the Shareholders’

subsequent approval of the Managed Wind

Down of the Company at the 2021 General

Meeting (13July 2021), the VCTs commenced

the sale of assets process, with sale

completions in April2023 and February2026.

The Company’s remaining solar assets were

sold on 22June 2026. The sale proceeds have

been received. Both the Managed Wind Down

process and the sales of the Company’s assets,

completed post-period end, were considered

by the Board as part of their assessment.

The Company’s VCT qualifying ratio fell below

80% on 9September 2025 following the

dissolution of Rezatec in September2024 and

the lapse of the 12-month disregard period.

To avoid a technical breach, the Company

applied to HMRC for a dispensation whilst

the Company progressed the ongoing sales

processes of the small wind and remaining solar

assets. The Company’s qualifying investment

test was temporarily restored following the

sale of the small wind assets in February2026

and is deemed to be met at 31March 2026.

The qualifying investment test has dropped

below the required percentage of qualifying

investments following the sale of remaining

solar assets on 22June 2026. Currently, HMRC

dispensation is in place to 1September 2026, but

it is anticipated that the qualifying investment

test will restore following a dividend payment on

21August 2026 (as announced on 23July 2026).

The Company anticipates entering members’

voluntary liquidation on 2September 2026.

The Board considers that the VCT remains

viable up until the point at which the voluntary

liquidation will complete.

In making this assessment as at 31March 2026,

the Boards have taken the following scenarios

into consideration:

Æ scenario 1:Sale of all VCTs investments

followed by VCTs entering voluntary

liquidation by September2026;

Æ scenario 2:No sale of VCTs investments

and the VCTs entering voluntary

liquidation by September2026;

For each scenario mitigating factors are in place.

The Board noted that the assets owned by the

Company at 31March 2026, the remaining solar

assets, had sufficient cash reserves at the SPV

level available to be paid up to the VCT through

dividends up to the transaction completion

date, 22June 2026 to cover debt, running and

sale of assets costs. Post completion, the sale

proceeds provide sufficient cash to cover the

completion sale costs, the projected VCT’s

running and MVL costs, with a contingency for

overspend and/or unknown expenses, up to the

VCTs dissolvement.

The Directors started the process of preparing

for the entry into members’ voluntary

liquidation during the 18-month ended 31March

2026, the preparation of the MVL has been

further progressed following the completion of

sale of the Company’s remaining assets.

The Directors believe that the VCT is well

placed to manage its potential strategic

decisions successfully. Based on the results,

the Board confirms that, taking into account

the VCT’s current position and subject to the

potential strategic decisions faced by the

business, the VCT will be able to meet its

liabilities under the scenarios presented as they

fall due until the point at which the voluntary

liquidation completes.

In reaching this conclusion, the Board

acknowledges the completion of the sale of the

Company’s remaining assets on 22June 2026

and the Company’s current intention to enter

members’ voluntary liquidation on 2September

2026 in line with scenario 1 as outlined above.

Directors’ remuneration

It is a requirement under the Companies

Act2006 for Shareholders to vote on

the Directors’ remuneration every three

financial years, or sooner if the VCT wants to

make changes to the policy. The Directors’

remuneration policy, last approved at the

Annual General Meeting on 27April 2023 is set

out on page 31.

Annual running costs cap

The annual running costs of the VCT are subject

to a cap of the lower of £625,000 or 5.0% of

average net asset value. For the 18-month

period ended 31 March 2026, these caps were

recalculated and adjusted to £937,500 and

£698,000 (5% of average net asset value),

respectively. During the 18-month period, the

running costs came to £653,000 (total expenses

of £1,495,000 less one-off expenditure),

being 4.68% of average net asset value (2024:

£506,000 being total expenses of £727,000

less one-off expenditure, which is less than the

applicable cap of £625,000.). Therefore the cap

has not been breached.

Performance Incentive

The structure of the ‘A’ Shares, whereby

Management owns one third of the ‘A’ Shares in

issue (known as the “Management ‘A’ Shares”),

acts as a Performance Incentive mechanism.

The allocation to the ‘A’ shares of any revenue

or capital dividends declared by the VCT, will be

increased if, at the end of each year, the hurdle

is met, which is illustrated below:

i) Shareholders who invested under the

offer for subscription receive dividends in

excess of 5.0p per Ordinary Share in any

one financial period; and

ii) one Ordinary Share and one ‘A’ Share has

a combined net asset value of at least

100.0p.

The Performance Incentive is calculated each

year and is not based on cumulative dividends

paid.

A summary of how proceeds are allocated between Shareholders and Management, before and after the hurdle is met, and as dividends per Ordinary

Share increase is as follows:

Hurdle criteria:

Annual dividend per Ordinary Share 0-5p 5-10p >10p

Combined NAV Hurdle N/A >100p >100p

Allocation:

Shareholders 99.97% 80% 70%

Management 0.03% 20% 30%

As the NAV as at 31March 2026 was below 100p, the NAV hurdle for the year was not met and no dividend in respect of the ‘A’ Shares was paid during

the year, therefore there was no Performance Incentive paid.

Gresham House Renewable Energy VCT1 plc

VCT status

The VCT has reappointed Philip Hare& AssociatesLLP (Philip Hare) to advise it on compliance with VCT requirements, including evaluation of

investment opportunities as appropriate and regular review of the portfolio. Although Philip Hare works closely with the Investment Adviser, they

report directly to the Board.

Compliance with the VCT regulations for the period under review is summarised as follows:

Position at the

period ended

31 March

2026

1. To ensure that the VCT’s income in the period has been derived wholly or mainly (70% plus) from shares or securities; 98.2%

2. To ensure that the VCT has not retained more than 15% of its income from shares and securities; – see note below* 40.3%

3. To ensure that the VCT has not made a prohibited payment to Shareholders derived from an issue of shares since 6 April 2014; Complied

4. To ensure that at least 80% by value of the VCT’s investments has been represented throughout the period by shares or

securities comprised in qualifying holdings of the VCT;

83.2%

5. To ensure that at least 70% by value of the VCT’s qualifying holdings has been represented throughout the period by holdings

of eligible shares (disregarding investments made prior to 6 April 2018 from funds raised before 6 April 2011);

100.0%

6. To ensure that, of funds raised on or after 1 October 2018, at least 30% has been invested in qualifying holdings by the

anniversary of the end of the accounting period in which the shares were issued;

Complied

7. To ensure that no holding in any company has at any time in the period represented more than 15% by value of the VCT’s

investments at the time of investment;

Complied

8. To ensure that the VCT’s ordinary capital has throughout the period been listed on a regulated market; Complied

9. To ensure that the VCT has not made an investment in a company which causes it to receive more than the permitted

investment from State Aid sources;

Complied

10. To ensure that since 17 November 2015, the VCT has not made an investment in a company which exceeds the maximum

permitted age requirement;

Complied

11. To ensure that since 17 November 2015, funds invested by the VCT in another company have not been used to make a

prohibited acquisition; and

Complied

12. To ensure that since 6 April 2016, the VCT has not made a prohibited non-qualifying investment. Complied

* The VCT has extended its accounting period, so that the current period is 18months to 31March 2026. For tax purposes, this is split into two periods, the first being the 12months to 30September

2025, and then a short period ending 31March 2026. The income test applies to each of those two periods separately and has been met. Including the Treasury shares, the VCT does not have positive

distributable reserves, and so is unable to pay a dividend. As such the requirement not to retain more than 15% of income from shares and securities is deemed to be met.

The Directors, with the help of the Investment Adviser, monitor and ensure the investee companies have less than £5mn state backed financing in a

12-month period listed in order to remain compliant with the VCT regulations.

Share Buybacks

The Board has decided that the VCT will not be buying in Shares for the foreseeable future as the VCT needs to conserve such cash as it generates for

the Managed Wind Down of the VCT and the payment of dividends.

Future prospects

The Board’s assessment of the outlook and future strategy of the VCT are set out in the Chairman’s Statement and Investment Adviser’s Report.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Sustainable

Investing

Introduction

Following Shareholder approval of the VCTs

revised investment policy in July2021, the

Company has implemented a realisation

strategy which was completed in late June2026

with the sale of the remaining solar assets.

The VCT seeks to conduct its affairs responsibly

and Gresham House, the Investment Adviser,

was encouraged to consider environmental,

social and community issues for the Company’s

investments, where appropriate. The Board

continued to monitor the Investment Adviser’s

progress in these areas up to the sale of the

remaining solar assets on 22June 2026.

The Board is conscious of its potential impact

on the environment as well as its social

and corporate governance responsibilities.

The Investment Adviser has presented its

Environmental, Social and Governance (ESG)

strategy to the Board.

Prior to the Company’s Managed Wind Down,

the VCT has demonstrated clear consideration

of environmental characteristics by having

invested in technologies that contribute to

climate change mitigation by supporting a

decarbonisation of the energy system in the UK

and a net zero economy underpinned by cheap

clean electricity.

Sustainable Investing at Gresham House

The Investment Adviser is committed to

sustainable investment as an integral part of its

business strategy. Since 2021, Gresham House

has enhanced its approach to sustainability

by setting an ambition to “be the manager

of choice for sustainable investment client

solutions” outlined in the company wide GH30

targets.

Policies and processes

Gresham House publishes a Sustainable

Investing Policy along with asset specific

policies, including the Energy Transition

Sustainable Investment Policy, which covers

Gresham House’s sustainable investment

commitments, how the investment processes

meet these commitments and the application

of the Sustainable Investment Framework.

The Sustainable Investment Team assesses

adherence to the commitments in the

Sustainable Investment Policies on an

annualbasis.

Sustainability Executive Committee

The Investment Adviser’s Sustainability

Executive Committee (Sustainability ExCo)

is chaired by the Director of Sustainable

Investment and requires representation from

across the business including from the Group

Management Committee and sustainability

leads from each division. The Sustainability

ExCo ensures priority areas of sustainability

related risks and opportunities are managed.

Risk and Compliance:Embedding ESG factors

As the assets within the VCTs are all well-

established, the assessment of ESG is applied

as part of our asset management activities.

All Operations& Maintenance providers are

required to report on various ESG factors,

including Health& Safety and Environmental

risks or incidents. Any significant incidents

must be reported to us within 24hours.

Furthermore, they are also expected to be

proactive and to make recommendations for

improvements.

The team continues to work to expand the

ESG key performance indicators (KPIs)

measured, reported, and monitored by the

Energy Transition division for all assets

under management, including the VCTs. This

reflects increased investor and regulatory

demand for ESG data and the Investment

Adviser’s ambitions to enhance ESG data

and transparency. It is anticipated that the

expanded ESG data will be used by investment

teams and asset management teams to

increase their understanding of the operational

ESG performance of assets under management

and to identify any material ESG risks. It is

expected that the asset management team

will aim to improve ESG metrics over time, as

feasible within the context of the existing fund

mandate. The Company’s realisation strategy

implemented as part of its Managed Wind Down

completed in late June2026 with the sale of the

remaining solar assets following the sale of the

wind assets in February2026.

Asset operation

Gresham House aimed to operate the VCTs

solar and wind assets with minimal disruption

to local communities and the environment.

Operational contractors are subject to ongoing

review and the requirement to manage material

ESG risks is included in contract terms.

Supply Chain

Gresham House has both a Supply Chain Policy

and a Supplier Code of Conduct for energy

transition activities to ensure that suppliers

are held to a high standard. The Supply Chain

Policy covers material ESG topics and places

obligations on suppliers (including contractors)

to ensure their own compliance, as well as

the compliance of their subcontractors,

with the Policy. It also requires suppliers to

monitor and report any non-compliance to the

InvestmentAdviser.

The Sustainable Investing report forms part of the Strategic Report.

Gresham House Renewable Energy VCT1 plc

Climate Change & Pollution

The VCTs’ investment strategy materially

contributes to the UK’s net-zero Strategy and

ambition to decarbonise the energy system.

Based on the 26,071,081kWh electricity

generated by the renewable assets in the

portfolio of the VCT and VCT2, it is estimated

that the fund avoided 11,686 tonnes

of CO

and

powered c. 9,656 homes

during the 18-month

period ended 31 March 2026.

Greenhouse Gas (GHG) Emissions. Emissions

can be broken down into three categories by the

Greenhouse Gas Protocol:

Æ Scope 1: all direct emissions from the

activities of the VCT or under its control.

Æ Scope 2: indirect emissions from

electricity purchased and used by the VCT

Æ Scope 3: all other indirect emissions from

activities of the VCT. This includes water

consumption, waste disposal, and third-

party fuel use.

To measure the financed carbon emissions of

VCT and VCT2 in the year 2025, the Investment

Advisor used the operational activities at each

site, including water consumption, waste

production, and vehicle fuel consumption.

These inputs were recorded throughout the

12-month period and converted to tCO

e using

UK government conversion factors.

An attribution factor consistent with

the Partnership for Carbon Accounting

Financials (PCAF) methodology was applied

to allocate each fund’s proportional share of

operationalemissions.

Table 1: Carbon footprint of each VCT in 2025.

VCT1 VCT2

Scope 1 (tCO

e) 61.9 61.9

Scope 2 (tCO

e) 30.9 30.9

Scope 3 (tCO

e) 27.5 27.5

Economic Carbon Intensity (Scope 1 + 2) tCO

e/£m 10.6 10.6

Revenue Carbon Intensity (Scope 1 + 2) tCO

e/£m 29.3 29.3

Gresham House conducted its carbon foot printing for the calendar year (1 January 2025 –

31December 2025) so the value reported corresponds to the emissions produced in this 12-month

period, rather than the VCT’s 18-month reporting period (1 October 2024 to 31 March 2026).

Natural Capital

The Investment Adviser continued to manage

the Company’s wind (sold in February2026) and

remaining solar assets (sold in February2026)

in line with the biodiversity commitments and

habitat management plans instigated as part

of project development and approvals up to the

date they were sold.

Director’s Duties

Directors must consider the long-term, and as

part of the Managed Wind Down in the shorter-

term, consequences of any decision they make.

They must also consider the interests of the

various stakeholders of the VCT, the impact the

VCT has on the environment and community

and operate in a manner which maintains the

VCT’s reputation for having high standards of

business conduct and fair treatment between

Shareholders.

Fulfilling this duty naturally supports the VCT in

its Investment Objective to maximise tax-free

capital gains and income to Shareholders and

helps ensure that all decisions are made in a

responsible and sustainable way. In accordance

with the requirements of the Companies

(Miscellaneous Reporting) Regulations 2018,

and the AIC Code, the information overleaf

explains how the Directors have individually

and collectively discharged their duties under

section 172 of the Companies Act2006.

Assuming an average annual electricity usage per household of 2.7MWh, as quoted by Ofgem May 2023. “Homes powered” calculated using Renewable UK methodology: MWh divided by average

annual domestic electricity consumption. Household power consumption dropped in 2023 due to high power prices.

Assuming an “all non-renewable fuels” emissions statistic of 448tCO

/GWh of electricity supplied, DESNZ statistics July 2025, Digest of UK Energy Statistics, Table 5.14 (“Estimated carbon dioxide

wind per year by the number of tonnes of carbon which fossil fuels would have produced to generate the same amount of electricity.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Role of the Board

The Board, which comprised of three

independent Non-Executive Directors during

the financial period with a broad range of skills

and experience, retains responsibility for taking

all decisions relating to the VCT’s principal

objectives, corporate governance and strategy,

and for monitoring the performance of the

VCT’s service providers.

The Board aims to ensure that the VCT

operates in a transparent culture where all

parties are able to contribute to the decisions

made and challenge where necessary with the

overall aim of achieving the expectations of

Shareholders and other stakeholders alike.

In discharging their section 172 duties

the Directors have regard to the likely

consequences of any decisions during the

Managed Wind Down process; the need to

foster the VCT’s business relationships with

suppliers, customers and others; the impact

of the VCT’s operations on the community

and environment; the desirability of the VCT

maintaining a reputation for high standards of

business conduct and the need to act fairly as

between members of the VCT.

The Board works very closely with the

Investment Adviser and Company Secretary to

ensure there is visibility and openness in how

the affairs of the VCT are being conducted. The

VCT co-owns all its assets with Gresham House

Renewable Energy VCT2plc (VCT 2).

The VCT is an investment vehicle, externally

managed, has no employees, and is overseen

by an independent Non-Executive board of

Directors. As such the Board considers its

stakeholders to be the Shareholders, the

service providers, including the Investment

Adviser, and regulatory bodies.

Following the adoption of the new Investment

Policy from 13July 2021, the VCT’s principal

objective is to manage the Company with the

intention of realising all remaining assets in

the portfolio in a prudent manner consistent

with the principles of good investment

management and with a view to returning cash

to Shareholders in an orderly manner.

Key Stakeholders

Shareholders

The Board engages with the VCT’s

Shareholders in a variety of ways, including

annual and half-yearly reports and accounts,

an AGM and information provided on the

Investment Adviser’s website as well as ad hoc

communications with Shareholders.

The Registrar is available to help Shareholders

to manage their shareholding.

The Board communicates with its Shareholders

through the publication of Annual and Half-Year

reports which are available on the VCT’s website

(https://greshamhouse.com/real-assets) and

sent to Shareholders.

The Board is also happy to respond to any

written queries made by Shareholders during

the course of the period, or to meet with major

Shareholders if so requested. In addition to the

formal business of the AGM, representatives

of the Investment Adviser and the Board are

available to answer any questions a Shareholder

may have. During the period the Board engaged

with Shareholders on multiple matters,

including updates on continuing discussions

with potential purchasers of the remaining

solar and wind assets. Details of these matters

are included in the Chairman’s Statement.

Investment Adviser

The Board has delegated authority for day-to-

day management of the VCT to the Investment

Adviser. The Board then engages with the

Investment Adviser in setting, approving and

overseeing the execution of the business

strategy and related policies. The Investment

Adviser attends Valuation Forums, Board

meetings and Audit Committee meetings

to update the Directors on the performance

of the portfolio. At every quarterly Board

meeting a review of financial and operational

performance, as well as legal and regulatory

compliance, is undertaken. Since the General

Meeting held on 13July 2021, the Managed

Wind Down of the Company has been reviewed

at each quarterly Board meeting and at ad

hoc board meetings being held as and when

required.

The Directors consider that in conducting the business of the VCT over the course of the

financial period they have complied with Section 172(1) of the Companies Act 2006 (the Act)

by fulfilling their duty to promote the success of the VCT and to act in the way they consider,

in good faith, would be most likely to promote the success of the VCT for the benefit of its

members as a whole, whilst also considering the broad range of stakeholders who interact

with and are impacted by the VCT’s business, especially with regard to major decisions.

Section 172

The Section 172 statement forms part of the Strategic Report.

Gresham House Renewable Energy VCT1 plc

The Board also reviews other areas over the

course of the financial period including the

VCT’s business strategy, key risks, stakeholder-

related matters, diversity and inclusion,

environmental matters, corporate responsibility

and governance, compliance and legal matters.

The Investment Adviser’s performance is

critical for the VCT to successfully deliver its

investment strategy and meet its objectives.

Service Providers

The VCT has a limited pool of service providers

which include the Investment Adviser, the

Administrator, the Registrar, the Legal Advisers,

the Auditor, the Tax Adviser and the VCT Status

Advisers.

These service providers are fundamental to

ensuring that as a business the VCT meets the

high standards of conduct that the Board sets.

The Board meets at least annually to review

the performance of the key service providers

and receives reports from them at Board and

Committee meetings.

The Board has regular contact with the two

main service providers (the Investment

Adviser and Administrator) through quarterly

board meetings, with the Chairman and Audit

Chairman meeting these providers more

regularly. The Audit Committee also reviews the

controls of the VCT’s service providers on an

annual basis to ensure that they are performing

their responsibilities in line with Board

expectations and providing value for money.

Regulators/Government

The Board regularly considers how it meets

regulatory and statutory obligations and follows

voluntary and best-practice guidance, including

how any governance decisions it makes impact

its stakeholders both in the shorter and in the

longer-term.

The VCT engages an external adviser to report

half-yearly on its compliance with the VCT

rules and a Company Secretary report is tabled

quarterly at board meetings.

ESG

Details on ESG are included in the Sustainable

Investing section on page24.

Key Board decisions and specific examples of

Stakeholder consideration during the period

The Board is fully engaged in both oversight

and the general strategic direction of the VCT.

During the period, the Board’s main strategic

discussions focused around the below items.

Managed Wind Down process

Following the General Meeting held on 13July

2021, the Shareholders resolved to approve

the Managed Wind Down of the Company and

associated amendments to the Company’s

Investment Policy. Under the Managed Wind

Down process, the Company has continued

to be managed with the intention of realising

all assets in its Portfolio in a prudent

manner consistent with the principles of

good investment management and with a

view achieving fair value for the Company’s

assets and subsequently returning cash to

Shareholders in an orderly manner.

To that effect, the Board’s strategic discussions

have centred on the sale of the full remaining

portfolio of solar and wind assets. Particular

oversight and direction from the Board

has been provided with regard to ongoing

discussions with potential purchasers of the

solar and wind assets and resolution of any

commercial, strategic, macroeconomic or

regulatory reform issues that might hinder

or delay completion of any sale. On 6March

2026, the Company confirmed that it had

completed the sale of around 200 wind turbines

on 23February 2026. On 23June 2026, the

Company announced the completion of the

sale of the Company’s remaining solar assets

to a UK entity managed by True Green Capital

ManagementLLC.

Time has also been spent by the Board in

considering the impact of both the portfolio

sale and the dissolution of Rezatec and bio-

bean on compliance with the 80% qualifying

holdings requirement that applies to the

Company as a VCT. The Company’s qualifying

ratio fell below 80% on 9September 2025 and,

as a result, the Board with the Investment

Adviser and the VCT status adviser applied to

HMRC for dispensation to continue to operate

as a VCT. This dispensation was granted on

a rolling basis by HMRC whilst efforts to sell

the remaining assets continued and in the

meantime the Board, with input from relevant

service providers, commenced the planning

of the Company’s eventual entry into voluntary

liquidation. The Board also held discussions

with potential liquidators with a view to an

appointment to oversee the process and

selected Azets Holdings Limited as its preferred

candidate. With the VCT’s final assets sold in

June2026, the voluntary liquidation process

can be initiated.

Throughout the period, the Board has also

considered how to maximise dividend returns

to Shareholders whilst taking into account the

Company’s expected cash requirements and

the potential timeline for and impact of the

sale of investment assets in accordance with

Shareholder wishes. Following completion

of the sale of assets process in June2026,

the Board declared a dividend of 17.0pence

per Ordinary share and £nil per 'A' Share on

23July2026.

By order of the Board

Gill Nott

Chairman

30 July 2026

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

The Corporate Governance Report on pages34

to 37 forms part of this report.

Share Capital

At the period end, the VCT had in issue 25,515,242

Ordinary Shares and 38,512,032 ‘A’ Shares. There

are no other share classes in issue.

All shares have voting rights; each Ordinary

Share has 1,000 votes and each ‘A’ Share has

one vote. Where there is a resolution in respect

of a variation of the rights of ‘A’ Shareholders

or a Takeover Offer, the voting rights of the ‘A’

Shares rank pari-passu with those of Ordinary

Shares.

Pursuant to the articles and subject to a

special resolution, the VCT is able to make

market purchases of its own shares, up to a

maximum number of shares equivalent to a set

percentage of the total number of each class

of issued shares from time to time. No such

resolution was passed at the Company’s 2025

Annual General Meeting.

Substantial Interests

As at 31March 2026, and the date of this report,

the VCT had not been notified of any beneficial

interest exceeding 3% of the issued share

capital.

Results

Period ended

31 March 2026 £’000

Pence

per Ord

Pence

per ‘A’

Loss for the

period 3,918 15.3 –

No dividend was paid during the financial

period to 31March 2026.

Directors

The Directors of the VCT during the period and

their beneficial interests in the issued Ordinary

Shares and ‘A’ Shares at 31March 2026 and at

the date of this report are detailed on page 33

of the Remuneration Report.

Biographical details of the Directors, all of

whom are Non-Executive, can be found on

page3.

It is the Board’s policy that Directors do not

have service contracts, but each Director

is provided with a letter of appointment.

The Directors’ letters of appointment, are

terminable on three months’ notice by either

side. They are available on request at the

Company’s registered office during business

hours.

The Articles of Association require that each

Director retire from office at the next AGM

following their first appointment and that

each Director retires by rotation every three

years and being eligible, offer themselves for

re-election. Giles Clark was appointed as a

director on 30September 2022 and accordingly

stood for election at the 2023 Annual General

Meeting. David Hunter stood for re-election in

2023 and Gill Nott stood for re-election in 2025.

The Company anticipates entering members

voluntary liquidation prior to its next AGM.

The Directors’ appointment dates and the date

of their last election are shown below:

Director

Date of

original

appointment

Most recent

date of

re-election

and election*

Gill Nott

(Chairman) 01/05/2018 19/03/2025

David Hunter 18/09/2019 27/04/2023

Giles Clark 30/09/2022 27/04/2023*

The Directors believe that the Board has an

appropriate balance of skills, experience,

independence and knowledge of the Company

and the sector in which it operates to enable

it to provide effective strategic leadership and

proper guidance of the Company.

The Board confirms that, following the

evaluation process set out in the Corporate

Governance Statement on page35, the

performance of the Directors is, and continues

to be, effective and demonstrates commitment

to the role.

Report of the Directors

The Directors present the fifteenth Annual

Report and Accounts of the VCT for the

financial period ended 31 March 2026.

Gresham House Renewable Energy VCT1 plc

Each Director is required to devote such time to

the affairs of the VCT as the Board reasonably

requires.

Annual General Meeting

The Company anticipates entering members

voluntary liquidation by September2026 and

therefore has not scheduled a fifteenth Annual

General Meeting. Details of the General Meeting

to be held to formally put the Company into

members voluntary liquidation will be circulated

in due course.

Auditor

The Independent Auditor’s Report can be

found on pages38 to 43. At the 2025 AGM, the

Shareholders approved the re-appointment of

BDOLLP as the auditor.

Going concern

The Directors’ assessment of the Company as

a going concern is included in the Corporate

Governance statement on page36.

Directors’ responsibilities

The Directors are responsible for preparing the

Strategic Report, the Report of the Directors,

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

includes 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 (United Kingdom

accounting standards and applicable law),

including Financial Reporting Standard 102,

the financial reporting standard applicable in

the UK and Republic of Ireland (FRS 102). 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 of the VCT and of the profit

or loss of the VCT for that period.

In preparing these financial statements the

Directors are required to:

Æ select suitable accounting policies and

then apply them consistently;

Æ make judgments and accounting

estimates that are reasonable and

prudent;

Æ state whether applicable UK accounting

standards have been followed, subject

to any material departures disclosed and

explained in the financial statements; and

Æ prepare the financial statements on

the going concern basis unless it is

inappropriate to presume that the VCT will

continue in business. As stated in Note1,

the Directors do not consider the VCT to

be a going concern and have prepared

the financial statements on a basis

other than that of a going concern since

30September 2021.

The Directors are responsible for keeping

adequate accounting records that are sufficient

to show and explain the VCT’s transactions, to

disclose with reasonable accuracy at any time

the financial position of the VCT and to enable

them to ensure that the financial statements

comply with the Companies Act2006. They are

also responsible for safeguarding the assets of

the VCT and hence for taking reasonable steps

for the prevention and detection of fraud and

other irregularities.

In addition, each of the Directors considers

that the Annual Report, taken as a whole, is

fair, balanced and understandable and provides

the information necessary for Shareholders

to assess the VCT’s position and performance,

business model and strategy.

Directors’ statement pursuant to the

disclosure and transparency rules

Each of the Directors, whose names and

functions are listed on page 3, confirms that, to

the best of each person’s knowledge:

Æ the financial statements, which have

been prepared in accordance with UK

Generally Accepted Accounting Practice

and the 2014 Statement of Recommended

Practice (updated in July2022 (SORP)),

‘Financial Statements of Investment Trust

Companies and Venture Capital Trusts’

give a true and fair view of the assets,

liabilities, financial position and profit or

loss of the VCT; and

Æ that the management report, comprising

the Chairman’s Statement, Investment

Adviser’s Report, Review of Investments,

Strategic Report, and Report of the

Directors includes a fair review of the

development and performance of the

business and the position of the VCT

together with a description of the principal

risks and uncertainties that it faces.

Insurance cover

Directors’ and Officers’ liability insurance cover

is held by the VCT in respect of the Directors.

Website publication

The Directors are responsible for ensuring

the Annual Report and the Financial

Statements are made available on a website.

Financial statements are published on

the website of the Investment Adviser

(https://greshamhouse.com/real-assets)

in accordance with legislation in the United

Kingdom governing the preparation and

dissemination of financial statements, which

may vary from legislation in other jurisdictions.

The Directors’ responsibility also extends to the

on-going integrity of the financial statements

contained therein.

Corporate governance

The VCT’s Corporate Governance statement

and compliance with and departures from the

2019 AIC Code of Corporate Governance, which

has been endorsed by the Financial Reporting

Council (www.frc.org.uk), is shown on page 37.

Other matters

The likely future developments in the business

of the Company including the Managed Wind

Down and ongoing sale of assets process are

set out in the Chairman’s Statement (pages 4

to 5) and in the Investment Adviser’s Report

(pages6 to 8.

Information in respect of risk management has

been disclosed within the Strategic Report on

page 15.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Information in respect of greenhouse

emissions which is normally disclosed within

the Report of the Directors has been disclosed

within the Sustainable Investing report part of

the Strategic Report on page 25.

During the year, the VCT did not have any

employees (2024:nil) and therefore there is no

comparison data available for the change in

Directors’ remuneration to average change in

employee remuneration.

Events after the end of the reporting period

The Company’s remaining solar assets were

sold on 22June 2026.

The VCT has not paid a dividend between the

period end and 30July 2026. The Company

declared a dividend of 17.0 pence per Ordinary

share and £nil per 'A' Share on 23July 2026, due

to be paid on 21August 2026.

Statement as to disclosure of information to

the auditor

The Directors in office at the date of the report

have confirmed, as far as they are aware, that

there is no relevant audit information of which

the Auditor is unaware. Each of the Directors

has confirmed that they have taken all the steps

that they ought to have taken as Directors in

order to make themselves aware of any relevant

audit information and to establish that it has

been communicated to the Auditor.

For and on behalf of the Board

Gill Nott

Chairman

30 July 2026

Report of the Directors (continued)

Gresham House Renewable Energy VCT1 plc

Directors’

Remuneration Report

Annual statement of the Remuneration

Committee

The Remuneration Committee consists of

each of the VCT Directors. The Remuneration

Committee assists the Board to fulfil its

responsibility to Shareholders to ensure that

the remuneration policy and practices of the

VCT reward the Directors fairly and responsibly,

with a clear link to corporate and individual

performance and having regard to statutory and

regulatory requirements. The Remuneration

Committee meets as and when required to

review the levels of Directors’ remuneration.

The Committee is also responsible for

considering the need to appoint external

remuneration consultants.

Following a review of the remuneration during

the financial year 2023/24 by the Remuneration

Committee, the Board approved a 6% increase

in the Directors’ remuneration. These increases

took effect from 1October 2024. Following

a further review in September2025, the

Board also approved a further 4.5% increase

in Directors remuneration with effect from

1October 2025. The changes to the Directors’

remuneration are outlined in this report.

Details of the specific levels of remuneration to

each Director as well as the fee increases are

outlined in the report.

Report on Remuneration Policy

Below is the VCT’s remuneration policy. This

policy applies from 27April 2023. Shareholders

must vote on the remuneration policy every

three financial years, or sooner, if the VCT

wants to make changes to the policy. The policy

was last approved by Shareholders at the 2023

AGM. There are currently no planned changes

to the remuneration policy and the Company

expects to enter members voluntary liquidation

prior to being required to hold its 2026 AGM and

re-table the policy for Shareholder approval.

The VCT’s policy on Directors’ remuneration is

to seek to remunerate Board members at a level

appropriate for the time commitment required

and degree of responsibility involved and to

ensure that such remuneration is in line with

general market rates. Non-Executive Directors

will not be entitled to any performance related

pay or incentive.

Directors’ remuneration is also subject to the

VCT’s Articles of Association which provide

that:

(i) The aggregate fees will not exceed

£100,000 per annum (excluding any

Performance Incentive fees to which the

Directors may be entitled from time to

time)*; and

(ii) The Directors shall be entitled to be repaid

all reasonable travelling, hotel and other

expenses incurred by them respectively in

or about the performance of their duties as

Directors.

* As highlighted above, the Non-Executive Directors are not

currently entitled to any performance related pay or incentives

under the Company’s adopted remuneration policy.

Agreement for services

Information in respect of the Directors’

agreements has been disclosed within the

Report of the Directors on page 28.

Performance incentive

The structure of ‘A’ Shares, whereby

Management (being staff of the Investment

Adviser) owns one third of the ‘A’ Shares in

issue (known as the “Management ‘A’ Shares”),

enables a payment, by way of a distribution of

income, of the Performance Incentive to the

Management Team. The performance incentive

structure of ‘A’ shares is detailed on page 22 of

the Strategic Report.

The NAV hurdle was not met for the financial

period end 31March 2026 and no dividend

was paid in respect of the ‘A’ shares during the

period, therefore there was no Performance

Incentive.

Annual Report on remuneration

The Board has prepared this report in

accordance with the requirements of the Large

and Medium-sized Companies and Groups

(Accounts and Reports) Regulations 2008

(SI2008/410) and the Companies Act2006.

Under the requirements of Section497 of

the Companies Act2006, the VCT’s Auditor is

required to audit certain disclosures contained

within this report. These disclosures have

been highlighted and the audit opinion thereon

is contained within the Auditor’s Report on

pages38 to 43.

Directors’ remuneration (audited)

Directors’ remuneration for the VCT for the

period under review is shown in the table below.

The basic fees of the Directors with effect from

1October 2024 to 30September 2025 were

£31,264 for the Chairman, £28,315 for the Audit

Committee Chairman and £25,366 for the other

Non-Executive Director. The basic fees of the

Directors with effect from 1October 2025 to

31March 2026 were £32,671 for the Chairman,

£29,589 for the Audit Committee Chairman and

£26,507 for the other Non-Executive Director.

Financial

StatementsGovernanceOverview

Gresham House Renewable Energy VCT1 plc

Effective 1October 2024, an increase of 6% was applied to Director fees. Effective 1October 2025, an additional increase of 4.5% was applied to

Director fees. This increase is within the limit set by the Remuneration Policy. Both changes are shown in the table below.

Current

Annual

Fee

18 months

ended

31 March

2026

Additional

Special

Payment

for the

period end

31 March

2026

Total

Period ended

31 March

2026

fee

Year ended

30 September

2024

fee

Additional

Special

Payment

for the

year end

30 September

2024

Total

Year ended

30 September

2024

fee

Gill Nott 32,671 47,600 5,000 52,600 29,494 N/A 29,494

David Hunter 29,589 43,109 5,000 48,109 26,712 N/A 26,712

Giles Clark 26,507 38,619 5,000 43,619 23,930 N/A 23,930

Totals 88,767 129,328 15,000 144,328 80,136 0 80,136

The additional special payment of £5,000 for each Director during the 18 months ended 31 March 2026 was approved in recognition of the additional

work connected with the sale of assets. No other emoluments, pension contributions or life assurance contributions were paid by the VCT to, or on

behalf of, any Director. The VCT does not have any share options in place.

No increase in Director fees has been proposed for the year commencing 1April 2026.

Annual Percentage Change in Directors’ Remuneration

The following table sets out the annual percentage change in Directors’ fees for the period up to 31March 2026

(1)

% change for

the 18-month

period to

31 March 2026

% change

for the year to

30 September

2024

% change

for the year to

30 September

2023

% change

for the year to

30 September

2022

% change

for the year to

30 September

2021

Gill Nott 10.8

(5)

6 5

(4)

(3)

David Hunter 10.8

(5)

6 5 0

(3)

6.7

(3)

Giles Clark

(2)

10.8

(5)

6 0 N/A N/A

Stuart Knight

(2)

N/A N/A N/A 0 7.5

Duncan Grierson

(2)

N/A N/A N/A 0 7.5

(1) Disclosed percentage changes in the table above reflect changes in base underlying annual fees paid to Directors, and do not incorporate additional ad hoc special payments made for additional

work or oversight conducted during any financial period (these special payments are disclosed below).

(2) Effective 30September 2022, Stuart Knight and Duncan Grierson resigned from the Board and Giles Clark was appointed as a new Non-Executive Director following his resignation from the

Board of VCT2.

(3) During the financial year 2020/2021, in recognition of their increased oversight responsibilities, the Remuneration Committee approved additional special payments to the Chairman and Chair

of the Audit Committee, calculated at 25% of their annual fee. The additional special payments were split into two payment tranches. The first tranche was paid during the financial year ending

30September 2021 for additional oversight responsibilities relating to the 2021 financial year and the second tranche was paid in October2021 for additional oversight responsibilities relating to

the 2022 financial year.

(4) During the year to 30September 2023, in recognition of increased oversight responsibilities in relation to the completion of the sale of certain solar assets in April2023, the Remuneration

Committee approved an additional special payment of £7,500 to the Chairman. This additional payment was paid on 12July 2023.

(5) In March2025, in recognition of the additional work undertaken to progress the sale of the Company’s remaining assets over the 18-month period ending 28February 2025, the Board agreed to

approve an additional special payment of £5,000 to each Director. This additional fee was paid in March2025.

Directors’ Remuneration Report (continued)

Gresham House Renewable Energy VCT1 plc

Directors’ Shareholding (Audited)

The Directors of the VCT during the period and their beneficial interests in the issued Ordinary Shares and ‘A’ Shares at 31 March 2026 and at the date

of this report were as follows:

Directors

At the date of

this report

31 March

2026

30 September

2024

Gill Nott

Ord 24,953 24,953 24,953

‘A’ 24,953 24,953 24,953

David Hunter

Ord – – –

‘A’ – – –

Giles Clark

Ord – – –

‘A’ – – –

Statement of voting at AGM

Remuneration report

At the AGM on 19 March 2025, the votes in respect of the resolution to

approve the Director’s Remuneration Report were as follows:

In favour 665,935,748 votes (85.29%)

Against 114,826,712 votes (14.71%)

Withheld 0 votes

Remuneration policy

At the 2023 AGM, when the remuneration policy was last put to a

Shareholder vote, 91.56% voted for the resolution, showing significant

Shareholder support.

Relative importance of spend on pay

The difference in actual spend between 31 March 2026 and 30 September

2024 on Directors’ remuneration in comparison to distributions

(dividends and share buybacks) and other significant spending are set

out in the chart below.

200

400

600

800

1000

1200

1400

1600

1800

2000

2024

2026

Pounds (£’000)

Investment

Advisory

fees

Directors

remuneration

buybacks

Dividends

Dividends on

“Management

‘A’ Shares”

Note: 2024 relates to the 12-month period 1 October 2023 to 30 September 2024, 2026 relates to

the 18 month period 1 October 2024 to 31 March 2026.

2026/27 Remuneration

The remuneration levels for the forthcoming year for the Directors of the

VCT are shown in the above table on page 32.

Performance graph

The graph below represents the VCT’s performance over the

reporting periods since the VCT’s Ordinary Shares and ‘A’ Shares

were first listed on the London Stock Exchange and shows share

price total return and net asset value total return performance

on a dividends reinvested basis. All returns are rebased to 100 at

10 January 2011, being the date the VCT’s shares were listed.

Gresham House Renewable Energy VCT1 plc NAV Total Return

Gresham House Renewable Energy VCT1 plc Share Price Total Return

Numis Smaller Companies Index

Pence (p)

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

220.0

240.0

260.0

280.0

300.0

320.0

340.0

360.0

Dec-

The Numis Smaller Companies Index has been chosen as a comparison

as it is a publicly available broad equity index which focuses on smaller

companies and is therefore more relevant than most other publicly

available indices.

Giles Clark

Remuneration Committee Chairman

30 July 2026

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

The Board of Gresham House Renewable

Energy VCT1plc has considered the Principles

and Provisions of the 2019 AIC Code of

Corporate Governance (the AIC Code). The

AIC Code addresses the Principles and

Provisions set out in the 2018 UK Corporate

Governance Code (the UK Code), as well as

setting out additional Provisions on issues

that are of specific relevance to Gresham

House Renewable Energy VCT1plc. In

performing this exercise, the Board has also

given consideration to the updated editions

(2024)of the AIC Code and the UK Code (that are

applicable to accounting periods beginning on

or after 1January 2025).

The Board considers that reporting against the

Principles and Provisions of the AIC Code, which

has been endorsed by the Financial Reporting

Council, provides more relevant information

toShareholders.

Compliance with the Principles and Provisions

of the AIC Code by the VCT is detailed on

page37.

The AIC Code is available on the AIC website

(www.theaic.co.uk). It includes an explanation

of how the AIC Code adapts the Principles and

Provisions set out in the UK Code to make them

relevant for investment companies.

The Board

The VCT has a Board comprising three

Non-Executive Directors, chaired by Gill

Nott. Gill Nott, Giles Clark and David Hunter

are independent from the Investment

Adviser. The VCT has not appointed a Senior

Independent Director. Biographical details of

all Board members (including significant other

commitments of the Chairman) are shown on

page3.

Full Board meetings take place quarterly and

the Board meets or communicates more

regularly to address specific issues. The Board

has a formal schedule of matters specifically

reserved for its decision which includes but is

not limited to:considering recommendations

from the Investment Adviser; making decisions

concerning the acquisition or disposal

of investments; and reviewing, annually,

the terms of engagement of all third party

advisers (including the Investment Adviser

andAdministrator).

The Board has also established procedures

whereby Directors wishing to do so in

the furtherance of their duties may take

independent professional advice at the

VCT’sexpense.

All Directors have access to the advice and

services of the Company Secretary. The

Company Secretary facilitates the Board’s

access to full information on the VCT’s assets

and liabilities and other relevant information

requested by the Chairman in advance of each

Board meeting.

The Board has decided that the VCT will not

be buying shares for the foreseeable future

as the VCT wishes to conserve such cash as it

generates for the Managed Wind Down of the

VCT and the potential payment of dividends.

The capital structure of the VCT is disclosed in

Note18 to the financial statements.

During the period under review, all the Directors

of the VCT were Non-Executive and served on

each committee of the Board. David Hunter is

the Chairman of the Audit Committee and Giles

Clark is the Chairman of the Remuneration and

Nomination Committees. The Audit Committee

normally meets four times yearly, and the

Remuneration and Nomination Committees

normally meet once each year. The Board has

delegated a number of areas of responsibility

to its committees and each committee has

defined terms of reference and duties.

Audit Committee

The Audit Committee is responsible for

reviewing the half-year and annual accounts

before they are presented to the Board, the

terms of appointment of the Auditor, together

with their remuneration, as well as a full review

of the effectiveness of the VCT’s internal control

and risk management systems.

In particular, the Committee reviews,

challenges (where appropriate) and agrees the

basis for the carrying value of the unquoted

investments, as prepared by the Investment

Adviser, for presentation within the half-year

and annual accounts.

The Committee also takes into consideration

comments on matters regarding valuation,

revenue recognition and disclosures arising

from the Report to the Audit Committee

as part of the finalisation process for the

annualaccounts.

The Committee is also responsible for

reviewing the going concern assessment and

viability statement including consideration

of all reasonably available information about

the future financial prospects of the VCT, the

possible outcomes of events and changes in

conditions and realistic possible responses to

such events and conditions.

The Audit Committee met five times during the

period. The Committee reviewed the internal

financial controls and concluded that they

wereappropriate.

As the VCT has no staff, other than the

Directors, there are no procedures in place

in respect of whistle blowing. The Audit

Committee understands that the Investment

Adviser and Administrator have whistle blowing

procedures in place.

External Auditor

The Audit Committee reviews and agrees the

audit strategy paper, presented by the Auditor

in advance of the audit, which sets out the key

risk areas to be covered during the audit and

confirms their status on independence.

The Committee also confirms that the main

areas of risk for the period under review are the

carrying value of investments, management

override of controls and the potential for fraud

in relation to revenue recognition. The Company

faces ongoing liquidity and solvency risks after

the period under review, in anticipation of the

Company’s need to enter voluntary liquidation

following the sale of the remaining assets in

June2026.

Under the Competition and Markets Authority

regulations and subject to transitional

provisions, there is a requirement that an audit

tender process be carried out every ten years

and mandatory rotation at least every twenty

years. The VCT undertook an audit tender

in respect of the audit required for the year

ended 30September 2021 and, following a

competitive tender process in early 2021, BDO

was re-appointed.

Corporate Governance

Gresham House Renewable Energy VCT1 plc

Under the FRC’s Revised Ethical Standard

(2024), there is a requirement for the key

audit partner to cease their participation in

the statutory audit not later than five years

from the date of their appointment. In order

to comply with the independence rules of the

FRC’s Revised Ethical Standard and safeguard

the quality of the audit, a new audit partner was

appointed by BDO to oversee the audit for the

year ended 30September 2024. The same audit

partner remains appointed to oversee the audit

for the 18month period ended 31March 2026.

Board and Committee Meetings

The following table sets out the Directors’ attendance at the Board and Committee meetings

during the financial period:

Quarterly

Board

meetings

attended

Adhoc

Board

meetings

attended

Audit

Committee

meetings

attended

Nomination

Committee

meetings

attended

Remuneration

Committee

meetings

attended

(5 held) (16 held) (5 held) (1 held) (1 held)

Gill Nott 5 15 5 1 1

David Hunter 5 14 4 1 1

Giles Clark 5 14 5 1 1

The Directors attended a number of ad hoc board meetings, mainly to discuss the Managed Wind

Down of the VCT and the sale of the remaining assets held by the Company.

Remuneration Committee

The Committee meets as and when required

to review the levels of Directors’ remuneration.

The Committee is also responsible for

considering the need to appoint external

remuneration consultants.

Details of the specific levels of remuneration

to each Director are set out in the Directors’

Remuneration Report on page32.

Financial Reporting

The Directors’ responsibilities statement

for preparing the accounts is set out in the

Report of the Directors on page 29 and a

statement by the Auditor about their reporting

responsibilities is set out in the Independent

Auditor’s report on pages 38 to 43.

Nomination Committee

The Nomination Committee’s primary function

is to make recommendations to the Board on all

new appointments and also to advise generally

on issues relating to Board composition and

balance. The Committee meets as and when

appropriate. Before any appointment is made

by the Board, the Committee shall evaluate the

balance of skills, knowledge, and experience,

and consider candidates on merit, against

objective criteria, and with due regard for the

benefits of diversity on the Board. Diversity

includes and makes good use of differences

in knowledge and understanding of relevant

diverse geographies, peoples and their

backgrounds including race or ethnic origin,

sexual orientation, gender, age, disability,

orreligion.

During the period, the Committee carried out

a rigorous internal board evaluation during

which it assessed the effectiveness of the

Board and its committees. The Committee

found that the Board was functioning well and

had maintained a strong degree of oversight

of the Managed Wind Down, and it was further

confirmed that all Directors contributed to the

discussions at meetings. A number of topics

were raised and discussed and overall, the

Board and its committees were found to be

performingsatisfactorily.

Diversity

The Board currently comprises of three Non-

Executive Directors of which two are male

and one is female. Summary biographical

details of the Directors, including their

relevant experience, are set out on page3. The

Company has no employees, with day-to-day

executive management functions carried out

by the Investment Adviser.

The Board notesthe FCA UKListing

Rulesrequirements (UKLR 6.6.6(9), (10)) which

set out targets for board diversity as follows:

Æ At least 40% of board members to be

women;

Æ At least one senior board position (Chair,

chief executive officer (CEO), Senior

Independent Director or chief financial

officer (CFO)) to be held by a woman; and

Æ At least one individual on the board to

be from a minority ethnic background,

defined to include those from an ethnic

background and/or an ethnic group, other

than a white ethnic group, as specified in

categories recommended by the Office for

National Statistics.

As an externally managed Venture Capital Trust,

there is no CEO or CFO. Due to the size of the

Board and the nature of the VCT’s business,

a Senior Independent Director has not been

appointed. However, the Board considers the

Chair of the Company and Chair of any of the

Company’s Committees to be senior positions

in the Company. The below table sets out the

constitution of the Company’s Board against

these targets. The data was collected on a self-

identifying basis.

The Board considers that three Non-Executive

Directors are sufficient given the current size

of the Company. The Board notesthat, as of

31March 2026 and at the time of signing these

financial statements, it did not meet the first

target on gender diversity whilst it did meet the

second as the Chair is a woman. The Board did

not meet the third target on ethnic diversity.

Whilst the Board gives due regard to the

benefits of diversity and the diversity targets

set out in the UKLR, no further appointments

are anticipated as the Company has entered

the Managed Wind Down process and will enter

voluntary liquidation in due course.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Board Diversity as at 31 March 2026

Gender

Number

of Board

members

Percentage

of the

Board

Number of

senior positions

on the Board

Men 2 67% 3

Women 1 33% 1

Prefer not to say 0 0% 0

Ethnic background

Number of

Board members

Percentage of

the Board

Number of senior

positions on

the Board

White British or other White

(including minority-white groups)

3 100% 4

Other ethnic group 0 0 0

Prefer not to say 0 0 0

Relations with Shareholders

Shareholders have historically had the

opportunity to meet the Board at the AGM. The

Board is also happy to respond to any written

queries made by Shareholders, or to meet with

major Shareholders if so requested.

The terms of reference of the Committees

and the conditions of appointment of

Non-Executive Directors are available to

Shareholders on request.

Internal Control

The Directors are fully informed of the

internal control framework established by the

Investment Adviser and the Administrator

to provide reasonable assurance on the

effectiveness of internal financial control.

The Board is responsible for ensuring that the

procedures to be followed by the advisers and

themselves are in place, and they review the

effectiveness of the internal controls, based

on the report from the Audit Committee, on an

annual basis to ensure that the controls remain

relevant and were in operation throughout

theyear.

The Board also reviews the perceived risks

faced by the VCT in line with relevant guidance

on an annual basis and implements additional

controls as appropriate.

The Board also considered the requirement for

an internal audit function and considered that

this was not necessary as the internal controls

and risk management in place were adequate

and effective.

Although the Board is ultimately responsible for

safeguarding the assets of the VCT, the Board

has delegated, through written agreements, the

day-to-day operation of the VCT (including the

Financial Reporting Process) to the following

advisers:

Investment Adviser

Gresham House Asset Management Limited

Administrator and Company Secretary

JTC (UK) Limited

Anti-bribery policy

In order to ensure compliance with the UK

Bribery Act2010, the Directors confirm that

the VCT has zero tolerance towards bribery and

a commitment to carry out business openly,

honestly and fairly.

Going concern

In assessing the VCT as a going concern,

the Directors have considered the forecasts

which reflect the proposed strategy for

portfolio investments and the result of the

continuation votes at the AGM and General

Meeting held on 22March 2021 and 13July 2021

respectively. At the meeting on 13July 2021,

the proposed special resolution was approved

by Shareholders. The VCT’s principal objective

is to manage the VCT with the intention of

realising the sale or monetisation otherwise of

all remaining assets in the portfolio in a prudent

manner consistent with the principles of good

investment management and with a view to

returning value to Shareholders in an orderly

manner, whilst protecting the tax position of

Shareholders.

The VCT pursued its investment objective by

effecting an orderly realisation of its assets

in a manner that sought to achieve a balance

between maximising the value received from

those assets and making timely returns of

capital to Shareholders. This process included

sales of individual assets or running of the

portfolio in accordance with the existing scope

of the assets, or a combination of both. The

VCTs commenced the sale of assets process

in 2021, with sale completions in April2023

and February2026. The sale of assets process

completed in late June2026 with the sale of

remaining solar assets.

As a result of the assets disposals in late

June2026, the Directors do not consider that

the company has the ability to continue trading.

Accordingly, the Directors have concluded

that the going concern basis of accounting

is not appropriate. The financial statements

have therefore been prepared on a basis other

than going concern. Under this basis, assets

and liabilities have been stated at amounts

expected to be realised or settled, having

regard to the post balance sheet disposal of the

company’s assets.

The Directors consider that this basis of

preparation provides a more appropriate

presentation of the company’s financial

position at the balance sheet date.

Since the start of the Managed Wind Down

in July2021, the going concern basis of

accounting in preparing the financial

statements was no longer considered to be

appropriate. On this basis, the VCT’s financial

statements have been prepared on a basis

other than going concern. As a result, the

investments held at fair value through profit

or loss were transferred from fixed assets

to current assets in the 30September 2021

annual financial statements. No additional

adjustments in the financial period ended

31March 2026 have been required to the

financial statements as a result of them being

prepared on a basis other than going concern.

Subject to Shareholders approval, the VCT

anticipates entering members’ voluntary

liquidation on 2September 2026.

Corporate Governance (continued)

Gresham House Renewable Energy VCT1 plc

Share capital

The VCT has two classes of share

capital:Ordinary Shares and ‘A’ Shares. The

rights and obligations attached to those

shares, including the power of the VCT to buy

back shares and details of any significant

shareholdings, are set out on page 28 of the

Report of the Directors.

Compliance statement

The UKListing Rulesrequire the Board to

report on compliance with the AIC Code

provisions throughout the accounting period.

With the exception of the limited items outlined

below, the VCT has complied throughout the

accounting period ended 31March 2026 with

the provisions set out in Section5 to 9 of the

AIC Code.

a) The VCT has no major Shareholders, so

Shareholders are not given the opportunity

to meet any new Non-Executive Directors

at a specific meeting other than the AGM.

(5.2.3)

b) Due to the size of the Board and the

nature of the VCT’s business, a Senior

Independent Director has not been

appointed. (6.2.14)

c) Due to the size of the Board and the nature

of the VCT’s business, the Board considers

it appropriate for the entire Board to

fulfil the role of the nomination and

remuneration committees. (7.2.22, 9.2.37)

d) Due to the size of the VCT, the Board

thought it would be unnecessarily

burdensome to establish a separate

management engagement committee to

review the performance of the Investment

Adviser. (6.2.17, 7.2.26)

e) Due to the size of the Board and the nature

of the VCT’s business, the Board considers

it appropriate for the entire Board,

including the Chairman, to fulfil the role of

the audit committee. (8.2.29)

f) The Directors are not subject to annual

re-election but must be re-elected every

three years. At the next Annual General

Meeting following a Director’s first

appointment such Director shall retire

from office and be eligible for election.

A Director may then retire at any Annual

Meeting following the Annual General

Meeting at which they last retired and were

re-elected provided that they must retire

from office at or before the third Annual

General Meeting following the Annual

General Meeting at which they last retired

and were re-elected. (7.2.23)

By order of the Board

JTC (UK) Limited

Company Secretary

Company Number: 0430176

Registered office:

The Scalpel, 18th Floor

52 Lime Street

London EC3M 7AF

30 July 2026

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Independent auditor’s report to

the members of Gresham House

Renewable Energy VCT 1 PLC

Report on the audit of the

financial statements

Opinion

In our opinion the financial statements:

Æ give a true and fair view of the state of the

Company’s affairs as at 31 March 2026 and

of its loss and cash flows for the period

then ended;

Æ have been properly prepared in

accordance with United Kingdom

Generally Accepted Accounting Practice;

and

Æ have been prepared in accordance with

the requirements of the Companies Act

2006.

We have audited the financial statements of

Gresham House Renewable Energy VCT 1 Plc

(the ‘Company’) for the period ended 31 March

2026 which comprise of the following:

Æ Income Statement

Æ Balance sheet

Æ Statement of changes in equity

Æ Cash flow statement

Æ Notes 1 to 24 to the financial statements

Æ A summary of significant accounting

policies

The financial reporting framework that has

been applied in their preparation is applicable

law and United Kingdom Accounting Standards,

including Financial Reporting Standard 102 The

Financial Reporting Standard applicable in the

UK and Republic of Ireland (United Kingdom

Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with

International Standards on Auditing (UK) (ISAs

(UK)) and applicable law. Our responsibilities

under those standards are further described

in the Auditor’s responsibilities for the audit

of the financial statements section of our

report. We believe that the audit evidence we

have obtained is sufficient and appropriate to

provide a basis for our opinion.

Independence

We remain independent of the Company in

accordance with the ethical requirements

that are relevant to our audit of the financial

statements in the UK, including the FRC’s

Ethical Standard as applied to listed public

interest entities, and we have fulfilled our other

ethical responsibilities in accordance with

these requirements. The non-audit services

prohibited by the FRC’s Ethical Standard were

not provided to the Company and we remain

independent of the Company in conducting

ouraudit.

Emphasis of matter – financial statements

prepared on a basis other than going concern

We draw attention to Note 1 to the financial

statements which explains that the Directors

intend to liquidate the Company. Therefore, the

Directors do not consider it to be appropriate

to adopt the going concern basis of accounting

in preparing the financial statements.

Accordingly, the financial statements have

been prepared on a basis other than going

concern as described in Note 1. No adjustments

were required to the financial statements as a

result of preparing them on a basis other than

going concern. Our opinion is not modified in

respect of this matter.

Overview

31 March 2026

(£’000)

30 September 2024

(£’000)

Key audit matters Valuation of unquoted investments 10,291 14,198

Materiality Company financial statements as a whole

£119,000 (2024: £198,000) based on 2% (2024: 2%) of Net assets

Independent Auditor’s

Report

Gresham House Renewable Energy VCT1 plc

An overview of the scope of our audit

Our audit was scoped by obtaining an understanding of the Company and its environment, including the Company’s system of internal control, and

assessing the risks of material misstatement in the financial statements. We also addressed the risk of management override of internal controls,

including assessing whether there was evidence of bias by the Directors that may have represented a risk of material misstatement.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the

current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified, including

those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement

team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do

not provide a separate opinion on these matters.

Key audit matter How the scope of our audit responded to the risk

Valuation of unquoted investments

The Company’s accounting policies are

set out in Note 2, including details of the

judgements applied in the application of

those policies. Information regarding the

valuation of investments, including the

basis of valuation and the carrying values

attributed to investments, is disclosed in

Note 10.

The Company entered into a non-binding

agreement with a potential buyer in relation

to the sale of the VCTs remaining solar

assets, which materialised post period-end.

There is risk that investment balance is

not reflective of fair value including errors

arising from application of the contractual

disposal agreement. We have noted

that the unquoted investments are the

most significant balance on the financial

statements and underpin the principal

activity of the Company.

There is also an inherent risk of

management override arising from the

unquoted investment valuations being

prepared by the Investment Manager, who is

remunerated based on the net asset value

of the company.

For these reasons we considered the

valuation of unquoted investments to be a

key audit matter.

We performed the following procedures on 100% of

the unquoted investments:

Æ We obtained an understanding of the Company’s

process for determining the fair value of

unquoted investments and assessed the

design and implementation of the investment

valuation processes and controls. This included

evidencing management’s oversight of the

valuation process through the Audit Committee

and the Valuation Committee;

Æ Considered the appropriateness of the overall

fair value and valuation movement in the income

statement;

Æ Challenged whether the valuation methodology

applied was appropriate under the International

Private Equity and Venture Capital Valuation

(“IPEV”) Guidelines and applicable accounting

standards;

Æ Obtained and reviewed the sale and

purchase agreement. Agreed the key terms

and consideration, and traced the sale

proceeds received subsequent to year end

to the bank statements and other supporting

documentation.

Æ Assessed whether the disclosures appropriately

reflect and describe the key assumptions

and factors considered in determining the

investment valuation, including the use of the

post year-end sale price as supporting evidence.

Key observations

Æ Based on the procedures performed we

consider the investment valuations to be

reasonable.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Independent Auditor’s Report (continued)

Our application of materiality

We apply the concept of materiality both in

planning and performing our audit, and in

evaluating the effect of misstatements. We

consider materiality to be the magnitude by

which misstatements, including omissions,

could influence the economic decisions of

reasonable users that are taken on the basis of

the financial statements.

In order to reduce to an appropriately low

level the probability that any misstatements

exceed materiality, we use a lower materiality

level, performance materiality, to determine

the extent of testing needed. Importantly,

misstatements below these levels will not

necessarily be evaluated as immaterial

as we also take account of the nature of

identified misstatements, and the particular

circumstances of their occurrence, when

evaluating their effect on the financial

statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements as a whole and performance materiality as follows:

Company financial statements

31 March 2026 30 September 2024

Materiality £119,000 £198,000

Basis for determining materiality 2% of Net assets 2% of Net assets

Rationale for the benchmark applied As the Company is in managed wind-down and its principal objective is the realisation of investments

and return of capital to shareholders, net assets have been selected as the most appropriate

benchmark for materiality. We consider net assets to be the metric of greatest relevance to users

of the financial statements in assessing the Company’s financial position and the recoverability of

shareholdervalue.

Performance materiality £89,000 £149,000

Basis for determining performance

materiality

75% of Materiality 75% of Materiality

Rationale for the percentage applied for

performance materiality

The level of performance materiality applied was set after having considered a number of factors including

the expected total value of known and likely misstatements and the level of transactions in the year.

Specific Materiality

We determined that for Revenue, a misstatement

of less than materiality for the financial

statements as a whole, could influence users

of the financial statements. The company’s

objective is to achieve a balance between

maximising the value received from the

remaining assets in the portfolio and making

timely returns of capital to Shareholders through

dividends. Therefore on-going costs and

revenue returns are important to the users of the

Financial Statements, despite being considerably

smaller in magnitude. Given that the VCT receives

dividend income from its underlying investee

companies, we consider it appropriate to apply a

specific materiality. As a result, we determined a

specific materiality of £22,000 (2024: £34,000)

for those items impacting revenue return, based

on 2% (2024: 2%) of Income.

Reporting threshold

We agreed with the Audit Committee that

we would report to them all individual audit

differences in excess of £5,000 (2024: £9,900)

and for those items impacting Revenue £1,000

(2024: £2,000). We also agreed to report

differences below these thresholds that, in

our view, warranted reporting on qualitative

grounds.

Other information

The Directors are responsible for the other

information. The other information comprises

the information included in the Annual

Report and Accounts other than the financial

statements and our auditor’s report thereon.

Our opinion on the financial statements

does not cover the other information and,

except to the extent otherwise explicitly

stated in our report, we do not express any

form of assurance conclusion thereon. Our

responsibility is to read the other information

and, in doing so, consider whether the other

information is materially inconsistent with the

financial statements or our knowledge obtained

in the course of the audit, or otherwise appears

to be materially misstated. If we identify

such material inconsistencies or apparent

material misstatements, we are required to

determine whether this gives rise to a material

misstatement in the financial statements

themselves. If, based on the work we have

performed, we conclude that there is a material

misstatement of this other information, we are

required to report that fact.

We have nothing to report in this regard.

Corporate governance statement

The UK Listing Rules sourcebook requires us

to review the Directors’ statement in relation

to going concern, longer-term viability and that

part of the Corporate Governance Statement

relating to the Company’s compliance with the

provisions of the UK Corporate Governance

Code specified for our review.

Independent Auditor’s Report (continued)

Gresham House Renewable Energy VCT1 plc

Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is

materially consistent with the financial statements or our knowledge obtained during the audit.

Going concern and longer-Going concern and longer-

term viabilityterm viability

Æ The Directors’ statement with regards to the appropriateness of adopting the going concern basis of

accounting and any material uncertainties identified set out on page 29;

Æ The Directors’ explanation as to their assessment of the Company’s prospects, the period this assessment

covers and why the period is appropriate set out on page 22; and

Æ The Directors’ statement on whether they have a reasonable expectation that the Company will be able to

continue in operation and meet its liabilities set out on page 22.

Other Code provisions Other Code provisions Æ Directors’ statement on fair, balanced and understandable set out on page 29;

Æ Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out

on page 16;

Æ The section of the annual report that describes the review of effectiveness of risk management and internal

control systems set out on page 34; and

Æ The section describing the work of the audit committee set out on page 34.

Other Companies Act 2006 reporting

Based on the responsibilities described below and our work performed during the course of the audit, we are required by the Companies Act 2006

and ISAs (UK) to report on certain opinions and matters as described below.

Strategic report and

Directors’ report

In our opinion, based on the work undertaken in the course of the audit:

Æ the information given in the Strategic report and the Directors’ report for the financial year for which the

financial statements are prepared is consistent with the financial statements; and

Æ the Strategic report and the Directors’ report have been prepared in accordance with applicable legal

requirements.

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the

audit, we have not identified material misstatements in the Strategic report or the Directors’ report.

Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited has been properly prepared in

accordance with the Companies Act 2006.

Matters on which we are

required to report by

exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires

us to report to you if, in our opinion:

Æ adequate accounting records have not been kept, or returns adequate for our audit have not been received

from branches not visited by us; or

Æ the financial statements and the part of the Directors’ remuneration report to be audited are not in agreement

with the accounting records and returns; or

Æ certain disclosures of Directors’ remuneration specified by law are not made; or

Æ we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors’

responsibilities statement, the Directors

are responsible for the preparation of the

financial statements and for being satisfied

that they give a true and fair view, and for such

internal control as the Directors determine

is necessary to enable the preparation of

financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the

Directors are responsible for assessing the

Company’s ability to continue as a going

concern, disclosing, as applicable, matters

related to going concern and using the

going concern basis of accounting unless

the Directors either intend to liquidate the

Company or to cease operations, or have no

realistic alternative but to do so.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Auditor’s responsibilities for the audit of the

financial statements

Our objectives are to obtain reasonable

assurance about whether the financial

statements as a whole are free from material

misstatement, whether due to fraud or error,

and to issue an auditor’s report that includes

our opinion. Reasonable assurance is a high

level of assurance but is not a guarantee that

an audit conducted in accordance with ISAs

(UK) will always detect a material misstatement

when it exists. Misstatements can arise from

fraud or error and are considered material if,

individually or in the aggregate, they could

reasonably be expected to influence the

economic decisions of users taken on the basis

of these financial statements.

However, the primary responsibility for the

prevention and detection of fraud rests with

both those charged with governance of the

Company and management.

Extent to which the audit was capable of

detecting irregularities, including fraud

Irregularities, including fraud, are instances

of non-compliance with laws and regulations.

We design procedures in line with our

responsibilities, outlined above, to detect

material misstatements in respect of

irregularities, including fraud. The extent to

which our procedures are capable of detecting

irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

Æ Our understanding of the Company and

the industry in which it operates;

Æ Discussion with management and those

charged with governance including the

Audit Committee; and

Æ Obtaining an understanding of the

Company’s policies and procedures

regarding compliance with laws and

regulations.

We considered the significant laws and

regulations to be the Companies Act 2006, the

FCA listing and DTR rules, the principles of the

AIC Code of Corporate Governance, industry

practice represented by the Statement of

Recommended Practice: Financial Statements

of Investment Trust Companies and Venture

Capital Trusts (“the SORP”) and updated in

2022 with consequential amendments and the

applicable financial reporting framework. We

also considered the Company’s qualification as

a VCT under UK tax legislation.

Our procedures in respect of the above

included:

Æ Enquires of management whether there

were any litigations and claims;

Æ Agreement of the financial statement

disclosures to underlying supporting

documentation;

Æ Enquiries of management and those

charged with governance relating to the

existence of any non-compliance with

laws and regulations;

Æ Assess VCT compliance during the period

and as at period end and reviewing their

calculations to check that the Company

was meeting its requirements to retain

VCT status; and

Æ Reviewing minutes of meetings of those

charged with governance throughout the

period for instances of non-compliance

with laws and regulations.

Fraud

We assessed the susceptibility of the financial

statements to material misstatement including

fraud.

Our risk assessment procedures included:

Æ Enquiry with management and those

charged with governance including the

Audit Committee regarding any known or

suspected instances of fraud;

Æ Obtaining an understanding of the

Company’s policies and procedures

relating to:

 Æ Detecting and responding to the risks

of fraud; and

 Æ Internal controls established to

mitigate risks related to fraud.

Æ Review of minutes of meetings of those

charged with governance for any known or

suspected instances of fraud; and

Æ Discussion amongst the engagement

team as to how and where fraud might

occur in the financial statements;

Based on our risk assessment, we considered

the areas most susceptible to fraud to be

the valuation of unquoted investments,

management override of controls, and revenue

recognition of dividend income.

Our procedures in respect of the above

included:

Æ The procedures set out in the Key Audit

Matters section above;

Æ Reviewing if any journals have been

posted in the process of preparation of

the financial statements on the basis

of supporting documentation and

understanding of the business.; and

Æ Reviewed underlying investee companies’

accounts and assessed whether sufficient

reserves are available to support

dividends paid.

We also communicated relevant identified

laws and regulations and potential fraud risks

to all engagement team members who were

all deemed to have appropriate competence

and capabilities and remained alert to any

indications of fraud or non-compliance with

laws and regulations throughout the audit.

Our audit procedures were designed to respond

to risks of material misstatement in the

financial statements, recognising that the risk

of not detecting a material misstatement due

to fraud is higher than the risk of not detecting

one resulting from error, as fraud may involve

deliberate concealment by, for example,

forgery, misrepresentations or through

collusion. There are inherent limitations in the

audit procedures performed and the further

removed non-compliance with laws and

regulations is from the events and transactions

reflected in the financial statements, the less

likely we are to become aware of it.

A further description of our responsibilities

is available on the Financial Reporting

Council’s website at: www.frc.org.uk/

auditorsresponsibilities. This description forms

part of our auditor’s report.

Independent Auditor’s Report (continued)

Gresham House Renewable Energy VCT1 plc

Other matters which we are required

toaddress

We were appointed by Board of Directors to

audit the financial statements for the period

ended 30 September 2011.

Our total uninterrupted period of engagement

is 15 years, covering the periods ended

30September 2011 to 31 March 2026.

Our audit opinion is consistent with the

additional report to the audit committee.

Use of our report

This report is made solely to the Company’s

members, as a body, in accordance with

Chapter 3 of Part 16 of the Companies Act 2006.

Our audit work has been undertaken so that we

might state to the Company’s members those

matters we are required to state to them in an

auditor’s report and for no other purpose. To

the fullest extent permitted by law, we do not

accept or assume responsibility to anyone other

than the Company and the Company’s members

as a body, for our audit work, for this report, or

for the opinions we have formed.

In due course, as required by the Financial

Conduct Authority Disclosure Guidance and

Transparency Rule 4.1.15R - 4.1.18R, these

financial statements will form part of the

Electronic Format Annual Financial Report filed

on the National Storage Mechanism of the FCA

in accordance with DTR 4.1.15R – DTR 4.1.18R.

This auditor’s report provides no assurance over

whether the Electronic Format Annual Financial

Report has been prepared in compliance with

DTR 4.1.15R – DTR 4.1.18R.

Daniel Quiligotti

(Senior Statutory Auditor)

For and on behalf of BDO LLP, Statutory Auditor

London, UK

30 July 2026

BDO LLP is a limited liability partnership

registered in England and Wales (with

registered number OC305127).

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

18-month period ended 31 March 2026 Year ended 30 September 2024

Note

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Income 3 1,136 – 1,136 1,690 – 1,690

Loss on investments 10 – (3,551) (3,551) – (3,385) (3,385)

1,136 (3,551) (2,415) 1,690 (3,385) (1,695)

Investment advisory fees 4 (139) (46) (185) (127) (42) (170)

Other expenses 5 (607) (711) (1,318) (380) (174) (554)

(746) (757) (1,503) (507) (216) (723)

Loss on ordinary activities before tax 390 (4,308) (3,918) 1,183 (3,602) (2,418)

Tax on total comprehensive loss and

ordinary activities 7 – – – – – –

Profit/(loss) for the period/year and total

comprehensive income/(loss)

390 (4,308) (3,918) 1,183 (3,602) (2,418)

Basic and diluted loss per share:

Ordinary Share 9 1.5p (16.9p) (15.3p) 4.6p (14.1p) (9.5p)

‘A’ Share 9 – – – – – –

The above results arise from activities classified as continuing operations, however as described in Note 1, the VCT is in a Managed Wind Down

process. The total column within the Income Statement represents the Statement of Total Comprehensive Income of the VCT prepared in

accordance with Financial Reporting Standards (FRS 102). The supplementary revenue and capital return columns are prepared in accordance with

the Statement of Recommended Practice issued in November 2014 (updated in July 2022) by the Association of Investment Companies (AIC SORP).

Other than revaluation movements arising on investments held at fair value through the profit or loss, there were no differences between the return/

loss as stated above and at historical cost.

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

Income Statement

For the 18-month period ended 31 March 2026

Gresham House Renewable Energy VCT1 plc

31 March 2026 30 September 2024

Note £’000 £’000 £’000 £’000

Current assets

Investments 10 10,291 14,198

Costs incurred on sale of VCT’s assets 11 – 305

Debtors 12 31 14

Cash at bank and in hand 9 1

10,331 14,518

Creditors 13 (4,345) (4,613)

Net current assets 5,986 9,904

Net assets 5,986 9,904

Capital and reserves

Called up Ordinary Share capital 14 28 28

Called up ‘A’ Share capital 14 41 41

Treasury Shares 15 (2,991) (2,991)

Special reserve 15 8,133 8,133

Revaluation reserve 15 7,081 9,955

Capital reserve – realised 15 (6,740) (5,305)

Revenue reserve 15 434 44

Total Shareholders’ funds 5,986 9,904

Basic and diluted net asset value per share

Ordinary Share 16 23.3p 38.7p

‘A’ Share 16 0.1p 0.1p

The financial statements of Gresham House Renewable Energy VCT1 plc on pages 44 to 61 were approved and authorised for issue by the Board of

Directors and were signed on its behalf by:

Gill Nott

Chairman

Company number: 07378392

Date: 30 July 2026

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

Balance Sheet

As at 31 March 2026

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Called

up share

capital

£’000

Treasury

£’000

Special

reserve

£’000

Revaluation

reserve

£’000

Capital

reserve

realised

£’000

Revenue

reserve

£’000

Total

£’000

At 30 September 2023 69 (2,991) 8,995 11,506 (3,253) (89) 14,237

Total comprehensive (loss)/income – – – (1,550) (2,051) 1,183 (2,418)

Dividend paid – – (862) – – (1,051) (1,913)

At 30 September 2024 69 (2,991) 8,133 9,955 (5,305) 44 9,904

Total comprehensive (loss)/income – – – (2,874) (1,434) 390 (3,918)

Dividend paid – – – – – – –

At 31 March 2026 69 (2,991) 8,133 7,081 (6,740) 434 5,986

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

Statement of Changes in Equity

For the 18-month period ended 31 March 2026

Gresham House Renewable Energy VCT1 plc

Note

18-month

period ended

31 March

2026

£’000

Year ended

30 September

2024

£’000

Cash flows from operating activities

Loss for the period/year (3,918) (2,418)

Loss on investments 10 3,551 3,385

Cost incurred on sale of VCT’s assets write off 711 98

Other income (20) –

Dividend income (1,094) (1,667)

Interest income (22) (23)

(Increase)/decrease in debtors (2) 1

(Decrease)/increase in creditors (397) 733

Net cash (outflow)/inflow from operating activities (1,191) 109

Cash flows from investing activities

Net proceeds from sale of investments/loan note redemptions 10 356 129

Cost incurred on sale of VCT’s assets (278) (84)

Interest received 27 47

Dividend income received 1,094 1,667

Net cash inflow from investing activities 1,199 1,759

Net cash inflow before financing activities 8 1,868

Cash flows from financing activities

Dividend paid – (1,913)

Net cash outflow from financing activities – (1,913)

Net increase/(decrease) in cash 8 (45)

Cash and cash equivalents at start of the period/year 1 46

Cash and cash equivalents at end of the period/year 9 1

Cash and cash equivalents comprise

Cash at bank and in hand 9 1

Total cash and cash equivalents 9 1

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

Cash Flow Statement

For the 18-month period ended 31 March 2026

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

1. General Information

Gresham House Renewable Energy VCT1plc (VCT) is a Venture Capital Trust established under the legislation introduced in the Finance Act1995 and

is domiciled in the United Kingdom and incorporated in England and Wales (Company No.07378392). The Company’s principal activity is that of a VCT

which invests in renewable energy investments. The registered office of the Company is The Scalpel 18th floor, 52 Lime Street, London,EC3M7AF. Its

share capital is denominated in Pound Sterling (GBP) and consists of Ordinary shares and ‘A’ shares.

Basis other than going concern

At the general meeting on 13July 2021, the proposed special resolution was approved by Shareholders, resulting in the VCTs entering a Managed

Wind Down and a new investment policy replacing the existing investment policy. The VCT’s principal objective is to manage the VCT with the

intention of realizing the sale or monetization otherwise of all remaining assets in the portfolio in a prudent manner consistent with the principles of

good investment management and with a view to returning value to Shareholders in an orderly manner. Given that a formal decision has been made to

wind up the VCT, the Directors intend to liquidate the VCT.

The VCT will pursue its investment objective by effecting an orderly realisation of its assets in a manner that seeks to achieve a balance between

maximising the value received from those assets and making timely returns of capital to Shareholders. This process includes sales of individual

assets. On 23June 2026, the completion of the sale of the remaining solar assets was announced. Following this disposal, the Company’s has ceased,

or is expected to cease, its principal trading activities. It is the Board’s intention to distribute the sale proceeds (net of remaining or anticipated costs)

to Shareholders through a dividend or capital distribution followed by the Company’s proposed entry into members’ voluntary liquidation, currently

anticipated to take place on 2September 2026.

Since the start of the Managed Wind Down in July2021, the Directors do not consider it to be appropriate to adopt the going concern basis of

accounting in preparing the financial statements. On this basis, the Directors have prepared the VCT’s financial statements on a basis other than

going concern. As a result, the investments held at fair value through profit or loss were transferred from fixed assets to current assets in the

30September 2021 annual financial statements and subsequent periods. No additional adjustments have been made to the audited financial results

covering the 18months to 31 March 2026 as a result of them being prepared on a basis other than going concern.

Investments held at fair value through profit or loss are held as current assets.

2. Accounting policies

Basis of accounting

The VCT has prepared its financial statements under FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and in

accordance with the Statement of Recommended Practice “Financial Statements of Investment Trust Companies and Venture Capital Trusts” issued

by the Association of Investment Companies (AIC) in November2014 and revised in July2022 (SORP) as well as the Companies Act2006.

The VCT extended its current financial period from 12months to 18months, ending on 31March 2026. Consequently, the current financial statements

cover the 18-month period from 01October 2024 to 31March 2026, whereas the comparative figures cover the 12-month period ended 30September

2024. Due to the unequal length of these periods, the amounts presented in the Income Statement, Balance Sheet, Statement of Changes in Equity,

Statement of Cash Flows, and related notesare not entirely comparable.

The VCT implements new Financial Reporting Standards (FRS) issued by the Financial Reporting Council when they become effective. No new FRS

were implemented during the year.

The financial statements are presented in Sterling (£) as this is the VCT’s functional currency.

Presentation of income statement

In order to better reflect the activities of a Venture Capital Trust and in accordance with the SORP, supplementary information which analyses the

Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The net revenue is the

measure the Directors believe appropriate in assessing the VCT’s compliance with certain requirements set out in Part6 of the Income Tax Act2007.

Investments

All investments are designated as “fair value through profit or loss” assets due to investments being managed and performance evaluated on a fair

value basis. A financial asset is designated within this category if it is both acquired and managed on a fair value basis, in accordance with the VCT’s

documented investment policy. The fair value of an investment upon acquisition is deemed to be cost. Thereafter investments are measured at fair

value in accordance with the International Private Equity and Venture Capital Valuation Guidelines (IPEV) together with FRS102 sections 11 and 12.

Notes to the Accounts

For the 18-month period ended 31 March 2026

Gresham House Renewable Energy VCT1 plc

2. Accounting policies (continued)

For unquoted investments and subsequent to acquisition, fair value is established by using the IPEV guidelines.

Based on the ongoing sales process, a fair market view based upon the offer price has been used as a primary valuation approach in the 18-month

financial period ended 31March 2026. Further details are contained in Note10.

Effective 1January 2019, the IPEV guidelines to establish fair value were updated whereby the cost or price of a recent investment are no longer

considered valid valuation methodologies for establishing the fair value of an investment. The VCT along with its Investment Adviser may, under

orderly market conditions, deem the cost or recent price paid for an investment as an appropriate fair value for an investment at the time of

acquisition but subsequent to recognition must reconsider the assigned fair value based on up-to-date market conditions and performance of the

underlying investee company in order to assign a fair value in line with the IPEV guidelines.

The methodology applied takes account of the nature, facts and circumstances of the individual investment and uses reasonable data, market

inputs, assumptions and estimates in order to ascertain fair value.

Gains and losses arising from changes in fair value are included in the Income Statement for the year as a capital item and transaction costs on

acquisition or disposal of the investment are expensed. Where an investee company has gone into receivership or liquidation, or administration

(where there is little likelihood of recovery), the loss on the investment, although not physically disposed of, is treated as being realised.

The investee companies held by the VCT are treated as a portfolio of investments and are therefore measured at fair value in accordance with section

9 of FRS102. The results of these companies are not incorporated into the Income Statement except to the extent of any income accrued. This is in

accordance with the SORP and FRS102 sections 14 and 15 that does not require portfolio investments, where the interest held is greater than 20%, to

be accounted for using the equity method of accounting.

Income

Dividend income from investments is recognised when the Shareholders’ rights to receive payment have been established, normally on the ex-

dividend date.

Interest income is accrued on a time apportionment basis, by reference to the principal sum outstanding and at the effective interest rate applicable

and only where there is reasonable certainty of collection in the foreseeable future.

Expenses

All expenses are accounted for on an accruals basis. In respect of the analysis between revenue and capital items presented within the Income

Statement, all expenses have been presented as revenue items except as follows:

Æ Expenses which are incidental to the disposal of an investment are deducted from the disposal proceeds of the investment; and

Æ Expenses are split and presented partly as capital items where a connection with the maintenance or enhancement of the value of the

investments held can be demonstrated. The VCT has adopted a policy of charging 75% of the investment advisory fees to the revenue account

and 25% to the capital account to reflect the Board’s estimated split of investment returns which will be achieved by the VCT over its lifetime.

Taxation

The tax effects on different items in the Income Statement are allocated between capital and revenue on the same basis as the particular item to

which they relate, using the Company’s effective rate of tax for the accounting period.

Due to the VCT’s status as a Venture Capital Trust and the continued intention to meet the conditions required to comply with Part6 of the Income

Tax Act2007, no provision for taxation is required in respect of any realised or unrealised appreciation of the VCT’s investments which arises.

Deferred taxation, which is not discounted, is provided in full on timing differences that result in an obligation at the balance sheet date to pay more

tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences

arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the

accounts.

Other debtors, other creditors and loan notes

Other debtors (including accrued income), other creditors and loan notes(other than those held as part of the investment portfolio as set out in

Note10) are initially recognised at transaction price or fair value, as appropriate, and are subsequently measured at amortised cost using the

effective interest method, less any impairment where applicable.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

3. Income

18-month

period ended

31March

2026

£’000

Year ended

30September

2024

£’000

Income from investments

Dividend income 1,094 1,667

Loan stock interest 22 23

Other income 20 –

1,136 1,690

4. Investment advisory fees

The investment advisory fees for the 18-month period ended 31March 2026, which were charged quarterly in advance to the VCT, were based on

1.15% of the net assets as at the previous quarter end. Based on each quarter’s final NAV, as and when available, the quarter’s investment advisory

fees previously charged are adjusted.

18-month period ended 31March 2026 Year ended 30 September 2024

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Investment advisory fees 139 46 185 127 42 170

5. Other expenses

18-month period ended 31March 2026 Year ended 30 September 2024

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Administration services 191 – 191 133 – 132

Directors’ remuneration 148 – 148 82 – 82

Social security costs 20 – 20 3 – 3

Auditor’s remuneration for audit 60 – 60 49 – 49

Legal and professional fees 126 711 837 48 174 222

Other 62 – 62 66 – 66

607 711 1,318 380 174 554

The annual running costs of the VCT are subject to a cap of the lower of £625,000 or 5.0% of average net asset value. For the 18-month period

ended 31March 2026, these caps were recalculated and adjusted to £937,500 and £695,000 (5% of average net asset value), respectively. During the

18-month period, the running costs came to £662,000 (total expenses of £1,503,000 less one-off expenditure), being 4.76% of average net asset value

(2024:£502,000 being total expenses of £723,000 less one-off expenditure, which is less than the applicable cap of £625,000). Therefore the cap has

not been breached.

6. Directors’ remuneration

Details of remuneration (excluding employer’s NIC) are given in the audited part of the Directors’ Remuneration Report on page 32.

The VCT had no employees during the year. Costs in respect of the Directors are referred to in Note5 above. No other emoluments or pension

contributions were paid by the VCT to, or on behalf of, any Director.

Notes to the Accounts (continued)

Gresham House Renewable Energy VCT1 plc

7. Tax on ordinary activities

18-month

period ended

31March

2026

£’000

Year ended

30September

2024

£’000

(a) Tax charge for the year

UK corporation tax at 25% – –

Charge for the year – –

(b) Factors affecting tax charge for the year

Loss on ordinary activities before taxation (3,918) (2,418)

(Tax credit)/tax calculated on loss on ordinary activities before taxation at the applicable rate of 25% (980) (605)

Effects of:

UK dividend income (274) (417)

Losses on investments 888 846

Excess management expenses on which deferred tax not recognised 366 176

Total tax charge – –

Excess management fees, which are available to be carried forward and set off against future taxable income, amounted to £6,321,000

(2024:£4,857,000). The associated deferred tax asset of £1,580,000 (2024:£1,214,000) has not been recognised due to the fact that it is unlikely that

the excess management fees will be set off against future taxable profits in the foreseeable future as the Directors intend to liquidate the VCT.

8. Dividends

18-month period ended 31March 2026 Year ended 30September 2024

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Paid

2023 Interim Ordinary – 7.5p – – – 1,051 862 1,913

– – – 1,051 862 1,913

The interim Ordinary 7.5p dividend was paid on 21December 2023 to Shareholders on the register as at 1December 2023.

A dividend arising from the proceeds of the sale of 17.0p per Ordinary share was announced on 23 July 2026 for Shareholders on the register on 23

July 2026 for payment on 21 August 2026. No amount is payable to 'A' Shares on 21 August 2026.

9. Basic and diluted earnings per share

Weighted

average number

of shares

in issue

Revenue

Profit

£’000

Pence per

Capital

Loss

£’000

Pence per

Net

(loss)/

profit

£’000

Pence per

31March 2026 Ordinary Shares 25,515,242 390 1.5 (4,308) (16.9) (3,918) (15.3)

‘A’ Shares 38,512,032 – – – – – –

30September 2024 Ordinary Shares 25,515,242 1,183 4.6 (3,602) (14.1) (2,418) (9.5)

‘A’ Shares 38,512,032 – – – – – –

As the VCT has not issued any convertible securities or share options, there is no dilutive effect on earnings per Ordinary Share or ‘A’ Share. The

earnings per share disclosed therefore represents both the basic and diluted return per Ordinary Share or ‘A’ Share.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Notes to the Accounts (continued)

10. Investments

31March

2026

Unquoted

investments

£’000

30September

2024

Unquoted

Investments

£’000

Opening cost at start of the period/year 8,580 8,709

Permanent impairment in cost of investments (3,530) (1,695)

Accumulated net unrealised gains at start of the period/year 9,148 10,699

Opening fair value at start of the period/year 14,198 17,713

Movement in the period/year:

Disposals at cost (391) (129)

Permanent impairment in cost of investments (642) (1,835)

Net unrealised losses in the income statement (2,874) (1,550)

Closing fair value at period/year end 10,291 14,198

Closing cost at period/year end 8,189 8,580

Permanent impairment in cost of investments as at period/year end (4,172) (3,530)

Accumulated net unrealised gains at period/year end 6,274 9,148

Closing fair value at period/year end 10,291 14,198

In February2026, four VCT portfolio investments, small wind assets, were sold by the VCT for proceeds of £25,000 and Shareholder loans totalling

£331,000 were repaid. The realised loss on the sold small wind assets was £34,000. This loss, reduced by a small wind assets valuation movement

at 31March 2025 of £642,000, as well as unrealised losses in the 18-month period ended 31March 2026 on the remaining portfolio of £2.9mn, equals

losses on investments’ of £3.6mn per the Income Statement.

The VCT has categorised its financial instruments using the fair value hierarchy as follows:

Æ Level 1 Reflects financial instruments quoted in an active market;

Æ Level 2 Reflects financial instruments that have prices that are observable either directly or indirectly; and

Æ Level 3 Reflects financial instruments that use valuation techniques that are not based on observable market data (unquoted equity

investments and loan noteinvestments).

31March 2026 30 September 2024

Level 1

£’000

Level 2

£’000

Level 3

£’000

Total

£’000

Level 1

£’000

Level 2

£’000

Level 3

£’000

Total

£’000

Unquoted loan notes – – – – – – 330 330

Unquoted equity – – 10,291 10,291 – – 13,868 13,868

– – 10,291 10,291 – – 14,198 14,198

During the 18-month period ended 31March 2026 and year ended 30September 2024 there were no transfers between levels.

Gresham House Renewable Energy VCT1 plc

10. Investments (continued)

A reconciliation of fair value for Level 3 financial instruments held at the year-end is shown below:

Unquoted

loan notes

£’000

Unquoted

equity

£’000

Total

£’000

Balance at 30September 2024 330 13,868 14,198

Movement in the income statement:

Unrealised losses in the income statement – (2,874) (2,874)

Permanent impairment in cost of investments – (642) (642)

Redemption of loan notes/cost of disposal (330) (61) (391)

Balance at 31March 2026 – 10,291 10,291

FRS 102 sections 11 and 12 require disclosure to be made of the possible effect of changing one or more of the inputs to reasonable possible

alternative assumptions where this would result in a significant change in the fair value of the Level 3 investments.

The Board believes that valuing the investments as at 31March 2026 based on the offer price from the sales process of the remaining solar assets

ongoing at period end is the most appropriate valuation method. The remaining solar assets namely Lunar 2 Limited, Lunar 1 Limited, New Energy

Era Limited, Vicarage Solar Limited and Lunar 3 Limited were sold on 22June 2026. The period-end valuation reflects the remaining solar assets

sales proceeds received in late June2026.

11. Costs incurred on sale of VCT’s assets

Since the commencement of the Managed Wind Down in July 2021, the VCT has capitalised professional fees that are directly attributable to the sale

of assets. During the 18-month period ended 31 March 2026, a further £406,000 was capitalised. The total of £711,000, comprising the aggerated

amounts capitalised in previous year(s) and current period, was expensed in the current period as the related sales processes were no longer ongoing

at period end and is included in Note 5.

31March

2026

£’000

30September

2024

£’000

Cost incurred on sale of VCT’s assets (capitalised) – 305

– 305

12. Debtors

31March

2026

£’000

30September

2024

£’000

Prepayments and accrued income 31 14

31 14

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Notes to the Accounts (continued)

13. Creditors:amounts falling due within one year

31March

2026

£’000

30September

2024

£’000

Other loans 3,967 4,417

Taxation and social security 19 3

Accruals and deferred income 356 172

Creditors 3 21

4,345 4,613

The balance of other loans is made up of amounts borrowed from the underlying portfolio companies. All loans are interest free. These loans were

cleared on 22June 2026 as part of the sale of the remaining solar assets. Other loans falling due within one year are as follows:

Investee company Drawdown date Repayment date

31March

2026

£’000

30September

2024

£’000

HRE Willow Limited 15June 2016 ^ – 18

12September 2016 ^ – 68

23September 2016 ^ – 29

– 115

Lunar 2 Limited 17December 2019 ^ 1,543 1,543

13January 2020 ^ 473 473

31March 2020 ^ 50 50

22April 2020 ^ 100 100

2,166 2,166

Minsmere Power Limited 31January 2020 ^ – 50

2,166 2,331

Lunar 2 Limited 23December 2020 ^^ 808 808

8February 2023 ^^ 134 134

10March 2023 ^^ 89 89

31March 2023 ^^ 40 40

13December 2023 ^^ 604 604

2February 2024 ^^ 125 125

1,800 1,800

HRE Willow Limited 22December 2020 ^^ – 114

18March 2021 ^^ – 63

6June 2022 ^^ – 44

– 221

Minsmere Power Limited 22December 2020 ^^ – 25

30June 2021 ^^ – 27

6June 2022 ^^ – 13

– 65

1,800 2,086

Amounts repayable within one year 3,967 4,417

^ The lender may demand full repayment of all amounts outstanding at any time after 5years and 1 day from the date of the initial drawdown of the loan. The loans are interest free.

^^ The VCT and the indicated SPV’s (the ‘lender’) entered into loan agreements whereby the lender may, at any time, without having to provide any reason, by one or several demands

require immediate repayment of all or any part of the Loan and all or any accrued interest thereon. The loans are interest free.

Gresham House Renewable Energy VCT1 plc

14. Called up share capital

Allotted, called up and fully-paid:

31March

2026

£’000

30September

2024

£’000

25,515,242 (2024:25,515,242) Ordinary Shares of 0.1p each 28 28

38,512,032 (2024:38,512,032) ‘A’ Shares of 0.1p each 41 41

69 69

The VCT’s capital is managed in accordance with its investment policy as shown in the Strategic Report on pages 14 to 15, in pursuit of its principal

investment objectives. There has been no significant change in the objectives, policies or processes for managing capital from the previous period.

The VCT has the authority to buy back shares as described in the Report of the Directors. During the 18-month period ended 31 March 2026 the VCT

did not repurchase any Ordinary Shares or ‘A’ Shares.

During the 18-month period ended 31March 2026 the VCT issued no Ordinary Shares or ‘A’ shares.

The holders of Ordinary Shares and ‘A’ Shares shall have rights as regards to dividends and any other distributions or a return of capital (otherwise

than on a market purchase by the VCT of any of its shares) which shall be applied on the following basis:

1) unless and until Ordinary Shareholders receive a dividend of at least 5.0p per Ordinary Share, and one Ordinary Share and one ‘A’ Share has a

combined net asset value of 100p (the Hurdle), distributions will be made as to 99.9% to Ordinary Shares and 0.1% to ‘A’ Shares;

2) after (and to the extent that) the Hurdle has been met, and subject to point 3 below, the balance of such amounts shall be applied as to 40% to

Ordinary Shares and 60% to ‘A’ Shares; and

3) any amount of a dividend which, but for the entitlement of ‘A’ Shares pursuant to point 2 above, would have been in excess of 10p per Ordinary

Share in any year shall be applied as to 10% to Ordinary Shares and 90% to ‘A’ Shares.

If, on the date on which a dividend is to be declared on the Ordinary Shares, the amount of any dividend which would have been payable to the ‘A’

Shares (the ‘‘A’ Dividend Amount’), together with any previous amounts which were not paid as a result of this clause (the ‘‘A’ Share Entitlement’), would

together:

a) in aggregate be less than £5,000; or

b) be less than an amount being equivalent to 0.25p per ‘A’ Share

then the ‘A’ Dividend amount shall not be declared and paid but shall be aggregated with any ‘A’ Share Entitlement and retained by the VCT until either

threshold is reached. No interest shall accrue on any ‘A’ Share Entitlement.

The VCT does not have any explicit externally imposed capital requirements.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Notes to the Accounts (continued)

15. Reserves

31March

2026

£’000

30September

2024

£’000

Treasury shares (2,991) (2,991)

Special reserve 8,133 8,133

Revaluation reserve 7,081 9,955

Capital reserve – realised (6,740) (5,305)

Revenue reserve 434 44

5,917 9,836

The Special reserve is available to the VCT to enable the purchase of its own shares in the market. The Special reserve, Capital reserve – realised and

Revenue reserve are all distributable reserves for the purpose of dividend payments to Shareholders. At 31March 2026, distributable reserves were

£(1.2mn) (2024: £2.9mn).

Treasury shares

This reserve represents the aggregate consideration paid for the Shares repurchased by the VCT.

Revaluation reserve

Increases and decreases in the valuation of investments held at the year-end against cost are included in this reserve.

Capital reserve – realised

The following are disclosed in this reserve:

Æ gains and losses compared to cost on the realisation of investments; and

Æ expenses, together with the related taxation effect, charged in accordance with the above accounting policies.

Revenue reserve

This reserve accounts for movements from the revenue column of the Income Statement and other non-capital realised movements.

16. Basic and diluted net asset value per share

Shares in issue Net asset value

31March

2026

30September

2024 31March 2026 30September 2024

Pence

per share £’000

Pence

per share £’000

Ordinary Shares 25,515,242 25,515,242 23.3p 5,947 38.7p 9,865

‘A’ Shares 38,512,032 38,512,032 0.1p 39 0.1p 39

Total 23.4p 5,986 38.8p 9,904

The Directors allocate the assets and liabilities of the VCT between the Ordinary Shares and ‘A’ Shares such that each share class has sufficient net

assets to represent its dividend and return of capital rights as described in Note14.

As the VCT has not issued any convertible shares or share options, there is no dilutive effect on net asset value per Ordinary Share or per ‘A’ Share. The

NAV per share disclosed therefore represents both the basic and diluted net asset value per Ordinary Share and per ‘A’ Share.

Gresham House Renewable Energy VCT1 plc

17. Financial instruments

The VCT held the following categories of financial instruments at the balance sheet date:

31March 2026 30September 2024

Cost

£’000

Value

£’000

Cost

£’000

Value

£’000

Assets at fair value through profit or loss 8,189 10,291 8,580 14,198

Other financial liabilities (347) (347) (182) (182)

Cash at bank 9 9 1 1

Other loans (3,967) (3,967) (4,417) (4,417)

Total 3,884 5,986 3,982 9,600

The VCT’s financial instruments comprise investments held at fair value through profit or loss, being equity and loan stock investments in unquoted

companies, other loans and receivables consisting of short-term debtors, cash deposits and financial liabilities being creditors arising from its

operations. Other loans are borrowed from the VCT’s underlying portfolio companies. Other financial liabilities and assets include operational debtors

and prepaid expenses and short-term creditors which are measured at amortised cost. The main purpose of these financial instruments is to

generate cashflow and revenue and capital appreciation for the VCT’s operations. The VCT does not use any derivatives.

The fair value of investments is determined using the detailed accounting policy as shown in Note2. The composition of the investments is set out in

Note10.

The VCT’s investment activities expose the VCT to a number of risks associated with financial instruments and the sectors in which the VCT invests.

The principal financial risks arising from the VCT’s operations are:

Æ market risks;

Æ credit risk; and

Æ liquidity risk.

The Board regularly reviews these risks and the policies in place for managing them. There have been no significant changes to the nature of the risks

that the VCT was expected to be exposed to over the 18-month period ended 31March 2026 and there have also been no significant changes to the

policies for managing those risks during the 18-month period.

The risk management policies used by the VCT in respect of the principal financial risks and a review of the financial instruments held at the

18-month period-end are provided below:

Market risks

As a Venture Capital Trust, the VCT is exposed to investment risks in the form of potential losses and gains that may arise on the investments it

holds in accordance with its investment policy and since 13July 2021, with reference to the New Investment Policy. The management of these

investment risks is a fundamental part of investment activities undertaken by the Investment Adviser and overseen by the Board. The Adviser

monitors investments through regular contact with management of investee companies, regular review of management accounts and other financial

information and attendance at investee company board meetings. This enables the Adviser to manage the investment risk in respect of individual

investments. Investment risk is also mitigated by holding a diversified portfolio spread across various operating sites across several asset classes.

During the Managed Wind Down, the investment portfolio will be reduced as investments are realised and concentrated in fewer holdings, and the mix

of asset exposure will be affected accordingly.

The key investment risks to which the VCT is exposed are:

Æ investment price risk; and

Æ interest rate risk.

The Company’s four small wind investments were sold on 23February 2026. At the 18month period ended 31March 2026, the Board identified

execution risk relating to the proposed sale of its remaining solar assets, including the risk that the sale may not complete or may complete on less

favourable terms. Following the period end, the sale completed on 22June 2026. Accordingly, this is no longer considered a principal risk at the date

of approval of these annual financial statements.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Notes to the Accounts (continued)

17. Financial instruments (continued)

Investment price risk

The VCT’s investments which comprise of both equity and debt financial instruments in unquoted investments are concentrated in renewable

energy projects with predetermined expected returns. Consequently, the investment price risk arises from uncertainty about the future prices and

valuations of financial instruments held in accordance with the VCT’s investment objectives which can be influenced by many macro factors such

as changes in interest rates, electricity power prices and movements in inflation. It represents the potential loss that the VCT might suffer through

changes in the fair value of unquoted investments that it holds.

At 31March 2026, the unquoted portfolio was valued at £10.3mn (30September 2024:£14.2mn).

The Board believes that valuing the investments as at 31March 2026 based on the offer from the sales process of the remaining solar assets ongoing

at period end is the most appropriate valuation method. The remaining solar assets namely Lunar 2 Limited, Lunar 1 Limited, New Energy Era

Limited, Vicarage Solar Limited and Lunar 3 Limited were sold on 22June 2026. The period-end valuation reflects the remaining solar assets sales

proceeds received in late June2026.The Board considered the sale to be in the best interest of Shareholders in the context of the planned Managed

Wind Down of the Company.

Interest rate risk

The VCT accepts exposure to interest rate risk on floating-rate financial assets through the effect of changes in prevailing interest rates. Where

investments in loan stock attract interest, this is predominately charged at fixed rates. A summary of the interest rate profile of the VCT’s

investments is shown below.

There are three categories in respect of interest which are attributable to the financial instruments held by the VCT as follows:

Æ “Fixed rate” assets represent investments with predetermined yield targets and comprise certain loan noteinvestments and preference shares;

and

Æ “No interest rate” assets do not attract interest and comprise equity investments, certain loan noteinvestments, loans and receivables.

Average

interest rate

Average period

until maturity

31March

2026

£’000

30 September

2024

£’000

Fixed rate* 8% N/A – 330

No interest rate – – 5,986 9,270

5,986 9,600

* Shareholders loans to three small wind investments namely Tumblewind Limited, Minsmere Power Limited and Small Wind Generation Limited were repaid and terminated on

sale of small wind assets on 23February 2026.

The VCT monitors the level of income received from fixed and floating rate assets and, if appropriate, may adjust the allocation between the

categories, in particular, should this be required to ensure compliance with the VCT regulations.

It is estimated that an increase of 1% in interest rates would have increased loss before tax for the period by £55 (2024:£5). The Bank of England

(‘BoE’) base rate was 5.00% at the beginning of the 18month period. As at 31March 2026, the BoE base rate was 3.75%, having decreased from 4.00%

on 18December 2025. Any potential change in the base rate, at the current level, would have an immaterial impact on the net assets and total return

of the VCT.

Gresham House Renewable Energy VCT1 plc

17. Financial instruments (continued)

Credit risk

Credit risk is the risk that a counterparty to a financial instrument is unable to discharge a commitment to the VCT made under that instrument. The

VCT is exposed to credit risk through its holdings of loan stock in investee companies, cash deposits and debtors. Credit risk relating to loan stock in

investee companies is considered to be part of market risk as the performance of the underlying SPVs impacts the carrying values.

The VCT’s financial assets that are exposed to credit risk are summarised as follows:

31March

2026

£’000

30September

2024

£’000

Investments in loan stocks* – 330

Cash and cash equivalents 9 1

Interest, dividends and other receivables 20 5

29 336

* Shareholders loans to three small wind investments namely Tumblewind Limited, Minsmere Power Limited and Small Wind Generation Limited were repaid and terminated on sale

of small wind assets on 23February 2026.

The Investment Adviser manages credit risk in respect of loan stock with a similar approach as described under “Market risks”. Similarly, the

management of credit risk associated with interest, dividends and other receivables is covered within the investment advisory procedures.

The level of security is a key means of managing credit risk. Additionally, the risk is mitigated by the security of the assets in the underlying

investeecompanies.

Cash is held by the Royal Bank of Scotlandplc which is an investment grade rated financial institution. Consequently, the Directors consider that the

credit risk associated with cash deposits is low.

There have been no changes in fair value during the 18-month period ended 31March 2026 that are directly attributable to changes in credit risk. Any

balances that are past due are disclosed further under liquidity risk.

Liquidity risk

Liquidity risk is the risk that the VCT encounters difficulties in meeting obligations associated with its financial liabilities. Liquidity risk may also arise

from either the inability to sell financial instruments when required at their fair values or from the inability to generate cash inflows as required.

The VCT’s creditors at 18month period ended 31March 2026 were £378,000 (30September 2024:£196,000) of which £188,000 (30September

2024:£67,300) related to the Costs incurred on sale of VCT’s assets. The VCTs short-term loans (see Note13 for an analysis of the repayment terms)

from small wind investments namely HRE Willow Limited and Minsmere Power Limited were repaid during the 18-month period ended 31March 2026.

The VCTs short-term loans from Lunar 2 Limited amount to, £3,967,000 at 31March 2026 (30September 2024:£4,417,000 short and long-term loans).

As part of the sale of remaining solar assets announced on 23June 2026, VCTs loans to Lunar 2 Limited were cleared and the costs sale of assets

were paid from the sale proceeds. The sale proceeds received in late June2026 are deemed sufficient to cover the future VCT operating expenses

and the estimated costs of liquidation, together with a contingency for any overspend of forecasted costs and/or any unknown costs prior to the

Company being dissolved. For these reasons the Board believes that the VCTs exposure to liquidity risk is low.

The VCT’s liquidity risk was managed by the Investment Adviser for the 18-month period ended 31March 2026, by moving cash from the SPVs to the

VCT, up to the sale of remaining assets announced on 23June 2026 in line with guidance agreed with the Board and with Board reviews at regular

intervals. The one investment left, bio-bean Limited, is in administration and will be dissolved.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Notes to the Accounts (continued)

17. Financial instruments (continued)

The following table analyses the VCT’s loan payables by contractual maturity date:

As at 31March 2026

Due in

less than

1year

£’000

Due between

1year and

5years

£’000

Due after

5years

£’000

Total

£’000

Loans payable to investee companies* 3,967 – – 3,967

3,967 – – 3,967

* Loans paid post-period end as part of the sale of remaining solar assets announced on 23June 2026.

As at 30September 2024

Due in

less than

1year

£’000

Due between

1year and

5years

£’000

Due after

5years

£’000

Total

£’000

Loans payable to investee companies 4,417 – – 4,417

4,417 – – 4,417

Although the VCT’s investments are not held to meet the VCT’s liquidity requirements, the table below shows an analysis of the assets, highlighting the

length of time that it could take the VCT to realise its assets if it were required to do so.

Following the sale of the small wind assets on 23February 2026, the performing loan stock was fully paid. The carrying value of loan stock

investments held at fair value through the profit and loss account at 31March 2026 was £nil:

As at 31March 2026

Not later

than

1year

£’000

Between

1 and

2years

£’000

Between

2 and

3years

£’000

Between

3 and

5years

£’000

than

5years

£’000

Total

£’000

Fully performing loan stock – – – – – –

– – – – – –

As at 30September 2024

Not later

than

1year

£’000

Between

1 and

2years

£’000

Between

2 and

3years

£’000

Between

3 and

5years

£’000

than

5years

£’000

Total

£’000

Fully performing loan stock 330 – – – – 330

330 – – – – 330

18. Capital management

The VCT’s objectives when managing capital are to safeguard the VCT’s ability to provide returns for Shareholders by allocating its capital to assets

commensurately with the level of risk.

By its nature, the VCT has an amount of capital, at least 80% (as measured under the tax legislation; and for the VCT, effective 1October 2019) of

which is and must be, and remain, invested in the relatively high risk asset class of small UK companies within three years of that capital being

subscribed. The VCT accordingly has limited scope to manage its capital structure in the light of changes in economic conditions and the risk

characteristics of the underlying assets. Subject to this overall constraint upon changing the capital structure, the VCT may adjust the amount of

dividends paid to Shareholders, return capital to Shareholders, issue new shares, or sell assets if so required to maintain a level of liquidity.

As the Investment Policy implies, the Board would consider levels of gearing. As at 31March 2026, the VCT had loans from investee companies of

£3,967,000 (30September 2024:£4,417,000). It regards the net assets of the VCT as the VCT’s capital, as the level of liabilities are small and the

management of them is not directly related to managing the return to Shareholders. There has been no change in this approach from the previous period.

As part of the sale of the remaining solar assets on 22June 2026, the VCTs loans of £3,967,000 were cleared.

Gresham House Renewable Energy VCT1 plc

19. Contingencies, guarantees and financial commitments

At 31 March 2026, the VCT had no contingencies or guarantees. During the 18-month period ended 31 March 2026, the VCT had financial commitments

in respect of the Managed Wind Down process. Considering the completion of the sale of remaining assets on 22 June 2026, the financial

commitments at 31 March 2026 were £186,000 (30 September 2024: £255,000).

Previously declared unpaid dividends to the value of £148,201 remain unclaimed and therefore unpaid for which a receivable has not been recognised

as 12years have not lapsed since the date of their declaration.

20. Controlling party and related party transactions

In the opinion of the Directors there is no immediate or ultimate controlling party. For total Directors’ remuneration during the 18-month period ended

31March 2026, please refer to Note5 as well as the Directors‘ Remuneration Report on pages 31 to 33.

21. Significant interests

The details of all shareholdings in the remaining companies where the VCT’s holding, as at 31March 2026, represents more than 20% of the nominal

value of any class of shares issued by the portfolio company are disclosed in the Review of Investments on pages 9 to 13.

22. Net debt reconciliation

1October

2024

£’000

Non cash

flows

£’000

Cash

flows

£’000

31March

2026

£’000

Cash at bank and in hand 1 – 8 9

Other loans 4,417 – (450) 3,967

23. Events after the end of the reporting period

On 23June 2026, the sale of the Company’s remaining solar assets, co-owned with VCT2, was announced. The five ground-mounted solar

investments, namely Lunar 2 Limited, Lunar 1 Limited, New Energy Era Limited, Vicarage Solar Limited and Lunar 3 Limited, were sold for a total

consideration of approximately £20mn across both VCTs. Following the repayment of certain outstanding loan balances, this equates to net

proceeds of approximately £6.3mn for VCT1. The costs incurred on the sale of remaining solar assets after 31March 2026 payable post completion

amount to approximately £0.4mn per VCT.

Following this disposal, the Company has ceased, its principal trading activities. The disposal has been treated as a non-adjusting event after the

reporting date except to the extent that it provides evidence of the recoverable amount of assets held at the balance sheet date.

The Directors have considered the impact of the disposal on the carrying value of assets and the appropriateness of the going concern basis of

preparation. As a result of the sale and the Company’s expected cessation of trade, the financial statements have not been prepared on a going

concern basis.

A dividend arising from the proceeds of the sale of 17.0p per Ordinary share was announced on 23 July 2026 for Shareholders on the register on

23July 2026 for payment on 21 August 2026. No amount is payable to 'A' Shares on 21 August 2026.

Gresham House Renewable Energy VCT1 plc

Financial

StatementsGovernanceOverview

Registered number

07378392

Directors

Gill Nott (Chairman)

David Hunter

Giles Clark

Company Secretary and Registered Office

JTC (UK) Limited

The Scalpel, 18th Floor

52 Lime Street

London EC3M 7AF

Investment Adviser

Gresham House Asset Management Limited

5 New Street Square

London EC4A 3TW

Tel: 020 3837 6270

www.greshamhouse.com

Administrator

JTC (UK) Limited

The Scalpel, 18th Floor

52 Lime Street

London EC3M 7AF

Tel: 020 7409 0181

www.jtcgroup.com

Auditor

BDO LLP

55 Baker Street

London W1U 7EU

VCT status advisers

Philip Hare & Associates LLP

Bridge House

181 Queen Victoria Street

London EC4V 4EG

Registrars

MUFG Corporate Markets

10th Floor

Central Square

29 Wellington Street

Leeds LS1 4DL

Solicitors

Dickson Minto LLP

69 Old Broad Street

London EC2M 1QS

Bankers

Royal Bank of Scotland plc

London Victoria Branch

119/121 Victoria Street

London SW1E 6RA

Corporate Broker

Panmure Liberum Limited

25 Ropemaker Street

London EC2Y 9LY

Company

Information

Gresham House Renewable Energy VCT1 plc