30 June 2019

FORBES VENTURES

(“Forbes” or the “Company”)

CHAIRMAN’S REPORT

REPORTING PERIOD HIGHLIGHTS

The business has not traded any assets during the year and has primarily focused its activities on building the business structures, policies and procedures for the future.

The rebuilding activity has resulted in a pre-tax loss of $186,478 for the first six months of the year.

CHAIRMAN’S STATEMENT

I am pleased to present you with Forbes Venture’s unaudited Interim Results for the period ended 30 June 2019.

During the period the business has continued to build the infrastructure and relationships as necessary for its future including an investment advisory subsidiary – Forbes Ventures Investment Management Limited.

Kindest regards

PETER MOSS

Chairman

Statement of Profit and Loss for the

SIX MONTHS ENDED 30 JUNE 2019

Six Months Ended 30 June 2019 US $ Six Months Ended 30 June 2018 US $
Revenue 52
Other income 52
Expense
Employee benefits expense
Foreign exchange gain/(loss) (2,244)  16,081
Professional fees (148,699)  (171,544)
Office expense  (7,091) (11,202)
Other expense (20,089) (29,186)
Finance cost (8,407) (93)
Total expense (186,530) (195,944)
Loss before tax  (186,478)  (195,944)
Income tax benefit
Loss for the period  (186,478) (195,944)

Statement of other Comprehensive Income for the

SIX MONTHS ENDED 30 JUNE 2019

Six Months Ended 30 June 2019 US $ Six Months Ended 30 June 2018 US $
Loss for the period  (186,478) (195,944)
Other comprehensive income/(loss)  (132,065)
Total comprehensive loss for the period (186,478) (328,009)
Basic loss per share  (0.00041) (0.00092)
Diluted loss per share  (0.00041) (0.00092)
Weighted average number of shares 456,251,830 356,251,830

No dividends were proposed or declared in respect of any of the periods presented above.

The accompanying notes form part of this historical financial information.

Consolidated Statement of Financial Position

AS AT 30 JUNE 2019

Notes
Six Months Ended 30 June 2019 US $ Six Months Ended 30 June 2018 US $
Assets
Non-current assets
Property, plant and equipment
Available for sale financial assets 3 132,065 132,065
Investments 99,175
Intangible Assets 56,785
Total non-current assets 288,025 132,065
Current assets
Trade and other receivables 6,052 15,143
Cash and cash equivalent 17 55,645
Total current assets 6,069 70,788
Total assets 294,094 202,853
Current liabilities
Trade and other payables 435,867 81,654
Total current liabilities 435,867 81,654
Net Current (liabilities)/assets (141,773) 121,199
Total liabilities 435,867 81,654
Net assets / (liabilities) (141,773) 121,199
Shareholders’ equity
Share capital 98,293,401 98,214,902
Capital redemption reserve 92,740 92,740
Other reserves 292,568 243,958
Accumulated losses (98,820,482) (98,430,401)
Total shareholders’ (deficit)/surplus (141,773) 121,199

Statement of Changes in Equity for the

SIX MONTHS ENDED 30 JUNE 2019

Six Months Ended 30 June 2019 US $
Six Months Ended 30 June 2018 US $
Cash flows from operating activities
Loss after income tax (186,478) (195,944)
Loss / (profit) on disposal of assets available for sale 124,458
Net foreign exchange Loss / (profit) 2,440 (16,081)
Increase/ (decrease) in creditors 33,061 (77,130)
Decrease in debtors 4,688 124,208
Taxation provision write off (127,935)
Net cash flows used by operating activities (146,289) (168,424)
Cash flows from investing activities
Purchase of subsidiaries (66,028)
Loan notes extended 212,159
Proceeds from sale of investments 195,792
Net cash outflow from investing activities 146,131 195,792
(Decrease) / increase in cash and cash equivalents (158) 28,481
Cash and cash equivalents at the beginning of the period 175 30,651
Effects of foreign exchange rate changes on the balance of cash held in foreign currencies (3,487)
Cash and cash equivalents at the end of the year 17 55,645

NOTES TO THE FINANCIAL STATEMENTS

1.         BASIS OF ACCOUNTING

The financial information has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied.  The financial information is drawn in accordance with the provisions of the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union.  The financial information is presented in US dollars, rounded to the nearest dollar.

2.         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A comprehensive summary of the significant accounting policies is provided for in the Forbes Ventures (Forbes or the Company) 2018 Annual Report. All remain relevant.

3.         AVAILABLE FOR SALE FINANCIAL ASSETS

Six Months Ended 30 June 2019 US $
Six Months Ended 30 June 2018 US $
Investments at fair value brought forward 132,065 567,110
Investments acquired in the period
Foreign currency exchange increase 17,270
Revaluation (132,065)
Disposal of investments (320,250)
Financial assets at the end of the year  132,065 132,065
Level 1 investments at the end of the year  132,065 132,065

The Directors of Forbes accept responsibility for the contents of this announcement.

ENDS

For further information, please contact:

Forbes Ventures

Peter Moss

Chairman

01625 568 767

Rob Cooper

Chief Executive Officer

020 3687 0498

NEX Exchange Corporate Adviser

Peterhouse Capital Limited

020 7469 0930

Mark Anwyl

020 7469 0930

TR-1: Standard form for notification of major holdings

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.