31 December 2021

FORBES VENTURES

(“Forbes” or the “Company”)

Interim Results for the six months ended 30 June 2021

CHAIRMAN’S REPORT

REPORTING PERIOD HIGHLIGHTS

The Company has not traded any assets during the year and has primarily focused its activities on building the business structures, policies and procedures for the establishment of a securitisation platform and framework to deliver receivables financing the first transaction of which is to provide litigation funding.

The building activity has resulted in a pre-tax loss of $158,264 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 2021.

The Company has completed the development of a functioning securitisation platform and are working on completing the first transaction. The transaction is the Post Balance Sheet event as described in the published accounts for the year ended 31 December 2020 and the related RNS release. It is anticipated that the group will complete two transactions during 2022 and receive gross income of approximately £2m. It is expected that further transactions will be undertaken in 2022.

I would like to thank my fellow directors for their continued support.

Peter Moss

Chairman

STATEMENT OF PROFIT AND LOSS FOR THE SIX MONTHS ENDED 30 JUNE 2021

Six Months Ended
30 June 2021

US $
Six Months Ended
30 June 2020

US $
Revenue
Other income 28,636
Total income 28,636
Expense
Foreign exchange gain/(loss) (10,699) 343
Professional fees (93,217) (93,774)
Office expense (549) (387)
Other expense (7,587)
Finance cost (82,435) (34,797)
Total expense (186,900) (136,202)
Loss before tax (158,264) (136,202)
Income tax benefit
Loss for the period (158,264) (136,202)

STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2021

Six Months Ended
30 June 2021

US $
Six Months Ended
30 June 2020

US $
Loss for the period (158,264) (136,202)
Other comprehensive income/(loss)
Total comprehensive loss for the period (158,264) (136,202)
Basic loss per share (0.00035) (0.00030)
Diluted loss per share (0.00035) (0.00030)
Weighted average number of shares 456,258,911 456,258,911

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 2021

Notes As at
30 June 2021

US $
As at
30 June 2020

US $
Assets
Non-current assets
Property, plant and equipment              –
Available for sale financial assets 3 132,065 132,065
Intangible Assets 56,888 56,888
Total non-current assets 188,953 188,953
Current assets
Trade and other receivables 704,583 275,473
Cash and cash equivalent 1,361
Total current assets 705,944 275,473
Total assets 894,897 464,426
Current liabilities
Trade and other payables 1,635,657 885,698
Total current liabilities 1,635,657 885,698
Net Current (liabilities)/assets (929,713) (610,225)
Total liabilities 1,635,657 885,698
Net assets / (liabilities) (740,760) (421,272)
Shareholders’ equity
Share capital 98,293,401 98,293,401
Capital redemption reserve 92,740 92,740
Other reserves 292,568 292,568
Accumulated losses (99,419,469) (99,099,981)
Total shareholders’ (deficit)/surplus (740,760) (421,272)

STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2021

Share Capital
US$
Capital Redemption Reserve
US$
Other Reserves US$ Accumulated Losses
US$
Total
US$
Balance at 31 December 2020 98,293,401 92,740 292,568 (99,261,205) (582,496)
Issue of shares
Total comprehensive loss for the period (158,264) (158,264)
Balance at 30 June 2021 98,293,401 92,740 292,568 (99,419,469) (740,760)

STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2021

Six Months Ended 30 June 2021
US $
Six Months Ended 30 June 2020
US $
Cash flows from operating activities
Loss after income tax (158,264) (136,202)
Net foreign exchange (profit)/ loss 10,699 (343)
Increase in creditors 144,958 21,964
(Increase)/decrease in debtors (8,766) (3,166)
Net cash flows used by operating activities (11,373) (117,747)
Cash flows from investing activities
Loans to subsidiaries (111,661) (147,419)
Loan notes extended 123,034 265,166
Net cash outflow from investing activities 11,373 117,747
(Decrease) / increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period 1,361
Cash and cash equivalents at the end of the year 1,361

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.

  1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A comprehensive summary of the significant accounting policies is provided for in the Forbes Ventures (Forbes or the Company) 2020 Annual Report. All remain relevant.

  1. AVAILABLE FOR SALE FINANCIAL ASSETS
As at
30 June 2021

US$
As at
30 June 2020

US$
Investments at fair value brought forward 132,065 132,065
Investments acquired in the period
Foreign currency exchange increase
Revaluation
Disposal of investments
Financial assets at the end of the period 132,065 132,065
Level 1 investments at the end of the period 132,065 132,065

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