Half-year Report

RNS Number : 2739U

Triple Point Inc VCT - TPVE

21 November 2019

 

Triple Point Income VCT plc

Interim Results

The Directors of Triple Point Income VCT plc are pleased to announce its Interim results for the six months to 30 September 2019.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP (Investment Manager)	Tel: [phone]
Ben Beaton Belinda Thomas

The Company's LEI is 213800IXD8S5WY88L245

Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/.

Unaudited Interim Financial Report - Financial Summary

6 months ended 30 September 2019
Unaudited		Ord Shares	A Shares	C Shares	D Shares	E Shares		Total
Net assets	£'000	-	-	17,851	15,557	29,340		62,748
Net asset value per share	Pence	-	-	132.80p	113.54p	101.35p		n/a
Net profit/(loss) before tax	£'000	-	-	459	203	(333)		329
Earnings/(loss) per share	Pence	-	-	3.22p	1.20p	(1.21p)		n/a
Cumulative return to shareholders (p)
Net asset value per share		-	-	132.80	113.54	101.35
Dividends paid		98.87	99.99	20.00	15.00	-
Net asset value plus dividends paid		98.87	99.99	152.80	128.54	101.35
Year ended 31 March 2019
Audited		Ord Shares	A Shares	C Shares	D Shares	E Shares		Total
Net assets	£'000	-	-	18,088	16,077	29,691		63,856
Net asset value per share	Pence	-	-	134.58p	117.34p	102.56p		n/a
Net profit before tax	£'000	35	-	3,652	2,083	1,263		7,033
Earnings per share	Pence	0.07p	-	26.74p	14.36p	4.24p		n/a
Cumulative return to shareholders (p)
Net asset value per share		-	-	134.58	117.34	102.56
Dividends paid		97.87	99.99	15.00	10.00	-
Net asset value plus dividends paid		97.87	99.99	149.58	127.34	102.56
6 months ended 30 September 2018
Unaudited		Ord Shares	A Shares	C Shares	D Shares	E Shares		Total
Net assets	£'000	986	-	15,032	14,363	28,758		59,139
Net asset value per share	Pence	5.07p	-	111.83p	104.82p	99.34p		n/a
Net profit before tax	£'000	16	-	572	312	306		1,206
Earnings per share	Pence	0.07p	-	3.99p	1.84p	1.02p		n/a
Cumulative return to shareholders (p)
Net asset value per share		5.07	-	111.83	104.82	99.34
Dividends paid		93.80	99.99	15.00	10.00	-
Net asset value plus dividends paid		98.87	99.99	126.83	114.82	99.34

Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" and "Triple Point"). The Company was incorporated in November 2007. 

·           C Ordinary Shares: these are the shares issued in the Offer that closed on 27 May 2014. A total of £14.0 million was raised and 13,441,438 C Shares were issued.

·           D Ordinary Shares: these are the shares issued in the Offer that closed on 30 April 2015. A total of £14.3 million was raised and 13,701,636 D Shares were issued.

·           E Ordinary Shares: these are the shares issued in the Offer that closed on 15 May 2017. Just under £30 million was raised and 28,949,575 E Shares were issued.

Unaudited Interim Financial Report - Chairman's Statement

I am pleased to present the Interim Financial Report for the Company for the period ended 30 September 2019.

Investment Portfolio

The Company's funds at 30 September 2019 are invested in a portfolio of VCT qualifying and non-qualifying quoted and unquoted investments. At 30 September 2019 the Company continues to meet the condition that at least 70% by value of the Company's investments are represented by qualifying holdings.

Legislation introduced through the Finance Act 2018 will begin to apply to the Company from 1 April 2020, implementing an increase to the qualifying test to 80%. The Investment Manager monitors this ratio closely and the Board is confident that the Company will meet the new requirement when it comes into effect for the Company.

The Company continues to satisfy all other tests relevant to its status as a Venture Capital Trust.

The Investment Manager's review on pages 5 to 10 gives an update on the portfolio of investments in 17 small unquoted businesses and 1 quoted Real Estate Investment Trust.

C Share Class

The C Share Class has investments in three companies in the Hydroelectric power sector, which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have been successfully commissioned and are operating in line with expectations. The last quarter has seen good performance with all schemes outperforming their targets.

The C Share Class has also invested in companies which provide SME funding in the Hydroelectric power sector.

I am pleased to report the C Share Class has recorded a profit over the period of 3.22p per share. At 30 September 2019 the net asset value stood at 132.80p per share. Adding back the total dividends paid to date takes the total return, including the net asset value, to 152.80p per share.

The target for the C Share Class is to return 100.00p per share by the end of year six, comprising the income tax rebate, four annual tax-free dividends of an average 5p per share, followed by a partial realisation of 50.00p. Thereafter an ongoing dividend of 3.50p per annum is targeted for a further nine years and a final capital realisation of c 50p per share in 2029 following the sale of the VCTs hydro project's.

During the period the Company paid a fourth dividend to C Class Shareholders of £672,072, equal to 5.00p per share. This brings total dividends to date to 20.00p per share. This is in line with the original target for the C Share Class.

The Board is pleased to announce that a special dividend of 21.00p per share will be paid to C Shareholders on 19 December 2019 to shareholders on the register on 29 November 2019. This distribution contributes significantly to the partial realisation target.

 

D Share Class

The D Share Class has investments in five companies in the Hydroelectric power sector, which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have now been commissioned and are now operating in line with expectations. The D Share Class has also invested in a company which provides SME funding to the Hydroelectric power sector.

The target for the D Share Class is to return 100.00p per share by the end of year six, comprising the income tax rebate, four annual tax-free dividends of an average 5p per share, followed by a partial realisation of 50.00p. Thereafter an ongoing dividend of 3.50p per annum is targeted for a further nine years and a final capital realisation of c 50p per share in 2030 following the sale of the VCTs hydro projects.

I am pleased to report that the D Share Class has recorded a profit over the period of 1.20p per share. At 30 September 2019 the net asset value stood at 113.54p per share. Adding back the total dividends paid takes the total return, including the net asset value, to 128.54p per share.

During the period the Company paid a third dividend to D Class Shareholders of £685,082, equal to 5.00p per share. This brings total dividends to date to 15.00p per share which continues to be in line with the original target for the D Share Class.

E Share Class

The E Share Class holds a diverse portfolio of investments spanning sectors such as gas power, solar and vertical growing. Further information about these investments and sectors can be found in the Investment Manager's Review starting on page 5.

During the period, the construction of a pioneering Vertical Growing facility was completed. Following delays during the construction process, the first crop is expected to be delivered during the fourth quarter of 2019.   

The E Share Class also has a non-qualifying investment of £5.4m in Triple Point Social Housing REIT plc ("REIT"). This investment generates income from a widespread portfolio of long term, inflation linked, specialised supported housing property leases and is targeting a regular dividend to its investors of 5.00p per share per annum rising in line with inflation. Further information on this investment is included in the Investment Manager's Review on pages 5 to 10.

The E Share Class recorded a loss over the period of 1.21p per share as a result of revaluation of investments. At 30 September 2019 the net asset value stood at 101.35p per share.

Specific Risks

The Board believe that the specific risks facing the Company are:

·    Compliance risk of failure to maintain approval as a qualifying VCT;

·    Investment risk associated with the VCT's portfolio of unquoted investments, including the inability to invest funds raised and the inability to realise funds to facilitate return to investors;

·    Financial risk of investing on a medium to long-term basis; and

·    Risk of failure of internal controls.

The Board believes these risks are manageable and, with the Investment Manager, continues to work to minimise either the likelihood or potential impact of these risks within the scope of the Company's established investment strategy.

Outlook

The investment portfolio of the Company continues to operate well with much of the portfolio being in companies which are mature and profitable, providing attractive income returns.

One of the Company's objectives is a partial realisation of the C and D Share Class after 5 years. The Board and the Investment Manager are now working towards investment structuring to enable funding of the target distribution as well as continuing to optimise the portfolio owned by the E Shareholders.

The Board and Investment Manager continue to monitor and discuss the possible impact of Brexit on the underlying portfolio to identify the principal areas of risk. We are continuing to monitor the ongoing Brexit negotiations and will take mitigating action where necessary and when required to do so.

If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.

David Frank

Chairman

21 November 2019

Unaudited Interim Financial Report - Investment Manager's Review

Sector Analysis

The unquoted investment portfolio can be analysed as follows:

			Electricity Generation		SME Funding
Industry Sector	Crematorium Management	Vertical Growing	Hydroelectric Power	Other Electric Power	Hydroelectric Power	Other*	Quoted Investments	Total Investments
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Investments at 1 April 2019
C Shares	-	-	14,527	-	2,888	-	-	17,415
D Shares	-	-	13,529	-	1,206	-	-	14,735
E Shares	103	5,000	2,875	7,862	750	2,297	5,901	24,788
Total	103	5,000	30,931	7,862	4,844	2,297	5,901	56,938
Investments realised during the period
C Shares	-	-	(35)	-	-	-	-	(35)
D Shares	-	-	(2,717)	-	-	-	-	(2,717)
E Shares	-	-	(25)	-	-	-	-	(25)
	-	-	(2,777)	-	-	-	-	(2,777)
Investments valued during the period
E Shares	-	-	-	-	-	-	(448)	(448)
	-	-	-	-	-	-	(448)	(448)
Investments at 30 September 2019
C Shares	-	-	14,492	-	2,888	-	-	17,380
D Shares	-	-	10,812	-	1,206	-	-	12,018
E Shares	103	5,000	2,850	7,862	750	2,297	5,453	24,315
Total	103	5,000	28,154	7,862	4,844	2,297	5,453	53,713
Total investments %	0.19%	9.31%	52.44%	14.64%	9.02%	4.28%	10.14%	100.00%

* Other SME funding includes £2,297,000 of E Ordinary Share Class investment into a UK based LLP which provides finance to small and medium sized enterprises.

C Share Class

Hydroelectric power - 83%

SME Funding (hydroelectric power) - 17%

D Share Class

Hydroelectric power - 90%

SME Funding (hydroelectric power) - 10%

E Share Class

Crematorium Management - 1%

Vertical Growing - 21%

Quoted Investments - 22%

Hydroelectric power - 12%

SME Funding (hydroelectric power) - 3%

SME Funding (other) - 9%

Electricity Generation - 32%

The VCT was established to fund small and medium sized enterprises. At 30 September 2019 it had three share classes, each invested in their own portfolio as detailed on page 5. The overall portfolio comprised investments in 17 small, unquoted companies and one quoted Real Estate Investment Trust, across 5 sectors: crematorium management, electricity generation, vertical growing, SME funding and investment property.

At 30 September 2019 the Company continues to meet the condition that at least 70% of relevant funds must be invested in VCT qualifying investments within three years.

Review and Outlook

C Share Class

The Company and the Investment Manager continue to monitor the ongoing operation and efficiency of the C Share Class investments. The C Share Class has investments in three hydroelectric companies which, between them, own six schemes in the Scottish Highlands. Further updates on the Hydroelectric power sector are detailed below.

D Share Class

The D Share Class has investments in five hydroelectric companies which between them own six hydroelectric schemes in the Scottish Highlands. All six schemes have been commissioned and are fully operational. Further updates on the hydroelectric power sector are detailed below.

Hydroelectric Power

The ten hydroelectric schemes are all "run of river" plants and each company benefits from government backed Feed-in Tariff (FiT) payments based on output and from the sale of the electricity produced to utilities or other power companies under Power Purchase Agreements (PPAs). The companies have continued to obtain better power prices than were originally forecast, earning an average of 6.3 pence per kWh compared to the 5 pence per kWh which was projected at the time of investment. The companies have recently renewed their PPA contracts and continue to achieve higher prices than the current available export tariff.

Although rainfall variability is to be expected over the 40-year period of generation which our hydroelectric companies are expected to experience, overall, we continue to be pleased with the efficiency of the hydroelectric schemes owned by them. The hydroelectric companies remain highly focussed on improving efficiencies and maximising output and are working alongside hydro experts to further enhance performance.

During the 6 months to 30 September 2019, the hydroelectric companies generated 7,880 MWh of electricity. Based on an average of 3.8 MWh annual use per household, the hydroelectric companies generated enough electricity for 4,147 homes during the period.

Industry Update

The hydroelectric companies, together with other industry members and the British Hydropower Association, are continuing to lobby the Scottish Government to recognise the concern on business rates in the hydro sector. For the financial year 2019/20, the hydroelectric companies received a 60% relief and it is expected that this relief will continue to be applied each year until such time as the Scottish Government addresses the issue of the business rates in the hydro sector.

An update from the Scottish Government is expected sometime in the near future.

In July 2018, the government announced the end of the FiT scheme for renewable energy from 31 March 2019.  All businesses that already have FiT registrations will continue to receive payments for the remainder of their agreement.  Therefore, as the companies entered in to 20-year agreements prior to this announcement, the seven hydroelectric companies are unaffected by this change.

E Share Class

The E Share Class has successfully deployed 83% of its funds into various investments in a diverse range of sectors. Further information on these sectors is detailed below.

Going forward, the Company and the Investment Manager are focused on ensuring that the remaining funds are invested in line with the Company's strategy and the requirements of the VCT legislation.

Crematorium Management

The Company has an investment in a business that provides crematory and mercury abatement services for the crematoria of a London Borough. This investment receives revenues from local authorities and has consistently generated a steady return over the years it has been held. 

Solar

The Company holds an investment in four portfolios of rooftop solar PV systems through the following investee companies:

·    Green Energy for Education Limited ("GEFE"), which owns a portfolio of 120 systems on residential rooftops in Luton;

·    Campus Link Limited ("CMP"), which owns a portfolio of 36 systems on residential rooftops in south west England;

·    Digima ("DIG") Limited, which owns a portfolio of 82 systems on residential rooftops in East Anglia; and

·    Digital Screen Solutions ("DSS") Limited, which owns a portfolio of 324 systems on residential rooftops in Northern Ireland.

After a successful review and intervention to improve performance at the DIG portfolio, all four portfolios are now performing in line with or exceeding expectations.

Hydroelectric Power

The E Share Class has investments in two companies which own, either directly or indirectly, hydroelectric schemes in the Scottish Highlands. Further updates on this sector are detailed above.

Vertical Growing

The E Share Class has invested in Perfectly Fresh Cheshire Ltd, a company which has constructed a pioneering vertical growing facility. Vertical Growing is the practice of producing food in an indoor growing amenity where all inputs (water, light and nutrients) meet the optimum needs of the crop. Vertical Growing facilities are designed to have a sealed environment, meaning that the product is grown in a controlled manner, with positive air pressure to prevent any contaminants entering the facility. This ensures that insects and other pests cannot access the crop, thus removing the need to use pesticides on the crop being grown. A large variety of produce can be grown including herbs and salad leaves.

Expert in horticulture, Perfectly Fresh has recently expanded their growing facilities to cater for a growing number of customers, including two of the UKs largest supermarket brands.

Its operations currently span over 1,100 square metres and are a pioneering example of the latest technology being harnessed to meet the growing needs of an ever-expanding population.

Since the end of the period production has recently commenced.

Gas Power

The Company has an investment in Green Peak Generation Ltd which has constructed a gas fired energy centre that provides a reliable and secure energy supply. The energy centre was commissioned during May 2018 and it consists of containerised gas combustion engines that generate electricity for onward sale, especially at times when there is high demand for power.

The energy centre utilises simple technology, provided by Rolls Royce, which can respond rapidly to grid fluctuations to deliver a reliable and secure energy supply.

Gas is purchased from the National Transmission System and combusted in the engines to generate electricity. The electricity is then exported to the grid and sold under a power purchase agreement. The company receives revenues from the sale of electricity and additional income from embedded benefits.

During the six-month period to 30 September 2019, the energy centre generated 8,042 MWh of electricity. Based on an average of 3.8 MWh annual use per household, this was enough electricity for 4,232 homes during the period.

In August 2019, the engine silencers at the energy centre were replaced due to their poor acoustic performance. This replacement was performed at no extra cost to Green Peak Generation Ltd.

Industry Update

The Capacity Market consists of fixed payments to power generators to ensure they are available during periods of high demand. Eligible power generators must bid in an auction process to win a contract. They will then receive the payments in exchange for ensuring the generator is available during the peak demand periods.

On 15 November 2018, the European Court of Justice unexpectedly announced that it did not believe that sufficient work had been undertaken when the European Commission ('EC') approved the UK's Capacity Market scheme, leading to a halt to all payments under the scheme. 

The UK's Department for Business, Energy and Industrial Strategy ('BEIS') have indicated they are working closely with the EC to secure approval and have suggested they anticipate securing this approval by the end of 2019 (including making the currently frozen Capacity Market payments). As the expected impact of this announcement is only a delay in payments which will be received by the projects, it is not anticipated that this will have a material impact on investor returns, but there is currently uncertainty over the timing of when these revenues will be received.

In addition, Ofgem completed its review of embedded benefits available to small generators and announced certain planned changes. If these changes are implemented, they are expected to have a minor negative impact on investor returns.

Non-Qualifying Investments

Real Estate Investment Trust ("REIT")

Triple Point Social Housing REIT plc invests in social housing assets within the UK, in particular homes in the supported housing sector. These homes are adapted to provide care and support to vulnerable tenants with specific requirements, providing tenants with greater independence than institutional care accommodation. The REIT has a portfolio of properties which benefit from long-term index linked leases of at least twenty years to Approved Providers, such as housing associations, who are bodies that receive their funding from central and local government. Through these long leases it is able to offer its shareholders an attractive and consistent level of inflation-linked income.

The net asset value per share of the REIT as at 30 September 2019 was 104.47p. The REIT has continued to deliver an index linked dividend yield of 5 pence per share which is paid quarterly. Shares in the REIT are listed on the London Stock Exchange and are valued at the closing price on the balance sheet date. Along with other funds in this sector the REIT continues to trade at a discount to NAV. This has resulted in a downward valuation and contributed to the loss during the period. 

SME Funding

The Company has non-qualifying investments in four companies which provide finance to small and medium size businesses. Two of these companies are non-bank SME lending businesses which aim to address the financing needs of the UK SME market by providing business critical loans and asset finance to over 60,000 UK Corporate and SME customers. The remaining two companies provide finance in the hydroelectric power sector.

Brexit

The Investment Manager and the Board continue to keep the possible impact of Brexit on the Company under review. The Company's strategy of investing in small UK based businesses means that it is unlikely to be directly exposed to the terms of an exit from the EU.  We are, however, going through a period of some political and, potentially, economic uncertainty. We believe that by investing carefully, monitoring our portfolio rigorously and providing support to the businesses in which we have invested we can minimise the effects of this uncertainty.   

UN Sustainable Development Goals

The United Nation's Sustainable Development Goals set the blueprint for achieving a better and more sustainable future, globally. The Goals interconnect so that nobody is left behind and set a target of being achieved by 2030.

Triple Point shares the view that in order to achieve long-term business success, people from around the world should be able to live in a way that is not detrimental to our environment, does not excessively deplete scarce resources, and is positive for their own communities.

If you have any questions, please do not hesitate to call us on 020 7201 8989.

Ben Beaton

Partner

for Triple Point Investment Management LLP

21 November 2019

Unaudited Interim Financial Report - Investment Portfolio

	Unaudited					Audited
	30 September 2019					31 March 2019
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	30,995	57.78	39,813	64.36		33,704	61.90	42,523	67.37
Quoted non-qualifying holdings	6,001	11.19	5,453	8.81		6,001	11.02	5,901	9.35
Unquoted non-qualifying holdings	8,497	15.83	8,447	13.66		8,563	15.72	8,513	13.48
Financial assets at fair value through profit or loss	45,493	84.80	53,713	86.83		48,268	88.64	56,937	90.20
Cash and cash equivalents	8,151	15.20	8,151	13.17		6,188	11.36	6,188	9.80
	53,644	100.00	61,864	100.00		54,456	100.00	63,125	100.00
Qualifying Holdings
Unquoted
Solar
Digima Ltd	1,262	2.35	1,612	2.61		1,262	2.32	1,612	2.55
Digital Screen Solutions Ltd	2,020	3.77	2,658	4.30		2,020	3.71	2,658	4.21
Green Energy for Education Ltd	475	0.89	1,127	1.82		475	0.87	1,127	1.79
Hydro Electric Power
Elementary Energy Ltd	2,060	3.84	2,409	3.89		2,060	3.78	2,409	3.82
Green Highland Allt Choire A Bhalachain (225) Ltd	3,130	5.83	3,642	5.89		3,130	5.75	3,642	5.77
Green Highland Allt Garbh Ltd	-	-	-	-		2,710	4.98	2,710	4.29
Green Highland Allt Ladaidh (1148) Ltd	3,500	6.52	5,010	8.10		3,500	6.43	5,010	7.94
Green Highland Allt Luaidhe (228) Ltd	1,996	3.72	2,407	3.89		1,995	3.66	2,407	3.81
Green Highland Allt Phocachain (1015) Ltd	3,932	7.33	4,871	7.87		3,932	7.22	4,871	7.72
Green Highland Shenval Ltd	1,120	2.09	797	1.29		1,120	2.06	797	1.26
Green Highland Renewables (Achnacarry) Ltd	4,300	8.02	7,857	12.70		4,300	7.90	7,857	12.45
Gas Power
Green Peak Generation Ltd	2,200	4.10	2,423	3.92		2,200	4.04	2,423	3.84
Vertical Growing
Perfectly Fresh Cheshire Ltd	5,000	9.32	5,000	8.08		5,000	9.18	5,000	7.92
	30,995	57.78	39,813	64.36		33,704	61.90	42,523	67.37

	Unaudited					Audited
	30 September 2019					31 March 2019
	Cost		Valuation			Cost		Valuation
Non-Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Quoted
Investment property
TP Social Housing REIT Plc Equity	6,001	11.19	5,453	8.81		6,001	11.02	5,901	9.35
	6,001	11.19	5,453	8.81		6,001	11.02	5,901	9.35
Unquoted
Crematorium Management
Furnace Managed Services Ltd	486	0.91	93	0.15		496	0.91	103	0.16
Hydroelectric Power
Elementary Energy Ltd	233	0.43	233	0.38		248	0.46	248	0.39
Green Highland Allt Choire A Bhalachain (225) Ltd	281	0.52	281	0.45		289	0.53	289	0.46
Green Highland Allt Luaidhe (228) Ltd	173	0.32	173	0.28		180	0.33	180	0.29
Green Highland Allt Phocachain (1015) Ltd	116	0.22	116	0.19		122	0.22	122	0.19
Green Highland Renewables (Achnacarry) Ltd	6	0.01	6	0.01		26	0.05	27	0.04
SME Funding
Hydroelectric Power:
Broadpoint 2 Ltd	2,834	5.28	2,834	4.58		2,834	5.20	2,834	4.49
Broadpoint 3 Ltd	2,010	3.75	2,010	3.25		2,010	3.69	2,010	3.18
Other:
Aeris Power Ltd	158	0.29	501	0.81		158	0.29	500	0.79
Funding Path Ltd	2,200	4.10	2,200	3.56		2,200	4.04	2,200	3.49
	8,497	15.83	8,447	13.66		8,563	15.72	8,513	13.48

Unaudited Interim Financial Report - Directors' Responsibility Statement

The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").

In preparing the Interim Financial Report for the 6 month period to 30 September 2019, the Directors confirm that, to the best of their knowledge, this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union and that the Chairman's statement on pages 3 and 4 includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure and Transparency rules of the United Kingdom's Financial Conduct Authority namely:

a)  the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of specific risks and uncertainties for the remainder of the accounting period;

b)  the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006; 

c)  the Interim Financial Report includes a fair review of related party transactions and changes therein. There were no related party transactions for the accounting period; and

d)  the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.

The Directors have reasonable expectations that the Company has adequate resources to continue in operational existence for at least the next 12 months. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

This Interim Financial Report has not been audited or reviewed by the auditors.

David Frank

Chairman

21 November 2019

Unaudited Statement of Comprehensive Income

		Unaudited				Audited				Unaudited
		6 months ended				Year ended				6 months ended
		30 September 2019				31 March 2019				30 September 2018
	Note	Rev.	Cap.	Total		Rev.	Cap.	Total		Rev.	Cap.	Total
		£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000	£'000
Income
Investment income	4	1,563	-	1,563		2,923	-	2,923		1,649	-	1,649
Gain arising on the disposal of investments during the period		-	-	-		-	420	420		-	-	-
(Loss)/gain arising on the revaluation of investments at the period end		-	(448)	(448)		-	5,049	5,049		-	250	250
Investment return		1,563	(448)	1,115		2,923	5,469	8,392		1,649	250	1,899
Expenses
Investment management fees	5	454	151	605		771	257	1,028		400	133	533
Financial and regulatory costs		24	-	24		37	-	37		20	-	20
General administration		107	-	107		184	-	184		86	-	86
Legal and professional fees		22	-	22		55	-	55		26	-	26
Directors' remuneration	6	28	-	28		55	-	55		28	-	28
Operating expenses		635	151	786		1,102	257	1,359		560	133	693
Profit/(loss) before taxation		928	(599)	329		1,821	5,212	7,033		1,089	117	1,206
Taxation	7	(109)	29	(80)		(264)	35	(229)		(131)	25	(106)
Profit/(loss) after taxation		819	(570)	249		1,557	5,247	6,804		958	142	1,100
Profit and total comprehensive income/(loss) for the period		819	(570)	249		1,557	5,247	6,804		958	142	1,100
Basic and diluted earnings/(loss) per share (pence)
Ordinary Share	8	-	-	-		0.13p	(0.06p)	0.07p		0.06p	0.01p	0.07p
C Share	8	3.50p	(0.28p)	3.22p		5.53p	21.21p	26.74p		4.22p	(0.23p)	3.99p
D Share	8	1.44p	(0.24p)	1.20p		3.93p	10.43p	14.36p		2.02p	(0.18p)	1.84p
E Share	8	0.52p	(1.73p)	(1.21p)		0.86p	3.38p	4.24p		0.35p	0.67p	1.02p

The Total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS).  The supplementary Revenue Return and Capital columns have been prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations.This Statement of Comprehensive Income includes all recognised gains and losses.

The accompanying notes are an integral part of this statement.

Unaudited Balance Sheet

		Unaudited		Audited		Unaudited
		30 September 2019		31 March 2019		30 September 2018
	Note	£'000		£'000		£'000
Non-current assets
Financial assets at fair value through profit or loss		53,713		56,937		52,289
Current assets
Receivables		1,157		1,250		1,383
Cash and cash equivalents	9	8,151		6,188		6,152
		9,308		7,438		7,535
Total Assets		63,021		64,375		59,824
Current liabilities
Payables and accrued expenses		20		327		490
Current taxation payable		254		193		195
		274		520		685
Net Assets		62,747		63,855		59,139
Equity attributable to equity holders of the parent
Share capital	10	561		561		756
Share redemption reserve		-		-		2
Share premium		28,661		28,661		44,968
Special distributable reserve		26,887		26,887		11,370
Capital reserve		5,619		6,189		1,085
Revenue reserve		1,019		1,557		958
Total equity		62,747		63,855		59,139
Shareholders' funds
Ordinary Share	11	-		-		5.07p
C Share	11	132.80p		134.58p		111.83p
D Share	11	113.54p		117.34p		104.82p
E Share	11	101.35p		102.56p		99.34p

The statements were approved by the Directors and authorised for issue on 21 November 2019 and are signed on their behalf by:

David Frank

Chairman

21 November 2019

The accompanying notes are an integral part of this statement.

Unaudited Statement of Changes in Shareholders' Equity

	Issued Capital	Share Redemption Reserve	Share Premium	Special Distributable Reserve	Capital Reserve	Revenue Reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
6 months ended 30 September 2019
Opening balance	561	-	28,661	26,887	6,189	1,557	63,855
Dividends paid	-	-	-	-	-	(1,357)	(1,357)
Transactions with owners	-	-	-	-	-	(1,357)	(1,357)
(Loss)/profit for the period	-	-	-	-	(570)	819	249
Profit and total comprehensive (loss)/income for the period	-	-	-	-	(570)	819	249
Balance at 30 September 2019	561	-	28,661	26,887	5,619	1,019	62,747
Capital reserve consists of:
Investment holding gains					7,855
Other realised losses					(2,236)
					5,619
Year ended 31 March 2019
Opening balance	756	2	44,968	23,968	942	582	71,218
Cancellation of shares	(195)	195	-	-	-	-	-
Cancellation of share premium	-	-	(16,307)	16,307	-	-	-
Dividend paid	-	-	-	(13,390)	-	(582)	(13,972)
Transfer on share redemption	-	(2)	-	2	-	-	-
Repayment of capital	-	(195)	-	-	-	-	(195)
Transactions with owners	(195)	(197)	(16,307)	2,919	-	(582)	(14,167)
Profit for the year	-		-	-	5,247	1,557	6,804
Profit and total comprehensive income for the year	-		-	-	5,247	1,557	6,804
Balance at 31 March 2019	561	-	28,661	26,887	6,189	1,557	63,855
Capital reserve consists of:
Investment holding gains					8,671
Other realised losses					(2,482)
					6,189
6 months ended 30 September 2018
Opening balance	756	2	44,968	23,968	942	582	71,218
Dividend paid	-	-	-	(12,597)	-	(582)	(13,179)
Transactions with owners	-	-	-	(12,597)	-	(582)	(13,179)
Profit for the period	-	-	-	-	142	958	1,100
Profit and total comprehensive income for the period	-	-	-	-	142	958	1,100
Balance at 30 September 2018	756	2	44,968	11,371	1,084	958	59,139
Capital reserve consists of:
Investment holding gains					3,505
Other realised losses					(2,421)
					1,084

The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The unrealised capital reserve, share redemption reserve and share premium reserve are not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue, special distributable and realised capital reserves are distributable by way of dividend.

At 30 September the total reserves available for distribution were £25,670,000. This consisted of the distributable revenue reserve, net of the realised capital loss, plus the special distributable reserve.

Unaudited Statement of Cash Flows

	Unaudited		Audited		Unaudited
6 months ended			Year ended		6 months ended
	30 September 2019		31 March 2019		30 September 2018
	£'000		£'000		£'000
Cash flows from operating activities
Profit before taxation	329		7,033		1,206
(Gain) arising on the disposal of investments during the period	-		(420)		-
Loss/(gain) arising on the revaluation of investments at the period end	448		(5,049)		(250)
Cashflow generated by operations	777		1,564		956
Decrease/(increase) in receivables	93		126		(7)
(Decrease)/increase in payables	(307)		(332)		(169)
Cash flows from operating activities	563		1,358
Tax paid	(19)		(127)		(2)
Net cash flows from operating activities	544		1,231		778
Cash flow from investing activities
Proceeds of sale of financial assets at fair value through profit or loss	2,776		676		105
Net cash flows from investing activities	2,776		676		105
Cash flows from financing activities
Repayment of capital	-		(195)		-
Dividends paid	(1,357)		(13,972)		(13,179)
Net cash flows from financing activities	(1,357)		(14,167)		(13,179)
Net decrease/(increase) in cash and cash equivalents	1,963		(12,260)		(12,296)
Reconciliation of net cash flow to movements in cash and cash equivalents
Opening cash and cash equivalents	6,188		18,448		18,448
Net decrease/(increase) in cash and cash equivalents	1,963		(12,260)		(12,296)
Closing cash and cash equivalents	8,151		6,188		6,152

The accompanying notes are an integral part of this statement.

Non-Statutory Analysis - The C Share Fund

Statement of Comprehensive Income		Unaudited				Audited
		6 months ended				Year ended
		30 September 2019				31 March 2019
		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000
Investment income		692	-	692		1,127	-	1,127
Unrealised gain on investments		-	-	-		-	2,913	2,913
Investment return		692	-	692		1,127	2,913	4,040
Investment management fees		(164)	(46)	(210)		(273)	(76)	(349)
Other expenses		(23)	-	(23)		(39)	-	(39)
Profit/(loss) before taxation		505	(46)	459		815	2,837	3,652
Taxation		(33)	9	(24)		(72)	14	(58)
Profit/(loss) after taxation		472	(37)	435		743	2,851	3,594
Profit and total comprehensive income/(loss) for the period		472	(37)	435		743	2,851	3,594
Basic and diluted earnings/(loss) per share		3.50p	(0.28p)	3.22p		5.53p	21.21p	26.74p
Balance Sheet			6 months ended				Year ended
		30 September 2019				31 March 2019
				£'000				£'000
Non-current assets
Financial assets at fair value through profit or loss				17,380				17,415
Current assets
Receivables				160				83
Cash and cash equivalents				411				759
				571				842
Current liabilities
Payables				(11)				(103)
Corporation tax				(89)				(66)
Net assets				17,851				18,088
Equity attributable to equity holders				17,851				18,088
Net asset value per share				132.80p				134.58p
Statement of Changes in			6 months ended				Year ended
Shareholders' Equity		30 September 2019					31 March 2019
				£'000				£'000
Opening shareholders' funds				18,088				15,166
Profit for the period				435				3,594
Dividends paid				(672)				(672)
Closing shareholders' funds				17,851				18,088

	Unaudited					Audited
Investment Portfolio	30 September 2019					31 March 2019
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	9,430	71.80	14,089	79.19		9,430	69.78	14,089	77.52
Unquoted non-qualifying holdings	3,291	25.06	3,291	18.49		3,325	24.60	3,326	18.30
Financial assets at fair value through profit or loss	12,721	96.86	17,380	97.68		12,755	94.38	17,415	95.82
Cash and cash equivalents	411	3.14	411	2.32		759	5.62	759	4.18
	13,132	100.00	17,791	100.00		13,514	100.00	18,174	100.00
Qualifying Holdings
Unquoted
Hydroelectric Power
Green Highland Allt Choire A Bhalachain (225) Ltd	3,130	23.83	3,642	20.47		3,130	23.16	3,642	20.04
Green Highland Allt Phocachain (1015) Ltd	2,000	15.23	2,590	14.56		2,000	14.80	2,590	14.25
Green Highland Renewables (Achnacarry) Ltd	4,300	32.74	7,857	44.16		4,300	31.82	7,857	43.23
	9,430	71.80	14,089	79.19		9,430	69.78	14,089	77.52
Non-Qualifying Holdings
Unquoted
Hydroelectric Power
Green Highland Allt Choire A Bhalachain (225) Ltd	281	2.14	281	1.58		289	2.14	289	1.59
Green Highland Allt Phocachain (1015) Ltd	116	0.88	116	0.65		122	0.90	122	0.67
Green Highland Renewables (Achnacarry) Ltd	6	0.05	6	0.03		26	0.19	27	0.15
SME Funding
Hydroelectric Power:
Broadpoint 2 Ltd	2,084	15.87	2,084	11.71		2,084	15.42	2,084	11.47
Broadpoint 3 Ltd	804	6.12	804	4.52		804	5.95	804	4.42
	3,291	25.06	3,291	18.49		3,325	24.60	3,326	18.30

Non-Statutory Analysis - The D Share Fund

Statement of Comprehensive Income		Unaudited				Audited
		6 months ended				Year ended
		30 September 2019				31 March 2019
		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000
Investment income		411	-	411		919	-	919
Unrealised gain on investments		-	-	-		-	1,475	1,475
Investment return		411	-	411		919	1,475	2,394
Investment management fees		(145)	(40)	(185)		(215)	(58)	(273)
Other expenses		(23)	-	(23)		(38)	-	(38)
Profit/(loss) before taxation		243	(40)	203		666	1,417	2,083
Taxation		(46)	8	(38)		(126)	11	(115)
Profit/(loss) after taxation		197	(32)	165		540	1,428	1,968
Profit and total comprehensive income/(loss) for the period		197	(32)	165		540	1,428	1,968
Basic and diluted earnings/(loss) per share		1.44p	(0.24p)	1.20p		3.93p	10.43p	14.36p
Balance Sheet		6 months ended				Year ended
		30 September 2019				31 March 2019
				£'000				£'000
Non-current assets
Financial assets at fair value through profit or loss				12,018				14,735
Current assets
Receivables				801				821
Cash and cash equivalents				2,900				719
				3,701				1,540
Current liabilities
Payables				(8)				(82)
Corporation tax				(154)				(116)
Net assets				15,557				16,077
Equity attributable to equity holders				15,557				16,077
Net asset value per share				113.54p				117.34p
Statement of Changes in			6 months ended				Year ended
Shareholders' equity		30 September 2019					31 March 2019
				£'000				£'000
Opening shareholders' funds				16,077				14,794
Profit for the period				165				1,968
Dividends paid				(685)				(685)
Closing shareholders' funds				15,557				16,077

	Unaudited					Audited
Investment Portfolio	30 September 2019					31 March 2019
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	8,531	66.59	10,639	71.31		11,240	84.23	13,349	86.39
Unquoted non-qualifying holdings	1,379	10.76	1,379	9.24		1,386	10.39	1,386	8.96
Financial assets at fair value through profit or loss	9,910	77.35	12,018	80.55		12,626	94.62	14,735	95.35
Cash and cash equivalents	2,900	22.65	2,900	19.45		719	5.38	719	4.65
	12,810	100.00	14,918	100.00		13,345	100.00	15,454	100.00
Qualifying Holdings
Unquoted
Hydroelectric Power
Elementary Energy	342	2.67	400	2.68		342	2.56	400	2.59
Green Highland Allt Garbh Ltd	-	-	-	-		2,710	20.31	2,710	17.54
Green Highland Allt Ladaidh (1148) Ltd	3,500	27.32	5,010	33.58		3,500	26.23	5,010	32.42
Green Highland Allt Luaidhe (228) Ltd	1,996	15.58	2,407	16.13		1,995	14.95	2,407	15.58
Green Highland Allt Phocachain (1015) Ltd	1,932	15.08	2,281	15.29		1,932	14.48	2,281	14.76
Green Highland Shenval Ltd	761	5.94	541	3.63		761	5.70	541	3.50
	8,531	66.59	10,639	71.31		11,240	84.23	13,349	86.39
Non-Qualifying Holdings
Unquoted
Hydroelectric Power
Green Highland Allt Luaidhe (228) Ltd	173	1.35	173	1.16		180	1.35	180	1.16
SME Funding
Hydroelectric Power:
Broadpoint 3 Ltd	1,206	9.41	1,206	8.08		1,206	9.04	1,206	7.80
	1,379	10.76	1,379	9.24		1,386	10.39	1,386	8.96

Non-Statutory Analysis - The E Share Fund

Statement of Comprehensive Income		Unaudited				Audited
		6 months ended				Year ended
		30 September 2019				31 March 2019
		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000
Investment income		460	-	460		855	-	855
Realised gain on investments		-	-	-		-	420	420
Unrealised loss on investments		-	(448)	(448)		-	660	660
Investment return		460	(448)	12		855	1,080	1,935
Investment management fees		(240)	(65)	(305)		(460)	(126)	(586)
Other expenses		(40)	-	(40)		(86)	-	(86)
Profit/(loss) before taxation		180	(513)	(333)		309	954	1,263
Taxation		(30)	12	(18)		(59)	24	(35)
Profit/(loss) after taxation		150	(501)	(351)		250	978	1,228
Profit/(loss) and total comprehensive income for the period		150	(501)	(351)		250	978	1,228
Basic and diluted earnings/(loss) per share		0.52p	(1.73p)	(1.21p)		0.86p	3.38p	4.24p
Balance Sheet		6 months ended				Year ended
		30 September 2019				31 March 2019
				£'000				£'000
Non-current assets
Financial assets at fair value through profit or loss				24,315				24,787
Current assets
Receivables				196				346
Cash and cash equivalents				4,840				4,711
				5,036				5,057
Current liabilities
Payables				-				(143)
Corporation tax				(11)				(10)
Net assets				29,340				29,691
Equity attributable to equity holders				29,340				29,691
Net asset value per share				101.35p				102.56p
Statement of Changes in			6 months ended				Year ended
Shareholders' equity		30 September 2019					31 March 2019
				£'000				£'000
Opening shareholders' funds				29,691				28,463
Profit for the period				(351)				1,228
Closing shareholders' funds				29,340				29,691

	Unaudited					Audited
Investment Portfolio	30 September 2019					31 March 2019
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	13,034	47.05	15,085	51.75		13,034	47.23	15,085	51.13
Quoted non-qualifying holdings	6,001	21.66	5,453	18.70		6,001	21.75	5,901	20.01
Unquoted non-qualifying holdings	3,827	13.81	3,777	12.96		3,852	13.96	3,801	12.89
Financial assets at fair value through profit or loss	22,862	82.52	24,315	83.41		22,887	82.94	24,787	84.03
Cash and cash equivalents	4,840	17.48	4,840	16.59		4,711	17.06	4,711	15.97
	27,702	100.00	29,155	100.00		27,598	100.00	29,498	100.00
Qualifying Holdings
Unquoted
Solar
Digima Ltd	1,262	4.56	1,612	5.53		1,262	4.57	1,612	5.46
Digital Screen Solutions Ltd	2,020	7.29	2,658	9.12		2,020	7.32	2,658	9.01
Green Energy for Education Ltd	475	1.71	1,127	3.87		475	1.72	1,127	3.82
Hydroelectric Power
Elementary Energy Ltd	1,718	6.20	2,009	6.89		1,718	6.23	2,009	6.81
Green Highland Shenval Ltd	359	1.30	256	0.88		359	1.30	256	0.87
Gas Power
Green Peak Generation Ltd	2,200	7.94	2,423	8.31		2,200	7.97	2,423	8.21
Vertical Growing
Perfectly Fresh Cheshire Ltd	5,000	18.05	5,000	17.15		5,000	18.12	5,000	16.95
	13,034	47.05	15,085	51.75		13,034	47.23	15,085	51.13
Non-Qualifying Holdings
Quoted
Investment Property
TP Social Housing REIT Plc Equity	6,001	21.66	5,453	18.70		6,001	21.75	5,901	20.01
	6,001	21.66	5,453	18.70		6,001	21.74	5,901	20.00
Unquoted
Crematorium Management
Furnace Managed Services Ltd	486	1.75	93	0.32		496	1.80	103	0.35
Hydroelectric Power
Elementary Energy Ltd	233	0.84	233	0.80		248	0.90	248	0.84
SME Funding
Hydroelectric Power:
Broadpoint 2 Ltd	750	2.71	750	2.57		750	2.72	750	2.54
Other:
Funding Path Ltd	2,200	7.94	2,200	7.55		2,200	7.97	2,200	7.46
Aeris Power Ltd	158	0.57	501	1.72		158	0.57	500	1.70
	3,827	13.81	3,777	12.96		3,852	13.96	3,801	12.89

Notes to the Unaudited Interim Financial Report

1.           Corporate information             

The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2019 was authorised for issue in accordance with a resolution of the Directors on 21 November 2019.

The Company is listed on the London Stock Exchange.

Triple Point Income VCT plc is incorporated and domiciled in Great Britain. The address of the Company's registered office, which is also its principal place of business, is 1 King William Street, London, EC4N 7AF.

The Company is required to nominate a functional currency, being the currency in which the Company predominately operates. The functional and reporting currency is pounds sterling (£), reflecting the primary economic environment in which the Company operates.

The principal activity of the Company is investment. The Company's investment strategy is to offer combined exposure to cash or cash-based funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties.

The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.

2.           Basis of preparation and accounting policies                                      

Basis of preparation

The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2019 has been prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting policies and methods of computation are followed in the Interim Financial Report as were followed in the most recent Financial Statements. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 31 March 2019.

Estimates

The preparation of the Interim Report requires the Board to make judgements, estimates and assumptions that reflect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. However, actual results may differ from these estimates.

3.           Segmental reporting

The Directors are of the opinion that the Company only has a single operating segment of business, being investment activity. 

All revenues and assets are generated and held in the UK. 

4.                Investment income

	Ord Shares	C Shares	D Shares	E Shares		Total
Unaudited	£'000	£'000	£'000	£'000		£'000
6 months ended 30 September 2019
Loan stock interest	-	360	410	288		1,058
Dividends receivable	-	331	-	20		351
Interest receivable on bank and other balances	-	1	1	5		7
Other Investment Income	-	-	-	44		44
Property Income	-	-	-	103		103
	-	692	411	460		1,563

	Ord Shares	C Shares	D Shares	E Shares		Total
Audited	£'000	£'000	£'000	£'000		£'000
Year ended 31 March 2019
Loan stock interest	4	733	918	531		2,186
Dividends receivable	-	393	-	-		393
Interest receivable on bank and other balances	19	1	1	42		63
Other Investment Income	-	-	-	123		123
Property Income	-	-	-	158		158
	23	1,127	919	854		2,923

5.           Investment management fees

TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 6 February 2008 and deeds of variation to that agreement effective 21 November 2012, 28 October 2014 and 7 October 2016.

Ordinary Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly in arrear for the Ordinary Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6 February 2014 after which the management fee of 1.5% has not been charged. For all other Ordinary Shares, the appointment continued to 30 April 2019 after which there was a 1% exit fee on all funds returned to shareholders.

C shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the C Shareholders exceeding the C Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.

D shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the D Shareholders exceeding the D Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.

E shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the E Shareholders exceeding the E Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.

To date there have been no performance fees paid.

An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrear.

	Ord Shares	C Shares	D Shares	E Shares		Total
	£'000	£'000	£'000	£'000		£'000
6 months ended 30 September 2019
Unaudited
Investment Management Fees	-	183	161	261		605
	-	183	161	261		605
Year ended 31 March 2019
Audited
Investment Management Fees	(12)	305	231	504		1,028
	(12)	305	231	504		1,028

6.           Directors' remuneration

The only remuneration received by the Directors was their Directors' fees. The Company has no employees other than the Non-Executive Directors. The average number of Non-Executive Directors in the period was three.

	C Shares	D Shares	E Shares		Total
	£'000	£'000	£'000		£'000
6 months ended 30 September 2019
David Frank	3	3	4		10
Simon Acland	3	2	4		9
Michael Stanes	2	2	5		9
	8	7	13		28
Year ended 31 March 2019
David Frank	5	4	10		19
Simon Acland	4	4	10		18
Michael Stanes	4	4	10		18
	13	12	30		55

7.           Taxation

	Ord Shares	C Shares	D Shares	E Shares		Total
	£'000	£'000	£'000	£'000		£'000
Unaudited
6 months ended 30 September 2019
Profit on ordinary activities before tax	-	459	203	(333)		329
Corporation tax @ 19%	-	86	38	(63)		61
Effect of:
Capital (gains) not taxable	-	-	-	85		85
Income received not taxable	-	(63)	-	(4)		(67)
Tax charge/(credit)	-	23	38	18		79
Audited
Year ended 31 March 2019
Profit/(loss) on ordinary activities before tax	35	3,652	2,083	1,263		7,033
Corporation tax @ 20%	7	694	396	240		1,337
Effect of:
Capital (gains) not taxable	-	(553)	(280)	(205)		(1,038)
Income received not taxable	-	(75)	-	-		(75)
Unrelieved tax losses arising in the year	-	-	-	(1)		(1)
Prior year adjustment	13	(7)	-	-		6
Tax charge	20	59	116	34		229

Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.

8.           Earnings per share

The earnings per share for C Shares is based on the profit after tax of c.£435,000, and on the weighted average number of shares in issue during the period of 13,441,438, which is equal to the number of shares at 30 September 2019.

The earnings per share for D Shares is based on the profit after tax of c.£165,000, and on the weighted average number of shares in issue during the period of 13,701,636, which is equal to the number of shares at 30 September 2019.

The earnings per share for E Shares is based on the loss after tax of c.£351,000, and on the weighted average number of shares in issue during the period of 28,949,575, which is equal to the number of shares at 30 September 2019.

9.           Cash and cash equivalents

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc and Cater Allen Private Bank.

10.         Net asset value per share

The calculation of the Company's net asset value per share for C Shares is based on the Company's net assets attributable to the C Shares of c.£17,851,000 divided by the 13,441,438 C Shares in issue.

The calculation of the Company's net asset value per share for D Shares is based on the Company's net assets attributable to the D Shares of c.£15,557,000 divided by the 13,701,636 D Shares in issue.

The calculation of the Company's net asset value per share for E Shares is based on the Company's net assets attributable to the E Shares of £29,340,000 divided by the 28,949,575 E Shares in issue.

11.         Commitments and contingencies                                                                                     

The Company had no commitments or contingent liabilities at 30 September 2019.

12.         Relationship with Investment Manager                          

During the period, TPIM charged £261,526 (which has been expensed by the Company) for providing management services to the Company.

Fees paid to the Investment Manager for administrative and Company Secretarial services during the period were £44,000.

At 30 September 2019 no fees were due to TPIM.

13.         Related party transactions                         

There are no related party transactions.

14.         Dividends

C Shares:

The Company paid a dividend to C Class Shareholders of £672,072, equal to 5p per share, on 25 July 2019.

The Board has resolved to pay a special dividend to C Class Shareholders of £2,822,702 equal to 21.00p per share which will be paid on 19 December 2019 to shareholders on the register as at 28 November 2019.

D Shares:

The Company paid a dividend to D Class Shareholders of £685,082, equal to 5p per share, on 25 July 2019.

 

END

 

 

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