REG - Triple Point Inc VCT - Final Results <Origin Href="QuoteRef">TPV1.L</Origin> - Part 3
16/07/2015 12:31
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accordance with applicable law and regulations. The
Directors consider the Annual Report and the Financial Statements, taken as a whole, provide the information necessary to
assess the Company's performance, business model and strategy and are fair, balanced and understandable.
The Company's Financial Statements are published on the TPIM website, www.triplepoint.co.uk. The maintenance and integrity
of this website is the responsibility of TPIM and not of the Company. Legislation in the United Kingdom governing the
preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.
To the best of our knowledge:
· the Financial Statements, prepared in accordance with IFRS as adopted by the European Union, give a true and fair
view of the assets, liabilities, financial position and profit or loss of the Company; and
· the annual report including the Strategic Report includes a fair review of the development and performance of the
business and the position of the Company, together with a description of the principal risks and uncertainties that it
faces.
On behalf of the Board
David Frank
Chairman
24 June 2015
Directors' Remuneration Report
Introduction
This report is submitted in accordance with schedule 8 of the Large and Medium Sized Companies and Groups (Accounts and
Reports) Regulations 2008, in respect of the year ended 31 March 2015. This report also meets the Financial Conduct
Authority's Listing Rules and describes how the Board has applied the principles relating to Directors' remuneration set
out in UK Corporate Governance Code (issued September 2012). The reporting requirements require two sections to be
included, a Policy Report and an Annual Remuneration Report which are presented below.
Directors' Remuneration Policy Report
This statement of the Directors' Remuneration Policy was effective following approval by shareholders at the Annual General
Meeting on 24 July 2014. The Board currently comprises three Directors, all of whom are Non-Executive. The Board does not
have a separate remuneration committee as the Company has no employees or executive directors. The Board has not retained
external advisers in relation to remuneration matters but has access to information about Directors' fees paid by other
companies of a similar size and type. No views which are relevant to the formulation of the Directors' remuneration policy
have been expressed to the Company by shareholders, whether at a general meeting or otherwise.
The Board's policy is that the remuneration of Non-Executive Directors should reflect the experience of the Board as a
whole, be fair and be comparable with that of other relevant Venture Capital Trusts that are similar in size and have
similar investment objectives and structures. Furthermore, the level of remuneration should be sufficient to attract and
retain the Directors needed to oversee the Company properly and to reflect the specific circumstances of the Company, the
duties and responsibilities of the Directors and the value and amount of time committed to the Company's affairs. The
articles of association provide that the Directors shall be paid in aggregate a sum not exceeding £100,000 per annum. None
of the Directors is eligible for bonuses, pension benefits, share options, long-term incentive schemes or other benefits in
respect of their services as Non-Executive Directors of the Company.
The articles of association provide that Directors shall retire and be subject to re-election at the first Annual General
Meeting after their appointment and that any Director who has not been re-elected for three years shall retire and be
subject to re-election at the Annual General Meeting. Also any Director not considered independent shall retire each year
and offer himself for re-election at the Annual General Meeting. The Directors' service contracts provide for an
appointment of twelve months, after which three months' written notice must be given by either party. A Director who ceases
to hold office is not entitled to receive any payment other than accrued fees (if any) for past services. The same policies
will apply if a new Director is appointed.
Details of each Director's contract are shown below. The Chairman is paid more than the other Directors to reflect the
additional responsibilities of that role. There are no other fees payable to the Directors for additional services outside
of their contracts.
Date of Contract Unexpired term of contract at Annual rate of Directors' fees if net assets exceed £25 million Annual rate of Directors' fees if net assets are less than £25 million
31 March 2015
£ £
David Frank, Chairman 11-Nov-10 None 17,500 15,000
Simon Acland 12-Mar-09 None 15,000 12,500
Michael Stanes 21-Nov-12 None 15,000 12,500
Following the Tender Offer, it was agreed that the Directors' remuneration would increase, in the case of David Frank, to
£17,500 and in the case of the other Directors to £15,000 if the Company's net asset value exceeds £25 million. After the C
share allotment on 28 March 2014 the net asset value exceeded £25 million and therefore the annual rate of Directors' fees
increased to the higher level.
Annual Remuneration Report
The remuneration policy described above was implemented on 24 July 2014 after approval at the Annual General Meeting and
remains unchanged for a three year period. The Board will review the remuneration of the Directors in line with the VCT
industry on an annual basis, if thought appropriate. Otherwise, only a change in role is likely to incur a change in
remuneration of any one Director.
Directors' Remuneration (audited information)
The fees paid to Directors in respect of the year ended 31 March 2015 and the prior year are shown below:
Emoluments for the year ended Emoluments for the year ended
31 March 2015 31 March 2014
£ £
David Frank 17,500 15,000
Simon Acland 15,000 12,500
Michael Stanes 15,000 12,500
47,500 40,000
Employers' NI contributions 1,261 2,334
Total Emoluments 48,761 42,334
None of the Directors is eligible for bonuses, pension benefits, share options, long-term incentive schemes or other
benefits in respect of their services as Non-Executive Directors of the Company.
Information required on executive Directors, including the Chief Executive Officer and employees, has been omitted because
the Company has neither and therefore it is not relevant.
Directors' emoluments compared to payments to shareholders:
31 March 2015 31 March 2014
£'000 £'000
Dividends paid:
· Ordinary Shareholders - 813
· A Shareholders 318 256
Share buy-backs 179 47
Total paid to shareholders 497 1,116
Directors' emoluments 48 40
Directors' Share Interests (audited information)
At 31 March 2015 the Directors held no shares in the Company (2014: none). At 31 March 2015 no other connected parties to
the Directors held any shares (2014: none). Since the 31 March 2015 Simon Acland's wife was allotted 48,750 D Class Shares.
There have been no other changes in the holdings of the Directors or their connected parties between 31 March 2015 and the
date of this report. There are no requirements or restrictions on Directors holding shares in the Company.
Company Performance
There have been no material trades in the Company's shares in the period under review. Therefore, no performance graph
comparing the share price of the Company over the year ended 31 March 2015 with the total return from a notional investment
in the FTSE All-Share index over the same period has been included.
No market maker has been appointed and therefore no current bid and offer price is available for the Company's shares.
However the Board's policy is to buy back shares from shareholders at a 10% discount to net asset value. The Company will
produce a graph of its share performance once there is sufficient activity that the graph would be meaningful to
shareholders.
Statement of Voting at the Annual General Meeting
The 2014 Remuneration Report was presented to the Annual General Meeting in July 2014 and received shareholder approval
following a vote 97% were in favour and no one abstained.
The 2014 Remuneration Policy was presented to the Annual General Meeting in July 2014 and received shareholder approval
following a vote 99% were in favour and 50,293 shares abstained.
Statement of the Chairman
The Directors' fees are fixed at £17,500 for the Chairman and £15,000 for each of the other Directors. Directors' fees will
stay at these levels as long as the Company's net asset value remains in excess of £25 million. If net assets fall below
£25 million then their fees will reduce to £15,000 for the Chairman and £12,500 for each of the other Directors. The
remuneration of the Directors reflects the experience of the Board as a whole and is fair and comparable with that of other
relevant Venture Capital Trusts that are similar in size and have similar investment objectives and structures. The fees
are sufficient to attract and retain the Directors needed to oversee the Company's affairs.
On behalf of the Board
David Frank
Chairman
24 June 2015
Independent Auditor's Report to the Members of Triple Point Income VCT plc
Our opinion on the financial statements is unmodified
In our opinion the financial statements:
· give a true and fair view of the state of the Company's affairs as at 31 March 2015 and of its profit for the year
then ended;
· have been properly prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the
European Union; and
· have been prepared in accordance with the requirements of the Companies Act 2006.
Who are we reporting to:
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.
What we have audited
Triple Point Income VCT plc's financial statements comprise the Statement of Comprehensive Income, the Balance Sheet, the
Statement of Changes in Shareholders' Equity, the Statement of Cash Flows and the related notes.
The financial reporting framework that has been applied in their preparation is applicable law and IFRSs as adopted by the
European Union.
Our assessment of risk
In arriving at our opinions set out in this report, we highlight the following risks that are, in our judgement, likely to
be most important to users' understanding of our audit.
Valuation of unquoted investments
The risk: The objective is to build a diversified portfolio of unquoted companies which are cash generative and, therefore,
capable of producing predictable income for the Company prior to their realisation or exit. Unquoted investments amount, by
value, to 97.3% of the company's total assets, and are designated as being at fair value through profit or loss.
Measurement of the value of an unquoted investment includes significant assumptions and judgements. We therefore
identified the valuation of unquoted investments as a significant risk requiring special audit consideration.
Our response: Our audit work included, but was not restricted to, obtaining an understanding of how the valuations were
performed by obtaining the underlying models from the investment manager, attending the audit committee meeting to discuss
the review process, consideration of whether the valuations were made in accordance with published guidance, in particular
the IPEVC valuation guidance, discussions with the investment manager on the choice of valuation methodology and
assumptions made, and reviewing and challenging the basis and reasonableness of the assumptions made by the investment
manager in conjunction with available supporting information, such as the corroboration of financial inputs to the relevant
investee company management accounts or offer letters and testing a sample of other inputs by using our valuation
specialists.
The Company's accounting policy on the valuation of unquoted investments is included in the accounting policies in note 2,
and its disclosures about unquoted investments held at the year end are included in notes 10 and 11. The Audit Committee
also identified and considered the valuation and existence of unquoted investments as a key area of risk in the Corporate
Governance Statement on page 23.
Revenue recognition
The risk: Revenue consists of interest earned on loans to investee companies and cash balances, and dividend income
received from investee companies. Revenue is a key factor in demonstrating the performance of the portfolio and its
recognition is a key issue. We therefore identified the recognition of revenue as a significant risk requiring special
audit attention.
Our response: We identified and evaluated the controls relating to revenue recognition and undertook testing of interest
income by comparing the actual to expected income, calculated using the interest rates in the loan instruments. We
considered reviewed and tested the appropriateness of the accounting policy and whether the accounting policy had been
applied correctly. For accrued interest income we reviewed management's assessment of recoverability by checking to post
year end receipts and also discussion with management.
The Company's accounting policy on income recognition is included in note 2, and its disclosures about income recognised in
the year within note 4.
Our application of materiality and an overview of the scope of our audit
Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced. We determined materiality for the audit of
the financial statements as a whole to be £298,000, which is 0.75% of the Company's net assets. This benchmark is
considered the most appropriate because net assets, which are primarily composed of the company's investment portfolio, are
the key driver for the Company's business. We use a different level of materiality, performance materiality, to drive the
extent of our testing and this was set at 75% of financial statement materiality. We also determine a lower level of
specific materiality for certain areas such as expenses, investment income, directors' remuneration and related party
transactions.
We determined the threshold at which we will communicate misstatements to the audit committee to be £14,900. In addition we
will communicate misstatements below that threshold that, in our view, warrant reporting on qualitative grounds.
Overview of the scope of our audit
We conducted our audit in accordance with International Standards on Auditing (ISAs) (UK and Ireland). Our responsibilities
under those standards are further described in the 'Responsibilities for the financial statements and the audit' section of
our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
We are independent of the Company in accordance with the Auditing Practices Board's Ethical Standards for Auditors, and we
have fulfilled our other ethical responsibilities in accordance with those Ethical Standards.
Our audit approach was based on a thorough understanding of the Company's business and is risk-based. The day-to-day
management of the Company's investment portfolio, the custody of its investments and the maintenance of the Company's
accounting records is outsourced to a third-party service provider. Accordingly, our audit work is focussed on obtaining
an understanding of, and evaluating, internal controls at the Company and the third-party service provider, and inspecting
records and documents held by the third-party service provider. We undertook substantive testing on significant
transactions, balances and disclosures, the extent of which was based on various factors such as our overall assessment of
the control environment, the design effectiveness of controls over individual systems and the management of specific
risks.
Other reporting required by regulations
Our opinion on other matters prescribed by the Companies Act 2006 is unmodified
In our opinion:
· the part of the Directors' Remuneration Report to be audited has been properly prepared in accordance with the
Companies Act 2006; and
· the information given in the Strategic Report and Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the ISAs (UK and Ireland), we are required to report to you if, in our opinion, information in the annual report is:
· materially inconsistent with the information in the audited financial statements; or
· apparently materially incorrect based on, or materially inconsistent with, our knowledge of the Company acquired in
the course of performing our audit; or
· otherwise misleading.
In particular, we are required to report to you if:
· we have identified any inconsistencies between our knowledge acquired during the audit and the directors' statement
that they consider the annual report is fair, balanced and understandable; or
· the annual report does not appropriately disclose those matters that were communicated to the audit committee which
we consider should have been disclosed.
Under the Companies Act 2006 we are required to report to you if, in our opinion:
· adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
· 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
· certain disclosures of directors' remuneration specified by law are not made; or
· we have not received all the information and explanations we require for our audit.
Under the Listing Rules, we are required to review:
· the directors' statement, set out on page 29, in relation to going concern; and
· the part of the Corporate Governance Statement relating to the Company's compliance with the ten provisions of the
UK Corporate Governance Code specified for our review.
Responsibilities for the financial statements and the audit
What an audit of financial statements involves:
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at
www.frc.org.uk/auditscopeukprivate
What the directors are responsible for:
As explained more fully in the Directors' Responsibilities Statement set out on page 31, the directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view.
What are we responsible for:
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices
Board's Ethical Standards for Auditors.
Nicholas Page
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
24 June 2015
Unaudited Non-Statutory Analysis of - The Ordinary Share Fund
Statement of Comprehensive Income Year ended Year ended
Note 31 March 2015 31 March 2014
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 4 702 - 702 865 - 865
Realised gain on investments - - - - 111 111
Unrealised gain on investments - 926 926 - 224 224
Investment return 702 926 1,628 865 335 1,200
Investment management fees 5 (175) (58) (233) (227) (76) (303)
Other expenses (68) - (68) (119) - (119)
Profit before taxation 459 868 1,327 519 259 778
Taxation 8 (99) 13 (86) (107) 15 (92)
Profit after taxation 360 881 1,241 412 274 686
Total comprehensive income for the year 360 881 1,241 412 274 686
Basic and diluted earnings per share 9 1.84p 4.50p 6.34p 1.03p 0.69p 1.72p
Balance Sheet Note 31 March 2015 31 March 2014
£'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 10 7,887 15,469
Current assets
Assets held for sale 11 8,557 -
Receivables 12 33 162
Cash and cash equivalents 13 334 147
8,924 309
Current liabilities
Payables (162) (191)
Net assets 16,649 15,587
Equity attributable to equity holders 16,649 15,587
Net asset value per share 17 85.49p 79.03p
Statement of Changes in Shareholders' Equity
31 March 2015 31 March 2014
£'000 £'000
Opening shareholders' funds 15,587 37,193
Purchase of own shares (179) (35,132)
Issue of new shares - 6,855
Conversion of shares - 6,798
Profit for the year 1,241 686
Dividend paid - (813)
Closing shareholders' funds 16,649 15,587
Investment Portfolio
31 March 2015 31 March 2014
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 13,912 88.87 15,064 89.78 14,105 91.43 14,331 91.77
Unquoted non-qualifying holdings 1,412 9.01 1,380 8.23 1,170 7.59 1,138 7.29
Financial assets at fair value through profit or loss 15,324 97.88 16,444 98.01 15,275 99.02 15,469 99.06
Cash and cash equivalents 334 2.12 334 1.99 147 0.98 147 0.94
15,658 100.00 16,778 100.00 15,422 100.00 15,616 100.00
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Cinema digitisation
Digima Ltd 1,262 8.06 1,291 7.69 1,262 8.18 1,249 8.00
Digital Screen Solutions Ltd 2,020 12.90 2,028 12.09 2,020 13.10 2,028 12.99
Electricity Generation
Solar*
Bandspace Ltd 1,200 7.66 1,650 9.83 1,200 7.78 1,353 8.66
Bridge Power Ltd 125 0.80 167 1.00 125 0.81 134 0.86
Campus Link Ltd 690 4.41 892 5.32 690 4.47 761 4.87
Convertibox Services Ltd 1,000 6.39 1,170 6.97 1,000 6.48 950 6.08
C More Energy Ltd 1,000 6.39 1,123 6.69 1,000 6.48 1,069 6.85
Green Energy for Education Ltd 1,000 6.39 1,128 6.72 1,000 6.48 979 6.27
PJC Renewable Energy Ltd 5 0.03 5 0.03 5 0.03 5 0.03
Anaerobic Digestion*
Biomass Future Generation Ltd 1,550 9.90 1,550 9.24 1,550 10.05 1,550 9.93
GreenTec Energy Ltd 1,000 6.39 1,000 5.96 1,000 6.48 1,000 6.40
Katharos Organic Ltd 1,000 6.39 1,000 5.96 1,000 6.48 1,000 6.40
Hydro Electric Power
Elementary Energy Ltd 2,060 13.16 2,060 12.28 2,253 14.61 2,253 14.43
13,912 88.87 15,064 89.78 14,105 91.43 14,331 91.77
Unquoted Non-Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Crematorium Management
Furnace Managed Services Ltd 1,020 6.51 988 5.89 1,170 7.59 1,138 7.29
Hydro Electric Power
Elementary Energy Ltd 392 2.50 392 2.34 - - - -
1,412 9.01 1,380 8.23 1,170 7.59 1,138 7.29
*Assets held for sale
Unaudited Non-Statutory Analysis of - The A Ordinary Share Fund
Statement of Comprehensive Income Year ended Year ended
Note 31 March 2015 31 March 2014
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 4 124 - 124 108 - 108
Realised loss on investments - (1) (1) - - -
Unrealised gain on investments - 541 541 - 87 87
Investment return 124 540 664 108 87 195
Investment management fees 5 (53) (17) (70) (29) (10) (39)
Other expenses (18) - (18) (15) - (15)
Profit before taxation 53 523 576 64 77 141
Taxation 8 (12) 4 (8) (13) 2 (11)
Profit after taxation 41 527 568 51 79 130
Total comprehensive income for the period 41 527 568 51 79 130
Basic and diluted earnings per share 9 0.82p 10.24p 11.06p 1.00p 1.55p 2.55p
Balance Sheet Note 31 March 2015 31 March 2014
£'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 10 890 3,868
Current assets
Financial assets held for sale 11 3,298 -
Receivables 12 5 7
Cash and cash equivalents 13 301 377
3,604 384
Current liabilities
Payables (29) (37)
Net assets 4,465 4,215
Equity attributable to equity holders 4,465 4,215
Net asset value per share 17 87.01p 82.15p
Statement of Changes in Shareholders' Equity 31 March 2015 31 March 2014
£'000 £'000
Opening shareholders' funds 4,215 4,221
Issue of new shares - 120
Profit for the year 568 130
Dividend paid (318) (256)
Closing shareholders' funds 4,465 4,215
Unaudited Non-Statutory Analysis of - The A Ordinary Share Fund
Investment Portfolio
31 March 2015 31 March 2014
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 3,475 92.03 4,188 93.29 3,475 85.31 3,647 85.92
Unquoted non-qualifying holdings - - - - 221 5.43 221 5.21
Financial assets at fair value through profit or loss 3,475 92.03 4,188 93.29 3,696 90.74 3,868 91.13
Cash and cash equivalents 301 7.97 301 6.71 377 9.26 377 8.87
3,776 100.00 4,489 100.00 4,073 100.00 4,245 100.00
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Electricity Generation
Solar*
Arraze Ltd 600 15.89 800 17.82 600 14.73 651 15.34
Bridge Power Ltd 600 15.89 801 17.84 600 14.73 644 15.17
Core Generation Ltd 600 15.89 823 18.33 600 14.73 649 15.29
Trym Power Ltd 200 5.30 274 6.10 200 4.91 213 5.02
Anaerobic Digestion*
BioMass Future Generation Ltd 600 15.89 600 13.37 600 14.73 600 14.13
Landfill Gas
Aeris Power Ltd 525 13.90 525 11.70 525 12.89 525 12.37
Craigahulliar Energy Ltd 350 9.27 365 8.13 350 8.59 365 8.60
3,475 92.03 4,188 93.29 3,475 85.31 3,647 85.92
Unquoted Non-Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Anaerobic Digestion
Drumnahare Biogas Ltd - - - - 221 5.43 221 5.21
- - - - 221 5.43 221 5.21
* Assets held for sale
Unaudited Non-Statutory Analysis of - The C Ordinary Share Fund
Statement of Comprehensive Income Year ended Year ended
Note 31 March 2015 31 March 2014
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 4 467 - 467 - - -
Investment management fees 5 (217) (72) (289) (13) (5) (18)
Other expenses (51) - (51) (3) - (3)
Profit/(loss) before taxation 199 (72) 127 (16) (5) (21)
Taxation 8 (40) 14 (26) 3 1 4
Profit/(loss) after taxation 159 (58) 101 (13) (4) (17)
Total comprehensive income for the period 159 (58) 101 (13) (4) (17)
Basic and diluted profit/(loss) per share 9 1.22p (0.44p) 0.78p (1.70p) (0.46p) (2.16p)
Balance Sheet Note 31 March 2015 31 March 2014
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 10 13,126 -
Current assets
Receivables 12 65 1
Cash and cash equivalents 13 331 6,902
396 6,903
Current liabilities
Payables (113) (30)
Net assets 13,409 6,873
Equity attributable to equity holders 13,409 6,873
Net asset value per share 17 99.76p 98.38p
Statement of Changes in Shareholders' Equity 31 March 2015 31 March 2014
£'000 £'000
Opening shareholders' funds 6,873 -
Issue of new shares 6,435 6,890
Profit/(loss) for the year 101 (17)
Closing shareholders' funds 13,409 6,873
Investment Portfolio
31 March 2015 31 March 2014
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 9,430 70.07 9,430 70.07 - - - -
Unquoted non-qualifying holdings 3,696 27.45 3,696 27.45 - - - -
Financial assets at fair value through profit or loss 13,126 97.52 13,126 97.52 - - - -
Cash and cash equivalents 331 2.48 331 2.48 6,902 100.00 6,902 100.00
13,457 100.00 13,457 100.00 6,902 100.00 6,902 100.00
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Hydro Electric Power
Green Highland Allt Choire A Bhalachain (225) Ltd 3,130 23.26 3,130 23.26 - - - -
Green Highland Allt Phocachain (1015) Ltd 2,000 14.86 2,000 14.86 - - - -
Green Highland Renewables (Achnacarry) Ltd 4,300 31.95 4,300 31.95 - - - -
9,430 70.07 9,430 70.07 - - - -
Unquoted Non-Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Broadpoint 2 Ltd 3,420 25.41 3,420 25.41 - - - -
Hydro Electric Power
Green Highland AGNF (385) ST Loan 30 0.22 30 0.22 - - - -
Green Highland Allt Choire A Bhalachain (225) Ltd 162 1.20 162 1.20 - - - -
Green Highland Allt Garbh Ltd ST Loan 30 0.22 30 0.22 - - - -
Green Highland Allt Phocachain (1015) Ltd 54 0.40 54 0.40 - - - -
3,696 27.45 3,696 27.45 - - - -
Unaudited Non-Statutory Analysis of - The D Ordinary Share Fund
Statement of Comprehensive Income Year ended Year ended
Note 31 March 2015 31 March 2014
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 4 20 - 20 - - -
Investment management fees 5 (15) (5) (20) - - -
Other expenses (9) - (9) - - -
Loss before taxation (4) (5) (9) - - -
Taxation 8 1 1 2 - - -
Loss after taxation (3) (4) (7) - - -
Loss and total comprehensive income for the year (3) (4) (7) - - -
Basic and diluted loss per share 9 (0.28p) (0.44p) (0.72p) - - -
Balance Sheet Note 31 March 2015 31 March 2014
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 10 7,432 -
Current assets
Receivables 12 62 -
Cash and cash equivalents 13 27 -
89 -
Current liabilities
Payables (2,323) -
Net assets 5,198 -
Equity attributable to equity holders 5,198 -
Net asset value per share 17 98.15p -
Statement of Changes in Shareholders' Equity 31 March 2015 31 March 2014
£'000 £'000
Opening shareholders' funds - -
Issue of new shares 5,205 -
Loss for the year (7) -
Closing shareholders' funds 5,198 -
Investment Portfolio
31 March 2015 31 March 2014
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 7,427 99.57 7,427 99.57 - - - -
Unquoted non-qualifying holdings 5 0.07 5 0.07 - - - -
Financial assets at fair value through profit or loss 7,432 99.64 7,432 99.64 - - - -
Cash and cash equivalents 27 0.36 27 0.36 - - - -
7,459 100.00 7,459 100.00 - - - -
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Hydro Electric Power
Green Highland Allt Ladaidh (1148) Ltd 3,500 46.92 3,500 46.92 - - - -
Green Highland Allt Luaidhe (228) Ltd 1,995 26.75 1,995 26.75 - - - -
Green Highland Allt Procachain (1015) Ltd 1,932 25.90 1,932 25.90 - - - -
7,427 99.57 7,427 99.57 - - - -
Unquoted Non-Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Hydro Electric Power
Green Highland Allt Luaidhe (228) Ltd 5 0.07 5 0.07 - -
- More to follow, for following part double click ID:nRSX1357RdRecent news on Triple Point Income VCT
See all newsREG - Triple Point Inc VCT Triple Point - TPVE Triple Point - TPVD Triple Point - TPVC - Directorate Changes
AnnouncementREG - Triple Point Inc VCT Triple Point - TPVE Triple Point - TPVD Triple Point - TPVC - Result of General Meeting
AnnouncementREG - Triple Point Inc VCT Triple Point - TPVE Triple Point - TPVD Triple Point - TPVC - SUSPENSION OF SHARES ON OFFICIAL LIST OF FCA
AnnouncementREG - Triple Point Inc VCT Triple Point - TPVE Triple Point - TPVD Triple Point - TPVC - Publication of Circular
AnnouncementREG - Triple Point Inc VCT Triple Point - TPVE Triple Point - TPVD Triple Point - TPVC - MEMBERS' VOLUNTARY LIQUIDATION & EXTENSION OF ARD
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