REG - Triple Point Inc VCT - Final Results <Origin Href="QuoteRef">TPV1.L</Origin> - Part 3
09/06/2016 16:10
- Part 3: For the preceding part double click ID:nRSI7837Ab
shareholders. In addition to the formal business
of the Annual General Meeting, an opportunity is given to all shareholders to question the Board and the Investment Manager
on matters relating to the Company's operation and performance. The Board and the Investment Manager will also respond to
any written queries made by shareholders during the course of the year and both can be contacted at 18 St Swithin's Lane,
London, EC4N 8AD or on 020 7201 8989.
Compliance Statement
The Listing Rules require the Board to report on compliance with the UK Corporate Governance Code (September 2014)
provisions throughout the accounting period. With the exception of the limited items outlined below, the Directors consider
that the Company has complied throughout the period under review with the provisions set out in the UK Corporate Governance
Code (September 2014).
1. New Directors do not receive a full, formal and tailored induction on joining the Board. Such matters are addressed on
an individual basis as they arise (B.4.1).
2. Due to the size of the Board and the nature of the Company's business, a formal performance evaluation of the Board,
its committees, the individual Directors and the Chairman has not been undertaken. Specific performance issues are dealt
with as they arise (B.6.1, B.6.3).
3. The Company does not have a senior Independent Director. The Board does not consider such an appointment appropriate
for the Company (A.4.1).
4. The Company conducts a formal review as to whether there is a need for an internal audit function. The Directors do not
consider that an internal audit would be an appropriate control for a Venture Capital Trust (C.3.6).
5. As all the Directors are Non-Executive, it is not considered appropriate to appoint a Nomination or Remuneration
Committee (B.2.1 and D.2.1).
6. The Audit committee includes three Non-Executive Directors all of whom are considered independent. David Frank is
Chairman of the Company and is also chairman of the audit committee but it is not considered appropriate to appoint another
independent director. The Board regularly reviews the independence of its Directors (C.3.1).
On behalf of the Board
David Frank
Chairman
9 June 2016
Directors' Responsibilities Statement
The Directors are responsible for preparing the Strategic Report, the Directors' Report, the Directors' Remuneration Report
and the Financial Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the Directors
have elected to prepare the Financial Statements in accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union. Under company law the Directors must not approve the Financial Statements unless they are
satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that year. In
preparing these Financial Statements, the Directors are required to:
· select suitable accounting policies and then apply them consistently;
· make judgments and accounting estimates that are reasonable and prudent;
· state whether applicable IFRS have been followed, subject to any material departures disclosed and explained in the
Financial Statements;
· prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company
will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to
ensure that the Financial Statements and the Remuneration report comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The Directors confirm that:
· so far as each of the Directors is aware there is no relevant audit information of which the Company's auditor is
unaware; and
· the Directors have taken all steps that they ought to have taken as Directors in order to make themselves aware of
any relevant audit information and to establish that the auditor is aware of that information.
The Directors are responsible for preparing the Annual Report in 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 position, 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
9 June 2016
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 2016. 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 2014). 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 12 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 31 March 2016 Annual rate of Directors' fees if net assets exceed £25 million Annual rate of Directors' fees if net assets are less than £25 million Policy on payment of loss of office
£ £
David Frank, Chairman 11-Nov-10 None 17,500 15,000 None
Simon Acland 12-Mar-09 None 15,000 12,500 None
Michael Stanes 21-Nov-12 None 15,000 12,500 None
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 2016 and the prior year are shown below:
Emoluments for the year ended 31 March 2016 Emoluments for the year ended 31 March 2015
£ £
David Frank 17,500 17,500
Simon Acland 15,000 15,000
Michael Stanes 15,000 15,000
47,500 47,500
Employers' NI contributions 1,197 1,261
Total Emoluments 48,697 48,761
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 2016 31 March 2015
£'000 £'000
Dividends paid:
· Ordinary Shareholders 4,177 -
· A Shareholders 2,310 318
Share buy-backs 11 179
Total paid to shareholders 6,498 497
Directors' emoluments 48 48
Directors' Share Interests (audited information)
At 31 March 2016 the Directors held no shares in the Company (2015: none). At 31 March 2016 Simon Acland's wife held 48,750
D Class Shares (2015: none). There have been no changes in the holdings of the Directors or their connected parties between
31 March 2016 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 2016 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 2015 Remuneration Report was presented to the Annual General Meeting in July 2015 and received shareholder approval
following a vote. 97% of those voting were in favour and no one 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.
On behalf of the Board
David Frank
Chairman
9 June 2016
Independent Auditor's Report to the Members of Triple Point Income VCT plc
Our opinion on the financial statements is unmodifiedIn our opinion the financial statements: · give a true and fair view of the state of the company's affairs as at 31 March 2016 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 we are 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 for the year ended 31 March 2016 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.
Overview of our audit approach· Overall materiality: £432,000 which represents 1% of the company's net assets; and · Key audit risks were identified as valuation of unquoted investments, revenue recognition and management override of controls.
Our assessment of risk
In arriving at our opinions set out in this report, we highlight the following risks that, in our judgement, had the
greatest effect on our audit:
Valuation of unquoted investments (including assets held for sale) Our audit work included, but was not restricted to: § Ascertaining an understanding of how the valuations were performed by obtaining the underlying models from the investment manager, discussing the review process and consideration of whether they were made in accordance with published guidance, in particular the IPEVC valuation guidance; § Discussions were held with the investment manager on the choice of valuation methodology and assumptions made;
The company's objective is to build a portfolio of unquoted companies which are cash generative and, therefore, capable of producing income and capital repayments to the company prior to their disposal by the company. Unquoted investments amount, by
value, to 91.7% 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.
Valuation of unquoted investments (including assets held for sale)
The company's objective is to build a portfolio of unquoted companies which are cash generative and, therefore, capable of
producing income and capital repayments to the company prior to their disposal by the company. Unquoted investments amount,
by value, to 91.7% 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 audit work included, but was not restricted to: § Ascertaining an understanding of how the valuations were performed by
obtaining the underlying models from the investment manager, discussing the review process and consideration of whether
they were made in accordance with published guidance, in particular the IPEVC valuation guidance; § Discussions were held
with the investment manager on the choice of valuation methodology and assumptions made;
§ 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 from the potential buyer; and § Engaging our valuation specialists to test a sample of investments, their inputs and assumptions. The company's accounting policies on non-current asset investments and assets held for sale are
included in note 2, and its disclosures about unquoted investments held at the year end and assets held for sale are included in notes 10 and 11 respectively. 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 26.
Revenue recognition 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 revenue recognition as a significant risk requiring special audit consideration. Our audit work included, but was not restricted to:§ Identifying and evaluating the design of controls relating to revenue recognition and undertaking testing of interest income by comparing the actual to expected income, calculated using the interest
rates in the loan instruments; § Considering, reviewing and testing the appropriateness of the accounting policy and whether the accounting policy had been applied correctly; and § For accrued interest income, reviewing management's assessment of
recoverability by checking to post year end receipts and also discussion with management.The company's accounting policy on revenue, including its recognition, is included in note 2, and its disclosures about revenue recognised in the year are included in
note 4.
Management override of controls Under International Standards on Auditing (ISAs) (UK and Ireland), we are required to perform procedures designed to address the risk of management override of controls. Due to the nature of this risk we assess this as a significant risk requiring special audit consideration. Our audit work included, but was not restricted to:§ Tests of journal entries at the year end;§ Evaluating judgements and assumptions in management's estimates and their consistent application since prior periods. The main part of this involved judgements
and estimates with regards to valuation of unquoted investments. Our response to the risk of valuation of unquoted investments is described above; and § Testing any significant transactions or adjustments outside of the normal course of business.
Management override of controls Under International Standards on Auditing (ISAs) (UK and Ireland), we are required to
perform procedures designed to address the risk of management override of controls. Due to the nature of this risk we
assess this as a significant risk requiring special audit consideration.
Our audit work included, but was not restricted to:§ Tests of journal entries at the year end;§ Evaluating judgements and
assumptions in management's estimates and their consistent application since prior periods. The main part of this involved
judgements and estimates with regards to valuation of unquoted investments. Our response to the risk of valuation of
unquoted investments is described above; and § Testing any significant transactions or adjustments outside of the normal
course of business.
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 use materiality in determining the
nature, timing and extent of our audit work and in evaluating the results of that work.
We determined materiality for the audit of the financial statements as a whole to be £432,000 which is 1% of net assets.
This benchmark is considered the most appropriate because net assets, which are primarily composed of the company's
investment portfolio, is considered to be the key driver of the company's total return performance.
Materiality for the current year is higher than the level that we determined for the year ended 31 March 2015 to reflect
the increase in the measurement percentage, from 0.75% of net assets last year to 1% of net assets for this year. The
increase reflects our professional judgement formed considering our understanding of the company and is consistent with the
rate we apply to other VCTs of similar size and similar risk profile.
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
statement of total comprehensive income, directors' remuneration and related party transactions.
We determined the threshold at which we will communicate misstatements to the audit committee to be £21,600. 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
A description of the generic scope of an audit of financial statements is provided on the Financial Reporting Council's
website at www.frc.org.uk/auditscopeukprivate.
We conducted our audit in accordance with 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 Triple Point Investment Management LLP (TPIM), who is the company's investment manager,
administrator and secretary. Our audit work included:
· obtaining an understanding of, and evaluating, internal controls at the company and TPIM. This was achieved
through discussions with the clients to update our understanding from previous year and performance of walkthrough
procedures; and
· undertaking 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 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 unmodifiedIn 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 Directors' Report 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
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' statements in relation to going concern and longer-term viability, set out on pages 29 and page 10
respectively ; and
§ the part of the Corporate Governance Statement relating to the company's compliance with the provisions of the UK
Corporate Governance Code specified for our review.
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.
We have nothing to report in respect of the above.
We also confirm that we do not have anything material to add or to draw attention to in relation to:
· the directors' confirmation in the annual report that they have carried out a robust assessment of the principal
risks facing the company including those that would threaten its business model, future performance, solvency or
liquidity;
· the disclosures in the annual report that describe those risks and explain how they are being managed or mitigated;
· the directors' statement in the financial statements about whether they have considered it appropriate to adopt the
going concern basis of accounting in preparing them, and their identification of any material uncertainties to the
company's ability to continue to do so over a period of at least twelve months from the date of approval of the financial
statements; and
· the directors' explanation in the annual report as to how they have assessed the prospects of the company, over what
period they have done so and why they consider that period to be appropriate, and their statement as to whether they have a
reasonable expectation that the company will be able to continue in operation and meet its liabilities as they fall due
over the period of their assessment, including any related disclosures drawing attention to any necessary qualifications or
assumptions.
Responsibilities for the financial statements and the audit
What the directors are responsible for:
As explained more fully in the Directors' Responsibilities Statement set out on page 30, the directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view.
What we are responsible for:
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and
ISAs (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
9 June 2016
Unaudited Non-Statutory Analysis of - The Ordinary Share Fund
Statement of Comprehensive Income
Year ended Year ended
Note 31 March 2016 31 March 2015
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 694 - 694 702 - 702
Realised gain on investments - 342 342 - - -
Unrealised gain on investments - 80 80 - 926 926
Investment return 694 422 1,116 702 926 1,628
Investment management fees (183) (61) (244) (175) (58) (233)
Other expenses (127) (16) (143) (68) - (68)
Profit before taxation 384 345 729 459 868 1,327
Taxation (33) 12 (21) (99) 13 (86)
Profit after taxation 351 357 708 360 881 1,241
Total comprehensive income for the year 351 357 708 360 881 1,241
Basic and diluted earnings per share 9 1.80p 1.84p 3.64p 1.84p 4.50p 6.34p
Balance Sheet Note 31 March 2016 31 March 2015
£'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 11,992 7,887
Current assets
Assets held for sale 608 8,557
Receivables 333 33
Cash and cash equivalents 326 334
1,267 8,924
Current liabilities
Payables (84) (162)
Net assets 13,175 16,649
Equity attributable to equity holders 13,175 16,649
Net asset value per share 17 67.69p 85.49p
Statement of Changes in Shareholders' Equity
31 March 2016 31 March 2015
£'000 £'000
Opening shareholders' funds 16,649 15,587
Purchase of own shares (7) (179)
Issue of new shares 3 -
Profit for the year 708 1,241
Dividends paid (4,178) -
Closing shareholders' funds 13,175 16,649
Investment Portfolio 31 March 2016 31 March 2015
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 10,646 84.54 11,014 85.21 13,912 88.87 15,064 89.78
Unquoted non-qualifying holdings 1,618 12.84 1,586 12.27 1,412 9.01 1,380 8.23
Financial assets at fair value through profit or loss 12,264 97.38 12,600 97.48 15,324 97.88 16,444 98.01
Cash and cash equivalents 326 2.62 326 2.52 334 2.12 334 1.99
12,590 100.00 12,926 100.00 15,658 100.00 16,778 100.00
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Cinema digitisation
Digima Ltd 1,262 10.02 1,274 9.86 1,262 8.06 1,291 7.69
Digital Screen Solutions Ltd 2,020 16.04 2,020 15.63 2,020 12.90 2,028 12.09
Solar
Bandspace Ltd - - - - 1,200 7.66 1,650 9.83
Bridge Power Ltd - - - - 125 0.80 167 1.00
Campus Link Ltd - - - - 690 4.41 892 5.32
Convertibox Services Ltd - - - - 1,000 6.39 1,170 6.97
C More Energy Ltd 1,000 7.94 1,153 8.92 1,000 6.39 1,123 6.69
Green Energy for Education Ltd 475 3.77 608 4.70 1,000 6.39 1,128 6.72
PJC Renewable Energy Ltd 5 0.04 5 0.04 5 0.03 5 0.03
Anaerobic Digestion
Biomass Future Generation Ltd - - - - 1,550 9.90 1,550 9.24
GreenTec Energy Ltd - - - - 1,000 6.39 1,000 5.96
Katharos Organic Ltd - - - - 1,000 6.39 1,000 5.96
Hydro Electric Power
Elementary Energy Ltd 2,060 16.36 2,130 16.48 2,060 13.16 2,060 12.28
Green Highland Shenval Ltd 1,624 12.90 1,624 12.56 - - - -
Energy Generation and Infrastructure
Green Highland Hydro Generation Ltd 2,200 17.47 2,200 17.02 - - - -
Green Highland Hydro Power Ltd - - - - - - - -
10,646 84.54 11,014 85.21 13,912 88.87 15,064 89.78
Unquoted Non-Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Crematorium Management
Furnace Managed Services Ltd 820 6.51 788 6.10 1,020 6.51 988 5.89
Hydro Electric Power
Elementary Energy Ltd 344 2.73 344 2.66 392 2.50 392 2.34
Green Highland Shenval Ltd - - - - - - - -
Energy Generation and Infrastructure
Green Highland Hydro Generation Ltd 4 0.03 4 0.03 - - - -
SME Lending Other:
Funding Path Ltd 450 3.57 450 3.48 - - - -
1,618 12.84 1,586 12.27 1,412 9.01 1,380 8.23
Unaudited Non-Statutory Analysis of - The A Ordinary Share Fund
Statement of Comprehensive Income
Year ended Year ended
Note 31 March 2016 31 March 2015
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 490 - 490 124 - 124
Realised loss on investments - (362) (362) - (1) (1)
Unrealised (loss)/gain on investments - (101) (101) - 541 541
Investment return 490 (463) 27 124 540 664
Investment management fees (39) (13) (52) (53) (17) (70)
Other expenses (10) (4) (14) (18) - (18)
Profit/(loss) before taxation 441 (480) (39) 53 523 576
Taxation (1) 2 1 (12) 4 (8)
Profit/(loss) after taxation 440 (478) (38) 41 527 568
Total comprehensive (loss)/income for the year 440 (478) (38) 41 527 568
Basic and diluted (loss)/earnings per share 9 8.57p (9.29p) (0.72p) 0.82p 10.24p 11.06p
Balance Sheet Note 31 March 2016 31 March 2015
£'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 950 890
Current assets
Assets held for sale 789 3,298
Receivables 313 5
Cash and cash equivalents 78 301
1,180 3,604
Current liabilities
Payables (12) (29)
Net assets 2,118 4,465
Equity attributable to equity holders 2,118 4,465
Net asset value per share 17 41.28p 87.01p
Statement of Changes in Shareholders' Equity 31 March 2016 31 March 2015
£'000 £'000
Opening shareholders' funds 4,465 4,215
Issue of new shares - -
Profit for the year (38) 568
Dividends paid (2,309) (318)
Closing shareholders' funds 2,118 4,465
Investment Portfolio
31 March 2016 31 March 2015
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 875 45.98 789 43.43 3,475 92.03 4,188 93.29
Unquoted non-qualifying holdings 950 49.92 950 52.28 - - - -
Financial assets at fair value through profit or loss 1,825 95.90 1,739 95.71 3,475 92.03 4,188 93.29
Cash and cash equivalents 78 4.10 78 4.29 301 7.97 301 6.71
1,903 100.00 1,817 100.00 3,776 100.00 4,489 100.00
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Electricity Generation
Solar
Arraze Ltd - - - - 600 15.89 800 17.82
Bridge Power Ltd - - - - 600 15.89 801 17.84
Core Generation Ltd - - - - 600 15.89 823 18.33
Trym Power Ltd - - - - 200 5.30 274 6.10
Anaerobic Digestion -
BioMass Future Generation Ltd - - - - 600 15.89 600 13.37
Landfill Gas* -
Aeris Power Ltd 525 27.59 424 23.34 525 13.90 525 11.70
Craigahulliar Energy Ltd 350 18.39 365 20.09 350 9.27 365 8.13
875 45.98 789 43.43 3,475 92.03 4,188 93.29
Unquoted Non-Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
SME LendingOther: - -
Funding Path Ltd 950 49.92 950 52.28 - - - -
950 49.92 950 52.28 - - - -
* 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 2016 31 March 2015
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income
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