REG - Triple Point Inc VCT - Final Results <Origin Href="QuoteRef">TPV1.L</Origin> - Part 4
09/06/2016 16:10
- Part 4: For the preceding part double click ID:nRSI7837Ac
832 - 832 467 - 467
Unrealised gain on investments - 325 325 - - -
Investment return 832 325 1,157 467 - 467
Investment management fees (230) (77) (307) (217) (72) (289)
Other expenses (43) - (43) (51) - (51)
Profit/(loss) before taxation 559 248 807 199 (72) 127
Taxation (113) 15 (98) (40) 14 (26)
Profit/(loss) after taxation 446 263 709 159 (58) 101
Total comprehensive income for the year 446 263 709 159 (58) 101
Basic and diluted earnings/(loss) per share 9 3.31p 1.96p 5.27p 1.22p (0.44p) 0.78p
Balance Sheet Note 31 March 2016 31 March 2015
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 14,132 13,126
Current assets
Receivables 2 65
Cash and cash equivalents 246 331
248 396
Current liabilities
Payables (262) (113)
Net assets 14,118 13,409
Equity attributable to equity holders 14,118 13,409
Net asset value per share 17 105.03p 99.76p
Statement of Changes in Shareholders' Equity 31 March 2016 31 March 2015
£'000 £'000
Opening shareholders' funds 13,409 6,873
Issue of new shares - 6,435
Profit for the year 709 101
Closing shareholders' funds 14,118 13,409
Investment Portfolio
31 March 2016 31 March 2015
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 9,430 67.10 9,755 67.85 9,430 70.07 9,430 70.07
Unquoted non-qualifying holdings 4,377 31.15 4,377 30.45 3,696 27.45 3,696 27.45
Financial assets at fair value through profit or loss 13,807 98.25 14,132 98.30 13,126 97.52 13,126 97.52
Cash and cash equivalents 246 1.75 246 1.70 331 2.48 331 2.48
14,053 100.00 14,378 100.00 13,457 100.00 13,457 100.00
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Hydro Electric Power
Green Highland Allt Choire A Bhalachain (225) Ltd 3,130 22.27 3,130 21.77 3,130 23.26 3,130 23.26
Green Highland Allt Phocachain (1015) Ltd 2,000 14.23 2,000 13.91 2,000 14.86 2,000 14.86
Green Highland Renewables (Achnacarry) Ltd 4,300 30.60 4,625 32.17 4,300 31.95 4,300 31.95
9,430 67.10 9,755 67.85 9,430 70.07 9,430 70.07
Unquoted Non-Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Hydro Electric Power
Green Highland Allt Choire A Bhalachain (225) Ltd 341 2.43 341 2.37 162 1.20 162 1.20
Green Highland Allt Garbh Ltd ST Loan 30 0.21 30 0.21 30 0.22 30 0.22
Green Highland Allt GNF (385) ST Loan - - - - 30 0.22 30 0.22
Green Highland Allt Phocachain (1015) Ltd 175 1.25 175 1.22 54 0.40 54 0.40
Green Highland Renewables (Achnacarry) Ltd 133 0.95 133 0.93 - - - -
SME Lending and InvestmentHydro Electric Power: -
Broadpoint 2 Ltd 2,894 20.59 2,894 20.13 3,420 25.41 3,420 25.41
Broadpoint 3 Ltd 804 5.72 804 5.59 - - - -
4,377 31.15 4,377 30.45 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 2016 31 March 2015
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 687 - 687 20 - 20
Realised gain on investments - 1 1 - - -
Investment return 687 1 688 20 - 20
Investment management fees (141) (46) (187) (15) (5) (20)
Other expenses (76) (48) (124) (9) - (9)
Profit/(loss) before taxation 470 (93) 377 (4) (5) (9)
Taxation (94) 9 (85) 1 1 2
Profit/(loss) after taxation 376 (84) 292 (3) (4) (7)
Total comprehensive income/(loss) for the year 376 (84) 292 (3) (4) (7)
Basic and diluted earnings/(loss) per share 9 2.82p (0.63p) 2.19p (0.28p) (0.44p) (0.72p)
Balance Sheet Note 31 March 2016 31 March 2015
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 13,090 7,432
Current assets
Receivables 561 62
Cash and cash equivalents 382 27
943 89
Current liabilities
Payables (158) (2,323)
Net assets 13,875 5,198
Equity attributable to equity holders 13,875 5,198
Net asset value per share 17 101.26p 98.15p
Statement of Changes in Shareholders' Equity 31 March 2016 31 March 2015
£'000 £'000
Opening shareholders' funds 5,198 -
Issue of new shares 8,385 5,205
Profit/(loss) for the year 292 (7)
Closing shareholders' funds 13,875 5,198
Investment Portfolio
31 March 2016 31 March 2015
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 10,137 75.25 10,137 75.25 7,427 99.57 7,427 99.57
Unquoted non-qualifying holdings 2,953 21.92 2,953 21.92 5 0.07 5 0.07
Financial assets at fair value through profit or loss 13,090 97.17 13,090 97.17 7,432 99.64 7,432 99.64
Cash and cash equivalents 382 2.83 382 2.83 27 0.36 27 0.36
13,472 100.00 13,472 100.00 7,459 100.00 7,459 100.00
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Hydro Electric Power
Green Highland Allt Garbh Ltd 2,710 20.12 2,710 20.12 - - - -
Green Highland Allt Ladaidh (1148) Ltd 3,500 25.98 3,500 25.98 3,500 46.92 3,500 46.92
Green Highland Allt Luaidhe (228) Ltd 1,995 14.81 1,995 14.81 1,995 26.75 1,995 26.75
Green Highland Allt Phocachain (1015) Ltd 1,932 14.34 1,932 14.34 1,932 25.90 1,932 25.90
10,137 75.25 10,137 75.25 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 185 1.37 185 1.37 5 0.07 5 0.07
Kinlochteacius Hydro Limited 762 5.66 762 5.66 - - - -
SME Lending and Investment - - - -
Hydro Electric Power:
Broadpoint 3 Ltd 1,206 8.95 1,206 8.95 - - - -
Other:
Funding Path Ltd 800 5.94 800 5.94 - - - -
2,953 21.92 2,953 21.92 5 0.07 5 0.07
Statement of Comprehensive Income
For the year ended 31 March 2016
Year ended Year ended
31 March 2016 31 March 2015
Note Rev. Cap. Total Rev. Cap. Total
£'000 £'000 £'000 £'000 £'000 £'000
Income
Investment income 4 2,703 - 2,703 1,313 - 1,313
(Loss) arising on the disposal of investments during the year - (19) (19) - (1) (1)
Gain arising on the revaluation of investments at the year end - 304 304 - 1,467 1,467
Investment return 2,703 285 2,988 1,313 1,466 2,779
Expenses
Investment management fees 5 593 197 790 460 152 612
Financial and regulatory costs 24 - 24 23 - 23
General administration 16 - 16 15 - 15
Legal and professional fees 6 55 68 123 54 - 54
Directors' remuneration 7 48 - 48 48 - 48
Interest payable 113 - 113 6 - 6
Operating expenses 849 265 1,114 606 152 758
Profit before taxation 1,854 20 1,874 707 1,314 2,021
Taxation 8 (241) 38 (203) (150) 32 (118)
Profit after taxation 1,613 58 1,671 557 1,346 1,903
Profit and total comprehensive income for the year 1,613 58 1,671 557 1,346 1,903
Basic and diluted earnings per share n/a n/a n/a n/a n/a n/a
The total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European Union. The supplementary revenue return and
capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended
Practice (AIC SORP 2014).
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 these statements.
Balance Sheet
at 31 March 2016
31 March 2016 31 March 2015
Note £'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 10 40,164 29,335
Current assets
Assets held for sale 11 1,397 11,855
Receivables 12 1,210 165
Cash and cash equivalents 13 1,032 993
3,639 13,013
Total Assets 43,803 42,348
Current liabilities
Payables and accrued expenses 14 316 2,511
Current taxation payable 201 116
517 2,627
Net Assets 43,286 39,721
Equity attributable to equity holders
Share capital 15 518 434
Share redemption reserve 2 451
Share premium 16,307 32,405
Special distributable reserve 27,447 6,997
Capital reserve (1,515) (1,573)
Revenue reserve 527 1,007
Total equity 43,286 39,721
The statements were approved by the Directors and authorised for issue on 9 June 2016 and are signed on their behalf by:
David Frank
Chairman
9 June 2016
Company registration number 6421083.
The accompanying notes are an integral part of this statement.
Statement of Changes in Shareholders' Equity
For the year ended 31 March 2016
Issued Capital Share Redemption Reserve Share Premium Special Distributable Reserve Capital Reserve Revenue Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Year ended 31 March 2016
Opening balance 434 451 32,405 6,997 (1,573) 1,007 39,721
Issue of new shares 84 - 8,687 (383) - - 8,388
Purchase of own shares - - - (7) - - (7)
Cancellation of share premium and share redemption - (449) (24,785) 25,234 - - -
Dividends paid - - - (4,394) - (2,093) (6,487)
Transactions with owners 84 (449) (16,098) 20,450 - (2,093) 1,894
Profit for the year - - - - 58 1,613 1,671
Other comprehensive income - - - - - - -
Profit and total comprehensive income for the year - - - - 58 1,613 1,671
Balance at 31 March 2016 518 2 16,307 27,447 (1,515) 527 43,286
Capital reserve consists of:
Investment holding gains 575
Other realised losses (2,090)
(1,515)
Year ended 31 March 2015
Opening balance 318 449 20,875 7,502 (2,919) 450 26,675
Issue of new shares 118 - 11,530 (8) - - 11,640
Purchase of own shares (2) 2 - (179) - - (179)
Dividend paid - - - (318) - - (318)
Transactions with owners 116 2 11,530 (505) - - 11,143
Profit for the year - - - 1,346 557 1,903
Profit and total comprehensive income for the year - - - 1,346 557 1,903
Balance at 31 March 2015 434 451 32,405 6,997 (1,573) 1,007 39,721
Capital reserve consists of:
Investment holding gains 1,833
Other realised losses (3,406)
(1,573)
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.
Statement of Cash Flows
For the year ended 31 March 2016
Year ended Year ended
31 March 2016 31 March 2015
£'000 £'000
Cash flows from operating activities
Profit before taxation 1,874 2,021
Loss arising on the disposal of investments during the period 19 1
(Gain) arising on the revaluation of investments at the period end (304) (1,467)
Cash flow generated by operations 1,589 555
(Increase)/decrease in receivables (428) 5
(Decrease)/Increase in payables (2,196) 2,353
Taxation (118) (102)
Net cash flows from operating activities (1,153) 2,811
Cash flow from investing activities
Purchase of financial assets at fair value through profit or loss (16,707) (20,907)
Proceeds of sale of financial assets at fair value through profit or loss 16,005 520
Net cash flows from investing activities (702) (20,387)
Cash flows from financing activities
Issue of new shares 8,388 11,640
Purchase of own shares (7) (179)
Dividends paid (6,487) (318)
Net cash flows from financing activities 1,894 11,143
Net increase/(decrease) in cash and cash equivalents 39 (6,433)
Reconciliation of net cash flow to movements in cash and cash equivalents
Opening cash and cash equivalents 993 7,426
Net increase/(decrease) in cash and cash equivalents 39 (6,433)
Closing cash and cash equivalents 1,032 993
The accompanying notes are an integral part of these statements.
Notes to the Financial Statements
1. Corporate Information
The Financial Statements of the Company for the year ended 31 March 2016 were authorised for issue in accordance with a
resolution of the Directors on 9 June 2016.
The Company was admitted for listing on the London Stock Exchange on 6 February 2008.
The Company is incorporated and domiciled in Great Britain and registered in England and Wales. The address of its
registered office, which is also its principal place of business, is 18 St Swithin's Lane, London EC4N 8AD.
The Company is required to nominate a functional currency, being the currency in which the Company predominately operates.
The functional and reporting currency is 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 that at least 70% of the
Company's net assets are or will be invested in VCT qualifying unquoted companies. The remaining assets are exposed either
to cash or cash-based similar liquid investments or investments originated in line with the Company's VCT Qualifying
Investment Policy.
2. Basis of Preparation and Accounting Policies
Basis of Preparation
After making the necessary enquiries, the Directors confirm that they are satisfied that the Company has adequate resources
to continue in business for the foreseeable future. The Board receives regular reports from the Investment Manager and the
Directors believe that, as no material uncertainties leading to significant doubt about going concern have been identified,
it is appropriate to continue to apply the going concern basis in preparing the Financial Statements.
The Company entered into one loan agreement during the year to enhance short term liquidity. It is not anticipated that
borrowings or banking facilities will be required in the future.
The Financial Statements of the Company for the year to 31 March 2016 have been prepared in accordance with International
Financial Reporting Standards ("IFRS") adopted for use in the European Union and complied with the Statement of Recommended
Practice: "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (SORP) issued by the Association
of Investment Companies (AIC) in November 2014, in so far as this does not conflict with IFRS.
The Financial Statements are prepared on a historical cost basis except that investments are shown at fair value through
profit or loss.
The preparation of Financial Statements in conformity with IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and
expenses. The estimates and associated assumptions are based on historical experience and various other factors believed to
be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values
of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
judgements.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities relate to:
· the valuation of unlisted financial investments held at fair value through profit or loss, which are valued on the
basis noted below (under the heading Non Current Asset Investments) and in note 10.
· the recognition or otherwise of accrued income on loan notes and similar instruments granted to investee companies
which is assessed in conjunction with the overall valuation of unlisted financial investments as noted above.
The key judgements made by Directors are in the valuation of unquoted investments. The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is
revised if the revision affects that period or in the period of revision and future periods if the revision affects both
current and future periods. The carrying value of investments is disclosed in note 10 and 11.
The Directors do not believe that there are any further key judgements made in applying accounting policies or estimates in
respect of the Financial Statements.
These Financial Statements have been prepared in accordance with the accounting policies set out below which are based on
the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU).
These accounting policies have been applied consistently in preparing these Financial Statements.
Standards issued but not yet effective
The following new standards, amendments to standards and interpretations are not yet effective for the year ended 31 March
2016, and have not been applied in preparing these Financial Statements.
· IFRS 9 Financial Instruments (effective 1 January 2018)
· IFRS 14 Regulatory Deferral Accounts (effective 1 January 2016)
· Amendments to IFRS 11: Accounting for Acquisitions of Interests in Joint Operations (effective 1 January 2016)
· Annual Improvements to IFRSs 2012-2014 Cycle (effective 1 January 2016)
· Amendments to IAS 27: Equity Method in Separate Financial Statements (effective 1 January 2016)
· Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10
and IAS 28 (effective 1 January 2016)
All of these changes will be applied by the Company from the effective date but none of them are expected to have a
significant impact on the Company's Financial Statements.
Presentation of Statement of Comprehensive Income
In order better to reflect the activities of a Venture Capital Trust, and in accordance with the guidance issued by the
Association of Investment Companies, supplementary information which analyses the Statement of Comprehensive Income between
items of a revenue and capital nature has been presented alongside the Income Statement.
Capital Management
Capital management is monitored and controlled using the internal control procedures set out on page 28. The capital being
managed includes equity and fixed interest VCT qualifying investments, cash balances and liquid resources including debtors
and creditors.
The Company's objectives when managing capital are:
· to safeguard its ability to continue as a going concern, so that it can continue to provide returns to shareholders
and benefits for other stakeholders;
· to ensure sufficient liquid resources are available to meet the funding requirements of its investments and to fund
new investments where identified.
· to enter into short term finance only to enhance short term liquidity.
All capital is represented by the value of share capital, distributable and other reserves. Total Shareholder equity at 31
March 2016 was £43.3 million (2015: £39.7 million).
Non-Current Asset Investments
The Company invests in financial assets with a view to profiting from their total return through income and capital growth.
These investments are managed and their performance is evaluated on a fair value basis in accordance with the investment
policy detailed in the Strategic Report on pages 4 and 5 and information about the portfolio is provided internally on that
basis to the Company's Board of Directors. Accordingly upon initial recognition the investments are designated by the
Company as "at fair value through profit or loss" in accordance with IAS39 "Financial instruments recognition and
measurement". They are included initially at fair value, which is taken to be their cost (excluding expenses incidental to
the acquisition which are written off in the Statement of Comprehensive Income and allocated to "capital" at the time of
acquisition). Subsequently the investments are valued at "fair value" which is the price that would be received to sell an
asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement
date. This is measured as follows:
· unlisted investments are fair valued by the Directors in accordance with the International Private Equity and
Venture Capital Valuation Guidelines. Fair value is established by using measurements of value such as price of recent
transactions, discounted cash flows, cost, and initial cost of investment.
· listed investments are fair valued at bid price on the relevant date.
Where securities are designated upon initial recognition as at fair value through profit or loss, gains and losses arising
from changes in fair value are included in the Statement of Comprehensive Income for the year as capital items in
accordance with the AIC SORP 2014. The profit or loss on disposal is calculated net of transaction costs of disposal.
Investments are recognised as financial assets on legal completion of the investment contract and are de-recognised on
legal completion of the sale of an investment.
Assets Held for Sale
Current assets classified as held for sale are presented separately and measured at the value expected to be realised on
disposal, which is equivalent to fair value.
Income
Investment income includes interest earned on bank balances and investment loans and includes income tax withheld at
source. Dividend income is shown net of any related tax credit and is brought into account on the ex-dividend date.
Fixed returns on investment loans and debt are recognised on a time apportionment basis so as to reflect the effective
yield, provided there is no reasonable doubt that payment will be received in due course.
Expenses
All expenses are accounted for on the accruals basis. Expenses are charged to revenue with the exception of the investment
management fee, which has been charged 75% to the revenue account and 25% to the capital account (2015: 75% revenue, 25%
capital) to reflect, in the Directors' opinion, the expected long term split of returns in the form of income and capital
gains respectively from the investment portfolio.
The Company's general expenses are split between the share classes using their net asset value divided by the Company's net
asset value.
Taxation
Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate in accordance with
IAS 12 "Income Taxes". The tax effect of different items of income/gain and expenditure/loss is allocated between capital
and revenue on the "marginal" basis as recommended by the AIC SORP 2014.
In accordance with IAS 12, deferred tax is recognised using the balance sheet method providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
purposes. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilised. Deferred tax is measured at the tax rates that are
expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the reporting date. The Directors have considered the requirements of IAS 12 and do not believe
that any provision should be made.
Financial Instruments
The Company's principal financial assets are its investments and the accounting policies in relation to those assets are
set out above. Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the
entity after deducting all of its financial liabilities. Where the contractual terms of share capital do not have any terms
meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions
relating to equity instruments are debited direct to equity.
Issued Share Capital
Ordinary Shares are classified as equity because they do not contain an obligation to transfer cash or another financial
asset. Issue costs associated with the allotment of shares have been deducted from the share premium account in accordance
with IAS 32.
Cash and Cash Equivalents
Cash and cash equivalents representing cash available at less than 3 months' notice are classified as loans and receivables
under IAS 39.
Reserves
The revenue reserve (retained earnings) and capital reserve reflect the guidance in the AIC SORP 2014. 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.
3. Segmental Reporting
The Company only has one class of business, being investment activity. All revenues and assets are generated and held in
the UK.
4. Investment Income
Year ended Year ended
31 March 2016 31 March 2015
Ord. A C D Ord. A C D
Shares Shares Shares Shares Total Shares Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Loan stock interest 458 55 828 683 2,024 690 121 458 20 1,289
Dividends received 232 434 - - 666 - - - - -
Interest receivable on bank balances 4 1 4 4 13 12 3 9 - 24
694 490 832 687 2,703 702 124 467 20 1,313
5. Investment Management Fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement
effective 6 February 2008 and two deeds of variation to that agreement effective 21 November 2012 and 28 October 2014. The
agreement provides for an administration and investment management fee of 1.75% per annum of net assets payable quarterly
in arrear for both Ordinary Shares and A Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran
until 6 February 2014 after which the management fee proportion of 1.5% has not been charged. For all other Ordinary Shares
the appointment shall continue until at least 30 April 2018. For A Shares the appointment shall continue until at least 30
April 2017. The agreement provides for an administration and investment management fee of 2.25% per annum of net assets
payable quarterly in arrear for C Shares and D Shares. For C Shares and D Shares the appointment shall continue for a
period of at least 6 years from the admission of those shares.
6. Legal and Professional Fees
Legal and professional fees include remuneration paid to the Company's auditor, Grant Thornton UK LLP as shown in the
following table:
Year ended Year ended
31 March 2016 31 March 2015
Ord. A C D Ord. A C D
Shares Shares Shares Shares Total Shares Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Fees payable to the Company's auditor:
- for the audit of the financial statements 10 2 8 7 27 11 3 8 1 23
- for taxation compliance services 1 - 1 1 3 1 - 1 - 2
11 2 9 8 30 12 3 9 1 25
7. Directors' Remuneration
Year ended Year ended
31 March 2016 31 March 2015
Ord. A C D Ord. A C D
Shares Shares Shares Shares Total Shares Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
David Frank 6 2 5 5 18 9 2 7 - 18
Simon Acland 5 1 4 5 15 7 2 6 - 15
Michael Stanes 6 1 5 3 15 7 2 5 1 15
Total 17 4 14 13 48 23 6 18 1 48
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 year was three. Full disclosure of Directors'
remuneration is included in the Directors' Remuneration report.
8. Taxation
Year ended Year ended
31 March 2016 31 March 2015
Ord. A C D Ord. A C D
Shares Shares Shares Shares Total Shares Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Profit/(loss) on ordinary activities before tax 729 (39) 807 377 1,874 1,327 576 127 (9) 2,021
Corporation tax @ 20% 146 (8) 162 75 375 265 115 26 (2) 404
Effect of: - -
Capital (gains)/losses not taxable (84) 93 (65) - (56) (185) (108) - - (293)
Income received not taxable (46) (87) - - (133) - - - - -
Disallowed expenditure 3 1 10 14 - - - - -
Unrelieved tax losses arising in the year (1) - (1) - - - - -
Prior year adjustment 3 - 1 - 4 6 1 - - 7
Tax charge/credit 21 (1) 98 85 203 86 8 26 (2) 118
Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.
9. Earnings/(loss) per Share
Earnings per Ordinary Share are 3.69p based on the profit after tax of £708,000 (2015: £1,241,000) and on the weighted
average number of shares in issue during the period of 19,474,787 (2015:19,573,483). Loss per A Share is 0.72p based on the
loss after tax of £38,000 (2015: profit £568,000) and on the weighted average number of shares in issue during the period
of 5,131,353 (2015: 5,131,353). The earnings per C Share are 5.27p based on the profit after tax of £709,000 (2015:
£101,000) and on the weighted average number of shares in issue during the period of 13,441,438 (2015: 13,010,787). The
earnings per D Share are 2.19p based on the profit after tax of £292,000 (2015: loss £7,000) and on the weighted average
number of shares in issue during the period of 13,325,044 (2015: 881,097).
The weighted average number of shares in issue during the period for the Ordinary Shares, the A Shares, the C Shares and
the D Shares were:
Ordinary Shares A Shares
Shares No. Of Weighted Shares No. Of Weighted
Issued Days Average Issued Days Average
Current Year
01-Apr-15 19,474,883 366 19,474,883 5,131,353 366 5,131,353
29-Mar-16 (11,763) 3 (96) 3
31-Mar-16 19,463,120 366 19,474,787 5,131,353 366 5,131,353
C Shares D Shares
Shares No. Of Weighted Shares No. Of Weighted
Issued Days Average Issued Days Average
Current Year
01-Apr-15 13,441,438 366 13,441,438 8,467,598 366 8,467,598
02-Apr-15 - 365 - 382,400 365 381,355
14-Apr-15 - 353 - 579,246 353 558,672
01-May-15 - 336 - 4,097,567 336 3,761,701
11-May-15 - 326 - 174,825 326 155,718
31-Mar-16 13,441,438 366 13,441,438 13,701,636 366 13,325,044
There are no potentially dilutive capital instruments in issue and, therefore, no diluted return per share figures are
included in these Financial Statements.
10. Financial Assets at Fair Value through Profit or Loss
Investments
Fair Value Hierarchy:
Level 1: quoted prices on active markets for identical assets or liabilities. The fair value of financial instruments
traded on active markets is based on quoted market prices at the balance sheet date. A market is regarded as active where
the market in which transactions for the asset or liability takes place with sufficient frequency and volume to provide
pricing information on an ongoing basis. The quoted market price used for financial assets held by the Company is the
current bid price. These instruments are included in level 1.
Level 2: the fair value of financial instruments that are not traded on active markets is determined by using valuation
techniques. These valuation techniques maximise the use of observable inputs including market data where it is available
either directly or indirectly and rely as little as possible on entity specific estimates. If all
- More to follow, for following part double click ID:nRSI7837AeRecent 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
Announcement