REG - Triple Point Inc VCT - Half-year Report <Origin Href="QuoteRef">TPV1.L</Origin> - Part 1

Triple Point Income VCTAnnouncement

08/11/2016 15:30

RNS Number : 6589O
Triple Point Income VCT PLC
08 November 2016
Triple Point Income VCT plc
Interim Results
The Directors of Triple Point Income VCT plc are pleased to announce its Interim results for the six months to 30 September 2016.
For further information please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk
Interim Financial Report - Financial Summary

Unaudited

Audited

Unaudited

6 months ended 30 September 2016

Year ended 31 March 2016

6 months ended 30 September 2015

Ord. Shares
A Shares
C Shares
D Shares
Total

Ord. Shares
A Shares
C Shares
D Shares
Total

Ord. Shares
A Shares
C Shares
D Shares
Total

'000 
'000 
'000 
'000 
'000 

'000 
'000 
'000 
'000 
'000 

'000 
'000 
'000 
'000 
'000 
Net assets
13,259 
2,145 
13,625 
14,124 
43,153 

13,175 
2,118 
14,118 
13,875 
43,286 

16,242 
2,115 
13,597 
13,681 
45,635 
Net asset value per share
68.13p 
41.79p 
101.37p 
103.08p 
n/a 

67.69p 
41.28p 
105.03p 
101.26p 
n/a 

83.40p 
41.22p 
101.16p 
99.85p 
n/a 
Net profit/(loss) before tax
102 
32 
225 
299 
658 

729 
(39)
807 
377 
1,874 

568 
(43)
235 
135 
895 
Earnings/(loss) per share
0.44p 
0.51p 
1.34p 
1.82p 
n/a 

3.64p 
(0.72p)
5.27p 
2.19p 
n/a 

2.91p 
(0.79p)
1.40p 
0.75p 
n/a 


















Cumulative return to shareholders (p)

















Net asset value per share
68.13
41.79
101.37
103.08













Dividends paid 
25.56
56.20
5.00
-













Net asset value plus dividends paid
93.69
97.99
106.37
103.08













Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM"). 
 Ordinary Shares: these are held by the shareholders that were in the Company prior to the merger on 21 November 2012; and by former TP70 2008(II) VCT plc shareholders; and shares that were held by the B Ordinary Shareholders which were converted to Ordinary Shares on 31 October 2013. 
 A Ordinary Shares: these are held by the former TP12(I) VCT plc shareholders prior to the merger on 21 November 2012.
 C Ordinary Shares: these are the shares issued in the Offer that closed on 27 May 2014. A total of 14.0 million was raised and 13,441,438 C Shares were issued.
 D Ordinary Shares: these are the shares issued in the Offer that closed on 30 April 2015. A total of 14.3 million was raised and 13,701,636 D Shares were issued.

Chairman's Statement
 
I am writing to present the Unaudited Interim Financial Report for the Company for the period ended 30 September 2016, a period which has seen modest appreciation in all share classes, in line with expectations.
There have been significant changes to the VCT legislation in the last 12 months, which have further restricted the investments which a VCT can make on both a Qualifying and a Non-Qualifying basis. Some of the investments which we have targeted and made would no longer be permitted, but most of the changes took effect from 6th April and therefore do not affect the Company's existing investment portfolio.
Investment Portfolio
The Company's funds at 30 September 2016 are 97% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 70% of funds must be invested in VCT qualifying investments within three years. 
The Investment Manager's review on pages 4 to 6 gives an update on the portfolio of investments in 21 small unquoted businesses.
Ordinary Share Class 
The Ordinary Share Class has a diverse portfolio consisting of cinema digitisation, electricity generation, crematorium management and SME funding. 
The Ordinary Share Class has recorded a profit over the period of 0.44p per share. As at 30 September 2016 the net asset value stood at 68.13p per share. Adding back the total dividends of 25.56p paid to Ordinary Class Shareholders takes the total return including net asset value to 93.69p per share, which compares to a weighted average share price at acquisition or conversion of 83.6p. 
A Share Class 
After the realisation of a substantial part of its portfolio in 2015 the remaining portfolio consists of three investments, two in landfill gas and one in an SME Funding company. 
The A Share Class has recorded a profit over the period of 0.51p per share. As at 30 September 2016 the net asset value stood at 41.79p per share. Adding back the dividends paid to A Class Shareholders of 56.2p per share takes the total return including net asset value to 97.99p per share, which compares to a weighted average share price at conversion of 86.4p. The Company has not paid a dividend to the A Class Shareholders thus far this year due to insufficient cash resources following the payment of a special dividend of 40p paid to this share class in August 2015.
The coming months will see us focus on proposals for the realisation of the remaining investments in the A Share Class as April 2017 will mark the end of the minimum five year holding period.
C Share Class
The C Share Class has investments in three companies in the Hydro Electric Power sector which between them own five hydroelectric schemes in the Scottish Highlands. All schemes have been successfully commissioned and are operating in line with expectations. The C Share Class also has invested in companies which provide SME funding in the hydro electric power sector.
The C Share Class has recorded a profit over the period of 1.34p per share. At 30 September 2016 the net asset value stood at 101.37p per share. The Company paid its first dividend to C Class Shareholders of 672,072 equal to 5p per share on 8 July 2016. Adding back this dividend takes the total return including the net asset value to 106.37p per share.
D Share Class 
The D Share Class has investments in five companies in the Hydro Electric Power sector which between them own six hydroelectric schemes in the Scottish Highlands. As expected five of the schemes have been successfully commissioned and are operational, with the final scheme due to be commissioned in May 2017. The D Share Class also has invested in two companies, providing funding to SMEs one of which focuses on the hydro electric power sector.
The D Share Class has recorded a profit over the period of 1.82p per share. At 30 September 2016 the net asset value stood at 103.08p per share. 
Risks
The Board believes that the principal risks currently facing the Company are:
 investment risk associated with holding VCT qualifying investments;
 risk of failure to maintain approval as a VCT;
 risk of ability to return funds to investors in line with expectations.
The Board and the Investment Manager continue to work to minimise the likelihood and the potential impact of these risks. 
Outlook
The Company and the Investment Manager continue to monitor the performance of the Ordinary Share portfolio and to seek exits for the A Share portfolio.
The Company's focus on the C and D Share Class investments in the hydro electric power sector will be on the operation of completed sites and progress of the remaining scheme under construction.
As noted above the Company is now fully invested, meeting the 70% qualifying investment condition including funds raised last year. Both the Company and the Investment Manager are therefore well placed to raise and invest further funds and we are pleased to report the launch in October of an offer, for subscription into a new E Share Class in the Company of up to 30 million. The existing share classes will benefit from this offer with an allocation of fixed costs to the new share class.
If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.
David Frank
Chairman
8 November 2016
Investment Manager's Review 
The Company's funds at 30 September 2016 are 97% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 70% of funds must be invested in VCT qualifying investments within three years. 
The VCT was established to fund small and medium sized enterprises. It has four share classes each invested in their own portfolio as detailed on page 5. At 30 September 2016 the overall portfolio comprised investments in 21 small, unquoted companies in four sectors: cinema digitisation; crematorium management; electricity generation; and SME Funding.
Portfolio Review
Cinema Digitisation
The Company maintains two holdings in cinema digitisation businesses which provide cinema digitisation services in the UK, Germany and Ireland.These businesses continue to look for opportunities to grow and to acquire projectors.
Crematorium Management 
The Company has an investment in a business that provides crematory and mercury abatement services for the crematoria of a London Borough. In line with expectations for the sector this investment has delivered a modest but steady return over the 7 years that it has been held.
Electricity Generation:
Solar
The Company holds an investment in Green Energy For Education Limited ("GEFE"), a company that owns a portfolio of rooftop PV systems. The PV systems have been outperforming their electricity generation targets and the investment continues to provide an attractive exposure to a business benefitting from low risk Feed in Tariffs. The Company also holds an investment in Cmore Energy Limited ("Cmore"), a ground mount solar farm located in Herefordshire. Revenues are earned from the sale of Renewable Obligation Certificates and the sale of electricity. Cmore's revenues have been protected from the wider decline in wholesale electricity prices due to a long term Power Purchase Agreement. 
Landfill Gas
Craigahulliar Energy Ltd ("CEL") and Aeris Power Ltd ("APL") each generate renewable electricity from landfill gas at sites operated respectively by local councils and a large waste management company in Northern Ireland. Both businesses continue to generate electricity for export to the Grid, earning long term cash flows through the sale of electricity to a utility company and potentially to the site owners, as well as through the sale of the Renewable Obligation Certificates. CEL is generating in line with expectations while APL's generation is running at lower levels than planned due to lower than expected gas extraction. Management have taken actions to address this and APL continues to be able to comfortably meet the VCT's interest payments.The Company is in discussions with a potential acquirer of its holdings in both these companies. 
Hydro Electric Power 
The Company has investments in nine companies which between them own eleven hydroelectric schemes in the Scottish Highlands. In total ten schemes have been commissioned. Four schemes were commissioned at the end of 2015 and the first quarter of the year was spent addressing snagging issues and bringing the schemes up to full capacity. Rainfall levels and generation were below forecast during the second quarter but ahead of forecast during the summer and the schemes are operating efficiently. A further two schemes were commissioned in August and September 2016 and have operated well during this initial period. The final scheme is forecast to be commissioned during the second quarter 2017.
Gas Power
The Company holds an investment pursuing opportunities in combined heat and other gas power projects.
SME Funding
The Company has invested in three companies which provide funding to a range of small and medium sized businesses. Two of these companies focus on the hydro electric power sector. All three companies are performing in line with expectation.
Sector Analysis
The unquoted investment portfolio can be analysed as follows:



Electricity Generation
SME Funding

Industry Sector
Cinema Digitisation
Crematorium Management 
Hydro Electric Power
Other
Hydro Electric Power
Other
Total Unquoted Investments

'000
'000
'000
'000
'000
'000
'000
Investments at 31 March 2016







Ord Shares
3,294 
788 
4,098 
3,970 
- 
450 
12,600
A Shares
- 
- 
- 
789 
- 
950 
1,739
C Shares
- 
- 
10,434 
- 
3,698 
- 
14,132
D Shares
- 
- 
11,083 
1 
1,206 
800 
13,090
Total
3,294 
788 
25,615 
4,760 
4,904 
2,200 
41,561 
Investments made during the period







Ord Shares
- 
- 
- 
- 
350 
- 
350
A Shares
- 
- 
- 
- 
- 
- 
- 
C Shares
- 
- 
- 
- 
- 
- 
- 
D Shares
- 
- 
- 
- 
- 
- 
- 

- 
- 
- 
- 
350 
- 
350 
Investments realised during the period







Ord Shares
- 
- 
(508)
- 
- 
- 
(508)
A Shares
- 
- 
- 
- 
- 
- 
- 
C Shares
- 
- 
- 
- 
(462)
- 
(462)
D Shares
- 
- 
- 
- 
- 
- 
- 

- 
- 
(508)
- 
(462)
- 
(970)
Investments at 30 September 2016







Ord Shares
3,294 
788 
3,590 
3,970 
350 
450 
12,442 
A Shares
- 
- 
- 
789 
- 
950 
1,739 
C Shares
- 
- 
10,434 
- 
3,236 
- 
13,670 
D Shares
- 
- 
11,083 
1 
1,206 
800 
13,090 
Total
3,294 
788 
25,107 
4,760 
4,792 
2,200 
40,941 
Total investments %
8.05%
1.92%
61.33%
11.63%
11.70%
5.37%
100.00%
Outlook
As Investment Manager we are committed to ensuring that returns on the investment portfolio are optimised and that the VCT continues to be managed in line with the Company's investment strategy and risk profile.
As noted in the Chairman's Statement the Company is now fully invested, meeting the 70% qualifying investment condition including funds raised last year. Both the Company and the Investment Manager are therefore well placed to raise and invest further funds with an offer for subscription into a new E Share Class in the Company of up to 30 million. 
Ordinary Share Class
The Company and the Investment Manager will continue to focus on monitoring the performance of the Ordinary Share Class investment portfolio and on maintaining or improving the performance of the Share Class within its target range. 
 
A Share Class
The Company and the Investment Manager will continue to focus on the successful realisation of the A Share Class investments. April 2017 will mark the end of the five year minimum VCT holding period for this share class. In line with its investment strategy we will be working towards facilitating a rapid exit for shareholders. To date the Company has distributed 56.2p per share to the A Class Shareholders.
C Share Class
The Company and the Investment Manager will monitor the ongoing operation and efficiency of the C Share Class investments in hydro electricity generation businesses. The Company paid its first dividend to the C Share Class on 8 July 2016 of 5p per share.
D Share Class
We are pleased to report that five of the six Hydro schemes held by the D Share Class were commissioned on time and within budget. Our focus now turns to improving operation and efficiency of the schemes. In line with initial expectations the sixth scheme is under construction and due to be commissioned during the second quarter of 2017.
There has been speculation of a second referendum. Overall our analysis remains the same as prior to the Scottish Referendum vote in 2014. We believe that, should Scotland vote for independence its new government would not want to jeopardise investor confidence, nor Scotland's highly prized energy sector by retrospectively changing any commercial obligations. However potential currency risk in the event of Scottish independence cannot be eliminated.
If you have any questions, please do not hesitate to call us on 020 7201 8989.
Ben Beaton
Managing Partner
for Triple Point Investment Management LLP
8 November 2016
Investment Portfolio

Unaudited

Audited

30 September 2016

31 March 2016

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted Holdings









Unquoted qualifying holdings
30,584 
73.27 
31,191 
73.69 

31,088 
73.99 
31,695 
74.42 
Unquoted non-qualifying holdings
9,782 
23.43 
9,750 
23.05 

9,898 
23.56 
9,866 
23.23 
Financial assets at fair value through profit or loss
40,366 
96.70 
40,941 
96.74 

40,986 
97.55 
41,561 
97.65 
Cash and cash equivalents
1,376 
3.30 
1,376 
3.26 

1,032 
2.45 
1,032 
2.35 

41,742 
100.00 
42,317 
100.00 

42,018 
100.00 
42,593 
100.00 









Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Cinema Digitisation 









Digima Ltd 
1,262 
3.02 
1,274 
3.01 

1,262 
3.00 
1,274 
2.99 
Digital Screen Solutions Ltd
2,020 
4.84 
2,020 
4.77 

2,020 
4.81 
2,020 
4.74 
Solar









C More Energy Ltd
1,000 
2.40 
1,153 
2.72 

1,000 
2.38 
1,153 
2.71 
Green Energy for Education Ltd
475 
1.14 
608 
1.44 

475 
1.13 
608 
1.43 
PJC Renewable Energy Ltd
5 
0.01 
5 
0.01 

5 
0.01 
5 
0.01 
Landfill Gas









Aeris Power Ltd
525 
1.26 
424 
1.00 

525 
1.25 
424 
1.00 
Craigahulliar Energy Ltd
350 
0.84 
365 
0.86 

350 
0.83 
365 
0.86 
Hydro Electric Power









Elementary Energy Ltd
2,060 
4.94 
2,130 
5.03 

2,060 
4.90 
2,130 
5.00 
Green Highland Allt Choire A Bhalachain (225) Ltd
3,130 
7.50 
3,130 
7.40 

3,130 
7.45 
3,130 
7.35 
Green Highland Allt Garbh Ltd
2,710 
6.49 
2,710 
6.40 

2,710 
6.45 
2,710 
6.36 
Green Highland Allt Ladaidh (1148) Ltd
3,500 
8.38 
3,500 
8.27 

3,500 
8.33 
3,500 
8.22 
Green Highland Allt Luaidhe (228) Ltd
1,995 
4.78 
1,995 
4.71 

1,995 
4.75 
1,995 
4.68 
Green Highland Allt Phocachain (1015) Ltd
3,932 
9.42 
3,932 
9.29 

3,932 
9.36 
3,932 
9.23 
Green Highland Shenval Ltd
1,120 
2.68 
1,120 
2.65 

1,624 
3.87 
1,624 
3.81 
Green Highland Renewables (Achnacarry) Ltd
4,300 
10.30 
4,625 
10.93 

4,300 
10.23 
4,625 
10.86 
Gas Power









Green Peak Generation Ltd
2,200 
5.27 
2,200 
5.20 

2,200 
5.24 
2,200 
5.17 

30,584 
73.27
31,191 
73.69

31,088 
73.99
31,695 
74.42

Unaudited

Audited

30 September 2016

31 March 2016

 Cost 
 Valuation

 Cost 
 Valuation
Unquoted Non-Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Crematorium Management









Furnace Managed Services Ltd
820 
1.96 
788 
1.86 

820 
1.95 
788 
1.85 
Hydro Electric Power









Elementary Energy Ltd
344 
0.82 
344 
0.81 

344 
0.82 
344 
0.81 
Green Highland Allt Choire A Bhalachain (225) Ltd
341 
0.82 
341 
0.81 

341 
0.81 
341 
0.80 
Green Highland Allt Garbh Ltd 
- 
- 
- 
- 

30 
0.07 
30 
0.07 
Green Highland Allt Luaidhe (228) Ltd
185 
0.44 
185 
0.44 

185 
0.44 
185 
0.43 
Green Highland Allt Phocachain (1015) Ltd
169 
0.40 
169 
0.40 

175 
0.42 
175 
0.41 
Kinlochteacius Hydro Limited
762 
1.83 
762 
1.80 

762 
1.81 
762 
1.79 
Green Highland Renewables (Achnacarry) Ltd
117 
0.28 
117 
0.28 

133 
0.32 
133 
0.31 
Gas Power









Green Peak Generation Ltd
- 
- 
- 
- 

4 
0.01 
4 
0.01 
SME Funding









Hydro Electric Power:









Broadpoint 2 Ltd
2,834 
6.79 
2,834 
6.70 

2,894 
6.89 
2,894 
6.79 
Broadpoint 3 Ltd
2,010 
4.82 
2,010 
4.75 

2,010 
4.78 
2,010 
4.72 
Other:









Funding Path Ltd
2,200 
5.27 
2,200 
5.20 

2,200 
5.24 
2,200 
5.24 

9,782 
23.43 
9,750 
23.05 

9,898 
23.56 
9,866 
23.23 
Directors' Responsibility Statement
The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period to 30 September 2016, the Directors confirm that to the best of their knowledge:
a) the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;
b) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of principal risks and uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006; 
d) the Interim Financial Report includes a fair review of related party transactions and changes therein. There are no related party transactions in the period; and
e) the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.
 The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next 12 months. Thus they continue to adopt the going concern basis of accounting in preparing the Financial Statements.
This Interim Financial Report has not been audited or reviewed by the auditors.
David Frank
Chairman
8 November 2016
Non-Statutory Analysis - The Ordinary Share Fund
Statement of Comprehensive Income









Unaudited

Audited


6 months ended

Year ended

Note
30 September 2016

31 March 2016


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income
4 
227 
- 
227 

694 
- 
694 
Realised gain on investments

- 
- 
- 

- 
342 
342 
Unrealised gain on investments

- 
- 
- 

- 
80 
80 
Investment return

227 
- 
227 

694 
422 
1,116 
Investment management fees
5
(81)
(22)
(103)

(183)
(61)
(244)
Other expenses

(22)
- 
(22)

(127)
(16)
(143)
Profit before taxation

124 
(22)
102 

384 
345 
729 
Taxation
7 
(25)
7 
(18)

(33)
12 
(21)
Profit after taxation

99 
(15)
84 

351 
357 
708 
Profit/(loss) and total comprehensive income for the period

99 
(15)
84 

351 
357 
708 
Basic and diluted earnings per share
8 
0.51p 
(0.07p)
0.44p 

1.80p 
1.84p 
3.64p 












Unaudited


Audited
Balance Sheet
Note
30 September 2016

31 March 2016




'000



'000
Non-current assets








Financial assets at fair value through profit or loss



11,834 



11,992 









Current assets








Assets held for sale



608 



608 
Receivables



405 



334 
Cash and cash equivalents
9 


508 



326 




1,521 



1,268 
Current liabilities








Payables



(96)



(85)
Net assets



13,259 



13,175 









Equity attributable to equity holders



13,259 



13,175 
Net asset value per share
11 


68.13p 



67.69p 









Statement of Changes in Shareholders' Equity











Unaudited


Audited


30 September 2016


31 March 2016




'000



'000
Opening shareholders' funds



13,175 



16,649 
Purchase of own shares



- 



(7)
Issue of new shares



- 



3 
Profit for the period



84 



708 
Dividends paid



- 



(4,178)
Closing shareholders' funds



13,259 



13,175 

Unaudited

Audited

30 September 2016

31 March 2016

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted qualifying holdings
10,142 
80.40 
10,510 
81.16 

10,646 
84.54 
11,014 
85.21 
Unquoted non-qualifying holdings
1,964 
15.57 
1,932 
14.91 

1,618 
12.84 
1,586 
12.27 
Financial assets at fair value through profit or loss
12,106 
95.97 
12,442 
96.07 

12,264 
97.38 
12,600 
97.48 
Cash and cash equivalents
508 
4.03 
508 
3.93 

326 
2.62 
326 
2.52 

12,614 
100.00 
12,950 
100.00 

12,590 
100.00 
12,926 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Cinema digitisation 









Digima Ltd 
1,262 
10.00 
1,274 
9.84 

1,262 
10.02 
1,274 
9.86 
Digital Screen Solutions Ltd
2,020 
16.01 
2,020 
15.60 

2,020 
16.04 
2,020 
15.63 
Solar 









C More Energy Ltd
1,000 
7.93 
1,153 
8.90 

1,000 
7.94 
1,153 
8.92 
Green Energy for Education Ltd
475 
3.77 
608 
4.69 

475 
3.77 
608 
4.70 
PJC Renewable Energy Ltd
5 
0.04 
5 
0.04 

5 
0.04 
5 
0.04 
Hydro Electric Power









Elementary Energy Ltd
2,060 
16.33 
2,130 
16.45 

2,060 
16.36 
2,130 
16.48 
Green Highland Shenval Ltd
1,120 
8.88 
1,120 
8.65 

1,624 
12.90 
1,624 
12.56 
Gas Power









Green Peak Generation Ltd
2,200 
17.44 
2,200 
16.99 

2,200 
17.47 
2,200 
17.02 

10,142 
80.40 
10,510 
81.16 

10,646 
84.54 
11,014 
85.21 










Unquoted Non-Qualifying Holdings









Crematorium Management









Furnace Managed Services Ltd
820 
6.50 
788 
6.08 

820 
6.51 
788 
6.10 
Hydro Electric Power









Elementary Energy Ltd
344 
2.73 
344 
2.66 

344 
2.73 
344 
2.66 
Gas Power









Green Peak Generation Limited
- 
- 
- 
- 

4 
0.03 
4 
0.03 
SME Funding









Hydro Electric Power:









Broadpoint 2 Ltd
350 
2.77 
350 
2.70 

- 
- 
- 
- 
Other:









Funding Path Ltd
450 
3.57 
450 
3.47 

450 
3.57 
450 
3.48 

1,964 
15.57 
1,932 
14.91 

1,618 
12.84 
1,586 
12.27 
Non-Statutory Analysis - The A Share Fund
Statement of Comprehensive Income














6 months ended

Year ended

Note
30 September 2016

31 March 2016


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income
4 
54 
- 
54 

490 
- 
490 
Realised loss on investments

- 
- 
- 

- 
(362)
(362)
Unrealised (loss) on investments

- 
- 
- 

- 
(101)
(101)
Investment return

54 
- 
54 

490 
(463)
27 
Investment management fees
5
(15)
(4)
(19)

(39)
(13)
(52)
Other expenses

(3)
- 
(3)

(10)
(4)
(14)
Profit/(loss) before taxation

36 
(4)
32 

441 
(480)
(39)
Taxation
7 
(7)
2 
(5)

(1)
2 
1 
Profit/(loss) after taxation

29 
(2)
27 

440 
(478)
(38)
Profit/(loss) and total comprehensive income for the period

29 
(2)
27 

440 
(478)
(38)
Basic and diluted earnings/(loss) per share
8 
0.56p 
(0.05p)
0.51p 

8.57p 
(9.29p)
(0.72p)












Unaudited


Audited
Balance Sheet
Note
30 September 2016

31 March 2016




'000



'000
Non-current assets








Financial assets at fair value through profit or loss



950 



950 









Current assets








Assets held for sale



789 



789 
Receivables



320 



313 
Cash and cash equivalents
9 


101 



78 




1,210 



1,180 
Current liabilities








Payables



(15)



(12)
Net assets



2,145 



2,118 









Equity attributable to equity holders


2,145 



2,118 
Net asset value per share
11 


41.79p 



41.28p 





















Unaudited


Audited
Statement of Changes in Shareholders' Equity

30 September 2016


31 March 2016




'000



'000
Opening shareholders' funds



2,118 



4,465 
Profit/(loss) for the period



27 



(38)
Dividends paid



- 



(2,309)
Closing shareholders' funds



2,145 



2,118 
Investment Portfolio
Unaudited

Audited

30 September 2016

31 March 2016

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted qualifying holdings
875 
45.43 
789 
42.88 

875 
45.98 
789 
43.43 
Unquoted non-qualifying holdings
950 
49.33 
950 
51.63 

950 
49.92 
950 
52.28 
Financial assets at fair value through profit or loss
1,825 
94.76 
1,739 
94.51 

1,825 
95.90 
1,739 
95.71 
Cash and cash equivalents
101 
5.24 
101 
5.49 

78 
4.10 
78 
4.29 

1,926 
100.00 
1,840 
100.00 

1,903 
100.00 
1,817 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Landfill Gas





- 



Aeris Power Ltd
525 
27.26 
424 
23.04 

525 
27.59 
424 
23.34 
Craigahulliar Energy Ltd
350 
18.17 
365 
19.84 

350 
18.39 
365 
20.09 

875 
45.43 
789 
42.88 

875 
45.98 
789 
43.43 










Unquoted Non-Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
SME Funding









Other:









Funding Path Ltd
950 
49.33 
950 
51.63 

950 
49.92 
950 
52.28 

950 
49.33 
950 
51.63 

950 
49.92 
950 
52.28 










Non-Statutory Analysis - The C Share Fund
Statement of Comprehensive Income

Unaudited

Audited


6 months ended

Year ended

Note
30 September 2016

31 March 2016


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income
4 
408 
- 
408 

832 
- 
832 
Unrealised gain on investments

- 
- 
- 

- 
325 
325 
Investment return

408 
- 
408 

832 
325 
1,157 
Investment management fees
5
(124)
(35)
(159)

(230)
(77)
(307)
Other expenses

(24)
- 
(24)

(43)
- 
(43)
Profit/(loss) before taxation

260 
(35)
225 

559 
248 
807 
Taxation
7 
(53)
7 
(46)

(113)
15 
(98)
Profit/(loss) after taxation

207 
(28)
179 

446 
263 
709 
Profit/(loss) and total comprehensive income for the period

207 
(28)
179 

446 
263 
709 
Basic and diluted earnings/(loss) per share
8 
1.55p 
(0.21p)
1.34p 

3.31p 
1.96p 
5.27p 












Unaudited


Audited
Balance Sheet
Note
30 September 2016

31 March 2016




'000



'000
Non current assets








Financial assets at fair value through profit or loss



13,670 



14,132 









Current assets








Receivables



5 



2 
Cash and cash equivalents
9 


366 



246 




371 



248 
Current liabilities








Payables



(416)



(262)
Net assets



13,625 



14,118 









Equity attributable to equity holders



13,625 



14,118 
Net asset value per share
11 


101.37p 



105.03p 


















Statement of Changes in


Unaudited


Audited
Shareholders' Equity

30 September 2016


31 March 2016




'000



'000
Opening shareholders' funds



14,118 



13,409 
Profit for the period



179 



709 
Dividends paid



(672)



- 
Closing shareholders' funds



13,625 



14,118 









Investment Portfolio
Unaudited

Audited

30 September 2016

31 March 2016

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted qualifying holdings
9,430 
68.78 
9,755 
69.50 

9,430 
67.10 
9,755 
67.85 
Unquoted non-qualifying holdings
3,915 
28.55 
3,915 
27.89 

4,377 
31.15 
4,377 
30.45 
Financial assets at fair value through profit or loss
13,345 
97.33 
13,670 
97.39 

13,807 
98.25 
14,132 
98.28 
Cash and cash equivalents
366 
2.67 
366 
2.61 

246 
1.75 
246 
1.70 

13,711 
100.00 
14,036 
100.00 

14,053 
100.00 
14,378 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Hydro Electric Power









Green Highland Allt Choire A Bhalachain (225) Ltd
3,130 
22.83 
3,130 
22.30 

3,130 
22.27 
3,130 
21.77 
Green Highland Allt Phocachain (1015) Ltd
2,000 
14.59 
2,000 
14.25 

2,000 
14.23 
2,000 
13.91 
Green Highland Renewables (Achnacarry) Ltd
4,300 
31.36 
4,625 
32.95 

4,300 
30.60 
4,625 
32.17 

9,430 
68.78 
9,755 
69.50 

9,430 
67.10 
9,755 
67.85 






























Unquoted Non-Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Hydro Electric Power









Green Highland Allt Choire A Bhalachain (225) Ltd
341 
2.49 
341 
2.43 

341 
2.43 
341 
2.37 
Green Highland Allt Garbh Ltd 
- 
- 
- 
- 

30 
0.21 
30 
0.21 
Green Highland Allt Phocachain (1015) Ltd
169 
1.23 
169 
1.20 

175 
1.25 
175 
1.22 
Green Highland Renewables (Achnacarry) Ltd
117 
0.85 
117 
0.83 

133 
0.95 
133 
0.93 
SME Funding









Hydro Electric Power:









Broadpoint 2 Ltd
2,484 
18.12 
2,484 
17.70 

2,894 
20.59 
2,894 
20.13 
Broadpoint 3 Ltd
804 
5.86 
804 
5.73 

804 
5.72 
804 
5.59 

3,915 
28.55 
3,915 
27.89 

4,377 
31.15 
4,377 
30.45 
Non-Statutory Analysis - The D Share Fund
Statement of Comprehensive Income

Unaudited

Audited


6 months ended

Year ended

Note
30 September 2016

31 March 2016


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income
4 
470 
- 
470 

687 
- 
687 
Realised gain on investments

- 
- 
- 

- 
1 
1 
Investment return

470 
- 
470 

687 
1 
688 
Investment management fees
5
(114)
(33)
(147)

(141)
(46)
(187)
Other expenses

(24)
- 
(24)

(76)
(48)
(124)
Profit/(loss) before taxation

332 
(33)
299 

470 
(93)
377 
Taxation
7 
(66)
16 
(50)

(94)
9 
(85)
Profit/(loss) after taxation

266 
(17)
249 

376 
(84)
292 
Profit/(loss) and total comprehensive income for the period

266 
(17)
249 

376 
(84)
292 
Basic and diluted earnings/(loss) per share
8 
1.94p 
(0.12p)
1.82p 

2.82p 
(0.63p)
2.19p 











Unaudited

Audited
Balance Sheet
Note
30 September 2016

31 March 2016




'000



'000
Non current assets








Financial assets at fair value through profit or loss



13,090 



13,090 









Current assets








Receivables



856 



561 
Cash and cash equivalents
9 


401 



382 




1,257 



943 
Current liabilities








Payables



(223)



(158)
Net assets



14,124 



13,875 









Equity attributable to equity holders



14,124 



13,875 
Net asset value per share
11 


103.08p 



101.26p 


















Statement of Changes in 


Unaudited


Audited
Shareholders' equity

30 September 2016


31 March 2016




'000



'000
Opening shareholders' funds



13,875 



5,198 
Issue of new shares



- 



8,385 
Profit for the period



249 



292 
Closing shareholders' funds



14,124 



13,875 
Investment Portfolio
Unaudited

Audited

30 September 2016

31 March 2016

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted qualifying holdings
10,137 
75.14 
10,137 
75.14 

10,137 
75.25 
10,137 
75.25 
Unquoted non-qualifying holdings
2,953 
21.89 
2,953 
21.89 

2,953 
21.92 
2,953 
21.92 
Financial assets at fair value through profit or loss
13,090 
97.03 
13,090 
97.03 

13,090 
97.17 
13,090 
97.17 
Cash and cash equivalents
401 
2.97 
401 
2.97 

382 
2.83 
382 
2.83 

13,491 
100.00 
13,491 
100.00 

13,472 
100.00 
13,472 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Hydro Electric Power









Green Highland Allt Garbh Ltd
2,710 
20.09 
2,710 
20.09 

2,710 
20.12 
2,710 
20.12 
Green Highland Allt Ladaidh (1148) Ltd
3,500 
25.94 
3,500 
25.94 

3,500 
25.98 
3,500 
25.98 
Green Highland Allt Luaidhe (228) Ltd
1,995 
14.79 
1,995 
14.79 

1,995 
14.81 
1,995 
14.81 
Green Highland Allt Phocachain (1015) Ltd
1,932 
14.32 
1,932 
14.32 

1,932 
14.34 
1,932 
14.34 

10,137 
75.14 
10,137 
75.14 

10,137 
75.25 
10,137 
75.25 






























Unquoted Non-Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Hydro Electric Power









Green Highland Allt Luaidhe (228) Ltd
185 
1.37 
185 
1.37 

185 
1.37 
185 
1.37 
Kinlochteacius Hydro Limited
762 
5.65 
762 
5.65 

762 
5.66 
762 
5.66 
SME Funding









Hydro electric Power:









Broadpoint 3 Ltd
1,206 
8.94 
1,206 
8.94 

1,206 
8.95
1,206 
8.95 
Other:









Funding Path Ltd
800 
5.93 
800 
5.93 

800 
5.94 
800 
5.94 











2,953 
21.89 
2,953 
21.89 

2,953 
21.92 
2,953 
21.92 
Statement of Comprehensive Income 


Unaudited

Audited

Unaudited


6 months ended 

Year ended

Year ended


30 September 2016

31 March 2016

30 September 2015

Note
Rev.
Cap.
Total

Rev.
Cap.
Total

Rev.
Cap.
Total


'000
'000
'000

'000
'000
'000

'000
'000
'000
Income












Investment income
4
1,159 
- 
1,159 

2,703 
- 
2,703 

1,669 
- 
1,669 
(Loss) arising on the disposal of investments during the period

- 
- 
- 

- 
(19)
(19)

- 
(21)
(21)
Gain/(loss) arising on the revaluation of investments at the period end

- 
- 
- 

- 
304 
304 

- 
(106)
(106)
Investment return

1,159 
- 
1,159 

2,703 
285 
2,988 

1,669 
(127)
1,542 













Expenses












Investment management fees
5
334 
94 
428 

593 
197 
790 

300 
100 
400 
Financial and regulatory costs

15 
- 
15 

24 
- 
24 

14 
- 
14 
General administration

7 
- 
7 

16 
- 
16 

6 
- 
6 
Legal and professional fees

27 
- 
27 

55 
68 
123 

21 
69 
90 
Directors' remuneration
6
24 
- 
24 

48 
- 
48 

24 
- 
24 
Interest payable

- 
- 
- 

113 
- 
113 

113 
- 
113 
Operating expenses

407 
94 
501 

849 
265 
1,114 

478 
169 
647 
Profit/(loss) before taxation

752 
(94)
658 

1,854 
20 
1,874 

1,191 
(296)
895 
Taxation
7
(151)
32 
(119)

(241)
38 
(203)

(105)
19 
(86)
Profit/(loss) after taxation

601 
(62)
539 

1,613 
58 
1,671 

1,086 
(277)
809 
Profit/(loss) and total comprehensive income for the period

601 
(62)
539 

1,613 
58 
1,671 

1,086 
(277)
809 
Basic and diluted earnings per share 

n/a
n/a
n/a

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). The supplementary Revenue Return and Capital columns have been prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
This Statement of Comprehensive Income includes all recognised gains and losses. 
The accompanying notes are an integral part of this statement.
Balance Sheet 

Unaudited

Audited


30 September 2016

31 March 2016

Note
'000 

'000 





Non-current assets




Financial assets at fair value through profit or loss

39,544 

40,164 





Current assets




Assets held for sale

1,397 

1,397 
Receivables

1,586 

1,210 
Cash and cash equivalents
9
1,376 

1,032 


4,359 

3,639 





Total Assets

43,903 

43,803 





Current liabilities




Payables and accrued expenses

433 

316 
Current taxation payable 

317 

201 


750 

517 





Net Assets
43,153 

43,286 





Equity attributable to equity holders of the parent




Share capital

518 

518 
Share redemption reserve

2 

2 
Share premium

16,307 

16,307 
Special distributable reserve

27,301 

27,447 
Capital reserve

(1,577)

(1,515)
Revenue reserve

602 

527 
Total equity

43,153 

43,286 





Net asset value per share 

n/a

n/a
The statements were approved by the Directors and authorised for issue on 8 November 2016 and are signed on their behalf by:
David Frank
Chairman
8 November 2016
The accompanying notes are an integral part of this statement.
Statement of Changes in Shareholders' Equity 

Issued Capital
Share Redemption Reserve
Share Premium
Special Distributable Reserve
Capital Reserve
Revenue Reserve
Total

'000
'000
'000
'000
'000
'000
'000
6 months ended 30 September 2016







Opening balance
518 
2 
16,307 
27,447 
(1,515)
527 
43,286 
Dividends paid
- 
- 
- 
(146)
- 
(526)
(672)
Transactions with owners
- 
- 
- 
(146)
- 
(526)
(672)
Profit/(loss) for the period
- 
- 
- 
- 
(62)
601 
539 
Profit and total comprehensive income/(loss) for the period
- 
- 
- 
- 
(62)
601 
539 
Balance at 30 September 2016
518 
2 
16,307 
27,301 
(1,577)
602 
43,153 
Capital reserve consists of:







Investment holding gains




575 


Other realised losses
(2,152)







(1,577)


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
- 
(449)
(24,785)
25,234 
- 
- 
- 
Dividend 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 
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)


6 months ended 30 September 2015







Opening balance
434 
451 
32,405 
6,997 
(1,573)
1,007 
39,721 
Issue of new shares
84 
- 
8,688 
(384)
- 
- 
8,388 
Dividend paid
- 
- 
- 
(2,275)
- 
(1,008)
(3,283)
Transactions with owners
84 
- 
8,688 
(2,659)
- 
(1,008)
5,105 
Profit/(loss) for the period
- 
- 
- 
- 
(277)
1,086 
809 
Profit/ and total comprehensive income/(loss) for the period
- 
- 
- 
- 
(277)
1,086 
809 
Balance at 30 September 2015
518 
451 
41,093 
4,338 
(1,850)
1,085 
45,635 
Capital reserve consists of:







Investment holding gains




165 


Other realised losses




(2,015)







(1,850)


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 special distributable reserve was created on court cancellation of the share premium account. The net of the revenue reserve and special distributable reserve are distributable by way of dividend. 
Statement of Cash Flows 

Unaudited

Audited
6 months ended
Year ended

30 September 2016

31 March 2016

'000 

'000 
Cash flows from operating activities



Profit before taxation
658 

1,874 
Loss arising on the disposal of investments during the period
- 

19 
(Gain) arising on the revaluation of investments at the period end
- 

(304)
Cash flow generated by operations
658 

1,589 
(Increase) in receivables
(376)

(429)
Increase/(decrease) in payables
117 

(2,195)
Taxation 
(3)

(118)
Net cash flows from operating activities
396 

(1,153)




Cash flow from investing activities



Purchase of financial assets at fair value through profit or loss
- 

(16,707)
Proceeds of sale of financial assets at fair value through profit or loss
620 

16,005 
Net cash flows from investing activities
620 

(702)




Cash flows from financing activities



Issue of new shares
- 

8,388 
Purchase of own shares
- 

(7)
Dividends paid
(672)

(6,487)
Net cash flows from financing activities
(672)

1,894 
Net increase/(decrease) in cash and cash equivalents
344 

39 
Reconciliation of net cash flow to movements in cash and cash equivalents



Opening cash and cash equivalents
1,032 

993 
Net increase/(decrease) in cash and cash equivalents
344 

39 
Closing cash and cash equivalents
1,376 

1,032 
The accompanying notes are an integral part of this statement.
Notes to the Unaudited Interim Financial Report
1.  Corporate information
 
The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2016 was authorised for issue in accordance with a resolution of the Directors on 8 November 2016.
The Company is listed on the London Stock Exchange.
Triple Point Income VCT plc is incorporated and domiciled in Great Britain. The address of Triple Point Income VCT plc's registered office, which is also its principal place of business, is 18 St. Swithin's Lane, London EC4N 8AD.
Triple Point Income VCT plc's Unaudited Interim Financial Report is presented in Pounds Sterling () which is also the functional currency of the Company, rounded to the nearest thousand.
The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.
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
The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2016 has been prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting policies and methods of computation are followed in the Interim Financial Report as were followed in the most recent Financial Statements. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 31 March 2016.
Estimates
The preparation of the Interim Report requires the Board to make judgements, estimates and assumptions that reflect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. However, actual results may differ from these estimates.
3.  Segmental reporting
  
The Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK.
4. Investment income

Unaudited

Audited

6 months ended

Year ended 

30 September 2016

31 March 2016

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
227 
54 
408 
470 
1,159 

458 
55 
828 
683 
2,024 
Dividends receivable
- 
- 
- 
- 
- 

232 
434 
- 
- 
666 
Interest receivable on bank balances
- 
- 
- 
- 
- 

4 
1 
4 
4 
13 

227 
54 
408 
470 
1,159 

694 
490 
832 
687 
2,703 
5. Investment management fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 6 February 2008 and three deeds of variation to that agreement effective 21 November 2012, 20 December 2013 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. Directors' remuneration

Unaudited

Audited

6 months ended

Year ended 

30 September 2016

31 March 2016

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
3 
- 
3 
3 
9 

6 
2 
5 
5 
18 
Simon Acland
2 
- 
3 
3 
8 

5 
1 
4 
5 
15 
Michael Stanes
2 
1 
2 
2 
7 

6 
1 
5 
3 
15 
Total
7 
1 
8 
8 
24 

17 
4 
14 
13 
48 
Directors' remuneration is allocated proportionately against each share class.
7. Taxation

Unaudited

Audited

6 months ended

Year ended 

30 September 2016

31 March 2016

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
102 
32 
225 
299 
658 

729 
(39)
807 
377 
1,874 












Corporation tax @ 20% 
21 
6 
45 
60 
132 

146 
(8)
162 
75 
375 
Effect of:




- 





- 
Capital (gains)/losses not taxable
- 
- 
- 
- 
- 

(84)
93 
(65)
- 
(56)
Income received not taxable
- 
- 
- 
- 
- 

(46)
(87)
- 
10 
(123)
Disallowed expenditure
- 
- 

- 
- 

3 
1 
- 
- 
4 
Unrelieved tax losses arising in the year
- 
- 


- 

(1)
- 
- 
- 
(1)
Prior year adjustment
(3)
(1)
1 
(10)
(13)

3 
- 
(1)
- 
2 
Tax charge/credit 
18 
5 
46 
50 
119 

21 
(1)
96 
85 
201 
Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.
8. Earnings/(loss) per share
The earnings per share for Ordinary Shares is based on the profit after tax of 84,000, and on the weighted average number of shares in issue during the period of 19,463,120, which is equal to the number of shares at 30 September 2016.
The earnings per share for A Shares is based on the profit after tax of 27,000, and on the weighted average number of shares in issue during the period of 5,131,353, which is equal to the number of shares at 30 September 2016.
The earnings per share for C Shares is based on the profit after tax of 179,000, and on the weighted average number of shares in issue during the period of 13,441,438, which is equal to the number of shares at 30 September 2016.
The earnings per share for D Shares is based on the profit after tax of 249,000, and on the weighted average number of shares in issue during the period of 13,701,636, which is equal to the number of shares at 30 September 2016.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.
10. Share capital

30 September 2016
31 March 2016
Ordinary Shares of 0.01 each


Issued & Fully Paid


Number of Shares
19,463,120 
19,463,120 
Par Value '000
195 
195 



A Ordinary Shares of 0.01 each


Issued & Fully Paid


Number of shares
5,131,353 
5,131,353 
Par Value '000
51 
51 



C Ordinary Shares of 0.01 each


Issued & Fully Paid


Number of shares
13,441,438 
13,441,438 
Par Value '000
135 
135 



D Ordinary Shares of 0.01 each


Issued & Fully Paid


Number of shares
13,701,636 
13,701,636 
Par Value '000
137 
137 



11. Net asset value per share
The calculation of the Company's net asset value per share for Ordinary Shares is based on the Company's net assets attributable to the Ordinary Shares of 13,259,000 divided by the 19,463,120 Ordinary Shares in issue.
The calculation of the Company's net asset value per share for A Shares is based on the Company's net assets attributable to the A Shares of 2,145,000 divided by the 5,131,353 A Shares in issue.
The calculation of the Company's net asset value per share for C Shares is based on the Company's net assets attributable to the C Shares of 13,625,000 divided by the 13,441,438 C Shares in issue.
The calculation of the Company's net asset value per share for D Shares is based on the Company's net assets attributable to the D Shares of 14,124,000 divided by the 13,701,636 D Shares in issue.
12. Commitments and contingencies 
 
The Company had no commitments or contingent liabilities at 30 September 2016. 
13. Relationship with Investment Manager 
During the period TPIM provided investment management and administration services to the Company for a fee amounting to 431,894. At 30 September 2016 271,439 was due to TPIM. 
14. Related party transactions 
There are no related party transactions.
15. Post balance sheet events
There were no post balance sheet events, other than the new E Share Class offer as described in the Investment Manager's Review.
16. Dividends
A dividend of 5p per share, equivalent to 672,072 was paid to the C Class Shareholders on 8 July 2016.

This information is provided by RNS
The company news service from the London Stock Exchange
  END
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