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

Triple Point Income VCTAnnouncement

09/11/2017 16:35

RNS Number : 0981W
Triple Point Income VCT PLC
09 November 2017





Triple Point Income VCT plc

LEI: 213800IXD8S5WY88L245
Interim Results
The Directors of Triple Point Income VCT plc are pleased to announce its Interim results for the six months to 30 September 2017.
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
Unaudited Interim Financial Report - Financial Summary
6 months ended 30 September 2017







Unaudited

Ord Shares
A Shares
C Shares
D Shares
E Shares

Total
Net assets
'000 
12,210 
964 
14,103 
13,962 
28,734 

69,973 
Net asset value per share

62.73p 
18.79p 
104.92p 
101.90p 
99.25p 

n/a 
Net profit before tax
'000 
109 
69 
499 
289 
(266)

700 
Earnings per share

0.49p 
1.33p 
3.43p 
1.71p 
(0.77p)

n/a 









Cumulative return to shareholders








Net asset value per share
Pence
62.73
18.79
104.92
101.90
99.25


Dividends paid
Pence
33.06
81.20
10.00
5.00
- 


Net asset value plus dividends paid

95.79
99.99
114.92
106.90
99.25











Year ended 31 March 2017








Audited

Ord Shares
A Shares
C Shares
D Shares
E Shares

Total
Net assets
'000 
13,573 
2,179 
14,314 
14,413 
- 

44,479 
Net asset value per share

69.74p 
42.46p 
106.49p 
105.19p 
- 

n/a 
Net profit before tax
'000 
429 
73 
957 
652 
- 

2,111 
Earnings per share

2.05p 
1.18p 
6.46p 
3.93p 
- 

n/a 
Cumulative return to shareholders








Net asset value per share
Pence
69.74
42.46
106.49
105.19
- 


Dividends paid
Pence
25.56
56.20
5.00
- 
- 


Net asset value plus dividends paid

95.30
98.66
111.49
105.19
- 











6 months ended 30 September 2016







Unaudited

Ord Shares
A Shares
C Shares
D Shares
E Shares

Total
Net assets
'000 
13,259 
2,145 
13,625 
14,124 
- 

43,153 
Net asset value per share

68.13p 
41.79p 
101.37p 
103.08p 
- 

n/a 
Net profit before tax
'000 
102 
32 
225 
299 
- 

658 
Earnings per share

0.44p 
0.51p 
1.34p 
1.82p 
- 

n/a 
Cumulative return to shareholders








Net asset value per share
Pence
68.13
41.79
101.37
103.08
- 


Dividends paid
Pence
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. The weighted average share price at acquisition or conversion was 83.60p
 A Ordinary Shares: these are held by the former TP12(I) VCT plc shareholders prior to the merger on 21 November 2012.The weighted average share price at conversion was 86.40p
 C Ordinary Shares: these are the shares issued in the Offer that closed on 27 May 2014. A total of 14.0 million was raised and 13,441,438 C Shares were issued.
 D Ordinary Shares: these are the shares issued in the Offer that closed on 30 April 2015. A total of 14.3 million was raised and 13,701,636 D Shares were issued.
 E Ordinary Shares: these are the shares issued in the Offer that closed this year on 15 May 2017. Just under 30 million was raised and 28,949,575 E Shares were issued.
Chairman's Statement
I am writing to present the Interim Financial Report for the Company for the period ended 30 September 2017.
Investment Portfolio
At 30 September 2017 the Company continues to meet the condition that at least 70% of the relevant funds must be invested in VCT qualifying investments within three years. 
The Investment Manager's review on pages 5 to 7 gives an update on the portfolio of investments in 19 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. May 2018 marks the end of the five year minimum VCT holding period for this share class and in line with investor expectations we will be working towards facilitating an exit for shareholders as soon as possible after this date.
The Ordinary Share Class has recorded a profit over the period of 0.49p per share. As at 30 September 2017 the net asset value stood at 62.73p per share. Adding back the dividends paid to Ordinary Class Shareholders of 33.06p takes the total return including net asset value to 95.79p per share. This compares to a weighted average share price at acquisition or conversion of 83.60p and a minimum target return of 90.4p. 
The Ordinary Share Class paid a special dividend of 2.5p as well as the regular annual dividend of 5p, equal to 1,459,734 on 14 July 2017.
A Share Class
With April 2017 marking the end of the five year anniversary, the A Share Class has realised its remaining portfolio during the period. 
The A Share Class recorded a profit over the period of 1.33p per share. As at 30 September 2017 the net asset value stood at 18.79p per share. Adding back the dividends paid to A Class Shareholders of 81.20p per share takes the total return including net asset value to 99.99p per share. This compares to a weighted average share price at conversion of 86.40p and a minimum target return of 97.6p.
The A Share Class paid a dividend of 1,282,838, equal to 25p per share on 14 July 2017 as part of the process of returning funds to shareholders.
The Board has resolved to pay a further dividend to A Class Shareholders of 912,868, equal to 17.79p per share, on 8 December 2017 to shareholders on the register on 24 November 2017. This will bring the total paid by way of dividends to the A Class Shareholders to 98.99p per share. Following payment of this dividend the shares will be cancelled and a final distribution paid to A Class Shareholders during the first quarter of 2018.
C Share Class
The C Share Class has investments in three companies in the Hydroelectric Power sector which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have been successfully commissioned and are operating in line with expectations. The C Share Class has also invested in companies which provide SME funding in the Hydroelectric Power sector.
The C Share Class has recorded a profit over the period of 3.43p per share. At 30 September 2017 the net asset value stood at 104.92p per share. The Company paid a second dividend to C Class Shareholders of 672,072, equal to 5p per share, on 14 July 2017. Adding back the total dividends paid to date takes the total return including the net asset value to 114.92p per share.
D Share Class
The D Share Class has investments in five companies in the Hydroelectric Power sector which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have now been commissioned and are operating in line with expectations. The D Share Class has also invested in two companies providing funding to SMEs, one of which focuses on the Hydroelectric Power sector.
The D Share Class has recorded a profit over the period of 1.71p per share. At 30 September 2017 the net asset value stood at 101.90p per share. The Company paid its first dividend to D Class Shareholders of 685,082, equal to 5p per share, on 14 July 2017. Adding back this dividend takes the total return including the net asset value to 106.90p per share.
E Share Class
The E Share Class offer closed on 15 May 2017 raising just under 30 million with a total of 28,949,575 E Shares being issued. The E Share Class recorded a loss over the period of 0.74p per share due to the administrative costs incurred whilst suitable investment opportunities are sought. At 30 September 2017 the net asset value stood at 99.25p 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 invest the E Share Class funds in line with expectations as a result of the Treasury review of the rules governing EIS and VCT investments; and
 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 progress an exit for the A Class Shareholders.
The Company's focus on the C and D Share Class investments in the Hydroelectric Power sector is on enhancing the operation of the sites now they have been completed and are fully operational. 
The Company's focus on the E Share Class is to invest the funds raised into unquoted investments as soon as possible.
If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.
David Frank
Chairman
9 November 2017
Investment Manager's Review 
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 Electric Power
Hydro Electric Power
Other
Total Unquoted Investments

'000
'000
'000
'000
'000
'000
'000
Investments at 31 March 2017







Ord Shares
3,366 
592 
2,771 
4,173 
350 
453 
11,705
A Shares
- 
- 
- 
789 
- 
957 
1,746
C Shares
- 
- 
10,872 
- 
3,288 
- 
14,160
D Shares
- 
- 
11,113 
- 
1,206 
806 
13,125
E Shares
- 
- 
- 
- 
- 
- 
- 
Total
3,366 
592 
24,861 
4,967 
4,734 
2,216 
40,736 
Investments made during the period







Ord Shares
- 
- 
- 
- 
- 
- 
- 
A Shares
- 
- 
- 
- 
- 
- 
- 
C Shares
- 
- 
- 
- 
- 
- 
- 
D Shares
- 
- 
- 
- 
- 
- 
- 
E Shares




400 
1,446 
1,846 

- 
- 
- 
- 
400 
1,446 
1,846 
Investments realised during the period







Ord Shares
- 
- 
- 
- 
- 
- 
- 
A Shares
- 
- 
- 
(789)
- 
(957)
(1,746)
C Shares
- 
- 
(26)
- 
(400)
- 
(426)
D Shares
- 
- 
- 
- 
- 
- 
- 
E Shares








- 
- 
(26)
(789)
(400)
(957)
(2,172)
Investments valued during the period







Ord Shares
- 
- 
- 
- 
- 
- 
- 
A Shares
- 
- 
- 
- 
- 
- 
- 
C Shares
- 
- 
- 
- 
- 
- 
- 
D Shares
- 
- 
- 
- 
- 
- 
- 
E Shares








- 
- 
- 
- 
- 
- 
- 
Investments at 30 September 2017







Ord Shares
3,366 
592 
2,771 
4,173 
350 
453 
11,705 
A Shares
- 
- 
- 
- 
- 
- 
- 
C Shares
- 
- 
10,846 
- 
2,888 
- 
13,734 
D Shares
- 
- 
11,113 
- 
1,206 
806 
13,125 
E Shares
- 
- 
- 
- 
400 
1,446 
1,846 
Total
3,366 
592 
24,730 
4,173 
4,844 
2,705 
40,410 
Total investments %
8.33%
1.46%
61.20%
10.33%
11.99%
6.69%
100.00%
At 30 September 2017 the Company continues to meet the condition that at least 70% of relevant funds must be invested in VCT qualifying investments within three years.
The VCT was established to fund small and medium sized enterprises. At 30 September 2017 it had five share classes, each invested in their own portfolio as detailed on page 5. The overall portfolio comprised investments in 19 small, unquoted companies in four sectors: cinema digitisation; crematorium management; electricity generation; and SME Funding.
Generally performance during the period has been in line with expectation across the portfolio with all established share classes recording an uplift in net asset value.
Review and Outlook
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. May 2018 marks the end of the five year minimum VCT holding period for this share class. In line with the investment strategy we will be working towards facilitating an exit for shareholders as soon as possible after this date.
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 diversify.
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. 
Hydroelectric Power
The Ordinary Share Class has investments in two companies which between them own two hydroelectric schemes in the Scottish Highlands. Further updates on this sector are detailed on page 7.
Gas Power
The Company has invested in a company that is constructing a gas power plant. The power plant utilises tried and tested technology provided by Rolls Royce, to provide a reliable and secure energy supply. The power plant is under construction and expected to be operational in Q1 2018. 
A Share Class
April 2017 marked the end of the five year minimum VCT holding period for this share class and, in line with its investment strategy, the Company and the Investment Manager have been working towards facilitating a rapid exit for shareholders. The realisations are now complete and the A Class Shareholders will be paid a final dividend of 17.79p per share on 8 December 2017, bringing the total dividends paid to 98.99p per share. The shares will then be cancelled with a final distribution of 1p per share paid to shareholders expected in Q1 2018.
C Share Class
The Company and the Investment Manager will monitor the ongoing operation and efficiency of the C Share Class investments. The C Share Class has investments in three hydroelectric companies which between them own six schemes in the Scottish Highlands. Further updates on this sector are detailed below.
D Share Class
We are pleased to report that the final of six Hydro schemes located in the Scottish Highlands held by the D Share Class was commissioned on time and within budget during August 2017. Our focus now turns to improving operation and efficiency of the schemes.
Hydroelectric Power 
In 2016 the autumn and winter periods were uncharacteristically dry and river levels significantly below the long term average which resulted in reduced generation. The performance of each company has improved during 2017, in particular during the most recent quarter when rainfall has been above average.
Some contractual issues have arisen at one of the recently commissioned plants which the relevant investee company is working to resolve. The Board of the VCT is monitoring the situation.
In February 2017, the Scottish Government announced a 12.5% limit on business rates increases in the hydro sector for schemes up to 1 MW for the year to 31 March 2018. The British Hydropower Association continued to lobby the Scottish Government and on 12 September 2017, the Scottish Government announced 60% relief on business rates for small-scale hydro schemes from 1 April 2018. The Company has two schemes above 1MW and the position for such schemes still remains unclear. Longer term, the Scottish Government has recognised the anomalies in setting rates for hydro schemes and will work alongside industry organisations to fast track a review of the Plant and Machinery Order, which should address these issues.
With all schemes now operational an Asset Manager has been appointed with a view to further enhancing the operational performance. Their work includes reviewing the scheme layout, hydrology data and performance data, reporting on any inefficiencies and making recommendations on where improvements could be made to boost performance.
In addition to earning RPI linked Feed in Tariffs, the schemes have also earned revenue through the sale of electricity under Power Purchase Agreements (PPA's). Seven of the eleven PPA contract terms expired on 30 September 2017 and, due to the export market rising, the companies were able to secure terms better than were originally forecast. 
Looking forward to the comingyear, we will focus our attention on looking at ways to increase performance through asset management, and working with Green Highland Renewables and the British Hydro Association to assess and potentially challenge the proposed new business rates. 
E Share Class
During the period the E Share Class reached its maximum subscription and raised just under 30 million. Going forward, the Company and the Investment Manager are focused on ensuring that the funds are invested in line with the Company's strategy and the requirements of the VCT legislation. The E Share Class has invested in three companies that are non-qualifying investments.
Non-Qualifying Investments
SME Funding
The Company has invested in four companies which provide funding to a range of small and medium sized businesses. Two of these companies focus on the Hydroelectric Power sector. All three companies are performing in line with expectations.
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.
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
9 November 2017
Investment Portfolio

Unaudited

Audited

30 September 2017

31 March 2017

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted Holdings









Unquoted qualifying holdings
29,709 
43.60 
31,197 
44.83 

30,584 
73.01 
31,986 
73.92 
Unquoted non-qualifying holdings
9,261 
13.58 
9,213 
13.25 

8,762 
20.92 
8,750 
20.23 
Financial assets at fair value through profit or loss
38,970 
57.18 
40,410 
58.08 

39,346 
93.93 
40,736 
94.15 
Cash and cash equivalents
29,166 
42.82 
29,166 
41.92 

2,534 
6.07 
2,534 
5.85 

68,136 
100.00 
69,576 
100.00 

41,880 
100.00 
43,270 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Cinema digitisation 









Digima Ltd 
1,262 
1.85 
1,296 
1.86 

1,262 
3.01 
1,296 
3.00 
Digital Screen Solutions Ltd
2,020 
2.96 
2,070 
2.98 

2,020 
4.82 
2,070 
4.78 
Solar









Cmore Energy Ltd
1,000 
1.47 
1,221 
1.75 

1,000 
2.39 
1,221 
2.82 
Green Energy for Education Ltd
475 
0.70 
752 
1.08 

475 
1.13 
752 
1.74 
PJC Renewable Energy Ltd
5 
0.01 
- 
- 

5 
0.01 
- 
- 
Landfill Gas









Aeris Power Ltd
- 
- 
- 
- 

525 
1.25 
424 
0.98 
Craigahulliar Energy Ltd
- 
- 
- 
- 

350 
0.84 
365 
0.84 
Hydro Electric Power

- 

- 





Elementary Energy Ltd
2,060 
3.02 
2,102 
3.02 

2,060 
4.92 
2,102 
4.86 
Green Highland Allt Choire A Bhalachain (225) Ltd
3,130 
4.59 
3,038 
4.37 

3,130 
7.47 
3,038 
7.02 
Green Highland Allt Garbh Ltd
2,710 
3.98 
2,710 
3.90 

2,710 
6.47 
2,710 
6.26 
Green Highland Allt Ladaidh (1148) Ltd
3,500 
5.14 
3,500 
5.03 

3,500 
8.36 
3,500 
8.09 
Green Highland Allt Luaidhe (228) Ltd
1,995 
2.93 
2,047 
2.94 

1,995 
4.76 
2,047 
4.73 
Green Highland Allt Phocachain (1015) Ltd
3,932 
5.77 
3,941 
5.66 

3,932 
9.39 
3,941 
9.11 
Green Highland Shenval Ltd
1,120 
1.64 
1,120 
1.61 

1,120 
2.67 
1,120 
2.59 
Green Highland Renewables (Achnacarry) Ltd
4,300 
6.31 
5,200 
7.47 

4,300 
10.27 
5,200 
12.02 
Gas Power









Green Peak Generation Ltd
2,200 
3.23 
2,200 
3.16 

2,200 
5.25 
2,200 
5.08 

29,709 
43.60
31,197 
44.83

30,584 
73.01
31,986 
73.92





















Unaudited
30 September 2017

Audited
31 March 2017

 Cost 
 Valuation

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

'000 
% 
'000 
% 
Crematorium Management









Furnace Managed Services Ltd
620 
0.91 
592 
0.85 

620 
1.48 
592 
1.37 
Hydro Electric Power









Elementary Energy Ltd
310 
0.45 
310 
0.45 

310 
0.74 
310 
0.72 
Green Highland Allt Choire A Bhalachain (225) Ltd
341 
0.50 
341 
0.49 

342 
0.82 
342 
0.79 
Green Highland Allt Luaidhe (228) Ltd
185 
0.27 
185 
0.27 

185 
0.44 
185 
0.43 
Green Highland Allt Phocachain (1015) Ltd
153 
0.22 
153 
0.22 

161 
0.38 
161 
0.37 
Green Highland Renewables (Achnacarry) Ltd
83 
0.12 
83 
0.12 

100 
0.24 
100 
0.23 
SME Funding









Hydro electric Power:









Broadpoint 2 Ltd
2,834 
4.16 
2,834 
4.07 

2,834 
6.77 
2,834 
6.55 
Broadpoint 3 Ltd
2,010 
2.95 
2,010 
2.89 

2,010 
4.80 
2,010 
4.65 
Other:

- 

- 





Aeris Power Ltd
525 
0.77 
489 
0.70 

- 
- 
- 
- 
Funding Path Ltd
2,200 
3.23 
2,216 
3.19 

2,200 
5.25 
2,216 
5.12 

9,261 
13.58 
9,213 
13.25 

8,762 
20.92 
8,750 
20.23 
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 2017 the Directors confirm, to the best of their knowledge, that:
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
9 November 2017
Non-Statutory Analysis - The Ordinary Share Fund
Statement of Comprehensive Income









Unaudited

Audited


6 months ended

Year ended


30 September 2017

31 March 2017


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income

189 
- 
189 

421 
- 
421 
Realised gain on investments

- 
44 
44 

- 
- 
- 
Unrealised gain on investments

- 
- 
- 

- 
258 
258 
Investment return

189 
44 
233 

421 
258 
679 
Investment management fees

(84)
(25)
(109)

(163)
(43)
(206)
Other expenses

(15)
- 
(15)

(44)
- 
(44)
Profit before taxation

90 
19 
109 

214 
215 
429 
Taxation

(17)
5 
(12)

(43)
12 
(31)
Profit after taxation

73 
24 
97 

171 
227 
398 
Profit and total comprehensive income for the period

73 
24 
97 

171 
227 
398 
Basic and diluted earnings per share

0.37p 
0.12p 
0.49p 

0.88p 
1.17p 
2.05p 









Balance Sheet


6 months ended


Year ended


30 September 2017

31 March 2017




'000



'000
Non-current assets








Financial assets at fair value through profit or loss



11,705 



11,705 









Current assets








Receivables



82 



334 
Cash and cash equivalents



533 



1,632 




615 



1,966 
Current liabilities








Payables



(61)



(62)
Corporation tax



(49)



(36)
Net assets



12,210 



13,573 









Equity attributable to equity holders



12,210 



13,573 
Net asset value per share



62.73p 



69.74p 









Statement of Changes in Shareholders' Equity











6 months ended


Year ended


30 September 2017


31 March 2017




'000



'000









Opening shareholders' funds



13,573 



13,175 
Profit for the period



97 



398 
Dividends paid



(1,460)



- 
Closing shareholders' funds



12,210 



13,573 
Investment Portfolio
Unaudited

Audited

30 September 2017

31 March 2017

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 










Unquoted qualifying holdings
9,381 
80.56 
10,000 
81.71 

9,381 
73.62 
10,000 
74.98 
Unquoted non-qualifying holdings
1,730 
14.85 
1,705 
13.93 

1,730 
13.58 
1,705 
12.78 
Financial assets at fair value through profit or loss
11,111 
95.41 
11,705 
95.64 

11,111 
87.20 
11,705 
87.76 
Cash and cash equivalents
533 
4.59 
533 
4.36 

1,632 
12.80 
1,632 
12.24 

11,644 
100.00 
12,238 
100.00 

12,743 
100.00 
13,337 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Cinema digitisation 









Digima Ltd 
1,262 
10.84 
1,296 
10.59 

1,262 
9.90 
1,296 
9.72 
Digital Screen Solutions Ltd
2,020 
17.35 
2,070 
16.91 

2,020 
15.85 
2,070 
15.52 
Solar 









Cmore Energy Ltd
1,000 
8.59 
1,221 
9.98 

1,000 
7.85 
1,221 
9.15 
Green Energy for Education Ltd
475 
4.08 
752 
6.14 

475 
3.73 
752 
5.64 
PJC Renewable Energy Ltd
5 
0.04 
- 
- 

5 
0.04 
- 
- 
Hydro Electric Power









Elementary Energy Ltd
2,060 
17.69 
2,102 
17.18 

2,060 
16.17 
2,102 
15.76 
Green Highland Shenval Ltd
359 
3.08 
359 
2.93 

359 
2.82 
359 
2.69 
Gas Power









Green Peak Generation Ltd
2,200 
18.89 
2,200 
17.98 

2,200 
17.26 
2,200 
16.50 

9,381 
80.56 
10,000 
81.71 

9,381 
73.62 
10,000 
74.98 










Unquoted Non-Qualifying Holdings









Crematorium Management









Furnace Managed Services Ltd
620 
5.32 
592 
4.84 

620 
4.87 
592 
4.44 
Hydro Electric Power





 

 

Elementary Energy Ltd
310 
2.66 
310 
2.53 

310 
2.43 
310 
2.32 
SME Funding









Hydro Electric Power:









Broadpoint 2 Ltd
350 
3.01 
350 
2.86 

350 
2.75 
350 
2.62 
Other:









Funding Path Ltd
450 
3.86 
453 
3.70 

450 
3.53 
453 
3.40 

1,730 
14.85 
1,705 
13.93 

1,730 
13.58 
1,705 
12.78 
Non-Statutory Analysis - The A Share Fund
Statement of Comprehensive Income

Unaudited

Audited


6 months ended

Year ended


30 September 2017

31 March 2017


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income

32 
- 
32 

110 
- 
110 
Realised gain on investments

- 
32 
32 

- 
- 
- 
Unrealised gain on investments

- 
65 
65 

- 
7 
7 
Investment return

32 
97 
129 

110 
7 
117 
Investment management fees

(5)
(23)
(28)

(30)
(8)
(38)
Other expenses

(32)
- 
(32)

(6)
- 
(6)
Profit/(loss) before taxation

(5)
74 
69 

74 
(1)
73 
Taxation

(5)
4 
(1)

(15)
3 
(12)
Profit/(loss) after taxation

(10)
78 
68 

59 
2 
61 
Profit/(loss) and total comprehensive income for the period

(10)
78 
68 

59 
2 
61 
Basic and diluted earnings/(loss) per share

(0.19p)
1.53p 
1.33p 

1.15p 
0.03p 
1.18p 









Balance Sheet


6 months ended


Year ended


30 September 2017

31 March 2017




'000



'000
Non-current assets








Financial assets at fair value through profit or loss



- 



957 









Current assets








Assets held for sale



- 



789 
Receivables



- 



311 
Cash and cash equivalents



1,018 



146 




1,018 



1,246 
Current liabilities








Payables



(54)



(11)
Corporation tax



- 



(13)
Net assets



964 



2,179 









Equity attributable to equity holders


964 



2,179 
Net asset value per share



18.79p 



42.46p 


















Statement of Changes in Shareholders' Equity


6 months ended


Year ended


30 September 2017


31 March 2017




'000



'000









Opening shareholders' funds



2,179 



2,118 
Profit for the period



68 



61 
Dividends paid



(1,283)



- 
Closing shareholders' funds



964 



2,179 
Investment Portfolio




Unaudited
30 September 2017

Audited
31 March 2017

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 










Unquoted qualifying holdings
- 
- 
- 
- 

875 
44.40 
789 
41.70 
Unquoted non-qualifying holdings
- 
- 
- 
- 

950 
48.20 
957 
50.58 
Financial assets at fair value through profit or loss
- 
- 
- 
- 

1,825 
92.60 
1,746 
92.28 
Cash and cash equivalents
1,018 
100.00 
1,018 
100.00 

146 
7.40 
146 
7.72 

1,018 
100.00 
1,018 
100.00 

1,971 
100.00 
1,892 
100.00 










Unquoted Qualifying Holdings









Landfill Gas





- 



Aeris Power Ltd
- 
- 
- 
- 

525 
26.64 
424 
22.41 
Craigahulliar Energy Ltd
- 
- 
- 
- 

350 
17.76 
365 
19.29 

- 
- 
- 
- 

875 
44.40 
789 
41.70 










Unquoted Non-Qualifying Holdings









SME Funding









Other:









Funding Path Ltd
- 
- 
- 
- 

950 
48.20 
957 
50.58 

- 
- 
- 
- 

950 
48.20 
957 
50.58 
Non-Statutory Analysis - The C Share Fund
Statement of Comprehensive Income

Unaudited

Audited


6 months ended

Year ended


30 September 2017

31 March 2017


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income

678 
- 
678 

804 
- 
804 
Unrealised gain on investments

- 
- 
- 

- 
514 
514 
Investment return

678 
- 
678 

804 
514 
1,318 
Investment management fees

(127)
(36)
(163)

(244)
(70)
(314)
Other expenses

(16)
- 
(16)

(45)
(2)
(47)
Profit/(loss) before taxation

535 
(36)
499 

515 
442 
957 
Taxation

(45)
7 
(38)

(103)
14 
(89)
Profit/(loss) after taxation

490 
(29)
461 

412 
456 
868 
Profit and total comprehensive income for the period

490 
(29)
461 

412 
456 
868 
Basic and diluted earnings per share

3.65p 
(0.22p)
3.43p 

3.06p 
3.40p 
6.46p 









Balance Sheet


6 months ended


Year ended


30 September 2017

31 March 2017




'000



'000
Non current assets








Financial assets at fair value through profit or loss



13,734 



14,160 









Current assets








Receivables



143 



76 
Cash and cash equivalents



446 



257 




589 



333 
Current liabilities








Payables



(88)



(89)
Corporation tax



(132)



(90)
Net assets



14,103 



14,314 









Equity attributable to equity holders



14,103 



14,314 
Net asset value per share



104.92p 



106.49p 


















Statement of Changes in


6 months ended


Year ended
Shareholders' Equity

30 September 2017


31 March 2017




'000



'000









Opening shareholders' funds



14,314 



14,118 
Profit for the period



461 



868 
Dividends paid



(672)



(672)
Closing shareholders' funds



14,103 



14,314 
Investment Portfolio




Unaudited
30 September 2017

Audited
31 March 2017

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 










Unquoted qualifying holdings
9,430 
70.68 
10,269 
72.41 

9,430 
69.45 
10,269 
71.23 
Unquoted non-qualifying holdings
3,465 
25.98 
3,465 
24.44 

3,891 
28.66 
3,891 
26.99 
Financial assets at fair value through profit or loss
12,895 
96.66 
13,734 
96.85 

13,321 
98.11 
14,160 
98.22 
Cash and cash equivalents
446 
3.34 
446 
3.15 

257 
1.89 
257 
1.78 

13,341 
100.00 
14,180 
100.00 

13,578 
100.00 
14,417 
100.00 




















Unquoted Qualifying Holdings









Hydro Electric Power









Green Highland Allt Choire A Bhalachain (225) Ltd
3,130 
23.46 
3,038 
21.42 

3,130 
23.05 
3,038 
21.07 
Green Highland Allt Phocachain (1015) Ltd
2,000 
14.99 
2,031 
14.32 

2,000 
14.73 
2,031 
14.09 
Green Highland Renewables (Achnacarry) Ltd
4,300 
32.23 
5,200 
36.67 

4,300 
31.67 
5,200 
36.07 

9,430 
70.68 
10,269 
72.41 

9,430 
69.45 
10,269 
71.23 






























Unquoted Non-Qualifying Holdings



















Hydro Electric Power









Green Highland Allt Choire A Bhalachain (225) Ltd
341 
2.56 
341 
2.40 

342 
2.52 
342 
2.37 
Green Highland Allt Phocachain (1015) Ltd
153 
1.15 
153 
1.08 

161 
1.19 
161 
1.12 
Green Highland Renewables (Achnacarry) Ltd
83 
0.62 
83 
0.59 

100 
0.74 
100 
0.69 
SME Funding









Hydro Electric Power:









Broadpoint 2 Ltd
2,084 
15.62 
2,084 
14.70 

2,484 
18.29 
2,484 
17.23 
Broadpoint 3 Ltd
804 
6.03 
804 
5.67 

804 
5.92 
804 
5.58 

3,465 
25.98 
3,465 
24.44 

3,891 
28.66 
3,891 
26.99 
Non-Statutory Analysis - The D Share Fund
Statement of Comprehensive Income

Unaudited

Audited


6 months ended

Year ended


30 September 2017

31 March 2017


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income

468 
- 
468 

972 
- 
972 
Realised gain on investments

- 
- 
- 

- 
- 
- 
Unrealised gain on investments

- 
- 
- 

- 
36 
36 
Investment return

468 
- 
468 

972 
36 
1,008 
Investment management fees

(127)
(36)
(163)

(239)
(68)
(307)
Other expenses

(16)
- 
(16)

(47)
(2)
(49)
Profit/(loss) before taxation

325 
(36)
289 

686 
(34)
652 
Taxation

(62)
7 
(55)

(137)
23 
(114)
Profit/(loss) after taxation

263 
(29)
234 

549 
(11)
538 
Profit/(loss) and total comprehensive income for the period

263 
(29)
234 

549 
(11)
538 
Basic and diluted earnings/(loss) per share

1.92p 
(0.21p)
1.71p 

4.01p 
(0.08p)
3.93p 









Balance Sheet

6 months ended

Year ended


30 September 2017

31 March 2017




'000



'000
Non current assets








Financial assets at fair value through profit or loss



13,125 



13,125 









Current assets








Receivables



1,008 



1,005 
Cash and cash equivalents



169 



499 




1,177 



1,504 
Current liabilities








Payables



(155)



(91)
Corporation tax



(185)



(125)
Net assets



13,962 



14,413 









Equity attributable to equity holders



13,962 



14,413 
Net asset value per share



101.90p 



105.19p 


















Statement of Changes in 


6 months ended


Year ended
Shareholders' equity

30 September 2017


31 March 2017




'000



'000









Opening shareholders' funds



14,413 



13,875 
Profit for the period



234 



538 
Dividends paid



(685)



- 
Closing shareholders' funds



13,962 



14,413 
Investment Portfolio




Unaudited
30 September 2017

Audited
31 March 2017

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 










Unquoted qualifying holdings
10,898 
82.20 
10,928 
82.21 

10,898 
80.20 
10,928 
80.21 
Unquoted non-qualifying holdings
2,191 
16.53 
2,197 
16.52 

2,191 
16.13 
2,197 
16.13 
Financial assets at fair value through profit or loss
13,089 
98.73 
13,125 
98.73 

13,089 
96.33 
13,125 
96.34 
Cash and cash equivalents
169 
1.27 
169 
1.27 

499 
3.67 
499 
3.66 

13,258 
100.00 
13,294 
100.00 

13,588 
100.00 
13,624 
100.00 










Unquoted Qualifying Holdings









Hydro Electric Power









Green Highland Allt Garbh Ltd
2,710 
20.44 
2,710 
20.39 

2,710 
19.94 
2,710 
19.89 
Green Highland Allt Ladaidh (1148) Ltd
3,500 
26.40 
3,500 
26.33 

3,500 
25.76 
3,500 
25.69 
Green Highland Allt Luaidhe (228) Ltd
1,995 
15.05 
2,047 
15.40 

1,995 
14.68 
2,047 
15.02 
Green Highland Allt Phocachain (1015) Ltd
1,932 
14.57 
1,910 
14.37 

1,932 
14.22 
1,910 
14.02 
Green Highland Shenval Ltd
761 
5.74 
761 
5.72 

761 
5.60 
761 
5.59 

10,898 
82.20 
10,928 
82.21 

10,898 
80.20 
10,928 
80.21 










Unquoted Non-Qualifying Holdings









Hydro Electric Power









Green Highland Allt Luaidhe (228) Ltd
185 
1.40 
185 
1.39 

185 
1.36 
185 
1.36 
SME Funding









Hydro electric Power:









Broadpoint 3 Ltd
1,206 
9.10 
1,206 
9.07 

1,206 
8.88 
1,206 
8.85 
Other:









Funding Path Ltd
800 
6.03 
806 
6.06 

800 
5.89 
806 
5.92 











2,191 
16.53 
2,197 
16.52 

2,191 
16.13 
2,197 
16.13 
Non-Statutory Analysis - The E Share Fund
Statement of Comprehensive Income

Unaudited

Audited


6 months ended

Year ended


30 September 2017

31 March 2017


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income

79 
- 
79 

- 
- 
- 
Realised gain on investments

- 
- 
- 

- 
- 
- 
Unrealised gain on investments

- 
- 
- 

- 
- 
- 
Investment return

79 
- 
79 

- 
- 
- 
Investment management fees

(246)
(70)
(316)

- 
- 
- 
Other expenses

(29)
- 
(29)

- 
- 
- 
Profit/(loss) before taxation

(196)
(70)
(266)

- 
- 
- 
Taxation

37 
13 
50 

- 
- 
- 
Profit/(loss) after taxation

(159)
(57)
(216)

- 
- 
- 
Profit/(loss) and total comprehensive income for the period

(159)
(57)
(216)

- 
- 
- 
Basic and diluted earnings/(loss) per share

(0.57p)
(0.20p)
(0.77p)

- 
- 
- 









Balance Sheet

6 months ended

Year ended


30 September 2017

31 March 2017




'000



'000
Non current assets








Financial assets at fair value through profit or loss



1,846 



- 









Current assets








Receivables



10 



- 
Cash and cash equivalents



27,000 



- 
Corporation tax



51 



- 




27,061 



- 
Current liabilities








Payables



(173)



- 
Net assets



28,734 



- 









Equity attributable to equity holders



28,734 



- 
Net asset value per share



99.25p 



- 


















Statement of Changes in 


6 months ended


Year ended
Shareholders' equity

30 September 2017


31 March 2017




'000



'000









Opening shareholders' funds



- 



- 
Issue of new shares



28,950 



- 
Profit for the period



(216)



- 
Closing shareholders' funds



28,734 



- 
Investment Portfolio
Unaudited

Audited

30 September 2017

31 March 2017

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 










Unquoted qualifying holdings
- 
- 
- 
- 

- 
- 
- 
- 
Unquoted non-qualifying holdings
1,875 
6.50 
1,846 
6.41 

- 
- 
- 
- 
Financial assets at fair value through profit or loss
1,875 
6.50 
1,846 
6.41 

- 
- 
- 
- 
Cash and cash equivalents
27,000 
93.50 
27,000 
93.59 

- 
- 
- 
- 

28,875 
100.00 
28,846 
100.00 

- 
- 
- 
- 




















Unquoted Qualifying Holdings
- 
- 
- 
- 

- 
- 
- 
- 










Unquoted Non-Qualifying Holdings









SME Funding









Hydro electric Power:

- 

- 





Broadpoint 2 Ltd
400 
1.39 
400 
1.39 

- 
- 
- 
- 
Other:









Funding Path Ltd
950 
3.29 
957 
3.32 

- 
- 
- 
- 
Aeris Power Ltd
525 
1.82 
489 
1.70 

- 
- 
- 
- 

1,875 
6.50 
1,846 
6.41 

- 
- 
- 
- 
Unaudited Statement of Comprehensive Income 


Unaudited

Audited

Unaudited


6 months ended

Year ended

Year ended


30 September 2017

31 March 2017

30 September 2016

Note
Rev.
Cap.
Total

Rev.
Cap.
Total

Rev.
Cap.
Total


'000
'000
'000

'000
'000
'000

'000
'000
'000
Income












Investment income
4
1,446 
- 
1,446 

2,307 
- 
2,307 

1,159 
- 
1,159 
Gain arising on the disposal of investments during the year

- 
76 
76 

- 
- 
- 

- 
- 
- 
Gain arising on the revaluation of investments at the year end

- 
65 
65 

- 
815 
815 

- 
- 
- 
Investment return

1,446 
141 
1,587 

2,307 
815 
3,122 

1,159 
- 
1,159 













Expenses












Investment management fees
5
589 
190 
779 

676 
189 
865 

334 
94 
428 
Financial and regulatory costs

19 
- 
19 

32 
- 
32 

15 
- 
15 
General administration

4 
- 
4 

9 
- 
9 

7 
- 
7 
Legal and professional fees

58 
- 
58 

51 
4 
55 

27 
- 
27 
Directors' remuneration
6
27 
- 
27 

50 
- 
50 

24 
- 
24 
Operating expenses

697 
190 
887 

818 
193 
1,011 

407 
94 
501 
Profit/(loss) before taxation

749 
(49)
700 

1,489 
622 
2,111 

752 
(94)
658 
Taxation
7
(92)
36 
(56)

(298)
52 
(246)

(151)
32 
(119)
Profit after taxation

657 
(13)
644 

1,191 
674 
1,865 

601 
(62)
539 
Profit and total comprehensive income for the period

657 
(13)
644 

1,191 
674 
1,865 

601 
(62)
539 
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.
Unaudited Balance Sheet 

Unaudited

Audited

Unaudited


30 September 2017

31 March 2017

30 September 2016

Note
'000 

'000 

'000 







Non-current assets






Financial assets at fair value through profit or loss

40,410 

39,947 

39,544 







Current assets






Assets held for sale

- 

789 

1,397 
Receivables

1,243 

1,726 

1,586 
Cash and cash equivalents
9
29,166 

2,534 

1,376 


30,409 

5,049 

4,359 







Total Assets

70,819 

44,996 

43,903 







Current liabilities






Payables and accrued expenses

531 

253 

433 
Current taxation payable 

315 

264 

317 


846 

517 

750 







Net Assets
69,973 

44,479 

43,153 







Equity attributable to equity holders of the parent






Share capital
10
807 

518 

518 
Share redemption reserve

2 

2 

2 
Share premium

44,968 

16,307 

16,307 
Special distributable reserve

24,391 

27,301 

27,301 
Capital reserve

(854)

(841)

(1,577)
Revenue reserve

659 

1,192 

602 
Total equity

69,973 

44,479 

43,153 







Net asset value per share 
11
n/a

n/a

n/a
The statements were approved by the Directors and authorised for issue on 9 November 2017 and are signed on their behalf by:
David Frank
Chairman
9 November 2017
The accompanying notes are an integral part of this statement.
Unaudited Statement of Changes in Shareholders' Equity 

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

'000
'000
'000
'000
'000
'000
'000
6 months ended 30 September 2017







Opening balance
518 
2 
16,307 
27,301 
(841)
1,192 
44,479 
Issue of new shares
289 
- 
28,661 
- 
- 
- 
28,950 
Dividends paid
- 
- 
- 
(2,910)
- 
(1,190)
(4,100)
Transactions with owners
289 
- 
28,661 
(2,910)
- 
(1,190)
24,850 
Profit/(loss) for the year
- 
- 
- 
- 
(13)
657 
644 
Profit/(loss) and total comprehensive income for the year
- 
- 
- 
- 
(13)
657 
644 
Balance at 30 September 2017
807 
2 
44,968 
24,391 
(854)
659 
69,973 
Capital reserve consists of:







Investment holding gains




1,440 


Other realised losses
(2,294)







(854)


Year ended 31 March 2017







Opening balance
518 
2 
16,307 
27,447 
(1,515)
527 
43,286 
Dividend paid
- 
- 
- 
(146)
- 
(526)
(672)
Transactions with owners
- 
- 
- 
(146)
- 
(526)
(672)
Profit for the year
- 

- 
- 
674 
1,191 
1,865 
Profit and total comprehensive income for the year
- 

- 
- 
674 
1,191 
1,865 
Balance at 31 March 2017
518 
2 
16,307 
27,301 
(841)
1,192 
44,479 
Capital reserve consists of:







Investment holding gains




1,390 


Other realised losses




(2,231)







(841)


6 months ended 30 September 2016







Opening balance
518 
2 
16,307 
27,447 
(1,515)
527 
43,286 
Dividend paid
- 
- 
- 
(146)
- 
(526)
(672)
Transactions with owners
- 
- 
- 
(146)
- 
(526)
(672)
Profit/(loss) for the period
- 
- 
- 
- 
(62)
601 
539 
Profit/(loss) and total comprehensive income 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)


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. 
Unaudited Statement of Cash Flows 







Unaudited

Audited

Unaudited
6 months ended

Year ended

6 months ended

30 September 2017

31 March 2017

30 September 2016

'000 

'000 

'000 
Cash flows from operating activities





Profit before taxation
700 

2,111 

658 
(Profit) arising on the disposal of investments during the period
(76)

- 

- 
(Gain) arising on the revaluation of investments at the period end
(65)

(815)

- 
Cash flow generated by operations
559 

1,296 

658 
(Increase) in receivables
(78)

(571)

(376) 
Increase/(decrease) in payables
278 

(63)

117 
Taxation 
(5)

(183)

(3) 
Net cash flows from operating activities
754 

479 

396 






Cash flow from investing activities





Proceeds of sale of financial assets at fair value through profit or loss
1,028 

1,695 

620 
Net cash flows from investing activities
1,028 

1,695 

620 






Cash flows from financing activities





Issue of new shares
28,950 

- 

- 
Dividends paid
(4,100)

(672)

(672) 
Net cash flows from financing activities
24,850 

(672)

(672) 
Net increase/(decrease) in cash and cash equivalents
26,632 

1,502 

344 
Reconciliation of net cash flow to movements in cash and cash equivalents





Opening cash and cash equivalents
2,534 

1,032 

1,032 
Net increase/(decrease) in cash and cash equivalents
26,632 

1,502 

344 
Closing cash and cash equivalents
29,166 

2,534 

1,376 
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 2017 was authorised for issue in accordance with a resolution of the Directors on 9 November 2017.
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 2017 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 2017.
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

Ord Shares
A Shares
C Shares
D Shares
E Shares

Total
Unaudited
'000 
'000 
'000 
'000 
'000 

'000 
6 months ended 30 September 2017







Loan stock interest
188 
31 
379 
468 
31 

1,097 
Dividends receivable
- 
- 
299 
- 
- 

299 
Interest receivable on bank and other balances
1 
1 
- 
- 
48 

50 

189 
32 
678 
468 
79 

1,446 
Audited







Year ended 31 March 2017







Loan stock interest
421 
110 
804 
972 
- 

2,307 

421 
110 
804 
972 
- 

2,307 
5. Investment management fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 6 February 2008 and deeds of variation to that agreement effective 21 November 2012, 28 October 2014 and 7 October 2016. 
Ordinary Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly in arrear for the Ordinary Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6 February 2014 after which the management fee of 1.5% has not been charged. For all other Ordinary Shares the appointment shall continue until at least 30 April 2018. Thereafter there is a 1% exit fee on all funds returned to shareholders. 
A Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly in arrear until 30 April 2017. Thereafter there is a 1% exit fee on all funds returned to shareholders. 
C shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the C Shareholders exceeding the C Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.
D shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the D Shareholders exceeding the D Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.
E shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the E Shareholders exceeding the E Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.
To date there have been no performance fees paid.
An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrear.

Ord Shares
A Shares
C Shares
D Shares
E Shares

Total

'000 
'000 
'000 
'000 
'000 

'000 
6 months ended 30 September 2017






Unaudited







Investment Management Fees
89 
3 
145 
145 
281 

663 
Administration Fees
17 
3 
18 
18 
35 

91 
Exit Fees
3 
22 
- 
- 
- 

25 

109 
28 
163 
163 
316 

779 
















Year ended 31 March 2017







Audited







Investment Management Fees
173 
32 
279 
273 
- 

757 
Administration Fees
33 
6 
35 
34 
- 

108 
Exit Fees
- 
- 
- 
- 
- 

- 

206 
38 
314 
307 
- 

865 








6. Directors' remuneration

Ord Shares
A Shares
C Shares
D Shares
E Shares

Total
Unaudited
'000 
'000 
'000 
'000 
'000 

'000 
6 months ended 30 September 2017







David Frank
2 
- 
2 
2 
4 

10 
Simon Acland
2 
- 
2 
2 
3 

9 
Michael Stanes
1 
1 
1 
1 
4 

8 

5 
1 
5 
5 
11 

27 
Audited







Year ended 31 March 2017







David Frank
6 
1 
6 
5 
- 

18 
Simon Acland
5 
1 
5 
5 
- 

16 
Michael Stanes
5 
- 
5 
6 
- 

16 

16 
2 
16 
16 
- 

50 
Directors' remuneration is allocated proportionately against each share class.
7. Taxation

Ord Shares
A Shares
C Shares
D Shares
E Shares

Total

'000 
'000 
'000 
'000 
'000 

'000 
Unaudited







6 months ended 30 September 2017







Profit/(loss) on ordinary activities before tax
109 
69 
499 
289 
(266)

700 








Corporation tax @ 19% 
21 
13 
95 
55 
(51)

133 
Effect of:







Capital (gains) not taxable
(8)
(18)
- 
- 
- 

(26)
Income received not taxable
- 
- 
(57)
- 
- 

(57)
Disallowed expenditure
- 
6 
- 
- 
- 

6 
Tax charge/(credit)
13 
1 
38 
55 
(51)

56 








Audited







Year ended 31 March 2017







Profit on ordinary activities before tax
429 
73 
957 
652 
- 

2,111 








Corporation tax @ 20% 
86 
15 
192 
130 
- 

423 
Effect of:






 
Capital (gains) not taxable
(52)
(2)
(103)
(7)
- 

(164)
Prior year adjustment
(3)
(1)
- 
(9)
- 

(13)
Tax charge
31 
12 
89 
114 
- 

246 
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 97,000, 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 2017.
The earnings per share for A Shares is based on the profit after tax of 68,000, 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 2017.
The earnings per share for C Shares is based on the profit after tax of 461,000, 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 2017.
The earnings per share for D Shares is based on the profit after tax of 234,000, 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 2017.
The loss per share for E Shares is based on the loss after tax of 216,000, and on the weighted average number of shares in issue during the period of 28,125,594. 
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.
10. Share capital

30 September 2017
31 March 2017
Ordinary Shares of 0.01 each


Issued & Fully Paid


No. 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 



E Ordinary Shares of 0.01 each


Issued & Fully Paid


Number of shares
28,949,575 
- 
Par Value '000
290 
- 



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 12,210,000 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 964,000 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 14,103,000 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 13,962,000 divided by the 13,701,636 D Shares in issue.
The calculation of the Company's net asset value per share for E Shares is based on the Company's net assets attributable to the E Shares of 28,734,000 divided by the 28,949,575 E Shares in issue.
12. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30 September 2017. 
13. Relationship with Investment Manager
During the period TPIM provided investment management and administration services to the Company for a fee amounting to 778,554. At 30 September 2017 466,121 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.
16. Dividends
Ordinary Shares:
The Company paid a dividend to Ordinary Class Shareholders of 1,459,734, equal to 7.5p per share, on 14 July 2017. This included a special dividend of 2.5p per share in addition to the regular annual dividend of 5p per share.
A Shares:
The Company paid a dividend to A Class Shareholders of 1,282,838, equal to 25p per share, on 14 July 2017. The Board has resolved to pay a further dividend to A Class Shareholders of 912,868, equal to 17.79p per share on 8 December 2017 to shareholders on the register on 24 November 2017. Following payment of this dividend the shares will be cancelled and a final distribution of 1p per share paid in the first quarter of 2018.
C Shares:
The Company paid a dividend to C Class Shareholders of 672,072, equal to 5p per share, on 14 July 2017. 
D Shares:
The Company paid the first dividend to D Class Shareholders of 685,082, equal to 5p per share, on 14 July 2017. 

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