REG - Triple Point Inc VCT - Half-year Report <Origin Href="QuoteRef">TPV1.L</Origin> - Part 2
08/11/2016 15:30
- Part 2: For the preceding part double click ID:nRSH6589Oa
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
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
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