REG - Triple Point Inc VCT - Half Yearly Report <Origin Href="QuoteRef">TPV1.L</Origin> - Part 2
13/11/2014 15:00
- Part 2: For the preceding part double click ID:nRSM9780Wa
6 months ended Year ended 6 months ended
30 September 2014 31 March 2014 30 September 2013
Note Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income
Investment income 4 492 - 492 973 - 973 586 - 586
(Loss)/gain arising on the disposal of investments during the period - (1) (1) - 111 111 - 728 728
Gain/(loss) arising on the revaluation of investments at the period end - - - - 311 311 - (461) (461)
Investment return 492 (1) 491 973 422 1,395 586 267 853
Expenses
Investment management fees 5 215 71 286 269 91 360 131 46 177
Financial and regulatory costs 11 - 11 30 - 30 15 - 15
General administration 6 - 6 30 - 30 15 - 15
Legal and professional fees 27 - 27 37 - 37 21 - 21
Directors' remuneration 6 24 - 24 40 - 40 20 - 20
Operating expenses 283 71 354 406 91 497 202 46 248
Profit/(loss) before taxation 209 (72) 137 567 331 898 384 221 605
Taxation 7 (50) 16 (34) (117) 18 (99) (79) 9 (70)
Profit/(loss) after taxation 159 (56) 103 450 349 799 305 230 535
Total comprehensive income/(loss) for the period 159 (56) 103 450 349 799 305 230 535
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 Unaudited
30 September 2014 31 March 2014 30 September 2013
Note £'000 £'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 26,682 19,337 19,074
Current assets
Receivables 3,337 170 511
Cash and cash equivalents 9 3,003 7,426 29,392
6,340 7,596 29,903
Total Assets 33,022 26,933 48,977
Current liabilities
Payables and accrued expenses 174 158 371
Current taxation payable 132 100 146
306 258 517
Net Assets 32,716 26,675 48,460
Equity attributable to equity holders of the parent
Share capital 10 381 318 580
Share redemption reserve 451 449 107
Share premium 27,253 20,875 14,053
Special distributable reserve 6,997 7,502 36,393
Capital reserve (2,975) (2,919) (3,038)
Revenue reserve 609 450 365
Total equity 32,716 26,675 48,460
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 2014
Opening balance 318 449 20,875 7,502 (2,919) 450 26,675
Issue of new shares 65 - 6,378 (8) - - 6,435
Purchase of own shares (2) 2 - (179) - - (179)
Dividends paid - - - (318) - - (318)
Transactions with owners 63 2 6,378 (505) - - 5,938
(Loss)/profit for the period - - - - (56) 159 103
Total comprehensive (loss)/income for the period - - - - (56) 159 103
Balance at 30 September 2014 381 451 27,253 6,997 (2,975) 609 32,716
Capital reserve consists of:
Investment holding gains 366
Other realised losses (3,341)
(2,975)
Year ended 31 March 2014
Opening balance 545 21 3,696 43,389 (3,268) 317 44,700
Issue of new shares 191 - 17,179 - - - 17,370
Purchase of own shares (428) 428 - (35,125) - - (35,125)
Dividend paid - - - (752) - (317) (1,069)
Transactions with owners (227) 428 17,179 (35,887) - (317) (18,824)
Profit for the year - - - 349 450 799
Total comprehensive income for the year - - - 349 450 799
Balance at 31 March 2014 318 449 20,875 7,502 (2,919) 450 26,675
Capital reserve consists of:
Investment holding losses 366
Other realised losses (3,285)
(2,919)
6 months ended 30 September 2013
Opening balance 545 21 3,696 43,389 (3,268) 317 44,700
Issue of new shares 121 - 10,357 - - - 10,478
Purchase of own shares (86) 86 - (6,996) - - (6,996)
Dividend paid - - - - - (257) (257)
Transactions with owners 35 86 10,357 (6,996) - (257) 3,225
Profit for the period - - - - 230 305 535
Total comprehensive income for the period - - - - 230 305 535
Balance at 30 September 2013 580 107 14,053 36,393 (3,038) 365 48,460
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 revenue, capital and special distributable reserve are distributable by way
of dividend.
The accompanying notes are an integral part of this statement.
Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2014 31 March 2014 30 September 2013
£'000 £'000 £'000
Cash flows from operating activities
Profit before taxation 137 898 605
Loss/(gain) arising on the disposal of investments during the period 1 (111) (728)
(Gain)/loss arising on the revaluation of investments at the period end - (311) 461
Cashflow generated by operations 138 476 338
(Increase)/decrease in receivables (3,167) 37 (304)
Increase/(decrease) in payables 16 (25) 188
Taxation (2) (72) 3
Net cash flows from operating activities (3,015) 416 225
Cash flow from investing activities
Purchase of financial assets at fair value through profit or loss (7,666) (2,508) (2,000)
Proceeds of sale of financial assets at fair value through profit or loss 320 16,746 16,346
Decrease in amounts receivable on the disposal of investments - 3,056 3,056
Net cash flows from investing activities (7,346) 17,294 17,402
Cash flows from financing activities
Issue of new shares 6,435 17,377 10,478
Purchase of own shares (179) (35,132) (6,996)
Dividends paid (318) (1,069) (257)
Net cash flows from financing activities 5,938 (18,824) 3,225
Net (decrease)/increase in cash and cash equivalents (4,423) (1,114) 20,852
Reconciliation of net cash flow to movements in cash and cash equivalents
Opening cash and cash equivalents 7,426 8,540 8,540
Net (decrease)/increase in cash and cash equivalents (4,423) (1,114) 20,852
Closing cash and cash equivalents 3,003 7,426 29,392
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 2014 was authorised for issue in
accordance with a resolution of the Directors on 13 November 2014.
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 2014 has been prepared in
accordance with IAS 34: "Interim Financial Reporting". 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 2014.
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 2014 31 March 2014
Ord. A C Ord. A C
Shares Shares Shares Total Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Loan stock interest 350 60 63 473 833 105 - 938
Interest receivable on bank balances 10 2 7 19 32 3 - 35
360 62 70 492 865 108 - 973
5. Investment management fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement
effective 6 February 2008 and a deed of variation to that agreement effective 21 November 2012. 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 Ordinary Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6
February 2013 and may be terminated at any time thereafter by not less than twelve months' notice being given by either
party. Should such notice be given the Investment Manager would continue to perform its duties under the Investment
Management Agreement and to receive its contractual fee during the notice period. For all other Ordinary Shares it runs for
a period of at least 6 years from the date of admission of those shares. For A Ordinary Shares the appointment continues
until at least 30 April 2018. The agreement provides for an administration and investment management fee of 2.25% per annum
of net assets payable quarterly in arrear for C Ordinary Shares. For C Ordinary Shares the appointment continues 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 2014 31 March 2014
Ord. A C Ord. A C
Shares Shares Shares Total Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
David Frank 5 1 3 9 13 2 - 15
Simon Acland 4 1 3 8 11 1 - 12
Michael Stanes 3 1 3 7 11 2 - 13
12 3 9 24 35 5 - 40
Directors' remuneration is allocated proportionately against each share class.
7. Taxation
Unaudited Audited
6 months ended Year ended
30 September 2014 31 March 2014
Ord. A C Ord. A C
Shares Shares Shares Total Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Profit/(loss) on ordinary activities before tax 215 17 (95) 137 778 141 (21) 898
Corporation tax @ 20% 43 3 (19) 27 156 28 (4) 180
Effect of:
Capital gains not taxable - - - - (67) (17) - (84)
Prior year adjustment 6 1 - 7 3 - - 3
Tax charge/credit for the period 49 4 (19) 34 92 11 (4) 99
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 £166,000, and on the weighted average number
of shares in issue during the period of 19,671,546
The earnings per share for A Shares is based on the profit after tax of £13,000, and on the weighted average number of
shares in issue during the period of 5,131,353
The loss per share for C Shares is based on the loss after tax of £76,000, and on the weighted average number of shares in
issue during the period of 12,582,490
The table below shows how the weighted number of shares has been calculated.
Ordinary Shares A Shares C Shares
Shares No. Of Weighted Shares No. Of Weighted Shares No. Of Weighted
Issued Days Average Issued Days Average Issued Days Average
Current Year
01-Apr-14 19,722,809 183 19,722,809 5,131,353 183 5,131,353 6,986,522 183 6,986,522
04-Apr-14 - 180 - - - 3,949,046 180 3,884,308
29-May-14 - 125 - - - 2,505,870 125 1,711,660
22-Jul-14 (35,291) 71 (13,692) - - - -
22-Aug-14 (117,635) 40 (25,713) - - - -
08-Sep-14 (80,000) 23 (10,055) - - - -
09-Sep-14 (15,000) 22 (1,803) - - - -
30-Sep-14 19,474,883 183 19,671,546 5,131,353 183 5,131,353 13,441,438 183 12,582,490
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.
10. Share capital
Issued & Fully Paid Ordinary Shares A Ordinary Shares C Ordinary Shares Total
Number of shares in issue at 1 April 2014 19,722,809 5,131,353 6,986,522 31,840,684
Movements during the period:
Shares issued under the C Share Offer - - 6,454,916 6,454,916
Share buy backs (247,926) - - (247,926)
Number of Shares in issue at 30 September 2014 19,474,883 5,131,353 13,441,438 38,047,674
Par Value £'000 30 September 2014 195 51 134 380
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 £15,574,000 divided by the 19,474,883 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 £3,910,000 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 £13,232,000 divided by the 13,441,438 C Shares in issue.
12. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30 September 2014.
13. Relationship with Investment Manager
During the period TPIM provided investment management and administration services to the Company for a fee amounting to
£286,577. At 30 September 2014 £151,169 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 as described in the Investment Manager's Review.
This information is provided by RNS
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