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TPV1 Triple Point

50.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Triple Point LSE:TPV1 London Ordinary Share GB00B29KPN29 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 50.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Triple Point Income VCT PLC Half-year Report (6695H)

16/11/2018 3:47pm

UK Regulatory


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TIDMTPV1

RNS Number : 6695H

Triple Point Income VCT PLC

16 November 2018

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 2018.

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 
   2018 
  Unaudited                            Ord Shares    A Shares    C Shares    D Shares    E Shares     Total 
  Net assets               GBP'000            986           -      15,032      14,363      28,758    59,139 
  Net asset value per 
   share                    Pence           5.07p           -     111.83p     104.82p      99.34p       n/a 
-----------------------  ----------  ------------  ----------  ----------  ----------  ----------  -------- 
  Net profit before 
   tax                     GBP'000             16           -         572         312         306     1,206 
  Earnings per share        Pence           0.07p           -       3.99p       1.84p       1.02p       n/a 
-----------------------  ----------  ------------  ----------  ----------  ----------  ----------  -------- 
 
  Cumulative return 
   to shareholders (p) 
  Net asset value per 
   share                                     5.07           -      111.83      104.82       99.34 
  Dividends paid                            93.80       99.99       15.00       10.00           - 
                                                                                       ---------- 
  Net asset value plus 
   dividends paid                           98.87       99.99      126.83      114.82       99.34 
-----------------------------------  ------------  ----------  ----------  ----------  ----------  -------- 
 
  Year ended 31 March 
   2018 
  Audited                              Ord Shares    A Shares    C Shares    D Shares    E Shares     Total 
  Net assets               GBP'000         12,795           -      15,166      14,794      28,463    71,218 
  Net asset value per 
   share                    Pence          65.74p           -     112.84p     107.98p      98.32p       n/a 
-----------------------  ----------  ------------  ----------  ----------  ----------  ----------  -------- 
  Net profit/(loss) 
   before tax              GBP'000            675          69       1,598       1,176       (575)     2,943 
  Earnings/(loss) per 
   share                    Pence           3.50p       1.52p      11.34p       7.79p     (1.70p)       n/a 
-----------------------  ----------  ------------  ----------  ----------  ----------  ----------  -------- 
  Cumulative return 
   to shareholders (p) 
  Net asset value per 
   share                                    65.74           -      112.84      107.98       98.32 
  Dividends paid                            33.06       99.99       10.00        5.00           - 
                                                                                       ---------- 
  Net asset value plus 
   dividends paid                           98.80       99.99      122.84      112.98       98.32 
-----------------------------------  ------------  ----------  ----------  ----------  ----------  -------- 
 
  6 months ended 30 September 
   2017 
  Unaudited                            Ord Shares    A Shares    C Shares    D Shares    E Shares     Total 
  Net assets               GBP'000         12,210         964      14,103      13,962      28,734    69,973 
  Net asset value per 
   share                    Pence          62.73p      18.79p     104.92p     101.90p      99.25p       n/a 
-----------------------  ----------  ------------  ----------  ----------  ----------  ----------  -------- 
  Net profit/(loss) 
   before tax              GBP'000            109          69         499         289       (266)       700 
  Earnings/(loss) per 
   share                    Pence           0.49p       1.33p       3.43p       1.71p     (0.77p)       n/a 
-----------------------  ----------  ------------  ----------  ----------  ----------  ----------  -------- 
  Cumulative return 
   to shareholders (p) 
  Net asset value per 
   share                                    62.73       18.79      104.92      101.90       99.25 
  Dividends paid                            33.06       81.20       10.00        5.00           - 
  Net asset value plus 
   dividends paid                           95.79       99.99      114.92      106.90       99.25 
-----------------------------------  ------------  ----------  ----------  ----------  ----------  -------- 
 

Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" and "Triple Point"). The Company was incorporated in November 2007.

-- 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.

-- C Ordinary Shares: these are the shares issued in the Offer that closed on 27 May 2014. A total of GBP14.0 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 GBP14.3 million was raised and 13,701,636 D Shares were issued.

-- E Ordinary Shares: these are the shares issued in the Offer that closed on 15 May 2017. Just under GBP30 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 2018.

Following the successful realisation of the A Ordinary Share Class portfolio towards the end of last financial year, the board and the Company are pleased to report the remaining share classes are all performing well, with each recording a profit for the period.

Investment Portfolio

The Company's funds at 30 September 2018 are 89% invested in a portfolio of VCT qualifying and non-qualifying quoted and unquoted investments. At 30 September 2018 the Company continues to meet the condition that at least 70% by value of the Company's investments are represented by qualifying holdings. For accounting periods beginning on or after 6 April 2019, the condition will require that 80% by value of the Company's investments are represented by qualifying holdings.

The Investment Manager's review on pages 5 to 8 gives an update on the portfolio of investments in 18 small unquoted businesses and 1 quoted Real Estate Investment Trust.

Ordinary Share Class

May 2018 marked the end of the five year minimum VCT holding period for this share class. Following the transfer of the majority of its portfolio to the E Share Class, at the period end the Ordinary Share Class had one remaining investment in a rooftop Solar PV company. This final investment was transferred to the E Share Class on 1(st) October 2018.

The Ordinary Share Class recorded a profit for the period of 0.07p per share. At 30 September 2018 the net asset value stood at 5.07p per share. Adding back the dividends paid to Ordinary Class Shareholders of 93.80p takes the total return including net asset value to 98.87p per share. This compares to a weighted average share price at acquisition or conversion of 83.60p and a minimum target return of 90.40p.

During the period, the Company paid a dividend to Ordinary Share Class shareholders on the register on 26(th) July 2018 of 60.74p per share. This dividend represents a significant return of value to shareholders.

In line with the exit strategy for the Ordinary Share Class holders, the Company has declared a final dividend to Ordinary Shareholders on the register at 30 November 2018 of 4.07p per Ordinary Share equivalent to GBP792,149 which will be payable on 14 December 2018. This will bring the total paid by way of dividends to the Ordinary Class Shareholders to 97.87p per share. Following payment of this dividend, the shares will be cancelled and a final distribution of 1p per share is expected to be paid by March 2019.

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.

I am pleased to report the C Share Class has recorded a profit over the period of 3.99p per share. At 30 September 2018 the net asset value stood at 111.83p per share. Adding back the total dividends paid to date takes the total return, including the net asset value, to 126.83p per share.

During the period the Company paid a third dividend to C Class Shareholders of GBP672,072, equal to 5p 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 now 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.

I am pleased to report that the D Share Class has recorded a profit over the period of 1.84p per share. At 30 September 2018 the net asset value stood at 104.82p per share. Adding back the total dividends paid takes the total return including the net asset value to 114.82p per share.

During the period the Company paid a second dividend to D Class Shareholders of GBP685,082, equal to 5p per share.

E Share Class

At the beginning of the period the E Share Class was the recipient of a transfer of a diverse portfolio of investments previously held by the Ordinary Share Class. This established and income-producing portfolio has investments spanning Hydroelectric Power, Crematorium Management, Solar PV and SME Lending. The investments were valued at GBP11.01 million at 31 March 2018 and were transferred at this audited value on 1 April 2018.

Following the period end the E Share Class acquired a Solar PV company from the Ordinary Share Class.

The construction of Perfectly Fresh Cheshire Ltd's pioneering Vertical Growing facility continues and the first crop is expected to be delivered in Q1 2019. It is expected that further investment would be made by the Company into Perfectly Fresh Cheshire Ltd, as it progresses its plans to develop a second production facility.

The E Share Class also has a non-qualifying investment of GBP6m in Triple Point Social Housing REIT plc ("REIT"). This investment generates income from a widespread portfolio of long term, inflation linked, specialised supported housing property leases and is targeting a regular dividend to investors of 5p per share, per annum. During the period the E Share Class received dividends and property income from the REIT of GBP65,139 with a further 1.25p per share equal to GBP63,957 paid in October 2018.

I am pleased to report the E Share Class recorded a profit over the period of 1.02p per share. At 30 September 2018 the net asset value stood at 99.34p per share. The E Share Class is now 82% invested. As a result of this, we expect profits to begin to increase.

Specific Risks

The Board believes that the specific risks currently facing the Company are:

   --      investment risk associated with holding VCT qualifying investments; 
   --      risk of failure to maintain approval as a VCT; and 
   --      risk of inability to realise investments in order to return funds to investors in line with expectations. 

The Board believes these risks are manageable and, together with the Investment Manager, continues to work to minimise both the likelihood and any potential impact of these risks within the scope of the Company's established investment strategy.

Outlook

In the Financial Accounts for the year ended 31 March 2018 we highlighted changes to the VCT landscape with the government, through its 'Financing Growth in Innovative Firms' consultation ("the Patient Capital Review") emphasising the importance of VCTs in helping to provide investments into SMEs. Several changes were introduced, including increasing a VCT's minimum qualifying percentage threshold from 70% to 80% which will come into effect for the Company from 6 April 2019.

The Company, alongside the Investment Manager, has now begun to introduce new procedures to ensure the transition required will have a minimal effect on the Company. The Board is pleased to report that good progress has been made and that the Company is on track to implement the required changes.

The Company and the Investment Manager continue to progress an exit for the Ordinary Share portfolio and are on track to complete this exit by 31 March 2019.

The Company's focus on the C and D Share Class investments in the Hydroelectric Power sector remains 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 remaining funds into unquoted investments as soon as possible. Good progress has been made in this area with the Company now targeting both follow-on and new investments into the Vertical Growing sector.

If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.

David Frank

Chairman

16 November 2018

Investment Manager's Review

Sector Analysis

The unquoted investment portfolio can be analysed as follows:

 
                                             Electricity Generation        SME Funding 
                -------------              ------------------------  --------------------- 
                                              Hydro        Other        Hydro 
  Industry        Crematorium    Vertical    Electric     Electric     Electric                 Quoted          Total 
   Sector          Management     Growing     Power         Power       Power      Other**    Investments    Investments 
                -------------              ----------  ------------  ----------  --------- 
                      GBP'000     GBP'000     GBP'000       GBP'000     GBP'000    GBP'000        GBP'000        GBP'000 
                -------------  ----------  ----------  ------------  ----------  ---------  -------------  ------------- 
  Investments 
   at 31 March 
   2018 
                                           ---------- 
  Ord Shares              646           -       2,806         6,846         350        450              -         11,098 
  C Shares                  -           -      11,702             -       2,888          -              -         14,590 
  D Shares                  -           -      11,717             -       1,206        800              -         13,723 
  E Shares                  -       5,000           -             -         400      1,449          5,884         12,733 
  Total                   646       5,000      26,225         6,846       4,844      2,699          5,884         52,144 
                ------------- 
  Investments 
   made during 
   the period 
                -------------              ---------- 
  Ord Shares                -           -           -             -           -          -              -              - 
  C Shares                  -           -           -             -           -          -              -              - 
  D Shares                  -           -           -             -           -          -              -              - 
  E Shares                646           -       2,806         5,883         350        850              -         10,535 
                          646           -       2,806         5,883         350        850              -         10,535 
                ------------- 
  Investments 
   realised 
   during the 
   period 
                -------------              ----------                ----------  ---------  -------------  ------------- 
  Ord Shares            (646)           -     (2,806)       (5,883)       (350)      (450)              -       (10,135) 
  C Shares                  -           -        (42)             -           -          -              -           (42) 
  D Shares                  -           -           -             -           -      (400)              -          (400) 
  E Shares               (40)           -        (23)             -           -          -              -           (63) 
                                                                                                           ------------- 
                        (686)           -     (2,871)       (5,883)       (350)      (850)              -       (10,640) 
                ------------- 
  Investments 
  valued 
  during 
  the period 
                -------------              ----------                ----------  ---------  -------------  ------------- 
  Ord Shares                -           -           -             -           -          -              -              - 
  C Shares                  -           -           -             -           -          -              -              - 
  D Shares                  -           -           -             -           -          -              -              - 
  E Shares                  -           -           -             -           -          -            250            250 
                                                                                                           ------------- 
                            -           -           -             -           -          -            250            250 
                ------------- 
  Investments 
  at 30 
  September 
  2018 
  Ord Shares                -           -           -           963           -          -              -            963 
  C Shares                  -           -      11,660             -       2,888          -              -         14,548 
  D Shares                  -           -      11,717             -       1,206        400              -         13,323 
  E Shares                606       5,000       2,783         5,883         750      2,299          6,134         23,455 
  Total                   606       5,000      26,160         6,846       4,844      2,699          6,134         52,289 
  Total 
   investments 
   %                    1.16%       9.56%      50.03%        13.09%       9.26%      5.17%         11.73%        100.00% 
                -------------              ----------                ----------             -------------  ------------- 
 

** Other SME funding includes GBP400,000 of D Ordinary Share Class investment and GBP2,299,000 of E Ordinary Share Class investment into a UK based LLP which provides finance to small and medium sized enterprises.

The VCT was established to fund small and medium sized enterprises. At 30 September 2018 it had four share classes, each invested in their own portfolio as detailed on page 5. The overall portfolio comprised investments in 18 small, unquoted companies and one quoted Real Estate Investment Trust, across 5 sectors: crematorium management; electricity generation, vertical growing, SME Funding; and investment property.

At 30 September 2018 the Company continues to meet the condition that at least 70% of relevant funds must be invested in VCT qualifying investments within three years.

Review and Outlook

Ordinary Share Class

The Company and the Investment Manager are working towards facilitating an exit for Ordinary Class shareholders now they have reached the end of their five-year holding period. It is anticipated that a full exit will be achieved for these shareholders by the end of the financial year.

Solar

The Ordinary Share Class held an investment in Green Energy For Education Limited ("GEFE"), a company that owns a portfolio of rooftop solar PV systems. Due to the good weather experienced for much of the period, the PV systems have been outperforming their electricity generation targets and the investment has provided an attractive exposure to a business benefitting from low risk Feed in Tariffs. The rights and obligations arising from this investment were transferred to the E Share Class on 1 October 2018.

C Share Class

The Company and the Investment Manager continue to 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 the Hydroelectric Power sector are detailed below.

D Share Class

The D Share Class has investments in five hydroelectric companies which between them own six hydroelectric schemes in the Scottish Highlands. All six schemes have been commissioned and are operational.

Hydroelectric Power

All of the hydroelectric schemes are "run of river" plants which capture river flow agreed above a certain level as determined by the Scottish Environment Protection Agency (SEPA). Water flow is generally captured before a descent and flows down the penstock to a turbine engine which produces electricity. The water is then returned to the river. The hydro companies benefit from government backed Feed-in Tariff payments based on output and also from the sale of the electricity produced to utilities or other power companies under Power Purchase Agreements (PPAs). The companies have continued to obtain better power prices than were originally forecast, currently earning an average of 6.19 pence per kWh compared to an expected 5 to 5.5 pence per kWh at the outset.

The hydro companies remain highly focussed on seeking further efficiencies and operating improvements.

The companies, together with other industry members and the British Hydropower Association, are continuing to lobby the Scottish Government to recognise the concern on business rates in the Hydro sector.

Two schemes received rateable values for business rates at the end of 2017-18 and the Scottish Government has applied a 25% relief for this year. From 1(st) April 2018, a 60% relief on business rates for hydro schemes has been applied. Longer term, the Scottish Government has confirmed that it will work alongside industry organisations to fast track a review of the Plant and Machinery Order, which should address business rates in the Hydro sector.

Although it was very dry during May, June and July, overall we are pleased with the performance of the portfolio to date and we believe that, as the portfolio matures, there remains the opportunity to further enhance its value through continued strategic operational management.

E Share Class

During the period the E Share Class has successfully deployed 82% of its funds into various investments in a diverse range of sectors. Further information on these sectors is detailed below.

Going forward, the Company and the Investment Manager are focused on ensuring that the remaining funds are invested in line with the Company's strategy and the requirements of the VCT legislation.

Hydroelectric Power

The E Share Class has investments in two companies which own, either directly or indirectly, hydroelectric schemes in the Scottish Highlands. Further updates on this sector are detailed above.

Vertical Growing

The E Share Class has invested in Perfectly Fresh Cheshire Ltd, a company which is building a pioneering vertical growing facility. Vertical Growing is the practice of producing food in an indoor growing facility where all inputs (water, light and nutrients) meet the optimum needs of the crop. Vertical Growing facilities are designed to have a sealed environment, meaning that the product is grown in a controlled manner, with positive air pressure to prevent any pests entering the facility. This ensures that insects and other pests cannot access the crop, thus removing the need to use pesticides on the crop being grown. A large variety of produce can be grown including herbs and salad leaves.

The construction of the Vertical Growing facility based in Cheshire continues, and the first crop is expected to be delivered in Q1 2019. The completion date has been delayed by a month, but we continue to monitor progress closely and consider that plans are realistic and expectations well managed.

Plans are being developed to construct and operate further Vertical Growing facilities in the UK and Perfectly Fresh Cheshire Ltd is in a good position to consider expansion into new, larger sites with successful and ongoing trials and strong interest in the product from supermarkets and manufacturers of convenience foods. This will require further funding.

Gas Power

The E Share Class has invested in a company that has constructed a gas fired energy centre. During the period the energy centre was fully constructed and was successfully commissioned in May 2018.

The power plant utilises tried and tested technology, provided by Rolls Royce, to provide a reliable and secure energy supply. The energy centre is a containerised gas combustion engine that generates electricity for onward sale, especially at times when there is high demand for power. The UK is aiming to close its coal-fired power plants by 2025 and it is expected that there will be a shortage in the supply of energy in the UK. Although renewable energy makes an increasing contribution, the irregular nature of its production means that other baseload sources will also be required to make up the deficit.

The company has taken advantage of a gap in the market by constructing and operating a gas fired energy centre to produce and sell electricity to customers.

Gas will be purchased from the National Transmission System and combusted in the engines. The electricity will then be exported to the National Grid and sold under a power purchase agreement. The Company will receive revenues from the sale of electricity and income from embedded benefits.

Embedded benefits cover a range of payments available to small electricity generators connected to the distribution network, rather than the transmission grid. Benefits can be earned for generating at peak times and for local distribution.

In addition, generators can earn additional revenues by operating outside of the peak 4-7pm hours to take advantage of 'intraday' and 'post-gate closure' price volatility.

A more detailed review will be included once the energy centre has sufficient operating history for meaningful analysis.

Non-Qualifying Investments

Real Estate Investment Trust ("REIT")

Triple Point Social Housing REIT plc invests in social housing assets within the UK, in particular homes in the supported housing sector. These homes are adapted to provide care and support to vulnerable tenants with specific requirements, and provide tenants with greater independence than institutional care accommodation. The REIT has a portfolio of properties which benefit from long-term index linked leases of at least twenty years to Approved Providers, such as housing associations, who are bodies that receive their funding from central and local government. Through these long leases it is able to offer its shareholders an attractive and consistent level of inflation-linked income.

SME Funding

The Company has non-qualifying investments in four companies which provide finance to SME businesses. Two of these companies are non-bank SME lending businesses which aim to address the financing needs of the UK SME market by providing business critical loans and asset finance to over 60,000 UK Corporate and SME customers. The remaining two companies provide finance in the hydroelectric power sector.

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. During the period the Company received GBP40,000 from Furnace Managed Services by way of a capital reduction.

If you have any questions, please do not hesitate to call us on 020 7201 8989.

Claire Ainsworth

Partner

for Triple Point Investment Management LLP

16 November 2018

Investment Portfolio

 
                                                  Unaudited                                  Audited 
                                              30 September 2018                           31 March 2018 
                                  ----------------------------------------  ---------------------------------------- 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
 
  Unquoted qualifying holdings       33,704     61.35     37,075     63.43     33,705     50.06     37,075     52.52 
  Quoted non-qualifying holdings      6,001     10.92      6,134     10.50      6,001      8.91      5,884      8.34 
  Unquoted non-qualifying 
   holdings                           9,080     16.53      9,080     15.54      9,185     13.63      9,185     13.01 
  Financial assets at fair value 
   through profit or loss            48,785     88.80     52,289     89.47     48,891     72.60     52,144     73.87 
  Cash and cash equivalents           6,152     11.20      6,152     10.53     18,448     27.40     18,448     26.13 
                                     54,937    100.00     58,441    100.00     67,339    100.00     70,592    100.00 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
  Qualifying Holdings 
  Unquoted 
  Solar 
  Digima Ltd                          1,262      2.30      1,621      2.77      1,262      1.87      1,621      2.30 
  Digital Screen Solutions Ltd        2,020      3.68      2,062      3.53      2,020      3.00      2,062      2.92 
  Green Energy for Education 
   Ltd                                  475      0.86        963      1.65        475      0.71        963      1.36 
  Hydro Electric Power 
  Elementary Energy Ltd               2,060      3.75      2,310      3.95      2,060      3.06      2,310      3.27 
  Green Highland Allt Choire 
   A Bhalachain (225) Ltd             3,130      5.70      3,504      6.00      3,130      4.65      3,504      4.96 
  Green Highland Allt Garbh 
   Ltd                                2,710      4.93      2,710      4.64      2,710      4.02      2,710      3.84 
  Green Highland Allt Ladaidh 
   (1148) Ltd                         3,500      6.37      4,092      7.00      3,500      5.20      4,092      5.80 
  Green Highland Allt Luaidhe 
   (228) Ltd                          1,995      3.63      2,165      3.70      1,996      2.96      2,165      3.07 
  Green Highland Allt Phocachain 
   (1015) Ltd                         3,932      7.16      4,187      7.16      3,932      5.84      4,187      5.93 
  Green Highland Shenval Ltd          1,120      2.04        692      1.18      1,120      1.66        692      0.98 
  Green Highland Renewables 
   (Achnacarry) Ltd                   4,300      7.83      5,569      9.53      4,300      6.39      5,569      7.89 
  Gas Power 
  Green Peak Generation Ltd           2,200      4.00      2,200      3.76      2,200      3.27      2,200      3.12 
  Vertical Growing 
  Perfectly Fresh Cheshire Ltd        5,000      9.10      5,000      8.56      5,000      7.43      5,000      7.08 
                                     33,704     61.35     37,075     63.43     33,705     50.06     37,075     52.52 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 

Financial Assets including those held for sale are measured at fair value through profit or loss. The initial best estimate of fair value of these investments that are either quoted or unquoted on an active market is the transaction price (i.e. cost). The fair value of these investments is subsequently measured by reference to the enterprise value of the investee company, which is best deemed to reflect the fair value. Where the Board considers the investee company's enterprise value to remain unchanged since acquisition, investments continue to be held at cost less any loan repayments received. Where the Board considers the investee company's enterprise value has changed since acquisition, investments are held at a value measured using a discounted cash flow model or the value to be realised on disposal which is equivalent to fair value.

 
                                                     Unaudited                                Audited 
                                                 30 September 2018                         31 March 2018 
                                      --------------------------------------  -------------------------------------- 
                                                 Cost            Valuation               Cost            Valuation 
  Non-Qualifying Holdings               GBP'000        %    GBP'000        %    GBP'000        %    GBP'000        % 
  Quoted 
  Investment property 
  TP Social Housing REIT Plc 
   Equity                                 6,001    10.92      6,134    10.50      6,001     8.91      5,884     8.34 
 
                                          6,001    10.92      6,134    10.50      6,001     8.91      5,884     8.34 
                                      =========  =======  =========  =======  =========  =======  =========  ======= 
  Unquoted 
  Crematorium Management 
  Furnace Managed Services Ltd              580     1.06        605     1.04        620     0.92        646     0.92 
  Hydro Electric Power 
  Elementary Energy Ltd                     263     0.48        263     0.45        285     0.42        285     0.40 
  Green Highland Allt Choire 
   A Bhalachain (225) Ltd                   304     0.55        304     0.52        318     0.47        318     0.45 
  Green Highland Allt Luaidhe 
   (228) Ltd                                185     0.34        185     0.32        185     0.27        185     0.26 
  Green Highland Allt Phocachain 
   (1015) Ltd                               133     0.24        133     0.23        143     0.21        143     0.20 
  Green Highland Renewables 
   (Achnacarry) 
   Ltd                                       46     0.08         47     0.08         65     0.10         65     0.09 
  SME Funding 
  Hydroelectric Power: 
  Broadpoint 2 Ltd                        2,834     5.16      2,834     4.85      2,834     4.21      2,834     4.01 
  Broadpoint 3 Ltd                        2,010     3.66      2,010     3.44      2,010     2.98      2,010     2.85 
  Other: 
  Aeris Power Ltd                           525     0.96        499     0.85        525     0.78        499     0.71 
  Funding Path Ltd                        2,200     4.00      2,200     3.76      2,200     3.27      2,200     3.12 
 
 
                                          9,080    16.53      9,080    15.54      9,185    13.63      9,185    13.01 
                                      ---------  -------  ---------  -------  ---------  -------  ---------  ------- 
 

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 2018, the Directors confirm that, to the best of their knowledge, this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union and that the Chairman's statement on pages 3 and 4 includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure and Transparency rules of the United Kingdom's Financial Conduct Authority namely:

a) 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 specific risks and uncertainties for the remainder of the accounting period;

b) 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;

c) the Interim Financial Report includes a fair review of related party transactions and changes therein. There were no related party transactions for the accounting period; and

d) 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 expectations 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

16 November 2018

Statement of Comprehensive Income

 
                                        Unaudited                         Audited                         Unaudited 
                                     6 months ended                     Year ended                     6 months ended 
                                      30 September 
                                           2018                        31 March 2018                  30 September 2017 
                            -------------------------------  -------------------------------  ------------------------------- 
                      Note       Rev.       Cap.      Total       Rev.       Cap.      Total       Rev.       Cap.      Total 
                              GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Income 
  Investment 
   income              4        1,649          -      1,649      2,620          -      2,620      1,446          -      1,446 
  Gain arising on 
   the disposal of 
   investments 
   during 
   the year                         -          -          -          -        108        108          -         76         76 
  Gain arising on 
   the revaluation 
   of investments 
   at the period 
   end                              -        250        250          -      2,096      2,096          -         65         65 
  Investment 
   return                       1,649        250      1,899      2,620      2,204      4,824      1,446        141      1,587 
                            ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Expenses 
  Investment 
   management 
   fees                5          400        133        533        986        329      1,315        589        190        779 
  Financial and 
   regulatory 
   costs                           20          -         20         42          -         42         19          -         19 
  General 
   administration                  86          -         86        191        153        344          4          -          4 
  Legal and 
   professional 
   fees                            26          -         26         86         38        124         58          -         58 
  Directors' 
   remuneration        6           28          -         28         56          -         56         27          -         27 
  Operating 
   expenses                       560        133        693      1,361        520      1,881        697        190        887 
                            ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Profit/(loss) 
   before 
   taxation                     1,089        117      1,206      1,259      1,684      2,943        749       (49)        700 
  Taxation             7        (131)         25      (106)      (189)         99       (90)       (92)         36       (56) 
  Profit/(loss) 
   after 
   taxation                       958        142      1,100      1,070      1,783      2,853        657       (13)        644 
                            ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Profit and total 
   comprehensive 
   income/(loss) 
   for the period                 958        142      1,100      1,070      1,783      2,853        657       (13)        644 
                            ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Basic and 
  diluted 
  earnings/(loss) 
  per share 
  (pence) 
 
  Ordinary Share       8        0.06p      0.01p      0.07p      0.73p      2.77p      3.50p      0.37p      0.12p      0.49p 
 
  A Share              8            -          -          -    (0.22p)      1.74p      1.52p    (0.19p)      1.53p      1.33p 
 
  C Share              8        4.22p    (0.23p)      3.99p      5.02p      6.32p     11.34p      3.65p    (0.22p)      3.43p 
 
  D Share              8        2.02p    (0.18p)      1.84p      3.85p      3.94p      7.79p      1.92p    (0.21p)      1.71p 
 
  E Share              8        0.35p      0.67p      1.02p    (0.92p)    (0.78p)    (1.70p)    (0.57p)    (0.20p)    (0.77p) 
 

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

Company No: 06421083

 
                                               Unaudited     Audited        Unaudited 
                                            30 September    31 March     30 September 
                                                    2018        2018             2017 
                                    Note         GBP'000     GBP'000          GBP'000 
 
  Non-current assets 
  Financial assets at fair 
   value through profit or 
   loss                                           52,289      52,144           40,410 
                                          --------------  ----------  --------------- 
 
  Current assets 
  Receivables                                      1,383       1,376            1,243 
  Cash and cash equivalents          9             6,152      18,448           29,166 
                                                   7,535      19,824           30,409 
                                          --------------  ----------  --------------- 
 
  Total Assets                                    59,824      71,968           70,819 
                                          --------------  ----------  --------------- 
 
  Current liabilities 
  Payables and accrued expenses                      490         659              531 
  Current taxation payable                           195          91              315 
                                                     685         750              846 
                                          --------------  ----------  --------------- 
 
  Net Assets                                      59,139      71,218           69,973 
                                          ==============  ==========  =============== 
 
  Equity attributable to equity 
   holders of the parent 
  Share capital                      10              756         756              807 
  Share redemption reserve                             2           2                2 
  Share premium                                   44,968      44,968           44,968 
  Special distributable reserve                   11,370      23,968           24,391 
  Capital reserve                                  1,085         942            (854) 
  Revenue reserve                                    958         582              659 
  Total equity                                    59,139      71,218           69,973 
                                          ==============  ==========  =============== 
 
 
  Shareholder' funds 
 
  Ordinary Share                     11            5.07p      65.74p           62.73p 
 
  A Share                            11                -           -           18.79p 
 
  C Share                            11          111.83p     112.84p          104.92p 
 
  D Share                            11          104.82p     107.98p          101.90p 
 
  E Share                            11           99.34p      98.32p           99.25p 
 

The statements were approved by the Directors and authorised for issue on 16 November 2018 and are signed on their behalf by:

David Frank

Chairman

16 November 2018

The accompanying notes are an integral part of this statement.

Statement of Changes in Shareholders' Equity

 
                                                                           Special 
                          Issued    Share Redemption       Share     Distributable     Capital     Revenue 
                         Capital             Reserve     Premium           Reserve     Reserve     Reserve       Total 
                         GBP'000             GBP'000     GBP'000           GBP'000     GBP'000     GBP'000     GBP'000 
  6 months ended 30 
  September 
  2018 
  Opening balance            756                   2      44,968            23,968         942         582      71,218 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Dividends paid               -                   -           -          (12,597)           -       (582)    (13,179) 
  Transactions with 
   owners                      -                   -           -          (12,597)           -       (582)    (13,179) 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Profit for the 
   period                      -                   -           -                 -         142         958       1,100 
  Other 
  comprehensive 
  income                       -                   -           -                 -           -           -           - 
  Profit and total 
   comprehensive 
   income for the 
   period                      -                   -           -                 -         142         958       1,100 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Balance at 30 
   September 
   2018                      756                   2      44,968            11,371       1,084         958      59,139 
                      ==========  ==================  ==========  ================  ==========  ==========  ========== 
  Capital reserve 
  consists 
  of: 
  Investment holding 
   gains                                                                                 3,505 
  Other realised 
   losses                                                                              (2,421) 
                                                                                         1,084 
                                                                                    ========== 
  Year ended 31 
  March 
  2018 
  Opening balance            518                   2      16,307            27,301       (841)       1,192      44,479 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Issue of new 
   shares                    289                   -      29,441                 -           -           -      29,730 
  Cost of issue                -                   -       (780)                 -           -           -       (780) 
  Purchase of own 
   shares                   (51)                   -           -                 -           -           -        (51) 
  Dividend paid                -                   -           -           (3,333)           -     (1,680)     (5,013) 
  Transactions with 
   owners                    238                   -      28,661           (3,333)           -     (1,680)      23,886 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Profit for the 
   year                        -                               -                 -       1,783       1,070       2,853 
  Other 
  comprehensive 
  income                       -                               -                 -           -           -           - 
  Profit and total 
   comprehensive 
   income for the 
   year                        -                               -                 -       1,783       1,070       2,853 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Balance at 31 
   March 
   2018                      756                   2      44,968            23,968         942         582      71,218 
                      ==========  ==================  ==========  ================  ==========  ==========  ========== 
  Capital reserve 
  consists 
  of: 
  Investment holding 
   gains                                                                                 3,250 
  Other realised 
   losses                                                                              (2,308) 
                                                                                           942 
                                                                                    ========== 
  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 
  Dividend paid                -                   -           -           (2,910)           -     (1,190)     (4,100) 
  Transactions with 
   owners                    289                   -      28,661           (2,910)           -     (1,190)      24,850 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  (Loss)/profit for 
   the 
   period                      -                   -           -                 -        (13)         657         644 
  (Loss)/profit and 
   total 
   comprehensive 
   income 
   for the period              -                   -           -                 -        (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) 
                                                                                    ========== 
 

The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The unrealised capital reserve, share redemption reserve and share premium reserve are not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue, special distributable and realised capital reserves are distributable by way of dividend.

At 31 March 2018 the total reserves available for distribution are GBP9,908,000. This consists of the distributable revenue reserve net of the realised capital loss and the special distributable reserve.

Statement of Cash Flows

 
                                                    Unaudited       Audited         Unaudited 
                                               6 months ended    Year ended    6 months ended 
                                                 30 September      31 March      30 September 
                                                         2018          2018              2017 
                                                      GBP'000       GBP'000           GBP'000 
  Cash flows from operating activities 
  Profit before taxation                                1,206         2,943               700 
  (Gain) arising on the disposal 
   of investments during the period                         -         (108)              (76) 
  (Gain) arising on the revaluation 
   of investments at the period end                     (250)       (2,096)              (65) 
  Cash flow generated by operations                       956           739               559 
  (Increase) in receivables                               (7)         (210)              (78) 
  (Decrease)/increase in payables                       (169)           406               278 
  Taxation                                                (2)         (263)               (5) 
  Net cash flows from operating activities                778           672               754 
                                               --------------  ------------  ---------------- 
 
  Cash flow from investing activities 
  Purchase of financial assets at 
   fair value through profit or loss                        -      (11,001)                 - 
  Proceeds of sale of financial assets 
   at fair value through profit or 
   loss                                                   105         2,357             1,028 
  Net cash flows from investing activities                105       (8,644)             1,028 
                                               --------------  ------------  ---------------- 
 
  Cash flows from financing activities 
  Issue of new shares                                       -        29,730            28,950 
  Cost of issue                                             -         (780)                 - 
  Repayment of capital                                      -          (51)                 - 
  Dividends paid                                     (13,179)       (5,013)           (4,100) 
  Net cash flows from financing activities           (13,179)        23,886            24,850 
                                               --------------  ------------  ---------------- 
  Net increase/(decrease) in cash 
   and cash equivalents                              (12,296)        15,914            26,632 
                                               ==============  ============  ================ 
  Reconciliation of net cash flow 
   to movements in cash and cash equivalents 
  Opening cash and cash equivalents                    18,448         2,534             2,534 
  Net (decrease)/increase in cash 
   and cash equivalents                              (12,296)        15,914            26,632 
  Closing cash and cash equivalents                     6,152        18,448            29,166 
                                               ==============  ============  ================ 
 

The accompanying notes are an integral part of this statement.

Non-Statutory Analysis - The Ordinary Share Fund

 
 
  Statement of Comprehensive 
   Income                                       Unaudited                          Audited 
                                              6 months ended                     Year ended 
                                            30 September 2018                   31 March 2018 
                                    --------------------------------  ------------------------------- 
                                      Revenue    Capital       Total    Revenue    Capital      Total 
                                      GBP'000    GBP'000     GBP'000    GBP'000    GBP'000    GBP'000 
  Investment income                        22          -          22        382          -        382 
  Realised gain on investments              -          -           -          -         76         76 
  Unrealised gain on investments            -          -           -          -        639        639 
  Investment return                        22          -          22        382        715      1,097 
  Investment management 
   fees                                     6          3           9      (175)      (179)      (354) 
  Other expenses                         (15)          -        (15)       (30)       (38)       (68) 
  Profit before taxation                   13          3          16        177        498        675 
  Taxation                                (2)        (1)         (3)       (34)         41          7 
  Profit after taxation                    11          2          13        143        539        682 
                                    ---------  ---------  ----------  ---------  ---------  --------- 
  Profit and total comprehensive 
   income for the period                   11          2          13        143        539        682 
                                    ---------  ---------  ----------  ---------  ---------  --------- 
  Basic and diluted earnings 
   per share                            0.06p      0.01p       0.07p      0.73p      2.77p      3.50p 
                                    ---------  ---------  ----------  ---------  ---------  --------- 
 
 
  Balance Sheet                                       6 months ended                       Year ended 
                                                   30 September 2018                    31 March 2018 
                                                             GBP'000                          GBP'000 
  Non-current assets 
  Financial assets at fair 
   value through profit or 
   loss                                                          963                           11,098 
                                                          ----------                        --------- 
 
  Current assets 
  Receivables                                                     42                               62 
  Cash and cash equivalents                                       38                            1,868 
  Corporation tax                                                  5                                7 
                                                                  85                            1,937 
                                                          ----------                        --------- 
  Current liabilities 
  Payables                                                      (62)                            (240) 
  Corporation tax                                                  -                                - 
                                                          ----------                        --------- 
  Net assets                                                     986                           12,795 
                                                          ----------                        --------- 
 
  Equity attributable to 
   equity holders                                                986                           12,795 
                                                          ----------                        --------- 
  Net asset value per share                                    5.07p                           65.74p 
                                                          ----------                        --------- 
 
  Statement of Changes in 
   Shareholders' Equity 
                                                      6 months ended                       Year ended 
                                                   30 September 2018                    31 March 2018 
                                                             GBP'000                          GBP'000 
 
  Opening shareholders' 
   funds                                                      12,795                           13,573 
  Profit for the period                                           13                              682 
  Dividends paid                                            (11,822)                          (1,460) 
  Closing shareholders' 
   funds                                                         986                           12,795 
                                                          ----------                        --------- 
 
 
                                                 Unaudited                                  Audited 
  Investment Portfolio                       30 September 2018                           31 March 2018 
                                 ----------------------------------------  ---------------------------------------- 
                                             Cost             Valuation                Cost             Valuation 
                                   GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
 
  Unquoted qualifying holdings         475     92.59        963     96.20      8,376     70.10      9,367     72.25 
  Unquoted non-qualifying 
   holdings                              -         -          -         -      1,705     14.28      1,731     13.35 
  Financial assets at fair 
   value through profit or 
   loss                                475     92.59        963     96.20     10,081     84.38     11,098     85.60 
  Cash and cash equivalents             38      7.41         38      3.80      1,868     15.62      1,868     14.40 
                                       513    100.00      1,001    100.00     11,949    100.00     12,966    100.00 
                                 =========  ========  =========  ========  =========  ========  =========  ======== 
  Qualifying Holdings 
  Unquoted 
  Rooftop Solar Systems 
  Digima Ltd                             -         -          -         -      1,262     10.56      1,621     12.50 
  Digital Screen Solutions 
   Ltd                                   -         -          -         -      2,020     16.91      2,062     15.90 
  Solar 
  Green Energy for Education 
   Ltd*                                475     92.59        963     96.20        475      3.98        963      7.43 
  Hydro Electric Power 
  Elementary Energy Ltd                  -         -          -         -      2,060     17.24      2,310     17.82 
  Green Highland Shenval Ltd             -         -          -         -        359      3.00        211      1.63 
  Gas Power 
  Green Peak Generation Ltd              -         -          -         -      2,200     18.41      2,200     16.97 
                                       475     92.59        963     96.20      8,376     70.10      9,367     72.25 
                                 =========  ========  =========  ========  =========  ========  =========  ======== 
  Non-Qualifying Holdings 
  Unquoted 
  Crematorium Management 
  Furnace Managed Services 
   Ltd                                   -         -          -         -        620      5.19        646      4.98 
  Hydro Electric Power 
  Elementary Energy Ltd                  -         -          -         -        285      2.39        285      2.20 
  SME Funding 
  Hydro Electric Power: 
  Broadpoint 2 Ltd                       -         -          -         -        350      2.93        350      2.70 
  Other: 
  Funding Path Ltd                       -         -          -         -        450      3.77        450      3.47 
                                         -         -          -         -      1,705     14.28      1,731     13.35 
                                 =========  ========  =========  ========  =========  ========  =========  ======== 
 

* Following the balance sheet date, on 1 October 2018, the Ordinary Shares investment in Green Energy for Education Ltd was transferred to the E Share Class.

Non-Statutory Analysis - The C Share Fund

 
  Statement of Comprehensive Income                Unaudited                         Audited 
                                                6 months ended                     Year ended 
                                               30 September 2018                  31 March 2018 
                                       -------------------------------  ------------------------------- 
                                         Revenue    Capital      Total    Revenue    Capital      Total 
                                         GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Investment income                          762          -        762      1,048          -      1,048 
  Unrealised gain on investments               -          -          -          -        907        907 
  Investment return                          762          -        762      1,048        907      1,955 
  Investment management 
   fees                                    (134)       (38)      (172)      (251)       (72)      (323) 
  Other expenses                            (18)          -       (18)       (34)          -       (34) 
  Profit/(loss) before taxation              610       (38)        572        763        835      1,598 
  Taxation                                  (41)          7       (34)       (88)         14       (74) 
  Profit/(loss) after taxation               569       (31)        538        675        849      1,524 
                                       ---------  ---------  ---------  ---------  ---------  --------- 
  Profit and total comprehensive 
   income for the period                     569       (31)        538        675        849      1,524 
                                       ---------  ---------  ---------  ---------  ---------  --------- 
  Basic and diluted earnings 
   per share                               4.22p    (0.23p)      3.99p      5.02p      6.32p     11.34p 
                                       ---------  ---------  ---------  ---------  ---------  --------- 
 
 
 
  Balance Sheet                                         6 months ended                       Year ended 
                                                     30 September 2018                    31 March 2018 
                                                               GBP'000                          GBP'000 
  Non-current assets 
  Financial assets at fair 
   value through profit or 
   loss                                                         14,548                           14,590 
                                                             ---------                        --------- 
 
  Current assets 
  Receivables                                                      195                              187 
  Cash and cash equivalents                                        491                              551 
                                                                   686                              738 
  Current liabilities 
  Payables                                                        (94)                             (87) 
  Corporation tax                                                (108)                             (75) 
                                                             ---------                        --------- 
  Net assets                                                    15,032                           15,166 
                                                             ---------                        --------- 
 
  Equity attributable to 
   equity holders                                               15,032                           15,166 
                                                             ---------                        --------- 
  Net asset value per share                                    111.83p                          112.84p 
                                                             ---------                        --------- 
 
 
  Statement of Changes in                               6 months ended                       Year ended 
  Shareholders' Equity                               30 September 2018                    31 March 2018 
                                                               GBP'000                          GBP'000 
 
  Opening shareholders' 
   funds                                                        15,166                           14,314 
  Profit for the period                                            538                            1,524 
  Dividends paid                                                 (672)                            (672) 
  Closing shareholders' 
   funds                                                        15,032                           15,166 
                                                             ---------                        --------- 
 
 
                                                  Unaudited                                  Audited 
  Investment Portfolio                        30 September 2018                           31 March 2018 
                                  ----------------------------------------  ---------------------------------------- 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
 
  Unquoted qualifying holdings        9,430     70.95     11,176     74.31      9,430     70.40     11,176     73.81 
  Unquoted non-qualifying 
   holdings                           3,371     25.37      3,372     22.42      3,414     25.49      3,414     22.54 
  Financial assets at fair value 
   through profit or loss            12,801     96.32     14,548     96.73     12,844     95.89     14,590     96.35 
  Cash and cash equivalents             491      3.68        491      3.27        551      4.11        551      3.65 
                                     13,292    100.00     15,039    100.00     13,395    100.00     15,141    100.00 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
  Qualifying Holdings 
  Unquoted 
  Hydro Electric Power 
  Green Highland Allt Choire 
   A Bhalachain (225) Ltd             3,130     23.55      3,504     23.30      3,130     23.37      3,504     23.14 
  Green Highland Allt Phocachain 
   (1015) Ltd                         2,000     15.05      2,103     13.98      2,000     14.93      2,103     13.89 
  Green Highland Renewables 
   (Achnacarry) 
   Ltd                                4,300     32.35      5,569     37.03      4,300     32.10      5,569     36.78 
                                      9,430     70.95     11,176     74.31      9,430     70.40     11,176     73.81 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
 
  Non-Qualifying Holdings 
  Unquoted 
 
  Hydro Electric Power 
  Green Highland Allt Choire 
   A Bhalachain (225) Ltd               304      2.29        304      2.02        318      2.37        318      2.10 
  Green Highland Allt Phocachain 
   (1015) Ltd                           133      1.00        133      0.88        143      1.07        143      0.94 
  Green Highland Renewables 
   (Achnacarry) 
   Ltd                                   46      0.35         47      0.31         65      0.49         65      0.43 
  SME Funding 
  Hydro Electric Power: 
  Broadpoint 2 Ltd                    2,084     15.68      2,084     13.86      2,084     15.56      2,084     13.76 
  Broadpoint 3 Ltd                      804      6.05        804      5.35        804      6.00        804      5.31 
                                      3,371     25.37      3,372     22.42      3,414     25.49      3,414     22.54 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 

Non-Statutory Analysis - The D Share Fund

 
  Statement of Comprehensive Income                Unaudited                         Audited 
                                                6 months ended                     Year ended 
                                               30 September 2018                  31 March 2018 
                                       -------------------------------  ------------------------------- 
                                         Revenue    Capital      Total    Revenue    Capital      Total 
                                         GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Investment income                          467          -        467        933          -        933 
  Unrealised gain on investments               -          -          -          -        598        598 
  Investment return                          467          -        467        933        598      1,531 
  Investment management fees               (109)       (30)      (139)      (250)       (71)      (321) 
  Other expenses                            (16)          -       (16)       (34)          -       (34) 
  Profit/(loss) before taxation              342       (30)        312        649        527      1,176 
  Taxation                                  (65)          6       (59)      (124)         14      (110) 
  Profit/(loss) after taxation               277       (24)        253        525        541      1,066 
                                       ---------  ---------  ---------  ---------  ---------  --------- 
  Profit/(loss) and total 
   comprehensive income for 
   the period                                277       (24)        253        525        541      1,066 
                                       ---------  ---------  ---------  ---------  ---------  --------- 
  Basic and diluted earnings/(loss) 
   per share                               2.02p    (0.18p)      1.84p      3.85p      3.94p      7.79p 
                                       ---------  ---------  ---------  ---------  ---------  --------- 
 
 
 
  Balance Sheet                                         6 months ended                       Year ended 
                                                     30 September 2018                    31 March 2018 
                                                               GBP'000                          GBP'000 
  Non-current assets 
  Financial assets at fair 
   value through profit or 
   loss                                                         13,323                           13,723 
                                                             ---------                        --------- 
 
  Current assets 
  Receivables                                                    1,138                            1,093 
  Cash and cash equivalents                                        146                              253 
                                                                 1,284                            1,346 
                                                             ---------                        --------- 
  Current liabilities 
  Payables                                                        (75)                            (165) 
  Corporation tax                                                (169)                            (110) 
                                                             ---------                        --------- 
  Net assets                                                    14,363                           14,794 
                                                             ---------                        --------- 
 
  Equity attributable to 
   equity holders                                               14,363                           14,794 
                                                             ---------                        --------- 
  Net asset value per share                                    104.82p                          107.98p 
                                                             ---------                        --------- 
 
 
  Statement of Changes in                               6 months ended                       Year ended 
  Shareholders' equity                               30 September 2018                    31 March 2018 
                                                               GBP'000                          GBP'000 
 
  Opening shareholders' funds                                   14,795                           14,413 
  Profit for the period                                            253                            1,066 
  Dividends paid                                                 (685)                            (685) 
  Closing shareholders' funds                                   14,363                           14,794 
                                                             ---------                        --------- 
 
 
                                                  Unaudited                                  Audited 
  Investment Portfolio                        30 September 2018                           31 March 2018 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
 
  Unquoted qualifying holdings       10,898     84.90     11,532     85.61     10,899     81.68     11,532     82.51 
  Unquoted non-qualifying 
   holdings                           1,791     13.96      1,791     13.29      2,191     16.43      2,191     15.67 
  Financial assets at fair value 
   through profit or loss            12,689     98.86     13,323     98.90     13,090     98.11     13,723     98.18 
  Cash and cash equivalents             146      1.14        146      1.10        253      1.89        253      1.82 
                                     12,835    100.00     13,469    100.00     13,343    100.00     13,976    100.00 
 
  Qualifying Holdings 
  Unquoted 
  Hydro Electric Power 
  Green Highland Allt Garbh 
   Ltd                                2,710     21.11      2,710     20.12      2,710     20.31      2,710     19.39 
  Green Highland Allt Ladaidh 
   (1148) Ltd                         3,500     27.27      4,092     30.38      3,500     26.23      4,092     29.28 
  Green Highland Allt Luaidhe 
   (228) Ltd                          1,995     15.54      2,165     16.07      1,996     14.96      2,165     15.49 
  Green Highland Allt Phocachain 
   (1015) Ltd                         1,932     15.05      2,084     15.47      1,932     14.48      2,084     14.91 
  Green Highland Shenval Ltd            761      5.93        481      3.57        761      5.70        481      3.44 
                                     10,898     84.90     11,532     85.61     10,899     81.68     11,532     82.51 
 
  Non-Qualifying Holdings 
  Unquoted 
  Hydro Electric Power 
  Green Highland Allt Luaidhe 
   (228) Ltd                            185      1.44        185      1.37        185      1.39        185      1.32 
  SME Funding 
  Hydro Electric Power: 
  Broadpoint 3 Ltd                    1,206      9.40      1,206      8.95      1,206      9.04      1,206      8.63 
  Other: 
  Funding Path Ltd                      400      3.12        400      2.97        800      6.00        800      5.72 
 
                                      1,791     13.96      1,791     13.29      2,191     16.43      2,191     15.67 
 

Non-Statutory Analysis - The E Share Fund

 
  Statement of Comprehensive 
   Income                                              Unaudited                         Audited 
                                                    6 months ended                     Year ended 
                                                   30 September 2018                  31 March 2018 
                                             Revenue    Capital      Total    Revenue    Capital      Total 
                                             GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Investment income                              398          -        398        225          -        225 
  Realised gain on investments                     -          -          -          -          -          - 
  Unrealised loss on investments                   -        250        250          -      (113)      (113) 
  Investment return                              398        250        648        225      (113)        112 
  Investment management fees                   (240)       (68)      (308)      (483)      (137)      (620) 
  Other expenses                                (34)          -       (34)       (67)          -       (67) 
  Profit/(loss) before taxation                  124        182        306      (325)      (250)      (575) 
  Taxation                                      (23)         13       (10)         62         26         88 
  Profit/(loss) after taxation                   101        195        296      (263)      (224)      (487) 
  Profit/(loss) and total comprehensive 
   income for the period                         101        195        296      (263)      (224)      (487) 
  Basic and diluted earnings/(loss) 
   per share                                   0.35p      0.67p      1.02p    (0.92p)    (0.78p)    (1.70p) 
 
  Balance Sheet                                             6 months ended                       Year ended 
                                                         30 September 2018                    31 March 2018 
                                                                   GBP'000                          GBP'000 
  Non-current assets 
  Financial assets at fair value 
   through profit or loss                                           23,455                           12,733 
 
  Current assets 
  Receivables                                                            8                               34 
  Cash and cash equivalents                                          5,477                           15,776 
  Corporation tax                                                       77                               87 
                                                                     5,562                           15,897 
  Current liabilities 
  Payables                                                           (259)                            (167) 
  Net assets                                                        28,758                           28,463 
 
  Equity attributable to equity 
   holders                                                          28,758                           28,463 
  Net asset value per share                                         99.34p                           98.32p 
 
 
  Statement of Changes in                                   6 months ended                       Year ended 
  Shareholders' equity                                   30 September 2018                    31 March 2018 
                                                                   GBP'000                          GBP'000 
 
  Opening shareholders' funds                                       28,462                                - 
  Issue of new shares                                                    -                           28,950 
  Profit for the period                                                296                            (487) 
  Closing shareholders' funds                                       28,758                           28,463 
 
 
                                                  Unaudited                                  Audited 
  Investment Portfolio                        30 September 2018                           31 March 2018 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
 
  Unquoted qualifying holdings       12,901     45.59     13,404     46.32      5,000     17.45      5,000     17.45 
  Quoted non-qualifying holdings      6,001     21.21      6,134     21.20      6,001     20.94      5,884     20.54 
  Unquoted non-qualifying 
   holdings                           3,918     13.85      3,917     13.53      1,875      6.55      1,849      6.46 
  Financial assets at fair value 
   through profit or loss            22,820     80.65     23,455     81.05     12,876     44.94     12,733     44.45 
  Cash and cash equivalents           5,477     19.35      5,477     18.95     15,776     55.06     15,776     55.55 
                                     28,297    100.00     28,932    100.00     28,652    100.00     28,509    100.00 
 
  Qualifying Holdings 
  Unquoted 
  Rooftop Solar Systems 
  Digima Ltd                          1,262      4.46      1,621      5.60          -         -          -         - 
  Digital Screen Solutions Ltd        2,020      7.14      2,062      7.13          -         -          -         - 
  Hydro Electric Power 
  Elementary Energy Ltd               2,060      7.28      2,310      7.98          -         -          -         - 
  Green Highland Shenval Ltd            359      1.27        211      0.73          -         -          -         - 
  Gas Power 
  Green Peak Generation Ltd           2,200      7.77      2,200      7.60          -         -          -         - 
  Vertical Growing 
  Perfectly Fresh Cheshire Ltd        5,000     17.67      5,000     17.28      5,000     17.45      5,000     17.45 
 
                                     12,901     45.59     13,404     46.32      5,000     17.45      5,000     17.45 
 
  Non-Qualifying Holdings 
  Quoted 
  Investment Property 
  TP Social Housing REIT Plc 
   Equity                             6,001     21.21      6,134     21.20      6,001     20.94      5,884     20.54 
 
                                      6,001     21.21      6,134     21.20      6,001     20.94      5,884     20.54 
  Unquoted 
  Crematorium Management 
  Furnace Managed Services Ltd          580      2.05        605      2.09          -         -          -         - 
  Hydro Electric Power 
  Elementary Energy Ltd                 263      0.93        263      0.91          -         -          -         - 
  SME Funding 
  Hydro Electric Power: 
  Broadpoint 2 Ltd                      750      2.65        750      2.59        400      1.40        400      1.40 
  Other: 
  Funding Path Ltd                    1,800      6.36      1,800      6.22        950      3.32        950      3.32 
  Aeris Power Ltd                       525      1.86        499      1.72        525      1.83        499      1.74 
 
                                      3,918     13.85      3,917     13.53      1,875      6.55      1,849      6.46 
 

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 2018 was authorised for issue in accordance with a resolution of the Directors on 16 November 2018.

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 (GBP) 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 to offer combined exposure to cash or cash based funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties.

   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 2018 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 2018.

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 Directors are of the opinion that the Company only has a single operating segment 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                          GBP'000     GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
  6 months ended 30 September 
   2018 
  Loan stock interest                      4           -         368         467         257      1,096 
  Dividends receivable                     -           -         393           -           -        393 
  Interest receivable on bank 
   and other balances                     18           -           1           -          20         39 
  Other Investment Income                  -           -           -           -          58         58 
  Property Income                          -           -           -           -          63         63 
                                          22           -         762         467         398      1,649 
 
 
                                  Ord Shares    A Shares    C Shares    D Shares    E Shares      Total 
                                     GBP'000     GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
  Audited 
  Year ended 31 March 2018 
 
  Loan stock interest                    379          31         748         933          93      2,184 
  Dividends receivable                     -           -         299           -           -        299 
  Interest receivable on bank 
   balances                                3           1           1           -         103        108 
  Other Investment Income                  -           -           -           -           9          9 
  Property Income                          -           -           -           -          20         20 
                                         382          32       1,048         933         225      2,620 
 
   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 continued to 30 April 2018 after which 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 
                               GBP'000     GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
  6 months ended 30 September 2018 
  Unaudited 
 
  Investment Management 
   Fees                           (12)           -         153         120         272        533 
                                  (12)           -         153         120         272        533 
 
 
                            Ord Shares    A Shares    C Shares    D Shares    E Shares      Total 
                               GBP'000     GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
  Year ended 31 March 
   2018 
  Audited 
 
  Investment Management 
   Fees                            191           3         287         285         549      1,315 
                                   191           3         287         285         549      1,315 
 
   6.           Directors' remuneration 
 
                                  Ord Shares    A Shares    C Shares    D Shares    E Shares      Total 
  Unaudited                          GBP'000     GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
  6 months ended 30 September 
   2018 
  David Frank                              2           -           2           2           4         10 
  Simon Acland                             2           -           2           2           3          9 
  Michael Stanes                           1           -           2           2           4          9 
                                           5           -           6           6          11         28 
  Audited 
  Year ended 31 March 2018 
  David Frank                              4           -           4           4           8         20 
  Simon Acland                             3           -           4           3           8         18 
  Michael Stanes                           3           1           3           4           7         18 
                                          10           1          11          11          23         56 
 

The only remuneration received by the Directors was their Directors' fees. The Company has no employees other than the Non-Executive Directors. The average number of Non-Executive Directors in the period was three.

   7.           Taxation 
 
                                    Ord Shares    A Shares    C Shares    D Shares    E Shares      Total 
                                       GBP'000     GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
  Unaudited 
  6 months ended 30 September 
   2018 
  Profit on ordinary activities 
   before tax                               16           -         572         312         306      1,206 
 
  Corporation tax @ 19%                      3           -         109          59          58        229 
  Effect of: 
  Capital (gains) not taxable                -           -           -           -        (48)       (48) 
  Income received not taxable                -           -        (75)           -           -       (75) 
  Tax charge/(credit)                        3           -          34          59          10        106 
 
  Audited 
  Year ended 31 March 2018 
  Profit/(loss) on ordinary 
   activities before tax                   675          69       1,598       1,176       (575)      2,943 
 
  Corporation tax @ 20%                    129          13         304         224       (110)        560 
  Effect of: 
  Capital (gains) not taxable            (136)        (18)       (173)       (114)          22      (419) 
  Income received not taxable                -           -        (57)           -           -       (57) 
  Disallowed expenditure                     -           6           -           -           -          6 
  Tax charge                               (7)           1          74         110        (88)         90 
 

Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.

   8.           Earnings per share 

The earnings per share for Ordinary Shares is based on the profit after tax of GBP13,000, 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 2018.

The earnings per share for C Shares is based on the profit after tax of GBP538,000, 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 2018.

The earnings per share for D Shares is based on the profit after tax of GBP253,000, 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 2018.

The earnings per share for E Shares is based on the profit after tax of GBP296,000, and on the weighted average number of shares in issue during the period of 28,949,575, which is equal to the number of shares at 30 September 2018.

   9.           Cash and cash equivalents 

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc and Cater Allen Private Bank.

   10.         Share capital 
 
                                   30 September 
                                           2018    31 March 2018 
  Ordinary Shares of GBP0.01 
   each 
  Issued & Fully Paid 
     No. Of Shares                   19,463,120       19,463,120 
     Par Value GBP'000                      195              195 
 
 
  C Ordinary Shares of GBP0.01 
   each 
  Issued & Fully Paid 
     Number of shares                13,441,438       13,441,438 
     Par Value GBP'000                      135              135 
 
  D Ordinary Shares of GBP0.01 
   each 
  Issued & Fully Paid 
     Number of shares                13,701,636       13,701,636 
     Par Value GBP'000                      137              137 
 
  E Ordinary Shares of GBP0.01 
   each 
  Issued & Fully Paid 
     Number of shares                28,949,575       28,949,575 
     Par Value GBP'000                      290              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 GBP986,000 divided by the 19,463,120 Ordinary 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 GBP15,032,000 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 GBP14,363,000 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 GBP28,758,000 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 2018.

13. Relationship with Investment Manager

During the period, TPIM charged GBP533,000 (which has been expensed by the Company) for providing management services to the Company.

Fees paid to the Investment Manager for administrative and Company Secretarial services during the period was GBP80,000

At 30 September 2018 GBP409,022 was due to TPIM.

14. Related party transactions

There are no related party transactions.

15. Post balance sheet events

Following the Balance Sheet date, the investment held by the Ordinary Shares in Green Energy for Education Ltd was transferred to the E Share Class. The transfer took place on 1 October 2018.

16. Dividends

Ordinary Shares:

The Company paid a dividend to Ordinary Class Shareholders of GBP11,821,899, equal to 60.74p per share, on 26 July 2018.

The company has declared a final dividend for shareholders on the register on 30 November 2018 of 4.07p equivalent to GBPGBP792,149. Which will be payable on 14 December 2018.

C Shares:

The Company paid a dividend to C Class Shareholders of GBP672,072, equal to 5p per share, on 26 July 2018.

D Shares:

The Company paid a dividend to D Class Shareholders of GBP685,082, equal to 5p per share, on 26 July 2018.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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