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Triple Point Income Vct Plc LSE:TPVC London Ordinary Share GB00BGSH2G43 C ORD 1P
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Triple Point Inc VCT - TPVE Results for the six months ended 30 September 2020

16/11/2020 12:34pm

UK Regulatory (RNS & others)


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Triple Point Inc VCT - TPVE

16 November 2020

16 November 2020

Triple Point Income VCT plc

(the "Company")

RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2020

The Directors of Triple Point Income VCT plc are pleased to announce the unaudited results for the six months ended 30 September 2020.

You may view the Interim Report in due course on the Triple Point website: www.triplepoint.co.uk . Please note that page numbers in this announcement are in reference to the Interim Report.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 
   Triple Point Investment Management    Tel: 020 7201 8989 
    LLP 
    (Investment Manager) 
   Ben Beaton 
    Belinda Thomas 
 

The Company's LEI is 213800IXD8S5WY88L245.

Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/ .

Financial Summary

 
  Six months ended 30 September 
   2020 
                                       C Shares    D Shares    E Shares     Total 
  Net assets               GBP'000       11,184       7,970      27,882    47,036 
  Net asset value per 
   share                    Pence        83.20p      58.60p      96.31p       n/a 
-----------------------  ----------  ----------  ----------  ----------  -------- 
  Net profit before 
   tax                     GBP'000          255         182         330       767 
  Earnings per share        Pence         1.83p       1.09p       1.12p       n/a 
-----------------------  ----------  ----------  ----------  ----------  -------- 
 
  Cumulative return 
   to Shareholders (p) 
  Net asset value per 
   share                                  83.20       58.60       96.31 
  Dividends paid                          73.50       70.00       11.50 
  Net asset value plus 
   dividends paid                        156.70      128.60      107.81 
-----------------------------------  ----------  ----------  ----------  -------- 
 
  Year ended 31 March 
   2020 
                                       C Shares    D Shares    E Shares     Total 
  Net assets               GBP'000       11,406       8,559      29,442    49,407 
  Net asset value per 
   share                    Pence        84.87p      62.46p     101.69p       n/a 
-----------------------  ----------  ----------  ----------  ----------  -------- 
  Net profit before 
   tax                     GBP'000          746          86       1,217     2,049 
  Earnings per share        Pence         5.29p       0.12p       4.13p       n/a 
-----------------------  ----------  ----------  ----------  ----------  -------- 
  Cumulative return 
   to Shareholders (p) 
  Net asset value per 
   share                                  84.87       62.46      101.69 
  Dividends paid                          70.00       65.00        5.00 
                                                             ---------- 
  Net asset value plus 
   dividends paid                        154.87      127.46      106.69 
-----------------------------------  ----------  ----------  ----------  -------- 
 
  Six months ended 30 September 
   2019 
  Unaudited                            C Shares    D Shares    E Shares     Total 
  Net assets               GBP'000       17,851      15,557      29,340    62,748 
  Net asset value per 
   share                    Pence       132.80p     113.54p     101.35p       n/a 
-----------------------  ----------  ----------  ----------  ----------  -------- 
  Net profit/(loss) 
   before tax              GBP'000          459         203       (333)       329 
  Earnings/(loss) per 
   share                    Pence         3.22p       1.20p     (1.21p)       n/a 
-----------------------  ----------  ----------  ----------  ----------  -------- 
  Cumulative return 
   to shareholders (p) 
  Net asset value per 
   share                                 132.80      113.54      101.35 
  Dividends paid                          20.00       15.00           - 
  Net asset value plus 
   dividends paid                        152.80      128.52      101.35 
-----------------------------------  ----------  ----------  ----------  -------- 
 

Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" or "Triple Point"). The Company was incorporated in November 2007 and currently has three classes of issued ordinary shares:

-- C Ordinary Shares ("C Shares"): these are the shares issued in the Offer that closed on 27 May 2014. A total of GBP14 million was raised and 13,441,438 C Shares were issued.

-- D Ordinary Shares ("D 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 ("E 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.

Key Highlights

-- C Shares Cumulative Dividends Paid: 73.50p ( A dividend of 3.50 pence per C Share was paid on 30 June 2020).

-- D Shares Cumulative Dividends Paid: 70.00p ( A dividend of 5.00 pence per D Share was paid on 30 June 2020).

-- E Shares Cumulative Dividends Paid: 11.50p ( A dividend of 6.50 pence per E Share was paid on 30 June 2020).

-- Total Return per C Share*: 156.70p ( Total Return for the C Share Class was 156.70 pence per share, which includes cumulative dividends paid of 73.50 pence per C share).

-- Total Return per D Share*: 128.60p ( Total Return for the D Share Class was 128.60 pence per share, which includes cumulative dividends paid of 70.00 pence per D share).

-- Total Return per E Share*: 107.81p ( Total Return for the E Share Class was 107.81 pence per share, which includes cumulative dividends paid of 11.50 pence per E share).

*Total Return is made up by current Net Asset Value plus Dividends paid to date. Total Return is defined as an Alternative Performance Measure ("APM"). Total Return, calculated by reference to the cumulative dividends paid plus net asset value (excluding tax reliefs received by shareholders), is the primary measure of performance in the VCT industry.

Chairman's Statement

I am pleased to present the Interim Report for the Company for the period ended 30 September 2020.

The continuing COVID-19 global pandemic has presented a wide-ranging set of challenges that span public policy, economics and renewable energy to mention a few. Each one has been, and continues to be, extraordinary in both complexity and impact.

The depth and speed of the economic contraction across the developed world is unparalleled in modern times and it appears extremely optimistic to believe that by the end of 2021 we will be back to where we were at the start of the year. As I write, England has just entered a second national lockdown. The social, economic and financial impact of COVID-19 has been, and remains, immense, uncertainty over the nature and timing of recovery remains.

Many individual businesses and certain business sectors have required recapitalisation, with huge damage caused to fragile supply chains and with heavily dented consumer confidence. Few business models remain truly unaffected. For at least the next year, and likely longer than that, economic prospects will be heavily influenced by the nature of the recovery from the pandemic and how long-lasting the effects of the resultant recession prove to be.

The food system in the UK continues to be under strain and t he E Share Class investment into the vertical growing solution, Perfectly Fresh Cheshire Limited ("PFC"), continues to help bridge this gap. The business has continued to operate despite the obstacles provided by the pandemic. Through this period, PFC has liaised closely with its main customer in its response to COVID-19, and I am delighted to say that it has been able to greatly support them with the product continuing to be grown, delivered on time and as requested.

Reflecting the severity and timing of COVID-19 measures, power demand was significantly reduced at the peak of movement restrictions across the UK, the average demand is running approximately 10% below 2019 levels. Short-term power prices have seen extreme volatility as a result of the COVID-19 pandemic and associated first lockdown. The Company's investments in both hydroelectric schemes and rooftop solar companies have been somewhat insulated from this volatility as the majority of revenues are generated from renewable incentive schemes. As a result, the valuations have been minimally affected.

Investment Portfolio

The Company's funds at 30 September 2020 are invested in a portfolio of VCT qualifying and non-qualifying quoted and unquoted investments. At 30 September 2020 t he Company continues to meet the condition that at least 80% by value of the Company's investments are represented by qualifying holdings.

The Investment Manager's review on pages 15 to 24 gives an update on the portfolio of investments in 17 small unquoted businesses and one quoted Real Estate Investment Trust.

Regulation

Legislation introduced through the Finance Act 2018 began to apply to the Company from 1 April 2020, implementing an increase in the qualifying investment test to 80%. The Investment Manager continues to monitor this ratio closely and the Board is pleased that the Company comfortably navigated the transition period and continues to meet the new requirements.

In line with HMRC guidance, any new investments made by the Company are now self-assured by the Board and the Investment Manager on a case-by-case basis and always with confirmation from professional advisers that they are Qualifying Investments. Advance Assurance is sought where there is an element of uncertainty or doubt over the application of the rules.

The Company continued to satisfy all other tests relevant to its status as a Venture Capital Trust.

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 continue to operate in line with expectations.

I am pleased to report the C Share Class has recorded a profit over the period of 1.83 pence per share. At 30 September 2020 the net asset value stood at 83.20 pence per share. Adding back the total dividends paid to date takes the total return, including the net asset value, to 156.70 pence per share.

The original target for the C Share Class was to return 100.00 pence per share by the end of year six, comprising the income tax rebate, four annual tax-free dividends of an average 5.00 pence per share, followed by a partial realisation of 50.00p. Thereafter an ongoing dividend of around 3.50p per annum is targeted for a further nine years and a final capital realisation of c.50 pence per share in 2029 following the sale of the Company's hydro projects. I am pleased to say that the Company is achieving this target for C Shareholders.

The Company has to date returned 73.50 pence per share to Shareholders: including the initial tax relief this is a return of over 100 pence per share.

The Board continues to monitor investment activity across the wider hydro sector and will consider on a regular basis if it is in shareholders' interests to retain or realise the portfolio on a regular basis.

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 original target for the D Share Class was to return 100.00 pence per share by the end of year six, comprising the income tax rebate, four annual tax-free dividends of an average 5.00 pence per share, followed by a partial realisation of 50.00p. Thereafter an ongoing dividend of around 3.50p per annum is targeted for a further nine years and a final capital realisation of c.50 pence per share in 2030 following the sale of the Company's hydro projects.

I am pleased to say that the Company is achieving this target for D Shareholders. The Company has to date returned 70.00 pence per share to Shareholders: including the initial tax relief this is a return of 100 pence per share.

T he D Share Class has recorded a profit over the period of 1.09 pence per share. At 30 September 2020 the net asset value stood at 58.60 pence per share. Adding back the total dividends paid takes the total return, including the net asset value, to 128.60 pence per share.

The Board continues to monitor investment activity across the wider hydro sector and will consider on a regular basis if it is in shareholders' interests to retain or realise the portfolio on a regular basis.

E Share Class

The E Share Class holds a diverse portfolio of investments spanning sectors such as vertical growing and energy production from gas fired energy centres, solar and hydro. While the E Share Class is at an earlier stage in its life cycle in comparison to the C and D Share Class, the Board is pleased with its progress to date.

The E Share Class recorded a profit over the period of 1.12 pence per share as a result of revaluation of investments. At 30 September 2020 the net asset value stood at 96.31 pence per share.

The E Share Class declared a second dividend of 6.5 pence per share on 4 June 2020. This dividend was paid to Shareholders on 30 June 2020. This payment takes total dividends paid to E Shareholders to 11.5 pence per share.

Outlook

The speed and extent to which COVID-19 has changed daily life is hard to overstate. Whilst the first wave of the pandemic appeared to be behind us and movement restrictions were being clarified, uncertainty has increased, particularly in the short term as England has entered a second national lockdown. We do not yet know how quickly economies will recover or for how long governments can continue to run up such enormous deficits.

In June 2019, the UK parliament adopted a net zero emissions target for 2050, going further than previous legislation, which mandated 80% emission reductions by 2050. Decarbonisation of the electricity sector, primarily through renewable generation, will be critical to achieving this. The Company continues to support this target through all its Share Classes and their investments in hydroelectricity, solar and gas fired energy centres. The UK still experiences significant peaks and troughs in energy consumption. Gas fired energy centres help to solve these short-term peaks in the electricity demand profile. Natural gas neatly bridges the gap between environmentally unfriendly fossil fuels and more irregular solar and wind power.

The UK left the EU on 31January 2020 and then entered into the transition period. The period during which an extension could be requested expired at the end of June, suggesting that both parties now must agree on a trade deal by December 2020. There continues to be a risk that both parties may not agree a deal, though this remains uncertain. With the UK officially leaving the EU's internal energy market at the end of the year, both the UK Government and European Commission have stated that they are keen on maintaining a strong co-operation on energy policy and will establish a new energy trade deal. Given the UK focus of the Company and the sectors the Company operates within, we do not expect that Brexit will have a significant impact on the current operations of the Company.

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

David Frank

Chairman

16 November 2020

Investment Manager's Review

Sector Analysis

The unquoted investment portfolio can be analysed as follows:

 
                                               Electricity Generation            SME Funding 
                                                                Other 
  Industry        Crematorium    Vertical    Hydroelectric     Electric    Hydroelectric                 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 30 
  September 
  2020 
--------------  -------------  ----------  ---------------  -----------  ---------------  ---------  -------------  ------------- 
  C Shares                  -           -           11,342            -                -          -              -         11,342 
  D Shares                  -           -           10,036            -                -          -              -         10,036 
  E Shares                 97       6,282            5,812        7,872            3,348      2,717            590         26,718 
  Total                    97       6,282           27,190        7,872            3,348      2,717            590         48,096 
  Total 
   investments 
   %                    0.20%      13.06%           56.53%       16.37%            6.96%      5.65%          1.23%        100.00% 
                -------------  ----------  ---------------  -----------  ---------------  ---------                 ------------- 
 

C Share Class

 
  Hydroelectric Power     100% 
 

D Share Class

 
  Hydroelectric Power    100% 
 

E Share Class

 
  Crematorium Management           1% 
  Vertical Growing                24% 
  Quoted Investments               2% 
  Hydroelectric Power             22% 
  SME Funding - Hydroelectric 
   Power                          13% 
  SME Funding - Other             10% 
  Electricity Generation 
   - Other                        28% 
 

We have the pleasure in presenting our interim review of the six months ended 30 September 2020.

The VCT was established to fund small and medium-sized enterprises. At 30 September 2020 it had three share classes, each invested in their own portfolio. The overall portfolio comprised investments in 17 small, unquoted companies and one quoted Real Estate Investment Trust, across five sectors: crematorium management, electricity generation, vertical growing, SME funding and investment property.

At 30 September 2020 the Company continues to meet the condition that at least 80% of relevant funds must be invested in VCT qualifying investments within three years.

Review and Future Developments

In the six months that this Interim Report covers we have been confronted with rapidly changing data related to the social, political and increasingly financial impact of the response to the COVID-19 pandemic. The onset of significant travel restrictions and other social distancing measures, in the United Kingdom and across over 80% of the world's population, in response to managing the public health fallout from the disease, will have serious consequences for economic and financial conditions. The health and economic impacts of the pandemic have highlighted areas of structural weakness in the global economy, particularly in relation to sustainability and the vulnerability of supply chains.

One of the few beneficial effects of the reduction in activity caused by the COVID-19 pandemic has been the short-term reduction in carbon emissions globally and improved air quality. With a clear and pressing need for economic stimulus to drive economic recovery, there is broad political support in the EU and the UK to use recovery funds as a means to drive forward the energy transition to a future without greenhouse gas emissions.

Energy Investments - Active Asset Management

All Share Classes within the Company remain fully invested, both the C and D Share Classes are exclusively invested across companies in the hydroelectric power sector. The E Share Class contains investments across the hydroelectric power sector, gas power sector, rooftop solar, crematorium management, vertical growing, SME funding and investment property.

Despite the ongoing pandemic and the change in electricity demand profile, investments across the hydroelectric power, gas power sector and rooftop solar within the C, D and E share classes continue to generate electricity with minimal disruption.

The companies across all Share Classes in the electricity generation sectors have been minimally affected by the COVID-19 pandemic, there have been minimal supply chain disruptions leading to no substantial delays in the sourcing of any key components for the hydroelectric, solar or gas fired energy projects. Triple Point continue to liaise with our Operation and Maintenance contractors across all companies to try and avert any potential future delays in the procurement process.

Triple Point continue to work actively to both increase the value of the Company's electricity generation portfolio through operational improvements in the underlying assets and to protect value where market conditions have deteriorated. This is best illustrated by fixing power prices in the near term. Other areas where hands-on asset management delivers additional shareholder value is in relation to the negotiation of major commercial contracts including the power purchase agreements for each individual site and operation and maintenance agreements.

Triple Point continue to seek to reduce operating costs on a project by project basis by, for example, successfully appealing business rates assessments which has delivered significant savings for investee companies.

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.

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 fully operational.

E Share Class

The E Share Class has successfully deployed its funds into various investments in a diverse range of sectors.

Hydroelectric Power

The E Share Class has investments in nine companies which own, either directly or indirectly, hydroelectric schemes in the Scottish Highlands.

The ten hydroelectric schemes are all "run of river" plants and each company benefits from government backed Feed-in-Tariff (FiT) payments based on output and from the sale of the electricity produced to utilities or other power companies under Power Purchase Agreements (PPAs). These contracts allowed the companies to avoid the volatility experienced in power markets during the earlier days of the pandemic.

Although rainfall variability is to be expected over the 40-year period of generation which our hydroelectric companies are expected to experience, overall, we continue to be pleased with the efficiency of the hydroelectric schemes owned by them. The hydroelectric companies remain highly focused on improving efficiencies and maximising output and are working alongside hydro experts to further enhance performance.

During the six months to 30 September 2020, the hydroelectric companies generated 5,773 MWh of electricity. Based on an average of 3.8 MWh annual use per household, the hydroelectric companies generated enough electricity to power the equivalent of 1,519 homes during the period.

As we highlighted in our review accompanying the Annual Report the hydroelectric companies, together with other industry members and the British Hydropower Association, had been lobbying the Scottish Government to recognise the concern on business rates in the hydro sector. As a result of this, the Tretton Review report was published in January 2020, which unfortunately found that no changes to business rates would be applied.

This was very disappointing news for us and the Hydro Companies.

The report suggests temporary government reliefs, which do not apply equally across the sector and are not guaranteed, should continue, rather than recommending an industry-preferred permanent solution to the unfair rateable value increase in 2017 which far outstripped that faced by other businesses.

The British Hydropower Association, along with other industry members, continues to pursue this matter and is putting forward different ideas to the Scottish Government.

In the six-month period to 30 September 2020, our hydro companies have all successfully applied for and received the applicable rates relief from the Highland Council for the financial year 2020/21.

Crematorium Management

The Company has an investment in a business that provides crematory and mercury abatement services for the crematoria of a London Borough. This investment receives revenues from local authorities and has consistently generated a steady return over the years it has been held.

Solar

After a successful review and intervention to improve performance of the Digima portfolio, all four portfolios are now performing in line with or exceeding expectations. Excellent irradiation during the period made for generation 11% above expectations for the portfolio. Availability has mostly held stable since restrictions caused by the COVID-19 pandemic prevented maintenance from taking place.

Vertical Growing

The E Share Class has invested in Perfectly Fresh Cheshire Limited ("PFC"), a company which has constructed a pioneering vertical growing facility. Vertical Growing is the practice of producing food in an indoor growing amenity 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 contaminants 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.

Expert in horticulture, PFC has recently expanded their growing facilities to cater for a growing number of customers, including two of the United Kingdom's largest supermarket brands.

Its operations currently span over 1,100 square metres and are a pioneering example of the latest technology being harnessed to meet the growing needs of an ever-expanding population.

The COVID-19 pandemic has highlighted the need for greater food security, it is expected that this will continue to be an item high on the government agenda. We believe that PFC is poised to capitalise on this changing landscape while it could see an active increase in valuations across the sector.

Gas Power

The Company has an investment in Green Peak Generation Limited which has constructed a gas fired energy centre that provides a reliable and secure energy supply. The energy centre was commissioned during May 2018 and it consists of containerised gas combustion engines that generate electricity for onward sale, especially at times when there is high demand for power.

The energy centre utilises simple technology, provided by Rolls-Royce, which can respond rapidly to grid fluctuations to deliver a reliable and secure energy supply.

Gas is purchased from the National Transmission System and combusted in the engines to generate electricity. The electricity is then exported to the grid and sold under a Power Purchase Agreement. The company receives revenues from the sale of electricity and additional income from embedded benefits.

During the six-month period to 30 September 2020, the energy centre generated 10,340 MWh of electricity. Based on an average of 3.8 MWh annual use per household, this was enough electricity for 2,721 homes during the period.

Outlook

The economic outlook for the UK continues to remain highly uncertain. While some countries have begun to rebound as they have reopened from lockdowns, investment and realisation activity remains well below pre-COVID levels in most economies.

The speed of recovery will depend on many factors including how the pandemic evolves, medical interventions, policy responses, and general consumer and business sentiment. The recovery is unlikely to be linear and, for most economies, economic activity may not return to pre-COVID levels until 2022. While our portfolio companies have been affected in the short term, albeit minimally, we are of the view that there will be a negligible effect on valuations due to the nature of the Company's investments and that the majority of the portfolio are the beneficiaries of inflation-linked income through FITs or Renewable Obligation Certificates. The impact of COVID-19, and the Government's response to it, should therefore be relatively minor on these revenue streams and not materially impact the ongoing NAV of these businesses.

Brexit

The Investment Manager and the Board continue to keep the possible impact of Brexit on the Company under review. The Company's strategy of investing in small UK based businesses means that it is unlikely to be directly exposed to the terms of an exit from the EU. We are, however, going through a period of some political and, potentially, economic uncertainty. We believe that by investing carefully, monitoring our portfolio rigorously and providing support to the businesses in which we have invested we can minimise the effects of this uncertainty.

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

Ben Beaton

Partner

Triple Point Investment Management LLP

16 November 2020

Investment Portfolio Summary

 
                                                  Unaudited                                  Audited 
                                              30 September 2020                           31 March 2020 
                                  ----------------------------------------  ---------------------------------------- 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
 
  Unquoted qualifying holdings       30,966     79.57     41,133     84.47     30,980     73.62     41,144     79.95 
  Quoted non-qualifying holdings        570      1.47        591      1.21      3,319      7.89      2,927      5.69 
  Unquoted non-qualifying 
   holdings                           6,760     17.38      6,372     13.09      7,082     16.83      6,692     13.00 
  Financial assets at fair value 
   through profit or loss            38,296     98.42     48,096     98.77     41,381     98.34     50,763     98.64 
  Cash and cash equivalents             611      1.58        611      1.23        701      1.66        701      1.36 
                                     38,907    100.00     48,707    100.00     42,082    100.00     51,464    100.00 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
  Qualifying Holdings 
  Unquoted 
  Solar 
  Digima Limited                      1,262      3.24      1,661      3.41      1,262      3.00      1,661      3.23 
  Digital Screen Solutions 
   Limited                            2,020      5.19      2,586      5.31      2,020      4.80      2,586      5.02 
  Green Energy for Education 
   Limited                              475      1.22      1,260      2.59        475      1.13      1,260      2.45 
  Hydroelectric Power 
  Elementary Energy Limited           2,060      5.29      2,461      5.05      2,060      4.90      2,461      4.78 
  Green Highland Allt Choire A 
   Bhalachain 
   (255) Limited                      3,130      8.04      3,763      7.73      3,130      7.44      3,763      7.31 
  Green Highland Allt Ladaidh 
   (1148) 
   Limited                            3,500      9.00      4,771      9.80      3,500      8.32      4,771      9.27 
  Green Highland Allt Luaidhe 
   (228) 
   Limited                            1,995      5.13      2,425      4.98      1,995      4.74      2,425      4.71 
  Green Highland Allt Phocachain 
   (1015) Limited                     3,931     10.10      4,989     10.24      3,932      9.34      4,989      9.69 
  Green Highland Shenval Limited      1,120      2.88        739      1.52      1,120      2.66        739      1.44 
  Achnacarry Hydro Ltd                4,273     10.98      7,830     16.08      4,286     10.18      7,841     15.24 
 
  Gas Power 
  Green Peak Generation Limited       2,200      5.65      2,366      4.86      2,200      5.23      2,366      4.60 
  Vertical Growing 
  Perfectly Fresh Cheshire 
   Limited                            5,000     12.85      6,282     12.90      5,000     11.88      6,282     12.21 
                                     30,966     79.57     41,133     84.47     30,980     73.62     41,144     79.95 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
 
                                                     Unaudited                                Audited 
                                                 30 September 2020                         31 March 2020 
                                      --------------------------------------  -------------------------------------- 
                                                 Cost            Valuation               Cost            Valuation 
  Non-Qualifying Holdings               GBP'000        %    GBP'000        %    GBP'000        %    GBP'000        % 
  Quoted 
  Investment property 
  Triple Point Social Housing REIT 
   Plc - Equity                             570     1.47        591     1.21      3,319     7.89      2,927     5.69 
 
                                            570     1.47        591     1.21      3,319     7.89      2,927     5.69 
                                      =========  =======  =========  =======  =========  =======  =========  ======= 
  Unquoted 
  Crematorium Management 
  Furnace Managed Services Limited          486     1.25         98     0.20        486     1.15         97     0.19 
  Hydroelectric Power 
  Elementary Energy Limited                 140     0.36        140     0.29        200     0.48        199     0.39 
  Green Highland Allt Choire A 
   Bhalachain 
   (255) Limited                             72     0.19         72     0.15        223     0.53        223     0.43 
  Green Highland Allt Luaidhe (228) 
   Limited                                    -        -          -        -        109     0.26        110     0.21 
  Green Highland Allt Phocachain 
   (1015) Limited                             -        -          -        -          -        -          -        - 
  Green Highland Renewables 
  (Achnacarry) 
  Limited                                     -        -          -        -          -        -          -        - 
  SME Funding 
  Hydroelectric Power: 
  Broadpoint 2 Limited                    1,334     3.43      1,334     2.74      1,335     3.17      1,334     2.59 
  Broadpoint 3 Limited                    2,010     5.17      2,010     4.13      2,010     4.78      2,010     3.91 
  Other: 
  Aeris Power Limited                       518     1.33        518     1.06        519     1.23        519     1.01 
  Funding Path Limited                    2,200     5.65      2,200     4.52      2,200     5.23      2,200     4.27 
 
                                          6,760    17.38      6,372    13.09      7,082    16.83      6,692    13.00 
                                      ---------  -------  ---------  -------  ---------  -------  ---------  ------- 
 

Principal Risks and Uncertainties

The Directors seek to mitigate the Company's principal risks by regularly reviewing performance and monitoring progress and compliance. In the mitigation and management of these risks, the Directors carry out a robust assessment of the Company's emerging and principal risks, including those that would threaten its business model, future performance, solvency or liquidity.

The main areas of risk identified by them, along with the risks to which the Company is exposed through its operational and investing activities, were described in detail in the Company's last Annual Report.

VCT Qualifying Status Risk: the Company is required at all times to observe the conditions laid down in the Income Tax Act 2007 for the maintenance of approved VCT status. The loss of such approval could lead to the Company losing its exemption from corporation tax on capital gains, to investors being liable to pay income tax on dividends received from the Company and, in certain circumstances, to investors being required to repay the initial income tax relief on their investment.

Mitigation: The Investment Manager keeps the Company's VCT qualifying status under continual review and reports to the Board on a quarterly basis. The Board has also appointed Philip Hare & Associates LLP to undertake an independent VCT status monitoring role.

Investment Risk : the Company's VCT qualifying investments will be held in small and medium-sized unquoted investments which, by their nature, entail a higher level of risk and lower liquidity than investments in large quoted companies. This could make it difficult to realise investments in line with the relevant strategy.

Mitigation: The Directors and Investment Manager aim to limit the risk attached to the portfolio as a whole by careful selection and timely realisation of investments, by carrying out rigorous due diligence procedures and by maintaining a spread of holdings in terms of industry sector and geographical location. The Board reviews the investment portfolio with the Investment Manager on a regular basis.

Financial Risk : as a VCT the Company is exposed to market price risk, credit risk, fair value risk, liquidity risk and interest rate risk. As most of the Company's investments will involve a medium to long-term commitment and will be relatively illiquid, the Directors consider that it is inappropriate to finance the Company's activities through borrowing, other than for short-term liquidity.

Mitigation: The key elements of financial risk were discussed in detail in the Company's last Annual Report.

Failure of Internal Controls Risk : the Board regularly reviews the system of internal controls, both financial and non-financial, operated by the Company and the Investment Manager. These include controls designed to ensure that the Company's assets are safeguarded and that proper accounting records are maintained.

Mitigation: The Board maintains a risk register which sets out the risks affecting both the Company and the investee companies in which the Company is invested. This risk register is reviewed and updated at least annually to ensure that procedures are in place to identify the principal risks which may affect the Company and its portfolio companies, mitigate and minimise the impact of those risks should they crystallise and to identify emerging risks and to determine whether any actions are required. This enables the Board to carry out a robust assessment of the risks facing the Group, including those risks that would threaten its business model, future performance, solvency or liquidity.

Liquidity Risk: In line with t he Company's initial mandate for the C and D Share Classes the Company has entered into a short-term loan facility of GBP2.3 million which has repayment terms of 364 days. The Company currently has GBP611k of cash. This therefore poses a slight risk to the Company's liquidity and cash flow prospects.

Mitigation: The Company and the lender have reviewed longer-term cash flow forecasts and the Company is comfortable that it will generate sufficient cash from its current investments to service and repay the borrowing. The Company keeps an open dialogue with the lender and will continue to update the lender on the outlook for its loan and on the performance of the Company's investment portfolio. The lender has indicated its willingness to extend the facility if required. T he Company has entered into a similar facility agreement with a different lender which includes the same key terms, but also has a two year availability period. This agreement was put in place to mitigate the risk of the existing loan facility not being extended by the existing lender.

Emerging Risks

COVID-19

The impact of COVID-19 is discussed at length in both the Chairman's Statement on pages 8 to 13 and the Investment Manager's Review on pages 15 to 24.

Brexit

Following the United Kingdom's withdrawal from the European Union ("EU") on 31 January 2020, the Investment Manager and the Board continue to keep the impact of Brexit on the Company under review. Despite the UK having now left the EU the current economic outlook and potential impact from Brexit is relatively unknown as the terms of the UK's exit has not been finalised with the EU. Any potential impact of the UK's withdrawal is difficult to quantify.

The Company's strategy of investing in small UK-based businesses, however, means that it is unlikely to be directly exposed to the terms of any future deals negotiated with the EU. We are, however, going through a period of some political and economic uncertainty.

We believe that by investing carefully, monitoring our portfolio rigorously and providing support to the businesses in which we have invested, we can minimise the effects of this uncertainty.

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 six month period to 30 September 2020, 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 2020

Unaudited Statement of Comprehensive Income

For the Six months ended 30 September 2020

 
                                        Unaudited                         Audited                         Unaudited 
                                    Six months ended                    Year ended                    Six months ended 
                                                                                                         30 September 
                                    30 September 2020                  31 March 2020                         2019 
                            -------------------------------  -------------------------------  ------------------------------- 
                      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        1,285          -      1,285      2,743          -      2,743      1,563          -      1,563 
  Loss arising on 
   the 
   disposal of 
   investments 
   during the year                  -      (204)      (204)          -      (181)      (181)          -          -          - 
  Gain/(loss) 
   arising 
   on the 
   revaluation of 
   investments at 
   the year 
   end                              -        414        414          -      1,076      1,076          -      (448)      (448) 
 
  Investment 
   return                       1,285        210      1,495      2,743        895      3,638      1,563      (448)      1,115 
                            ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Investment 
   management 
   fees                5          362        121        483        896        297      1,193        454        151        605 
  Other expenses                  193          -        193        393          -        393        181          -        181 
  Finance costs                    52          -         52          3          -          3          -          -          - 
 
                                  607        121        728      1,292        297      1,589        635        151        786 
                            ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Profit before 
   taxation                       678         89        767      1,451        598      2,049        928      (599)        329 
                            ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Taxation             7         (73)         23       (50)      (180)         57      (123)      (109)         29       (80) 
 
  Profit after 
   taxation                       605        112        717      1,271        655      1,926        819      (570)        249 
                            ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Other 
  comprehensive 
  income                            -          -          -          -          -          -          -          -          - 
 
  Total 
   comprehensive 
   income                         605        112        717      1,271        655      1,926        819      (570)        249 
                            ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Basic and 
  diluted 
  earnings/(loss) 
  per share 
  (pence) 
 
  C Share              8        2.00p    (0.17p)      1.83p      4.18p      1.11p      5.29p      3.50p    (0.28p)      3.22p 
 
  D Share              8        1.21p    (0.12p)      1.09p      2.61p    (2.49p)      0.12p      1.44p    (0.24p)      1.20p 
 
  E Share              8        0.59p      0.52p      1.11p      1.21p      2.92p      4.13p      0.52p    (1.73p)    (1.21p) 
 
                                3.80p      0.23p      4.03p      8.00p      1.54p      9.54p      5.46p    (2.25p)      3.21p 
 
 

The Total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS). The supplementary Revenue Return and Capital columns have been prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. This Statement of Comprehensive Income includes all recognised gains and losses.

The accompanying notes are an integral part of this statement.

Unaudited Balance Sheet

At 30 September 2020

 
                                               Unaudited     Audited        Unaudited 
                                            30 September    31 March     30 September 
                                                    2020        2020             2019 
                                    Note         GBP'000     GBP'000          GBP'000 
 
  Non-current assets 
  Financial assets at fair 
   value through profit or 
   loss                                           48,096      50,763           53,713 
                                          --------------  ----------  --------------- 
 
  Current assets 
  Receivables                                      1,239         785            1,157 
  Cash and cash equivalents          9               611         701            8,151 
                                                   1,850       1,486            9,308 
                                          --------------  ----------  --------------- 
 
  Total Assets                                    49,946      52,249           63,021 
                                          --------------  ----------  --------------- 
 
  Current liabilities 
  Payables and accrued expenses                      448         430               20 
  Current taxation payable                           162         112              254 
  Short-term debt facility                         2,300       2,300                - 
                                                   2,910       2,842              274 
                                          --------------  ----------  --------------- 
 
  Net Assets                                      47,036      49,407           62,747 
                                          ==============  ==========  =============== 
 
  Equity attributable to 
   equity holders of the 
   parent 
  Share capital                                      560         561              561 
  Share redemption reserve                             1           -                - 
  Share premium                                   28,661      28,661           28,661 
  Special distributable 
   reserve                                        10,855      12,960           26,887 
  Capital reserve                                  6,956       6,845            5,619 
  Revenue reserve                                      3         380            1,019 
  Total equity                                    47,036      49,407           62,747 
                                          ==============  ==========  =============== 
 
  Shareholder' funds 
 
  C Share                            10           83.20p      84.87p          132.80p 
 
  D Share                            10           58.60p      62.46p          113.54p 
 
  E Share                            10           96.31p     101.69p          101.35p 
 

T he statements were approved by the Directors and authorised for issue on 16 November 2020 and are signed on their behalf by:

David Frank

Chairman

16 November 2020

The accompanying notes are an integral part of this statement.

Unaudited Statement of Changes in Shareholders' Equity

For the Six months ended 30 September 2020

 
                                                                           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 
  Six months ended 
  30 
  September 2020 
  Opening balance            561                   -      28,661            12,960       6,844         381      49,407 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Issue of new 
  shares                       -                   -           -                 -           -           -           - 
  Purchase of own 
   shares                    (1)                   1           -                 -           -        (51)        (51) 
  Dividends paid               -                   -           -           (2,105)           -       (932)     (3,037) 
  Transactions with 
   owners                    (1)                   1           -           (2,105)           -       (983)     (3,088) 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Profit for the 
   year                        -                   -           -                 -         112         605         717 
  Other 
  comprehensive 
  income                       -                   -           -                 -           -           -           - 
  Profit and total 
   comprehensive 
   income for the 
   year                        -                   -           -                 -         112         605         717 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Balance at 30 
   September 
   2020                      560                   1      28,661            10,855       6,956           3      47,036 
                      ==========  ==================  ==========  ================  ==========  ==========  ========== 
  Capital reserve 
  consists 
  of: 
  Investment holding 
   gains                                                                                 9,793 
  Other realised 
   losses                                                                              (2,837) 
                                                                                         6,956 
                                                                                    ========== 
  Year ended 31 
  March 
  2020 
  Opening balance            561                   -      28,661            26,887       6,189       1,557      63,855 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Dividends paid               -                   -           -          (13,927)           -     (2,447)    (16,374) 
  Transactions with 
   owners                      -                   -           -          (13,927)           -     (2,447)    (16,374) 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Profit for the 
   year                        -                               -                 -         655       1,271       1,926 
  Profit and total 
   comprehensive 
   income for the 
   year                        -                               -                 -         655       1,271       1,926 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Balance at 31 
   March 
   2020                      561                   -      28,661            12,960       6,844         381      49,407 
                      ==========  ==================  ==========  ================  ==========  ==========  ========== 
  Capital reserve 
  consists 
  of: 
  Investment holding 
   gains                                                                                 9,379 
  Other realised 
   losses                                                                              (2,535) 
                                                                                         6,844 
                                                                                    ========== 
  Six months ended 
  30 
  September 2019 
  Opening balance            561                   -      28,661            26,887       6,189       1,557      63,855 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Dividends paid               -                   -           -                 -           -     (1,357)     (1,357) 
  Transactions with 
   owners                      -                   -           -                 -           -     (1,357)     (1,357) 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  (Loss)/profit for 
   the 
   period                      -                   -           -                 -       (570)         819         249 
  (Loss)/profit and 
   total 
   comprehensive 
   income 
   for the period              -                   -           -                 -       (570)         819         249 
                      ----------  ------------------  ----------  ----------------  ----------  ----------  ---------- 
  Balance at 30 
   September 
   2019                      561                   -      28,661            26,887       5,619       1,019      62,747 
                      ==========  ==================  ==========  ================  ==========  ==========  ========== 
  Capital reserve 
  consists 
  of: 
  Investment holding 
   gains                                                                                 7,855 
  Other realised 
   losses                                                                              (2,236) 
                                                                                         5,619 
                                                                                    ========== 
 

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 30 September the total reserves available for distribution were GBP8,021,000. This consisted of the distributable revenue reserve, net of the realised capital loss, plus the special distributable reserve.

Unaudited Statement of Cash Flows

For the Six months ended 30 September 2020

 
                                                    Unaudited       Audited       Unaudited 
                                                                                 Six months 
                                             Six months ended    Year ended           ended 
                                                 30 September      31 March    30 September 
                                                         2020          2020            2019 
                                                      GBP'000       GBP'000         GBP'000 
  Cash flows from operating activities 
  Profit before taxation                                  767         2,049             700 
  (Gain) arising on the disposal 
   of investments during the period                       204           181            (76) 
  (Gain) arising on the revaluation 
   of investments at the period end                     (414)       (1,076)            (65) 
  Cashflow generated by operations                        557         1,154             559 
  (Increase)/decrease in receivables                    (452)           465            (78) 
  Increase in payables                                     18           103             278 
  Cash flows from operating activities                    123         1,722 
                                               --------------  ------------  -------------- 
  Tax paid                                                  -         (204)             (5) 
  Net cash flows from operating activities                123         1,518             754 
                                               --------------  ------------  -------------- 
 
  Cash flow from investing activities 
  Purchase of financial assets at 
   fair value through profit or loss                        -             -               - 
  Proceeds of sale of financial assets 
   at fair value through profit or 
   loss                                                 2,875         7,069           1,028 
  Net cash flows from investing activities              2,875         7,069           1,028 
                                               --------------  ------------  -------------- 
 
  Cash flows from financing activities 
  Issue of new shares                                       -             -          28,950 
  Repayment of capital                                   (51)             -               - 
  Dividends paid                                      (3,037)      (16,374)         (4,100) 
  Proceeds from short-term debt                             -         2,300               - 
  Net cash flows from financing activities            (3,088)      (14,074)          24,850 
                                               --------------  ------------  -------------- 
  Net (decrease)/increase in cash 
   and cash equivalents                                  (90)       (5,487)          26,632 
                                               ==============  ============  ============== 
  Reconciliation of net cash flow 
   to movements in cash and cash equivalents 
  Opening cash and cash equivalents                       701         6,188           2,534 
  Net (decrease)/increase in cash 
   and cash equivalents                                  (90)       (5,487)          26,632 
  Closing cash and cash equivalents                       611           701          29,166 
                                               ==============  ============  ============== 
 

The accompanying notes are an integral part of this statement.

Unaudited Non-Statutory Analysis - The C Share Fund

For the Six months ended 30 September 2020

 
  Statement of 
  Comprehensive 
  Income 
                             Six months ended                    Year ended                    Six months ended 
                             30 September 2020                  31 March 2020                  30 September 2019 
                     -------------------------------  -------------------------------  ------------------------------- 
                       Revenue    Capital      Total    Revenue    Capital      Total    Revenue    Capital      Total 
                       GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Investment income        418          -        418        988          -        988        692          -        692 
  Unrealised gain 
   on investments            -          -          -          -        218        218          -          -          - 
  Investment return        418          -        418        988        218      1,206        692          -        692 
  Investment 
   management 
   fees                  (109)       (28)      (137)      (316)       (86)      (402)      (164)       (46)      (210) 
  Other expenses          (26)          -       (26)       (58)          -       (58)       (23)          -       (23) 
  Profit before 
   taxation                283       (28)        255        614        132        746        505       (46)        459 
  Taxation                (12)          5        (7)       (53)         17       (36)       (33)          9       (24) 
  Profit after 
   taxation                271       (23)        248        561        149        710        472       (37)        435 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Profit and total 
   comprehensive 
   income 
   for the period          271       (23)        248        561        149        710        472       (37)        435 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Basic and diluted 
   earnings/(loss) 
   per share             2.00p    (0.17p)      1.83p      4.18p      1.11p      5.29p      3.50p    (0.28p)      3.22p 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Balance Sheet                     Six months ended                       Year ended                 Six months ended 
                                   30 September 2020                    31 March 2020                30 September 2019 
                                             GBP'000                          GBP'000                          GBP'000 
  Non-current 
  assets 
  Financial assets 
   at fair value 
   through 
   profit or loss                             11,342                           11,502                           17,380 
                                           ---------                        ---------                        --------- 
 
  Current assets 
  Receivables                                    202                               66                              160 
  Cash and cash 
   equivalents                                    92                              193                              411 
                                                 294                              259                              571 
  Current 
  liabilities 
  Payables                                     (108)                             (17)                             (11) 
  Corporation tax                               (44)                             (38)                             (89) 
  Short-term debt 
   facility                                    (300)                            (300)                                - 
                                           ---------                        ---------                        --------- 
  Net assets                                  11,184                           11,406                           17,851 
                                           ---------                        ---------                        --------- 
 
  Equity 
   attributable 
   to equity 
   holders                                    11,184                           11,406                           17,851 
                                           ---------                        ---------                        --------- 
  Net asset value 
   per share                                  83.20p                           84.87p                          132.80p 
                                           ---------                        ---------                        --------- 
 
 
  Statement of 
  Changes 
  in Shareholders' 
  Equity                            Six months ended                       Year ended                 Six months ended 
                                   30 September 2020                    31 March 2020                30 September 2019 
                                             GBP'000                          GBP'000                          GBP'000 
 
  Opening 
   shareholders 
   funds                                      11,406                           18,088                           18,088 
  Profit for the 
   period                                        248                              710                              435 
  Dividends paid                               (470)                          (7,392)                            (672) 
  Closing 
   shareholders' 
   funds                                      11,184                           11,406                           17,851 
                                           ---------                        ---------                        --------- 
 

Unaudited Non-Statutory Analysis - The C Share Fund

For the Six months ended 30 September 2020

 
  Investment Portfolio                        30 September 2020                           31 March 2020 
                                  ----------------------------------------  ---------------------------------------- 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
 
  Unquoted qualifying holdings        7,409     97.83     11,270     98.56      7,417     94.69     11,279     96.44 
  Unquoted non-qualifying 
   holdings                              72      0.95         72      0.63        223      2.85        223      1.91 
  Financial assets at fair 
   value through profit or loss       7,481     98.78     11,342     99.19      7,640     97.54     11,502     98.35 
  Cash and cash equivalents              92      1.22         92      0.81        193      2.46        193      1.65 
                                      7,573    100.00     11,434    100.00      7,833    100.00     11,695    100.00 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
  Qualifying Holdings 
  Unquoted 
  Hydro Electric Power 
  Green Highland Allt Choire 
   A Bhalachain (255) Limited         2,466     32.56      2,965     25.93      2,466     31.48      2,965     25.35 
  Green Highland Allt Phocachain 
   (1015) Limited                     1,576     20.81      2,136     18.68      1,576     20.12      2,136     18.26 
  Achnacarry Hydro Ltd                3,367     44.46      6,169     53.95      3,375     43.09      6,178     52.83 
                                      7,409     97.83     11,270     98.56      7,417     94.69     11,279     96.44 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
 
  Non-Qualifying Holdings 
  Unquoted 
 
  Hydro Electric Power 
  Green Highland Allt Choire 
   A Bhalachain (255) Limited            72      0.95         72      0.63        223      2.85        223      1.91 
 
                                         72      0.95         72      0.63        223      2.85        223      1.91 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 

Unaudited Non-Statutory Analysis - The D Share Fund

For the Six months ended 30 September 2020

 
  Statement of 
  Comprehensive 
  Income 
                             Six months ended                    Year ended                    Six months ended 
                             30 September 2020                  31 March 2020                  30 September 2019 
                     -------------------------------  -------------------------------  ------------------------------- 
                       Revenue    Capital      Total    Revenue    Capital      Total    Revenue    Capital      Total 
                       GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Investment income        345          -        345        780          -        780        411          -        411 
  Unrealised gain 
   on investments            -          -          -          -      (277)      (277)          -          -          - 
  Investment return        345          -        345        780      (277)        503        411          -        411 
  Investment 
   management 
   fees                  (119)       (21)      (140)      (286)       (79)      (365)      (145)       (40)      (185) 
  Other expenses          (23)          -       (23)       (52)          -       (52)       (23)          -       (23) 
  Profit/(loss) 
   before 
   taxation                203       (21)        182        442      (356)         86        243       (40)        203 
  Taxation                (39)          4       (35)       (83)         15       (68)       (46)          8       (38) 
  Profit after 
   taxation                164       (17)        147        359      (341)         18        197       (32)        165 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Profit and total 
   comprehensive 
   income 
   for the period          164       (17)        147        359      (341)         18        197       (32)        165 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Basic and diluted 
   earnings/(loss) 
   per share             1.21p    (0.12p)      1.09p      2.61p    (2.49p)      0.12p      1.44p    (0.24p)      1.20p 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Balance Sheet                     Six months ended                       Year ended                 Six months ended 
                                   30 September 2020                    31 March 2020                30 September 2019 
                                             GBP'000                          GBP'000                          GBP'000 
  Non-current 
  assets 
  Financial assets 
   at fair value 
   through 
   profit or loss                             10,036                           10,146                           12,018 
                                           ---------                        ---------                        --------- 
 
  Current assets 
  Receivables                                     88                              378                              801 
  Cash and cash 
   equivalents                                    28                              173                            2,900 
                                                 116                              551                            3,701 
                                           ---------                        ---------                        --------- 
  Current 
  liabilities 
  Payables                                      (78)                             (69)                              (8) 
  Corporation tax                              (104)                             (69)                            (154) 
  Short-term debt 
   facility                                  (2,000)                          (2,000)                                - 
                                           ---------                        ---------                        --------- 
  Net assets                                   7,970                            8,559                           15,557 
                                           ---------                        ---------                        --------- 
 
  Equity 
   attributable 
   to equity 
   holders                                     7,970                            8,559                           15,557 
                                           ---------                        ---------                        --------- 
  Net asset value 
   per share                                  58.60p                           62.46p                          113.54p 
                                           ---------                        ---------                        --------- 
 
 
  Statement of 
  Changes 
  in                                Six months ended                       Year ended                 Six months ended 
  Shareholders' 
  equity                           30 September 2020                    31 March 2020                30 September 2019 
                                             GBP'000                          GBP'000                          GBP'000 
 
  Opening 
   shareholders 
   funds                                       8,559                           16,077                           16,077 
  Purchase of own 
   shares                                       (51)                                -                                - 
  Profit for the 
   period                                        147                               18                              165 
  Dividends paid                               (685)                          (7,536)                            (685) 
  Closing 
   shareholders' 
   funds                                       7,970                            8,559                           15,557 
                                           ---------                        ---------                        --------- 
 

Unaudited Non-Statutory Analysis - The D Share Fund

For the Six months ended 30 September 2020

 
  Investment Portfolio                        30 September 2020                           31 March 2020 
                                  ----------------------------------------  ---------------------------------------- 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
 
  Unquoted qualifying holdings        8,247     99.66     10,036     99.73      8,248     96.69     10,036     97.25 
  Unquoted non-qualifying 
   holdings                               -         -          -         -        109      1.28        110      1.07 
                                                                            ---------  --------  ---------  -------- 
  Financial assets at fair value 
   through profit or loss             8,247     99.66     10,036     99.73      8,357     97.97     10,146     98.32 
  Cash and cash equivalents              28      0.34         28      0.27        173      2.03        173      1.68 
                                      8,275    100.00     10,064    100.00      8,530    100.00     10,319    100.00 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
  Qualifying Holdings 
  Unquoted 
  Hydro Electric Power 
  Elementary Energy                     337      4.07        380      3.78        337      3.95        380      3.68 
  Green Highland Allt Ladaidh 
   (1148) 
   Limited                            3,374     40.77      4,622     45.93      3,374     39.55      4,622     44.79 
  Green Highland Allt Luaidhe 
   (228) 
   Limited                            1,918     23.18      2,341     23.26      1,918     22.49      2,341     22.69 
  Green Highland Allt Phocachain 
   (1015) Limited                     1,857     22.44      2,191     21.77      1,858     21.78      2,191     21.23 
  Green Highland Shenval Limited        761      9.20        502      4.99        761      8.92        502      4.86 
                                      8,247     99.66     10,036     99.73      8,248     96.69     10,036     97.25 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
  Non-Qualifying Holdings 
  Unquoted 
  Hydro Electric Power 
  Green Highland Allt Luaidhe 
   (228) 
   Limited                                -         -          -         -        109      1.28        110      1.07 
                                          -         -          -         -        109      1.28        110      1.07 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
 

Non-Statutory Analysis - The E Share Fund

For the Six months ended 30 September 2020

 
  Statement of 
  Comprehensive 
  Income 
                             Six months ended                    Year ended                    Six months ended 
                             30 September 2020                  31 March 2020                  30 September 2019 
                     -------------------------------  -------------------------------  ------------------------------- 
                       Revenue    Capital      Total    Revenue    Capital      Total    Revenue    Capital      Total 
                       GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Investment income        522          -        522        975          -        975        460          -        460 
  Realised gain on 
   investments               -      (204)      (204)          -      (181)      (181)          -          -          - 
  Unrealised loss 
   on investments            -        414        414          -      1,135      1,135          -      (448)      (448) 
  Investment return        522        210        732        975        954      1,929        460      (448)         12 
  Investment 
   management 
   fees                  (258)       (72)      (330)      (485)      (132)      (617)      (240)       (65)      (305) 
  Other expenses          (72)          -       (72)       (95)          -       (95)       (40)          -       (40) 
  Profit/(loss) 
   before 
   taxation                192        138        330        395        822      1,217        180      (513)      (333) 
  Taxation                (22)         14        (8)       (44)         25       (19)       (30)         12       (18) 
  Profit/(loss) 
   after 
   taxation                170        152        322        351        847      1,198        150      (501)      (351) 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Profit/(loss) and 
   total 
   comprehensive 
   income for the 
   period                  170        152        322        351        847      1,198        150      (501)      (351) 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Basic and diluted 
   earnings/(loss) 
   per share             0.59p      0.52p      1.11p      1.21p      2.92p      4.13p      0.52p    (1.73p)    (1.21p) 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Balance Sheet                     Six months ended                       Year ended                 Six months ended 
                                   30 September 2020                    31 March 2020                30 September 2019 
                                             GBP'000                          GBP'000                          GBP'000 
  Non-current 
  assets 
  Financial assets 
   at fair value 
   through 
   profit or loss                             26,718                           29,115                           24,315 
                                           ---------                        ---------                        --------- 
 
  Current assets 
  Receivables                                    949                              341                              196 
  Cash and cash 
   equivalents                                   491                              335                            4,840 
                                               1,440                              676                            5,036 
                                           ---------                        ---------                        --------- 
  Current 
  liabilities 
  Payables                                     (262)                            (344)                                - 
  Corporation tax                               (14)                              (5)                             (11) 
  Net assets                                  27,882                           29,442                           29,340 
                                           ---------                        ---------                        --------- 
 
  Equity 
   attributable 
   to equity 
   holders                                    27,882                           29,442                           29,340 
                                           ---------                        ---------                        --------- 
  Net asset value 
   per share                                  96.31p                          101.69p                          101.35p 
                                           ---------                        ---------                        --------- 
 
 
  Statement of 
  Changes 
  in Shareholders' 
  equity                            Six months ended                       Year ended                 Six months ended 
                                   30 September 2020                    31 March 2020                30 September 2019 
                                             GBP'000                          GBP'000                          GBP'000 
 
  Opening 
   shareholders 
   funds                                      29,442                           29,691                           29,691 
  Profit for the 
   period                                        322                            1,198                            (351) 
  Dividends paid                             (1,882)                          (1,447)                                - 
  Closing 
   shareholders' 
   funds                                      27,882                           29,442                           29,340 
                                           ---------                        ---------                        --------- 
 

Non-Statutory Analysis - The E Share Fund

For the Six months ended 30 September 2020

 
  Investment Portfolio                        30 September 2020                           31 March 2020 
                                  ----------------------------------------  ---------------------------------------- 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
 
  Unquoted qualifying holdings       15,310     66.39     19,827     72.86     15,315     59.55     19,829     67.34 
  Quoted non-qualifying holdings        570      2.47        591      2.17      3,319     12.90      2,927      9.94 
  Unquoted non-qualifying 
   holdings                           6,688     29.02      6,300     23.15      6,750     26.25      6,359     21.60 
                                                                            ---------            --------- 
  Financial assets at fair value 
   through profit or loss            22,568     97.88     26,718     98.18     25,384     98.70     29,115     98.88 
  Cash and cash equivalents             491      2.12        491      1.82        335      1.30        335      1.12 
                                     23,059    100.00     27,209    100.00     25,719    100.00     29,450    100.00 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
  Qualifying Holdings 
  Unquoted 
  Solar 
  Digima Limited                      1,262      5.47      1,661      6.10      1,262      4.91      1,661      5.64 
  Digital Screen Solutions 
   Limited                            2,020      8.76      2,586      9.50      2,020      7.85      2,586      8.78 
  Green Energy for Education 
   Limited                              475      2.06      1,260      4.63        475      1.85      1,260      4.28 
  Hydro Electric Power 
  Elementary Energy Limited           1,723      7.47      2,081      7.65      1,723      6.70      2,081      7.07 
  Green Highland Shenval Limited        359      1.56        237      0.87        359      1.40        237      0.80 
  Green Highland Allt Choire A 
   Bhalachain (255) Limited             664      2.88        798      2.93        664      2.58        798      2.71 
  Green Highland Allt Ladaidh 
   (1148) Limited                       126      0.55        149      0.55        126      0.49        149      0.51 
  Green Highland Allt Luaidhe 
   (228) Limited                         77      0.33         84      0.31         77      0.30         84      0.29 
  Green Highland Allt Phocachain 
   (1015) Limited                       498      2.16        662      2.43        498      1.94        662      2.25 
  Achnacarry Hydro Ltd                  906      3.93      1,661      6.10        911      3.54      1,663      5.65 
  Gas Power 
  Green Peak Generation Limited       2,200      9.54      2,366      8.70      2,200      8.55      2,366      8.03 
  Vertical Growing 
  Perfectly Fresh Cheshire 
   Limited                            5,000     21.68      6,282     23.09      5,000     19.44      6,282     21.33 
 
                                     15,310     66.39     19,827     72.86     15,315     59.55     19,829     67.34 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
  Non-Qualifying Holdings 
  Quoted 
  Investment Property 
  Triple Point Social Housing 
   REIT Plc - Equity                    570      2.47        591      2.17      3,319     12.90      2,927      9.94 
 
                                        570      2.47        591      2.17      3,319     12.90      2,927      9.94 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
  Unquoted 
  Crematorium Management 
  Furnace Managed Services 
   Limited                              486      2.11         98      0.36        486      1.89         97      0.33 
  Hydro Electric Power 
  Elementary Energy Limited             140      0.61        140      0.51        200      0.78        199      0.68 
  SME Funding 
  Hydroelectric Power: 
  Broadpoint 2 Limited                1,334      5.79      1,334      4.90      1,335      5.19      1,334      4.53 
  Other: 
  Funding Path Limited                2,200      9.54      2,200      8.09      2,200      8.55      2,200      7.47 
  Aeris Power Limited                   518      2.25        518      1.90        519      2.02        519      1.76 
  Broadpoint 3 Limited                2,010      8.72      2,010      7.39      2,010      7.82      2,010      6.83 
 
                                      6,688     29.02      6,300     23.15      6,750     26.25      6,359     21.60 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 

Condensed Notes to the Unaudited Interim Financial Statements

For the six months ended 30 September 2020

   1.           Corporate information 

The Interim Report of the Company for the six months ended 30 September 2020 was authorised for issue in accordance with a resolution of the Directors on 16 November 2020.

The Company is listed on the London Stock Exchange.

Triple Point Income VCT plc is incorporated and domiciled in Great Britain. The address of the Company's registered office, which is also its principal place of business, is 1 King William Street, London, EC4N 7AF.

The Company is required to nominate a functional currency, being the currency in which the Company predominately operates. The functional and reporting currency is pounds sterling (GBP), reflecting the primary economic environment in which the Company operates.

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.

The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.

   2.           Basis of preparation and accounting policies 

Basis of preparation

The Interim Report of the Company for the six months ended 30 September 2020 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 Annual Report. 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 2020.

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 
 
                                           C Shares    D Shares    E Shares      Total 
  Unaudited                                 GBP'000     GBP'000     GBP'000    GBP'000 
  Six months ended 30 September 2020 
  Loan stock interest                           198         345         427        970 
  Dividends receivable                          220           -          79        299 
  Other Investment Income                         -           -          15         15 
  Property Income                                 -           -           1          1 
                                                418         345         522      1,285 
                                         ----------  ----------  ----------  --------- 
  Audited 
  Year ended 31 March 2020 
  Loan stock interest                           655         771         637      2,063 
  Dividends receivable                          331           -          40        371 
  Interest receivable on bank balances            2           9          35         46 
  Other Investment Income                         -           -          63         63 
  Property Income                                 -           -         200        200 
                                                988         780         975      2,743 
                                         ----------  ----------  ----------  --------- 
 
   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, 7 October 2016 and an amended and restated investment management and administration agreement dated 27 April 2020.

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%.

There have been no performance fees paid to date

An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrear.

   6.           Directors' remuneration 
 
                               C Shares    D Shares    E Shares      Total 
  Unaudited                     GBP'000     GBP'000     GBP'000    GBP'000 
  Six months ended 30 September 2020 
  David Frank                         3           2           7         12 
  Simon Acland                        3           2           6         11 
  Michael Stanes                      2           2           7         11 
                                      8           6          20         34 
                             ----------  ----------  ----------  --------- 
  Audited 
  Year ended 31 March 2020 
  David Frank                         5           5          10         20 
  Simon Acland                        5           5           8         18 
  Michael Stanes                      5           4           8         17 
                                     15          14          26         55 
                             ----------  ----------  ----------  --------- 
 

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

   7.           Taxation 
 
                                                C Shares    D Shares    E Shares      Total 
  Unaudited                                      GBP'000     GBP'000     GBP'000    GBP'000 
  Six months ended 30 September 2020 
  Profit on ordinary activities before tax           255         182         330        767 
                                              ----------  ----------  ----------  --------- 
 
  Corporation tax @ 19%                               48          35          63        146 
  Effect of: 
  Capital (gains) not taxable                          -           -        (40)       (40) 
  Income received not taxable                       (42)           -        (15)       (57) 
  Unrelieved tax losses arising in the year            1           -           -          1 
  Prior year adjustment                                -           -           -          - 
  Tax charge                                           7          35           8         50 
                                              ----------  ----------  ----------  --------- 
 
  Audited 
  Year ended 31 March 2020 
  Profit on ordinary activities before tax           746          86       1,217      2,049 
                                              ----------  ----------  ----------  --------- 
 
  Corporation tax @ 20%                              142          15         231        388 
  Effect of: 
  Capital (gains)/losses not taxable                (41)          53       (181)      (169) 
  Income received not taxable                       (63)           -         (8)       (71) 
  Unrelieved tax losses arising in the year          (2)           -           -        (2) 
  Prior year adjustment                                -           -        (23)       (23) 
  Tax charge                                          36          68          19        123 
                                              ----------  ----------  ----------  --------- 
 

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 C Shares is based on the profit after tax of c.GBP246,000, 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 2020.

The earnings per share for D Shares is based on the profit after tax of c.GBP149,000, and on the weighted average number of shares in issue during the period of 13,668,773, which is equal to the number of shares at 30 September 2020.

The earnings per share for E Shares is based on the loss after tax of c.GBP323,000, 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 2020.

   9.           Cash and cash equivalents 

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

   10.         Net asset value per share 

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 c.GBP11,184,000 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 c.GBP7,970,000 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 GBP27,882,000 divided by the 28,949,575 E Shares in issue.

   11.         Commitments and contingencies 

The Company had no commitments or contingent liabilities at 30 September 2020.

   12.         Relationship with Investment Manager 

During the period, TPIM charged GBP481,631 (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 were GBP72,000.

At 30 September 2020 GBP393,645 was due to TPIM.

   13.         Related party transactions 

There are no related party transactions.

   14.         Dividends 

C Shares:

The Company paid a dividend to C Class Shareholders of GBP470,450, equal to 3.5 pence per share, on 30 June 2020.

D Shares:

The Company paid a dividend to D Class Shareholders of GBP685,082, equal to 5 pence per share, on 30 June 2020.

E Shares:

The Company paid a dividend to E Class Shareholders of GBP1,881,722, equal to 6.5 pence per share, on 30 June 2020.

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END

IR EAAFKFDEEFFA

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November 16, 2020 07:34 ET (12:34 GMT)

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