TIDMTPVE TIDMTTM TIDMTPVD TIDMTPVC
RNS Number : 2739U
Triple Point Inc VCT - TPVE
21 November 2019
Triple Point Income VCT plc
Interim Results
The Directors of Triple Point Income VCT plc are pleased to
announce its Interim results for the six months to 30 September
2019.
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/.
Unaudited Interim Financial Report - Financial Summary
6 months ended 30 September
2019
Unaudited Ord Shares A Shares 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 98.87 99.99 20.00 15.00 -
----------
Net asset value plus
dividends paid 98.87 99.99 152.80 128.54 101.35
----------------------------------- ------------ ---------- ---------- ---------- ---------- --------
Year ended 31 March
2019
Audited Ord Shares A Shares C Shares D Shares E Shares Total
Net assets GBP'000 - - 18,088 16,077 29,691 63,856
Net asset value per
share Pence - - 134.58p 117.34p 102.56p n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Net profit before
tax GBP'000 35 - 3,652 2,083 1,263 7,033
Earnings per share Pence 0.07p - 26.74p 14.36p 4.24p n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Cumulative return
to shareholders (p)
Net asset value per
share - - 134.58 117.34 102.56
Dividends paid 97.87 99.99 15.00 10.00 -
----------
Net asset value plus
dividends paid 97.87 99.99 149.58 127.34 102.56
----------------------------------- ------------ ---------- ---------- ---------- ---------- --------
6 months ended 30 September
2018
Unaudited Ord Shares A Shares C Shares D Shares E Shares Total
Net assets GBP'000 986 - 15,032 14,363 28,758 59,139
Net asset value per
share Pence 5.07p - 111.83p 104.82p 99.34p n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Net profit before
tax GBP'000 16 - 572 312 306 1,206
Earnings per share Pence 0.07p - 3.99p 1.84p 1.02p n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Cumulative return
to shareholders (p)
Net asset value per
share 5.07 - 111.83 104.82 99.34
Dividends paid 93.80 99.99 15.00 10.00 -
Net asset value plus
dividends paid 98.87 99.99 126.83 114.82 99.34
----------------------------------- ------------ ---------- ---------- ---------- ---------- --------
Triple Point Income VCT plc ("the Company") is a Venture Capital
Trust ("VCT"). The Investment Manager is Triple Point Investment
Management LLP ("TPIM" and "Triple Point"). The Company was
incorporated in November 2007.
-- C Ordinary Shares: these are the shares issued in the Offer
that closed on 27 May 2014. A total of GBP14.0 million was raised
and 13,441,438 C Shares were issued.
-- D Ordinary Shares: these are the shares issued in the Offer
that closed on 30 April 2015. A total of GBP14.3 million was raised
and 13,701,636 D Shares were issued.
-- E Ordinary Shares: these are the shares issued in the Offer
that closed on 15 May 2017. Just under GBP30 million was raised and
28,949,575 E Shares were issued.
Unaudited Interim Financial Report - Chairman's Statement
I am pleased to present the Interim Financial Report for the
Company for the period ended 30 September 2019.
Investment Portfolio
The Company's funds at 30 September 2019 are invested in a
portfolio of VCT qualifying and non-qualifying quoted and unquoted
investments. At 30 September 2019 the Company continues to meet the
condition that at least 70% by value of the Company's investments
are represented by qualifying holdings.
Legislation introduced through the Finance Act 2018 will begin
to apply to the Company from 1 April 2020, implementing an increase
to the qualifying test to 80%. The Investment Manager monitors this
ratio closely and the Board is confident that the Company will meet
the new requirement when it comes into effect for the Company.
The Company continues to satisfy all other tests relevant to its
status as a Venture Capital Trust.
The Investment Manager's review on pages 5 to 10 gives an update
on the portfolio of investments in 17 small unquoted businesses and
1 quoted Real Estate Investment 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 are operating in line with
expectations. The last quarter has seen good performance with all
schemes outperforming their targets.
The C Share Class has also invested in companies which provide
SME funding in the Hydroelectric power sector.
I am pleased to report the C Share Class has recorded a profit
over the period of 3.22p per share. At 30 September 2019 the net
asset value stood at 132.80p per share. Adding back the total
dividends paid to date takes the total return, including the net
asset value, to 152.80p per share.
The target for the C Share Class is to return 100.00p per share
by the end of year six, comprising the income tax rebate, four
annual tax-free dividends of an average 5p per share, followed by a
partial realisation of 50.00p. Thereafter an ongoing dividend of
3.50p per annum is targeted for a further nine years and a final
capital realisation of c 50p per share in 2029 following the sale
of the VCTs hydro project's.
During the period the Company paid a fourth dividend to C Class
Shareholders of GBP672,072, equal to 5.00p per share. This brings
total dividends to date to 20.00p per share. This is in line with
the original target for the C Share Class.
The Board is pleased to announce that a special dividend of
21.00p per share will be paid to C Shareholders on 19 December 2019
to shareholders on the register on 29 November 2019. This
distribution contributes significantly to the partial realisation
target.
D Share Class
The D Share Class has investments in five companies in the
Hydroelectric power sector, which between them own six
hydroelectric schemes in the Scottish Highlands. All schemes have
now been commissioned and are now operating in line with
expectations. The D Share Class has also invested in a company
which provides SME funding to the Hydroelectric power sector.
The target for the D Share Class is to return 100.00p per share
by the end of year six, comprising the income tax rebate, four
annual tax-free dividends of an average 5p per share, followed by a
partial realisation of 50.00p. Thereafter an ongoing dividend of
3.50p per annum is targeted for a further nine years and a final
capital realisation of c 50p per share in 2030 following the sale
of the VCTs hydro projects.
I am pleased to report that the D Share Class has recorded a
profit over the period of 1.20p per share. At 30 September 2019 the
net asset value stood at 113.54p per share. Adding back the total
dividends paid takes the total return, including the net asset
value, to 128.54p per share.
During the period the Company paid a third dividend to D Class
Shareholders of GBP685,082, equal to 5.00p per share. This brings
total dividends to date to 15.00p per share which continues to be
in line with the original target for the D Share Class.
E Share Class
The E Share Class holds a diverse portfolio of investments
spanning sectors such as gas power, solar and vertical growing.
Further information about these investments and sectors can be
found in the Investment Manager's Review starting on page 5.
During the period, the construction of a pioneering Vertical
Growing facility was completed. Following delays during the
construction process, the first crop is expected to be delivered
during the fourth quarter of 2019.
The E Share Class also has a non-qualifying investment of
GBP5.4m in Triple Point Social Housing REIT plc ("REIT"). This
investment generates income from a widespread portfolio of long
term, inflation linked, specialised supported housing property
leases and is targeting a regular dividend to its investors of
5.00p per share per annum rising in line with inflation. Further
information on this investment is included in the Investment
Manager's Review on pages 5 to 10.
The E Share Class recorded a loss over the period of 1.21p per
share as a result of revaluation of investments. At 30 September
2019 the net asset value stood at 101.35p per share.
Specific Risks
The Board believe that the specific risks facing the Company
are:
-- Compliance risk of failure to maintain approval as a qualifying VCT;
-- Investment risk associated with the VCT's portfolio of
unquoted investments, including the inability to invest funds
raised and the inability to realise funds to facilitate return to
investors;
-- Financial risk of investing on a medium to long-term basis; and
-- Risk of failure of internal controls.
The Board believes these risks are manageable and, with the
Investment Manager, continues to work to minimise either the
likelihood or potential impact of these risks within the scope of
the Company's established investment strategy.
Outlook
The investment portfolio of the Company continues to operate
well with much of the portfolio being in companies which are mature
and profitable, providing attractive income returns.
One of the Company's objectives is a partial realisation of the
C and D Share Class after 5 years. The Board and the Investment
Manager are now working towards investment structuring to enable
funding of the target distribution as well as continuing to
optimise the portfolio owned by the E Shareholders.
The Board and Investment Manager continue to monitor and discuss
the possible impact of Brexit on the underlying portfolio to
identify the principal areas of risk. We are continuing to monitor
the ongoing Brexit negotiations and will take mitigating action
where necessary and when required to do so.
If you have any questions or comments, please do not hesitate to
contact Triple Point on 020 7201 8989.
David Frank
Chairman
21 November 2019
Unaudited Interim Financial Report - 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 1 April
2019
------------- ---------- --------------- --------------- --------- ------------- -------------
C Shares - - 14,527 - 2,888 - - 17,415
D Shares - - 13,529 - 1,206 - - 14,735
E Shares 103 5,000 2,875 7,862 750 2,297 5,901 24,788
Total 103 5,000 30,931 7,862 4,844 2,297 5,901 56,938
----------
Investments
realised
during the
period
------------- ---------- --------------- --------------- --------- ------------- -------------
C Shares - - (35) - - - - (35)
D Shares - - (2,717) - - - - (2,717)
E Shares - - (25) - - - - (25)
-------------
- - (2,777) - - - - (2,777)
----------
Investments
valued
during
the period
------------- ---------- --------------- --------------- --------- ------------- -------------
E Shares - - - - - - (448) (448)
-------------
- - - - - - (448) (448)
----------
Investments
at 30
September
2019
C Shares - - 14,492 - 2,888 - - 17,380
D Shares - - 10,812 - 1,206 - - 12,018
E Shares 103 5,000 2,850 7,862 750 2,297 5,453 24,315
Total 103 5,000 28,154 7,862 4,844 2,297 5,453 53,713
Total
investments
% 0.19% 9.31% 52.44% 14.64% 9.02% 4.28% 10.14% 100.00%
------------- ---------- --------------- --------------- ------------- -------------
* Other SME funding includes GBP2,297,000 of E Ordinary Share
Class investment into a UK based LLP which provides finance to
small and medium sized enterprises.
C Share Class
Hydroelectric power - 83%
SME Funding (hydroelectric power) - 17%
D Share Class
Hydroelectric power - 90%
SME Funding (hydroelectric power) - 10%
E Share Class
Crematorium Management - 1%
Vertical Growing - 21%
Quoted Investments - 22%
Hydroelectric power - 12%
SME Funding (hydroelectric power) - 3%
SME Funding (other) - 9%
Electricity Generation - 32%
The VCT was established to fund small and medium sized
enterprises. At 30 September 2019 it had three share classes, each
invested in their own portfolio as detailed on page 5. The overall
portfolio comprised investments in 17 small, unquoted companies and
one quoted Real Estate Investment Trust, across 5 sectors:
crematorium management, electricity generation, vertical growing,
SME funding and investment property.
At 30 September 2019 the Company continues to meet the condition
that at least 70% of relevant funds must be invested in VCT
qualifying investments within three years.
Review and Outlook
C Share Class
The Company and the Investment Manager continue to monitor the
ongoing operation and efficiency of the C Share Class investments.
The C Share Class has investments in three hydroelectric companies
which, between them, own six schemes in the Scottish Highlands.
Further updates on the Hydroelectric power sector are detailed
below.
D Share Class
The D Share Class has investments in five hydroelectric
companies which between them own six hydroelectric schemes in the
Scottish Highlands. All six schemes have been commissioned and are
fully operational. Further updates on the hydroelectric power
sector are detailed below.
Hydroelectric Power
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). The companies have continued to obtain better
power prices than were originally forecast, earning an average of
6.3 pence per kWh compared to the 5 pence per kWh which was
projected at the time of investment. The companies have recently
renewed their PPA contracts and continue to achieve higher prices
than the current available export tariff.
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 focussed on improving
efficiencies and maximising output and are working alongside hydro
experts to further enhance performance.
During the 6 months to 30 September 2019, the hydroelectric
companies generated 7,880 MWh of electricity. Based on an average
of 3.8 MWh annual use per household, the hydroelectric companies
generated enough electricity for 4,147 homes during the period.
Industry Update
The hydroelectric companies, together with other industry
members and the British Hydropower Association, are continuing to
lobby the Scottish Government to recognise the concern on business
rates in the hydro sector. For the financial year 2019/20, the
hydroelectric companies received a 60% relief and it is expected
that this relief will continue to be applied each year until such
time as the Scottish Government addresses the issue of the business
rates in the hydro sector.
An update from the Scottish Government is expected sometime in
the near future.
In July 2018, the government announced the end of the FiT scheme
for renewable energy from 31 March 2019. All businesses that
already have FiT registrations will continue to receive payments
for the remainder of their agreement. Therefore, as the companies
entered in to 20-year agreements prior to this announcement, the
seven hydroelectric companies are unaffected by this change.
E Share Class
The E Share Class has successfully deployed 83% of its funds
into various investments in a diverse range of sectors. Further
information on these sectors is detailed below.
Going forward, the Company and the Investment Manager are
focused on ensuring that the remaining funds are invested in line
with the Company's strategy and the requirements of the VCT
legislation.
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
The Company holds an investment in four portfolios of rooftop
solar PV systems through the following investee companies:
-- Green Energy for Education Limited ("GEFE"), which owns a
portfolio of 120 systems on residential rooftops in Luton;
-- Campus Link Limited ("CMP"), which owns a portfolio of 36
systems on residential rooftops in south west England;
-- Digima ("DIG") Limited, which owns a portfolio of 82 systems
on residential rooftops in East Anglia; and
-- Digital Screen Solutions ("DSS") Limited, which owns a
portfolio of 324 systems on residential rooftops in Northern
Ireland.
After a successful review and intervention to improve
performance at the DIG portfolio, all four portfolios are now
performing in line with or exceeding expectations.
Hydroelectric Power
The E Share Class has investments in two companies which own,
either directly or indirectly, hydroelectric schemes in the
Scottish Highlands. Further updates on this sector are detailed
above.
Vertical Growing
The E Share Class has invested in Perfectly Fresh Cheshire Ltd,
a company which 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, Perfectly Fresh has recently expanded
their growing facilities to cater for a growing number of
customers, including two of the UKs 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.
Since the end of the period production has recently
commenced.
Gas Power
The Company has an investment in Green Peak Generation Ltd 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 2019, the energy
centre generated 8,042 MWh of electricity. Based on an average of
3.8 MWh annual use per household, this was enough electricity for
4,232 homes during the period.
In August 2019, the engine silencers at the energy centre were
replaced due to their poor acoustic performance. This replacement
was performed at no extra cost to Green Peak Generation Ltd.
Industry Update
The Capacity Market consists of fixed payments to power
generators to ensure they are available during periods of high
demand. Eligible power generators must bid in an auction process to
win a contract. They will then receive the payments in exchange for
ensuring the generator is available during the peak demand
periods.
On 15 November 2018, the European Court of Justice unexpectedly
announced that it did not believe that sufficient work had been
undertaken when the European Commission ('EC') approved the UK's
Capacity Market scheme, leading to a halt to all payments under the
scheme.
The UK's Department for Business, Energy and Industrial Strategy
('BEIS') have indicated they are working closely with the EC to
secure approval and have suggested they anticipate securing this
approval by the end of 2019 (including making the currently frozen
Capacity Market payments). As the expected impact of this
announcement is only a delay in payments which will be received by
the projects, it is not anticipated that this will have a material
impact on investor returns, but there is currently uncertainty over
the timing of when these revenues will be received.
In addition, Ofgem completed its review of embedded benefits
available to small generators and announced certain planned
changes. If these changes are implemented, they are expected to
have a minor negative impact on investor returns.
Non-Qualifying Investments
Real Estate Investment Trust ("REIT")
Triple Point Social Housing REIT plc invests in social housing
assets within the UK, in particular homes in the supported housing
sector. These homes are adapted to provide care and support to
vulnerable tenants with specific requirements, providing tenants
with greater independence than institutional care accommodation.
The REIT has a portfolio of properties which benefit from long-term
index linked leases of at least twenty years to Approved Providers,
such as housing associations, who are bodies that receive their
funding from central and local government. Through these long
leases it is able to offer its shareholders an attractive and
consistent level of inflation-linked income.
The net asset value per share of the REIT as at 30 September
2019 was 104.47p. The REIT has continued to deliver an index linked
dividend yield of 5 pence per share which is paid quarterly. Shares
in the REIT are listed on the London Stock Exchange and are valued
at the closing price on the balance sheet date. Along with other
funds in this sector the REIT continues to trade at a discount to
NAV. This has resulted in a downward valuation and contributed to
the loss during the period.
SME Funding
The Company has non-qualifying investments in four companies
which provide finance to small and medium size businesses. Two of
these companies are non-bank SME lending businesses which aim to
address the financing needs of the UK SME market by providing
business critical loans and asset finance to over 60,000 UK
Corporate and SME customers. The remaining two companies provide
finance in the hydroelectric power sector.
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.
UN Sustainable Development Goals
The United Nation's Sustainable Development Goals set the
blueprint for achieving a better and more sustainable future,
globally. The Goals interconnect so that nobody is left behind and
set a target of being achieved by 2030.
Triple Point shares the view that in order to achieve long-term
business success, people from around the world should be able to
live in a way that is not detrimental to our environment, does not
excessively deplete scarce resources, and is positive for their own
communities.
If you have any questions, please do not hesitate to call us on
020 7201 8989.
Ben Beaton
Partner
for Triple Point Investment Management LLP
21 November 2019
Unaudited Interim Financial Report - Investment Portfolio
Unaudited Audited
30 September 2019 31 March 2019
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 30,995 57.78 39,813 64.36 33,704 61.90 42,523 67.37
Quoted non-qualifying holdings 6,001 11.19 5,453 8.81 6,001 11.02 5,901 9.35
Unquoted non-qualifying
holdings 8,497 15.83 8,447 13.66 8,563 15.72 8,513 13.48
Financial assets at fair value
through profit or loss 45,493 84.80 53,713 86.83 48,268 88.64 56,937 90.20
Cash and cash equivalents 8,151 15.20 8,151 13.17 6,188 11.36 6,188 9.80
53,644 100.00 61,864 100.00 54,456 100.00 63,125 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Solar
Digima Ltd 1,262 2.35 1,612 2.61 1,262 2.32 1,612 2.55
Digital Screen Solutions Ltd 2,020 3.77 2,658 4.30 2,020 3.71 2,658 4.21
Green Energy for Education
Ltd 475 0.89 1,127 1.82 475 0.87 1,127 1.79
Hydro Electric Power
Elementary Energy Ltd 2,060 3.84 2,409 3.89 2,060 3.78 2,409 3.82
Green Highland Allt Choire
A Bhalachain (225) Ltd 3,130 5.83 3,642 5.89 3,130 5.75 3,642 5.77
Green Highland Allt Garbh
Ltd - - - - 2,710 4.98 2,710 4.29
Green Highland Allt Ladaidh
(1148) Ltd 3,500 6.52 5,010 8.10 3,500 6.43 5,010 7.94
Green Highland Allt Luaidhe
(228) Ltd 1,996 3.72 2,407 3.89 1,995 3.66 2,407 3.81
Green Highland Allt Phocachain
(1015) Ltd 3,932 7.33 4,871 7.87 3,932 7.22 4,871 7.72
Green Highland Shenval Ltd 1,120 2.09 797 1.29 1,120 2.06 797 1.26
Green Highland Renewables
(Achnacarry) Ltd 4,300 8.02 7,857 12.70 4,300 7.90 7,857 12.45
Gas Power
Green Peak Generation Ltd 2,200 4.10 2,423 3.92 2,200 4.04 2,423 3.84
Vertical Growing
Perfectly Fresh Cheshire Ltd 5,000 9.32 5,000 8.08 5,000 9.18 5,000 7.92
30,995 57.78 39,813 64.36 33,704 61.90 42,523 67.37
========= ======== ========= ======== ========= ======== ========= ========
Unaudited Audited
30 September 2019 31 March 2019
-------------------------------------- --------------------------------------
Cost Valuation Cost Valuation
Non-Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Quoted
Investment property
TP Social Housing REIT Plc
Equity 6,001 11.19 5,453 8.81 6,001 11.02 5,901 9.35
6,001 11.19 5,453 8.81 6,001 11.02 5,901 9.35
========= ======= ========= ======= ========= ======= ========= =======
Unquoted
Crematorium Management
Furnace Managed Services Ltd 486 0.91 93 0.15 496 0.91 103 0.16
Hydroelectric Power
Elementary Energy Ltd 233 0.43 233 0.38 248 0.46 248 0.39
Green Highland Allt Choire
A Bhalachain (225) Ltd 281 0.52 281 0.45 289 0.53 289 0.46
Green Highland Allt Luaidhe
(228) Ltd 173 0.32 173 0.28 180 0.33 180 0.29
Green Highland Allt Phocachain
(1015) Ltd 116 0.22 116 0.19 122 0.22 122 0.19
Green Highland Renewables
(Achnacarry) Ltd 6 0.01 6 0.01 26 0.05 27 0.04
SME Funding
Hydroelectric Power:
Broadpoint 2 Ltd 2,834 5.28 2,834 4.58 2,834 5.20 2,834 4.49
Broadpoint 3 Ltd 2,010 3.75 2,010 3.25 2,010 3.69 2,010 3.18
Other:
Aeris Power Ltd 158 0.29 501 0.81 158 0.29 500 0.79
Funding Path Ltd 2,200 4.10 2,200 3.56 2,200 4.04 2,200 3.49
8,497 15.83 8,447 13.66 8,563 15.72 8,513 13.48
========= ======= ========= ======= ========= ======= ========= =======
Unaudited Interim Financial Report - Directors' Responsibility
Statement
The Directors have elected to prepare the Interim Financial
Report for the Company in accordance with International Financial
Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period
to 30 September 2019, 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
21 November 2019
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September
30 September 2019 31 March 2019 2018
------------------------------- ------------------------------- -------------------------------
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 1,563 - 1,563 2,923 - 2,923 1,649 - 1,649
Gain arising on
the disposal of
investments
during
the period - - - - 420 420 - - -
(Loss)/gain
arising
on the
revaluation
of investments
at
the period end - (448) (448) - 5,049 5,049 - 250 250
Investment
return 1,563 (448) 1,115 2,923 5,469 8,392 1,649 250 1,899
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Expenses
Investment
management
fees 5 454 151 605 771 257 1,028 400 133 533
Financial and
regulatory
costs 24 - 24 37 - 37 20 - 20
General
administration 107 - 107 184 - 184 86 - 86
Legal and
professional
fees 22 - 22 55 - 55 26 - 26
Directors'
remuneration 6 28 - 28 55 - 55 28 - 28
Operating
expenses 635 151 786 1,102 257 1,359 560 133 693
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss)
before
taxation 928 (599) 329 1,821 5,212 7,033 1,089 117 1,206
Taxation 7 (109) 29 (80) (264) 35 (229) (131) 25 (106)
Profit/(loss)
after
taxation 819 (570) 249 1,557 5,247 6,804 958 142 1,100
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit and total
comprehensive
income/(loss)
for the period 819 (570) 249 1,557 5,247 6,804 958 142 1,100
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and
diluted
earnings/(loss)
per share
(pence)
Ordinary Share 8 - - - 0.13p (0.06p) 0.07p 0.06p 0.01p 0.07p
C Share 8 3.50p (0.28p) 3.22p 5.53p 21.21p 26.74p 4.22p (0.23p) 3.99p
D Share 8 1.44p (0.24p) 1.20p 3.93p 10.43p 14.36p 2.02p (0.18p) 1.84p
E Share 8 0.52p (1.73p) (1.21p) 0.86p 3.38p 4.24p 0.35p 0.67p 1.02p
The Total column of this statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The
supplementary Revenue Return and Capital columns have been prepared
under guidance published by the Association of Investment
Companies. All revenue and capital items in the above statement
derive from continuing operations.This Statement of Comprehensive
Income includes all recognised gains and losses.
The accompanying notes are an integral part of this
statement.
Unaudited Balance Sheet
Unaudited Audited Unaudited
30 September 31 March 30 September
2019 2019 2018
Note GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or loss 53,713 56,937 52,289
-------------- ---------- ---------------
Current assets
Receivables 1,157 1,250 1,383
Cash and cash equivalents 9 8,151 6,188 6,152
9,308 7,438 7,535
-------------- ---------- ---------------
Total Assets 63,021 64,375 59,824
-------------- ---------- ---------------
Current liabilities
Payables and accrued expenses 20 327 490
Current taxation payable 254 193 195
274 520 685
-------------- ---------- ---------------
Net Assets 62,747 63,855 59,139
============== ========== ===============
Equity attributable to equity
holders of the parent
Share capital 10 561 561 756
Share redemption reserve - - 2
Share premium 28,661 28,661 44,968
Special distributable reserve 26,887 26,887 11,370
Capital reserve 5,619 6,189 1,085
Revenue reserve 1,019 1,557 958
Total equity 62,747 63,855 59,139
============== ========== ===============
Shareholders' funds
Ordinary Share 11 - - 5.07p
C Share 11 132.80p 134.58p 111.83p
D Share 11 113.54p 117.34p 104.82p
E Share 11 101.35p 102.56p 99.34p
The statements were approved by the Directors and authorised for
issue on 21 November 2019 and are signed on their behalf by:
David Frank
Chairman
21 November 2019
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Changes in Shareholders' Equity
Special
Issued Share Redemption Share Distributable Capital Revenue
Capital Reserve Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 30
September
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
Profit and total
comprehensive
(loss)/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
==========
Year ended 31
March
2019
Opening balance 756 2 44,968 23,968 942 582 71,218
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Cancellation of
shares (195) 195 - - - - -
Cancellation of
share
premium - - (16,307) 16,307 - - -
Dividend paid - - - (13,390) - (582) (13,972)
Transfer on share
redemption - (2) - 2 - - -
Repayment of
capital - (195) - - - - (195)
Transactions with
owners (195) (197) (16,307) 2,919 - (582) (14,167)
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Profit for the
year - - - 5,247 1,557 6,804
Profit and total
comprehensive
income for the
year - - - 5,247 1,557 6,804
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Balance at 31
March
2019 561 - 28,661 26,887 6,189 1,557 63,855
========== ================== ========== ================ ========== ========== ==========
Capital reserve
consists
of:
Investment holding
gains 8,671
Other realised
losses (2,482)
6,189
==========
6 months ended 30
September
2018
Opening balance 756 2 44,968 23,968 942 582 71,218
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Dividend paid - - - (12,597) - (582) (13,179)
Transactions with
owners - - - (12,597) - (582) (13,179)
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Profit for the
period - - - - 142 958 1,100
Profit and total
comprehensive
income for the
period - - - - 142 958 1,100
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Balance at 30
September
2018 756 2 44,968 11,371 1,084 958 59,139
========== ================== ========== ================ ========== ========== ==========
Capital reserve
consists
of:
Investment holding
gains 3,505
Other realised
losses (2,421)
1,084
==========
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 GBP25,670,000. This consisted of the distributable revenue
reserve, net of the realised capital loss, plus the special
distributable reserve.
Unaudited Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 31 March 30 September
2019 2019 2018
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation 329 7,033 1,206
(Gain) arising on the disposal
of investments during the period - (420) -
Loss/(gain) arising on the revaluation
of investments at the period end 448 (5,049) (250)
Cashflow generated by operations 777 1,564 956
Decrease/(increase) in receivables 93 126 (7)
(Decrease)/increase in payables (307) (332) (169)
Cash flows from operating activities 563 1,358
-------------- ------------ ----------------
Tax paid (19) (127) (2)
Net cash flows from operating activities 544 1,231 778
-------------- ------------ ----------------
Cash flow from investing activities
Proceeds of sale of financial assets
at fair value through profit or
loss 2,776 676 105
Net cash flows from investing activities 2,776 676 105
-------------- ------------ ----------------
Cash flows from financing activities
Repayment of capital - (195) -
Dividends paid (1,357) (13,972) (13,179)
Net cash flows from financing activities (1,357) (14,167) (13,179)
-------------- ------------ ----------------
Net decrease/(increase) in cash
and cash equivalents 1,963 (12,260) (12,296)
============== ============ ================
Reconciliation of net cash flow
to movements in cash and cash equivalents
Opening cash and cash equivalents 6,188 18,448 18,448
Net decrease/(increase) in cash
and cash equivalents 1,963 (12,260) (12,296)
Closing cash and cash equivalents 8,151 6,188 6,152
============== ============ ================
The accompanying notes are an integral part of this
statement.
Non-Statutory Analysis - The C Share Fund
Statement of Comprehensive Income Unaudited Audited
6 months ended Year ended
30 September 2019 31 March 2019
------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 692 - 692 1,127 - 1,127
Unrealised gain on investments - - - - 2,913 2,913
Investment return 692 - 692 1,127 2,913 4,040
Investment management fees (164) (46) (210) (273) (76) (349)
Other expenses (23) - (23) (39) - (39)
Profit/(loss) before taxation 505 (46) 459 815 2,837 3,652
Taxation (33) 9 (24) (72) 14 (58)
Profit/(loss) after taxation 472 (37) 435 743 2,851 3,594
--------- --------- --------- --------- --------- ---------
Profit and total comprehensive
income/(loss) for the period 472 (37) 435 743 2,851 3,594
--------- --------- --------- --------- --------- ---------
Basic and diluted earnings/(loss)
per share 3.50p (0.28p) 3.22p 5.53p 21.21p 26.74p
--------- --------- --------- --------- --------- ---------
Balance Sheet 6 months ended Year ended
30 September 2019 31 March 2019
GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 17,380 17,415
--------- ---------
Current assets
Receivables 160 83
Cash and cash equivalents 411 759
571 842
Current liabilities
Payables (11) (103)
Corporation tax (89) (66)
--------- ---------
Net assets 17,851 18,088
--------- ---------
Equity attributable to
equity holders 17,851 18,088
--------- ---------
Net asset value per share 132.80p 134.58p
--------- ---------
Statement of Changes in 6 months ended Year ended
Shareholders' Equity 30 September 2019 31 March 2019
GBP'000 GBP'000
Opening shareholders' funds 18,088 15,166
Profit for the period 435 3,594
Dividends paid (672) (672)
Closing shareholders' funds 17,851 18,088
--------- ---------
Unaudited Audited
Investment Portfolio 30 September 2019 31 March 2019
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 9,430 71.80 14,089 79.19 9,430 69.78 14,089 77.52
Unquoted non-qualifying
holdings 3,291 25.06 3,291 18.49 3,325 24.60 3,326 18.30
Financial assets at fair value
through profit or loss 12,721 96.86 17,380 97.68 12,755 94.38 17,415 95.82
Cash and cash equivalents 411 3.14 411 2.32 759 5.62 759 4.18
13,132 100.00 17,791 100.00 13,514 100.00 18,174 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Hydroelectric Power
Green Highland Allt Choire
A Bhalachain (225) Ltd 3,130 23.83 3,642 20.47 3,130 23.16 3,642 20.04
Green Highland Allt Phocachain
(1015) Ltd 2,000 15.23 2,590 14.56 2,000 14.80 2,590 14.25
Green Highland Renewables
(Achnacarry)
Ltd 4,300 32.74 7,857 44.16 4,300 31.82 7,857 43.23
9,430 71.80 14,089 79.19 9,430 69.78 14,089 77.52
========= ======== ========= ======== ========= ======== ========= ========
Non-Qualifying Holdings
Unquoted
Hydroelectric Power
Green Highland Allt Choire
A Bhalachain (225) Ltd 281 2.14 281 1.58 289 2.14 289 1.59
Green Highland Allt Phocachain
(1015) Ltd 116 0.88 116 0.65 122 0.90 122 0.67
Green Highland Renewables
(Achnacarry)
Ltd 6 0.05 6 0.03 26 0.19 27 0.15
SME Funding
Hydroelectric Power:
Broadpoint 2 Ltd 2,084 15.87 2,084 11.71 2,084 15.42 2,084 11.47
Broadpoint 3 Ltd 804 6.12 804 4.52 804 5.95 804 4.42
3,291 25.06 3,291 18.49 3,325 24.60 3,326 18.30
========= ======== ========= ======== ========= ======== ========= ========
Non-Statutory Analysis - The D Share Fund
Statement of Comprehensive Income Unaudited Audited
6 months ended Year ended
30 September 2019 31 March 2019
------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 411 - 411 919 - 919
Unrealised gain on investments - - - - 1,475 1,475
Investment return 411 - 411 919 1,475 2,394
Investment management fees (145) (40) (185) (215) (58) (273)
Other expenses (23) - (23) (38) - (38)
Profit/(loss) before taxation 243 (40) 203 666 1,417 2,083
Taxation (46) 8 (38) (126) 11 (115)
Profit/(loss) after taxation 197 (32) 165 540 1,428 1,968
--------- --------- --------- --------- --------- ---------
Profit and total comprehensive
income/(loss) for the period 197 (32) 165 540 1,428 1,968
--------- --------- --------- --------- --------- ---------
Basic and diluted earnings/(loss)
per share 1.44p (0.24p) 1.20p 3.93p 10.43p 14.36p
--------- --------- --------- --------- --------- ---------
Balance Sheet 6 months ended Year ended
30 September 2019 31 March 2019
GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 12,018 14,735
--------- ---------
Current assets
Receivables 801 821
Cash and cash equivalents 2,900 719
3,701 1,540
--------- ---------
Current liabilities
Payables (8) (82)
Corporation tax (154) (116)
--------- ---------
Net assets 15,557 16,077
--------- ---------
Equity attributable to
equity holders 15,557 16,077
--------- ---------
Net asset value per share 113.54p 117.34p
--------- ---------
Statement of Changes in 6 months ended Year ended
Shareholders' equity 30 September 2019 31 March 2019
GBP'000 GBP'000
Opening shareholders' funds 16,077 14,794
Profit for the period 165 1,968
Dividends paid (685) (685)
Closing shareholders' funds 15,557 16,077
--------- ---------
Unaudited Audited
Investment Portfolio 30 September 2019 31 March 2019
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 8,531 66.59 10,639 71.31 11,240 84.23 13,349 86.39
Unquoted non-qualifying
holdings 1,379 10.76 1,379 9.24 1,386 10.39 1,386 8.96
--------- -------- --------- --------
Financial assets at fair value
through profit or loss 9,910 77.35 12,018 80.55 12,626 94.62 14,735 95.35
Cash and cash equivalents 2,900 22.65 2,900 19.45 719 5.38 719 4.65
12,810 100.00 14,918 100.00 13,345 100.00 15,454 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Hydroelectric Power
Elementary Energy 342 2.67 400 2.68 342 2.56 400 2.59
Green Highland Allt Garbh Ltd - - - - 2,710 20.31 2,710 17.54
Green Highland Allt Ladaidh
(1148) Ltd 3,500 27.32 5,010 33.58 3,500 26.23 5,010 32.42
Green Highland Allt Luaidhe
(228) Ltd 1,996 15.58 2,407 16.13 1,995 14.95 2,407 15.58
Green Highland Allt Phocachain
(1015) Ltd 1,932 15.08 2,281 15.29 1,932 14.48 2,281 14.76
Green Highland Shenval Ltd 761 5.94 541 3.63 761 5.70 541 3.50
8,531 66.59 10,639 71.31 11,240 84.23 13,349 86.39
========= ======== ========= ======== ========= ======== ========= ========
Non-Qualifying Holdings
Unquoted
Hydroelectric Power
Green Highland Allt Luaidhe
(228) Ltd 173 1.35 173 1.16 180 1.35 180 1.16
SME Funding
Hydroelectric Power:
Broadpoint 3 Ltd 1,206 9.41 1,206 8.08 1,206 9.04 1,206 7.80
1,379 10.76 1,379 9.24 1,386 10.39 1,386 8.96
========= ======== ========= ======== ========= ======== ========= ========
Non-Statutory Analysis - The E Share Fund
Statement of Comprehensive
Income Unaudited Audited
6 months ended Year ended
30 September 2019 31 March 2019
------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 460 - 460 855 - 855
Realised gain on investments - - - - 420 420
Unrealised loss on investments - (448) (448) - 660 660
Investment return 460 (448) 12 855 1,080 1,935
Investment management
fees (240) (65) (305) (460) (126) (586)
Other expenses (40) - (40) (86) - (86)
Profit/(loss) before taxation 180 (513) (333) 309 954 1,263
Taxation (30) 12 (18) (59) 24 (35)
Profit/(loss) after taxation 150 (501) (351) 250 978 1,228
--------- --------- --------- --------- --------- ---------
Profit/(loss) and total
comprehensive income for
the period 150 (501) (351) 250 978 1,228
--------- --------- --------- --------- --------- ---------
Basic and diluted earnings/(loss)
per share 0.52p (1.73p) (1.21p) 0.86p 3.38p 4.24p
--------- --------- --------- --------- --------- ---------
Balance Sheet 6 months ended Year ended
30 September 2019 31 March 2019
GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 24,315 24,787
--------- ---------
Current assets
Receivables 196 346
Cash and cash equivalents 4,840 4,711
5,036 5,057
--------- ---------
Current liabilities
Payables - (143)
Corporation tax (11) (10)
Net assets 29,340 29,691
--------- ---------
Equity attributable to
equity holders 29,340 29,691
--------- ---------
Net asset value per share 101.35p 102.56p
--------- ---------
Statement of Changes in 6 months ended Year ended
Shareholders' equity 30 September 2019 31 March 2019
GBP'000 GBP'000
Opening shareholders'
funds 29,691 28,463
Profit for the period (351) 1,228
Closing shareholders'
funds 29,340 29,691
--------- ---------
Unaudited Audited
Investment Portfolio 30 September 2019 31 March 2019
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 13,034 47.05 15,085 51.75 13,034 47.23 15,085 51.13
Quoted non-qualifying holdings 6,001 21.66 5,453 18.70 6,001 21.75 5,901 20.01
Unquoted non-qualifying
holdings 3,827 13.81 3,777 12.96 3,852 13.96 3,801 12.89
Financial assets at fair
value through profit or loss 22,862 82.52 24,315 83.41 22,887 82.94 24,787 84.03
Cash and cash equivalents 4,840 17.48 4,840 16.59 4,711 17.06 4,711 15.97
27,702 100.00 29,155 100.00 27,598 100.00 29,498 100.00
Qualifying Holdings
Unquoted
Solar
Digima Ltd 1,262 4.56 1,612 5.53 1,262 4.57 1,612 5.46
Digital Screen Solutions
Ltd 2,020 7.29 2,658 9.12 2,020 7.32 2,658 9.01
Green Energy for Education
Ltd 475 1.71 1,127 3.87 475 1.72 1,127 3.82
Hydroelectric Power
Elementary Energy Ltd 1,718 6.20 2,009 6.89 1,718 6.23 2,009 6.81
Green Highland Shenval Ltd 359 1.30 256 0.88 359 1.30 256 0.87
Gas Power
Green Peak Generation Ltd 2,200 7.94 2,423 8.31 2,200 7.97 2,423 8.21
Vertical Growing
Perfectly Fresh Cheshire
Ltd 5,000 18.05 5,000 17.15 5,000 18.12 5,000 16.95
13,034 47.05 15,085 51.75 13,034 47.23 15,085 51.13
Non-Qualifying Holdings
Quoted
Investment Property
TP Social Housing REIT Plc
Equity 6,001 21.66 5,453 18.70 6,001 21.75 5,901 20.01
6,001 21.66 5,453 18.70 6,001 21.74 5,901 20.00
Unquoted
Crematorium Management
Furnace Managed Services
Ltd 486 1.75 93 0.32 496 1.80 103 0.35
Hydroelectric Power
Elementary Energy Ltd 233 0.84 233 0.80 248 0.90 248 0.84
SME Funding
Hydroelectric Power:
Broadpoint 2 Ltd 750 2.71 750 2.57 750 2.72 750 2.54
Other:
Funding Path Ltd 2,200 7.94 2,200 7.55 2,200 7.97 2,200 7.46
Aeris Power Ltd 158 0.57 501 1.72 158 0.57 500 1.70
3,827 13.81 3,777 12.96 3,852 13.96 3,801 12.89
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the 6
months ended 30 September 2019 was authorised for issue in
accordance with a resolution of the Directors on 21 November
2019.
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 Unaudited Interim Financial Report of the Company for the 6
months ended 30 September 2019 has been prepared in accordance with
IAS 34: Interim Financial Reporting. The same accounting policies
and methods of computation are followed in the Interim Financial
Report as were followed in the most recent Financial Statements. It
does not include all of the information required for full Financial
Statements and should be read in conjunction with the Financial
Statements for the year ended 31 March 2019.
Estimates
The preparation of the Interim Report requires the Board to make
judgements, estimates and assumptions that reflect the application
of accounting policies and the reported amounts of assets and
liabilities, income and expenditure. However, actual results may
differ from these estimates.
3. Segmental reporting
The Directors are of the opinion that the Company only has a
single operating segment of business, being investment
activity.
All revenues and assets are generated and held in the UK.
4. Investment income
Ord Shares C Shares D Shares E Shares Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 30 September
2019
Loan stock interest - 360 410 288 1,058
Dividends receivable - 331 - 20 351
Interest receivable on bank
and other balances - 1 1 5 7
Other Investment Income - - - 44 44
Property Income - - - 103 103
- 692 411 460 1,563
Ord Shares C Shares D Shares E Shares Total
Audited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Year ended 31 March 2019
Loan stock interest 4 733 918 531 2,186
Dividends receivable - 393 - - 393
Interest receivable on bank
and other balances 19 1 1 42 63
Other Investment Income - - - 123 123
Property Income - - - 158 158
23 1,127 919 854 2,923
5. Investment management fees
TPIM provides investment management and administration services
to the Company under an Investment Management Agreement effective 6
February 2008 and deeds of variation to that agreement effective 21
November 2012, 28 October 2014 and 7 October 2016.
Ordinary Shares: The agreement provides for an investment
management fee of 1.5% per annum of net assets payable quarterly in
arrear for the Ordinary Shares. For the Ordinary Shares issued
under the 2007 offer the agreement ran until 6 February 2014 after
which the management fee of 1.5% has not been charged. For all
other Ordinary Shares, the appointment continued to 30 April 2019
after which there was a 1% exit fee on all funds returned to
shareholders.
C shares: The agreement provides for an administration and
investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from
the admission of those shares. Subject to distributions to the C
Shareholders exceeding the C Share hurdle, the Investment Manager
will be entitled to a performance incentive fee of 20%.
D shares: The agreement provides for an administration and
investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from
the admission of those shares. Subject to distributions to the D
Shareholders exceeding the D Share hurdle, the Investment Manager
will be entitled to a performance incentive fee of 20%.
E shares: The agreement provides for an administration and
investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from
the admission of those shares. Subject to distributions to the E
Shareholders exceeding the E Share hurdle, the Investment Manager
will be entitled to a performance incentive fee of 20%.
To date there have been no performance fees paid.
An administration fee equal to 0.25% per annum of the Company's
net assets is payable quarterly in arrear.
Ord Shares C Shares D Shares E Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 30 September 2019
Unaudited
Investment Management
Fees - 183 161 261 605
- 183 161 261 605
Year ended 31 March 2019
Audited
Investment Management
Fees (12) 305 231 504 1,028
(12) 305 231 504 1,028
6. Directors' remuneration
The only remuneration received by the Directors was their
Directors' fees. The Company has no employees other than the
Non-Executive Directors. The average number of Non-Executive
Directors in the period was three.
C Shares D Shares E Shares Total
GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 30 September
2019
David Frank 3 3 4 10
Simon Acland 3 2 4 9
Michael Stanes 2 2 5 9
8 7 13 28
Year ended 31 March 2019
David Frank 5 4 10 19
Simon Acland 4 4 10 18
Michael Stanes 4 4 10 18
13 12 30 55
7. Taxation
Ord Shares C Shares D Shares E Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited
6 months ended 30 September
2019
Profit on ordinary activities
before tax - 459 203 (333) 329
Corporation tax @ 19% - 86 38 (63) 61
Effect of:
Capital (gains) not taxable - - - 85 85
Income received not taxable - (63) - (4) (67)
Tax charge/(credit) - 23 38 18 79
Audited
Year ended 31 March 2019
Profit/(loss) on ordinary activities
before tax 35 3,652 2,083 1,263 7,033
Corporation tax @ 20% 7 694 396 240 1,337
Effect of:
Capital (gains) not taxable - (553) (280) (205) (1,038)
Income received not taxable - (75) - - (75)
Unrelieved tax losses arising
in the year - - - (1) (1)
Prior year adjustment 13 (7) - - 6
Tax charge 20 59 116 34 229
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.GBP435,000, 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 2019.
The earnings per share for D Shares is based on the profit after
tax of c.GBP165,000, and on the weighted average number of shares
in issue during the period of 13,701,636, which is equal to the
number of shares at 30 September 2019.
The earnings per share for E Shares is based on the loss after
tax of c.GBP351,000, 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 2019.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc and Cater Allen Private Bank.
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.GBP17,851,000 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.GBP15,557,000 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 GBP29,340,000 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 2019.
12. Relationship with Investment Manager
During the period, TPIM charged GBP261,526 (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 GBP44,000.
At 30 September 2019 no fees were 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
GBP672,072, equal to 5p per share, on 25 July 2019.
The Board has resolved to pay a special dividend to C Class
Shareholders of GBP2,822,702 equal to 21.00p per share which will
be paid on 19 December 2019 to shareholders on the register as at
28 November 2019.
D Shares:
The Company paid a dividend to D Class Shareholders of
GBP685,082, equal to 5p per share, on 25 July 2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR QFLFLKFFBFBD
(END) Dow Jones Newswires
November 21, 2019 11:17 ET (16:17 GMT)
Grafico Azioni Triple Point Income Vct (LSE:TPVC)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Triple Point Income Vct (LSE:TPVC)
Storico
Da Mar 2023 a Mar 2024