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TPVE - Half-year Report

21 Nov 2019 16:17

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 LLP

(Investment Manager)

Tel: 020 7201 8989

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

£'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

£'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

£'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

£'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

£'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

£'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 £14.0 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 £14.3 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 £30 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 £672,072, 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 £685,082, 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 £5.4m 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

 

 

Industry Sector

Crematorium Management

Vertical Growing

Hydroelectric Power

Other Electric Power

Hydroelectric Power

Other*

Quoted Investments

Total Investments

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'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 £2,297,000 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

 

£'000

%

£'000

%

 

£'000

%

£'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

£'000

%

£'000

%

 

£'000

%

£'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 2019

 

31 March 2019

 

 30 September 2018

 

Note

Rev.

Cap.

Total

 

Rev.

Cap.

Total

 

Rev.

Cap.

Total

 

 

£'000

£'000

£'000

 

£'000

£'000

£'000

 

£'000

£'000

£'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 2019

 

31 March 2019

 

 30 September 2018

 

Note

£'000

 

£'000

 

£'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

 

 

 

Issued Capital

Share Redemption Reserve

Share Premium

Special Distributable Reserve

Capital Reserve

Revenue Reserve

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

6 months ended 30 September 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 £25,670,000. 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 2019

 

31 March 2019

 

30 September 2018

 

£'000

 

£'000

 

£'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

 

 

£'000

£'000

£'000

 

£'000

£'000

£'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

 

 

 

 

£'000

 

 

 

£'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

 

 

 

 

£'000

 

 

 

£'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

 

£'000

%

£'000

%

 

£'000

%

£'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

 

 

£'000

£'000

£'000

 

£'000

£'000

£'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

 

 

 

 

£'000

 

 

 

£'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

 

 

 

 

£'000

 

 

 

£'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

 

£'000

%

£'000

%

 

£'000

%

£'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

 

 

£'000

£'000

£'000

 

£'000

£'000

£'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

 

 

 

 

£'000

 

 

 

£'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

 

 

 

 

£'000

 

 

 

£'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

 

£'000

%

£'000

%

 

£'000

%

£'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 (£), 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

£'000

£'000

£'000

£'000

 

£'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

£'000

£'000

£'000

£'000

 

£'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

 

£'000

£'000

£'000

£'000

 

£'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

 

£'000

£'000

£'000

 

£'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

 

£'000

£'000

£'000

£'000

 

£'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.£435,000, 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.£165,000, 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.£351,000, 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.£17,851,000 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.£15,557,000 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 £29,340,000 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 £261,526 (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 £44,000.

 

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 £672,072, equal to 5p per share, on 25 July 2019.

 

The Board has resolved to pay a special dividend to C Class Shareholders of £2,822,702 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 £685,082, 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.
 
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Date   Source Headline
1st Sep 202311:35 amRNSDirectorate Changes
1st Sep 202311:30 amRNSResult of General Meeting
1st Sep 20237:30 amRNSSUSPENSION OF SHARES ON OFFICIAL LIST OF FCA
28th Jul 20235:15 pmRNSPublication of Circular
14th Jul 202311:00 amRNSMEMBERS' VOLUNTARY LIQUIDATION & EXTENSION OF ARD
16th Mar 20237:00 amRNSNet Asset Value(s)
3rd Jan 202311:30 amRNSTotal Voting Rights
2nd Dec 20229:45 amRNSRemoval C & D Class Shares & Total Voting Rights
17th Nov 20227:00 amRNSResults for the six months ended 30 September 2022
31st Oct 20227:00 amRNSFurther re change to interim dividend
11th Oct 20227:00 amRNSDisposal of gas fired asset & Dividend Declaration
4th Oct 202210:25 amRNSResult of C Class and D Class Meetings
4th Oct 202210:23 amRNSResult of General Meeting
12th Sep 20225:15 pmRNSPublication of Circular
2nd Sep 20226:00 pmRNSDividend Declaration
2nd Sep 20225:55 pmRNSNet Asset Value(s)
2nd Sep 20221:05 pmRNSResult of General Meeting
2nd Sep 20221:00 pmRNSResult of AGM
5th Aug 20224:37 pmRNSAnnual Financial Report and Notice of AGM
21st Jul 20221:04 pmRNSPublication of Circular
21st Jul 20227:00 amRNSResults for the year ended 31 March 2022
28th Feb 202210:47 amRNSResult of General Meeting
22nd Feb 20224:30 pmRNSNet Asset Value(s)
11th Feb 20223:00 pmRNSPublication of Circular
13th Dec 20217:00 amRNSDisposal of hydro assets and Dividend Declaration
29th Nov 20217:00 amRNSDisposal of hydro assets and Dividend Declaration
15th Nov 20211:46 pmRNSResults for the six months ended 30 September 2021
29th Sep 20217:00 amRNSUpdate on hydroelectric assets
28th Jul 20213:30 pmRNSResult of Annual General Meeting
22nd Jul 20215:00 pmRNSNet Asset Value(s)
1st Jul 20213:00 pmRNSTotal Voting Rights
29th Jun 20215:44 pmRNSAnnual Financial Report and Notice of AGM
24th Jun 20214:02 pmRNSTransaction in Own Shares
22nd Jun 20217:05 amRNSDividend Declaration
22nd Jun 20217:00 amRNSRESULTS FOR THE YEAR ENDED 31 MARCH 2021
15th Feb 20216:21 pmRNSNet Asset Value(s)
16th Nov 202012:34 pmRNSTPVE - Results for the six months ended 30 September 2020
3rd Aug 20209:55 amRNSTPVE - Total Voting Rights
31st Jul 20205:30 pmRNSTPVE - Transaction in Own Shares
23rd Jul 20202:00 pmRNSTPVE - Net Asset Value(s)
23rd Jul 20201:30 pmRNSTPVE - Result of Annual General Meeting
9th Jul 20207:00 amRNSTPVE - 2020 Annual General Meeting Update
23rd Jun 20206:14 pmRNSTPVE - Annual Financial Report and Notice of AGM
15th Jun 20204:23 pmRNSTPVE - RESULTS FOR THE YEAR ENDED 31 MARCH 2020
3rd Jun 20204:47 pmRNSTPVE - Dividend Declaration
28th Apr 20203:00 pmRNSTPVE - Disclosure of rights attached to equity shares
28th Apr 20207:00 amRNSTPVE - Company Secretary Change
20th Apr 20207:00 amRNSTPVE - Coronavirus (COVID-19) Update
5th Mar 20203:30 pmRNSTPVE - Dividend Declaration
11th Feb 20201:07 pmRNSTPVE - Net Asset Value(s)
12

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