TIDMTPVE TIDMTPVC TIDMTPVD
RNS Number : 4207S
Triple Point Inc VCT - TPVE
15 November 2021
15 November 2021
Triple Point Income VCT plc
(the "Company")
RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2021
The Directors of Triple Point Income VCT plc are pleased to
announce the unaudited results for the six months ended 30
September 2021.
You may view the Interim Report in due course on the Triple
Point website: www.triplepoint.co.uk
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management LLP Tel: 020 7201 8989
(Investment Manager)
Jonathan Parr
Belinda Thomas
The Company's LEI is 213800IXD8S5WY88L245
Further information on the Company can be found on its website
https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/
.
Financial Summary
Six months ended 30 September
2021
C Shares D Shares E Shares Total
Net assets GBP'000 10,936 7,968 26,444 45,348
Net asset value per
share Pence 81.56p 58.57p 91.38p
----------------------- ---------- ---------- ---------- ---------- --------
Net profit before
tax GBP'000 (3) 123 89 209
Earnings per share Pence (0.01p) 0.74p 0.29p
----------------------- ---------- ---------- ---------- ---------- --------
Cumulative return
to Shareholders (p)
Net asset value per
share 81.56p 58.57p 91.38p
Dividends paid 75.25p 71.75p 15.00p
Net asset value plus
dividends paid* 156.81p 130.32p 106.38p
----------------------------------- ---------- ---------- ---------- --------
Year ended 31 March
2021
C Shares D Shares E Shares Total
Net assets GBP'000 11,194 8,106 27,382 46,682
Net asset value per
share Pence 83.30p 59.59p 94.59p
----------------------- ---------- ---------- ---------- ---------- --------
Net profit before
tax GBP'000 267 349 (174) 442
Earnings per share Pence 1.93p 2.08p (0.61p)
----------------------- ---------- ---------- ---------- ---------- --------
Cumulative return
to Shareholders (p)
Net asset value per
share 83.30p 59.59p 94.59p
Dividends paid 73.50p 70.00p 11.50p
----------
Net asset value plus
dividends paid 156.80p 129.59p 106.09p
----------------------------------- ---------- ---------- ---------- --------
Six months ended 30 September
2020
Unaudited C Shares D Shares E Shares Total
Net assets GBP'000 11,184 7,970 27,882 47,036
Net asset value per
share Pence 83.20p 58.60p 96.31p
----------------------- ---------- ---------- ---------- ---------- --------
Net profit/(loss)
before tax GBP'000 255 182 330 767
Earnings/(loss) per
share Pence 1.83p 1.09p 1.12p
----------------------- ---------- ---------- ---------- ---------- --------
Cumulative return
to shareholders (p)
Net asset value per
share 83.20p 58.60p 96.31p
Dividends paid 73.50p 70.00p 11.50p
Net asset value plus
dividends paid 156.70p 128.60p 107.81p
----------------------------------- ---------- ---------- ---------- --------
* The final sale price for the hydroelectric assets is being
negotiated. The value to be distributed will also be subject to the
performance fee payable on distribution, as a result the total
return may be lower than indicated in these interim statements for
the period to 30 September 2021. Further details on the net
proceeds expected to be returned will be provided to Shareholders
in due course.
Triple Point Income VCT plc ("the Company") is a Venture Capital
Trust ("VCT"). The Investment Manager is Triple Point Investment
Management LLP ("TPIM" or "Triple Point"). The Company was
incorporated in November 2007 and currently has three classes of
issued Ordinary Shares:
-- C Ordinary Shares ("C Shares"): these are the shares issued
in the Offer that closed on 27 May 2014. A total of GBP14 million
was raised and 13,413,088 C Shares were issued.
-- D Ordinary Shares ("D Shares"): these are the shares issued
in the Offer that closed on 30 April 2015. A total of GBP14.3
million was raised and 13,604,637 D Shares were issued.
-- E Ordinary Shares ("E Shares"): these are the shares issued
in the Offer that closed on 15 May 2017. Just under GBP30 million
was raised and 28,940,076 E Shares were issued.
Key Highlights
-- C Shares Cumulative Dividends Paid: 75.25p (a dividend of
1.75 pence per share C Share was paid on 30 July 2021).
-- D Shares Cumulative Dividends Paid: 71.75p (a dividend of
1.75 pence per D Share was paid on 30 July 2021)
-- E Shares Cumulative Dividends Paid: 15.00p (a dividend of
3.50 pence per E Share was paid on 30 July 2021)
-- Total Return per C Share(1) : 156.81p (2)
-- Total Return per D Share(1) : 130.32p (2)
-- Total Return per E Share(1) : 106.38p (2)
(1) Total Return is made up by current Net Asset Value plus
Dividends paid to date. Total Return is defined as an Alternative
Performance Measure ("APM"). Total Return, calculated by reference
to the cumulative dividends paid plus net asset value (excluding
tax reliefs received by shareholders), is the primary measure of
performance in the VCT industry.
(2) The final sale price for the hydroelectric assets is being
negotiated. The value to be distributed will also be subject to the
performance fee payable on distribution, as a result the total
return may be lower than indicated in these interim statements for
the period to 30 September 2021. Further details on the net
proceeds expected to be returned will be provided to Shareholders
in due course.
Chair's Statement
I am pleased to present the Interim Report for the Company for
the period ended 30 September 2021.
During the period we have seen the welcome lift of restrictions
imposed due to the Covid-19 pandemic, and the refocus of the market
onto other globally important issues, including the part that
renewable energy has to play in tackling climate change and the
role that intermittent energy generation plays to support the rise
of renewables. We have also seen volatility of power prices.
However, as the majority of our revenues are generated from
renewable incentive schemes, the Company's investments in both
hydroelectric schemes and rooftop solar companies have not been
materially adversely affected by this volatility. The gas
fired-energy centre has been impacted by rising gas costs, but has
also benefitted from high electricity prices leading to record
profits, subject to those engines being operationally
available.
Sale of hydroelectric assets
We are pleased to report, and as announced on 29 September 2021,
that the Company has entered into a period of exclusivity for the
sale of its portfolio of hydroelectric power assets in the C Share
Class, and a partial sale of its hydroelectric power assets in the
D and E Share Classes. We are exploring options to dispose of the
interest in Green Highland Shenval Limited ("Shenval") within the D
and E Share Class once a favourable sale price and terms can be
achieved, and an update will be provided to D and E Shareholders in
due course. This followed shareholder approval of the resolution to
revise the Company's Investment Policy to remove the 16-year
holding period for the C and D Share Classes at the 2021 AGM. This
has allowed the Board to take advantage of favourable market
conditions to proceed with a sale of the hydroelectric assets.
As a result of entering into exclusivity for the sale of the
hydroelectric assets, the Company is expected to pay the net
proceeds of sale to the C, D and E Shareholders.
We will work hard to ensure that funds are paid promptly to
Shareholders following the conclusion of the sale process of
hydroelectric assets, where a final sale price is being negotiated.
The value to be distributed will be subject to the final sale price
and to the performance fee payable on distributions; as a result
the total return may be lower than indicated in these interim
statements. Further details on the net proceeds expected to be
returned will be provided to Shareholders in due course.
Investment Portfolio
The Company's funds at 30 September 2021 are invested in a
portfolio of VCT qualifying and non-qualifying quoted and unquoted
investments.
The Investment Manager's review on pages 13 to 20 gives an
update on the portfolio of investments in 17 small unquoted
businesses.
Regulation
Legislation introduced through the Finance Act 2018 began to
apply to the Company from 1 April 2020, implementing an increase in
the qualifying investment test to 80%. The Investment Manager
continues to monitor this ratio closely and the Company continues
to meet the requirements.
In line with HMRC guidance, any new investments to be made by
the Company would be self-assured by the Board and the Investment
Manager on a case-by-case basis and always with confirmation from
professional advisers that they are Qualifying Investments. Advance
Assurance would be sought where there is an element of uncertainty
or doubt over the application of the rules.
The Company continued to satisfy all other tests relevant to its
status as a Venture Capital Trust.
C Share Class
The C Share Class has investments in three companies in the
hydroelectric power sector , which between them own six
hydroelectric schemes in the Scottish Highlands .
The C Share Class recorded a small loss over the period of 0.01
pence per share predominately due to management fees and running
costs of the VCT exceeding loan interest income .
At 30 September 2021 the net asset value stood at 81.56 pence
per share. Adding back the total dividends paid to date of 75.25
pence per share takes the total return, including the net asset
value, to 156.81 pence per share.
The original target for the C Share Class was to return 100.00
pence per share by the end of year six, comprising the income tax
relief, four annual tax-free dividends of an average 5.00 pence per
share, followed by a partial realisation of 50.00p. Thereafter an
ongoing dividend of around 3.50p per annum was targeted for a
further nine years and a final capital realisation of c.50 pence
per share in 2029 following the sale of the Company's hydro
projects. The Company has therefore exceeded its original target of
100.00 pence per share by the end of year six, having returned a
total of 75.25 pence per share along with the initial tax relief.
As set out above, the net proceeds of the sale of hydroelectric
assets will be paid to C Shareholders, thereby amending the ongoing
target of 3.50p per annum and final capital realisation of 50 pence
per share in 2029. An update on the net proceeds expected to be
returned to C Shareholders will be provided in due course.
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 .
T he D Share Class recorded a profit over the period of 0.74
pence per share. At 30 September 2021 the net asset value stood at
58.57 pence per share. Adding back the total dividends paid to date
of 71.75 pence per share takes the total return, including the net
asset value, to 130.32 pence per share.
The original target for the D Share Class was to return 100.00
pence per share by the end of year six, comprising the income tax
relief, four annual tax-free dividends of an average 5.00 pence per
share, followed by a partial realisation of 50.00p. Thereafter an
ongoing dividend of around 3.50p per annum was targeted for a
further nine years and a final capital realisation of c.50 pence
per share in 2030 following the sale of the Company's hydro
projects. The Company has therefore achieved its original target of
100.00 pence per share by the end of year six, having returned a
total of 71.75 pence per share along with the initial tax relief.
As set out above, the net proceeds of the sale of hydroelectric
assets will be paid to D Shareholders, thereby amending the ongoing
target of 3.50p per annum and final capital realisation of 50 pence
per share in 2029. An update on the net proceeds expected to be
returned to D Shareholders will be provided in due course.
E Share Class
The E Share Class holds a diverse portfolio of investments
spanning vertical growing, energy production from a gas fired
energy centre, crematorium management, solar and hydro. While the E
Share Class is at an earlier stage in its life cycle in comparison
to the C and D Share Class, the Board is pleased with its progress
to date.
The E Share Class recorded a profit over the period of 0.29
pence per share. At 30 September 2021 the net asset value stood at
91.38 pence per share. The E Share Class declared a third dividend
of 3.50 pence per share on 16 July 2021 . This dividend was paid to
Shareholders on 30 July 2021 . This payment takes total dividends
paid to E Shareholders to 15.00 pence per share.
It is intended that following the sale of the hydroelectric
assets, the net proceeds will be returned to E shareholders by way
of a special dividend, in lieu of future regular dividends that
would have otherwise been paid by the E Share Class. It is expected
that any further dividends will not be paid until such time as the
Company has realised some or all of the remaining investments
within the E Share Class.
With respect to the E Share Class's gas-fired energy centre
investment, Green Peak Generation Limited ("Green Peak"), the sales
process has been paused whilst operational issues to do with engine
defects are rectified. Further information is set out in the
Investment Manager's Review.
Our investment in Perfectly Fresh Cheshire ("PFC"), the vertical
growing business, has seen a rebound in demand following the
lifting of restrictions of the Covid-19 pandemic. Over the summer,
an exercise was carried out to identify areas of design
improvements that could be implemented to enhance crop yield and
reduce running costs. These modifications and improvements will be
installed over the coming months during which time production will
be temporarily suspended, in consultation with PFC's main customer.
In order for the business to pursue its growth ambitions and
capitalise on the progress made to date, significant further
investment is required, and fundraising will be a focus for the
coming period. Further information on this, and the work being
undertaken on the infrastructure improvements, can be found in the
Investment Manager's Review.
Outlook
Following the change to our Investment Policy, the Board has
taken advantage of the favourable market conditions and demand with
a proposed sale of the hydroelectric assets.
The Board will continue to monitor the progress of the sale of
hydroelectric assets and the resulting return of capital to
investors, along with seeking to dispose of Shenval once a
favourable sale price and terms are achieved. Following the sale of
the hydroelectric assets the Company will focus on optimising
returns on its remaining assets.
If you have any questions or comments, please do not hesitate to
contact Triple Point on 020 7201 8990.
David Frank
Chair
15 November 2021
Investment Manager's Review
Sector Analysis
Electricity
Generation SME Funding
Other
Industry Crematorium Vertical Hydroelectric Electric Hydroelectric Quoted Total
Sector Management Growing Power Power Power Other Investments Investments
------------- ---------- --------------- ----------- --------------- --------- ------------- -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- ---------- --------------- ----------- --------------- --------- ------------- -------------
Investments
at 30
September
2021
------------- ---------- --------------- ----------- --------------- --------- ------------- -------------
C Shares - - 11,035 - - - - 11,035
------------- ---------- --------------- ----------- --------------- --------- ------------- -------------
D Shares - - 10,036 - - - - 10,036
------------- ---------- --------------- ----------- --------------- --------- ------------- -------------
E Shares 112 6,282 5,803 7,235 3,348 3,404 558 26,742
------------- ---------- --------------- ----------- --------------- --------- ------------- -------------
Total 112 6,282 26,874 7,235 3,348 3,404 558 47,813
------------- ---------- --------------- ----------- --------------- --------- ------------- -------------
Total
investments
% 0.23% 13.14% 56.21% 15.13% 7.00% 7.12% 1.17% 100.00%
------------- ---------- --------------- ----------- --------------- --------- ------------- -------------
Investments by Sector - C Share Class
Hydroelectric Power 100%
Investments by Sector - D Share Class
Hydroelectric Power 100%
Investments by Sector - E Share Class
Crematorium Management 1%
Vertical Growing 23%
-----
Quoted Investments 2%
-----
Hydroelectric Power 22%
-----
SME Funding - Hydroelectric
Power 13%
-----
SME Funding - Other 13%
-----
Electricity Generation
- Other 26%
-----
We are pleased to present our interim review of the six months
ended 30 September 2021.
The VCT was established to fund small and medium-sized
enterprises. As at 30 September 2021 it has three share classes.
The overall portfolio comprises investments in 17 small, unquoted
companies spanning sectors including crematorium management,
electricity generation, SME funding and vertical growing.
At 30 September 2021 the Company continues to meet the condition
that at least 80% of relevant funds must be invested in VCT
qualifying investments within three years.
Review and Future Developments
In the six months that this Interim Report covers we have seen a
lifting of the Covid-19 restrictions and staged reopening of the
country. Our portfolio, on the whole, was relatively unaffected by
the restrictions imposed due to Covid-19, other than our vertical
growing business which was significantly impacted by reduced demand
due to changing customer patterns, The vertical growing facility
has also been impacted by a decision to temporarily shut down
operations in order to effect modifications to improve its
resilience to changing demand profiles. Further information on our
vertical growing business and all our other assets are set out
below.
All Share Classes within the Company remain fully invested. Both
the C and D Share Classes are exclusively invested across companies
in the hydroelectric power sector. The E Share Class contains
investments across the hydroelectric power sector, gas power
sector, rooftop solar, crematorium management, SME funding and
vertical growing.
Energy Investments - Active Asset Management
Investments across the hydroelectric power, gas power sector and
rooftop solar within the C, D and E Share Classes continue to
generate electricity.
Pleasingly there have been minimal supply chain disruptions
leading to no substantial delays for the majority of any key
components for the hydroelectric and solar projects. Unrelated to
Covid-19, there have been delays with procurement of replacement
parts at the gas fired energy project owned by Green Peak due to
operational issues faced by the manufacturer. Triple Point continue
to liaise with our Operation and Maintenance contractors, and
manufacturers where possible to try and avert any potential future
delays in the procurement process.
Triple Point continue to work actively to increase the value of
the Company's electricity generation portfolio through operational
improvements in the underlying assets. Other areas where hands-on
asset management delivers additional shareholder value is the
negotiation of major commercial contracts including the Power
Purchase Agreements (PPAs) and operation and maintenance
agreements.
Triple Point continue to seek to reduce operating costs on a
project-by-project basis by, for example, successfully appealing
business rates assessments which has delivered significant savings
for investee companies.
Hydroelectric Power
The Company has investments in seven companies which own, either
directly or indirectly, hydroelectric schemes in the Scottish
Highlands. The ten hydroelectric schemes are all "run of river"
plants and each company benefits from government backed
Feed-in-Tariff (FiT) payments based on output and from the sale of
the electricity produced to utilities or other power companies
under PPAs, thereby, avoiding the volatility continuing to be
experienced in power markets to ensure regularity of income.
The primary means of optimising revenue from, and hence capital
value of hydroelectric assets, is to ensure the plant is kept
available to generate electricity and to increase the revenue per
unit produced. For the period to 30 September 2021, the Scottish
Highlands has seen exceptionally low rainfall with some schemes
performing significantly below expectation. This is not unexpected
as rainfall variability has been factored into the 40-year period
of generation. We continue to be pleased with the availability of
our hydroelectric schemes.
During the six months to 30 September 2021, the hydroelectric
companies generated 3,119 MWh of electricity. Based on an average
of 3.8 MWh annual use per household, the hydroelectric companies
generated enough electricity to power the equivalent of 1,641 homes
during the period. In the wider market, power prices are rising and
power purchase agreements ("PPAs") entered into by the hydro
companies continue to be above the government FiT Export Tariff of
5.50p per kWh. In addition, there continues to be no notable impact
of Covid-19 on the maintenance of the hydro schemes and sourcing
parts has not been an issue.
As set out in the Chair's Statement, the Company has entered
into a period of exclusivity for the sale of its portfolio of
hydroelectric power assets in the C Share Class, and a partial sale
of its hydroelectric power assets in the D and E Share Classes . A
sale at this time enables shareholders to capitalise on the current
favourable market conditions reflecting low discount rates,
scarcity of in demand hydroelectric assets with inflation-linked
FiT income, and a long c.15 year remaining FIT period, making these
assets attractive to a buyer. Given that this area of the market is
relatively niche, several bidders with a strong understanding of
small scale run of the river hydroelectric assets were selected and
invited into the sale process to optimise value for shareholders.
Pleasingly, offers were received from all those invited to bid and
the offers were assessed by the Investment Manager and presented to
the Board. Bids were assessed based on reference to key criteria
of: consideration; conditionality of the bid, and acceptance of the
share price agreement terms, with a preferred bidder being chosen.
The Investment Manager was pleased with the outcome of the process
and will work together with the Board and the preferred bidder with
a view to completing the transaction as soon as possible.
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 solar portfolios are performing slightly below expectations
due to low irradiance period. However, availability has improved
across the majority of the portfolio in the six-month period.
Vertical Growing
The E Share Class has invested in PFC, a company which has
constructed a pioneering vertical growing facility. Vertical
Growing is the practice of producing food in an indoor growing
amenity where all inputs (water, light and nutrients) meet the
optimum needs of the crop. Vertical Growing facilities are designed
to have a sealed environment, meaning that the product is grown in
a controlled manner, with positive air pressure to prevent any
contaminants entering the facility. This ensures that insects and
other pests cannot access the crop, thus removing the need to use
pesticides on the crop being grown. A large variety of produce can
be grown, such as herbs and salad leaves.
PFC has made significant progress over the past year,
particularly in relation to the strength of its customer base and
technological and system developments. Over the coming months
various design improvements will be implemented at the facility,
with particular focus on irrigation and air movement which should
reduce losses through driving improved yields, reducing running
costs and lowering energy usage. Production has been temporarily
paused whilst the works are carried out, which has been agreed with
its customers who are willing to pay a premium for the quality of
the product and a desire to have all future yield that can be
produced.
The capital-intensive nature of the business means that, even
with the support of a key customer and increased certainty of being
able to sell substantial volumes of premium product, the company's
ambitions can only be realised by securing significant additional
third-party funding. Therefore, PFC is now exploring the potential
of raising third party finance to fund the build out of a new
facility that can meet the increased level of customer demand.
Gas Power
The Company has an investment in Green Peak which has
constructed a gas fired energy centre. During the six-month period
to 30 September 2021, the energy centre generated 5,766 MWh of
electricity. Based on an average of 3.76 MWh annual use per
household, this was enough electricity for 3,067 homes during the
period.
The gas fired energy centre was commissioned in May 2018 and
consists of containerised gas combustion engines that generate
electricity for onward sale, especially at times when there is high
demand for power. Although renewable energy makes an increasing
contribution to the supply of energy in the UK, the irregular
nature of its production means that other sources will continue to
be required to make up the deficit. The fast start up times and low
running costs of the gas fired energy centre allow them to take
advantage of increased energy market volatility caused by the
continued penetration of irregular renewables onto the grid. For
example, if there is a sudden lull in wind output, prices begin to
spike and the energy centre can quickly take a profitable
advantage, whilst simultaneously helping balance the grid.
There have been operational challenges during the period causing
Green Peak to underperform compared with the expected level of
energy generation. One of the three engines operated by Green Peak
has been offline caused by damage due to a water ingress issue. The
damage to this asset has been evaluated by the original
manufacturer who will be carrying out the necessary repairs as soon
as practically possible. Green Peak has notified its insurers for
both the property damage and business interruption for the downtime
of the engine. We and the Board are monitoring the progress of
repairing the engine and the outcome from the insurers closely.
That said, the electricity market has been very favourable over
the period, and the company was able to trade its operating engines
successfully. Notably Green Peak, with only two operational
engines, has returned to achieving gross profits of marginally
below the level we would expect with three engines over the six
months.
Outlook
We remain committed to seeking to improve generation and returns
of the assets within all share classes and achieving an optimal
value for the sale of the hydroelectric assets.
If you have any questions, please do not hesitate to call us on
020 7201 8990.
Jonathan Parr
Partner, Head of Energy
Triple Point Investment Management LLP
15 November 2021
Investment Portfolio Summary
Unaudited Audited
30 September 2021 31 March 2021
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying
holdings 30,350 81.52 40,062 85.10 30,936 79.89 40,649 83.75
Quoted non-qualifying
holdings - - - - 570 1.47 558 1.15
Unquoted non-qualifying
holdings 6,690 17.97 6,814 14.48 6,690 17.28 6,815 14.03
Financial assets at
fair value through
profit or loss 37,040 99.49 46,876 99.58 38,196 98.64 48,022 98.93
Cash and cash equivalents 192 0.51 192 0.42 521 1.36 521 1.07
37,232 100.00 47,068 100.00 38,717 100.00 48,543 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Solar
Digima Limited 1,262 3.39 1,716 3.65 1,262 3.26 1,716 3.54
Digital Screen Solutions
Limited 2,020 5.43 2,776 5.90 2,020 5.22 2,776 5.72
Green Energy for Education
Limited 400 1.07 1,329 2.82 475 1.23 1,404 2.89
Hydroelectric Power
Elementary Energy
Limited 2,060 5.53 2,461 5.23 2,060 5.32 2,461 5.07
Green Highland Allt
Choire A Bhalachain
(255) Limited 3,130 8.41 3,763 7.99 3,130 8.08 3,763 7.75
Green Highland Allt
Ladaidh (1148) Limited 3,400 9.13 4,671 9.92 3,500 9.04 4,771 9.83
Green Highland Allt
Luaidhe (228) Limited 1,995 5.36 2,425 5.15 1,995 5.15 2,425 5.00
Green Highland Allt
Phocachain (1015)
Limited 3,531 9.48 4,589 9.75 3,931 10.15 4,989 10.28
Green Highland Shenval
Limited 1,120 3.01 739 1.57 1,120 2.89 739 1.52
Achnacarry Hydro Ltd 4,232 11.37 7,785 16.54 4,243 10.96 7,797 16.06
Gas Power
Green Peak Generation
Limited 2,200 5.91 1,339 2.84 2,200 5.68 1,339 2.76
Vertical Growing
Perfectly Fresh Cheshire
Limited 5,000 13.43 6,469 13.74 5,000 12.91 6,469 13.33
30,350 81.52 40,062 85.10 30,936 79.89 40,649 83.75
--------- -------- --------- -------- --------- -------- --------- --------
Unaudited Audited
30 September 2021 31 March 2021
-------------------------------------- --------------------------------------
Cost Valuation Cost Valuation
Non-Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Quoted
Investment property
Triple Point Social Housing
REIT Plc - Equity - - - - 570 1.47 558 1.15
- - - - 570 1.47 558 1.15
========= ======= ========= ======= ========= ======= ========= =======
Unquoted
Crematorium Management
Furnace Managed Services Limited 488 1.31 113 0.24 488 1.26 113 0.23
Hydroelectric Power
Elementary Energy Limited 140 0.38 140 0.30 140 0.36 140 0.29
SME Funding
Hydroelectric Power:
Broadpoint 2 Limited 1,334 3.58 1,448 3.08 1,334 3.45 1,449 2.98
Broadpoint 3 Limited 2,010 5.40 2,010 4.27 2,010 5.19 2,010 4.14
Other:
Aeris Power Limited 518 1.39 602 1.28 518 1.34 602 1.24
Funding Path Limited 2,200 5.91 2,501 5.31 2,200 5.68 2,501 5.15
6,690 17.97 6,814 14.48 6,690 17.28 6,815 14.03
--------- ------- --------- ------- --------- ------- --------- -------
Principal Risks and Uncertainties
The Audit Committee, which assists the Board with its
responsibilities for managing risk, considers that the principal
risks and uncertainties as presented on pages 22 and 23 of our 2021
Annual Report were unchanged during the period and will remain
unchanged for the remaining six months of the financial year.
Directors' Responsibility Statement
The Directors have elected to prepare the Interim Financial
Report for the Company in accordance with International Financial
Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the six month
period to 30 September 2021, 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 Chair's statement on pages 6 to 11
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 Company's auditor.
David Frank
Chair
15 November 2021
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited
Six months ended Year ended Six months ended
30 September 2021 31 March 2021 30 September 2020
------------------------------- ------------------------------- -------------------------------
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
Investment
income 4 937 - 937 2,274 - 2,274 1,285 - 1,285
Loss arising on
the disposal of
investments
during the year - 4 4 - (204) (204) - (204) (204)
Gain/(loss)
arising on the
revaluation of
investments at
the year end - 12 12 - (173) (173) - 414 414
Investment
return 937 16 953 2,274 (377) 1,897 1,285 210 1,495
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Investment
management fees 5 349 116 465 708 236 944 362 121 483
Other expenses 227 - 227 402 5 407 193 - 193
Finance costs 52 - 52 104 - 104 52 - 52
628 116 744 1,214 241 1,455 607 121 728
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit before
taxation 309 (100) 209 1,060 (618) 442 678 89 767
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Taxation 7 (50) 22 (28) (125) 46 (79) (73) 23 (50)
Profit after
taxation 259 (78) 181 935 (572) 363 605 112 717
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Other
comprehensive
income - - - - - - - - -
Total
comprehensive
income 259 (78) 181 935 (572) 363 605 112 717
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and
diluted
earnings/(loss)
per share
(pence)
C Share 8 0.16p (0.17p) (0.01p) 2.27p (0.34p) 1.93p 2.00p (0.17p) 1.83p
D Share 8 0.86p (0.12p) 0.74p 2.35p (0.27p) 2.08p 1.21p (0.12p) 1.09p
E Share 8 0.42p (0.14p) 0.28p 1.08p (1.69p) (0.61p) 0.59p 0.52p 1.11p
1.44p (0.43p) 1.01p 5.70p (2.30p) 3.40p 3.80p 0.23p 4.03p
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
2021 2021 2020
Note GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 46,876 48,022 48,096
-------------- ---------- ---------------
Current assets
Receivables 1,338 984 1,239
Cash and cash equivalents 9 192 521 610
1,530 1,505 1,849
-------------- ---------- ---------------
Total Assets 48,406 49,527 49,945
-------------- ---------- ---------------
Current liabilities
Payables and accrued expenses 636 452 447
Current taxation payable 122 93 162
Short-term debt facility 2,300 2,300 2,300
3,058 2,845 2,909
-------------- ---------- ---------------
Net Assets 45,348 46,682 47,036
============== ========== ===============
Equity attributable to
equity holders of the parent
Share capital 560 560 560
Share redemption reserve 1 1 1
Share premium 28,661 28,661 28,661
Special distributable reserve 9,069 10,555 10,855
Capital reserve 6,814 6,892 6,957
Revenue reserve 243 13 2
Total equity 45,348 46,682 47,036
============== ========== ===============
Shareholder' funds
C Share 10 81.56p 83.30p 83.20p
D Share 10 58.57p 59.59p 58.60p
E Share 10 91.38p 94.59p 96.31p
The Statements were approved by the Directors and authorised for
issue on 15 November 2021 and are signed on their behalf by:
David Frank
Chair
15 November 2021
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
Six months ended
30 September
2021
Opening balance 560 1 28,661 10,555 6,892 13 46,682
---------- ------------------ ---------- ------------------ ---------- ---------- ---------
Issue of new
shares - - - - - - -
Purchase of
own shares - - - - - (29) (29)
Dividends paid - - - (1,486) - - (1,486)
Transactions
with owners - - - (1,486) - (29) (1,515)
---------- ------------------ ---------- ------------------ ---------- ---------- ---------
Profit for the
year - - - - (78) 259 181
Other
comprehensive
income - - - - - - -
Profit and total
comprehensive
income for the
year - - - - (78) 259 181
---------- ------------------ ---------- ------------------ ---------- ---------- ---------
Balance at 30
September 2021 560 1 28,661 9,069 6,814 243 45,348
========== ================== ========== ================== ========== ========== =========
Capital reserve
consists of:
Investment
holding
gains 9,838
Other realised
losses (3,024)
6,814
==========
Year ended 31
March 2021
Opening balance 561 - 28,661 12,960 6,845 380 49,407
---------- ------------------ ---------- ------------------ ---------- ---------- ---------
Purchase of
own shares (1) 1 - - - (51) (51)
Dividends paid - - - (2,405) - (632) (3,037)
T/f revenue
to unrealised - - - - 619 (619) -
Transactions
with owners (1) 1 - (2,405) 619 (1,302) (3,088)
---------- ------------------ ---------- ------------------ ---------- ---------- ---------
Profit for the
year - - - (572) 935 363
Profit and total
comprehensive
income for the
year - - - (572) 935 363
---------- ------------------ ---------- ------------------ ---------- ---------- ---------
Balance at 31
March 2021 560 1 28,661 10,555 6,892 13 46,682
========== ================== ========== ================== ========== ========== =========
Capital reserve
consists of:
Investment
holding
gains 9,826
Other realised
losses (2,934)
6,892
==========
Six months ended
30 September
2020
Opening balance 561 - 28,661 12,960 6,845 380 49,407
---------- ------------------ ---------- ------------------ ---------- ---------- ---------
Purchase of
own shares (1) 1 (51) (51)
Dividends paid - - - (2,105) - (932) (3,037)
Transactions
with owners (1) 1 - (2,105) - (983) (3088)
---------- ------------------ ---------- ------------------ ---------- ---------- ---------
(Loss)/profit
for the period - - - - 112 605 717
(Loss)/profit
and total
comprehensive
income for the
period - - - - 112 605 717
---------- ------------------ ---------- ------------------ ---------- ---------- ---------
Balance at 30
September 2020 560 1 28,661 10,855 6,957 2 47,036
========== ================== ========== ================== ========== ========== =========
Capital reserve
consists of:
Investment
holding
gains 9,794
Other realised
losses (2,837)
6,957
==========
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 2021 the total reserves available for
distribution were GBP8,021,000. This consisted of the distributable
revenue reserve, net of the realised capital loss, plus the special
distributable reserve.
Unaudited Statement of Cash Flows
Unaudited Audited Unaudited
Six months
Six months ended Year ended ended
30 September 31 March 30 September
2021 2021 2020
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation 209 442 767
Adjustments for:
Add back financing costs 52 104 -
Transfer from revenue reserve to
unrealised capital reserve - (619) -
(Gain) arising on the disposal
of investments during the period (4) 204 204
(Gain) arising on the revaluation
of investments at the period end (12) 173 (414)
Cashflow generated by operations 245 304 557
(Increase)/decrease in receivables (352) (198) (452)
Increase in payables 184 22 18
Cash flows from operating activities 77 128 123
-------------- ------------ -----------------------------
Tax paid 1 (98) -
Net cash flows from operating activities 78 30 123
-------------- ------------ -----------------------------
Cash flow from investing activities
Purchase of financial assets at
fair value through profit or loss - - -
Proceeds of sale of financial assets
at fair value through profit or
loss 1,160 2,982 2,875
Net cash flows from investing activities 1,160 2,982 2,875
-------------- ------------ -----------------------------
Cash flows from financing activities
Issue of new shares - - -
Repayment of capital (29) (51) (51)
Dividends paid (1,486) (3,037) (3,037)
Proceeds from short-term debt (52) (104) -
Net cash flows from financing activities (1,567) (3,192) (3,088)
-------------- ------------ -----------------------------
Net (decrease)/increase in cash
and cash equivalents (329) (5,487) (90)
============== ============ =============================
Reconciliation of net cash flow
to movements in cash and cash equivalents
Opening cash and cash equivalents 521 701 701
Net (decrease)/increase in cash
and cash equivalents (329) (180) (90)
Closing cash and cash equivalents 192 521 611
============== ============ =============================
The accompanying notes are an integral part of this
statement.
Unaudited Non-Statutory Analysis - The C Share Fund
Statement of
Comprehensive
Income
Six months ended Year ended Six months ended
30 September 2021 31 March 2021 30 September 2020
------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 170 - 170 602 - 602 418 - 418
Unrealised gain
on
investments - - - - - - - - -
Investment return 170 - 170 602 - 602 418 - 418
Investment
management
fees (108) (28) (136) (217) (56) (273) (109) (28) (137)
Other expenses (37) - (37) (62) - (62) (26) - (26)
Profit before
taxation 25 (28) (3) 323 (56) 267 283 (28) 255
Taxation (4) 5 1 (20) 11 (9) (12) 5 (7)
Profit after
taxation 21 (23) (2) 303 (45) 258 271 (23) 248
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit and total
comprehensive
income for the
period 21 (23) (2) 303 (45) 258 271 (23) 248
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and diluted
earnings/(loss)
per share 0.16p (0.17p) (0.01p) 2.27p (0.34p) 1.93p 2.00p (0.17p) 1.83p
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Balance Sheet Six months ended Year ended Six months ended
30 September 2021 31 March 2021 30 September 2020
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through profit
or
loss 11,035 11,244 11,342
--------- --------- ---------
Current assets
Receivables 272 252 202
Cash and cash
equivalents 99 120 92
371 372 294
Current
liabilities
Payables (162) (113) (108)
Corporation tax (8) (9) (44)
Short-term debt
facility (300) (300) (300)
--------- --------- ---------
Net assets 10,936 11,194 11,184
--------- --------- ---------
Equity
attributable
to equity
holders 10,936 11,194 11,184
--------- --------- ---------
Net asset value
per
share 81.56p 83.30p 83.20p
--------- --------- ---------
Statement of
Changes
in Six months ended Year ended Six months ended
Shareholders'
Equity 30 September 2021 31 March 2021 30 September 2020
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 11,194 11,406 11,406
Purchase of own
shares (21) - -
Profit for the
period (2) 258 248
Dividends paid (235) (470) (470)
Closing
shareholders'
funds 10,936 11,194 11,184
--------- --------- ---------
Investment Portfolio 30 September 2021 31 March 2021
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 7,176 98.64 11,035 99.11 7,384 98.40 11,244 98.95
Unquoted non-qualifying
holdings - - - - - - - -
Financial assets at fair value
through profit or loss 7,176 98.64 11,035 99.11 7,384 98.40 11,244 98.95
Cash and cash equivalents 99 1.36 99 0.89 120 1.60 120 1.05
7,275 100.00 11,134 100.00 7,504 100.00 11,364 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Hydro Electric Power
Green Highland Allt Choire A
Bhalachain (255) Limited 2,466 33.90 2,965 26.63 2,466 32.86 2,965 26.09
Green Highland Allt Phocachain
(1015) Limited 1,376 18.91 1,936 17.39 1,576 21.00 2,136 18.80
Achnacarry Hydro Ltd 3,334 45.83 6,134 55.09 3,342 44.54 6,143 54.06
7,176 98.64 11,035 99.11 7,384 98.40 11,244 98.95
========= ======== ========= ======== ========= ======== ========= ========
Unaudited Non-Statutory Analysis - The D Share Fund
Statement of
Comprehensive
Income
Six months ended Year ended Six months ended
30 September
30 September 2021 31 March 2021 2020
------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 289 - 289 676 - 676 345 - 345
Unrealised gain
on investments - - - - - - - - -
Investment return 289 - 289 676 - 676 345 - 345
Investment
management fees (118) (20) (138) (236) (46) (282) (119) (21) (140)
Other expenses (28) - (28) (45) - (45) (23) - (23)
Profit/(loss)
before taxation 143 (20) 123 395 (46) 349 203 (21) 182
Taxation (27) 4 (23) (75) 9 (66) (39) 4 (35)
Profit after
taxation 116 (16) 100 320 (37) 283 164 (17) 147
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit and total
comprehensive
income for the
period 116 (16) 100 320 (37) 283 164 (17) 147
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and diluted
earnings/(loss)
per share 0.86p (0.12p) 0.74p 2.35p (0.27p) 2.08p 1.21p (0.12p) 1.09p
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Balance Sheet Six months ended Year ended Six months ended
30 September
30 September 2021 31 March 2021 2020
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through profit
or loss 9,736 10,036 10,036
--------- --------- ---------
Current assets
Receivables 570 206 88
Cash and cash
equivalents (125) 17 28
445 223 116
--------- --------- ---------
Current
liabilities
Payables (123) (86) (78)
Corporation tax (90) (67) (104)
Short-term debt
facility (2,000) (2,000) (2,000
--------- --------- ---------
Net assets 7,968 8,106 7,970
--------- --------- ---------
Equity
attributable to
equity holders 7,968 8,106 7,970
--------- --------- ---------
Net asset value
per share 58.57p 59.59p 58.60p
--------- --------- ---------
Statement of
Changes in Six months ended Year ended Six months ended
Shareholders' 30 September
equity 30 September 2021 31 March 2021 2020
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 8,106 8,559 8,559
Purchase of own
shares - (51) (51)
Profit for the
period 100 283 147
Dividends paid (238) (685) (685)
Closing
shareholders'
funds 7,968 8,106 7,970
--------- --------- ---------
Investment Portfolio 30 September 2021 31 March 2021
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 7,947 101.60 9,736 101.30 8,247 99.80 10,036 99.83
Unquoted non-qualifying
holdings - - - - - - - -
--------- -------- --------- --------
Financial assets at fair value
through profit or loss 7,947 101.60 9,736 101.30 8,247 99.80 10,036 99.83
Cash and cash equivalents (125) (1.60) (125) (1.30) 17 0.20 17 0.17
7,822 100.00 9,611 100.00 8,264 100.00 10,053 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Hydro Electric Power
Elementary Energy Limited 337 4.31 380 3.95 337 4.08 380 3.78
Green Highland Allt Ladaidh
(1148) Limited 3,274 41.86 4,522 47.05 3,374 40.83 4,622 45.98
Green Highland Allt Luaidhe
(228) Limited 1,918 24.52 2,341 24.36 1,918 23.21 2,341 23.29
Green Highland Allt Phocachain
(1015) Limited 1,657 21.18 1,991 20.72 1,857 22.47 2,191 21.79
Green Highland Shenval Limited 761 9.73 502 5.22 761 9.21 502 4.99
7,947 101.60 9,736 101.30 8,247 99.80 10,036 99.83
========= ======== ========= ======== ========= ======== ========= ========
Non-Statutory Analysis - The E Share Fund
Statement of
Comprehensive
Income
Six months ended Year ended Six months ended
30 September 2021 31 March 2021 30 September 2020
------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 478 - 478 996 - 996 522 - 522
Realised gain on
investments - 4 4 - (204) (204) - (204) (204)
Unrealised loss
on investments - 12 12 - (173) (173) - 414 414
Investment return 478 16 494 996 (377) 619 522 210 732
Investment
management
fees (245) (68) (313) (502) (139) (641) (258) (72) (330)
Other expenses (92) - (92) (152) - (152) (72) - (72)
Profit/(loss)
before
taxation 141 (52) 89 342 (516) (174) 192 138 330
Taxation (19) 13 (6) (30) 26 (4) (22) 14 (8)
Profit/(loss)
after
taxation 122 (39) 83 312 (490) (178) 170 152 322
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss) and
total
comprehensive
income for the
period 122 (39) 83 312 (490) (178) 170 152 322
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and diluted
earnings/(loss)
per share 0.42p (0.14p) 0.28p 1.08p (1.69p) (0.61p) 0.59p 0.52p 1.11p
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Balance Sheet Six months ended Year ended Six months ended
30 September 2021 31 March 2021 30 September 2020
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through
profit or loss 26,105 26,742 26,718
--------- --------- ---------
Current assets
Receivables 496 526 949
Cash and cash
equivalents 218 384 491
714 910 1,440
--------- --------- ---------
Current
liabilities
Payables (351) (253) (262)
Corporation tax (24) (17) (14)
Net assets 26,444 27,382 27,882
--------- --------- ---------
Equity
attributable
to equity
holders 26,444 29,442 27,882
--------- --------- ---------
Net asset value
per share 91.38p 94.59p 96.31p
--------- --------- ---------
Statement of
Changes
in Six months ended Year ended Six months ended
Shareholders' 31 March
equity 30 September 2021 2021 30 September 2020
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 27,382 29,442 29,442
Purchase of own
shares (8) - -
Profit for the
period 83 (178) 322
Dividends paid (1,013) (1,882) (1,882)
Closing
shareholders'
funds 26,444 27,382 27,882
--------- --------- ---------
Investment Portfolio 30 September 2021 31 March 2021
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 15,227 68.80 19,291 73.30 15,305 66.70 19,369 71.41
Quoted non-qualifying holdings - - - - 570 2.48 558 2.06
Unquoted non-qualifying
holdings 6,690 30.22 6,814 25.89 6,690 29.16 6,815 25.13
--------- ---------
Financial assets at fair value
through profit or loss 21,917 99.02 26,105 99.19 22,565 98.34 26,742 98.60
Cash and cash equivalents 218 0.98 218 0.81 384 1.66 384 1.40
22,135 100.00 26,323 100.00 22,949 100.00 27,126 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Solar
Digima Limited 1,262 5.70 1,716 6.52 1,262 5.50 1,716 6.33
Digital Screen Solutions
Limited 2,020 9.13 2,776 10.55 2,020 8.80 2,776 10.23
Green Energy for Education
Limited 400 1.81 1,329 5.05 475 2.07 1,404 5.18
Hydro Electric Power
Elementary Energy Limited 1,723 7.78 2,081 7.91 1,723 7.51 2,081 7.67
Green Highland Shenval Limited 359 1.62 237 0.90 359 1.56 237 0.87
Green Highland Allt Choire A
Bhalachain (255) Limited 664 3.00 798 3.03 664 2.89 798 2.94
Green Highland Allt Ladaidh
(1148) Limited 126 0.57 149 0.57 126 0.55 149 0.55
Green Highland Allt Luaidhe
(228) Limited 77 0.35 84 0.32 77 0.34 84 0.31
Green Highland Allt Phocachain
(1015) Limited 498 2.25 662 2.51 498 2.17 662 2.44
Achnacarry Hydro Ltd 898 4.06 1,651 6.27 901 3.93 1,654 6.10
Gas Power
Green Peak Generation Limited 2,200 9.94 1,339 5.09 2,200 9.59 1,339 4.94
Vertical Growing
Perfectly Fresh Cheshire
Limited 5,000 22.59 6,469 24.58 5,000 21.79 6,469 23.85
15,227 68.80 19,291 73.30 15,305 66.70 19,369 71.41
========= ======== ========= ======== ========= ======== ========= ========
Non-Qualifying Holdings
Quoted
Investment Property
Triple Point Social Housing
REIT Plc - Equity - - - - 570 2.48 558 2.06
- - - - 570 2.48 558 2.06
========= ======== ========= ======== ========= ======== ========= ========
Unquoted
Crematorium Management
Furnace Managed Services
Limited 488 2.20 113 0.43 488 2.13 113 0.42
Hydro Electric Power
Elementary Energy Limited 140 0.63 140 0.53 140 0.61 140 0.52
SME Funding
Hydroelectric Power:
Broadpoint 2 Limited 1,334 6.03 1,448 5.50 1,334 5.81 1,449 5.34
Other:
Funding Path Limited 2,200 9.94 2,501 9.50 2,200 9.59 2,501 9.22
Aeris Power Limited 518 2.34 602 2.29 518 2.26 602 2.22
Broadpoint 3 Limited 2,010 9.08 2,010 7.64 2,010 8.76 2,010 7.41
6,690 30.22 6,814 25.89 6,690 29.16 6,815 25.13
========= ======== ========= ======== ========= ======== ========= ========
Condensed Notes to the Unaudited Interim Financial
Statements
1. Corporate information
The Interim Report of the Company for the six months ended 30
September 2021 was authorised for issue in accordance with a
resolution of the Directors on 15 November 2021.
The Company is listed on the London Stock Exchange.
Triple Point Income VCT plc is incorporated and domiciled in
Great Britain. The address of the Company's registered office,
which is also its principal place of business, is 1 King William
Street, London, EC4N 7AF.
The Company is required to nominate a functional currency, being
the currency in which the Company predominately operates. The
functional and reporting currency is pounds sterling (GBP),
reflecting the primary economic environment in which the Company
operates.
The principal activity of the Company is investment. The
Company's investment strategy is to offer combined exposure to cash
or cash-based funds and venture capital investments focused on
companies with contractual revenues from financially secure
counterparties.
The financial information set out in this report does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006.
2. Basis of preparation and accounting policies
Basis of preparation
The Interim Report of the Company for the six months ended 30
September 2021 has been prepared in accordance with IAS 34: Interim
Financial Reporting. The same accounting policies and methods of
computation are followed in the Interim Financial Report as were
followed in the most recent Annual Report. It does not include all
of the information required for full Financial Statements and
should be read in conjunction with the Financial Statements for the
year ended 31 March 2021.
Estimates
The preparation of the Interim Report requires the Board to make
judgements, estimates and assumptions that reflect the application
of accounting policies and the reported amounts of assets and
liabilities, income and expenditure. However, actual results may
differ from these estimates.
3. Segmental reporting
The Directors are of the opinion that the Company only has a
single operating segment of business, being investment
activity.
All revenues and assets are generated and held in the UK.
4. Investment income
C Shares D Shares E Shares Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 30 September 2021
Loan stock interest 164 289 438 891
Dividends receivable 6 - 40 46
Other Investment Income - - - -
Property Income - - - -
170 289 478 937
---------- ---------- ---------- ---------
Audited
Year ended 31 March 2021
Loan stock interest 382 676 860 1,918
Dividends receivable 220 - 99 319
Interest receivable on bank balances - - - -
Other Investment Income - - 22 22
Property Income - - 15 15
602 676 996 2,274
---------- ---------- ---------- ---------
5. Investment management fees
TPIM provides investment management and administration services
to the Company under an Investment Management Agreement effective 6
February 2008 and deeds of variation to that agreement effective 21
November 2012, 28 October 2014, 7 October 2016 and an amended and
restated investment management and administration agreement dated
27 April 2020.
C shares: The agreement provides for an administration and
investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from
the admission of those shares. Subject to distributions to the C
Shareholders exceeding the C Share hurdle, the Investment Manager
will be entitled to a performance incentive fee of 20%.
D shares: The agreement provides for an administration and
investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from
the admission of those shares. Subject to distributions to the D
Shareholders exceeding the D Share hurdle, the Investment Manager
will be entitled to a performance incentive fee of 20%.
E shares: The agreement provides for an administration and
investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from
the admission of those shares. Subject to distributions to the E
Shareholders exceeding the E Share hurdle, the Investment Manager
will be entitled to a performance incentive fee of 20%.
There have been no performance fees paid to date
An administration fee equal to 0.25% per annum of the Company's
net assets is payable quarterly in arrears.
6. Directors' remuneration
C Shares D Shares E Shares Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 30 September 2021
David Frank 3 2 6 11
Simon Acland 3 2 6 11
Michael Stanes 2 2 7 11
8 6 19 33
---------- ---------- ---------- ---------
Audited
Year ended 31 March 2021
David Frank 6 4 14 24
Simon Acland 5 4 12 21
Michael Stanes 5 3 13 21
16 11 39 66
---------- ---------- ---------- ---------
The only remuneration received by the Directors was their
Directors' fees. The Company has no employees other than the
Non-Executive Directors. The number of Non-Executive Directors in
the period was three.
7. Taxation
C Shares D Shares E Shares Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 30 September 2021
Profit on ordinary activities before tax (3) 123 89 209
---------- ---------- ---------- ---------
Corporation tax @ 19% - 23 17 40
Effect of:
Capital (gains) not taxable - - (3) (3)
Income received not taxable (1) - (8) (9)
Tax charge (1) 23 6 28
---------- ---------- ---------- ---------
Audited
Year ended 31 March 2021
Profit on ordinary activities before tax 267 349 (174) 442
---------- ---------- ---------- ---------
Corporation tax @ 19% 51 66 (33) 84
Effect of:
Capital (gains)/losses not taxable - - 72 72
Income received not taxable (42) - (19) (61)
Unrelieved tax losses arising in the year - - - -
Prior year adjustment - - (16) (16)
Tax charge 9 66 4 79
---------- ---------- ---------- ---------
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 loss after
tax of c.GBP1,200, and on the weighted average number of shares in
issue during the period of 13,413,088, which is equal to the number
of shares at 30 September 2021.
The earnings per share for D Shares is based on the profit after
tax of c.GBP100,000, and on the weighted average number of shares
in issue during the period of 13,604,637, which is equal to the
number of shares at 30 September 2021.
The earnings per share for E Shares is based on the profit after
tax of c.GBP84,000, and on the weighted average number of shares in
issue during the period of 28,940,076, which is equal to the number
of shares at 30 September 2021.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc.
10. Net asset value per share
The calculation of the Company's net asset value per share for C
Shares is based on the Company's net assets attributable to the C
Shares of c.GBP10,939,000 divided by the 13,413,088 C Shares in
issue.
The calculation of the Company's net asset value per share for D
Shares is based on the Company's net assets attributable to the D
Shares of c.GBP7,968,000 divided by the 13,604,637 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 GBP26,444,000 divided by the 28,940,076 E Shares in
issue.
11. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30
September 2021.
12. Relationship with Investment Manager
During the period, TPIM charged GBP467,428 (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 GBP70,000.
At 30 September 2021 GBP499,784 was due to TPIM.
13. Related party transactions
There are no related party transactions.
14. Dividends
C Shares:
The Company paid a dividend to C Class Shareholders of
GBP234,729, equal to 1.75 pence per share, on 30 July 2021.
D Shares:
The Company paid a dividend to D Class Shareholders of
GBP238,081, equal to 1.75 pence per share, on 30 July 2021.
E Shares:
The Company paid a dividend to E Class Shareholders of
GBP1,012,903, equal to 3.5 pence per share, on 30 July 2021.
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END
IR EADFSFLAFFFA
(END) Dow Jones Newswires
November 15, 2021 08:46 ET (13:46 GMT)
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