Investment Portfolio as at 31 August 2022

 

Venture Share Class
VCT Qualifying Investments	61%
VCT non-qualifying unquoted investments	1%
Cash and cash equivalents	38%

 

A Share Class
VCT Qualifying Investments	46%
Cash and cash equivalents	54%

 

B Share Class
VCT Qualifying Investments	94%
Cash and cash equivalents	6%

 

 

We have the pleasure in presenting our interim review for the six months ended 31 August 2022.

 

Review & Future Developments

 

The UK and global economy bounced back from Covid-19 only to be faced with a severely inflationary environment caused by the QE and fiscal expansion that governments undertook during Covid, by supply chain disruption and by the rising costs of energy as a result of the Russia-Ukraine war. This has resulted in a fall in global stock markets, a sharp rise in bond yields and economic weakness in the UK and EU. This has affected and will continue to affect valuations of businesses both in the public and private markets. That is reflected in the small fall in Venture Fund NAV reported above. We are living in uncertain times. That said, there is never a shortage of early-stage companies looking to raise money and technological innovation never stops, so we do not expect a sudden slowdown in deal flow.

 

Venture Fund

 

The Venture Fund was initially launched in September 2018 and has raised £41.5 million to date net of costs, including most recently its fourth offer, which closed on 29 July 2022 having raised a further £18.55 million.

 

The Triple Point team began investing the fund in April 2019 and as at 31 August 2022 have completed 38 individual investments in predominantly business-to-business technology firms serving sectors spanning across Fintech, Healthcare, Logistics, HR Tech, Middleware, Insuretech, Proptech, Cyber Security, Education, Telecommunications and Content & Design.

 

As the portfolio matures, follow-on investments continue to be made into existing portfolio companies. Follow on investments were made into Expression Insurance and Veremark. With all the investments, the Venture Fund has coinvested with other venture capital funds and/or angel investors. The Venture Fund's valuations for these companies initially reflect independent market dynamics, rather than being internal valuations. There have of course also been a number of portfolio investments which have not met our expectations or maintained their valuations and, where appropriate, fair value adjustments have been taken against the Venture Fund's valuation of those companies. While, to date, none of the Venture Fund's portfolio has completely failed, it is in the nature of venture investing that we will see failures in future and there are two companies in the portfolio where fair value is estimated at zero.

 

Start-ups have seen the costs of doing business continue to rise, principally as a result of rising wage costs linked to the tight labour market, especially in the skilled areas that tech companies seek such as software development and digital marketing. Despite this, the Triple Point team are continuing to see a full pipeline of potential opportunities for the Venture Fund.

 

The Venture Fund will continue to focus on business-to-business investment opportunities using a challenge-led approach which in essence means that we seek new products that are addressing a major pain point for their corporate customers. By doing this and focussing on backing businesses with large addressable markets for their products, the Venture Fund has the potential to generate long-term capital growth for investors. Over time, realised capital gains are expected to contribute to the payment of dividends by the VCT along with growing the NAV.

 

The total deployed by the Venture Fund to date, including both qualifying and non-qualifying investments, is £22.2 million. The balance of the Venture Share Class's assets are held in cash and cash deposits.

 

As mentioned above, during the period, the Venture Fund made seven new qualifying investments, at a total cost of £3.6 million. Their businesses are described briefly below:

 

Konfir

Konfir is an API-led verification platform that enables instant employment history and prior income checks. Konfir provides fast, safe and cost-effective access to employment and income data available through integrations with payroll APIs, direct relationships with payroll / payment providers and Open Banking technology.

 

Visibly

Visibly has developed a platform designed for field service engineers and their employers to evaluate and improve engineering skills. Through the Visibly platform, weekly quality checks are assigned to employees, which are completed to confirm training and compliance with standards. Using Visibly's app, field engineers simply record themselves completing the assigned tasks and submit for review. Reviews are then randomly allocated to another employee with, typically, every tenth 'challenge to review' being rereviewed to ensure quality.The platform also features a community function, which will act as a forum for field engineers to share best practices, ask for advice or gain social validation for their professional competency.

 

CDS

Crowd Data Systems ("CDS") is the developer of Vision, a cloud-based treasury management software solution built for medium and large enterprise. The Vision product is designed to replace legacy on-premise, 'one size fits all' treasury systems, which are the primary product in the market at present. Vision differentiates itself through biweekly software updates and a modular product structure, offering a full suite of tools broken into several modules including Cash Forecasting, Risk Management and Foreign Exchange.

 

Trumpet

Trumpet is building a platform to transform the entire B2B sales process from pitch to onboarding. Their platform enables sales organisations to easily create online sales microsites or "Pods" personalised to each customer. Pods are built using no-code widgets which lets a sales rep easily add different components (About us, Pricing, Features, Testimonials etc.) frictionlessly to customise the sales experience for the specific scenario. The Trumpet Podboard provides an integrated dashboard to track engagement with each Pod. Through integrations with CRM's this data can be used to more precisely track the revenue generated from specific Pod's, helping to identify which materials are most effective.

 

Rhubarb

Rhubarb is a one-click Chrome extension enabling automatic, tailored job applications for software developers and a data-driven talent pool for employers. Software engineer's simply sign-up to Rhubarb, download their Chrome extension and then fill in a 15-minute form outlining their work history, most of which can be copied over from an existing CV. When applying for jobs Rhubarb candidates then benefit from automatically customed CVs tailored to the job application.

 

Scan.com

Scan.com is building the infrastructure layer to connect the global diagnostic imaging market, aiming to solve the lack of price transparency for imaging, long waiting lists and reliance on archaic workflows.

 

Outthink

OutThink is going beyond cybersecurity awareness training to become the world's first human risk management platform. OutThink achieves this by finding statistically significant correlations between attitudes and real security behaviours and building predictive human risk models. OutThink was purpose-built by a team of visionary CISOs, security experts and researchers, for security professionals who are looking to build more effective, usable security and make people their strongest defense mechanism.

 

A Share Class

 

The remaining hydroelectric power asset, Shenval, performed in line with expectations and there were no asset management concerns. As stated in the Chair's letter, it is expected that the Shenval investment will shortly be transferred to the Venture Fund.

 

B Share Class

 

Following an extensive process to improve the operating performance of the gas fired energy generation centres we entered into discussions for the disposal of these investments to a third party. We are pleased to announce that on 10 October 2022 following a competitive tender process we completed on the sale of the Company's investment in Green Peak Generation Limited for total consideration of £2,274,000 and the sale of the investment in Distributed Generators Limited for total consideration of £3,260,000, as part of a wider portfolio sale of gas-fired energy generation companies.

 

The carrying value was last updated at the year-end which was a time when there was significant uncertainty over the valuation of the assets. In addition to the uncertainty around secondary market valuation for this type of asset, the centres had experienced some downtime and issues in relation to water ingress. Since then, the assets have been fully repaired and are operating well. Following the Russia-Ukraine war and ensuing energy market volatility, the market has also moved in favour of generating assets, leading to significant improvements in trading performance and increased interest from prospective secondary market acquirors. As a result, we have been able to secure prices for these investments which we believe to be attractive.

 

Outlook

 

After the robust rate of investment in the Venture Fund over the last 6 months, the opportunity set of new and follow-on investments remain attractive. The Venture Fund continues to be well positioned to deploy its liquidity into its chosen niche. The focus remains on B2B Technology businesses, primarily in early-stage companies with software products which the manager believes are addressing real pain points for their corporate customers. We continue to have a focus on Seed-stage investment rounds and we will also invest time and capital in finding various pre-Seed opportunities that we believe have the potential for larger returns. As the portfolio continues to mature, we are also participating in a growing number of Series A and Series B follow-on funding rounds by portfolio companies. When we are impressed with a portfolio company that is raising new funds it is our policy to try to take advantage of the Venture Fund's pre-emption rights to join the round, VCT investment rules permitting. We expect to see more such follow-on opportunities in the coming months as investee companies mature.

 

As stated in the Chair's letter, in respect of the A Share Class and the B Share Class, the next stage is for the Company to wind down and ultimately for it to cancel these share classes, which is expected in the first quarter of 2023 following the transfer of Shenval in respect of the A Share Class. Final distributions are expected to be made shortly following the year ending 28 February 2023 to ensure the Company maintains its VCT qualifying status.

 

If you have any questions, please do not hesitate to call us on 020 7201 8990.

 

Ian McLennan

Partner

For Triple Point Investment Management LLP

26 October 2022

 

Interim Report - Investment Portfolio Summary

For the six months ended 31 August 2022

 

	Unaudited					Audited
	31 August 2022					28 February 2022
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	27,654	61.75	31,444	64.72		23,274	75.09	28,169	77.76
Non-Qualifying holdings	471	1.05	484	1.00		1,476	4.76	1,813	5.00
Financial assets at fair value through profit or loss	28,125	62.80	31,928	65.72		24,750	79.85	29,982	82.76
Cash and cash equivalents	16,656	37.20	16,656	34.28		6,246	20.15	6,247	17.24
	44,781	100.00	48,584	100.00		30,996	100.00	36,229	100.00
Qualifying Holdings
Unquoted
Venture Investments
Degreed Inc.	300	0.67	444	0.91		300	0.97	533	1.47
Augnet Ltd	300	0.67	100	0.21		300	0.97	-	-
MWS Technology Ltd	150	0.33	441	0.91		150	0.48	353	0.97
Counting Ltd (t/a Counting Up)	920	2.05	835	1.72		920	2.97	835	2.30
Ably Real Time Ltd	1,312	2.93	3,153	6.49		1,312	4.23	3,153	8.70
Heydoc Ltd	760	1.70	1,375	2.83		760	2.45	1,374	3.79
Vyne Technologies Ltd	1,127	2.52	2,608	5.37		1,127	3.64	3,725	10.28
Homelyfe Limited (t/a Aventus)	700	1.56	-	-		700	2.26	-	-
Digital Therapeutics Inc  (t/a Quit Genius)	1,245	2.78	2,632	5.42		1,245	4.02	2,755	7.60
Adfenix AB	799	1.78	642	1.32		799	2.58	673	1.86
Credit Kudos	500	1.12	-	-		500	1.61	2,518	6.95
Artifical Artists	150	0.33	150	0.31		150	0.48	120	0.33
Veremark	910	2.03	1,529	3.15		450	1.45	471	1.30
Localz	750	1.67	750	1.54		750	2.42	750	2.07
Sealit	200	0.45	100	0.21		200	0.65	180	0.50
Bkwai	250	0.56	170	0.35		250	0.81	170	0.47
Exate	500	1.12	350	0.72		500	1.61	400	1.10
Expression Insurance	500	1.12	827	1.70		500	1.61	681	1.88
Kamma	500	1.12	200	0.41		500	1.61	250	0.69
Seedata	150	0.33	150	0.31		150	0.48	150	0.41
Stepex	499	1.11	499	1.03		499	1.61	499	1.38
Anorak	700	1.56	-	-		700	2.26	525	1.45
Ryders	1,000	2.23	1,000	2.06		1,000	3.23	1,000	2.76
Nook	250	0.56	200	0.41		250	0.81	250	0.69
Tickitto	1,000	2.23	1,000	2.06		1,000	3.23	1,000	2.76
SonicJobs	450	1.00	450	0.93		450	1.45	450	1.24
Catalyst	224	0.50	224	0.46		224	0.72	224	0.62
Knok Healthcare	513	1.15	513	1.06		513	1.65	513	1.42
Learnerbly	200	0.45	200	0.41		200	0.65	200	0.55
Pixie	915	2.04	915	1.88		915	2.95	915	2.53
Konfir	500	1.12	500	1.03
Konstructly	300	0.67	300	0.62
Visibly Tech	300	0.67	300	0.62
Crowd Data	500	1.12	500	1.03
Trumpet	120	0.27	120	0.25
Rhubarb	400	0.89	400	0.82
Scan.com	800	1.79	800	1.65
OutThink	1,000	2.23	1,000	2.06
Hydroelectric Power
Green Highland Shenval Limited	860	1.92	533	1.10		860	2.77	533	1.47
Gas Power
Distributed Generators Limited	3,200	7.14	3,260	6.71		3,200	10.32	1,925	5.31
Green Peak Generation Limited	1,900	4.24	2,274	4.68		1,900	6.13	1,044	2.88
	27,654	61.75	31,444	64.72		23,274	75.08	28,169	77.75
	Unaudited					Audited
	31 August 2022					28 February 2022
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%
Non-Qualifying Holdings
Unquoted
SME Funding:
Hydroelectric Power
Broadpoint 3 Limited	-	-	-	-		1,005	3.24	1,329	3.67
Other
Modern Power Generation Limited	471	1.05	484	1.00		471	1.52	484	1.34
	471	1.05	484	1.00		1,476	4.76	1,813	5.00

 

 

Principal Risks and Uncertainties

 

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

 

The main areas of risk identified by them, along with the risks to which the Company is exposed through its operational and investing activities, are detailed below.

 

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

 

Mitigation: The Investment Manager keeps the Company's VCT qualifying status under continual review and reports to the Board at Board Meetings. The Board has appointed Philip Hare & Associates LLP to undertake an independent VCT status monitoring role. Any new Venture investments are reviewed by legal advisers, and their opinion sought on whether the investment is likely to be a qualifying investment.

 

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

 

Mitigation: The Directors and Investment Manager aim to limit the risk attached to the portfolio by careful selection and timely realisation of investments, by carrying out rigorous due diligence procedures and by maintaining a spread of holdings in terms of industry sector and geographical location. The Board reviews the investment portfolio with the Investment Manager on a regular basis. Where possible, a member of the Investment Manager team holds a seat on the board of the portfolio companies. This enables the Investment Manager to observe and offer guidance to the portfolio company when and where this may be required. TPIM has developed a wide industry network and strong pipeline which is reviewed quarterly by the Board. The Venture Fund aims to mitigate some of the risks typically associated with venture capital investing by proactively working with businesses with the potential for high growth that are actively solving problems for established corporates, increasing their chances of success.

 

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

 

Mitigation: The key elements of financial risk are discussed in more detail in the 2022 Annual Report available at https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/. At the reporting date, the Company had no borrowings and substantial cash on the balance sheet.

 

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

 

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

 

Emerging Risks

 

Ukraine-Russia War

 

In late February 2022, Russia began an invasion of Ukraine with devastating consequences for the country's citizens and major implications for wider humanity, the global economy and capital markets. The Company does not have any direct exposure to Russia but continues to monitor the potential wider macroeconomic consequences on the Company and its investee companies closely, including energy price volatility and further sanctions.

 

Macroeconomic Environment

 

The macroeconomic environment for the UK and internationally looks increasingly challenging with the energy crisis and related cost of living/inflation pressures being met by central banks which are still raising interest rates. That interest rates are rising even as economic headwinds blow harder is a new development relative to the experience of the last few decades where, in the US and UK in particular, monetary policy tended to loosen quite early in economic downturns. This time we appear to be faced by economic weakness and still rising interest rates which could lead to either a deep or a prolonged recession despite UK fiscal policies aimed at countering such a threat. Until inflation rates clearly peak and fall, the economic outlook is likely to remain difficult. Thus, we are not complacent about the portfolio. While the direct impact of higher energy costs and a weakening consumer sector on our B2B software companies is small, there likely to be indirect consequences, for example, where portfolio companies sell to business customers who are themselves dependent on consumer or property sectors, and as higher interest rates increase the options for investors, raising the cost of capital in our sector as well as others.

 

There has also been increased attention on the volatility in exchange rates, notably the depreciation of Sterling and the appreciation of the US dollar. The main operational and revenue centre for portfolio companies tends to be the UK. However, there are a number of companies who have revenues in the USA (and so may benefit when translating such revenue back into Sterling) but there are more portfolio companies who have minimal revenues in the USA but are engaged in expanding into that market which involves set-up investment and hiring costs (which will now look more expensive in Sterling terms).

 

 

   Directors' Responsibility Statement

 

The Directors confirm to the best of their knowledge that:

 

·      the condensed interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Statements'; and

·      the Interim Report includes a fair review of the information required by the Disclosure and Transparency Rules ('DTR') of the Financial Conduct Authority being DTR 4.2.7 and DTR 4.2.8, namely

 

i.            an indication of the important events that have occurred during the first six months and their impact on the condensed interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

ii.          material related party transactions in the first six months and any material changes in the related party transactions described in the last Annual Report.

 

The condensed interim financial statements have not been audited or reviewed by the auditors.

Jane Owen

Chair

26 October 2022

 

Unaudited Statement of Comprehensive Income

For the six months ended 31 August 2022

 

		Unaudited				Audited				Unaudited
		Six months ended				Year ended				Six months ended
		31 August 2022				28 February 2022				31 August 2021
	Note
		Revenue	Capital	Total		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000	£'000
Investment income	4	78	-	78		235	-	235		173	-	173
Investment Return/(loss)		-	2,342	2,342		-	(334)	(334)
Investment Gain/(loss) arising on the revaluation of investments at the period end		-	(1,631)	(1,631)		-	7,359	7,359		-	5,530	5,530
Investment return		78	711	789		235	7,025	7,260		173	5,530	5,703
Investment management fees	5	81	724	805		403	135	538		207	57	264
Other expenses		223	(203)	20		774	(94)	680		407	-	407
Performance Fee	6	-	-	-		-	1,066	1,066		-	769	769
		304	521	825		1,177	1,107	2,284		614	826	1,440
(Loss)/profit before taxation		(226)	190	(36)		(942)	5,918	4,976		(441)	4,704	4,263
Taxation	8	-	74	74		(58)	(15)	(73)		38	156	194
(Loss)/profit after taxation		(226)	264	38		(1,000)	5,903	4,903		(403)	4,860	4,457
Other comprehensive income		-	-	-   -
Total comprehensive (loss)/income		(226)	264	38		(1,000)	5,903	4,903		(403)	4,860	4,457
Basic & diluted earnings per share (pence)
A Shares	9	0.14p	(0.12p)	0.02p		0.46p	(3.17p)	(2.71p)		0.61p	(0.11p)	0.50p
B Shares	9	(0.94p)	33.25p	32.31p		(1.04p)	1.35p	0.31p		(0.47p)	-	(0.47p)
Venture Shares	9	(0.48p)	(5.46p)	(5.94p)		(4.26p)	26.84p	22.57p		(2.08p)	23.37p	21.29p

 

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 in accordance with the Association of Investment Companies Statement of Recommended Practice (AIC SORP). All revenue and capital items in the above statement derive from continuing operations. This Statement of Comprehensive Income includes all recognised gains and losses. The accompanying notes are an integral part of this statement.

 

Unaudited Balance Sheet

At 31 August 2022

Company No: 07324448

 

		Unaudited		Audited		Unaudited
		31 August 2022		28 February 2022		31 August 2021
	Note	£'000		£'000		£'000
Non-current assets
Financial assets at fair value through profit or loss		31,928		29,982		30,089
Current assets
Receivables		1,453		276		385
Cash and cash equivalents	10	16,656		6,247		4,943
		18,109		6,523		5,328
Total assets		50,037		36,505		35,417
Current liabilities
Payables and accrued expenses		687		1,265		1,377
Current taxation		(58)		15		(254)
		629		1,280		1,123
Net assets		49,408		35,225		34,294
Equity attributable to equity holders
Share capital		561		430		397
Share Premium		-		26,328		22,652
Share redemption reserve		(11)		7		7
Special distributable reserve		45,412		5,052		8,635
Capital reserve		4,871		4,607		3,564
Revenue reserve		(1,425)		(1,199)		(961)
Total equity		49,408		35,225		34,294
Shareholders' funds
Net asset value per A Share	11	13.22p		13.25p		49.49p
Net asset value per B Share	11	80.00p		57.69p		56.91p
Net asset value per Venture Share	11	107.99p		113.55p		110.91p

 

 

The statements were approved by the Directors and authorised for issue on 26 October 2022 and are signed on their behalf by:

Jane Owen

Chair

26 October 2022

 

  The accompanying notes are an integral part of this statement.

 

Unaudited Statement of Changes in Shareholders' Equity

For the six months ended 31 August 2022

 

	Issued Capital		Share Premium	Share Redemption Reserve		Special Distributable Reserve	Capital Reserve	Revenue Reserve	Total
	£'000		£'000	£'000		£'000	£'000	£'000	£'000
Six months ended 31 August 2022
Opening balance	430		26,328	7		5,052	4,607	(1,199)	35,225
Issue of share capital	131		15,097	-		-	-	-	15,228
Cost of issue of shares	-		(386)	-		-	-	-	(386)
Buy back of own shares	-		-	(18)		-	-	-	(18)
Dividends paid	-		-	-		(679)	-	-	(679)
Cancellation of share premium	-		(41,039)	-		41,039	-	-	-
Transaction with owners	131		(26,328)	(18)		40,360	-	-	14,145
Profit/(loss) before taxation	-		-	-		-	190	(226)	(36)
Taxation	-		-	-		-	74	-	74
Profit/(loss) after taxation	-		-	-		-	264	(226)	38
Other comprehensive income	-		-	-		-	-	-	-
Total comprehensive loss for the period	-		-	-		-	264	(226)	38
Balance at 31 August 2022	561		-	(11)		45,412	4,871	(1,425)	49,408
The Capital Reserve consists of:
Investment holding gains							3,843
Other realised gains							1,028
							4,871
Year ended 28 February 2022
Opening balance	320		14,847	2		9,657	(1,296)	(199)	23,331
Issue of share capital	115		11,821	-		-	-	-	11,936
Cost of issue of Shares	-		(340)	-		-	-	-	(340)
Buy back of own shares	(5)		-	5		(356)	-	-	(356)
Dividends paid	-		-	-		(4,249)	-	-	(4,249)
Transactions with owners	110		11,481	5		(4,605)	-	-	6,991
Profit/(loss) before taxation	-		-	-		-	5,918	(942)	4,976
Taxation	-		-	-		-	(15)	(58)	(73)
Profit after taxation	-		-	-		-	5,903	(1,000)	4,903
Other comprehensive income	-		-	-		-	-	-	-
Total comprehensive gains/(loss) for the period	-		-	-		-	5,903	(1,000)	4,903
Balance at 28 February 2022	430		26,328	7		5,052	4,607	(1,199)	35,225
The Capital Reserve consists of:
Investment holding losses							5,272
Other realised losses							(665)
							4,607
Six months ended 31 August 2021
Opening balance	320		14,847	2		9,657	(1,296)	(199)	23,331
Issue of share capital	79		8,073	-		-	-	-	8,152
Cost of issue of shares	-		(268)	-		-	-	-	(268)
Buy back of own shares	(2)		-	5		-	-	(359)	(356)
Dividends paid	-		-	-		(1,022)	-	-	(1,022)
Transfer between share classes	-		-	-		-	-	-	-
Transactions with owners	77		7,805	5		(1,022)	-	(359)	6,506
Loss before taxation	-		-	-		-	4,860	(441)	4,419
Taxation	-		-	-		-	-	38	38
Loss after taxation	-		-	-		-	4,860	(403)	4,457
Other comprehensive income	-		-	-		-	-	-	-
Total comprehensive loss for the period	-		-	-		-	4,860	(403)	4,457
Balance at 31 August 2021	397		22,652	7		8,635	3,564	(961)	34,294
The Capital Reserve consists of:
Investment holding gains							4,431
Other realised losses							(867)
							3,564

 

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 is not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue reserve, realised capital reserve and special distributable reserve are distributable by way of dividend.

 

At 31 August 2022 the total reserves available for distribution were £3,976,000. This consists of the special distributable reserves less the share premium cancellation for the Venture shares issued due to the VCT rules that state capital cannot be distributed within 3 years of the date they were issued in, plus realised capital reserves less negative reserves.

 

Unaudited Statement of Cash Flows

For the six months ended 31 August 2022

 

	Unaudited		Audited			Unaudited
	Six months ended		Year ended			Six months ended
31 August 2022			28 February 2022			31 August 2021
	£'000		£'000			£'000
Cash flows from operating activities
Profit before taxation	(36)	4,976					4,263
(Profit)/loss arising on the disposal of investments during the period	(2,342)	334					-
Loss/(gain) arising on the revaluation of investments at the period end	1,631	(7,359)					(5,530)
Cash flow generated by operations	(747)		(2,049)			(1,267)
(Increase)/decrease in receivables	(1,177)		169			60
(Decrease)/increase in payables	(578)		806			918
Cash flows from operating activities	(2,502)		(1,074)			(289)
Adjustment for non-cash items:
Foreign exchange gain	(200)		(94)			(37)
Increase/(decrease) in taxation	-		-			(2)
Net cash flows from operating activities	(2,702)		(1,168)			(328)
Cash flows from investing activities
Purchase of financial assets at fair value through profit or loss	(4,880)		(8,988)			(6,686)
Disposal of financial assets at fair value through profit or loss	3,846		3,961			-
Net cash flows from investing activities	(1,034)		(5,027)			(6,686)
Cash flows from financing activities
Issue of shares	14,842		11,596			7,884
Share buy-back & cancellation	(18)		-			(356)
Cost of share issues	-		(356)			-
Dividends paid	(679)		(4,249)			(1,022)
Net cash flows from financing activities	14,145		6,991			6,506
Net increase in cash and cash equivalents	10,409		796			(508)
Reconciliation of net cash flow to movements in cash and cash equivalents
Cash and cash equivalents at 1 March 2022	6,247		5,451			5,451
Net increase in cash and cash equivalents	10,409		796			(508)
Cash and cash equivalents at 31 August 2022	16,656		6,247			4,943

 

The accompanying notes are an integral part of this statement.

 

 

Condensed Notes to the Unaudited Interim Financial Statements

For the six months ended 31 August 2022

 

1.      Corporate information                                                             

                                                                                                                 

The Unaudited Interim Report of the Company for the six months ended 31 August 2022 was authorised for issue in accordance with a resolution of the Directors on 26 October 2022.

 

The Company applied for listing on the London Stock Exchange on 24 December 2010.

 

Triple Point VCT 2011 plc is incorporated and domiciled in United Kingdom and registered in England and Wales.  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.

                                                                                                                                   

2.      Basis of preparation and accounting policies                                      

                                                                                                                                    

Basis of preparation

 

The Unaudited Interim Report of the Company for the six months ended 31 August 2022 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 the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 28 February 2022.

                                    

Estimates

 

The preparation of the Unaudited Interim Report requires management 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

 

	Unaudited						Audited
	Six months ended 31 August 2022						Year ended 28 February 2022
	A Shares	B Shares	Venture Shares		Total		A Shares	B Shares	Venture Shares		Total
	£'000	£'000	£'000		£'000		£'000	£'000	£'000		£'000
Interest receivable on bank balances	1	2	41		44		-	-	3		3
Loan interest	22	-	12		34		209	-	23		232
Dividend income	-	-	-		-		-	-	-		-
	23	2	53		78		209	-	26		235

 

5.      Investment management fees

 

TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 23 September 2010 as amended.

 

A Shares: The agreement provides for an investment management fee of 2.00% per annum of net assets payable quarterly in arrear for A Shares. For A Shares, the appointment shall continue for a period of at least six years from the admission of those shares.

 

B Shares: The agreement provides for an investment management fee of 1.90% per annum of net assets payable quarterly in arrear for B Shares. For B Shares, the appointment shall continue for a period of at least six years from the admission of those shares.

 

Venture Fund: The agreement provides for an investment management fee of 2.00% per annum of net assets payable quarterly in arrear for Venture Shares. For Venture Shares, the appointment shall continue for a period of at least six years from the admission of those shares.

 

Following a deed of variation to the Investment Management agreement, dated 14 September 2018, an administration fee equal to 0.25% of the Company's NAV replaces the previously charged £37,500 per annum.

 

TPIM agreed not to charge their management fees for the A Share Class for the financial year ending 28 February 2018, to build up distributable reserves improving the ability of the share class to make dividend payments. The amount waived during the 2018 financial year was £206,400 and will not be recovered by TPIM.

 

TPIM agreed not to charge their management fees from 1 January 2017 on the amounts invested in gas fired energy centre assets.

 

As set out in the Chair's Statement, the NAV of 80.00 pence per share includes a deduction for these outstanding investment management fees. The total fee waived as at 31 August 2022 for the B Share Class is circa £347,000 and further portion of fees may be waived to ensure the NAV remains at 80.00 per share up to the wind-down and cancellation of the B Share Class.

 

6.      Performance fee

 

Triple Point earns a performance fee if the total return (net asset value plus distributions made) to holders of the Venture Shares exceeds their net initial subscription price by an annual threshold of 3% per annum, calculated on a compound basis.  To the extent that the total return exceeds the threshold over the relevant period then a performance incentive fee of 20% of the excess is payable to Triple Point. Performance fees are assessed based on the VCT's audited year-end valuations (i.e. in February each year) and will be accrued in the accounts of the Company. High water marks apply.

 

                                                                                                                                      

         7.       Directors' remuneration

 

	Unaudited						Audited
	Six months ended 31 August 2022						Year ended 28 February 2022
	A Shares	B Shares	Venture Shares		Total		A Shares	B Shares	Venture Shares		Total
	£'000	£'000	£'000		£'000		£'000	£'000	£'000		£'000
Jane Owen	1	1	9		11		4	3	16		23
Chad Murrin	-	1	8		9		3	3	12		18
Tim Clarke	-	1	6		7		3	3	12		18
Julian Bartlett	-	1	8		9		-	-	1		1
	1	4	31		36		10	9	41		60

 

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 four.

 

Taxation

 

	Unaudited						Audited
	Six months 31 August 2022						Year ended 28 February 2022
	A Shares	B Shares	Venture Shares		Total		A Shares	B Shares	Venture Shares		Total
	£'000	£'000	£'000		£'000		£'000	£'000	£'000		£'000
Profit/(loss) on ordinary activities before tax	2	2,109	(2,147)		(36)		(269)	5	5,240		4,976
Corporation tax @ 19%	-	400	(408)		(8)		(51)	1	995		945
Effect of:
Capital (gains)/losses not taxable	-	(487)	352		(135)		30	(17)	(1,348)		(1,335)
Dividends received not taxable	-	-	-		-		-	-	-		-
Disallowed expenditure	-	-	4		4		-	-	38		38
Unrelieved tax losses in the year	-	-	-		-		-	-	1		1
Excess management expense on which deferred tax not recognised	-	13	52		65		21	-	314		335
Derecognition of prior periods deferred tax asset	-	-	-		-		-	-	89		89
Tax charge/(credit) for the period	-	(74)	-		(74)		-	(16)	89		73

 

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

 

9.      Earnings per share

 

The earnings per A Share is 0.02p and is based on a profit from ordinary activities after tax of circa £2,000 and on the weighted average number of A Shares in issue during the period of 9,777,285.

 

The earnings per B Share is 32.31p and is based on a profit  from ordinary activities after tax of circa £2,183,000 and on the weighted average number of B Shares in issue during the period of 6,758,795.

 

The loss per Venture Share is 5.94p and is based on a loss  from ordinary activities after tax of circa £2,147,000 and on the weighted average number of Venture Shares in issue during the period of 36,090,347.

 

10.    Cash and cash equivalents

 

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

 

11.    Net asset value per share

 

The net asset value per share for the A Shares is 13.22p and is calculated based on net assets of £1,293,000 divided by the 9,777,285 A Shares in issue as at 31 August 2022.

 

The net asset value per share for the B Shares is 80.00p and is calculated on net assets of £5,407,000 divided by the 6,758,795 B Shares in issue as at 31 August 2022.

 

The net asset value per share for the Venture Shares is 107.99p and is calculated on net assets of £42,708,000 divided by the 39,546,761 Venture Shares in issue as at 31 August 2022.

 

12.    Related party transactions                         

 

TPIM, the Investment Manager charged a total of £805,000 during the period in respect of Investment Management services.

 

During the period, TPIM received £46,000 (which has been expensed by the Company) for providing management and administrative services to the Company.

 

The Investment Manager also charged £9,500 during the period for the provision of Company Secretarial services.

 

At the Balance Sheet date, the total fees which have been waived by the Investment Manager stood at £347,000.

 

TPIM received £939,000 in relation to the performance-related incentive fees from the Venture Share Class during the period.

 

In addition, TPIM received £61,000 of arrangement fees on Venture Investments.

 

 

The Directors Remuneration is disclosed on page 36.

 

 

13.    Post balance sheet events

 

The following events occurred between the balance sheet date and the signing of this interim report:

 

On 10 October 2022, the Fund completed the sale of the Gas Peaking assets held in the B share class for a total consideration of £5.5m.

 

 

Non-Statutory Analysis - The Venture Fund

For the six months ended 31 August 2022

 

Statement of Comprehensive Income
			Six months ended 31 August 2022						Year ended 28 February 2022										Six months ended 31 August 2021
			Revenue	Capital		Total			Revenue					Capital			Total		Revenue			Capital		Total
			£'000	£'000		£'000			£'000					£'000			£'000		£'000			£'000		£'000
Investment income			53	-		53			26					-			26		14			-		14
Realised gain/(loss) on investments			-	2,018		2,018			-					-			-		-			-		-
Unrealised (loss) on investments			-	(3,873)		(3,873)			-					7,094			7,094		-			5,530		5,530
Investment return			53	(1,855)		(1,802)			26					7,094			7,120		14			5,530		5,544
Investment management fees			(36)	(320)		(356)			(329)					(1,049)			(1,378)		(155)			(44)		(199)
Other expenses			(192)	-		(192)			(596)					94			(502)		(337)			-		(337)
Performance fee			-	-		-			-					-			-		-			(769)		(769)
FX revaluation (gain)/loss				203		203			-					-			-
Loss before taxation			(175)	(1,972)		(345)			(899)					6,139			5,240		(478)			4,717		4,239
Taxation			-	-		-			(74)					(15)			(89)		45			154		199
Loss after taxation			(175)	(1,972)		(2,147)			(973)					6,124			5,151		(433)			4,871		4,438
Profit and total comprehensive loss for the period			(175)	(1,972)		(2,147)			(973)					6,124			5,151		(433)			4,871		4,438
Basic and diluted loss per share			(0.48p)	(5.46p)		(5.94p)			(4.26p)					26.84p			22.57p		(2.08p)			23.37p		21.29p
Balance Sheet			31 August 2022						28 February 2022										31 August 2021
						£'000											£'000							£'000
Non-current assets
Financial assets at fair value through profit or loss						25,860											25,151							21,228
Current assets
Receivables						1,203											45							58
Corporation tax						-											-							290
Cash and cash equivalents						15,678											5,845							5,164
						16,881											5,890							5,512
Current liabilities
Payables						(33)											(1,010)							(1,131)
Corporation tax						-											-
Net assets						42,708											30,031							25,609
Equity attributable to equity holders						42,708											30,031							11,232
Net asset value per share						107.99p											113.55p							110.91p
Statement of Changes in Shareholders' Equity
			31 August 2022							28 February 2022									31 August 2021
						£'000											£'000							£'000
Opening shareholders' funds						30,031											14,208							14,208
Purchase of own shares						-											-
Issue of new shares							14,842									11,596								7,884
Share buyback & cancellation							(18)									(250)								(247)
Profit for the period							(2.147)									5,151								4,438
Dividend paid							-									(674)								(674)
Closing shareholders' funds							42,708									30,031								25,609

 

Investment Portfolio
	31 August 2022						28 February 2022
	Cost		Valuation				Cost			Valuation
	£'000	%	£'000	%				£'000	%		£'000	%
Unquoted qualifying holdings	21,694	57.32	25,376	61.09				17,314	73.27		24,667	79.58
Non-Qualifying holdings	471	1.25	484	1.17				471	1.99		484	1.56
Financial assets at fair value through profit or loss	22,165	58.57	25,860	62.26				17,785	75.26		25,151	81.14
Cash and cash equivalents	15,678	41.43	15,678	37.74				5,845	24.74		5,845	18.86
	37,843	100.00	41,538	100.00				23,630	100.00		30,996	100.00
Qualifying Holdings
Unquoted
Venture Investments
Degreed Inc.	300	0.79	444	1.07				300	1.27		533	1.72
Augnet Ltd.	300	0.79	100	0.24				300	1.27		-	-
MWS Technology Ltd	150	0.40	441	1.06				150	0.63		353	1.14
Counting Ltd (t/a Counting Up)	920	2.43	835	2.01				920	3.89		835	2.69
Ably Real-Time Ltd	1,312	3.47	3,153	7.59				1,312	5.55		3,153	10.17
Heydoc Limited	760	2.01	1,374	3.31				760	3.22		1,374	4.43
Vyne Technologies Limited	1,127	2.98	2,608	6.28				1,127	4.77		3,725	12.02
Aventus Platform Limited	700	1.85	-	-				700	2.96		-	-
Digital Therapeutics Inc  (t/a Quit Genius)	1,245	3.29	2,632	6.34				1,245	5.27		2,755	8.89
Adfenix AB	799	2.11	642	1.55				799	3.38		673	2.17
Credit Kudos	500	1.32	-	-				500	2.12		2,518	8.12
Artifical Artists	150	0.40	150	0.36				150	0.63		120	0.39
Veremark	910	2.40	1,529	3.68				450	1.90		471	1.52
Localz	750	1.98	750	1.81				750	3.17		750	2.42
Sealit	200	0.53	100	0.24				200	0.85		180	0.58
Bkwai	250	0.66	170	0.41				250	1.06		170	0.55
Exate	500	1.32	350	0.84				500	2.12		400	1.29
Expression Insurance	500	1.32	827	1.99				500	2.12		681	2.20
Kamma	500	1.32	200	0.48				500	2.12		250	0.81
Seedata	150	0.40	150	0.36				150	0.63		150	0.48
Stepex	499	1.32	499	1.20				499	2.11		499	1.61
Anorak	700	1.85	-	-				700	2.96		525	1.69
Ryders	1,000	2.64	1,000	2.41				1,000	4.23		1,000	3.23
Nook	250	0.66	200	0.48				250	1.06		250	0.81
Tickitto	1,000	2.64	1,000	2.41				1,000	4.23		1,000	3.23
SonicJobs	450	1.19	450	1.08				450	1.90		450	1.45
Catalyst	224	0.59	224	0.54				224	0.95		224	0.72
Knok Healthcare	513	1.36	513	1.23				513	2.17		513	1.66
Learnerbly	200	0.53	200	0.48				200	0.85		200	0.65
Pixie	915	2.42	915	2.20				915	3.87		915	2.95
Konfir	500	1.32	500	1.20				-	-		-	-
Konstructly	300	0.79	300	0.72				-	-		-	-
Visibly Tech	300	0.79	300	0.72				-	-		-	-
Crowd Data	500	1.32	500	1.20				-	-		-	-
Trumpet	120	0.32	120	0.29				-	-		-	-
Rhubarb	400	1.06	400	0.96				-	-		-	-
Scan.com	800	2.11	800	1.93				-	-		-	-
OutThink	1,000	2.64	1,000	2.41				-	-		-	-
	21,694	57.32	25,376	61.09				17,314	73.27		24,667	79.58
	31 August 2022						28 February 2022
	Cost		Valuation				Cost			Valuation
	£'000	%	£'000	%				£'000	%		£'000	%
Non-Qualifying Holdings
Unquoted
Other
Modern Power Generation Limited	471	1.25	484	1.17				471	3.33		483	3.38
	471	1.25	484	1.17				471	3.33		483	3.38

 

Non-Statutory Analysis - The A Share Fund

For the six months ended 31 August 2022

 

Statement of Comprehensive Income
		Six months ended 31 August 2022				Year ended 28 February 2022				Six months ended 31 August 2021
		Revenue	Capital	Total		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000	£'000
Investment income		23	-	23		209	-	209		159	-	159
Realised gain on investments			233	233		-	(334)	(334)
Unrealised gain on investments		-	(233)	(233)		-	174	174		-	-	-
Investment return		23	-	23		209	(160)	49		159	-	159
Investment management fees		(1)	(12)	(13)		(74)	(25)	(99)		(46)	(13)	(59)
Other expenses		(8)	-	(8)		(92)	(127)	(219)		(38)	-	(38)
		-	-	-		-	-	-
Profit before taxation		14	(12)	2		43	(312)	(269)		75	(13)	62
Taxation		-	-	-		-	-	-		(14)	2	(12)
Profit after taxation		14	(12)	2		43	(312)	(269)		61	(11)	50
Profit and total comprehensive income for the period		14	(12)	2		43	(312)	(269)		61	(11)	50
Basic and diluted earnings per share		0.14p	(0.12p)	0.02p		0.46p	(3.17p)	(2.71p)		0.61p	(0.11p)	0.50p
Balance Sheet		31 August 2022				28 February 2022				31 August 2020
				£'000				£'000				£'000
Non-current assets
Financial assets at fair value through profit or loss				533				766				4,887
Current assets
Receivables				245				228				322
								-
Cash and cash equivalents				622				433				(234)
				867				661				88
Current liabilities
Payables				(45)				(74)				(63)
Corporation Tax				(62)				(62)				(74)
Net assets				1,293				1,291				4,838
Equity attributable to equity holders				1,293				1,291				4,838
Net asset value per share				13.22p				13.25p				49.49p
Statement of Changes in Shareholders' Equity
		31 August 2022					28 February 2022			31 August 2021
				£'000				£'000				£'000
Opening shareholders' funds				1,291				5,216				5,216
Purchase of own Shares								(81)
Profit for the period				2				(269)				50
Dividend paid				-				(3,575)				(348)
Share buyback & cancellation				-				-				(80)
Closing shareholders' funds				1,293				1,291				4,838

 

Investment Portfolio	31 August 2022					28 February 2022
	Cost		Valuation			Cost			Valuation
	£'000	%	£'000	%		£'000	%	£'000		%
Unquoted qualifying holdings	860	58.03	533	46.15		860	66.51	533		44.45
Non-Qualifying holdings	-	-	-	-		-	-	233		19.43
Financial assets at fair value through profit or loss	860	58.03	533	46.15		860	66.51	766		63.89
Cash and cash equivalents	622	41.97	622	53.85		433	33.49	433		36.11
	1,482	100.00	1,155	100.00		1,293	100.00	1,199		100.00
Qualifying Holdings
Unquoted
Hydroelectric Power
Green Highland Shenval Limited	860	58.03	533	46.15		860	66.51	533		44.45
	860	58.03	533	46.15		860	66.51	533		44.45
	31 August 2022					28 February 2022
	Cost		Valuation			Cost			Valuation
Non-Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000		%
Unquoted
Hydroelectric Power
Broadpoint 2 Limited	-	-	-	-		-	-	233		19.43
	-	-	-	-		-	-	233		19.43

 

Non-Statutory Analysis - The B Share Fund

For the six months ended 31 August 2022

 

Statement of
Comprehensive Income		Six months ended 31 August 2022						Year ended 28 February 2022								Six months ended 31 August 2021
		Revenue	Capital	Total				Revenue		Capital		Total				Revenue		Capital		Total
		£'000	£'000	£'000				£'000		£'000		£'000				£'000		£'000		£'000
Investment income		2	-	2				-		-		-				-		-		-
Realised gain on investments		-	91	91				-		-		-
Unrealised gain on investments		-	2,474	2,474				-		91		91				-		-		-
Investment return		2	2,565	2,567				-		91		91				-		-		-
Investment management fees		(44)	(392)	(436)				(12)		-		(12)				(6)		-		(6)
Other expenses		(22)	-	(22)				(74)		-		(74)				(32)		-		(32)
(Loss)/profit before taxation		(64)	2,173	2,109				(86)		91		5				(38)		-		(38)
Taxation		-	74	74				16		-		16				7		-		7
(Loss)/profit after taxation		(64)	2,247	2,183				(70)		91		21				(31)		-		(31)
Loss and total comprehensive (loss)/income for the period		(64)	2,247	2,183				(70)		91		21				(31)		-		(31)
Basic and diluted (loss)/earnings per share		(0.95p)	33.26p	32.31p				(1.04p)		1.35p		0.31p				(0.47p)		-		(0.47p)
Balance Sheet		31 August 2022						28 February 2022								31 August 2021
				£'000								£'000								£'000
Non-current assets
Financial assets at fair value through profit or loss				5,534								4,065								3,974
Current assets
Receivables				5								3								5
Corporation Tax				121								47								38
Cash and cash equivalents				356								(31)								13
				482								19								56
Current liabilities
Payables				(609)								(181)								(183)
Net assets				5,407								3,903								3,847
Equity attributable to equity holders				5,407								3,903								3,847
Net asset value per share				80.00p								57.69p								97.13p
Statement of Changes in Shareholders' Equity
		31 August 2022								28 February 2021						31 August 2021
				£'000								£'000								£'000
Opening shareholders' funds				3,903								3,907								3,907
Share buyback & cancellation				-								(25)								-
Profit/(loss) for the period				2,183								21								(31)
Dividend paid				(679)								-								-
Share buyback & cancellation				-								-								(29)
Closing shareholders' funds				5,407								3,903								3,847

 

 

Investment Portfolio	31 August 2022					28 February 2022
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	5,100	93.48	5,534	93.96		5,100	83.96	2,969	73.60
Non-Qualifying holdings	-	-	-	-		1,005	16.55	1,096	27.17
Financial assets at fair value through profit or loss	5,100	93.48	5,534	93.96		6,105	100.51	4,065	100.77
Cash and cash equivalents	356	6.52	356	6.04		(31)	(0.51)	(31)	(0.77)
	5,456	100.00	5,890	100.00		6,074	100.00	4,034	100.00
Qualifying Holdings
Unquoted
Gas Power
Distributed Generators Limited	3,200	58.65	3,260	51.01		3,200	52.68	1,925	47.72
Green Peak Generation Limited	1,900	34.83	2,274	35.58		1,900	31.28	1,044	25.88
	5,100	93.48	5,534	86.59		5,100	83.96	2,969	73.60
	31 August 2022					28 February 2022
	Cost		Valuation			Cost		Valuation
Non-Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted
Hydroelectric Power
Broadpoint 3 Limited	-	-	-	-		1,005	16.55	1,096	27.17
	-	-	-	-		1,005	16.55	1,096	27.17

 

Shareholder Information

 

Directors

Jane Owen

Chad Murrin

Julian Bartlett

 

Company Secretary and Registered Office 

Hanway Advisory Limited

1 King William Street

London

EC4N 7AF

 

Registered Number

07324448

 

FCA Registration number

659605

 

Investment Manager and Administrator

Triple Point Investment Management LLP

1 King William Street

London

EC4N 7AF

 

Tel: 020 7201 8989

 

Independent Auditor

BDO LLP

55 Baker Street

London

W1U 7EU

 

Solicitors

Howard Kennedy LLP

No. 1 London Bridge

London

SE1 9BG

 

Registrars

Computershare Investor Services plc

The Pavilions

Bridgwater Road

Bristol

BS99 6ZY

 

VCT Taxation Advisers

Philip Hare & Associates LLP

6 Snow Hill

London

EC1A 2AY

 

Bankers

The Royal Bank of Scotland plc                                     

54 Lime Street                                                      

London

EC3M 7NQ