RNS Number : 2484E
Triple Point VCT 2011 PLC
27 October 2022
 

27 October 2022

 

Triple Point VCT 2011 plc

(the "Company")

RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2022

 

The Directors of Triple Point VCT 2011 plc are pleased to announce the unaudited results for the six months ended 31 August 2022.

  

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

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 Triple Point Investment Management LLP

(Investment Manager)

Tel: 020 7201 8989

Ian McLennan

Belinda Thomas

 


 

The Company's LEI is 213800AOOAQA5XQDEA89

 

Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/

 

NOTES:

The Company is a Venture Capital Trust incorporated in July 2010 and was established to fund small and medium sized enterprises. The Investment Manager is Triple Point Investment Management LLP.

 

Financial Summary

 

Six months ended 31 August 2022

 

 

 

 

 

 

 

Unaudited

 

Venture Shares

A Shares

B Shares

 

Total

 

Net assets

£'000

42,708

1,293

5,407


49,408

 

Net asset value per share

Pence

107.99p

13.22p

80.00p



 

Profit/(loss) before tax

£'000

(2,147)

2

2,109


(36)

 

Earnings/(loss) per share

Pence

(5.94p)

0.02p

32.31p



 








 

Cumulative return to shareholders (p)

 

 





Net asset value per share


107.99p

13.22p

80.00p



 

Total dividends paid


6.00p

106.50p

20.00p



 

Net asset value plus dividends paid


113.99p

119.72p

100.00p



 








 








 

Year ended 28 February 2022

 

 

 

 

 

 

 

 

 

Venture Shares

A Shares

B Shares

 

Total

 

Net assets

£'000

30,031

1,291

3,903


  35,225

 

Net asset value per share (NAV)

Pence

113.55p

13.25p

57.69p



 

Profit/(Loss) before tax

£'000

5,240

(269)

147


4,976

 

Earnings/(Loss) per share

Pence

22.57p

(2.71p)

0.31p



 








 

Cumulative return to Shareholders (p)

 

 



 


Net asset value per share


113.55p

13.25p

57.69p



 

Total dividends paid


6.00p

106.50p

10.00p



 

Net asset value plus dividends paid (Total Return)1


119.55p

119.75p

67.69p



 

 







 

Six months ended 31 August 2021

 

 

 

 

 

 

 

Unaudited

 

Venture Shares

A Shares

B Shares

 

Total

 

Net assets

£'000

25,609

4,838

3,847


34,294

 

Net asset value per share

Pence

110.91p

49.49p

56.91p



 

Profit/(loss) before tax

£'000

4,239

62

(38)


4,263

 

Earnings/(loss) per share

Pence

21.29p

0.50p

(0.47p)



 


 






 

Cumulative return to shareholders (p)

 

 



 


Net asset value per share


110.91p

49.49p

56.91p



 

Total dividends paid


6.00p

73.50p

10.00p



 

Net asset value plus dividends paid


116.91p

122.99p

66.91p



 

 

1 Total Return is defined as an Alternative Performance Measure.

 

Triple Point VCT 2011 plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" and "Triple Point"). The Company was incorporated in July 2010.

 

·    Venture Shares ("Venture Fund"): On 29 July 2022 the fourth Venture Fund offer closed having raised gross proceeds of £18.55 million with a total of 16,477,301 Venture Shares being issued. This takes gross proceeds raised to date to £41.5 million and 39,565,169 Venture Shares have now been issued. 

·    A Ordinary Shares ("A Shares"): On 30 April 2015 the A Share Class offer closed having raised £10.3 million with a total of 9,951,133 A Shares being issued.

·    B Ordinary Shares ("B Shares"): On 29 April 2016 the B Share Class offer closed having raised £6.97 million with a total of 6,824,266 B Shares being issued.

 

Key Highlights

 

·      Venture Shares Cumulative Dividends Paid: 6.00p (Nil Venture dividends paid during the period).4

·      A Shares Cumulative Dividends Paid: 106.50p (Nil A share dividends paid during the period).

·      B Shares Cumulative Dividends Paid: 20.00p (Nil B share dividends paid during the period.

·      Total Return per Venture Share: 113.9p (Total Return for the Venture Share Class includes cumulative dividends paid of 6.00 pence per Venture share).2

·      Total Return per A Share: 119.72p (Total Return for the A Share Class includes cumulative dividends paid of 106.50 pence per A share).2 3

·      Total Return per B Share: 100.00p (Total Return for the B Share Class includes cumulative dividends paid of 20.00 pence per B share).2

·      Fundraising: £18.55m (into the Venture Fund offer which closed on 29 July 2022).

·      Post balance sheet: £5.5m proceeds from B Share Class disposals.

 

2 Total Return is made up from the 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.

 

The value to be distributed will also be subject to the performance fee payable on distribution and other relevant fees and costs. As a result the total return may be lower than indicated in this report.

 

4 A dividend of 3p per share was paid to Venture Shareholders following the period end on 5 September 2022.

 

Chair's Statement

 

I am writing to present the Interim Report for the Company for the period ended 31 August 2022.

 

We are very pleased to report that after the period end we have successfully sold the remaining assets within the B Share Class, Distributed Generators Ltd and Green Peak Generation Limited for a total of £5.5m, representing a 38.67% uplift in the B Share Class NAV following renewed interest in these types of assets due to changes in the energy market landscape. The effect of the sale is recognised in the updated NAV and further information on the sale and next steps for the share class can be found below and in the Investment Manager's Review. 

 

Our Venture portfolio has continued to grow through the period, having made seven new qualifying investments and two follow-on investments, at a total investment of £4.58 million. It has also seen an increase in the total net assets of 42% since 28 February 2022 as a result of new subscriptions. Further information on the investment portfolio for all the Share Classes can be found below and in the Investment Manager's Review on pages 17 to 22.

 

Offer for Subscription of Venture Shares

 

The recent Offer for Subscription of Venture Shares closed on 29 July 2022. The Board are pleased to announce that the offer raised £18.55 million and resulted in the issuance of 16,477,301 new Venture Shares. On behalf of the Board, I would like to welcome all new Shareholders and to also thank the existing Shareholders for their continued support.

 

The Board and the Investment Manager believe that the level of Venture investment opportunity in our chosen sectors continues to be promising. The Company has announced that it is seeking to raise a further £10 million (with a £20 million over-allotment facility), under a new top-up offer for the Venture Fund, to continue investing in early-stage businesses with strong, long-term growth potential. The offer for subscription opened on 21 September 2022 and will close on 28 July 2023 or earlier if fully subscribed.

 

Investment Portfolio

 

The Company's funds at 31 August 2022 were 62.81% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 80% of relevant funds must be invested in qualifying investments.

 

The A and B Share Classes have continued the process of realising investments and further information regarding these share classes is set out in both the Chair's Statement and Investment Manager's Review below.

 

As at 31 August 2022, the Venture Fund has since its inception deployed £22.2 million into 38 qualifying investments; the Company achieved its first cash exit during the period for Credit Kudos at a 5x return multiple. The exit from Credit Kudos is the second exit for the share class following the sale of Adepto to Degreed in December 2019.

 

Venture Fund

 

The Venture Fund recorded a small loss during the period of 5.94 pence per share. This was mainly due to the net effect of unrealised fair valuation reductions made on a number of portfolio investments outweighing a number of unrealised valuation uplifts on other portfolio companies. We have taken into consideration falls in listed technology share valuations (although the Venture Fund has no listed investments), the currently more challenging fund-raising environment for early-stage businesses and of course individual portfolio companies' commercial performance. 

 

While the main macro factor in 2020 and 2021 was the Covid-19 pandemic and related lockdowns, this year we have seen a shift to broader macroeconomic concerns, initially centring on the Russia-Ukraine war and the associated energy crisis, but with broadening implications for consumers and businesses. The Venture Fund's portfolio demonstrated resilience during Covid-19 but is now being put to new tests. In February/March of this year, two portfolio companies were temporarily impacted by the Ukraine-Russia war, where they had remote software engineering resource, but they adapted quickly to find alternative resource while also acting, with Triple Point's support, to assist their team members in the Ukraine.

 

There may be other challenges emerging from recent economic concerns (refer to the Outlook section below), but there is still a considerable legacy in our technology-driven ecosystem from the pandemic. It is not just the way that we do certain things that has changed - most notably the continued acceptance of the effectiveness of a significant element of remote working and that some meetings and appointments can also continue to take place remotely online - but also the way that businesses think about things; openness to external technology and software solutions to business problems is greater than ever. This development has brought with it an array of opportunities for innovative start-ups and creative entrepreneurs. There is continued appetite from start-ups for venture capital funding, and we are primed to back the next wave of disruptive technology as it arises in the coming months and years. We continue to see a significant opportunity to invest in new ideas, taking advantage of innovations in Open Banking, Data Analytics, Cyber Security, Digital Health, the Energy Transition, and many other sectors.

 

There have been a number of changes in portfolio valuations during this half year. Our valuation policy takes account of the share prices for investees that we observe being achieved in their latest material funding round involving third party investors. Also reductions are made against valuations where, in our judgment, a portfolio company is either materially underperforming commercially or where developments in listed and unlisted technology company valuations suggest that the last funding round valuation would look less appropriate in the current circumstances. 

 

While the portfolio overall has continued to make good commercial progress, we are reporting a small reduction in the Fund's NAV with these results. This is the net effect of some upward valuations and a number of reductions in fair value made on other investments. We have been watchful of developments in listed software company valuations, which have declined significantly over the last year. We also note that 2022 has seen a somewhat more challenging environment for venture capital raising for all but the strongest growth stories. We have therefore reduced our valuations on investments where we believe that growth rates are not sufficient to offset market valuation declines or reduced liquidity. In relation to some portfolio companies, which benefitted from the very positive valuation climate in 2021, we have reduced our estimates of fair value.

 

This decline in NAV follows a strong period of portfolio and NAV growth in the last two years. As referred to within last year's interim report, investors should remain aware that Venture Fund NAV volatility may remain high and will be impacted by trends in global venture capital valuations as well as the portfolio's underlying commercial performance. Please note, your investment value can go down as well as up.

 

By the end of August 2022, the net funds raised in the Venture Fund's 2018/19, 2019/20 & 2020/21 offers had been invested into 38 qualifying venture investments, and the share class overall was over 60% invested. There were nine investments made in the period under review including seven new investments and two follow-on investments into existing portfolio companies, reflecting the maturing of the 2019 and 2020 cohort of investments. While all these investments involved software services or platforms, the sub-sectors included Cyber-security, Digital Health, HR Tech, Treasury Management and SalesTech. More detail on these investments can be found in the Investment Manager's Review.

 

Both the Board and the Investment Manager believe ESG considerations are important and they are taken into account through the investment process within the Venture Fund. Whilst early-stage companies do not always have the scale or resources to adopt the full scale of ESG initiatives open to large corporates, we always check the processes and policies they have in place to ensure that they are proportionate to their size and activities.

 

A Share Class

 

The Company intends to transfer its interest in Green Highland Shenval Limited (Shenval), a hydroelectric power company, from the A Share Class to the Venture Fund taking account of the most recent audited value and other commercial factors since that date. This will conclude the A Share Class exit project pending distribution of proceeds and provides the Venture Fund with an income-generating VCT-qualifying investment.

 

The A Share Class has recorded a profit over the period of 0.02 pence per share and as at 31 August 2022 the NAV per share stood at 13.22 pence per share following payment of the most recent 33 pence per share dividend on 23 December 2021. A Class Shareholders have now received 106.50 pence per share in dividends, excluding the initial tax relief of 30%. Total return for the A Share Class, which consists of the NAV plus dividends paid to investors since launch, currently stands at 119.77 pence per share (note that the NAV is subject to final exit costs and does not include any performance fees due to the Investment Manager on distribution).

 

B Share Class 

 

The B Share Class has qualifying investments in two companies that each constructed a gas fired energy centre The B Share Class has recorded a profit over the period of 32.31 pence per share due to the increased valuation in the Gas Power Companies. At 31 August 2022 the NAV per share stood at 80.00 pence per share. Total Return for the B Share Class, which consists of the net assets plus dividends paid to investors since launch, currently stands at 100.00 pence per share.

 

The Board is pleased to announce that on 10 October 2022 it completed on the sale of Green Peak Generation Limited within the Company's B Share Class for total consideration of £2,274,000 and the sale of Distributed Generators Limited within the Company's B Share Class for total consideration of £3,260,000 as part of a wider portfolio sale of gas-fired energy generation companies. The NAV of 80.00 pence per share and total return of 100 pence per share as set out above remain unchanged following the sale, In January 2017 the Investment Manager agreed not to charge their investment management fees on the gas fired energy centre assets, pending them generating income or in the event of a successful disposal. The NAV includes a deduction for a portion of these outstanding investment management fees, which will cover the cost up to and including the wind-down and cancellation of the B Share Class, with the remaining balance being waived.

 

The Company conducted a competitive process and invited bids from some of the leading energy infrastructure investors in the UK, following renewed interest in these types of assets due to changes in the energy market landscape. The Company received bids from all invited bidders, following which Conrad Energy (Holdings) II Limited ("Conrad") was selected as the preferred bidder for the gas-fired generation projects, with reference to key criteria including total consideration, level of offer conditionality and high level of deliverability. At the conclusion of the sale process, Conrad's final offer was considered the most attractive to the Company.

 

The Board expects to be in a position to announce a dividend for B Shareholders to return the net proceeds of the sale of these assets shortly following the financial year ending 28 February 2023 in order for the Company to continue to satisfy VCT qualifying conditions. At the appropriate time, a proposal will be put to shareholders for the wind-up and cancellation of the B Share Class. During the period, the Board has exercised its discretion not to facilitate share buybacks in the B Share Class due to insufficient liquidity, and as noted above, expects to return the net proceeds of sale to B Shareholders by way of a dividend shortly following the financial year ending 28 February 2023.

 

B Share Class Net Asset Value

 

As a result of the disposal of its gas fired energy assets, the Company announces that the unaudited net asset value ("NAV") per B Share as at 10 October 2022 was 80.00 pence per share (as at 28 February 2022 the audited NAV per B Share was 57.69 pence per share). This represents a 38.67% increase in the B Share NAV in comparison to 28 February 2022. The new unaudited NAV per B Share as at 10 October of 80 pence per share combined with total dividends per B Share paid to date of 20 pence per share brings the total shareholder return per B Share to 100 pence per share.

 

The B Share NAV has increased due to the sale of the gas fired energy assets at a share price significantly higher than the price at which they had previously been valued. The valuation of the B Share NAV was last updated at 28 February 2022, when the assets were experiencing issues in relation to water ingress. The assets have since been fully repaired and are operating well. In addition, the energy market landscape has moved in favour of gas fired energy assets, which has led to significant improvements in trading performance.

 

Regulation

 

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

 

Outlook

 

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. 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 limited, there could well be indirect consequences: for example where portfolio companies sell to business customers who are themselves dependent on the 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. Nevertheless, we remain of the view that a period of adversity can represent a period of considerable opportunity for investors. As such, we feel that now is a good time to raise additional capital to be in a position to react to and benefit from any new opportunities as they arise as a result of economic changes caused by sharply higher energy prices, interest rate rises and the continued effects on behaviour of the Covid-19 pandemic. Just as Covid-19 accelerated the move to the Cloud, the current energy price shock is driving innovation around the energy sector including in our own preferred software sector.

 

We are pleased to report that the fourth Venture Fund offer for subscription closed on 29 July 2022 having raised £18.55 million and the Investment Manager has already made good progress in deploying some of those funds. We have a full pipeline of new investments for the next six months including four further investments that are in the process of deal execution.

 

As highlighted above, the new offer for subscription announced on 21 September 2022 will continue to target significant capital growth by investing in early-stage innovative companies with a particular focus on the business-to-business technology sector, and we remain excited about the opportunities ahead. Net funds raised in the current offer are likely to be invested over the next 2 years as opportunities arise.

 

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 also expected to be paid shortly after year ending 28 February 2023 for the Company to maintain its VCT qualifying status.

 

If you have any questions about your investment, please do not hesitate to contact Triple Point on 020 7201 8990.

 

Jane Owen

Chair

26 October 2022


 

Investment Manager's Review

 

Sector Analysis

 

During the period there have been changes to the Unquoted Investment Portfolio. The Venture Fund has made investments into seven new companies, examples of which can be seen on pages 20-21 of the Investment Manager's Review.  There were also two follow-on deployments into existing Venture Fund portfolio companies.

 

The sector breakdown of the Unquoted Investment Portfolio at 31 August 2022 is as follows:

 

 





 

 

 

 

 

 

 

 

 

 

Electricity Generation

SME Funding


Industry Sector

Fintech

Middleware

Health

Logistics

Insuretech

Proptech

Construction

Field engineering

Cyber Security

HR

RevOps

Education

Content & Design

Hydroelectric Power

Gas Power

Hydroelectric Power

Other

Total Unquoted Investments


£'000

£'000

£'000

£'000

£'000

£'000

£'001

£'002

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

A Shares

-  

-  

-  

-  

-  

-  

-  

-  

-  

-  

-  

-  

-  

533

-  

-  

-  

533

B Shares

-  

-  

-  

-  

-  

-  

-  

-  

-  

-  

-  

-  

-  

-  

5,534

-  

-  

5,534

Venture Shares

5,557

4,154

5,319

1,849

827

1,011

300

300

1,600

3,324

344

641

150

-  

-  

-  

485

25,861


5,557

4,154

5,319

1,849

827

1,011

300

300

1,600

3,324

344

641

150

533

5,534

-  

485

31,928

Unquoted Investments %

17.40%

13.01%

16.66%

5.79%

2.59%

3.17%

0.94%

0.94%

5.01%

10.41%

1.08%

2.01%

0.47%

1.67%

17.33%

0.00%

1.52%

100.00%

 

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


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


-  

-  

-  

-  












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












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

 

 



 

 

 

 

 

 

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