Directors' emoluments compared to payments to shareholders:
31 March 2014 31 March 2013
GBP'000 GBP'000
Dividends paid:
* Ordinary Shareholders 813 312
* A Shareholders 256 -
Share buy-backs 47 47
--------------- ----------------
Total paid to shareholders 1,116 359
--------------- ----------------
Directors' emoluments 40 40
------------------------------------ --------------- ----------------
Directors' Share Interests (audited information)
At 31 March 2014 The Directors held no shares in the Company
(2013: none). At 31 March 2014 no connected parties to the
Directors held any shares (2013: none). There have been no changes
in the holdings of the Directors between 31 March 2014 and the date
of this report. There are no requirements or restrictions on
Directors holding shares in the Company.
Company Performance
Apart from transactions relating to the ESBB and the Tender
Offer there have been no material trades in the Company's shares to
date. Therefore, no performance graph comparing the share price of
the Company over the year ended 31 March 2014 with the total return
from a notional investment in the FTSE All-Share index over the
same period has been included.
No market maker has been appointed and therefore no current bid
and offer price is available for the Company's shares. However the
Board's policy is to buy back shares from shareholders at a 10%
discount to net asset value. The Company will produce a graph of
its share performance once there is sufficient activity that the
graph would be meaningful to shareholders.
Statement of Voting at the Annual General Meeting
The 2013 Remuneration Report was presented to the Annual General
Meeting in July 2013 and received shareholder approval following a
vote on a show of hands. There were no objections and 80,831
abstentions.
Statement of the Chairman
The Directors' fees were fixed at GBP15,000 per annum for the
Chairman and GBP12,500 per annum for other Directors. Following the
Tender Offer, their remuneration will increase, in the case of
David Frank, to GBP17,500 and, in the case of the other Directors,
to GBP15,000 so long as the Company's net asset value exceeds GBP25
million. After the C share allotment on 28 March 2014 the net asset
value exceeded the GBP25 million, as such the Directors'
remuneration increased accordingly. The remuneration of the
Directors reflects the experience of the Board as a whole, is fair
and comparable with that of other relevant Venture Capital Trusts
that are similar in size and have similar investment objectives and
structures. The fees are sufficient to attract and retain the
Directors needed to oversee the Company's affairs.
On behalf of the Board
David Frank
Chairman
29 May 2014
Independent Auditor's Report to the Members of Triple Point
Income VCT plc
We have audited the financial statements of Triple Point Income
VCT plc for the year ended 31 March 2014 which comprise the
Statement of Comprehensive income, the Balance Sheet, the Statement
of Changes in Shareholders' Equity, the Statement of Cash Flows and
the related notes. The financial reporting framework that has been
applied in their preparation is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European
Union.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
Company's members those matters we are required to state to them in
an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company's members as a body,
for our audit work, for this report, or for the opinions we have
formed.
Respective responsibilities of Directors and auditor
As explained more fully in the Directors' Responsibility
Statement set out on page 28 the Directors are responsible for the
preparation of the financial statements and for being satisfied
that they give a true and fair view. Our responsibility is to audit
and express an opinion on the financial statements in accordance
with applicable law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing
Practices Board's Ethical Standards for Auditors
Scope of the audit of the Financial Statements
A description of the scope of an audit of Financial Statements
is provided on the Financial Reporting Council's website at
www.frc.org.uk/apb/scope/private.cfm.
Auditor commentary
An overview of the scope of our audit
Our audit approach was based on a thorough understanding of the
Company's business and is risk-based. The day-to-day management of
the Company's investment portfolio, the custody of its investments
and the maintenance of the Company's accounting records is
outsourced to a third-party service provider. Accordingly, our
audit work is focussed on obtaining an understanding of, and
evaluating, internal controls at the Company and the third-party
service provider, and inspecting records and documents held by the
third-party service provider. We undertook substantive testing on
significant transactions, balances and disclosures, the extent of
which was based on various factors such as our overall assessment
of the control environment, the design effectiveness of controls
over individual systems and the management of specific risks.
Our application of materiality
We apply the concept of materiality in planning and performing
our audit, in evaluating the effect of any identified misstatements
and in forming our opinion. For the purpose of determining whether
the financial statements are free from material misstatement we
define materiality as the magnitude of a misstatement or an
omission from the financial statements or related disclosures that
would make it probable that the judgement of a reasonable person,
relying on the information would have been changed or influenced by
the misstatement or omission. We also determine a level of
performance materiality which we use to determine the extent of
testing needed to reduce to an appropriately low level the
probability that the aggregate of uncorrected and undetected
misstatements exceeds materiality for the financial statements as a
whole.
We established materiality for the financial statements as a
whole to be GBP267,000, which is 1% of the Company's net assets.
For the income statement we determined that misstatements for a
lesser amount than materiality for the financial statements as a
whole would make it probable that the judgement of a reasonable
person, relying on the information, would have been changed or
influenced by the misstatement or omission. Accordingly, we
established materiality for the revenue column of the income
statement to be GBP67,000.
We have determined the threshold at which we communicate
misstatements to the Audit Committee to be GBP3,300. In addition,
we communicate misstatements below that threshold that, in our
view, warrant reporting on qualitative grounds.
Our assessment of risk
Without modifying our opinion, we highlight the following
matters that are, in our judgement, likely to be most important to
users' understanding of our audit. Our audit procedures relating to
these matters were designed in the context of our audit of the
financial statements as a whole, and not to express an opinion on
individual transactions, account balances or disclosures.
Valuation of unquoted investments
Investments are the largest asset in the financial statements,
and they are designated as being at fair value through profit or
loss in accordance with IAS 39 'financial instruments: recognition
and measurement'. Measurement of the value of an unquoted
investment includes significant assumptions and judgements. We
therefore identified the valuation of unquoted investments as a
significant risk requiring special audit consideration.
Our audit work included, but was not restricted to, obtaining an
understanding of how the valuations were performed, consideration
of whether they were made in accordance with published guidance,
discussions with the investment manager, and reviewing and
challenging the basis and reasonableness of the assumptions made by
the investment manager in conjunction with available supporting
information.
The Company's accounting policy on the valuation of unquoted
investments is included in note 2, and its disclosures about
unquoted investments held at the year end are included in note
10.
Recognition of revenue from investments
Investment income is the Company's major source of revenue and
consists of interest earned on loans to investee companies and cash
balances. Revenue recognition is considered to be a significant
risk requiring special audit consideration as it is often a key
factor in demonstrating the performance of the portfolio.
Our audit work included, but was not restricted to, assessing
whether the Company's accounting policy for revenue recognition is
in accordance with IAS 18 'Revenue'; obtaining an understanding of
management's process to recognise revenue in accordance with the
stated accounting policy and the internal controls over that
process; and, for a sample of income, determining that the income
has been recognised in accordance with that policy by agreeing
interest income to bank statements and information used to compute
loan interest income to loan agreements loan interest income to
loan agreements.
The accounting policy on the recognition of income is shown in
note 2 and the components of that revenue are included in note
4.
Triple Point (LSE:TPV1)
Historical Stock Chart
From May 2024 to Jun 2024
Triple Point (LSE:TPV1)
Historical Stock Chart
From Jun 2023 to Jun 2024
