TRIPLE POINT VCT 2011 PLC — Interim / Quarterly Report 2021

Oct 12, 2021

National Storage Mechanism | Additional information RNS Number : 7223O

Triple Point VCT 2011 PLC
12 October 2021

12 October 2021

Triple Point VCT 2011 plc (the "Company")

RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2021

The Directors of Triple Point VCT 2011 plc are pleased to announce the unaudited results for the six months ended 31 August 2021. You may view the Interim Report in due course on the Triple Point website: www.triplepoint.co.uk.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP (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. The Investment Manager is Triple Point Investment Management LLP. The Company was established to fund small and medium sized enterprises (SMEs). The Company launched a new share class, known as The Venture Fund, in March 2019 which is mandated to invest in SMEs producing products or digital services that solve challenges faced by their larger corporate customers.

Financial Summary

Six months ended 31 August 2021 (Unaudited)

	A Shares	B Shares	Venture Shares	Total
Net assets £'000	4,838	3,847	25,609	34,294
Net asset value per share Pence	49.49p	56.91p	110.91p
Profit/(loss) before tax £'000	62	(38)	4,239	4,263
Earnings/(loss) per share Pence	0.50p	(0.47p)	21.29p

Cumulative return to shareholders (p)

	A Shares	B Shares	Venture Shares
Net asset value per share	49.49p	56.91p	110.91p
Total dividends paid	73.50p	10.00p	6.00p
Net asset value plus dividends paid	122.99p	66.91p	116.91p

Year ended 28 February 2021 (Audited)

	A Shares	B Shares	Venture Shares	Total
Net assets £'000	5,216	3,907	14,209	23,331
Net asset value per share Pence	52.43p	57.36p	93.26p
Profit/(loss) before tax £'000	172	(2,772)	(209)	(2,809)
Earnings per share Pence	1.40p	(40.41p)	(1.16p)

Cumulative return to shareholders (p)

	A Shares	B Shares	Venture Shares
Net asset value per share	52.43p	57.36p	93.26p
Total dividends paid	70.00p	10.00p	3.00p
Net asset value plus dividends paid	122.43p	67.36p	96.26p

Six months ended 31 August 2020 (Unaudited)

	A Shares	B Shares	Venture Shares	Total
Net assets £'000	5,154	6,612	11,232	22,998
Net asset value per share Pence	51.79p	97.13p	90.00p
Profit/(loss) before tax £'000	95	(55)	(667)	(627)
Earnings/(loss) per share Pence	0.76p	(0.64p)	(5.71p)

Cumulative return to shareholders (p)

	A Shares	B Shares	Venture Shares
Net asset value per share	51.79p	97.13p	89.54p
Total dividends paid	70.00p	10.00p	3.00p
Net asset value plus dividends paid	121.79p	107.13p	92.54p

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.

• 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.
• Venture Shares ("Venture Fund"): On 20 August 2021 the third Venture Fund offer closed having raised gross proceeds of £10.7 million with a total of 10,795,347 Venture Shares being issued. This takes gross proceeds raised to date to £23.4 million and 23,087,868 Venture Shares have now been issued.

Key Highlights

• A Shares Cumulative Dividends Paid: 73.50p (a dividend of 3.50 pence per A Share was paid on 25 June 2021).
• B Shares Cumulative Dividends Paid: 10.00p (nil B share dividends paid during the period).
• Venture Shares: 6.00p (a dividend of 3.00 pence per Venture Share was paid on 30 July 2021).
• Total Return per A Share *: 122.99p (total Return for the A Share Class includes cumulative dividends paid of 73.50 pence per A share).
• Total Return per B Share *: 66.91p (total Return for the B Share Class includes cumulative dividends paid of 10.00 pence per B share).
• Total Return per Venture Share *: 116.91p (total Return for the Venture Share Class includes cumulative dividends paid of 6.00 pence per Venture share).
• Fundraising: £10.7 m into the Venture Fund offer which closed on 20 August 2021.

*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.

Chair's Statement

I am writing to present the Interim Report for the Company for the period ended 31 August 2021. This period has seen a welcome lift to the restrictions in place due to the Covid-19 pandemic to the 'new normal', both for our businesses and the wider marketplace. Our Venture portfolio has continued to perform well through the current period, having made six new qualifying investments, at a total investment of £6.7 million. It has also seen an increase in the NAV of 80% since 28 February 2021. Further information on the investment portfolio for all the Share Classes can be found below and in the Investment Manager's review.

Offer for Subscription of Venture Shares

The recent Offer for Subscription of Venture Shares closed on 20 August 2021. The Board are pleased to announce that the offer raised £10.7 million and resulted in the issuance of 10,795,347 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 £15 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 15 September 2021, subject to Shareholder approval, and will close on 29 July 2022.

Investment Portfolio

The Company's funds at 31 August 2021 were 88% 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 remain fully deployed 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 2021, the Venture Fund had deployed £15.0 million into 25 qualifying investments. Our latest new investment, Ryde, closed in July 2021, and there were 3 further follow-on investments during the month of August taking deployment in the Share Class to over 60%.

Regulation

Legislation introduced through the Finance Act 2018 began to apply to the Company from 1 March 2020, implementing an increase in the qualifying investment test to 80%. The Investment Manager continues to monitor this ratio closely and the Board are pleased that the Company comfortably continues to meet the new requirements. In line with HMRC guidance, any new investments made by the Company are now self-assured by the Board and the Investment Manager on a case-by-case basis and always with confirmation from professional legal advisers that they are Qualifying Investments, unless the company has already received a suitable advance assurance directly from HMRC. Advance assurance is sought where there is an element of uncertainty or doubt over the application of the rules. The Company continued to satisfy all other tests relevant to its status as a Venture Capital Trust.

A Share Class

At the Company's A Share Class meeting on 28 July 2021, the Board put forward a resolution to proceed with the disposal of its assets, which was passed on a show of hands. Following this resolution, and as announced on 29 September 2021, the Board is pleased to report that it has entered into a period of exclusivity with a preferred bidder for the sale of a substantial part of its portfolio of hydroelectric assets which are predominantly held in the A Share Class, with the exception of its interest in Green Highland Shenval Limited "Shenval". Separately, the Company is exploring the options to dispose of its interest in Shenval once a favourable sale price and terms can be achieved, and an update will be provided to A Shareholders in due course. The company has revised its dividend target for the A Share Class, such that the net proceeds of the sale of the hydroelectric assets would be paid to A Shareholders following the sale of its assets. At the appropriate time, the Company will seek shareholder approval at a general meeting to wind down and ultimately to cancel the A share class. During the period, the Board has exercised its discretion not to facilitate share buybacks in the A Share Class due to insufficient liquidity. The Board will continue to monitor this position. The A Share Class has recorded a profit over the period of 0.50 pence per share and as at 31 August 2021 the NAV per share stood at 49.49 pence per share. Following payment of the most recent 3.50 pence per share dividend, A Shareholders have now received an amount of 73.5 pence per share, excluding the initial tax relief of 30%. Total return for the A Share Class, which consists of the net assets plus dividends paid to investors since launch, currently stands at 122.99 pence per share. Therefore, we are achieving our target for the A Share Class.

B Share Class

The B Share Class has qualifying investments in two companies that have each constructed a gas fired energy centre. The B Share Class has recorded a small loss over the period of 0.47 pence per share due to running costs of the Share Class exceeding income.# Interim Report for the Six Months Ended 31 August 2021

B Share Class

At 31 August 2021 the NAV per share stood at 56.91 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 66.91 pence per share. The Board note that due to an insufficient number of votes being cast, the resolution at the AGM on 12 July 2021 in respect of the sale of the B Share Class Assets failed to carry. Nevertheless, the Board note that the votes which were cast were overwhelmingly in favour of a sale and that the B Share Class has now surpassed its 5-year holding period. However, in light of the water ingress issue explained further in the Investment Manager's Review, it is the Investment Manager and the Board's view that any sale process for the assets should be re-evaluated once the engine has been repaired and better indications of future availability have been demonstrated. At that time, the Board will evaluate whether it should reapproach the market to sell the assets or continue to retain them in order to optimise returns for B Shareholders. Separately, the B Share Class interest in Broadpoint 3 Limited is included as part of the hydroelectric asset sale as set out in the update for the A Share Class. Once the Company's interest in Broadpoint 3 Limited has been disposed, at the appropriate time, the proceeds of sale will be returned to B Shareholders by way of a special dividend. In addition, where the Board receives excess cash generated through the gas fired energy assets prior to their sale, it will consider whether it is appropriate to declare an additional dividend. During the period, the Board has exercised its discretion not to facilitate share buybacks in the B Share Class due to insufficient liquidity. The Board will continue to monitor this position.

Venture Fund

The Venture Fund recorded a healthy profit during the period of 21.29 pence per share, largely due to unrealised net gains in the values of its portfolio investments. As explained below this was a result of several of the Fund's earlier investments having successful follow-on funding rounds at higher share price valuations, offset to some extent by some provisioning being made against investments that have underperformed. A year ago, we focused on the impact of Covid-19 on the portfolio however we are pleased to report that the Venture Fund has, so far, come through this difficult period relatively unscathed. The Fund benefited from being a relatively young fund going into the Covid-19 lockdowns and associated economic and revenue disruptions during 2020. The Investment Manager was able to benefit from the Fund's high liquidity position to deploy substantial funds into new opportunities in 2020/21, taking advantage of an acceleration of innovation in the market. In addition, the investment portfolio already in place pre-pandemic generally benefited from having raised money just ahead of the pandemic and hence those companies were in a healthy position to withstand any temporary business shocks from Covid-19. Furthermore, given the Fund's business-to-business software focus, there was relatively little exposure to the sectors more impacted by Covid-19 such as travel and hospitality. Some businesses in fact saw a benefit from the change or acceleration in some societal dynamics over the last 18 months. These include, for example, HeyDoc, where their health sector software includes easy facilitation of video calls for medics which has boosted its popularity, and Ably Realtime, whose solutions for reducing data latency continued to be in strong demand as the world went digital. Both companies had successful fundraises in the period under review at valuations which were meaningfully higher than when the Fund had originally invested in 2019. Both fund raises were led by new independent investors with the Venture Fund expressing its confidence in the future of both businesses by subscribing for our pro rata share of these raises. There have been a number of other increases in valuations and some provisions made across the portfolio during this half year. Our valuation policy is based primarily on share prices achieved in the latest material funding round involving 3rd party investors, and with provisions being made against valuations where in our judgment a portfolio company is underperforming. In general, the portfolio has been maturing with the slightly more seasoned investments dating from 2019 seeing, on balance, upward valuations which has led to the rise in the Venture Fund NAV mentioned above. The Fund's NAV has seen several positive increases over the last 18 months as the investee company valuations have recovered from some weakness at the onset of Covid-19 to benefit from the trends mentioned above as well as the general recovery in investor risk appetite and funding availability for technology start-ups. 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. By the end of August 2021, all the Venture Fund's 2019 and 2020 raises had been invested into qualifying venture investments, and the share class is currently over 75% invested. There were 14 investments made in the period under review including 6 new investments and 8 follow-on investments into existing portfolio companies, reflecting the maturing of the 2019 investments. While all the investments involved software services or platforms, the sub-sectors included Cyber-security, Middleware software, logistics, Digital Health and Fintech. More detail on these investments can be found in the Investment Manager's Review. Both the Board and the Investment Manager believe Environmental, Social and Governance ("ESG") considerations are important and they are taken into account through the investment process within the Venture Fund. Whilst early-stage companies do not 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.

Outlook

The Board are pleased with the progress in the sale of the hydroelectric assets in the A Share Class following the A Share Class Meeting in July 2021. As reported to the market, the Company has entered into a period of exclusivity with a preferred bidder for sale of a substantial part of its portfolio of hydroelectric power assets which are predominantly held in the A Share Class. The Company will seek to dispose of the remaining asset in the A Share Class once a favourable sale price and terms are achieved. The Board will re-evaluate whether it should reapproach the market to sell the gas-fired energy centre assets or retain the assets once the operational issues have been rectified. The venture capital funding market has been very robust of late, making it a good time to be a founder with a good idea seeking investment. We are conscious that the funding market for our portfolio companies may not always be so supportive and that there continue to be economic uncertainties, not least around the continued global pandemic. We are pleased to report that the third Venture Fund offer for subscription closed on 20 August 2021 having raised £10.7 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 two further investments that are already under heads-of-terms and in the process of deal execution. As highlighted above, the new offer for subscription announced on 15 September 2021, subject to Shareholder approval, 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. If you have any questions about your investment, please do not hesitate to contact Triple Point on 020 7201 8990.

Jane Owen
Chair
11 October 2021

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 six new companies, examples of which can be seen below in the Investment Manager's Review. There were also six follow-on deployments into existing Venture Fund portfolio companies. The Unquoted Investment Portfolio can be analysed as follows:

Industry Sector	Fintech	Middleware	Health	Logistics	Insuretech	Proptech	HR	Cyber Security	Education	Content & Design	Hydroelectric Power	Gas Power	Hydroelectric Power	Other	Total Unquoted Investments
£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Investments at 31 August 2021
A Shares	-	-	-	-	-	-	-	-	-	-	4,887	-	-	-	4,887
B Shares	-	-	-	-	-	-	-	-	-	-	-	2,969	1,005	-	3,974
Venture Shares	5,678	4,285	4,175	1,751	2,151	1,088	351	800	354	121	-	-	-	495	21,228
Total	5,678	4,285	4,175	1,751	2,151	1,088	351	800	354	121	4,887	2,969	1,005	495	30,089
Unquoted Investments %	18.87%	14.24%	13.88%	5.82%	7.15%	3.62%	1.17%	2.66%	1.18%	1.18%	16.24%	9.87%	3.34%	1.61%	100.00%

• Other SME funding includes £455,000 of Venture Fund investment into a UK-based company which provides finance to small and medium-sized enterprises.

Asset Allocation Summary

• A Share Class
  • Hydroelectric Power: 100%
• B Share Class
  • Gas Power: 85%
  • SME Funding: 15%
  • Hydroelectric Power: 100%
• Venture Fund
  • Fintech: 27%
  • Middleware: 20%
  • Health: 20%
  • Insuretech: 10%
  • Logistics: 8%
  • Proptech: 5%
  • HR: 4%
  • Cyber Security: 2%
  • Education: 2%
  • SME Funding - Other: 2%
  • Content & Design: 1%
  • 100%

We have the pleasure in presenting our interim review for the six months ended 31 August 2021.# Review & Future Developments

The past six months encompasses both a period of continued Covid-19-related lockdown and the subsequent staged opening of most of the economy and many social activities that had previously been restricted. The UK and global economy have continued their recovery from the shock of 2020, supported by significant fiscal spending and unprecedented monetary stimulus across many geographies. Both public and private capital investment markets have bounced back strongly from earlier weakness, with activity in the UK venture capital market for example returning to pre-Covid-19 highs. We are currently in an environment of rapid innovation and robust economic growth, but uncertainties seem even higher than usual, not least the question of whether a partially Covid-19-vaccinated world may face further social and/or economic disruption if Covid-19 infections surge during the northern hemisphere's winter months.

Energy Investments - Active Asset Management

Both the A and B Share Class remain fully invested across companies in the hydroelectric power sector and the gas power sector. Despite the ongoing pandemic and the change in electricity demand profile, investments across both share classes continue to generate electricity. Triple Point continue to work actively to both increase the value of the Company's A and B Share Class portfolio through operational improvements in the underlying assets and to protect value where market conditions have deteriorated, this is best illustrated by fixing power prices in the near term. Other areas where hands-on asset management delivers additional shareholder value is in relation to the negotiation of major commercial contracts including the power purchase agreements for each individual site and operation and maintenance agreements. Triple Point continue to seek to reduce operating costs on a project by project basis by, for example, successfully appealing business rates assessments which has delivered significant savings for investee companies.

A Share Class

The A Share Class has investments in five hydroelectric companies which between them own six hydroelectric schemes in the Scottish Highlands. All six schemes have been commissioned and are operational. The primary means of optimising revenue from, and hence capital value of hydroelectric assets is to ensure the plant is kept available to generate electricity and to increase the revenue per unit produced. The highest levels of electricity generation can be achieved by proactive management by the operation and maintenance providers through managing planned downtime and ensuring that unplanned downtime is kept to a minimum.

During the period to 31 August 2021, the hydroelectric companies generated 1,816 MWh of electricity. Based on an average of 3.81 MWh annual use per household, the companies generated enough electricity for 477 homes during the period. Low rainfall across the Scottish Highlands over the period has had a significant impact on output, which has fallen by c.50% on the same period last year, however, it was envisaged in the forecast that there would be periods of low rainfall over the operational lifetime of the assets.

In the wider market, power prices are rising and power purchase agreements ("PPAs") entered into by the hydro companies continue to be above the government FiT Export Tariff of 5.50p per kWh, at 7p per kWh. There continues to be substantial uncertainty surrounding Ofgem's ongoing review of the embedded benefits regime which could impact the pricing under the PPAs from 2023-2024 onwards, at which time it is expected that the assets would have been disposed. In addition, there continues to be no notable impact of Covid-19 on the maintenance of the hydro schemes and sourcing parts has not been an issue.

As set out in the Chair's Statement, the Company has entered into an exclusivity agreement for the disposal of its hydroelectric assets predominantly held in the A Share Class, with the exception of its interest in Green Highland Shenval Limited "Shenval". A sale at this time enables A shareholders to capitalise on the current favourable market conditions reflecting low discount rates, scarcity of in demand hydroelectric assets with inflation-linked Feed-In-Tariff Income, and a long c.15 year remaining FIT period, making these assets attractive to a buyer. Given that this area of the market is relatively niche, several bidders with a strong understanding of small scale run of the river hydroelectric assets were selected and invited into the sale process to optimise value for A shareholders. Pleasingly, offers were received from all those invited to bid and the offers were assessed by a dedicated sell side team within Triple Point and presented to the Board. Bids were assessed based on reference to key criteria of: consideration; conditionality of the bid; and acceptance of the share price agreement terms, with a preferred bidder being chosen. The Investment Manager was pleased with the outcome of the process and will work together with the Board and the preferred bidder to complete the transaction prior to the conclusion of the exclusivity period.

B Share Class

The B Share Class remains fully invested with two Qualifying Investments in companies operating gas fired energy centres. Both energy centres were commissioned in May 2018 and consist of containerised gas combustion engines that generate electricity for onward sale, especially at times when there is high demand for power. Although renewable energy makes an increasing contribution to the supply of energy in the UK, the irregular nature of its production means that other sources will continue to be required to make up the deficit. The fast start up times and low running costs of the gas fired energy centres allow them to take advantage of increased energy market volatility caused by the continued penetration of irregular renewables onto the grid. For example, if there is a sudden lull in wind output, prices begin to spike and the energy centres can quickly take a profitable advantage, whilst simultaneously helping balance the grid.

During the period to 31 August 2021, Green Peak Generation Limited produced 5,848 MWh of electricity and Distributed Generators Limited produced 5,142 MWh. Based on an annual use of 3.8MWh electricity per household, this equates to enough electricity to power 3,087 and 2,706 homes respectively.

There have been operational challenges during the period causing both companies to underperform expectations based on energy generation. That said, the electricity market has been very favourable over the period, and both companies were able to trade their operating engines successfully. Notably Green Peak has returned to achieving gross profits of just under expected levels over the six months.

One of the three engines operated by Green Peak Generation has been offline caused by damage due to a water ingress issue. The damage to this asset has been evaluated by the original manufacturer who will be carrying out the necessary repairs as soon as practically possible. Green Peak has notified its insurers and is proceeding with a full insurance claim. It is expected that the insurance will cover both the property damage and business interruption for the downtime of the engine. We and the Board are monitoring the progress of repairing the engine and insurance claims closely.

Distributed Generators Limited has also suffered from some availability issues which have been compounded by delays procuring some spare parts. Since it has only two engines this has meant that any engine fault reduces availability (and profitability) more significantly than at other similar sites. The Investment Manager has increased its contact with its asset managers and maintenance contractor in recent months to ensure diagnostics and part procurement are occurring as swiftly as possible. Both engines at Distributed Generators Limited are now fully available.

Venture Fund

The Venture Fund was initially launched in September 2018 and has raised ��23.41m to date net of costs, including most recently its third offer, which closed on 21 August 2021 having raised a further ��10.7 million. The Triple Point team began investing the fund in April 2019 and as at 31 August 2021 have completed 25 unique 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, there have been a number of follow-on investments into existing portfolio companies, particularly in the 6-month period under review. Follow on investments were made into Ably, Bkwai, Heydoc, Localz, Quit Genius and Vyne Technologies. With all the investments under review, the Fund has coinvested with other venture capital funds and/or angel investors.

A number of those companies have seen material valuation uplifts which has contributed to the rise in the Venture Fund's NAV in the period. The Fund's valuations for these companies 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 and, where appropriate, provisions have been taken against the Fund's valuation of those companies. To date, none of the Fund's portfolio has failed but it is in the nature of venture investing that we will see failures in future. While some of the costs of doing business for venture-backed start-ups have risen as the economy has recovered, notably skilled staff costs, the rate of innovation remains compelling and the Triple Point team are continuing to see a healthy pipeline of potential opportunities for the Fund.Our London Evening Standard-backed 'Kick Start' campaign, which we discussed last year and which allows direct applications for funding by innovative early stage UK businesses, continues to be in place. We are still seeing many such opportunities even though the range of funding options early stage companies has increased notably since mid-2020. 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 Net Asset Value. The total deployed by the Venture fund to date, including both qualifying and non-qualifying investments, is £15.5 million. The balance of the Share Class's assets are held in cash and cash deposits. As mentioned above, during the period, the Venture Fund made six new qualifying investments, at a total cost of £3.6 million. Their businesses are described briefly below:

Seedata - Seedata provides assurance to a company's existing cybersecurity suite, by creating honeypots for potential cyber-attacks by planting trackable data records (seeds) into the databases, emails and CRMs of its clients (via APIs). These seeds then monitor for any evidence of that data having been stolen. The seeds are replaced regularly in order to create a time stamp to determine the date of the breach and the client can choose to replace the seeds daily, weekly or monthly. The platform benefits from only requiring a few hours of set-up time for new customers.

Stepex - StepEx is the first FCA authorised financial institution providing "Future Earning Agreements" (FEAs). FEAs are an alternative to term loans and are a credit instrument where the 'borrower' pays a portion of their future earnings for a fixed period to the 'lender'. London Business School, INSEAD, Makers Academy and General Assembly are StepEx clients, as are a number of other education providers, who see this as a marketing tool to sell extra courses.

Anorak - Anorak is an FCA regulated online adviser broker reinventing the life insurance distribution model. Lack of scalable distribution is credited with being part of the problem. Policies are predominately sold via IFAs and brokers as online price comparison sites are not able to provide the advice consumers require. Anorak is attempting to become the Moneysupermarket of the life insurance industry.

Ryde - Ryde provides a fully integrated delivery management platform combining the best of fleet management software, third party logistics software and a flexible workforce to Ecommerce companies utilizing deliveries, enabling them to more effectively manage their demand by supplementing their own fleet with third party fleets and Ryde's own fleet.

Nook - Nook's platform creates a "shared ledger" between suppliers and buyers by integrating their accounting software and using the open banking API to verify sending and receipt of payments. This two-way syncing of ledgers minimises manual data entry and eliminates PDF documents being sent via email, making the verification, and payment of invoices faster, cheaper, and less prone to fraud. The platform enables suppliers and buyers to communicate and edit 'invoices' via the shared ledger without having to send, change and resend PDFs and aims to automate the workflows in AP and AR out of existence.

Tickitto - Tickitto is building a universal API for tickets to events and experiences, with the goal of becoming the rails that the distribution of tickets runs on, representing a $4.8bn revenue opportunity over the next 5 years. With a few lines of code, developers can integrate and go live using Tickitto within a few hours versus incurring the time and costs of building all the integrations themselves.

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. A slower rate of deployment may be anticipated for the immediate few months, but the 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 despite the growth in the Fund over the last 12 months, 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 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. We remain committed to seeking to improve availability of the assets within the A and B share classes and achieving an optimal value for the sale of the hydroelectric assets.

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

Ian McLennan
Partner
For Triple Point Investment Management LLP
11 October 2021

Investment Portfolio Summary

	Unaudited 31 August 2021		Audited 28 February 2021
	Cost ��'000	Valuation %	Cost ��'000	Valuation %
Unquoted qualifying holdings	24,185	79.03	28,600	81.64
Non-Qualifying holdings	1,476	4.82	1,489	4.25
Financial assets at fair value through profit or loss	25,661	83.85	30,089	85.89
Cash and cash equivalents	4,944	16.15	4,944	14.11
	30,605	100.00	35,033	100.00

	Unaudited 31 August 2021		Audited 28 February 2021
	Cost ��'000	Valuation %	Cost ��'000	Valuation %
Unquoted qualifying holdings	17,500	71.64	16,348	70.20
Non-Qualifying holdings	1,475	6.04	1,488	6.39
Financial assets at fair value through profit or loss	18,975	77.68	17,836	76.59
Cash and cash equivalents	5,451	22.32	5,451	23.41
	24,426	100.00	23,287	100.00

Qualifying Holdings

Unquoted Venture Investments

	Cost ��'000	Valuation %	Cost ��'000	Valuation %	Cost ��'000	Valuation %	Cost ��'000	Valuation %
Degreed Inc.	300	0.98	328	0.94	300	1.23	315	1.35
Augnet Ltd.	300	0.98	-	-	300	1.23	150	0.64
MWS Technology Ltd	150	0.49	353	1.01	150	0.61	177	0.76
Counting Ltd (t/a Counting Up)	920	3.01	1,044	2.98	920	3.77	1,044	4.48
Ably Real Time Ltd	1,312	4.29	3,284	9.37	500	2.05	500	2.15
Heydoc Limited	760	2.48	1,374	3.92	400	1.64	400	1.72
Vyne Technologies Limited	1,127	3.68	3,484	9.95	560	2.29	894	3.84
Aventus Platform Limited	700	2.29	450	1.28	500	2.05	475	2.04
Digital Therapeutics Inc (t/a Quit Genius)	1,245	4.07	2,800	7.99	698	2.86	614	2.64
Adfenix AB	799	2.61	712	2.03	799	3.27	723	3.10
Credit Kudos	500	1.63	400	1.14	500	2.05	500	2.15
Artificial Artists	150	0.49	120	0.34	150	0.61	150	0.64
Veremark	450	1.47	471	1.34	150	0.61	150	0.64
Localz	750	2.45	750	2.14	500	2.05	500	2.15
Sealit	200	0.65	200	0.57	200	0.82	200	0.86
Bkwai	250	0.82	125	0.36	200	0.82	200	0.86
Exate	500	1.63	500	1.43	500	2.05	500	2.15
Expression Insurance	500	1.63	500	1.43	500	2.05	500	2.15
Kamma	500	1.63	250	0.71	500	2.05	500	2.15
Seedata	150	0.49	150	0.43	-	-	-	-
Stepex	499	1.63	499	1.42	-	-	-	-
Anorak	700	2.29	700	2.00	-	-	-	-
Ryde	1,000	3.27	1,000	2.85	-	-	-	-
Nook	250	0.82	250	0.71	-	-	-	-
Tickitto	1,000	3.27	1,000	2.85	-	-	-	-

Hydroelectric Power

	Cost ��'000	Valuation %	Cost ��'000	Valuation %	Cost ��'000	Valuation %	Cost ��'000	Valuation %
Green Highland Allt Choire A Bhalachain (255) Limited	30	0.10	36	0.10	30	0.12	36	0.15
Green Highland Allt Ladaidh (1148) Limited	1,470	4.80	2,201	6.28	1,470	6.02	2,201	9.45
Green Highland Allt Luaidhe (228) Limited	855	2.79	1,037	2.96	855	3.50	1,037	4.45
Green Highland Allt Phocachain (1015) Limited	858	2.80	1,021	2.91	858	3.51	1,021	4.38
Green Highland Shenval Limited	860	2.81	592	1.69	860	3.52	592	2.54

Gas Power

	Cost ��'000	Valuation %	Cost ��'000	Valuation %	Cost ��'000	Valuation %	Cost ��'000	Valuation %
Distributed Generators Limited	3,200	10.46	1,925	5.49	3,200	13.10	1,925	8.27
Green Peak Generation Limited	1,900	6.21	1,044	2.98	1,900	7.78	1,044	4.48
Total Qualifying Holdings	24,185	79.03	28,600	81.64	17,500	71.64	16,348	70.20

Non-Qualifying Holdings

Unquoted SME Funding: Hydroelectric Power

	Unaudited 31 August 2021		Audited 28 February 2021
	Cost ��'000	Valuation %	Cost ��'000	Valuation %
Broadpoint 2 Limited	-	-	-	-
Broadpoint 3 Limited	1,005	3.28	1,005	2.87

Other

	Unaudited 31 August 2021		Audited 28 February 2021
	Cost ��'000	Valuation %	Cost ��'000	Valuation %
Modern Power Generation Limited	471	1.54	484	1.38
Total Non-Qualifying Holdings	1,476	4.82	1,489	4.25

	Unaudited 31 August 2021		Audited 28 February 2021
	Cost ��'000	Valuation %	Cost ��'000	Valuation %
Broadpoint 3 Limited	1,005	4.11	1,005	4.32
Modern Power Generation Limited	470	1.92	483	2.07
Total Non-Qualifying Holdings	1,475	6.04	1,488	6.39

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 on a quarterly basis. 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 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. The Investment Manager 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, as set out in further detail on page 46 of its Annual Report available at: https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/.

Financial Risk

As a VCT the Company is exposed to market price risk, credit risk, fair value risk, liquidity 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 2021 Annual Report available at: https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/.

Covid-19 pandemic

The Covid-19 pandemic has caused and could continue to cause economic disruption and depression, closure of businesses, staff absences, unemployment, reduction of consumer demand, and sectoral restructuring. This may impact on investee companies' performance and valuation metrics, ability to exit investments on a timely basis, ability to raise new funds and ability to make new investments.

Mitigation: Deployment of funds into a number of investee companies across a diverse range of sectors. TPIM has been in close contact with investee companies to ensure that they are able to maximise their runway during the disruption caused by the Covid-19 pandemic, and the Company regularly monitors their performance and appropriateness of their valuations.

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 annually 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 Group, including those risks that would threaten its business model, future performance, solvency or liquidity and reputation.

Emerging Risks

Climate Change and related legislation

Taking into account the potential impact of climate change and any related legislation which may be enacted in respect of meeting the UK's climate change targets, an assessment of the key risks for each share class has been considered. If a change in Government renewable energy policy were applied retrospectively to current operating projects including those in the A Share Class, or indirectly through interests in the B Share Class, this could adversely impact the market price for the hydroelectric assets or the value of the green benefits earned from generating renewable energy. Further, performance of hydroelectric assets may be adversely affected by lower or more concentrated rainfall in Scotland. Performance will continue to be monitored closely. The risk of climate change and related legislation has already impacted the B Share Class gas-fired energy centres, as discussed further in the Investment Manager's Review on pages 41 to 43 of the 2021 Annual Report available at: https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/. Climate Change or related legislation is unlikely to have a major impact on the Venture Share Class by the nature of its investments and diversification of its portfolio.

Directors' Responsibility Statement

The Directors have elected to prepare the Interim Report for the Company in accordance with International Financial Reporting Standards ("IFRS"). In preparing the Interim Report for the six month period to 31 August 2021, the Directors confirm that to the best of their knowledge this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union and that the Chair's Statement on pages above includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure and Transparency rules of the United Kingdom's Financial Conduct Authority namely:

a) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of specific risks and uncertainties for the remainder of the accounting period;
b) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006;
c) the Interim Financial Report includes a fair review of related party transactions and changes therein. There were no related party transactions for the accounting period; and
d) the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.

This Interim Financial Report has not been audited or reviewed by the auditors.

Jane Owen
Chair
11 October 2021

Unaudited Statement of Comprehensive Income

For the six months ended 31 August 2021

		Unaudited Six months ended 31 August 2021	Audited Year ended 28 February 2021	Unaudited Six months ended 31 August 2020
		Revenue Capital Total	Revenue Capital Total	Revenue Capital Total
		��'000 ��'000 ��'000	��'000 ��'000 ��'000	��'000 ��'000 ��'000
Investment income	4	173 - 173	374 - 374	199 - 199
(Loss)/gain arising on the revaluation of investments at the period end		- 5,530 5,530	- (2,485) (2,485)	- - -
Investment return		173 5,530 5,703	374 (2,485) (2,111)	199 (539) (340)
Investment management fees	5	207 57 264	252 84 336	118 40 158
Other expenses		407 - 407	362 - 362	129 - 129
Performance Fee	6	- 769 769	- - -	- - -
		614 826 1,440	614 84 698	247 40 287
(Loss)/profit before taxation		(441) 4,704 4,263	(240) (2,569) (2,809)	(48) (579) (627)
Taxation	8	38 156 194	41 16 57	4 8 12
(Loss)/profit after taxation		(403) 4,860 4,457	(199) (2,553) (2,752)	(44) (571) (615)
Other comprehensive income		- - -	- - -	- - -
Total comprehensive (loss)/income		(403) 4,879 4,476	(199) (2,553) (2,752)	(44) (571) (615)
Basic & diluted earnings per share (pence)
A Shares	9	0.61p (0.11p) 0.50p	1.62p (0.22p) 1.40p	0.87p (0.11p) 0.76p
B Shares	9	(0.47p) - (0.47p)	(1.36p) (39.05p) (40.41p)	(0.60p) (0.04p) (0.64p)
Venture Shares	9	(2.08p) 23.37p 21.29p	(2.17p) 1.01p (1.16p)	(0.79p) (4.92p) (5.71p)

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 2021

Company No: 07324448

		Unaudited 31 August 2021	Audited 28 February 2021	Unaudited 31 August 2020
	Note	��'000	��'000	��'000
Non-current assets
Financial assets at fair value through profit or loss		30,089	17,836	17,375
Current assets
Receivables		385	445	437
Cash and cash equivalents	10	4,943	5,451	5,597
		5,328	5,896	6,034
Total assets		35,417	23,732	23,409
Current liabilities
Payables and accrued expenses		1,377	459	423
Current taxation payable		(254)	(58)	(12)
		1,123	401	411
Net assets		34,294	23,331	22,998
Equity attributable to equity holders
Share capital		397	320	294
Share Premium		22,652	14,847	19,158
Share redemption reserve	7	2	2	2
Special distributable reserve	8	8,635	9,657	3,268
Capital reserve		3,564	(1,296)	686
Revenue reserve		(961)	(199)	(410)
Total equity		34,294	23,331	22,998
Shareholders' funds
Net asset value per A Share	11	49.49p	52.43p	51.79p
Net asset value per B Share	11	56.91p	57.36p	97.13p
Net asset value per Venture Share	11	110.91p	93.26p	89.54p

The statements were approved by the Directors and authorised for issue on 11 October 2021 and are signed on their behalf by:

Jane Owen
Chair
11 October 2021

The accompanying notes are an integral part of this statement.# Unaudited Statement of Changes in Shareholders' Equity

For the six months ended 31 August 2021

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 2021
Opening balance	320	14,847	2	9,657	(1,296)	(199)
Issue of share capital	79	8,073	-	-	-	-
Cost of issue of shares	-	(268)	-	-	-	-
Buy back of own shares	(2)	-	5	-	-	(359)
Dividends paid	-	-	-	(1,022)	-	-
Transfer between share classes	-	-	-	-	-	-
Transactions with owners	77	7,805	5	(1,022)	-	(359)
Loss before taxation	-	-	-	-	4,727	(441)
Taxation	-	-	-	-	152	38
Loss after taxation	-	-	-	-	4,879	(403)
Other comprehensive income	-	-	-	-	-	-
Total comprehensive loss for the period	-	-	-	-	4,879	(403)
Balance at 31 August 2021	397	22,652	7	8,635	3,564	(961)

The Capital Reserve consists of:
Investment holding gains 4,431
Other realised losses (848)
3,583

Year ended 28 February 2021

Issued Capital	Share Premium	Share Redemption Reserve	Special Distributable Reserve	Capital Reserve	Revenue Reserve	Total
��'000	��'000	��'000	��'000	��'000	��'000	��'000
Opening balance	235	13,598	2	4,279	1,257	(1)
Issue of share capital	85	8,236	-	-	-	-
Cost of issue of shares	-	(231)	-	-	-	-
Cancellation of Share Premium	-	(6,756)	-	6,756	-	-
Dividend Paid	-	-	-	(1,378)	-	-
Transactions with owners	85	1,249	-	5,378	-	-
Profit after taxation	-	-	-	-	(2,569)	(239)
Other comprehensive income	-	-	-	-	16	41
Total comprehensive profit for the period	-	-	-	-	(2,553)	(198)
Balance at 28 February 2021	320	14,847	2	9,657	(1,296)	(199)

The Capital Reserve consists of:
Investment holding losses (1,099)
Other realised losses (197)
(1,296)

Six months ended 31 August 2020

Issued Capital	Share Premium	Share Redemption Reserve	Special Distributable Reserve	Capital Reserve	Revenue Reserve	Total
��'000	��'000	��'000	��'000	��'000	��'000	��'000
Opening balance	235	13,598	2	4,279	1,257	(1)
Issue of share capital	59	5,740	-	-	-	-
Cost of issue of shares	-	(180)	-	-	-	-
Dividends paid	-	-	-	(1,377)	-	-
Transactions with owners	59	5,560	-	(1,377)	-	-
Loss before taxation	-	-	-	-	(579)	(47)
Taxation	-	-	-	-	8	4
Loss after taxation	-	-	-	-	(571)	(43)
Other comprehensive income	-	-	-	-	-	-
Total comprehensive loss for the period	-	-	-	-	(571)	(43)
Balance at 31 August 2020	294	19,158	2	2,902	686	(44)

The Capital Reserve consists of:
Investment holding gains 847
Other realised losses (161)
686

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 2021 the total reserves available for distribution are ��6,807,000. This consists of the distributable revenue reserve and special distributable reserve net of the realised capital loss.

Unaudited Statement of Cash Flows

For the six months ended 31 August 2021

	Unaudited Six months ended 31 August 2021 ��'000	Audited Year ended 28 February 2021 ��'000	Unaudited Six months ended 31 August 2020 ��'000
Cash flows from operating activities
(Loss)/profit before taxation	4,263	(2,809)	(627)
Loss arising on the disposal of investments during the period	-	-	-
Loss/(gain) arising on the revaluation of investments at the period end	(5,530)	2,485	539
Cash flow generated by operations	(1,267)	(324)	(88)
Decrease in receivables	60	54	62
Increase in payables	918	112	78
Cash flows from operating activities	(289)	(158)	52
Adjustment for non-cash items:
Foreign exchange gain	(37)	57	(17)
Increase/(decrease) in taxation	(2)	-	-
Net cash flows from operating activities	(328)	(101)	35
Cash flows from investing activities
Purchase of financial assets at fair value through profit or loss	(6,686)	(3780)	(1,300)
Disposal of financial assets at fair value through profit or loss	-	550	550
Net cash flows from investing activities	(6,686)	(3,230)	(750)
Cash flows from financing activities
Issue of shares	7,884	8,321	5,619
Share buy-back & cancellation	(356)	-	-
Cost of share issues	-	(231)	-
Dividends paid	(1,022)	(1,378)	(1,377)
Net cash flows from financing activities	6,506	6,712	4,242
Net increase in cash and cash equivalents	(508)	3,381	3,527
Reconciliation of net cash flow to movements in cash and cash equivalents
Cash and cash equivalents at 1 March 2020		5,451	2,070
Net increase in cash and cash equivalents	(508)	3,381	3,527
Cash and cash equivalents at 31 August 2020	4,943	5,451	5,597

The accompanying notes are an integral part of this statement.

Non-Statutory Analysis - The A Share Fund

For the six months ended 31 August 2021

Statement of Comprehensive Income

	Six months ended 31 August 2021		Year ended 28 February 2021		Six months ended 31 August 2020
	Revenue ��'000	Capital ��'000	Total ��'000	Revenue ��'000	Capital ��'000	Total ��'000
Investment income	159	-	159	339	-	339
Unrealised gain on investments	-	-	-	-	-	-
Investment return	159	-	159	339	-	339
Investment management fees	(46)	(13)	(59)	(80)	(27)	(107)
Other expenses	(38)	-	(38)	(60)	-	(60)
Profit before taxation	75	(13)	62	199	(27)	172
Taxation	(14)	2	(12)	(38)	5	(33)
Profit after taxation	61	(11)	50	161	(22)	139
Profit and total comprehensive income for the period	61	(11)	50	161	(22)	139
Basic and diluted earnings per share	0.61p	(0.11p)	0.50p	1.62p	(0.22p)	1.40p

Balance Sheet

	31 August 2021 ��'000	28 February 2021 ��'000	31 August 2020 ��'000
Non-current assets
Financial assets at fair value through profit or loss	4,887	4,887	4,887
Current assets
Receivables	322	416	393
Cash and cash equivalents	234	52	49
	5,443	5,355	5,329
Current liabilities
Payables	(63)	(77)	(128)
Corporation Tax	(74)	(62)	(47)
	(137)	(139)	(175)
Net assets	5,306	5,216	5,154
Equity attributable to equity holders	5,306	5,216	5,154
Net asset value per share	53.27p	52.43p	51.79p

Statement of Changes in Shareholders' Equity

	31 August 2021 ��'000	28 February 2021 ��'000	31 August 2020 ��'000
Opening shareholders' funds	5,216	5,749	5,749
Profit for the period	50	139	77
Dividend paid	(348)	(672)	(672)
Share buyback & cancellation	(80)	-	-
Closing shareholders' funds	4,838	5,216	5,154

Non-Statutory Analysis - The A Share Fund

For the six months ended 31 August 2021

Investment Portfolio

| | 31 August 2021 | | 28 February 2021 |
| :------------------------------------------------------ | :------------------------------------------- | :------------------------------------------- |
| | Cost ��'000 | % | Valuation ��'000 | % | Cost ��'000 | % | Valuation ��'000 | % |
| Unquoted qualifying holdings | 4,073 | 106.09 | 4,887 | 105.03 | 4,073 | 98.74 | 4,887 | 98.95 |
| Non-Qualifying holdings | - | - | - | - | - | - | - | - |
| Financial assets at fair value through profit or loss | 4,073 | 106.09 | 4,887 | 105.03 | 4,073 | 98.74 | 4,887 | 98.95 |
| Cash and cash equivalents | (234) | (6.09) | (234) | (5.03) | 52 | 1.26 | 52 | 1.05 |
| | 3,839 | 100.00 | 4,653 | 100.00 | 4,125 | 100.00 | 4,939 | 100.00 |
| Qualifying Holdings | | | | | | | | |
| Unquoted Hydroelectric Power | | | | | | | | |
| Green Highland Allt Choire A Bhalachain (255) Limited | 30 | 0.78 | 36 | 0.77 | 30 | 0.73 | 36 | 0.73 |
| Green Highland Allt Ladaidh (1148) Limited | 1,470 | 38.29 | 2,201 | 47.30 | 1,470 | 35.64 | 2,201 | 44.56 |
| Green Highland Allt Luaidhe (228) Limited | 855 | 22.27 | 1,037 | 22.29 | 855 | 20.73 | 1,037 | 21.00 |
| Green Highland Allt Phocachain (1015) Limited | 858 | 22.35 | 1,021 | 21.94 | 858 | 20.80 | 1,021 | 20.67 |
| Green Highland Shenval Limited | 860 | 22.40 | 592 | 12.72 | 860 | 20.85 | 592 | 11.99 |
| | 4,073 | 106.09 | 4,887 | 105.03 | 4,073 | 98.74 | 4,887 | 98.95 |
| 31 August 2021 | | 28 February 2021 | |
| Cost | Valuation | Cost | Valuation |
| Non-Qualifying Holdings | ��'000 | % | ��'000 | % | ��'000 | % | ��'000 | % |
| Unquoted Hydroelectric Power | | | | | | | | |
| Broadpoint 2 Limited | - | - | - | - | - | - | - | - |

Non-Statutory Analysis - The B Share Fund

For the six months ended 31 August 2021

Statement of Comprehensive Income

	Six months ended 31 August 2021		Year ended 28 February 2021		Six months ended 31 August 2020
	Revenue ��'000	Capital ��'000	Total ��'000	Revenue ��'000	Capital ��'000	Total ��'000
Investment income	-	-	-	1	-	1
Unrealised gain on investments	-	-	-	-	(2,651)	(2,651)
Investment return	-	-	-	1	(2,651)	(2,650)
Investment management fees	(6)	-	(6)	(37)	(7)	(44)
Other expenses	(32)	-	(32)	(78)	-	(78)
(Loss)/profit before taxation	(38)	-	(38)	(114)	(2,658)	(2,772)
Taxation	7	-	7	22	1	23
(Loss)/profit after taxation	(31)	-	(31)	(92)	(2,657)	(2,749)
Loss and total comprehensive (loss)/income for the period	(31)	-	(31)	(92)	(2,657)	(2,749)
Basic and diluted (loss)/earnings per share	(0.47p)	-	(0.47p)	(1.36p)	(39.05p)	(40.41p)

Balance Sheet

	31 August 2021 ��'000	28 February 2021 ��'000	31 August 2020 ��'000
Non-current assets
Financial assets at fair value through profit or loss	3,974	3,974	6,625
Current assets
Receivables	5	5	6
Corporation Tax	38	30	17
Cash and cash equivalents	13	83	124
	56	118	147
Current liabilities
Payables	(183)	(185)	(160)
Net assets	3,847	3,907	6,612
Equity attributable to equity holders	3,847	3,907	6,612
Net asset value per share	56.91p	57.36p	97.13p

Statement of Changes in Shareholders' Equity

	31 August 2021 ��'000	28 February 2021 ��'000	31 August 2020 ��'000
Opening shareholders' funds	3,907	6,996	6,996
Share buyback & cancellation	-	-	-
(Loss)/profit for the period	(31)	(2,749)	(44)
Dividend paid	-	(340)	(340)
Share buyback & cancellation	(29)	-	-
Closing shareholders' funds	3,847	3,907	6,612

Non-Statutory Analysis - The B Share Fund

For the six months ended 31 August 2021

Investment Portfolio

| | 31 August 2021 | | 28 February 2021 |
| :------------------------------------------------------ | :------------------------------------------- | :------------------------------------------- |
| | Cost ��'000 | % | Valuation ��'000 | % | Cost ��'000 | % | Valuation ��'000 | % |
| Unquoted qualifying holdings | 5,100 | 83.36 | 2,969 | 74.47 | 5,100 | 82.42 | 2,969 | 73.18 |
| Non-Qualifying holdings | 1,005 | 16.43 | 1,005 | 25.21 | 1,005 | 16.24 | 1,005 | 24.77 |
| Financial assets at fair value through profit or loss | 6,105 | 99.79 | 3,974 | 99.67 | 6,105 | 98.66 | 3,974 | 97.95 |
| Cash and cash equivalents | 13 | 0.21 | 13 | 0.33 | 83 | 1.34 | 83 | 2.05 |
| | 6,118 | 100.00 | 3,987 | 100.00 | 6,188 | 100.00 | 4,057 | 100.00 |# Non-Statutory Analysis - The Venture Fund

For the six months ended 31 August 2021

Statement of Comprehensive Income

	Six months ended 31 August 2021	Year ended 28 February 2021	Six months ended 31 August 2020
	Revenue ��'000	Capital ��'000	Total ��'000
Investment income	14	-	14
Unrealised (loss) on investments	-	5,530	5,530
Investment return	14	5,530	5,544
Investment management fees	(155)	(44)	(199)
Other expenses	(337)	-	(337)
Performance fee	-	(769)	(769)
Loss before taxation	(478)	4,717	4,239
Taxation	45	154	199
Loss after taxation	(433)	4,871	4,438
Profit and total comprehensive loss for the period	(433)	4,871	4,438
Basic and diluted loss per share	(2.08p)	23.37p	21.29p

Balance Sheet

	31 August 2021 ��'000	28 February 2021 ��'000	31 August 2020 ��'000
Non-current assets
Financial assets at fair value through profit or loss	21,228	8,975	5,863
Current assets
Receivables	58	24	38
Corporation tax	290	90	42
Cash and cash equivalents	5,164	5,316	5,424
	5,512	5,430	5,504
Current liabilities
Payables	(1,131)	(197)	(135)
Net assets	25,609	14,208	11,232
Equity attributable to equity holders	25,609	14,208	11,232
Net asset value per share	110.91p	93.26p	89.54p

Statement of Changes in Shareholders' Equity

	31 August 2021 ��'000	28 February 2021 ��'000	31 August 2020 ��'000
Opening shareholders' funds	14,208	6,625	6,625
Issue of new shares	7,884	8,090	5,619
Share buyback & cancellation	(247)	-	-
Profit for the period	4,438	(141)	(647)
Dividend paid	(674)	(366)	(365)
Closing shareholders' funds	25,609	14,208	11,232

Investment Portfolio

Qualifying Holdings

Unquoted Venture Investments

Company Name	31 August 2021 Cost ��'000	31 August 2021 %	31 August 2021 Valuation ��'000	31 August 2021 %	28 February 2021 Cost ��'000	28 February 2021 %	28 February 2021 Valuation ��'000	28 February 2021 %
Degreed Inc.	300	1.45	328	1.24	300	2.13	315	2.20
Augnet Ltd.	300	1.45	-	-	300	2.13	150	1.05
MWS Technology Ltd	150	0.73	353	1.34	150	1.06	177	1.24
Counting Ltd (t/a Counting Up)	920	4.46	1,044	3.96	920	6.52	1,044	7.31
Ably Real-Time Ltd	1,312	6.35	3,284	12.44	500	3.54	500	3.50
Heydoc Limited	760	3.68	1,374	5.21	400	2.83	400	2.80
Vyne Technologies Limited	1,127	5.46	3,484	13.20	560	3.97	894	6.26
Aventus Platform Limited	700	3.39	450	1.70	500	3.54	475	3.32
Digital Therapeutics Inc (t/a Quit Genius)	1,245	6.03	2,800	10.61	698	4.95	614	4.30
Adfenix AB	799	3.87	712	2.70	799	5.66	723	5.06
Credit Kudos	500	2.42	400	1.52	500	3.54	500	3.50
Artifical Artists	150	0.73	120	0.45	150	1.06	150	1.05
Veremark	450	2.18	471	1.78	150	1.06	150	1.05
Localz	750	3.63	750	2.84	500	3.54	500	3.50
Sealit	200	0.97	200	0.76	200	1.42	200	1.40
Bkwai	250	1.21	125	0.47	200	1.42	200	1.40
Exate	500	2.42	500	1.89	500	3.54	500	3.50
Expression Insurance	500	2.42	500	1.89	500	3.54	500	3.50
Kamma	500	2.42	250	0.95	500	3.54	500	3.50
Seedata	150	0.73	150	0.57	-	-	-	-
Stepex	499	2.42	499	1.89	-	-	-	-
Anorak	700	3.39	700	2.65	-	-	-	-
Ryde	1,000	4.84	1,000	3.79	-	-	-	-
Nook	250	1.21	250	0.95	-	-	-	-
Tickitto	1,000	4.84	1,000	3.79	-	-	-	-
	15,012	72.70	20,744	78.60	8,327	59.00	8,492	59.42

Non-Qualifying Holdings

Company Name	31 August 2021 Cost ��'000	31 August 2021 %	31 August 2021 Valuation ��'000	31 August 2021 %	28 February 2021 Cost ��'000	28 February 2021 %	28 February 2021 Valuation ��'000	28 February 2021 %
Modern Power Generation Limited	471	2.28	484	1.83	470	3.33	483	3.38
	471	2.28	484	1.83	470	3.33	483	3.38

Investment Portfolio Summary

	31 August 2021 Cost ��'000	31 August 2021 %	31 August 2021 Valuation ��'000	31 August 2021 %	28 February 2021 Cost ��'000	28 February 2021 %	28 February 2021 Valuation ��'000	28 February 2021 %
Unquoted qualifying holdings	15,012	72.70	20,744	78.60	8,327	59.00	8,492	59.42
Non-Qualifying holdings	471	2.28	484	1.83	470	3.33	483	3.38
Financial assets at fair value through profit or loss	15,483	74.99	21,228	80.43	8,797	62.33	8,975	62.80
Cash and cash equivalents	5,165	25.01	5,165	19.57	5,316	37.67	5,316	37.20
	20,648	100.00	26,393	100.00	14,113	100.00	14,291	100.00

Condensed Notes to the Unaudited Interim Financial Statements

For the six months ended 31 August 2021

1. Corporate information

The Unaudited Interim Report of the Company for the six months ended 31 August 2021 was authorised for issue in accordance with a resolution of the Directors on 11 October 2021. 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 2021 has been prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting policies and methods of computation are followed in the Interim Financial Report as were followed in the most recent 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 2021.

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

	Six months ended 31 August 2021	Year ended 28 February 2021
	A Shares ��'000	B Shares ��'000
Interest receivable on bank balances	-	-
Loan interest	159	-
Dividend income	-	-
	159	-

5. Investment management fees

TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 23 September 2010 and a deed of variation to that agreement effective 14 September 2018 and an amended and restated investment management and administration agreement dated 30 April 2020.

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. Subject to performance of the A Share Class, these fees may be recovered by TPIM. TPIM agreed not to charge their management fees from 1 January 2017 on the amounts invested in gas power projects, which represents circa 75% of the B Share Class NAV, until these investments started to generate income. These fees continue not to be accrued. The total fee waived to date for the B Share Class is £690,475. Subject to performance of the B Share Class and in the event of a successful disposal of B Share Assets, these fees may be recovered by TPIM.

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 TP11. High water marks apply.As described in the Chair's Statement and the Investment Managers Review, the Venture Fund's total return has grown materially over the last year such that it is exceeding the 3% annual compound performance fee threshold. Therefore an accrual has been made in these interim accounts for a performance fee and this will be reviewed at the time of the year-end accounts.

7. Directors' remuneration

	Unaudited Six months ended 31 August 2021	Audited Year ended 28 February 2021
	A Shares	B Shares
	��'000	��'000
Jane Owen	2	2
Chad Murrin	2	2
Tim Clarke	2	1
Total	6	5

The only remuneration received by the Directors was their Directors' fees. The Company has no employees other than the Non-Executive Directors. The number of Non-Executive Directors in the period was three.

8. Taxation

	Unaudited Six months 31 August 2021	Audited Year ended 28 February 2021
	A Shares	B Shares
	��'000	��'000
Profit/(loss) on ordinary activities before tax	62	(38)
Corporation tax @ 19%	12	(7)
Effect of:
Capital (gains)/losses not taxable	-	-
Dividends received not taxable	-	-
Disallowed expenditure	-	-
Unrelieved tax losses	-	-
Tax charge/(credit) for the period	12	(7)

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 0.50p and is based on a profit from ordinary activities after tax of c.��49,700 and on the weighted average number of A Shares in issue during the period of 9,884,050. The loss per B Share is 0.47p and is based on a loss from ordinary activities after tax of c. ��32,000 and on the weighted average number of B Shares in issue during the period of 6,787,386. The earnings per Venture Share is 21.29p and is based on a profit from ordinary activities after tax of c.��4,438,000 and on the weighted average number of B Shares in issue during the period of 20,843,930.

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 49.49p and is calculated based on net assets of ��4,838,000 divided by the 9,777,285 A Shares in issue. The net asset value per share for the B Shares is 56.91p and is calculated on net assets of ��3,847,000 divided by the 6,758,795 B Shares in issue. The net asset value per share for the Venture Shares is 110.91 and is calculated on net assets of ��25,609,000 divided by the 23,087,868 Venture Shares in issue.

12. Related party transactions

There were no related party transactions during the period.

13. Post balance sheet events

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

• On 21 September 2021, the Venture Fund completed a ��450,020 investment.
• On 23 September 2021, the Venture Fund completed a ��915,000 investment.
• On 29 September 2021, the Company entered into an exclusivity agreement for the partial disposal of the A Share Class Assets, being a sale of the hydroelectric assets. This transaction is uncommitted, subject to due diligence and further negotiation.

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