Half Yearly Report

TP10 VCT plc

Interim Results

The directors of TP10 VCT plc are pleased to announce its Interim results for the six months to 31 August 2010.

For further information please contact Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk 

Financial Summary

Chairman's Statement

I am writing to you to present the unaudited interim report for TP10 VCT plc ("the Company") for the six months to 31 August 2010.

The first note is one of great sadness in that David Dick, who was the Managing Partner of the Investment Manager, died on 5 September 2010. The Board's condolences go to David's family. He will be sadly missed.

Investment Strategy

TP10's 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. Investment exposure in the first two years is intended to be predominantly to cash and cash based funds. By the end of its third year the Company's intention is that at least 70% of the fund will be committed to VCT qualifying holdings with up to 30% remaining exposed to cash and cash based funds. Currently funds are held in cash and money market deposits. The Investment Manager's Report has more detail on the investment strategy.

Results 

The offer for subscription for shares closed on 31 May 2010 with subscriptions having been received for 30,178,014 shares, with share proceeds of £29.8 million.

Over the period the Company made a loss of 1.22p per share and as at 31 August 2010 the net asset value per share stood at 93.76p.

Risks and Uncertainties 

The Board believes that the principal risks facing the Company are:

• Investment risk associated with VCT qualifying investments;

• Failure to continue to satisfy the requirements to qualify as a VCT;

The Board believes these risks are manageable and, with the Investment Manager, continues to work to minimise either the likelihood or potential impact of these risks, within the scope of the Company's investment strategy.

If you have any queries or comments, please do not hesitate to telephone Triple Point Investment Management LLP on 020 7201 8989.

Robin Morrison

Chairman

7 October 2010

Investment Manager's Report

Investment strategy

TP10's 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. Initially investment exposure is intended to be predominantly to cash and cash based funds. By the end of the third year the Company's intention is that at least 70% of the fund will be committed to VCT qualifying holdings with up to 30% remaining exposed to cash and cash based funds.

Triple Point VCT qualifying investments focus on companies that have a solid, stable future with highly predictable revenues and cash flows. Typically Triple Point VCT qualifying investments provide services to the public sector and financially sound corporate customers. This strategy has earned Triple Point VCT qualifying investments reputation for capital security and liquidity. Investments will be sought with the following characteristics:

·; High degree of capital security

·; Solid and financially sound customer base

·; Predictable revenue streams

Assets awaiting deployment are to be invested in cash or cash-based, liquid investments, or in assets with a profile similar to Triple Point's VCT qualifying investments.

Review & Outlook

Since the offer closed on 31 May 2010, the Company's funds have been held in cash and cash based funds with £18.9 million on money market deposits and the remaining funds held on deposit with HSBC Bank plc.

Between the offer closing on 31 May and the date of this report, the Company has yet to conclude any qualifying investments. There is however a strong pipeline of suitable investments and we expect a number of investments to be completed over the course of the next year.

Claire Ainsworth

Managing Partner

Triple Point Investment Management LLP

7 October 2010

ABOUT TRIPLE POINT INVESTMENT MANAGEMENT LLP

Triple Point is a specialist in tax-efficient investments. As well as managing several market-leading VCTs, Triple Point offers investors a range of investment products that qualify for government sponsored tax reliefs including the Enterprise Investment Scheme (EIS) and Business Property Relief (BPR).

The Triple Point investment model - focused on capital security, liquidity and tax-enhanced returns - has been built around the group's capabilities in taxation, structured finance and investment to the benefit of every Triple Point product.

For more information on Triple Point Investment Management LLP please call 020 7201 8990.

Directors' Responsibility Statement

The Directors have chosen to prepare the interim report for the Company in accordance with International Financial Reporting Standards ("IFRS").

In preparing the interim report for the 6 month period to 31 August 2010, the Directors confirm that to the best of their knowledge:

a) the interim report has been prepared in accordance with international accounting standard IAS34,"Interim Financial Reporting" issued by the International Accounting Standards board;

b) the interim report includes a fair review of important events during the period and their effect on the financial statements and a description of principal risks and uncertainties for the remainder of the accounting period;

c) the interim 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 comply with IFRS and the Companies Act 2006; and

d) the interim report includes a fair review of related party transactions and changes therein. Other than detailed in note 15 there are no related party transactions.

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

Robin Morrison

Chairman

7 October 2010

 TP10 VCT plc

Unaudited Statement of Comprehensive Income

for the 6 months ended 31 August 2010

The loss per share shown above is both basic and diluted as there are no potentially dilutive financial instruments in issue.

The total column of this statement is the Company's statement of comprehensive income prepared in accordance with International Financial Reporting Standards ("IFRS"). The supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.

The accompanying notes on pages 10 to 13 form an integral part of this interim report.

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TP10 VCT plc

Unaudited Balance Sheet at 31 August 2010

The accompanying notes on pages 10 to 13 form an integral part of this interim report.

TP10 VCT plc

Unaudited Statement of Changes in Equity

for the 6 months ended 31 August 2010

The accompanying notes on pages 10 to 13 form an integral part of this interim report.

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TP10 VCT plc

Unaudited Cash Flow Statement

for the 6 months ended 31 August 2010

The accompanying notes on pages 10 to 13 form an integral part of this interim report.

TP10 VCT plc

Notes to the Unaudited Interim Financial Report

for the 6 months ended 31 August 2010

1 Corporate information

The interim report of the Company for the 6 months ended 31 August 2010 were authorised for issue in accordance with a resolution of the directors on 7 October 2010.

The Company applied for listing on the London Stock Exchange on 29 January 2010.

TP10 VCT Plc is incorporated and domiciled in Great Britain. The address of TP10 VCT plc's registered office, which is also its principal place of business, is 4-5 Grosvenor Place, London, SW1X 7HJ.

TP10 VCT plc's interim report is presented in Pounds Sterling (£) which is also the functional currency of the Company.

The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The principal activity of the Company is investment.

2 Basis of preparation and accounting policies

Basis of preparation

The interim report of the Company for the 6 months ended 31 August 2010 has been prepared in accordance with IAS 34: Interim Financial Reporting. They do not include all of the information required for full financial statements and should be read in conjunction with the financial statements for the period from 7 August 2009 to 28 February 2010.

3 Estimates

The preparation of the interim report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

4 Segmental reporting

The Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK.

5 Seasonality

The Company's activities are not seasonal

6 Investment income

7 Investment management fees

Triple Point Investment Management LLP provides investment management and administration services to the Company under an Investment Management Agreement effective 29 January 2010 which runs for a period of 5 years and may be terminated at any time thereafter by not less than twelve months' notice given by either party and which provides for an administration and investment management fee of 2.5% per annum of net assets calculated and payable quarterly in arrears.

8 Taxation on ordinary activities

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

No provision has been made for a deferred tax asset in the balance sheet.

9 Loss per share

The loss per share is based on a loss from ordinary activities after tax of £315,000 and on the weighted average number of shares in issue during the period of 25,909,025.

10 Money market deposits

Money market funds are offshore funds which invest in money markets and distribute all net income. The value of the investments remains constantly at par and they are realisable on demand.

11 Cash and cash equivalents

Cash and cash equivalents comprise deposits with HSBC Bank plc 

12 Share capital

13 Net asset value per share

The calculation of net asset value per share is based on net assets of £28,296,000 divided by the 30,178,014 shares in issue.

14 Commitments and contingencies

The company has no outstanding commitments or contingent liabilities.

15 Related party transactions

Alexis Prenn, a director of the Company, has withdrawn as a member of Triple Point LLP (TPLLP). TPLLP in turn has a controlling interest in Triple Point Investment Management LLP (TPIMLLP). During the period, TPIMLLP received £303,000, which has been expensed, for providing management and administrative services to the Company.

16 Post balance sheet events

There have been no significant post balance sheet events.