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 2011.

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

TP10 VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP. The Company was launched in November 2009 and raised £28.6 million (net of expenses) through an offer for subscription which closed on 31 May 2010.

Chairman's Statement

I am writing to you to present the unaudited Interim Financial Report for TP10 VCT plc ("the Company") for the 6 months ended 31 August 2011.

Investment Strategy

TP10's strategy is to offer combined exposure to cash or cash based funds and venture capital investments focused on companies with predictable revenues from a financially sound customer base. Initially, investment exposure 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 venture capital investments with up to 30% remaining invested in cash and cash based funds. The Investment Manager's Review gives more detail on the investment strategy.

Results

During the period the Company has made further VCT qualifying investments totalling £7.9m, of which £1.4m was invested in companies engaged in cinema digitisation and £6.5m into companies active in the renewable energy sector. The Investment Manager's Review provides more detail on these investments.

During the period the Company made a loss of 0.90p per share as the running costs of the Company exceeded the income on its investments. As the Company deploys its funds into venture capital investments, this position is expected to reverse. At 31 August 2011 the net asset value per share stood at 91.86p.

Risks

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

·; Investment risk associated with VCT qualifying investments;

·; Failure to maintain approval as a qualifying 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 established investment strategy. Further details of how these risks are managed are detailed within the Directors' Report.

Outlook

The Board is pleased with the progress the Company has made in building its portfolio of venture capital investments and, with market conditions for VCT qualifying investments remaining favourable, it is confident that the Company is on track to secure its VCT qualification and expects to be fully deployed in VCT qualifying investments ahead of the Company's qualification date.

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

5 October 2011

Investment Manager's Review

I am pleased to report that in the period the Company made a further £7.9m of VCT investments, bringing the total VCT holdings to 30.55% of investments at cost.

Overview

TP10's strategy is to offer combined exposure to cash or cash based funds and venture capital investments focused on companies with predictable revenues from a financially sound customer base. 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 venture capital investments with up to 30% remaining invested in cash and cash based funds.

Venture capital 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.

VCT Qualifying Investments

During the period, the Company invested an additional £400,000 in Cinematic Services Limited (Cinematic), which is engaged in cinema digitisation in the UK, enabling it to expand operations into Germany, and £1m into DLN Digital Limited, another company engaged in cinema digitisation.

It also invested £6m in seven companies pursuing opportunities in electricity generation from solar photo voltaic (solar PV) panels. The panels will be placed on suitable roofs within the housing associations' stock and used to generate electricity for the residents, with any surplus electricity exported to the National Grid. The generation of electricity from solar PV falls within the Government's Feed-in Tariff regime and the seven companies will benefit from this framework. Feed-in Tariffs are linked to inflation and rates for solar PV arrays installed before 2012 have been set for 25 years, providing the companies with a long term, predictable cash flow.

Finally it invested £500,000 in Trinity Hall Biogas Limited, which is constructing a plant to generate electricity from anaerobic digestion.

The VCT is committed to make further investments totalling £5.6m into companies engaged in cinema digitisation in the UK, Germany and Italy and £725,000 into a company which is constructing a plant to generate electricity from anaerobic digestion. Therefore commitments to make further VCT qualifying investments total £6,325,000.

Each of these investments seeks to meet Triple Point's investment criteria, prioritising predictable revenues from financially sound customers and counterparties.

Outlook

Our present expectation is that the Company will meet its target of being 70% invested in VCT qualifying investments well ahead of the deadline to secure its VCT status. We will also be monitoring and managing the performance of the Company's investments.

Claire Ainsworth

Managing Partner

for Triple Point Investment Management LLP

5 October 2011

Directors' Responsibility Statement

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

In preparing the Interim Financial Report for the 6 month period to 31 August 2011, the Directors confirm that to the best of their knowledge:

a) the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34,"Interim Financial Reporting" issued by the International Accounting Standards board;

b) 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 principal risks and uncertainties for the remainder of the accounting period;

c) 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;

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

e) The Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.

The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the Financial Statements.

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

Robin Morrison

Chairman

5 October 2011

 Unaudited Statement of Comprehensive Income

For the 6 months ended 31 August 2011

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 under guidance published by the Association of Investment Companies.

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 2011

The accompanying notes are an integral part of this statement.

 Unaudited Statement of Changes in Shareholders' Equity

For the 6 months ended 31 August 2011

The Capital Reserve consists of realised losses.

The accompanying notes are an integral part of this statement.

Unaudited Statement of Cash Flows

For the 6 months ended 31 August 2011

The accompanying notes are an integral part of this statement.

Notes to the Unaudited Interim Financial Report

For the 6 months ended 31 August 2011

1 Corporate Information

The Unaudited Interim Financial Report of the Company for the 6 months ended 31 August 2011 were authorised for issue in accordance with a resolution of the Directors on 5 October 2011.

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 Financial Report is presented in Pounds Sterling (£) which is also the functional currency of the Company, rounded to the nearest thousand.

The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.

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 Interim Financial Report of the Company for the 6 months ended 31 August 2011 has been prepared in accordance with IAS 34: Interim Financial Reporting. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 28 February 2011.

Estimates

The preparation of the Interim Financial 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 expenditure. Actual results may differ from these estimates.

3. Seasonality of operations

The Company's operations are not seasonal.

4. Segmental reporting

The Company's segments are defined by the financial information provided to the Board. The Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK.

5. Investment Income

6. 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.The agreement 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 2.50% per annum of net assets calculated and payable quarterly in arrears. Should notice of termination be given, the Investment Manager would perform its duties under the Investment Management Agreement and receive its management fee during the notice period.

7. Directors' Remuneration

8. Taxation

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

9. Loss per share

The loss per share is based on a loss from ordinary activities after tax of £269,000 and on the weighted average number of shares in issue during the period of 30,178,014.

10. Cash and cash equivalents

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc and Scottish Widows.

11. Share Capital

12. Net asset value per share

The calculation of net asset value per share is based on net assets of £27,722,000 divided by the 30,178,014 shares in issue.

13. Commitments and contingencies

The Company has no contingent liabilities. The Company's only commitments are to make the VCT qualifying investments of £6,325,000 referred to the Investment Manager's Review.

14. Related party transactions

Alexis Prenn, a director of the Company, was an equity Member of Triple Point LLP (TP), but during the 6 month period under review withdrew from TP. TP in turn has a controlling interest in TPIM. During the period, TPIM received £351,000 which has been expensed, for providing management and administrative services to the Company.

15. Post balance sheet events

There were no post balance sheet events.