TPV2 TP70 2008 (II)

|                      | GBP'000 | GBP'000 | GBP'000 |  | GBP'000 | GBP'000 | GBP'000 | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Loan stock interest  |    558  |       - |    558  |  |    -    |       - |       - | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Income from short    |     25  |       - |     25  |  |    336  |       - |    336  | 
| term investments     |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Bank interest        |      1  |       - |      1  |  |    384  |       - |    384  | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Total                |    584  |       - |    584  |  |    720  |       - |    720  | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
 
 
All investment income earned by the Company is included in the income column of 
the income statement. 
 
 
 
6.     Investment Management Fees 
TPIM LLP provides investment management and administration services to the 
Company under an Investment Management Agreement effective 6 February 2008 which 
runs until 6 February 2013 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 1.75% per annum of net assets 
payable quarterly in arrears.  Should such notice be given the Investment 
Manager would continue to perform its duties under the investment management 
agreement and to receive its management fee during the notice period. 
 
 
 
 
 
Notes to the Financial Statements (continued) 
 
 
7.    Legal and professional fees 
Legal and professional fees include the following remuneration paid to the 
Group's auditor, Grant Thornton UK LLP: 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
|                      |               Year ended 31 |  |                Period ended | 
|                      |                  March 2010 |  |               31 March 2009 | 
+----------------------+-----------------------------+--+-----------------------------+ 
|                      | Revenue | Capital |   Total |  | Revenue | Capital |   Total | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
|                      | GBP'000 | GBP'000 | GBP'000 |  | GBP'000 | GBP'000 | GBP'000 | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Fees payable to the  |     10  |       - |     10  |  |     12  |       - |     12  | 
| Company's auditor    |         |         |         |  |         |         |         | 
| for the audit of the |         |         |         |  |         |         |         | 
| Company and Group    |         |         |         |  |         |         |         | 
| accounts             |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Other services       |      4  |       - |      4  |  |    -    |       - |       - | 
| related to taxation  |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
|                      |     14  |       - |     14  |  |     12  |       - |     12  | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
 
 
 
8.     Directors' Remuneration 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
|                      |               Year ended 31 |  |                Period ended | 
|                      |                  March 2010 |  |               31 March 2009 | 
+----------------------+-----------------------------+--+-----------------------------+ 
|                      | Revenue | Capital |   Total |  | Revenue | Capital |   Total | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
|                      | GBP'000 | GBP'000 | GBP'000 |  | GBP'000 | GBP'000 | GBP'000 | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Chad Murrin          |     15  |       - |     15  |  |     20  |       - |     20  | 
| (Chairman)           |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Sir John Lucas-Tooth |     13  |       - |     13  |  |     16  |       - |     16  | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Robert Reid          |     12  |       - |     12  |  |     16  |       - |     16  | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Peter Hargreaves     |    -    |       - |       - |  |    -    |       - |       - | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Total                |     40  |       - |     40  |  |     52  |       - |     52  | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
 
None of the directors received any other remuneration or benefit from the 
Company during the period, receiving only fees in the form of short term 
employee benefits. The Company has no employees other than the non-executive 
directors. The average number of non-executive directors in the year was 3. 
 
 
 
9.       Tax on return on ordinary activities 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
|                      |               Year ended 31 |  |                Period ended | 
|                      |                  March 2010 |  |               31 March 2009 | 
+----------------------+-----------------------------+--+-----------------------------+ 
|                      | Revenue | Capital |   Total |  | Revenue | Capital |   Total | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
|                      | GBP'000 | GBP'000 | GBP'000 |  | GBP'000 | GBP'000 | GBP'000 | 
|                      |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Profit / (loss) on   |    389  |     91  |    480  |  |    510  | (2,539) | (2,029) | 
| ordinary activities  |         |         |         |  |         |         |         | 
| before tax           |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Add back capital     |    -    |   (377) |   (377) |  |    -    |  2,260  |  2,260  | 
| (gains) / losses     |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Taxable income       |    389  |   (286) |    103  |  |    510  |   (279) |    231  | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| UK corporation tax   |    105  |    (77) |     28  |  |    106  |    (58) |     48  | 
| at an effective rate |         |         |         |  |         |         |         | 
| of 27% (21%)         |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Adjustment re prior  |      2  |       - |      2  |  |    -    |       - |       - | 
| year                 |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
| Total charged in     |    107  |    (77) |     30  |  |    106  |    (58) |     48  | 
| Statement of         |         |         |         |  |         |         |         | 
| comprehensive income |         |         |         |  |         |         |         | 
+----------------------+---------+---------+---------+--+---------+---------+---------+ 
 
The Directors are not aware of any matters which may affect the tax charges in 
future periods. 
 
Approved venture capital trusts are exempt from tax on capital gains within the 
Company.  Since the Directors intend that the Company will continue to conduct 
its affairs so as to maintain its approval as a venture capital trust, no 
current or deferred tax will be provided in respect of any capital gains or 
losses arising on the revaluation or disposal of investments. 
 
 
 
 
Notes to the Financial Statements (continued) 
 
 
10.   Return per share 
The return per share is based on a profit from ordinary activities after tax of 
GBP450,000 (2009: Loss GBP2,077,000) and on the weighted average number of 
shares in issue during the period of 22,898,626 (2009: 20,367,330). 
No new shares were issued during the year and so the weighted average shares in 

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