TPV2 TP70 2008 (II)

satisfied that the Company has adequate resources to continue in business for 
the foreseeable future. The Directors therefore believe that it is appropriate 
to continue to apply the going concern basis in preparing the financial 
statements.  There are no borrowings or banking facilities in place nor are they 
anticipated to be required going forward. 
 
Report of the Directors - Corporate Governance (continued) 
 
Relations with shareholders 
 
The Board recognise the value of maintaining regular communications with 
shareholders. In addition to the formal business of the Annual General Meeting, 
an opportunity is given to all shareholders to question the Board and the 
investment managers on matters relatingto the Company's operation and 
performance. Proxy voting figures for each resolution will be announced at the 
Annual General Meeting. The Board will also respond to any written queries made 
by shareholders during the course of the year and can be contacted at 4-5 
Grosvenor Place, London, SW1X 7HJ. Alternatively, the Investment Manager may be 
contacted on 020 7201 8989. 
 
 
Compliance statement 
 
The Listing Rules require the Board to report on compliance with the Combined 
Code provisions throughout the accounting year. With the exception of the 
limited items outlined below, the Directors consider that the Company has 
complied throughout the year under review with the provisions set out in Section 
1 of the Combined Code of Corporate Governance published by the Financial 
Reporting Council in 2008: 
 
1.  New Directors do not receive a full, formal and tailored induction on 
joining the Board. Such matters are addressed on an individual basis as they 
arise (A5.1). 
 
2.  Due to the size of the Board and the nature of the Company's business, a 
formal performance evaluation of the Board, its committees, the individual 
Directors and the Chairman has not been undertaken. Specific performance issues 
are dealt with as they arise (A1.3, A6.1). 
 
3. The Company does not have a majority of independent Directors, as defined by 
the Combined Code issued in 2008. The Board considers that all Directors have 
sufficient experience to be able to exercise proper judgement within the meaning 
of the Combined Code (A3.2). 
 
4.  The Company does not have a senior independent Director. The Board does not 
consider such an appointment appropriate for a Company such as TP70 2008 (II) 
VCT plc (A3.3). 
 
5. The Company does not conduct a formal review as to whether there is a need 
for an internal audit function. The Directors do not consider that an internal 
audit would be an appropriate control for a venture capital trust (C3 .5). 
 
6.  As all the Directors are non-executive, it is not considered appropriate to 
appoint a Nomination or Remuneration Committee (A4.1 and B2.1). 
 
 
On behalf of the Board 
 
 
 
 
Chad Murrin 
Chairman 
3 June 2010 
 
Report of the Directors - Directors' Responsibility Statement 
 
 
The directors are responsible for preparing the annual report and the Financial 
Statements in accordance with applicable law and regulations. 
 
 
Company law requires the directors to prepare financial statements for each 
financial year. Under that law the directors have elected to prepare the 
financial statements in accordance with International Financial Reporting 
Standards as adopted by the European Union (IFRS). 
 
 The financial statements are required by law to give a true and fair view 
of the state of affairs of the Company at the end of the financial period and of 
the return of the Company for that period. 
 
 
In preparing these Financial Statements, the Directors are required to: 
·      select suitable accounting policies and then apply them consistently; 
·      make judgements and estimates that are reasonable and prudent; 
·      state whether applicable IFRS have been followed, subject to any material 
departures disclosed and explained in the financial statements; and 
·      prepare the Financial Statements on the going concern basis unless it is 
inappropriate to presume that the Company will continue in business. 
 
 
The Directors confirm that to the best of their knowledge the Financial 
Statements for the year ended 31 March 2010 comply with the requirements set out 
above and that suitable accounting policies, consistently applied and supported 
by reasonable and prudent judgement, have been used in their preparation. They 
also confirm that the annual report includes a fair review of the business 
together with a description of the principal risks and uncertainties faced by 
the Company. 
 
The Directors are responsible for keeping proper accounting records that 
disclose with reasonable accuracy at any time the financial position of the 
Company and enable them to ensure that its financial statements comply with the 
Companies Act 2006. They are also responsible for safeguarding the assets of the 
Company and taking reasonable steps for the prevention and detection of fraud 
and other irregularities. 
 
In so far as the Directors are aware: 
·    there is no relevant audit information of which the Company's auditor is 
unaware; and 
·     the Directors have taken all steps that they ought to have taken to make 
themselves aware of any relevant audit information and to establish that the 
auditor is aware of that information. 
 
Under applicable law and regulations, the Directors are also responsible for 
preparing a directors' report, Directors' Remuneration Report and corporate 
governance statement that comply with that law and those regulations. 
 
 
The Company's Financial Statements are published on the TPIM LLP website, 
www.triplepoint.co.uk. The maintenance and integrity of this website is the 
responsibility of TPIM LLP and not of the Company. The work carried out by Grant 
Thornton UK LLP as independent auditor of the Company does not involve 
consideration of the maintenance and integrity of the website and accordingly 
they accept no responsibility for any changes that have occurred to the 
financial statements since they were initially presented on the website. 
Visitors to the website should be aware that legislation in the United Kingdom 
governing the preparation and dissemination of the financial statements may 
differ from legislation in their jurisdiction. 
 
 
 
 
Report of the Directors - Directors' Responsibility Statement (continued) 
 
To the best of my knowledge: 
-     The Financial Statements prepared in accordance with the applicable set of 
accounting standards give a true and fair view of the assets, liabilities, 
financial position and profit or loss of the Company; and 
-     the Directors' report includes a fair review of the development and 
performance of the business and the position of the Company together with a 
description of the principal risks and uncertainties it faces. 
 
 
On behalf of the Board 
 
 
 
Chad Murrin 
Chairman 
3 June 2010 
 
Statement of Comprehensive Income 
for the year ended 31 March 2010 
 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 
|                |      |         Year ended          |  |       Period 08-Nov-07        | 
|                |      |                             |  |              to               | 
+----------------+------+-----------------------------+--+-------------------------------+ 
|                |      |        31 March 2010        |  |        31 March 2009          | 
+----------------+------+-----------------------------+--+-------------------------------+ 
|                |Note  | Revenue | Capital |   Total |  | Revenue |  Capital |    Total | 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 
|                |      | GBP'000 | GBP'000 | GBP'000 |  | GBP'000 |  GBP'000 |  GBP'000 | 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 
|                |      |         |         |         |  |         |          |          | 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 
| Investment     |  5   |    584  |       - |    584  |  |    720  |        - |     720  | 
| income         |      |         |         |         |  |         |          |          | 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 
| Unrealised     |  11  |    -    |    182  |    182  |  |    -    |  (1,134) |  (1,134) | 
| gain /         |      |         |         |         |  |         |          |          | 
| (loss) on      |      |         |         |         |  |         |          |          | 
| investments    |      |         |         |         |  |         |          |          | 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 
| Gain /         |  11  |    -    |    195  |    195  |  |    -    |  (1,126) |  (1,126) | 
| (loss) on      |      |         |         |         |  |         |          |          | 
| derivative     |      |         |         |         |  |         |          |          | 
| transaction    |      |         |         |         |  |         |          |          | 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 
| Investment     |      |    584  |    377  |    961  |  |    720  |  (2,260) |  (1,540) | 
| return         |      |         |         |         |  |         |          |          | 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 
|                |      |         |         |         |  |         |          |          | 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 
| Investment     |  6   |     88  |    263  |    351  |  |     93  |     279  |     372  | 
| management     |      |         |         |         |  |         |          |          | 
| fees           |      |         |         |         |  |         |          |          | 
+----------------+------+---------+---------+---------+--+---------+----------+----------+ 

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