Half-year Report

NEW CENTURY AIM VCT PLC

New Century AIM VCT plc

For the six months to 31^st August 2019

Chairmanâ€™s Statement

In the six months to 31^st August 2019, the net asset value (NAV) of your fund increased by 2.9% to 71p. The FTSE AIM Allshare index declined 4.36% over the same period. Your fund can only invest primarily in VCT qualifying stocks which does limit the sectors we can buy into.

The fund went ex dividend to the amount of 3.5p per share in August which falls within the accounting period under review. If we add that back to the NAV, the fund increased by 7.97%. The Board realises the importance of income to its shareholders as well as trying to achieve an increase in its NAV, and based on a current mid market price of 70.5p for its shares, the fund has a dividend yield of 4.96%.

We made nine further qualifying investments in the period, Concepta plc, Diaceutics plc, Feedback plc, Gfinity plc, Immotion Group plc, Integumen plc, Intelligent Ultrasound Group plc, LightwaveRF plc and Velocys plc. We are excited about these investments from a variety of growth sectors that include Medtech, Apps, Esports, Virtual Reality, Healthcare, Energy Efficiency and Sustainable Fuels.

We top sliced or exited two qualifying investments and we also received a takeover of Premier Technology Services Group plc at a decent premium.

The AIM Market has experienced further volatility recently where we had the AIM Market starting the year well but then experiencing large declines followed by smaller rallies. As your fund is invested primarily in AIM companies, we are exposed to this, however the fund is invested in a wide variety of businesses from different industry sectors. There has been a tightening of liquidity in some of the smaller companies as investors deal with the continual news of the USA and China trade wars, the ongoing developments on BREXIT and some redemptions from other fund managers. We have also experienced some cautious statements from some companies we have invested in which has had a negative effect on their share prices but we also have many that continue to trade well which gives us cautious optimism in our ability to smooth out the peaks and troughs in the short term.

Geoff Gamble

29 October 2019 New Century AIM VCT plc

For the six months to 31^st August 2019

Unaudited Balance Sheet

		Interim Accounts		Final Accounts		Interim Accounts
		as at 31 August 2019		as at 28 February 2019*		as at 31 August 2018
		Â£'000	Â£'000	Â£'000	Â£'000	Â£'000	Â£'000
Fixed Assets
	Investments		5,064		5,390		6,744

Current Assets
	Uninvested cash	541		73		142
			541		73		142

Current Liabilities
	Creditors: amounts due
	within one year		(14)		(55)		(17)

			5,591		5,408		6,869
Capital and Reserves

	Share capital		786		786		786
	Share premium		682		682		682
	Capital reserve - realised		847		205		228
	Capital reserve - unrealised		2,279		2,755		3,946
	Capital redemption reserve		400		400		400
	Revenue reserve		597		580		827

			5,591		5,408		6,869

Net Asset Value per share			71p		69p		87p
				*Audited

New Century AIM VCT plc

For the six months to 31^st August 2019

Unaudited Statement of Comprehensive Income

(incorporating the revenue account)

	6 month period ended 31 August 2019			Year to 28 February 2019*			6 month period ended 31 August 2018
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	Â£'000	Â£'000	Â£'000	Â£'000	Â£'000	Â£'000	Â£'000	Â£'000	Â£'000
Gains/(losses) on investments
Realised	-	271	271	-	72	72	-	38	38
Unrealised	-	(86)	(86)	-	(1,321)	(1,321)	-	(95)	(95)
Income	53	-	53	108	-	108	57	-	57
Investment management fees	(7)	(20)	(27)	(16)	(48)	(64)	(9)	(26)	(35)
Other expenses	(29)	-	(29)	(55)	-	(55)	(31)	-	(31)
Return on ordinary activities	17	165	182	37	(1,297)	(1,260)	17	(83)	(66)
Tax on ordinary activities	-	-	-	-	-	-	-	-	-
Return on ordinary activities
after taxation	17	165	182	37	(1,297)	(1,260)	17	(83)	(66)
Return per ordinary share in pence	0.22	2.10	2.32	0.48	(16.49)	(16.01)	0.22	(1.06)	(0.84)

				*Audited

All revenue and capital items in the above statement derive from continuing operations in the current six month period. No operations were acquired or discontinued

in the current period.

Other than that shown above, the company had no recognised gains or losses. Accordingly, the above represents the total comprehensive income for the period.

The weighted average number of shares in issue during the period was 7,860,937.

New Century AIM VCT plc

For the six months to 31^st August 2019

Unaudited Consolidated Statement of Changes in Equity

	Share Capital account Â£â€™000	Share Premium account Â£â€™000	Capital Redemption Reserve Â£â€™000	Capital realised Â£â€™000	Capital unrealised Â£â€™000	Revenue reserve Â£â€™000	Total Â£â€™000

As at 1 March 2019	786	682	400	205	2,755	580	5,408

Realised gains on disposals	-	-	-	271	-	-	271
Unrealised Losses	-	-	-	-	(86)	-	(86)
Transfer of unrealised gain to realised on disposal of investments	-	-	-	391	(391)	-	-
Net revenue before tax	-	-	-	-	-	17	17
Investment management fee	-	-	- -	(20) (26)	-	-	(20)
	________	________	_________	________	________	________	________
At 31 August 2019	786	682	400	847	2,279	597	5,591

As at 1 March 2018	786	682	400	469	3,788	810	6,935

Realised gains on disposals	-	-	-	38	-	-	38
Unrealised Losses	-	-	-	-	(95)	-	(95)
Transfer of unrealised loss to realised on disposal of investment	-	-	-	(253)	253	-	-
Net revenue before tax	-	-	-	-	-	17	17
Investment management fee	-	-	-	(26)	-	-	(26)
	________	________	_________	________	________	_________	________
At 31 August 2018	786	682	400	228	3,946	827	6,869

New Century AIM VCT plc

For the six months to 31^st August 2019

Unaudited Cash Flow Statement

	6 month period ended 31 August 2019		Year to 28 February 2019*		6 month period ended 31 August 2018
	Â£'000	Â£'000	Â£'000	Â£'000	Â£'000	Â£'000

Net cash used in operating activities		(96)		(92)		(76)

Cash flows from investing activities
Investment income	53		108		57

Net cash from investing activities		53		108		57


Cash flows from investing activities

Sale of investments	938		927		549
Purchase of investments	(427)		(678)		(463)
Dividends paid	-		(267)		-


Net cash generated from/(used in) financing activities		511		(18)		86
Net increase / (decrease) in cash and cash equivalents		468		(2)		67
Cash and cash equivalents at beginning of period		73		75		75

Cash and cash equivalents at end of period		541		73		142

			*Audited

New Century AIM VCT plc

For the six months to 31^st August 2019

Investment Portfolio

Security	Cost	Valuation	%	%
		31 August 2019	Cost	Valuation

Qualifying Investments	6,365,006	4,633,795	85.13	82.67
Non-qualifying Investments	570,260	430,700	7.63	7.68
	6,935,266	5,064,495	92.76	90.35
Uninvested funds	541,092	541,092	7.24	9.65
	7,476,358	5,605,587	100.00	100.00
Qualifying Investments
AIM Quoted
Tristel plc	41,922	284,610	0.56	5.08
PHSC plc	182,910	31,500	2.45	0.56
DCD Media plc	562,800	2,125	7.53	0.04
K3 Business Technology Group plc	90,359	211,788	1.21	3.78
Touchstar plc	281,400	43,750	3.76	0.78
Vianet Group plc	40,175	38,675	0.54	0.69
HML Holdings plc	266,497	300,800	3.56	5.37
Cyanconnode Holdings plc	376,755	23,132	5.04	0.41
Marechale Capital plc	133,828	8,612	1.79	0.15
M.Winkworth plc	64,320	86,400	0.86	1.54
Bango plc	7,563	22,225	0.10	0.40
IDE Group Holdings plc	52,763	6,125	0.71	0.11
TP Group plc	109,278	47,839	1.46	0.85
Brady plc	41,805	22,560	0.56	0.40
Inspired Energy plc	51,370	257,524	0.69	4.59
Microsaic Systems plc	164,417	47,430	2.20	0.85
Open Orphan plc	115,581	27,830	1.55	0.50
DP Poland plc	20,113	8,004	0.27	0.14
Modern Water plc	75,382	5,727	1.01	0.10
Quixant plc	6,935	45,900	0.09	0.82
Keywords Studios plc	6,181	79,300	0.08	1.42
Cloudbuy plc	58,483	3,513	0.78	0.06
Synnovia plc	30,153	25,800	0.40	0.46
Sysgroup plc	99,177	65,780	1.33	1.17
Brighton Pier Group plc	50,253	16,250	0.67	0.29
Property Franchise Group plc	100,503	160,000	1.34	2.85
Solid State plc	40,134	69,300	0.54	1.24
Audioboom Group plc	178,406	147,600	2.39	2.63
Scholium Group plc	50,253	20,000	0.67	0.36
Rosslyn Data plc	27,037	5,706	0.36	0.10
Coral Products plc	118,095	62,500	1.58	1.12
SRT Marine Systems plc	27,139	61,500	0.36	1.10
ULS Technology plc	52,261	78,000	0.70	1.39
Collagen Solutions plc	20,757	10,325	0.28	0.18

New Century AIM VCT plc

For the six months to 31^st August 2019

Investment Portfolio (continued)

AIM Quoted (continued)
Gfinity plc	94,179	54,444	1.26	0.97
Ideagen plc	28,430	126,453	0.38	2.26
Angle plc	125,880	129,104	1.68	2.30
Bilby plc	156,673	69,880	2.10	1.25
Hunters Property plc	251,256	205,000	3.36	3.66
Bigblu Broadband plc	239,452	391,788	3.20	6.99
Tekcapital plc	157,671	56,419	2.11	1.01
Falanx Group Ltd	105,736	27,071	1.41	0.48
Gear4Music Holdings lc	27,121	36,887	0.36	0.66
Yourgene Health plc	69,349	37,088	0.93	0.66
Belvoir Lettings plc	23,320	21,400	0.31	0.38
Bould Opportunities plc	35,179	0	0.47	0.00
Yu Group plc	27,893	18,000	0.37	0.32
Maxcyte Inc	25,128	42,857	0.34	0.76
Scancell Holdings plc	130,618	64,544	1.75	1.15
Intelligent Ultrasound Group plc	145,721	113,831	1.95	2.03
Faron Pharmaceuticals Ltd	30,153	12,360	0.40	0.22
Cloudcall Group plc	20,230	37,100	0.27	0.66
Creo Medical Group plc	30,053	51,145	0.40	0.91
Anglo African Oil & Gas plc	45,229	8,550	0.60	0.15
Escape Hunt plc	31,006	10,968	0.41	0.20
Location Sciences Group plc	72,642	84,361	0.97	1.51
Fusion Antibodies plc	22,114	17,440	0.30	0.31
Pelatro plc	25,128	28,000	0.34	0.50
Polarean Imaaging plc	30,154	40,000	0.40	0.71
Access Intelligence plc	10,053	13,750	0.13	0.25
Blackbird plc	100,504	200,000	1.34	3.57
I-Nexus Global plc	70,353	15,063	0.94	0.27
Immotion Group plc	130,661	107,926	1.75	1.93
N4 Pharma plc	60,304	17,400	0.81	0.31
Lightwaverf plc	45,233	39,706	0.61	0.71
Diaceutics plc	10,314	12,690	0.14	0.23
Concepta plc	75,379	45,000	1.01	0.80
Integumen plc	50,254	67,857	0.67	1.21
Velocys plc	45,229	42,000	0.61	0.75
Feedback plc	55,279	59,583	0.74	1.06
	6,148,883	4,633,795	82.24	82.67
Unlisted Investments
Syqic plc	19,943	0	0.27	0.00
Outsourcery plc	45,027	0	0.60	0.00
Invocas plc	100,400	0	1.34	0.00
Optare plc	50,753	0	0.68	0.00
	216,123	0	2.89	0.00
Total Qualifying Investments	6,365,006	4,633,795	85.13	82.67

New Century AIM VCT plc

For the six months to 31^st August 2019

Investment Portfolio (continued)

Non Qualifying Investments
AIM Quoted
Sanderson Group plc	37,008	138,000	0.50	2.46
Rotala plc	60,796	90,750	0.81	1.62
Tristel plc	60	265	0.00	0.00
K3 Business Technology Group plc	131	212	0.00	0.00
Bango plc	291	254	0.01	0.00
IDE Group Holdings plc	218	7	0.00	0.00
Brady plc	106	32	0.00	0.00
Cyanconnode Holdings plc	131	4	0.00	0.00
Driver Group plc	8,992	5,300	0.12	0.09
Audioboom Group plc	1,163	205	0.02	0.00
Be Heard Group plc	18,186	4,000	0.24	0.07
Gateley Holdings plc	14,627	23,700	0.20	0.42
Yolo Leisure and Tech plc	22,367	3,125	0.30	0.06
	164,076	265,854	2.20	4.72


UK Listed
Investec plc	202,822	89,675	2.71	1.60
Aviva plc	22,268	17,700	0.30	0.32
Imperial Brands plc	23,763	21,230	0.32	0.38
Greene King plc	9,964	10,500	0.13	0.19
Centrica plc	10,074	2,085	0.13	0.04
Twentyfour Income Fund Ltd	9,852	9,280	0.13	0.17
Vodafone Group plc	20,590	14,376	0.28	0.26
	299,333	164,846	4.00	2.96
Unlisted Investments
China Food Co plc	65,969	0	0.88	0.00
Gable Holdings Inc	12,112	0	0.16	0.00
Sorbic International plc	18,717	0	0.25	0.00
Mar City plc	10,053	0	0.14	0.00
	106,851	0	1.43	0.00

Total Non-qualifying Investments	570,260	430,700	7.63	7.68

New Century AIM VCT plc

For the six months to 31^st August 2019

Notes to the Accounts

This interim financial information and the unaudited interim accounts for the six months to 31 August 2019 from which it has been extracted, are the responsibility of the directors and were approved by them on 29 October 2019, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.

The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited interim accounts have been prepared in accordance with the Financial Reporting Councilâ€™s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (March 2018) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in October 2019.

The unaudited interim accounts have been prepared using accounting policies that the company applied in the accounts for the year ending 28 February 2019, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The company consider these accounting policies will be used in the accounts for the year ending 28 February 2020.

Listed, AIM or NEX Markets-traded investments are stated at market value, which is based upon market bid prices at the balance sheet date. These would all meet tier 1 of the fair value hierarchy.

7,860,937 Ordinary Shares of 10 pence each were in issue throughout f the period under review.

Net Asset Value per share at 31 August 2019 was 71p (at 28 February 2019: 69p; 31 August 2018: 87p).

No dividend was paid in the period.

There have not been any significant events since the balance sheet date.

New Century AIM VCT plc is managed by M D Barnard & Company Limited (â€˜MDBâ€™). Under the terms of the management agreement MDB are entitled to a fee (exclusive of VAT) equal to 1% per annum of the net assets of the company. During the period the management fee was Â£27k (the year ended 28 February 2019: Â£64k, the period ended 31 August 2018: Â£35k).

Bearing in mind that the assets of the company consist mainly of marketable securities, the directors are of the opinion that at the time of approving this interim financial information, the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing this interim financial information.

Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Companyâ€™s Registered Office: Tricor Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.

New Century AIM VCT plc

For the six months to 31^st August 2019

Directors, Investment Managers and Advisors

Directors, Investment Manager and Advisors

Directors		Geoffrey Charles Gamble (Chairman)
		Michael David Barnard
		Peter William Riley
		Ian Cameron-Mowat

Secretary		Tricor Secretaries Ltd
and registered office		4^th Floor, 50 Mark Lane
		London EC3R 7QR

Investment Manager and Broker		MD Barnard & Company Ltd
		First Floor
		12 Hornsby Square
		Southfields Business Park
		Basildon
		Essex SS15 6SD

Registrars		Neville Registrars
		18 Laurel Lane
		Halesowen
		B63 3DA

Auditor and VCT status advisors		UHY Hacker Young LLP
		Quadrant House
		4 Thomas More Square
		London E1W 1YW

Bankers		Bank of Scotland
		New Uberior House
		11 Earl Grey Street
		Edinburgh EH3 9BN

View source version on businesswire.com: https://www.businesswire.com/news/home/20191030005428/en/

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