Half-year Report

Half-year Report

NEW CENTURY AIM VCT PLC

New Century AIM VCT plc
For the six months to 31 August 2020

Chairman’s Statement

Business Update

It is pleasing to report that although March was a particularly difficult month for your fund and stock markets in general, it has since regained all of the declines in its net asset value (NAV) incurred during that month, and has outperformed its benchmark for the six months to 31 August 2020.

In the six months to 31 August 2020, the net asset value (NAV) of your fund increased by 14.8% to £5.953m or 75.7p per share (when using bid prices). The FTSE AIM Allshare index increased by 12.5% over the same period.

We believe the difficult decision to use existing cash resources to invest in new opportunities rather than fund a dividend at that time has proved to be the correct one as we have seen a strong recovery in the NAV from the lows experienced in the stock market sell off in March 2020.

Dividend Declaration

Further short-term volatility is likely to occur for reasons such as those mentioned in my final paragraph. Nevertheless, as the fund’s recent performance justifies it, we feel it is appropriate to award our shareholders an interim dividend of 1.5p per share. This recognises the importance of tax-free income to them whilst balancing the need to maintain sufficient cash to take advantage of any investment opportunities which may occur in the second half of the year. The Board has declared an interim dividend of 1.5p per share in respect of the financial year ending 28 February 2021, payable on 4 December 2020 to shareholders on the register on 6 November 2020. The ex-dividend date will be 5 November 2020.

Investment Strategy

We made ten further investments in the period, investing in AFC Energy PLC, Concepta PLC, Deepmatter PLC, Eden Research PLC, ECSC Group PLC, Feedback plc, Fusion Antibodies PLC, Gfinity PLC, Intelligent Ultrasound Group PLC and Synairgen PLC.

We made ten sales where we either exited or top-sliced a holding.

We have a wide spread of established companies across a variety of sectors within the fund and whilst we hope your fund will continue to outperform over the rest of the year, we are mindful that we could see further volatility this Autumn / Winter. The second half of the year has political events such as the US Presidential election and the uncertainty over what type of BREXIT we will have, as well as trying to contain a second wave of the virus and its further effects on the wider economy.

Geoff Gamble

22 October 2020

New Century AIM VCT plc
For the six months to 31 August 2020

Unaudited Balance Sheet

		Interim Accounts							Final Accounts					Interim Accounts
		as at 31 August 2020							as at 29 February 2020*					as at 31 August 2019
		£'000		£'000					£'000	£'000				£'000			£'000
Fixed Assets
	Investments			5,809						5,045							5,064
Current Assets
	Debtors	171							164					541
			171							164					541
Current Liabilities
	Creditors: amounts due
	within one year			(27)						(23)							(14)
Net Assets					5,953					5,186							5,591
Capital and Reserves
	Share capital			786						786							786
	Share premium			682						682							682
	Capital reserve - realised			1,047						922							847
	Capital reserve - unrealised			2,745						2,077							2,279
	Capital redemption reserve			400						400							400
	Revenue reserve			293						319							597
					5,953					5,186							5,591
Net Asset Value per share				75.7p						66.0p							71.1p
									*Audited

New Century AIM VCT plc
For the six months to 31 August 2020

Unaudited Statement of Comprehensive Income

(incorporating the revenue account)

			6 month period ended 31 August 2020			Year to 29 February 2020*			6 month period ended 31 August 2019
			Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
			£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains/(losses) on investments
Realised			-	184	184	-	319	319	-	271	271
Unrealised			-	629	629	-	(240)	(240)	-	(86)	(86)
Income			9	-	9	91	-	91	53	-	53
Investment management fees			(7)	(20)	(27)	(14)	(41)	(55)	(7)	(20)	(27)
Other expenses			(28)	-	(28)	(62)	-	(62)	(29)	-	(29)
Return on ordinary activities			(26)	793	767	15	38	53	17	165	182
Tax on ordinary activities			-	-	-	-	-	-	-	-	-
Return on ordinary activities
after taxation			(26)	793	767	15	38	53	17	165	182
Return per ordinary share in pence			(0.33)	10.10	9.76	0.19	0.48	0.66	0.22	2.10	2.32
						*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 August 2020

Unaudited Consolidated Statement of Changes in Equity

	Share Capital account £000	Share Premium account £000	Capital Redemption Reserve £000	Capital realised £000	Capital unrealised £000	Revenue reserve £000	Total £000
As at 1 March 2020	786	682	400	922	2,077	319	5,186
Realised gains on disposals	-	-	-	184	-	-	184
Unrealised gains	-	-	-	-	629	-	629
Transfer of unrealised valuation deficit to realised reserves on disposal of investments	-	-	-	(39)	39	-	-
Net revenue before tax	-	-	-	-	-	(26)	(26)
Capital element of investment management fee	-	-	-	(20)	-	-	(20)
	________	________	_________	________	________	________	________
At 31 August 2020	786	682	400	1,047	2,745	293	5,953
As at 1 March 2019	786	682	400	205	2,755	580	5,408
Realised gains on disposals	-	-	-	319	-	-	319
Unrealised Losses	-	-	-	-	(240)	-	(240)
Transfer of unrealised valuation gain to realised reserves on disposal of investments	-	-	-	439	(439)	-	-
Net revenue before tax	-	-	-	-	-	15	15
Dividends paid	-	-	-	-	-	(275)	(275)
Capital element of investment management fee	-	-	-	(41)	-	-	(41)
	________	________	_________	________	________	_________	________
At 29 February 2020*	786	682	400	922	2,077	319	5,186

Note: Some columns on this page may not cast because of rounding differences.

* Audited

New Century AIM VCT plc
For the six months to 31 August 2020

Unaudited Consolidated Statement of Changes in Equity (continued)

	Share Capital account £000	Share Premium account £000	Capital Redemption Reserve £000	Capital realised £000	Capital unrealised £000	Revenue reserve £000	Total £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 valuation gain to realised reserves on disposal of investments	-	-	-	391	(391)	-	-
Net revenue before tax	-	-	-	-	-	17	17
Capital element of investment management fee	-	-	-	(20)	-	-	(20)
	________	________	_________	________	________	_________	________
At 31 August 2019	786	682	400	847	2,279	597	5,591

Note: Some columns on this page may not cast because of rounding differences.

New Century AIM VCT plc
For the six months to 31 August 2020

Unaudited Cash Flow Statement

	6 month period ended 31 August 2020				Year to 29 February 2020*				6 month period ended 31 August 2019
	£'000		£'000		£'000		£'000		£'000		£'000
Net cash used in operating activities			(65)				(149)				(96)
Cash flows from investing activities
Investment income	9				91				53
Net cash from investing activities			9				91				53
Cash flows from investing activities
Sale of investments	374				1,178				938
Purchase of investments	(324)				(754)				(427)
Dividends paid	-				(275)				-
Net cash generated from financing activities			50				149				511
Net (decrease) / increase in cash and cash equivalents			(6)				91				468
Cash and cash equivalents at beginning of period			164				73				73
Cash and cash equivalents at end of period			158				164				541
					*Audited

New Century AIM VCT plc
For the six months to 31 August 2020

Investment Portfolio

	Security	Cost		Valuation		%		%
				31 August 2020		Cost		Valuation
	Qualifying Investments	6,712,519		5,629,233		91.07		94.35
	Non-qualifying Investments	500,814		179,658		6.79		3.01
		7,213,333		5,808,891		97.86		97.36
	Uninvested funds	157,752		157,752		2.14		2.64
		7,371,085		5,966,643		100.00		100.00
	Qualifying Investments
	AIM Quoted
	Access Intelligence plc	10,053		17,750		0.14		0.30
	AFC Energy plc	50,254		60,875		0.68		1.02
	Angle plc	125,880		105,981		1.71		1.78
	Anglo African Oil & Gas plc	45,229		673		0.61		0.01
	Audioboom Group plc	178,406		129,600		2.42		2.17
	Bango plc	7,563		25,025		0.10		0.42
	Belvoir Lettings plc	23,320		30,500		0.32		0.51
	Bigblu Broadband plc	239,452		327,549		3.25		5.49
	Bilby plc	156,673		51,066		2.13		0.86
	Blackbird plc	97,991		374,400		1.33		6.27
	Bould Opportunities plc	35,179		0		0.48		0.00
	Brighton Pier Group plc	50,253		10,313		0.68		0.17
	C4X Discovery Holding plc	65,329		96,633		0.89		1.62
	Cloudbuy plc	58,483		228		0.79		0.00
	Cloudcall Group plc	20,230		26,600		0.27		0.45
	Collagen Solutions plc	20,757		18,659		0.28		0.31
	Concepta plc	100,507		59,063		1.36		0.99
	Coral Products plc	118,095		40,000		1.60		0.67
	Creo Medical Group plc	30,053		70,619		0.41		1.18
	Cyanconnode Holdings plc	376,755		25,445		5.11		0.43
	DCD Media plc	562,800		1,700		7.64		0.03
	Deepmatter plc	49,754		71,940		0.67		1.21
	Diaceutics plc	10,314		24,165		0.14		0.41
	DP Poland plc	20,113		0		0.27		0.00
	Ecsc Group plc	20,104		20,000		0.27		0.34
	Eden Research plc	60,304		66,000		0.82		1.11
	Entertainment Ai plc	150,754		77,667		2.05		1.30
	Escape Hunt plc	31,006		1,817		0.42		0.03
	Falanx Group Ltd	105,736		28,154		1.43		0.47
	Faron Pharmaceuticals Ltd	25,128		46,000		0.34		0.77
	Feedback plc	100,508		109,000		1.36		1.83

New Century AIM VCT plc
For the six months to 31 August 2020

Investment Portfolio (continued)

	AIM Quoted (continued)
	Fusion Antibodies plc	12,064		10,667		0.16		0.18
	Gear4Music Holdings lc	27,121		109,301		0.37		1.83
	Gfinity plc	116,218		144,427		1.58		2.42
	HML Holdings plc	266,497		329,000		3.62		5.51
	Hunters Property plc	251,256		216,500		3.41		3.63
	IDE Group Holdings plc	52,763		1,829		0.72		0.03
	Ideagen plc	28,430		187,184		0.39		3.14
	Immotion Group plc	130,661		81,641		1.77		1.37
	Inspired Energy plc	51,370		260,743		0.70		4.37
	Integumen plc	45,922		116,411		0.62		1.95
	Intelligent Ultrasound Group plc	170,848		147,036		2.32		2.46
	I-Nexus Global plc	70,353		3,101		0.95		0.05
	K3 Business Technology Group plc	90,360		104,895		1.23		1.76
	Keywords Studios plc	6,181		109,800		0.08		1.84
	Lightwaverf plc	45,233		3,177		0.61		0.05
	Location Sciences Group plc	132,946		23,975		1.80		0.40
	M.Winkworth plc	64,320		112,000		0.87		1.88
	Marechale Capital plc	133,828		23,718		1.82		0.40
	Maxcyte Inc	25,128		127,142		0.34		2.13
	Microsaic Systems plc	164,417		13,552		2.23		0.23
	Modern Water plc	75,382		11,258		1.02		0.19
	N4 Pharma plc	60,304		69,450		0.82		1.16
	Open Orphan plc	115,581		73,413		1.57		1.23
	Pelatro plc	25,128		18,160		0.34		0.30
	PHSC plc	182,910		41,650		2.48		0.70
	Polarean Imaaging plc	30,154		77,800		0.41		1.30
	Property Franchise Group plc	100,503		160,000		1.36		2.68
	Quixant plc	6,935		18,225		0.09		0.31
	Rosslyn Data plc	27,037		4,483		0.37		0.08
	Scholium Group plc	50,253		15,000		0.68		0.25
	Scancell Holdings plc	130,618		78,117		1.77		1.31
	Solid State plc	40,134		102,960		0.54		1.73
	SRT Marine Systems plc	27,139		61,500		0.37		1.03
	Sysgroup plc	99,177		50,980		1.35		0.85
	Tekcapital plc	77,499		32,625		1.05		0.55
	Touchstar plc	281,400		67,500		3.82		1.13
	TP Group plc	109,278		49,289		1.48		0.83
	Tristel plc	38,409		472,320		0.52		7.92
	ULS Technology plc	48,241		79,200		0.65		1.33
	Vianet Group plc	40,175		30,550		0.55		0.51
	Yourgene Health plc	69,349		59,340		0.94		0.99

New Century AIM VCT plc
For the six months to 31 August 2020

Investment Portfolio (continued)

	AIM Quoted (continued)
	Yu Group plc	27,893		11,895		0.38		0.20
		6,496,396		5,629,233		88.13		94.35
	Unlisted Investments
	Invocas Group plc	100,400		0		1.36		0.00
	Outsourcery plc	45,027		0		0.61		0.00
	Optare plc	50,753		0		0.69		0.00
	Syqic plc	19,943		0		0.27		0.00
		216,122		0		2.93		0.00
	Total Qualifying Investments	6,712,519		5,629,233		91.07		94.35
	Non Qualifying Investments
	AIM Quoted
	Audioboom Group plc	1,163		180		0.02		0.00
	Bango plc	291		286		0.00		0.00
	Be Heard Group plc	18,186		2,250		0.25		0.04
	Cyanconnode Holdings plc	131		4		0.00		0.00
	Driver Group plc	8,992		5,800		0.12		0.10
	Gateley Holdings plc	14,627		20,325		0.20		0.34
	IDE Group Holdings plc	218		2		0.00		0.00
	K3 Business Technology Group plc	131		105		0.00		0.00
	Rotala plc	60,796		29,700		0.83		0.50
	Tristel plc	60		480		0.00		0.01
		104,594		59,132		1.42		0.99

	UK Listed
	Aviva plv	22,268		14,130		0.30		0.24
	Centrica plc	10,074		1,381		0.14		0.02
	Imperial Brands plc	23,763		12,525		0.32		0.21
	Investec plc	202,821		73,525		2.76		1.24
	Twentyfour Income Fund Ltd	9,852		8,630		0.13		0.14
	Vodafone Group plc	20,590		10,334		0.28		0.17
		289,369		120,525		3.93		2.02
	Unlisted Investments
	China Food Company plc	65,969		0		0.90		0.00
	Gable Holdings Inc	12,112		0		0.16		0.00
	Mar City plc	10,053		0		0.14		0.00
	Sorbic International plc	18,717		0		0.25		0.00
		106,851		0		1.45		0.00
	Total Non-qualifying Investments	500,814		179,658		6.79		3.01

New Century AIM VCT plc
For the six months to 31 August 2020

Notes to the Accounts

This interim financial information and the unaudited interim accounts for the six months to 31 August 2020 from which it has been extracted, are the responsibility of the directors and were approved by them on 30 October 2020, 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 Council’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 29 February 2020, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The company considers these accounting policies will be used in the accounts for the year ending 28 February 2021.

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 the period under review.

The net asset value per share, using bid-prices to value the fund’s investment portfolio, at 31 August 2020 was 75.7p (at 29 February 2020: 66.0p; 31 August 2019: 71.1p).

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 (‘MDB’). 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 £27k (the year ended 29 February 2020: £55k, the period ended 31 August 2019: £27k).

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 Company’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 August 2020

Directors, Investment Managers and Advisors

Directors, Investment Manager and Advisors
Directors	Geoffrey Charles Gamble (Chairman)
	Michael David Barnard
	Peter William Riley
	Ian Cameron-Mowat
	Simon Like
Secretary	Tricor Secretaries Ltd
and registered office	4th 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
	Neville House
	Steelpark Road
	Halesowen
	West Midlands
	B62 8HD
Auditor	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/20201021005040/en/