Half-year Report

Half-year Report

NEW CENTURY AIM VCT PLC

New Century AIM VCT plc
For the six months to 31 August 2021

Chairman’s Statement

Business Update

It is pleasing to report that your fund has continued to outperform its benchmark for the six months to 31 August 2021.

In the six months to 31 August 2021, the net asset value (NAV) of your fund increased by 18.1% to £9.557m or 121.6p per share (when using bid prices). The FTSE AIM Allshare index increased by 7.9% over the same period. Even more pleasing is to see that the NAV of the fund has increased by 60.6% since 31 August 2020.

Investment Strategy

We made six further investments in the period, investing in Arecor Therapeutics plc, Belluscura plc, Lunglife AI Inc, Sulnox Group plc, Trellus Health plc and Truspine Technologies plc.

We made five 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. This will be driven by investors who will try and gauge the potential threat of inflation and the possibility of increases in interest rates, as well as the hope that there will be no further lockdowns and hence no further impact on the economy, following the successful vaccination process in the UK – which has helped offset the more serious effects of COVID-19.

Annual General Meeting/Extraordinary General Meeting

During the period under review the Company held its Annual General Meeting (AGM). Every five years the board is required under the Company’s articles to propose an ordinary resolution asking for shareholders’ permission to continue as a venture capital trust for a further five years. This resolution was not passed at the AGM and so, as per the articles, an Extraordinary General Meeting (EGM) has to be held within four months of the AGM. Shareholders will be asked to vote at this EGM on whether they wish to wind up the Company. Notice of this meeting and the resolution on which they will vote will be sent to shareholders at the appropriate time.

Geoff Gamble

28 October 2021

New Century AIM VCT plc
For the six months to 31 August 2021

Unaudited Balance Sheet

		Interim Accounts			Final Accounts			Interim Accounts
		as at 31 August 2021			as at 28 February 2021*			as at 31 August 2020
		£'000	£'000		£'000	£'000		£'000	£'000
Fixed Assets
	Investments		9,212			8,004			5,809
Current Assets
	Debtors	369			123			171
		369				123		171
Current Liabilities
	Creditors: amounts due
	within one year		(24)			(33)			(27)
Net Assets			9,557			8,094			5,953
Capital and Reserves
	Share capital		786			786			786
	Share premium		682			682			682
	Capital reserve - realised		1,272			1,143			1,047
	Capital reserve - unrealised		6,246			4,918			2,745
	Capital redemption reserve		400			400			400
	Revenue reserve		171			165			293
			9,557			8,094			5,953
Net Asset Value per share			121.6p			103.0p			75.7p
					*Audited

New Century AIM VCT plc
For the six months to 31 August 2021

Unaudited Statement of Comprehensive Income
(incorporating the revenue account)

			6 month period ended 31 August 2021			Year to 28 February 2021*			6 month period ended 31 August 2020
			Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
			£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains/(losses) on investments
Realised			-	114	114	-	295	295	-	184	184
Unrealised			-	1,379	1,379	-	2,817	2,817	-	629	629
Income			34	-	34	36	-	36	9	-	9
Investment management fees			(12)	(36)	(48)	(16)	(49)	(65)	(7)	(20)	(27)
Other expenses			(16)	-	(16)	(56)	-	(56)	(28)	-	(28)
Return on ordinary activities			6	1,457	1,463	(36)	3,063	3,027	(26)	793	767
Tax on ordinary activities			-	-	-	-	-	-	-	-	-
Return on ordinary activities
after taxation			6	1,457	1,463	(36)	3,063	3,027	(26)	793	767
Return per ordinary share in pence			0.08	18.53	18.61	(0.47)	38.96	38.49	(0.33)	10.10	9.76
						*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 2021

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 2021		786		682		400		1,143		4,918		165		8,094
Realised gains on disposals		-		-		-		114		-		-		114
Unrealised gains		-		-		-		-		1,379		-		1,379
Transfer of unrealised valuation deficit to realised reserves on disposal of investments		-		-		-		50		(50)		-		-
Net revenue before tax		-		-		-		-		-		6		6
Capital element of investment management fee		-		-		-		(36)		-		-		(36)
		________		________		_________		________		________		________		________
At 31 August 2021		786		682		400		1,272		6,246		171		9,557
As at 1 March 2020		786		682		400		922		2,077		319		5,186
Realised gains on disposals		-		-		-		295		-		-		295
Unrealised gains		-		-		-		-		2,817		-		2,817
Transfer of unrealised valuation gain to realised reserves on disposal of investments		-		-		-		(24)		24		-		-
Net revenue before tax		-		-		-		-		-		(36)		(36)
Dividends paid		-		-		-		-		-		(118)		(118)
Capital element of investment management fee		-		-		-		(49)		-		-		(49)
		________		________		_________		________		________		_________		________
At 28 February 2021*		786		682		400		1,143		4,918		165		8,094
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 2021

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 2020		786		682		400		922		2,077		319		5,186
Realised gains on disposals		-		-		-		184		-		-		184
Unrealised Losses		-		-		-		-		629		-		629
Transfer of unrealised valuation gain 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
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 2021

Unaudited Cash Flow Statement

	6 month period ended 31 August 2021			Year to 28 February 2021*			6 month period ended 31 August 2020
	£'000	£'000		£'000	£'000		£'000	£'000
Net cash used in operating activities		(73)			(112)			(65)
Cash flows from investing activities
Investment income	34			36			9
Net cash from investing activities		34			36			9
Cash flows from investing activities
Sale of investments	529			836			374
Purchase of investments	(244)			(683)			(324)
Dividends paid	-			(118)			-
Net cash generated from financing activities		285			35			50
Net increase / (decrease) in cash and cash equivalents		246			(41)			(6)
Cash and cash equivalents at beginning of period		123			164			164
Cash and cash equivalents at end of period		369			123			158
				*Audited

New Century AIM VCT plc
For the six months to 31 August 2021

Investment Portfolio

	Security		Cost		Valuation		%		%
					31 August 2021		Cost		Valuation
	Qualifying Investments		6,642,684		8,981,786		88.76		93.75
	Non-qualifying Investments		472,554		230,006		6.31		2.40
			7,115,238		9,211,792		95.07		96.15
	Uninvested funds		369,157		369,157		4.93		3.85
			7,484,395		9,580,949		100.00		100.00
	Qualifying Investments
	AIM Quoted
	Abingdon Health plc		35,218		20,915		0.47		0.22
	Access Intelligence plc		10,053		33,125		0.13		0.35
	Actual Experience plc		63,174		61,060		0.84		0.64
	AFC Energy plc		50,254		185,625		0.67		1.94
	Angle plc		125,880		205,217		1.68		2.14
	Anglo African Oil & Gas plc		45,229		675		0.60		0.01
	Arecor Therapeutics plc		12,816		12,918		0.17		0.13
	Audioboom Group plc		178,406		678,960		2.38		7.09
	Bango plc		7,563		36,575		0.10		0.38
	Belluscura plc		100,506		214,000		1.34		2.23
	Belvoir Lettings plc		23,320		62,700		0.31		0.65
	Bigblu Broadband plc		239,452		402,377		3.20		4.20
	Blackbird plc		97,991		661,050		1.31		6.90
	Brighton Pier Group plc		50,253		20,000		0.67		0.21
	C4X Discovery Holding plc		65,329		125,667		0.87		1.31
	Cizzle Biotechnology Holdings plc		35,179		134		0.47		0.00
	Cloudbuy plc		58,483		228		0.78		0.00
	Cloudcall Group plc		20,230		19,775		0.27		0.21
	Coral Products plc		118,095		110,000		1.58		1.15
	Creo Medical Group plc		30,053		70,225		0.40		0.73
	Cyanconnode Holdings plc		376,755		85,299		5.03		0.89
	DCD Media plc		562,800		1,105		7.52		0.01
	Deepmatter Group plc		49,754		55,935		0.66		0.58
	Deepverge plc		121,304		106,202		1.62		1.11
	Destiny Pharma plc		50,254		92,308		0.67		0.96
	Diaceutics plc		10,314		14,850		0.14		0.15
	DP Poland plc		20,113		10,672		0.27		0.11
	Ecsc Group plc		20,104		32,546		0.27		0.34
	Eden Research plc		30,152		45,375		0.40		0.47
	Escape Hunt plc		31,006		7,860		0.41		0.08
	Falanx Group Ltd		150,964		62,991		2.02		0.66
	Fusion Antibodies plc		12,064		15,334		0.16		0.16
	Gear4Music Holdings plc		27,121		188,316		0.36		1.97
	Gfinity plc		116,218		174,516		1.55		1.82

New Century AIM VCT plc
For the six months to 31 August 2021

Investment Portfolio (continued)

	AIM Quoted (continued)
	Ideagen plc			28,430			260,394			0.38			2.72
	Immotion Group plc			130,661			104,444			1.75			1.09
	I-Nexus Global plc			70,353			5,742			0.94			0.06
	Inspired Energy plc			51,370			329,952			0.69			3.44
	Intelligent Ultrasound Group plc			170,848			171,159			2.28			1.79
	K3 Business Technology Group plc			90,360			189,810			1.21			1.98
	Keywords Studios plc			5,563			140,400			0.07			1.47
	Kinovo plc			156,673			94,069			2.09			0.98
	Lightwaverf plc			45,233			2,647			0.60			0.03
	Location Sciences Group plc			132,946			33,900			1.78			0.35
	Lunglife AI Inc			20,102			22,158			0.27			0.23
	M.Winkworth plc			64,320			144,000			0.86			1.50
	Marechale Capital plc			133,828			21,200			1.79			0.22
	Maxcyte Inc			25,128			387,497			0.34			4.04
	Microsaic Systems plc			164,417			7,047			2.20			0.07
	Mirriad Advertising plc			30,154			22,500			0.40			0.23
	Myhealthchecked plc			200,550			428,652			2.68			4.47
	N4 Pharma plc			60,304			50,400			0.81			0.53
	Pelatro plc			25,128			15,600			0.34			0.16
	PHSC plc			182,910			73,500			2.44			0.77
	Polarean Imaaging plc			30,154			175,600			0.40			1.83
	Property Franchise Group plc			212,312			562,870			2.84			5.87
	Quixant plc			6,935			26,100			0.09			0.27
	Rosslyn Data plc			27,037			3,913			0.36			0.04
	Scancell Holdings plc			130,618			214,988			1.75			2.24
	Scholium Group plc			50,253			15,000			0.67			0.16
	SEEEN plc			150,754			134,333			2.01			1.40
	Solid State plc			40,134			166,650			0.54			1.74
	SRT Marine Systems plc			4,523			9,750			0.06			0.10
	Sulnox Group plc			35,279			43,875			0.47			0.46
	Sysgroup plc			99,177			57,558			1.33			0.60
	Touchstar plc			281,400			96,250			3.76			1.00
	Trellus Health plc			25,128			35,813			0.34			0.37
	TP Group plc			109,278			44,215			1.46			0.46
	Tristel plc			38,409			580,560			0.51			6.06
	Truspine Technologies plc			50,253			43,375			0.67			0.45
	ULS Technology plc			48,241			95,760			0.64			1.00
	Verici Dx plc			35,178			122,150			0.47			1.27
	Vianet Group plc			40,175			37,213			0.54			0.39
	Yourgene Health plc			69,349			51,681			0.93			0.54
	Yu Group plc			27,893			36,000			0.37			0.38
					6,426,561		8,981,786	85.87						93.75

New Century AIM VCT plc
For the six months to 31 August 2021

Investment Portfolio (continued)

Unlisted Investments
Invocas Group plc		100,400		0		1.34		0.00
Outsourcery plc		45,027		0		0.60		0.00
Optare plc		50,753		0		0.68		0.00
Syqic plc		19,943		0		0.27		0.00
		216,123		0		2.89		0.00
Total Qualifying Investments		6,642,684		8,981,786		88.76		93.75
Non Qualifying Investments
AIM Quoted
Audioboom Group plc		1,163		942		0.02		0.01
Bango plc		291		418		0.00		0.00
Cyanconnode Holdings plc		131		15		0.00		0.00
Driver Group plc		8,992		5,500		0.12		0.06
Gateley Holdings plc		14,627		31,200		0.20		0.33
IDE Group Holdings plc		218		1		0.00		0.00
K3 Business Technology Group plc		131		190		0.00		0.00
Rotala plc		60,796		49,500		0.81		0.51
Tristel plc		60		590		0.00		0.01
		86,408		88,356		1.15		0.92

UK Listed
Aviva plv		22,268		20,200		0.30		0.21
Imperial Brands plc		23,763		15,410		0.32		0.16
Investec plc		202,821		85,000		2.71		0.90
Twentyfour Income Fund Ltd		9,852		9,730		0.13		0.10
Vodafone Group plc		20,590		11,310		0.28		0.12
		279,294		141,650		3.73		1.48
Unlisted Investments
China Food Company plc		65,969		0		0.88		0.00
Gable Holdings Inc		12,112		0		0.16		0.00
Mar City plc		10,053		0		0.13		0.00
Sorbic International plc		18,717		0		0.25		0.00
		106,851		0		1.43		0.00
Total Non-qualifying Investments		472,554		230,006		6.31		2.40

New Century AIM VCT plc
For the six months to 31 August 2021

Notes to the Accounts

This interim financial information and the unaudited interim accounts for the six months to 31 August 2021 from which it has been extracted, are the responsibility of the directors and were approved by them on 28 October 2021, 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 November 2014 and updated in April 2021.

The unaudited interim accounts have been prepared using accounting policies that the company applied in the accounts for the year ending 28 February 2021, 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 2022.

Listed, AIM or AQSE 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 2021 was 121.6p (at 28 February 2021: 103.0p; 31 August 2020: 75.7p).

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 Oberon Investments Limited (‘OIL’). Under the terms of the management agreement OIL is 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 £48k (the year ended 28 February 2021: £65k, the period ended 31 August 2020: £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 2021

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	Oberon Investments Limited
	First Floor
	12 Hornsby Square
	Southfields Business Park
	Basildon
	Essex SS15 6SD
Registrars	Neville Registrars Limited
	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
Solicitors	Dundas & Wilson
	5th Floor, Northwest Wing
	Bush House
	Aldwych
	London WC2B 4EZ

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