Half-year Report

Half-year Report

New Cent. Aim Vct 2

New Century AIM VCT 2 plc
For the six months to 30 June 2021

Chairman’s Statement

It is pleasing to report continued strong net asset value (NAV) growth for your fund in the period. The NAV of your fund increased by 35.17% to 90.7p (when measured using bid-prices), compared to the FSTE AIM Allshare index which gained by 7.87% over the same period. It is also encouraging to note that the fund has increased by 87.79% over the past 12 months from the NAV reported for 30 June 2020.

We made six further investments in the period, investing in Actual Experience PLC, Arecor Therapeutics PLC, Belluscura PLC, MyHealthChecked PLC (previously known as Concepta PLC), Trellus Health PLC and Truspine Technologies PLC. These new investments have either a healthcare or technology bias where we have seen an increased amount of interest from investors.

We made seven sales where we either exited or top-sliced a holding, and within this number there was an actual take over of our holding in Hunters Property PLC which was acquired by The Property Franchise Group PLC for cash and shares.

We continue to 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 in the months ahead as we learn to adapt and live with different variants of the COVID-19 virus.

Geoff Gamble

Chairman

26 August 2021

New Century AIM VCT 2 plc
For the six months to 30 June 2021

Unaudited Balance Sheet

		Interim Accounts			Final Accounts			Interim Accounts
		as at 30 June 2021			as at 31 December 2020*			as at 30 June 2020
		£'000	£'000		£'000	£'000		£'000	£'000
Fixed Assets
	Investments		3,853			3,052			2,127
Current Assets
	Uninvested cash	340	340		57	57		104	104
Current Liabilities
	Creditors: amounts due
	within one year		(13)			(19)			(6)
			4,180			3,090			2,225
Capital and Reserves
	Share capital		461			461			461
	Share premium		57			57			57
	Capital redemption reserve		171			171			171
	Capital reserve-distributable		3,440			3,440			3,440
	Capital reserve - realised		(419)			(605)			(712)
	Capital reserve - unrealised		515			(408)			(1,193)
	Revenue reserve		(45)			(26)			1
			4,180			3,090			2,225
Net Asset Value per share			90.7p			67.1p			48.3p
					*Audited

New Century AIM VCT 2 plc
For the six months to 30 June 2021

Unaudited Statement of Comprehensive Income
(incorporating the revenue account)

			6 month period ended 30 June 2021			Year to 31 December 2020*			6 month period ended 30 June 2020
			Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
			£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains/(losses) on investments
Realised			-	246	246	-	246	246	-	116	116
Unrealised			-	878	878	-	627	627	-	(145)	(145)
Income			13	-	13	15	-	15	7	-	7
Investment management fees			(5)	(15)	(20)	(6)	(18)	(24)	(2)	(8)	(10)
Other expenses			(27)	-	(27)	(56)	-	(56)	(25)	-	(25)
Return on ordinary activities			(19)	1,109	1,090	(47)	855	808	(20)	(37)	(57)
Tax on ordinary activities			-	-	-	-	-	-	-	-	-
Return on ordinary activities
after taxation			(19)	1,109	1,090	(47)	855	808	(20)	(37)	(57)
Return per ordinary share in pence			(0.42)	24.08	23.66	(1.02)	18.56	17.53	(0.44)	(0.80)	(1.24)
						*Audited
All revenue and capital items in the above statement are 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 4,606,953.

New Century AIM VCT 2 plc
For the six months to 30 June 2021

Unaudited Consolidated Statement of Changes in Equity

	Called-up share capital £000		Share Premium account £000		Capital Redemption reserve £000		Capital Reserve- distributable £000			Capital realised £000			Capital unrealised £000			Revenue reserve £000			Total £000
As at 1 January 2021	461		57		171		3,440			(605)			(408)			(26)			3,090
Realised gains on disposals in period	-		-		-		-			246			-			-			246
Unrealised gains	-		-		-		-			-			878			-			878
Transfer of unrealised gain to realised on disposal of investment	-		-		-		-			(45)			45			-			-
Net revenue before tax	-		-		-		-			-			-			(19)			(19)
Investment management fee	-		-		-		-			(15)			-			-			(15)
At 30 June 2021	461		57		171		3,440			(419)			515			(45)			4,180
As at 1 January 2020	461		57		171		3,440			(866)			(1,002)			21			2,282
Realised gains on disposals	-		-		-		-			246			-			-			246
Unrealised gains	-		-		-		-			-			627			-			627
Transfer of unrealised loss to realised on disposal of investment	-		-		-		-			33			(33)			-			-
Net revenue before tax	-		-		-		-			-			-			(47)			(47)
Investment management fee	-		-		-		-			(18)			-			-			(18)
At 31 December 2020	461		57		171		3,440			(605)			(408)			(26)			3,090

New Century AIM VCT 2 plc
For the six months to 30 June 2021

Unaudited Consolidated Statement of Changes in Equity (continued)

	Called-up share capital £000		Share Premium account £000		Capital Redemption reserve £000		Capital Reserve- distributable £000		Capital realised £000		Capital unrealised £000		Revenue reserve £000		Total £000
As at 1 January 2020	461		57		171		3,440		(866)		(1,002)		21		2,282
Realised gains on disposals	-		-		-		-		116		-		-		116
Unrealised gains	-		-		-		-		-		(145)		-		(145)
Transfer of unrealised loss to realised on disposal of investment	-		-		-		-		46		(46)		-		-
Net revenue before tax	-		-		-		-		-		-		(20)		(20)
Investment management fee	-		-		-		-		(8)		-		-		(8)
At 30 June 2020	461		57		171		3,440		(712)		(1,193)		1		2,225

New Century AIM VCT 2 plc
For the six months to 30 June 2021

Unaudited Cash Flow Statement

	Six month period ended 30 June 2021						Year to 31 December 2020*								Six month period ended 30 June 2020
	£'000		£'000				£'000				£'000				£'000				£'000
Net cash generated from operating activities			(53)							(77)								(45)
Cash flow from investing activities
Investment income			13							15								7
Cash flows from financing activities
Sale of investments	577					551								252
Purchase of investments	(254)					(477)								(155)
			323							74								97
Net increase in cash and cash equivalents			283							12								59
Cash and cash equivalents at beginning of period			57							45								45
Cash and cash equivalents at end of period			340							57								104
							*Audited

New Century AIM VCT 2 plc
For the six months to 30 June 2021

Investment Portfolio

	Security		Cost		Valuation		%		%
					30 June 2021		Cost		Valuation
	Qualifying Investments		3,037,013		3,751,795		83.51		89.49
	Non-qualifying Investments		259,978		101,116		7.15		2.41
	Uninvested funds		339,545		339,545		9.34		8.10
			3,636,536		4,192,456		100.00		100.00
	Qualifying Investments
	AIM Quoted
	Abingdon Health plc		35,218		17,849		0.97		0.43
	Access Intelligence plc		10,053		29,250		0.28		0.70
	Actual Experience plc		63,174		63,455		1.74		1.51
	AFC Energy plc		50,254		198,125		1.38		4.73
	Anglo African Oil & Gas plc		65,329		975		1.80		0.02
	Arecor Therapeutics plc		12,818		13,259		0.35		0.32
	Audioboom Group plc		123,543		445,000		3.40		10.61
	Belluscura plc		52,263		63,555		1.44		1.52
	Bigblu Broadband plc		29,247		48,931		0.80		1.17
	Blackbird plc		33,921		211,950		0.93		5.06
	Brighton Pier Group plc		35,379		12,760		0.97		0.30
	C4X Discovery Holdings plc		35,179		81,667		0.97		1.95
	Cloudbuy plc		41,896		153		1.15		0.00
	Cloudcall Group plc		20,230		23,100		0.56		0.55
	Coral Products plc		25,104		23,125		0.69		0.55
	Creo Medical Group plc		20,504		53,281		0.56		1.27
	CyanConnode Holdings plc		204,219		9,852		5.62		0.23
	Deepmatter Group plc		50,253		56,667		1.38		1.35
	Deepverge plc		93,203		50,796		2.56		1.21
	Destiny Pharma plc		50,254		97,308		1.38		2.32
	Diaceutics plc		10,314		16,875		0.28		0.40
	DP Poland plc		25,631		14,450		0.70		0.34
	ECSC Group plc		20,104		29,091		0.55		0.69
	Eden Research plc		21,107		34,650		0.58		0.83
	Escape Hunt plc		31,006		8,455		0.85		0.20
	Falanx Group Ltd		85,234		48,700		2.34		1.16
	Feedback plc		50,258		45,407		1.38		1.08
	Fusion Antibodies plc		12,064		16,000		0.33		0.38
	Gfinity plc		33,229		71,466		0.91		1.70
	Immotion Group plc		95,486		70,778		2.63		1.69
	I-Nexus Global plc		30,153		2,973		0.83		0.07
	Inspired Energy plc		33,641		212,100		0.93		5.06
	Intelligent Ultrasound Group plc		95,482		121,295		2.63		2.89
	Keywords Studios plc		2,473		49,760		0.07		1.19

	Security		Cost		Valuation		%		%
					30 June 2021		Cost		Valuation
	Kinovo plc		52,465		32,400		1.44		0.77
	Lightwaverf plc		30,158		1,765		0.83		0.04
	Location Sciences Group plc		72,643		15,999		2.00		0.38
	Loopup Group plc		15,078		10,110		0.41		0.24
	M.Winkworth plc		56,280		129,500		1.55		3.09
	Marechale Capital plc		75,752		10,500		2.08		0.25
	Microsaic Systems plc		142,261		7,045		3.91		0.17
	Mirriad Advertising plc		30,154		34,500		0.83		0.82
	Myhealthchecked plc		103,202		202,356		2.84		4.83
	N4 Pharma plc		40,204		32,760		1.11		0.78
	Pelatro plc		25,128		19,560		0.69		0.47
	PHSC plc		50,256		38,000		1.38		0.91
	Polarean Imaging plc		16,334		100,966		0.45		2.41
	Property Franchise Group plc		57,540		153,104		1.58		3.65
	Quixant plc		8,091		27,650		0.22		0.66
	Rosslyn Data Technologies plc		23,219		4,078		0.64		0.10
	Scancell Holdings plc		45,233		69,875		1.24		1.67
	Scholium Group plc		40,203		10,000		1.11		0.24
	SEEEN plc		50,257		48,888		1.38		1.17
	Solid State plc		35,248		148,533		0.97		3.54
	SRT Marine Systems plc		18,093		33,900		0.50		0.81
	Sysgroup plc		45,232		30,000		1.24		0.72
	TP Group plc		160,062		26,664		4.40		0.64
	Trellus Health plc		25,128		43,000		0.69		1.03
	Tristel plc		1,651		25,440		0.05		0.61
	Truspine Technologies plc		50,253		44,250		1.38		1.06
	ULS Technology plc		18,091		37,260		0.50		0.89
	Verici Dx plc		35,178		119,525		0.97		2.85
	Yourgene Health plc		40,204		24,760		1.11		0.59
	Yu Group plc		20,504		26,352		0.56		0.63
			2,982,324		3,751,795		82.01		89.49
	Qualifying Investments
	Unlisted Investments
	Outsourcery plc		28,143		0		0.77		0.00
	Syqic plc		26,546		0		0.73		0.00
			54,689		0		1.50		0.00
	Total qualifying investments		3,037,013		3,751,795		83.51		89.49
	Non Qualifying Investments
	AIM Quoted
	Audioboom Group plc		1,163		890		0.03		0.02
	Rotala plc		27,683		19,600		0.76		0.46
	Tristel plc		60		636		0.00		0.02
			28,906		21,126		0.79		0.50
	Security		Cost		Valuation		%		%
					30 June 2021		Cost		Valuation
	Non qualifying investments UK listed Investec plc		169,415		70,290		4.66		1.68
	Twentyfour Income Fund Ltd		9,852		9,700		0.27		0.23
			179,267		79,990		4.93		1.91
	Non qualifying investments Unlisted Investments
	China Food Co plc		31,547		0		0.87		0.00
	Sorbic International plc		10,205		0		0.28		0.00
	Mar City plc		10,053		0		0.28		0.00
			51,805		0		1.43		0.00
	Total non-qualifying investments		259,978		101,116		7.15		2.41

New Century AIM VCT 2 plc
Notes to the Accounts
For the six months to 30 June 2021

This interim financial information and the unaudited interim accounts for the six months to 30 June 2021 from which it has been extracted, are the responsibility of the directors and were approved by them on 26 August 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 31 December 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 31 December 2021.

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

4,606,953 Ordinary Shares of 10 pence each were in issue throughout the period under review.

Net Asset Value per share at 30 June 2021 was 90.7p (at 31 December 2020: 67.1p; 30 June 2020: 48.3p).

No dividend was paid in the period.

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

New Century AIM VCT 2 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 £20k (the year ended 31 December 2020, £24k; the period ended 30 June 2020, £10k).

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 2 plc

Directors, Investment Managers 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
Registrar	Neville Registrars Limited Neville House Steelpark Road Halesowen West Midlands B62 8HD
Solicitors	Dundas & Wilson 5th Floor, Northwest Wing Bush House Aldwych London WC2B 4EZ
Investment Manager and Broker	Oberon Investments Limited
	1st Floor 12 Hornsby Square Southfields Business Park
	Basildon Essex SS15 6SD
Auditor	UHY Hacker Young LLP
	Quadrant House
	4 Thomas More Square
	London E1W 1YW

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