Interim Management Statement

Downing Distribution VCT 1 plc
Interim Management Statement
for the three months ended 30 June 2011

In  accordance with Rule 4.3 of the Disclosure  and Transparency Rules of the UK
Listing  Authority Downing Distribution VCT 1 plc presents an Interim Management
Statement  for the  three month  period ended  30 June 2011.  The statement also
includes  relevant financial information  between the end  of the period and the
date of this statement.

Performance
                                                    31 Jul      30 Jun    31 Mar
                                                      2011        2011      2011
                                               (Unaudited) (Unaudited) (Audited)

                                                     Pence       Pence     Pence

Net Asset Value                                       87.5        90.0      92.0

Cumulative distributions paid since 1 April            5.0         5.0       5.0
2010

Total return                                          92.5        95.0      97.0


Dividends paid or declared in the period
On 28 July 2011 the Company declared a final dividend of 2.5p per share for the
year to 31 March 2011, payable on 30 September 2011, subject to Shareholder
approval.

Investment portfolio summary at 30 June 2011

                                                                   Valuation
                                                                    movement
                                                                       since
                                                                    31 March
                                                    Cost Valuation    2011 *

                                                   £'000     £'000

Ten largest investments by value

Cadbury House Holdings Limited           Unquoted  2,518     2,546         -

Hoole Hall Country Club Holdings Limited Unquoted  2,100     2,100         -

Ludorum plc                                        2,161     1,946     (267)

Hoole Hall Spa and Leisure Limited       Unquoted  1,020     1,020         -

Animalcare Group plc                                 637       902        80

First Care Limited                       Unquoted    879       879         -

IDOX plc                                             372       768       194

Plastics Capital plc                                 182       574        32

Craneware plc                                        371       565        56

Tristel plc                                          631       534     (104)



Subtotal                                          10,871    11,834       (9)

Other venture capital investments                 10,310     5,947     (303)

Listed fixed income securities                       558       346      (10)



Total                                             21,739    18,127     (322)


All investments are quoted on AIM unless otherwise stated.
*After accounting for additions and disposals in the period.

Investment additions during the three month period ended 30 June 2011

                                          Cost

                                         £'000



 Future Biogas (SF) Limited   Unquoted      14

 Sinclair IS Pharma plc **                 611

 Tracsis plc                               100
                                       --------
                                           725


Since  the period end, the Company invested  a further £20,000 in Financial News
Publishing Limited.

Investment disposals during the three month period ended 30 June 2011
                               Market                                      Total
                             value at            Gain/(loss)            realised
                              1 April  Disposal against cost      gain/(loss) in
                        Cost   2011 *  proceeds                           period

                       £'000    £'000     £'000        £'000               £'000



@UK plc                    6       80        75           69                 (5)

Animalcare Group plc     120      155       162           42                   7

Aortech International
plc                      569       39        29        (540)                (10)

Atlantic Global plc       50       28        26         (24)                 (2)

Deltex Medical Group
plc                       75       80        74          (1)                 (6)

IS Pharma plc **         392      588       611          219                  23

Plastics Capital plc      42      124       117           75                 (7)

Sinclair IS Pharma plc   286      286       257         (29)                (29)

The Kellan Group plc      34       24        24         (10)                   -

Zamano plc                32        8         6         (26)                 (2)
                      ----------------------------------------------------------
                       1,606    1,412     1,381        (225)                (31)


*After accounting for purchases in the period
** IS Pharma plc was taken over by Sinclair IS Pharma plc in the period under a
"share for share" exchange.

The Company sold holdings in @UK plc, IDOX plc and Media Square plc after the
period end, receiving total proceeds of £86,712.

Changes to share capital
                                        Shares   £'000

 As at 1 April 2011                 20,823,586     208

 Shares issued in period                     -       -

 Shares bought back and cancelled            -       -
                                  ---------------------
 As at 30 June 2011                 20,823,586     208


On 28 July 2011, the Company purchased 280,000 shares for cancellation.

Material events
Other than described above, there were no material events during the period from
1 April 2011 to 30 June 2011 or in the period from 1 July 2011 to the date of
this announcement.






This announcement is distributed by Thomson Reuters on behalf of 
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(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Downing Distribution VCT 1 plc via Thomson Reuters ONE

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