Last checked at 
12 Aug 2022 07:00
New Century AIM VCT 2 plcFor the six months to 30 June 2022
Chairman’s Statement
The Net Asset Value (NAV) of your fund declined by 28.3% to 59.7p, compared to the FSTE AIM Allshare index which declined by 28% over the same period.
We made five further investments in the period, investing in Clean Power Hydrogen PLC, Destiny Pharma PLC, Strip Tinning Holdings PLC, Truspine Technologies PLC and Verici Dx PLC. These new investments have either a healthcare or technology bias where we have seen an increased amount of interest from investors.
We made five sales where we either exited or top-sliced a holding, and within this number there was a take-over of our holding in Cloudcall PLC which was acquired by Xplorer Capital Management for cash.
It has a been a particularly tricky period for the fund as investors became nervous of inflationary pressures, interest rate rises, constrained supply chains and the war in the Ukraine all caused a general lack of appetite and liquidity in many small companies. Whilst we acknowledge the performance of the fund has been disappointing, it has performed in line with its benchmark, and indeed over the past 3 years, from 2 August 2019 to 2 August 2022, it is the only AIM VCT fund to have produced a positive NAV performance (source: Citywire).
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 perform over the rest of the year, we are mindful that we could see further volatility in the months ahead.
Geoff Gamble
Chairman
11 August 2022
New Century AIM VCT 2 plcFor the six months to 30 June 2022
Unaudited Balance Sheet
|
| Interim Accounts |
| Final Accounts |
| Interim Accounts | |||
|
| as at 30 June 2022 |
| as at 31 December 2021* |
| as at 30 June 2021 | |||
|
| £'000 | £'000 |
| £'000 | £'000 |
| £'000 | £'000 |
Fixed Assets |
|
|
|
|
|
|
|
| |
| Investments |
| 2,679 |
|
| 3,772 |
|
| 3,853 |
|
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|
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|
|
Current Assets |
|
|
|
|
|
|
|
| |
| Uninvested cash | 356 | 356 |
| 88 | 88 |
| 340 | 340 |
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Current Liabilities |
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| |
| Creditors: amounts due |
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|
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| within one year |
| (7) |
|
| (20) |
|
| (13) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,028 |
|
| 3,840 |
|
| 4,180 |
Capital and Reserves |
|
|
|
|
|
|
|
| |
| Share capital |
| 507 |
|
| 461 |
|
| 461 |
| Share premium |
| 382 |
|
| 57 |
|
| 57 |
| Capital redemption reserve |
| 171 |
|
| 171 |
|
| 171 |
| Special distributable reserve |
| 3,118 |
|
| 3,118 |
|
| 3,440 |
| Capital reserve - realised |
| (24) |
|
| (236) |
|
| (419) |
| Capital reserve - unrealised |
| (1,007) |
|
| 334 |
|
| 515 |
| Revenue reserve |
| (119) |
|
| (65) |
|
| (45) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,028 |
|
| 3,840 |
|
| 4,180 |
|
|
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|
|
|
|
|
Net Asset Value per share |
| 59.7p |
|
| 83.3p |
|
| 90.7p | |
|
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|
|
| *Audited |
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| |
New Century AIM VCT 2 plcFor the six months to 30 June 2022
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
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|
| 6 month period ended 30 June 2022 | Year to 31 December 2021* | 6 month period ended 30 June 2021 | ||||||
|
|
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
|
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
Gains/(losses) on investments |
|
|
|
|
|
|
|
|
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| |
Realised |
| - | 37 | 37 | - | 427 | 427 | - | 246 | 246 | |
Unrealised |
| - | (1,154) | (1,154) | - | 714 | 714 | - | 878 | 878 | |
Income |
|
| 15 | - | 15 | 28 | - | 28 | 13 | - | 13 |
Investment management fees | (4) | (12) | (16) | (10) | (30) | (40) | (5) | (15) | (20) | ||
Other expenses |
| (65) | - | (65) | (57) | - | (57) | (27) | - | (27) | |
Return on ordinary activities | (54) | (1,129) | (1,183) | (39) | 1,112 | 1,073 | (19) | 1,109 | 1,090 | ||
Tax on ordinary activities | - | - | - | - | - | - | - | - | - | ||
Return on ordinary activities |
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| ||
after taxation |
| (54) | (1,129) | (1,183) | (39) | 1,112 | 1,073 | (19) | 1,109 | 1,090 | |
Return per ordinary share in pence | (1.09) | (23.07) | (24.16) | (0.85) | 24.13 | 23.28 | (0.42) | 24.08 | 23.66 | ||
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| *Audited |
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| |
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 4,894,566.
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New Century AIM VCT 2 plcFor the six months to 30 June 2022
Unaudited Consolidated Statement of Changes in Equity
| Called-upshare capital £’000 | Share Premiumaccount £’000 | Capital Redemptionreserve £’000 | Specialdistributable reserve £’000 | Capital realised £’000 | Capital unrealised £’000 | Revenuereserve £’000 | Total £’000 | ||||||
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| ||||||
As at 1 January 2022 | 461 | 57 | 171 | 3,118 | (236) | 334 | (65) | 3,840 | ||||||
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| ||||||
Realised gains on disposals in period | - | - | - | - | 37 | - | - | 37 | ||||||
Unrealised losses | - | - | - | - | - | (1,154) | - | (1,154) | ||||||
Transfer of unrealised gain torealised on disposal of investment |
- | - |
- | - | 187 | (187) | - |
- | ||||||
Net revenue before tax | - | - | - | - | - | - | (54) | (54) | ||||||
New shares issued | 46 | 325 | - | - | - | - | - | 371 | ||||||
Investment management fee | - | - | - | - | (12) | - | - | (12) | ||||||
| ________ | ________ | _________ | _________ | _______ | ________ | ________ | ________ | ||||||
At 30 June 2022 | 507 | 382 | 171 | 3,118 | (24) | (1,007) | (119) | 3,028 | ||||||
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As at 1 January 2021 | 461 | 57 | 171 | 3,440 | (605) | (408) | (26) | 3,090 | ||||||
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| ||||||
Realised gains on disposals | - | - | - | - | 427 | - | - | 427 | ||||||
Unrealised gains | - | - | - | - | - | 714 | - | 714 | ||||||
Transfer of unrealised lossto realised on disposal ofinvestment |
- | - | - | - | (28) | 28 | - |
- | ||||||
Net revenue before tax | - | - | - | - | - | - | (39) | (39) | ||||||
Investment management fee | - | - | - | - | (30) | - | - | (30) | ||||||
Dividends paid | - | - | - | (322) | - | - | - | (322) | ||||||
| ________ | ________ | _________ | _________ | ________ | ________ | ________ | ________ | ||||||
At 31 December 2021 | 461 | 57 | 171 | 3,118 | (236) | 334 | (65) | 3,840 | ||||||
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New Century AIM VCT 2 plcFor the six months to 30 June 2022
Unaudited Consolidated Statement of Changes in Equity (continued)
| Called-upshare capital £’000 | Share Premiumaccount £’000 | CapitalRedemption reserve £’000 | Specialdistributable reserve £’000 | Capitalrealised £’000 | Capitalunrealised £’000 | Revenuereserve £’000 | Total £’000 |
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As at 1 January 2021 | 461 | 57 | 171 | 3,440 | (605) | (408) | (26) | 3,090 |
|
|
|
|
|
|
|
|
|
Realised gains on disposals | - | - | - | - | 246 | - | - | 246 |
Unrealised gains | - | - | - | - | - | 878 | - | 878 |
Transfer of unrealised lossto realised on disposal ofinvestment |
- | - | - | - | (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 |
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New Century AIM VCT 2 plcFor the six months to 30 June 2022
Unaudited Cash Flow Statement
| Six month period ended30 June 2022 |
| Year to31 December 2021* |
| Six month period ended30 June 2021 | ||||||||||||||||||||||||||||||
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 | ||||||||||||||||||||||||
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Net cash generated from operating activities |
|
| (93) |
|
| (96) |
|
| (53) | ||||||||||||||||||||||||||
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Cash flow from investing activities |
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Investment income |
|
| 15 |
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| 28 |
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| 13 | ||||||||||||||||||||||||||
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Cash flows from financing activities |
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| ||||||||||||||||||||||||
Sale of investments | 283 |
|
|
| 907 |
|
|
| 577 |
|
| ||||||||||||||||||||||||
Purchase of investments | (308) |
|
|
| (485) |
|
|
| (254) |
|
| ||||||||||||||||||||||||
Share issue | 371 |
|
|
| - |
|
|
| - |
|
| ||||||||||||||||||||||||
Dividends paid | - |
|
|
| (322) |
|
|
| - |
|
| ||||||||||||||||||||||||
|
|
| 346 |
|
| 99 |
|
| 323 | ||||||||||||||||||||||||||
Net increase in cash and cash equivalents |
|
| 268 |
|
| 31 |
|
| 283 | ||||||||||||||||||||||||||
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Cash and cash equivalents at beginning of period | 88 | 57 |
57 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | 356 | 88 |
340 | ||||||||||||||||||||||||||||||||
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| *Audited |
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New Century AIM VCT 2 plcFor the six months to 30 June 2022
Investment Portfolio
| Security | Cost | Valuation | % | % |
|
|
| 30 June 2022 | Cost | Valuation |
|
|
|
|
|
|
| Qualifying Investments | 3,425,813 | 2,547,303 | 84.76 | 83.92 |
| Non-qualifying Investments | 259,978 | 132,101 | 6.43 | 4.35 |
| Uninvested funds | 355,950 | 355,950 | 8.81 | 11.73 |
|
| 4,041,741 | 3,035,355 | 100.00 | 100.00 |
| Qualifying Investments |
|
|
|
|
| AIM Quoted |
|
|
|
|
| Abingdon Health plc | 35,218 | 4,008 | 0.87 | 0.13 |
| Access Intelligence plc | 10,053 | 24,500 | 0.25 | 0.81 |
| Actual Experience plc | 63,174 | 1,634 | 1.56 | 0.05 |
| AFC Energy plc | 50,254 | 64,313 | 1.24 | 2.12 |
| Anglo African Oil & Gas plc | 65,329 | 0 | 1.62 | 0.00 |
| Arecor Therapeutic plc | 12,818 | 18,788 | 0.32 | 0.62 |
| Audioboom Group plc | 54,112 | 202,356 | 1.34 | 6.67 |
| Belluscura plc | 52,263 | 99,724 | 1.29 | 3.29 |
| Blackbird plc | 18,845 | 74,625 | 0.47 | 2.46 |
| Brighton Pier Group plc | 35,379 | 18,260 | 0.88 | 0.60 |
| C4X Discovery Holdings plc | 35,179 | 54,250 | 0.87 | 1.79 |
| Clean Power Hydrogen plc | 50,253 | 37,778 | 1.24 | 1.24 |
| Cloudbuy plc | 41,896 | 153 | 1.04 | 0.01 |
| Coral Products plc | 25,104 | 26,825 | 0.62 | 0.88 |
| Creo Medical Group plc | 20,504 | 24,158 | 0.51 | 0.80 |
| CyanConnode Holdngs plc | 204,219 | 9,606 | 5.05 | 0.32 |
| Deepmatter plc | 50,253 | 3,333 | 1.24 | 0.11 |
| Deepverge plc | 93,203 | 16,014 | 2.31 | 0.53 |
| Destiny Pharma plc | 175,882 | 130,769 | 4.35 | 4.31 |
| Diaceutics plc | 10,314 | 12,285 | 0.26 | 0.40 |
| DP Poland plc | 25,631 | 10,540 | 0.63 | 0.35 |
| ECSC Group plc | 20,104 | 13,091 | 0.50 | 0.43 |
| Eden Research plc | 21,107 | 13,300 | 0.52 | 0.44 |
| Falanx Group Ltd | 85,234 | 35,210 | 2.11 | 1.16 |
| Feedback plc | 100,511 | 70,857 | 2.49 | 2.33 |
| Fusion Antibodies plc | 12,064 | 5,867 | 0.30 | 0.19 |
| Gfinity plc | 33,229 | 12,733 | 0.82 | 0.42 |
| Immotion Group plc | 95,486 | 44,417 | 2.36 | 1.46 |
| I-Nexus Global plc | 30,153 | 1,519 | 0.75 | 0.05 |
| Inspired Energy plc | 33,641 | 146,475 | 0.83 | 4.83 |
| Intelligent Ultrasound Group plc | 95,482 | 110,268 | 2.36 | 3.63 |
| Keywords Studios plc | 2,226 | 39,456 | 0.06 | 1.30 |
| Kinovo plc | 52,465 | 13,635 | 1.30 | 0.45 |
| Libertine Holdings plc | 125,628 | 131,250 | 3.11 | 4.32 |
| Security | Cost | Valuation | % | % |
|
|
| 30 June 2022 | Cost | Valuation |
| Lightwaverf plc | 30,158 | 1,765 | 0.75 | 0.06 |
| Location Sciences Group plc | 72,643 | 5,527 | 1.80 | 0.18 |
| Loopup Group plc | 15,078 | 860 | 0.37 | 0.03 |
| Lunglife AI Inc | 20,104 | 15,910 | 0.50 | 0.52 |
| M.Winkworth plc | 56,280 | 108,500 | 1.39 | 3.57 |
| Marechale Capital plc | 75,752 | 16,500 | 1.87 | 0.54 |
| Microsaic Systems plc | 142,261 | 2,369 | 3.52 | 0.08 |
| Mirriad Advertising plc | 30,154 | 11,625 | 0.75 | 0.38 |
| MyHealthChecked plc | 103,202 | 87,106 | 2.55 | 2.87 |
| N4 Pharma plc | 40,204 | 8,760 | 0.99 | 0.29 |
| Pelatro plc | 25,128 | 10,800 | 0.62 | 0.36 |
| PHSC plc | 50,256 | 50,000 | 1.24 | 1.65 |
| Polarean Imaging plc | 16,334 | 48,696 | 0.40 | 1.60 |
| Property Franchise Group plc | 54,750 | 142,245 | 1.35 | 4.69 |
| Quixant plc | 8,091 | 26,600 | 0.20 | 0.88 |
| Rosslyn Data Technologies plc | 23,219 | 1,288 | 0.57 | 0.04 |
| Scancell Holdings plc | 45,233 | 41,681 | 1.12 | 1.37 |
| Scholium Group plc | 40,203 | 16,000 | 0.99 | 0.53 |
| SEEEN plc | 50,257 | 13,778 | 1.24 | 0.45 |
| Smoove plc | 18,091 | 25,650 | 0.45 | 0.85 |
| Solid State plc | 35,248 | 162,299 | 0.87 | 5.35 |
| SRT Marine Systems plc | 4,523 | 7,750 | 0.11 | 0.26 |
| Strip Tinning plc | 15,890 | 8,118 | 0.39 | 0.27 |
| Sysgroup plc | 45,232 | 18,750 | 1.12 | 0.62 |
| TP Group plc | 160,062 | 9,723 | 3.96 | 0.32 |
| Trellus Health plc | 25,128 | 8,125 | 0.62 | 0.27 |
| Tristel plc | 1,651 | 14,060 | 0.04 | 0.46 |
| Verici Dx plc | 101,505 | 83,254 | 2.51 | 2.74 |
| XP Factory plc | 31,006 | 3,770 | 0.77 | 0.12 |
| Yourgene Health plc | 40,204 | 12,460 | 0.99 | 0.41 |
| Yu Group plc | 20,504 | 20,949 | 0.51 | 0.69 |
|
|
|
|
|
|
|
| 3,235,562 | 2,456,913 | 80.05 | 80.94 |
| Qualifying Investments |
|
|
|
|
| AQSE Quoted |
|
|
|
|
| Sulnox Grp plc | 35,279 | 19,890 | 0.87 | 0.66 |
| Truspine Technology plc | 100,283 | 70,500 | 2.48 | 2.32 |
|
| 135,562 | 90,390 | 3.35 | 2.98 |
| Qualifying Investments |
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|
|
|
| Unlisted Investments |
|
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|
|
| Outsourcery plc | 28,143 | 0 | 0.70 | 0.00 |
| Syqic plc | 26,546 | 0 | 0.66 | 0.00 |
|
| 54,689 | 0 | 1.36 | 0.00 |
|
|
|
|
|
|
| Total qualifying investments | 3,425,813 | 2,547,303 | 84.76 | 83.92 |
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| Security | Cost | Valuation | % | % |
|
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| 30 June 2022 | Cost | Valuation |
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|
|
| Non Qualifying Investments |
|
|
|
|
| AIM Quoted |
|
|
|
|
| Audioboom Group plc | 1,163 | 924 | 0.03 | 0.03 |
| Rotala plc | 27,683 | 21,910 | 0.68 | 0.72 |
| Tristel plc | 60 | 352 | 0.00 | 0.01 |
|
| 28,906 | 23,186 | 0.71 | 0.76 |
|
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|
|
|
| Non Qualifying Investments |
|
|
|
|
| UK Listed |
|
|
|
|
| Investec plc | 169,415 | 101,175 | 4.19 | 3.33 |
| Twentyfour Income Fund Ltd | 9,852 | 7,740 | 0.25 | 0.26 |
|
| 179,267 | 108,915 | 4.44 | 3.59 |
| Non Qualifying Investments |
|
|
|
|
| Unlisted Investments |
|
|
|
|
| China Food Co plc | 31,547 | 0 | 0.78 | 0.00 |
| Sorbic International plc | 10,205 | 0 | 0.25 | 0.00 |
| Mar City plc | 10,053 | 0 | 0.25 | 0.00 |
|
| 51,805 | 0 | 1.28 | 0.00 |
|
|
|
|
|
|
| Total non-qualifying investments | 259,978 | 132,101 | 6.43 |
4.35
|
New Century AIM VCT 2 plc
Notes to the AccountsFor the six months to 30 June 2022
This interim financial information and the unaudited interim accounts for the six months to 30 June 2022 from which it has been extracted, are the responsibility of the directors and were approved by them on 11 August 2022, 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 (January 2022) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in July 2022.
The unaudited interim accounts have been prepared using accounting policies that the Company applied in the accounts for the year ending 31 December 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 31 December 2022.
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 from 1 January 2022 until 8 March 2022. On the 9 March 2022 the Company issued 460,690 new shares at a price of 80.47p per share. At the 30 June 2022 there were 5,067,643 shares in issue. The average weighted number of shares in issue in the period was 4,894,566.
Net Asset Value per share at 30 June 2022 was 59.7p (at 31 December 2021: 83.3p; 30 June 2021: 90.7p).
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 £16k (the year ended 31 December 2021, £40k; the period ended 30 June 2021, £20k).
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 | Moore Kingston Smith LLP9 Appold StreetLondonEC2A 2AP |
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