NEW CENTURY AIM VCT 2 PLC

National Storage Mechanism | Additional information

Half-year Report

**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

View source version on businesswire.com: https://www.businesswire.com/news/home/20210826005452/en/

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