TIDMNCA2
Company number: 06054576
New Century AIM VCT2 plc 31st December
2019
Audited Report and Accounts for the year to 31st December 2019
Financial Summary 1
Chairman's Statement 2
Details of Directors 3
Management and Administration 4
Directors 5
Strategic Report 6
Investment Portfolio 8
Top Ten Investments 11
Directors' Report 12
Directors' Remuneration Report 16
Corporate Governance 18
Independent Auditors' Report 22
Statement of Comprehensive Income 29
Balance Sheet 30
Statement of Changes in Equity 31
Cash Flow Statement 32
Notes to the Financial Statements 33 - 44
Shareholder Information 45
Year ended Year ended
31 December 31 December
2019 2018
Revenue return per share (pence) for the year (0.51) (0.31)
Total return per share (pence) for the year 4.55 (16.61)
Proposed dividends per share (pence) 0.00 3.40
Net asset value per share (pence) 49.53 48.38
Cumulative value of shareholder investment (net
asset value plus cumulative dividends per
share) (pence) 66.49 61.94
Shareholders' funds (GBP'000) 2,282 2,229
Chairman's Statement
It is pleasing to report that following a mixed year when the
Markets had a good start to the year, followed by a weaker period
from May through to October, they then had a positive end to 2019.
The news throughout the year was dominated by talks of when and if
BREXIT would occur, the trade tensions between the US and China and
finally a General election. The General election win by the
Conservatives was received well by the Market as it finished the
year strongly. The net asset value (NAV) of your fund increased by
2.38% to 49.53p, whereas the FSTE AIM All Share index gained 11.7%
over the same period. The net asset value plus cumulative dividends
per share increased by 7.35%.
The current year started off positively as there was a general
feeling of positivity from the general election win and businesses
viewed their future with optimism and increasing confidence. This
was abruptly halted in March as the uncertainty with regards to
coronavirus and its effect upon the economy led to dramatic
declines across Global Stock Markets. Our thoughts are with those
who are currently battling with the illness and for those who have
lost loved ones. These are difficult times for many people and for
businesses that have had to close through Government advice.
Governments from around the World are injecting huge fiscal stimuli
to try and ease the effect and help Companies steer their ways
through this period of uncertainty.
Your fund has not been immune to this. At close of business on 3
April 2020 the NAV of your fund was 36.7p a drop of 25.9% from the
year end. We as a Board are mindful that we have in recent years
paid a dividend but in the current market with the levels of
volatility being experienced, your Board feels that it would not
make sense to sell shares which seem to be at historically very low
prices to fund a dividend. We feel it is more prudent to keep that
money invested so as to be able to take advantage of any possible
future upturn. However, realising the importance of tax-free income
to our shareholders we will review the situation before we announce
out Interim results in August.
We have a wide spread of established companies across a variety
of sectors within the fund that we hope can weather any of the
volatility that may occur in the period ahead. We are in
unprecedented times with all households in lockdown which almost
certainly result in not only the UK entering a recession but it
will likely result in a worldwide one. Companies are withdrawing
their forecasts to the Market and either suspending or cancelling
their dividends as they baton down the hatches. Once the spread of
this awful virus has been controlled, we believe new opportunities
will present themselves as companies reopen for business, they look
to seek further funding to grow, and existing businesses within the
portfolio possibly become attractive to predators as we experienced
at the start of 2019.
Geoffrey Gamble 29 April 2020
Details of Directors
Michael Barnard (Aged 69)
Michael has been employed in stockbroking since 1971. In 1974 he
became a Member of the Stock Exchange. During his career his duties
have spanned investment advising, investment research, dealing and
company management. In 1988 he started his own stockbroking
company, MD Barnard & Company Limited. Based in Basildon,
Essex, it has offices in London and Wells. Since 1995, he has been
either managing or advising unit trust, private client and pension
company portfolios. Michael sold MD Barnard & Company Limited
on 30 November 2017, however he is still a director of New Century
AIM VCT 2 plc.
Geoffrey Gamble (Aged 61)
Geoffrey started his career with National Westminster Bank plc.
He joined Publishing Holdings plc in 1984 and became a director in
1986. He took part in an MBO in 1988, backed by Schroder Ventures
(now Permira) to form Charterhouse Communications Group Ltd and was
instrumental in the satisfactory venture capital exit from that
company and its flotation on AIM in 1996. He became managing
director of Charterhouse Communications plc in 1999.
Peter William Riley (Aged 75)
Peter qualified as a solicitor in 1969. He retired from practice
in 2018.
Ian Cameron-Mowat (Aged 69)
Ian has a BSc 1st degree in electronics and was involved in the
early development of computers at Burroughs Machines. He is
currently a consultant radiologist to a NHS Trust.
Simon Like (Aged 50)
Simon has been employed in stockbroking since 2001. He started
his career working for Midland Bank which later became HSBC plc.
After 10 years of Banking, he left to briefly work within the Motor
Industry for 2 years before returning to financial services in
2001. Simon initially started at MD Barnard & Company Limited
as an analyst working alongside Michael Barnard before moving into
the position of Fund Manager in 2010.
Management and Administration
Registered Office 4(th) Floor,
50 Mark Lane
London EC3R 7QR
Company Secretary Tricor Secretaries Limited
4(th) Floor,
50 Mark Lane
London EC3R 7QR
Registrar Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
West Midlands B63 3DA
Solicitors Dundas & Wilson
5th Floor, Northwest Wing
Bush House
Aldwych
London WC2B 4EZ
Investment Manager and Broker MD Barnard & Company Ltd
1(st) Floor
12, Hornsby Square
Southfields Business Park
Basildon SS15 6AD
Auditor UHY Hacker Young LLP
Quadrant House
4 Thomas More Square
London E1W 1YW
Directors
Geoffrey Gamble (Chairman)
Michael David Barnard
Peter William Riley
Ian Cameron-Mowat
Simon Like (Appointed on 18 September 2019)
All directors are non-executive.
Audit Committee:
Geoffrey Gamble (Chairman)
Peter William Riley
Ian Cameron-Mowat
Strategic Report
Activities and status
The principal activity of the company during the year was the
making of long-term equity and loan investments in UK Listed, AIM
traded and unquoted companies in the United Kingdom. The Company
has been listed on the London Stock Exchange since 4 April 2007 and
has been granted approval by Her Majesty's Customs & Revenue as
a Venture Capital Trust. The Chairman's Statement on page 2 and the
Investment Manager's Review below give a review of developments
during the year and of future prospects.
The directors have managed the affairs of the company with the
intention that it will qualify for approval by Her Majesty's
Customs & Revenue as a Venture Capital Trust for the purposes
of Section 842AA of the Income and Corporation Taxes Act 1988 ('the
Act'). The directors consider that the Company was not at any time
up to the date of this report a close company within the meaning of
Section 414 of the Act.
Investment Manager's Review
The FTSE AIM All Share index had a mixed performance throughout
the year. It started well with the index rising through to the
beginning of May but then subsequently drifted lower through the
autumn before finishing the year positively from October through to
December. Politics seemed to dominate the headlines with the
continuous talks of if and when BREXIT would occur, the trade
tensions between the US and China and finally the general election.
The large general election victory for the Conservative Party was
received well by the Stock Market, as it provided some clarity that
the UK was actually going to leave the EU on 31 January 2020 and
the UK Stock Market finished the year strongly.
During 2019 the net asset value (NAV) of your fund increased by
2.38% to 49.53p, whereas the FSTE AIM All Share index gained 11.7%
over the same period. The net asset value plus cumulative dividends
per share increased by 7.35%.
We made 13 further investments in the period, investing in
Entertainment AI plc, Gfinity plc, C4X Discovery Holdings plc,
Concepta plc, Diaceutics plc, Feedback plc, Immotion Group plc,
Intelligent Ultrasound Group plc, Integumen plc, LightwaveRF plc,
Location Sciences Group plc, N4 Pharma plc and Velocys plc.
We made 15 sales where we either exited or top-sliced a holding.
In addition, we received bids for Synnovia plc and Premier
Technical Services Group at premiums of 25% and 301% to our
purchase prices respectively.
The current year also started well, with the NAV of the fund
climbing to 51.94p by the end of February as there was a more
optimistic view by many investors and companies for the year ahead.
However, this positivity changed quickly in March as the news of
the coronavirus spreading from China to Europe quickly caused fear
and uncertainty with investors over what the impact could be on
both the health of the population as well as the impact on the
economy. To try and contain the spread of the virus many countries
have closed their borders to non-residents as well as imposing
internal 'lockdowns'. These are difficult times for both
individuals and for the many businesses which have had to close on
Government advice. Governments around the world are trying to
strike a balance between the actions which will help maintain a
healthy population whilst at the same time not causing lasting
economic damage. Not surprisingly, the Stock Market's initial
reaction was severe and in particular companies which have a large
exposure to consumer sectors have been hit hard and their share
prices decimated, although towards the end of March / early April,
some share prices have begun to recover.
Your fund has a wide spread of investments across a variety of
many sectors and we believe that this diversification will help the
Company weather a lot of the volatility that may occur in the
period ahead. These are unprecedented times and with so many
countries trying to contain the virus it is almost certain that the
UK will enter a recession alongside many other countries around the
world. In the first half of this year we are already seeing many
companies either cutting or cancelling their dividends which will
result in lower incomes for many investors, including this Company,
until companies can be certain of their cash flows. We are also
starting to see many companies using the public markets to raise
cash to support their balance sheets and provide growth capital.
This in itself can create new opportunities for your fund as it
will give us the chance to invest in businesses at historically low
prices.
We are therefore cautious in our view for the year ahead whilst
the uncertainty of this pandemic is continuing to make daily
headlines. However, hopefully, the news flow regarding coronavirus
will start to improve as the medical research for testing, curing
and vaccinating against this dreadful virus makes progress.
As the number of people infected by this disease and the
subsequent number of deaths begin to decline, we believe the
general lockdowns will slowly be released. This will enable
companies to start trading again and revive the economy -- leading
to an improvement in share prices which would be positive for the
fund.
Investment Objective
New Century AIM VCT 2 PLC is a Venture Capital Trust ("VCT")
established under the legislation introduced in the Finance Act
1995. The Company's principal objectives as set out in its
prospectus are to achieve long term capital growth through
investment in a diversified portfolio of Qualifying Companies
primarily quoted on AIM.
Principal risks and uncertainties
The Company invests its funds primarily in unlisted companies
and companies traded on AIM, which entail a higher degree of risk
than investments in large listed companies. The main risk,
therefore, arising from the Company's activities is market price
risk, representing the uncertain realisable values of the Company's
investments. Please refer to the Corporate Governance report on
page 18 which provides evidence of the robust review the directors
have performed to assess these risks, and also note 22 to these
accounts which gives a detailed review of the Company's risk
management.
Environmental matters
Discussion in respect of environmental matters is not considered
relevant or material to an understanding of the performance of the
Company. The Company does not consider that Greenhouse Gas
Emissions disclosure is relevant to the Company on the grounds of
immateriality due to it not having its own premises or
employees.
Viability Statement
In accordance with provision 1 of The UK Corporate Governance
Code 2018 the directors have assessed the prospects of the Company
over a longer period than the 12 months required by the "Going
Concern" provision.
The Board regularly considers the Company's strategy, including
investor demand for the Company's shares, and a three year period
is therefore considered to be an appropriate and reasonable time
horizon.
The Board has carried out a robust assessment of the principal
risks facing the Company and its current position, including those
which may adversely impact its business model, future performance,
solvency or liquidity. The principal risks faced by the Company and
the procedures in place to monitor and mitigate them are set out in
note 22.
The Board has also considered the Company's cash flow
projections and found these to be realistic and reasonable.
Based on the above assessment the Board confirms that it has a
reasonable expectation that the Company will be able to continue in
operation and meet its liabilities as they fall due over the three
year period to 31 December 2022.
Key performance indicators
The financial key performance indicators are set out in the
financial summary on page 1.
Geoffrey Gamble 29 April 2020
Investment Portfolio
Security Cost Valuation % %
31/12/2019 Cost Valuation
Qualifying Investments 2,919,264 2,118,210 90.24 92.17
Non-qualifying Investments 270,018 134,333 8.35 5.85
3,189,282 2,252,543 98.59 98.02
Uninvested funds 45,554 45,554 1.41 1.98
3,234,836 2,298,097 100.00 100.00
Qualifying Investments
AIM Quoted
Access Intelligence plc 10,053 12,750 0.31 0.55
Anglo African Oil & Gas plc 65,329 2,431 2.02 0.11
Audioboom Group plc 148,252 116,700 4.58 5.08
Bigblu Broadband plc 29,247 40,955 0.90 1.78
Bilby plc 52,465 25,110 1.62 1.09
Blackbird plc 41,460 139,425 1.28 6.07
Brighton Pier Group plc 35,379 11,330 1.09 0.49
C4X Discovery Holdings plc 35,179 36,167 1.09 1.57
Cloudbuy plc 41,896 2,055 1.30 0.09
Cloudcall Group plc 20,230 34,300 0.63 1.49
Concepta plc 75,383 40,000 2.33 1.74
Coral Products plc 25,104 17,575 0.78 0.76
Creo Medical Group plc 20,504 47,779 0.63 2.08
Cyanconnode Holdngs plc 204,219 2,640 6.31 0.11
Diaceutics plc 10,314 13,703 0.32 0.60
DP Poland plc 25,631 7,310 0.79 0.32
Entertainment AI plc 50,257 47,000 1.55 2.05
Escape Hunt plc 31,006 3,428 0.96 0.15
Falanx Group Ltd 45,031 10,962 1.39 0.48
Faron Pharmaceuticals Ltd 20,103 20,920 0.62 0.91
Feedback plc 20,104 16,583 0.62 0.72
Fusion Antibodies plc 22,113 20,122 0.68 0.88
Gfinity plc 40,207 28,889 1.24 1.26
HML Holdings plc 58,340 68,800 1.80 2.99
Hunters Property plc 50,253 65,500 1.55 2.85
Immotion Group plc 95,486 76,796 2.95 3.34
I-Nexus Global plc 30,153 5,696 0.93 0.25
Inspired Energy plc 33,641 189,000 1.04 8.22
Integumen plc 75,383 86,690 2.33 3.77
Intelligent Ultrasound Group
plc 70,355 49,460 2.17 2.15
Keywords Studios plc 2,473 29,940 0.08 1.30
Lightwaverf plc 30,158 15,882 0.93 0.69
Location Sciences Group plc 72,643 37,817 2.25 1.65
Loopup Group plc 15,078 10,200 0.47 0.44
M.Winkworth plc 56,280 87,500 1.74 3.81
Marechale Capital plc 75,752 6,000 2.34 0.26
Microsaic Systems plc 142,261 31,590 4.40 1.37
Modern Water plc 75,385 3,927 2.33 0.17
Security Cost Valuation % %
31/12/2019 Cost Valuation
Qualifying Investments
AIM Quoted
N4 Pharma plc 40,204 10,960 1.26 0.48
Open Orphan plc 155,184 27,172 4.80 1.18
Pelatro plc 25,128 28,000 0.78 1.22
PHSC plc 50,256 29,800 1.55 1.30
Polarean Imaging plc 20,104 28,000 0.62 1.22
Property Franchise Group plc 50,253 98,000 1.55 4.26
Quixant plc 8,091 38,500 0.25 1.68
Rosslyn Data Technologies plc 23,219 3,290 0.72 0.14
Scancell Holdings plc 45,233 23,498 1.40 1.02
Scholium Group plc 40,203 14,800 1.24 0.64
Solid State plc 35,248 91,293 1.09 3.97
SRT Marine Systems plc 18,093 54,000 0.56 2.35
Sysgroup plc 45,232 24,000 1.40 1.04
Tekcapital plc 82,292 18,125 2.54 0.79
TP Group plc 160,062 47,868 4.95 2.08
Tristel plc 3,715 34,560 0.11 1.50
ULS Technology plc 18,091 30,240 0.56 1.32
Velocys plc 30,154 17,800 0.93 0.77
Yourgene Health plc 40,204 26,000 1.24 1.13
Yu Group plc 20,504 9,372 0.63 0.41
2,864,575 2,118,210 88.55 92.17
Unlisted Investments
Outsourcery plc 28,143 - 0.87 0.00
Syqic plc 26,546 - 0.82 0.00
54,689 - 1.69 0.00
Total qualifying investments 2,919,264 2,118,210 90.24 92.17
Non-qualifying Investments
AIM Quoted
Audioboom Group plc 1,163 195 0.04 0.01
Be Heard Group plc 10,040 1,325 0.31 0.06
Rotala plc 27,682 37,800 0.85 1.64
Tristel plc 60 384 0.00 0.02
38,945 39,704 1.20 1.73
Security Cost Valuation % %
31/12/2019 Cost Valuation
UK listed
Investec plc 169,416 85,200 5.25 3.71
Twentyfour Income Fund Ltd 9,852 9,429 0.30 0.41
179,268 94,629 5.55 4.12
Unlisted Investments
China Food Co plc 31,547 - 0.97 -
Mar City plc 10,053 - 0.31 -
Sorbic International plc 10,205 - 0.32 -
51,805 - 1.60 -
Total non-qualifying investments 270,018 134,333 8.35 5.85
Top Ten Investments
Security Cost Valuation %
Inspired Energy plc 33,641 189,000 8.22
Blackbird plc 41,460 139,425 6.07
Audioboom Group plc 148,252 116,700 5.08
Property Franchise Group plc 50,253 98,000 4.26
Solid State plc 35,248 91,293 3.97
M.Winkworth plc 56,280 87,500 3.81
Integumen plc 75,383 86,690 3.77
Investec plc 169,416 85,200 3.71
Immotion Group plc 95,486 76,796 3.34
HML Holdings plc 58,340 68,800 2.99
763,758 1,039,404 45.22
The investments tabulated above are expressed as a percentage by
valuation of the Company's investment portfolio including
uninvested cash.
Directors' Report
The directors present their report and the audited accounts for
the year to 31 December 2019.
Corporate Governance
The Corporate Governance report on pages 18 to 21 forms part of
the directors' report.
Results and dividend
Year to Year to
31 December 2019 31 December 2018
Revenue Capital Revenue Capital
GBP'000 GBP'000 GBP'000 GBP'000
Return on ordinary activities after
taxation (23) 233 (14) (751)
Appropriated as follows:
Final dividend paid in respect of
prior year
Revenue -- 0.00p (0.00p) per share - - - -
Capital -- 3.4p (3.3p) per share - (157) - (152)
Transfers to reserves (23) 76 (14) (903)
Directors
The directors of the Company who served throughout the year and
their interests in the issued ordinary shares of 10p of the Company
are as follows:
Year ended Year ended
31 December 2019 31 December 2018
Michael David Barnard 470,098 454,598
Geoffrey Gamble 106,550 106,550
Peter William Riley 3,000 3,000
Ian Cameron-Mowat 67,065 67,065
Simon Like 145,800 145,800
All of the directors' share interests shown above are held
beneficially. There have been no changes in the directors' share
interests between 31 December 2019 and the date of this report,
other than for MD Barnard who has increased his holding by a
further 47,400 shares, taking his holding up to 517,498 shares,
representing 11.23% of the Company's shares
Brief biographical notes on the directors are given on page 3.
The director, retiring in accordance with the Company's Articles of
Association, is Geoffrey Gamble, who being eligible will offer
himself for re-election at the forthcoming annual general meeting.
The directors believe his experience in small companies is a great
benefit to the Board and recommend his re-election. In addition,
Simon Like, who was appointed by the Board to become a director of
the Company on 18 September 2019 will, in accordance with the
Company's Articles of Association, offer himself for election at
the forthcoming Annual General Meeting (AGM). The directors believe
that Simon's experience in fund management in general and his role
as Investment Manager for the Company in particular, is very useful
and a big advantage to have on the Company's Board.
Management
MD Barnard & Company Limited has acted as investment manager
to the Company since inception. The principal terms of the
Investment Management Agreement are set out in Note 6 to the
Accounts.
Substantial shareholdings
The Company has been notified, in accordance with Chapter 5 of
FCA's Disclosure and Transparency Rules, of the under noted
interests as at 31 December 2019 of 3 per cent shareholders and
above:
MD Barnard 470,098
N Shanks 405,057
Rathbone Nominees Ltd 217,476
IA Houston 200,000
DM Trotman 180,000
Platform Securities Nominees Ltd 172,065
Smith & Williamson Nominees Ltd 165,964
JR Atkinson 152,365
RS Like 145,800
Since the year end, MD Barnard has acquired a further 47,400
shares, taking his holding up to 517,498 shares, representing
11.23% of the Company's shares.
Acquisition of own shares
During the year the Company did not make any acquisition of its
own shares.
Structure, rights and restrictions concerning the Company's
share capital
Throughout the Company's financial year there were 4,606,953
ordinary shares in issue. No shares were issued or bought back
during the year. The rights and obligations attached to the
Company's ordinary shares are set out in the Company's Articles of
Association, copies of which can be obtained from Companies House.
The Company has only one class of ordinary share and each share has
attached to it full voting rights, dividends and capital
distribution rights (including on a winding up) and do not confer
any rights of redemption.
Ordinary shareholders also have the right to receive copies of
the Company's report and accounts, to attend and speak at general
meetings and to appoint proxies. This year the right to attend and
speak at the Company's AGM, due to be held on the 18 June 2020, has
been suspended due to the coronavirus pandemic and the consequent
Government restrictions relating to groups of two or more
individuals gathering.
There are no shareholders who have a significant direct or
indirect shareholding in the Company.
In accordance with Schedule 7 of the Large and Medium Size
Companies and Groups (Accounts and Reports) Regulations 2008, as
amended, the directors disclose the following information:
-- The Company's capital structure and voting rights are summarised above,
and there are no restrictions on voting rights nor any agreement between
holders of securities that result in restrictions on the transfer of
securities or on voting rights;
-- There exist no securities carrying special rights with regard to the
control of the Company;
-- The rules concerning the appointment and replacement of directors,
amendment of the Articles of Association and powers to issue or buy back
of the Company's shares are contained in the Articles of Association of
the Company and the Companies Act 2006;
-- The Company does not have an employee share scheme;
-- There are no agreements to which the Company is party that may affect its
control following a takeover bid; and
-- There are no agreements between the Company and its Directors providing
for compensation for loss of office that may occur following a takeover
bid or for any other reason.
Appointment of Directors
The directors are subject to re-election by rotation, with one
quarter of the directors being re-elected annually at the AGM.
Creditor payment policy
The Company's payment policy is to agree terms of payment before
business is transacted and to settle accounts in accordance with
those terms. The Company's principal expenses such as investment
management fees and administration fees are paid quarterly in
arrears in accordance with the respective agreements. Accordingly,
the Company had no material trade creditors at the year-end.
Post balance sheet events
Details of the post balance sheet events are set out in note
27.
Section 172 (1) of the Companies Act 2006
The Board notes the new disclosure regulations contained within
'The Companies (Miscellaneous Reporting) Regulations 2018 and
confirms that when making decisions it acts in a way which promotes
the success of the Company for the benefit of its members as a
whole, and in doing so has regard (amongst other matters) to the
following:
1. the likely consequences of any decision over the long term;
2. the need to foster the Company's business relationships with its
suppliers;
3. the desirability of the Company maintaining a reputation for high
standards of business conduct; and
4. the need to act fairly as between members of the Company.
The Board also recognises the requirement under Section 414c of
the Companies Act 2006 to detail information about environmental
matters (including the impact of the Company's business on the
environment), employee, human rights, social and community issues,
including information about any policies it has in relation to
these matters and effectiveness of these policies.
Given the size and nature of the Company's activities and the
fact that it has no full-time employees and only four non-executive
directors, the Board considers there is limited scope to develop
and implement social and community policies. However, the Company
recognises the need to conduct its business in a manner responsible
to the environment where possible.
Going Concern
In accordance with FRC Guidance for directors on going concern
and liquidity risk the directors have assessed the prospects of the
Company having adequate resources to continue in operational
existence for at least 12 months from the date of approval of these
financial statements. The directors took into account the nature of
the Company's business and Investment Policy, its risk management
policies, the diversification of its portfolio, the cash holdings
and the liquidity of non-qualifying investments. The Company's
business activities, together with factors likely to affect its
future development, performance and position including the
financial risks the Company is exposed to are set out in the
Strategic Report on page 6 and in note 22 to the accounts.
As a consequence, the directors have a reasonable expectation
that the Company has sufficient cash and liquid investments to
continue to operate and that the Company will be able to manage its
business risks successfully and meet its liabilities as they fall
due. Thus, the directors believe it is appropriate to continue to
adopt the going concern basis, as also disclosed in the Corporate
Governance report on page 18, in preparing the financial
statements.
Auditors
In accordance with Section 485 of the Companies Act 2006, a
resolution proposing that UHY Hacker Young LLP be reappointed as
auditors of the Company and that the directors be authorised to
determine their remuneration will be put to the next Annual General
Meeting.
Statement of disclosure to auditors
So far as the directors are aware:
1. there is no relevant audit information of which the Company's
auditors are unaware; and
2. the directors have taken all steps that they ought to have
taken to make themselves aware of any relevant audit information
and to establish that the auditors are aware of that
information.
By Order of the Board
Geoffrey Gamble 29 April 2020
Directors' Remuneration Report
The Board has prepared this report in accordance with the
requirements of the Companies Act 2006. A resolution to approve
this report will be included in the AGM Notice, but as mentioned in
the letter accompanying that Notice, shareholders may not attend
the AGM this year because of the social distancing measures
required by the Government because of the coronavirus crisis, and
therefore shareholders can only vote on this measure by using the
Proxy forms at the end of this Report & Accounts.
Directors' remuneration policy
The Company does not have any executive directors and, as
permitted under the Listing Rules, has not, therefore, established
a remuneration committee. Directors, with the exception of the
chairman, do not receive any remuneration or fees.
The directors shall be paid by the Company all travel, hotel and
other expenses they may incur in attending meetings of the
directors or general meetings or otherwise in connection with the
discharge of their duties. Any director who, by request of the
directors, performs special services may be paid such extra
remuneration as the directors may determine.
Directors' remuneration (audited)
None of the directors received any remuneration from the Company
during the year under review, with the exception of the chairman,
who received a fee of GBP5,000 (2018: GBP5,000). No other
emoluments or pension contributions were paid by the Company to, or
on behalf of, any director. None of the directors has a service
contract with the Company. It is expected that, with the exception
of the chairman, the directors will continue not to receive any
remuneration for their services in the forthcoming years.
Performance
The directors consider that the most appropriate measure of the
Company's performance is its Cumulative Value of Shareholder
Investment (net asset value plus cumulative dividends). The
Company's Cumulative Value of Shareholder Investment at 31 December
2018 and 31 December 2019 is set out in the Financial Summary on
page 1.
Total shareholder return
[Graph omitted ]
The above graph shows the Company's total shareholder return
compared to that of the FTSE AIM All Share Index total return for
the period since listing on the London Stock Exchange.
By Order of the Board
Geoffrey Gamble 29 April 2020
Corporate Governance
The directors support the relevant principles of the UK
Corporate Governance Code issued in July 2018 by the Financial
Reporting Council, being the principles of good governance and the
code of best practice as set out in the Main Principles of the Code
annexed to the Listing Rules of the Financial Conduct
Authority.
The UK Corporate Governance Code is available at the following
location:
www.frc.org.uk/corporate/ukcgcode.cfm
Going Concern
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 the accounts, the Company has adequate resources
to continue in operational existence for the foreseeable future. In
addition the Company has no employees and therefore its operations
are not impacted by the recent/ongoing Covid-19 pandemic. For this
reason, they continue to adopt the going concern basis in preparing
the accounts. In coming to this conclusion the directors have
concluded that the Company's going concern status would only be at
threat if (i) the value of its portfolio declined by more than 95%
from its value (whether from Covid-19 or any other reason) as at 31
March 2020 of GBP1.6m (excluding cash of GBP35k), and (ii) that it
could not dispose of any of its portfolio during or after such a
decline in value, and (iii) that it could not reduce its current
cost base. Such a set of circumstances would, in the Board's
opinion, be very unlikely.
The Board
The Company is led and controlled by a Board of directors who
are all non-executives and who have had relevant experience with
quoted companies prior to their appointment. The Chairman is
Geoffrey Gamble. Biographical details of all Board members are
shown on page 3.
One quarter of the directors are subject to re-election at each
AGM by rotation, except in the AGM following the appointment of a
new director when that new director's appointment will also be
subject to shareholder approval.
During the year the following were held:
2 full board meeting 1 Audit Committee meeting
All members attended the meetings. All members attended the meeting.
All directors either had relevant experience with quoted
companies prior to their appointment or had a good knowledge base
of the rules and regulations concerning a director's
responsibilities with listed companies and it was therefore not
thought necessary to provide further training in respect of their
obligations and duties.
The Board has also established procedures whereby directors
wishing to do so in the furtherance of their duties may take
independent professional advice at the Company's expense.
All directors have access to the advice and services of the
Company Secretary. The Company Secretary provides the Board with
full information on the Company's assets and liabilities and other
relevant information requested by the Chairman, in advance of each
Board meeting.
The Board believes that it presents a balanced and
understandable assessment of the Company's position and prospects.
The Audit Committee meets at least once a year. Under the
chairmanship of a non-executive director, its membership comprises
all the non-executive directors. During the year the Audit
Committee was chaired by Mr Gamble. The Audit Committee reviews the
accounts and is reported to by the external auditors. The audit
committee did not identify or consider any significant issues
relating to the financial statements as substantially all the
investments are valued by reference to publicly quoted prices.
Further, the Audit Committee keeps under review the cost
effectiveness, independence and objectivity of the auditors. A
formal statement of independence is received from the external
auditors each year. The terms of reference of the audit committee
are available for inspection at the Company's registered
office.
The Audit Committee is satisfied with the performance of UHY
Hacker Young and recommends the services of UHY Hacker Young to the
shareholders.
The investment manager is authorised and regulated by the
Financial Conduct Authority and the directors have an opportunity
to review their own auditors' review of their financial
controls.
Relations with shareholders
The Chairman is the Company's principal spokesman with
investors, fund managers, the press and other interested
parties.
Due to the current coronavirus pandemic and the consequent
Government's guidelines, shareholders may not attend the
forthcoming AGM. Shareholders may this year submit any questions
regarding the Company to the email address provided in the Notice
of the AGM and the Proxy forms at the end of this Report &
Accounts.
Separate resolutions are proposed at the AGM on each
substantially separate issue. The Registrars collate proxy votes
and the results (together with the proxy forms) are forwarded to
the Company Secretary immediately prior to the AGM. In order to
comply with the Governance Code, proxy votes will be announced at
the AGM, following each vote on a show of hands, except in the
event of a poll being called.
Financial Reporting
The directors' statement of responsibilities for preparing the
financial statements is set out on page 20, and a statement by the
auditors about their reporting responsibilities is set out in the
Auditors' Report on page 27.
Internal control
The directors are responsible for the Company's system of
internal control. Although no system of internal control can
provide absolute assurance against material misstatement or loss,
the Company's systems are designed to provide the directors with
reasonable assurance that problems are identified on a timely basis
and dealt with appropriately.
The directors have conducted a review of the effectiveness of
the system of internal control for the year covered by the
financial statements. This accords with the FRC's guidance on Risk
Management, Internal Control and Related Financial and Business
Reporting.
Although the Board is ultimately responsible for safeguarding
the assets of the Company, the Board has delegated, through written
agreements, the day-to-day operation of the Company to M D Barnard
& Company Limited.
Compliance statement
The Listing Rules require the Board to report on compliance with
the Governance Code provisions throughout the accounting year. The
Comply or Explain directions of the Governance Code does however
acknowledge that some provisions may have less relevance for
investment companies. With the exception of the limited items
outlined below, the Company has complied throughout the accounting
year to 31 December 2019 with the provisions set out in Sections A
to E of the Governance Code.
1. The Board has not appointed a nominations committee as they
consider the Board to be small and it comprises wholly
non-executive directors. Appointments of new directors are dealt
with by the full Board.
2. New directors do not receive a full, formal and tailored
induction on joining the Board. Such matters are addressed on an
individual basis as they arise.
3. Due to the size of the Board and the nature of the Company's
business, a formal performance evaluation of the Board, its
committees, the individual directors and the Chairman has not been
undertaken. Specific performance issues are dealt with as they
arise.
4. The Company has four independent directors, as defined by the
Governance Code issued in July 2018. The board consider that
Messrs. Gamble, Riley, Barnard and Cameron-Mowat are independent in
character and judgement and there are no relationships or
circumstances which are likely to affect, or could appear to affect
the directors' judgement. The Board considers that all directors
have sufficient experience to be able to exercise proper judgement
within the meaning of the Governance Code.
5. The Company does not have a chief executive officer or senior
independent director. The Board does not consider this to be
necessary for the size of the Company.
6. The Company does not conduct a formal review as to whether
there is a need for an internal audit function. The directors do
not consider that an internal audit would be an appropriate control
for a venture capital trust.
7. The Audit Committee is chaired by Geoffrey Gamble, Chairman
of the Board of directors, whom the board regard as independent
despite recommendations to the contrary in the Governance Code due
to his being Chairman of the Board of directors.
8. The non-executive directors do not have service contracts,
whereas the recommendation is for fixed term renewable
contracts.
9. The Company has no major shareholders so shareholders are not
given the opportunity to meet any new non-executive directors at a
specific meeting other than the annual general meeting.
Statement of directors' responsibilities
United Kingdom company law requires the directors to prepare
financial statements for each financial year which give a true and
fair view of the state of affairs of the company as at the end of
the financial year and of the revenue of the company for that
period. In preparing those financial statements, the directors are
required to:
-select suitable accounting policies and apply them
consistently;
-make judgements and estimates that are reasonable and
prudent;
-state whether applicable accounting standards have been
followed; and
-prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company will
continue in business.
The directors are responsible for ensuring that proper
accounting records are kept, which disclose with reasonable
accuracy at any time the financial position of the company,
enabling them to ensure that the financial statements comply with
the Companies Act 2006. They are also responsible for the company's
system of internal control, for safeguarding the assets of the
company and for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Responsibility statement
The directors confirm that to the best of their knowledge:
1. the financial statements, prepared in accordance with United
Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice), give a true and fair view of the assets,
liabilities, financial position and profit or loss of the
Company;
2. the Directors' Report includes a fair review of the
development and performance and position of the Company, together
with a description of the principal risks and uncertainties that it
faces;
3. the directors consider that the annual report and financial
statements are fair, balanced and understandable, providing
appropriate information to shareholders to assess the performance,
business model and strategy of the Company and therefore the Board
recommends the approval (by proxy) of the financial statements at
the forthcoming AGM.
By Order of the Board
Geoffrey Gamble 29 April 2020
Independent Auditors' Report to the members of New Century AIM
VCT 2 plc
Opinion
We have audited the Financial Statements of New Century AIM VCT
2 Plc for the year ended 31 December 2019, which comprise the
Statement of Comprehensive Income, the Balance Sheet, the Statement
of Changes in Equity, the Cash Flow Statement and the related notes
to the Financial Statements, including a summary of significant
accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Financial Reporting
Standard 102 "The Financial Reporting standard applicable in the UK
and Republic of Ireland".
In our opinion the financial statements:
-- give a true and fair view of the state of the Company's affairs as at 31
December 2019 and of the Company's return for the year then ended;
-- have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice; and
-- have been prepared in accordance with the requirements of the Companies
Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial
statements section of our report. We are independent of the Company
in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
FRC's Ethical Standard as applied to listed public interest
entities, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Conclusions relating to principal risks, going concern and
viability statement
We have nothing to report in respect of the following
information in the annual report, in relation to which the ISAs
(UK) require us to report to you whether we have anything material
to add or draw attention to:
-- the disclosures in the Annual Report set out on pages 41 to 42 that
describe the principal risks and explain how they are being managed or
mitigated;
-- the directors' confirmation set out on page 7 in the Annual Report that
they have carried out a robust assessment of the principal risks facing
the Company, including those that would threaten its business model,
future performance, solvency or liquidity;
-- the directors' statement set out on page 14 of the Directors' Report and
on page 18 in the Corporate Governance Report about whether the directors
considered it appropriate to adopt the going concern basis of accounting
in preparing the Financial Statements and the Directors' identification
of any material uncertainties to the Company's ability to continue to do
so over a period of at least twelve months from the date of approval of
the Financial Statements;
-- whether the directors' statement relating to going concern required under
the Listing Rules in accordance with Listing Rule 9.8.6R(3) is materially
inconsistent with our knowledge obtained in the audit; or
-- the directors' explanation set out on page 7 in the Strategic Report as
to how they have assessed the prospects of the Company, over what period
they have done so and why they consider that period to be appropriate,
and their statement as to whether they have a reasonable expectation that
the Company will be able to continue in operation and meet its
liabilities as they fall due over the period of their assessment,
including any related disclosures drawing attention to any necessary
qualifications or assumptions.
Key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect
on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team.
These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these
matters.
Key audit matters How the matter was addressed in the
audit
Valuation of Investments and Our audit work included, but was not
recognition of realised gains and restricted to: Testing the value of
losses The investment portfolio and the year-end investments by reference
associated realised and unrealised to market price information at the
gains and losses is the key driver to year-end. Agreeing the purchase and
the financial performance of the sale of investments to contract notes
Company. Due to the nature of the and cash movements on a sample basis.
Company's business there is an Recalculating the realised gains and
inherent risk that if incorrectly losses on the sale of investments for
valued this will have the greatest both the individual transactions on a
impact on both the income statement sample basis and for the total
and balance sheet. The investment portfolio. Checking the movement in
portfolio at the year-end had a unrealised gains for arithmetical
carrying value of GBP2,252,544. accuracy and validated by reviewing
the opening costs to prior year
balances and purchases on a sample
basis. The portfolio is maintained by
the investment manager in accordance
with the investment management
agreement. We agreed the investment
portfolio to a signed confirmation
provided by the investment advisor
detailing each investment, the cost
and market price. The Company's
accounting policy on fixed asset
investments held at fair value through
profit or loss is shown in note 4 to
the financial statements and related
disclosures are included in note 12.
Key observations Our testing did not
identify any material misstatements in
the valuation of the Company's
investment portfolio as at the year
end.
Compliance with the VCT rules Our audit work included, but was not
Compliance with the VCT rules is restricted to: Testing the twelve
necessary to maintain the VCT status conditions for maintaining approval as
and associated tax benefits. a VCT as set out by HMRC. Each of the
conditions was reviewed in turn in
order to assess whether it had been
met as at the year-end. Key
observations Our testing did not
identify any breaches of the VCT
rules. We also reviewed the
correspondence from the external VCT
Adviser and did not identify any
instances of non-compliance to the VCT
rules.
Our application of materiality
We apply the concept of materiality both in planning and
performing our audit, and in evaluating the effect of misstatements
on our audit and on the financial statements. We define financial
statement materiality as the magnitude by which misstatements,
including omissions, could change or influence the economic
decisions taken on the basis of the financial statements by
reasonable knowledgeable users.
We also determine a level of performance materiality which we
use to determine the nature, timing and extent of testing needed to
reduce to an appropriately low level the probability that the
aggregate of uncorrected and undetected misstatements exceeds
materiality for the financial statements as a whole.
We determined materiality for the Financial Statements as a
whole to be GBP45,500. In determining this we based our assessment
on a key indicator, being 2% of gross assets of the Company. This
benchmark is considered the most appropriate because, gross asset,
which primary comprise the Company's investment portfolio, are
considered to be the key driver of the Company's total return
performance and form part of the net asset value calculation being
the performance measure investors use to assess the Company's
performance.
On the basis of our risk assessment, together with our
assessment of the Company's control environment, our judgement is
that performance materiality for the Financial Statements should be
75% of materiality, being GBP34,125.
We agreed with the Audit Committee that we would report to them
all uncorrected audit differences in excess of GBP2,275, which is
set at 5% of planning materiality, as well as differences below
that threshold that, in our view, warranted reporting on
qualitative grounds. We evaluate any uncorrected misstatements
against both quantitative measures of materiality discussed above
and in light of other relevant qualitative considerations in
forming our opinion.
An overview of the scope of our audit
As part of designing our audit, we determined materiality and
assessed the risks of material misstatement in the financial
statements. In particular, we looked at where the directors made
subjective judgements, for example in respect of significant
accounting estimates that involved making assumptions and
considering future events that are inherently uncertain.
We tailored the scope of our audit to ensure that we performed
sufficient work to be able to give an opinion on the financial
statements as a whole, taken into account an understanding of the
structure of the Company, its activities, the accounting processes
and controls including, understanding management's process to value
quoted investments, investment income recognition and journal
entries posting, and the industry in which they operate. Our
planned audit testing was directed accordingly and was focused on
areas where we assessed there to be the highest risk of material
misstatement. During the audit we reassessed and re-evaluated audit
risks and tailored our approach accordingly.
The audit testing included substantive testing on significant
transactions, balances and disclosures, the extent of which was
based on various factors such as our overall assessment of the
control environment, the effectiveness of controls and the
management of specific risks.
We communicated with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and
significant findings, including any significant deficiencies in
internal control that we identify during the audit.
Explanation as to what extent the audit was considered capable
of detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks
of material misstatement of the financial statements due to fraud
or error; to obtain sufficient appropriate audit evidence regarding
the assessed risks of material misstatement due to fraud or error;
and to respond appropriately to those risks. Owing to the inherent
limitations of an audit, there is an unavoidable risk that material
misstatements in the financial statements may not be detected, even
though the audit is properly planned and performed in accordance
with the ISAs (UK).
In identifying and assessing risks of material misstatement in
respect of irregularities, including fraud and non-compliance with
laws and regulations, our procedures included the following:
-- We obtained an understanding of the legal and regulatory frameworks
applicable to the Company and industry in which it operates. We
determined that the following laws and regulations were most significant:
FRS102, Companies Act 2006, UK Corporate governance code, taxation laws
and VCT Rules.
-- We understood how the Company is complying with those legal and
regulatory frameworks by, making inquiries to the investment manager,
administrators and audit committee. We corroborated our inquiries through
our review of board minutes and papers provided to the Audit Committee.
-- We assessed the susceptibility of the Company financial statements to
material misstatement, including how fraud might occur. Audit procedures
performed by the engagement team included:
- identifying and assessing the design effectiveness of controls
management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and
addressed the potential for override of controls or other
inappropriate influence over the financial reporting process;
- identifying and testing journal entries, in particular any
journal entries posted with unusual account combinations;
- assessing the extent of compliance with the relevant laws and
regulations as part of our procedures on the related financial
statement item.
Other information
The directors are responsible for the other information. The
other information comprises the information included in the annual
report, set out on pages 6 to 21, including the Strategic Report,
the Directors' Report, the Directors' Remuneration Report and the
Corporate Governance Report, other than the financial statements
and our auditor's report thereon. Our opinion on the financial
statements does not cover the other information and, except to the
extent otherwise explicitly stated in our report, we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a
material misstatement of the financial statements or a material
misstatement of the other information. If, based on the work we
have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We
have nothing to report in this regard.
In this context, we also have nothing to report in regard to our
responsibility to specifically address the following items in the
other information and to report as uncorrected material
misstatements of the other information where we conclude that those
items meet the following conditions:
-- Fair, balanced and understandable set out on pages 20 and 21 -- the
statement by the directors that they consider the annual report and
financial statements taken as a whole is fair, balanced and
understandable and provides the information necessary for shareholders to
assess the Company's performance, business model and strategy, is
materially inconsistent with our knowledge obtained in the audit; or
-- Audit committee reporting set out on page 18 -- the section describing
the work of the audit committee does not appropriately address matters
communicated by us to the audit committee is materially inconsistent with
our knowledge obtain in the audit; or
-- Directors' statement of compliance with the UK Corporate Governance Code
set out on pages 19 and 20 -- the parts of the directors' statement
required under the Listing Rules relating to the Company's compliance
with the UK Corporate Governance Code containing provisions specified for
review by the auditor in accordance with Listing Rule 9.8.10R(2) do not
properly disclose a departure from a relevant provision of the UK
Corporate Governance Code.
Opinion on other matters prescribed by the Companies Act
2006
In our opinion:
-- the part of the Directors' Remuneration Report to be audited has been
properly prepared in accordance with the Companies Act 2006;
-- the information given in the Strategic Report and the Directors' Report
for the financial year for which the accounts are prepared is consistent
with the financial statements.
-- the Strategic Report in the Directors' Report has been prepared in
accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company
and its environment obtained in the course of the audit, we have
not identified material misstatements in the strategic report or
the directors' report.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report to
you if, in our opinion:
-- adequate accounting records have not been kept, or returns adequate for
our audit have not been reviewed from branches not visited by us; or
-- the financial statements and the part of the Directors' Remuneration
Report to be audited are not in agreement with the accounting records and
returns; or
-- certain disclosures of directors' remuneration specified by law are not
made; or
-- we have not received all the information and explanations we require for
our audit.
Responsibilities of directors
As explained more fully in the statement of directors'
responsibilities on page 20, the directors are responsible for the
preparation of the financial statements and for being satisfied
that they give a true and fair view, and for such internal control
as the directors determine is necessary to enable the preparation
of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the Company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Company or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of
these financial statements.
A further description of our responsibilities for the audit of
the financial statements is located on the Financial Reporting
Council's website at
https://www.frc.org.uk/auditors/audit-assurance.This description
forms part of our auditor's report.
Other matters which we are required to address
We were appointed by New Century Aim VCT2 Plc in 2008 and
subsequently re-appointed following a tender process on 27 March
2018. The period of total uninterrupted engagement including
previous renewals and reappointments of the firm is 13 years.
The non-audit services prohibited by the FRC's Ethical Standard
were not provided to the Company and we remain independent of the
Company in conducting our audit.
Our audit opinion is consistent with the additional report to
the audit committee.
Use of our report
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
Company's members those matters we are required to state to them in
an auditors' report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company's members as a body,
for our audit work, for this report, or for the opinions we have
formed.
Daniel Hutson (Senior statutory auditor)
for and on behalf of
UHY Hacker Young
Chartered Accountants
Statutory Auditors
Quadrant House
4 Thomas More Square
London, E1W 1YW
29 April 2020
Statement of Comprehensive Income
(incorporating the revenue account)
for the year to 31 December 2019
Year ended Year ended
31 December 2019 31 December 2018
Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses)
on investments
- realised - 209 209 - 121 121
- unrealised - 42 42 - (850) (850)
Income 5 35 - 35 46 - 46
Investment
management
fee 6 (6) (18) (24) (8) (22) (30)
Other expenses 7 (52) - (52) (52) - (52)
Return/(loss)
on ordinary
activities
before
taxation (23) 233 210 (14) (751) (765)
Tax charge on
ordinary
activities 9 - - - - - -
Return/(loss)
on ordinary
activities
after
taxation (23) 233 210 (14) (751) (765)
Return per
ordinary share
(pence) 11 (0.51) 5.06 4.55 (0.31) (16.30) (16.61)
The notes on pages 33 to 44 form an integral part of these
financial statements.
All revenue and capital items in the above statement are from
continuing operations in the current year. No operations were
acquired or discontinued in the current year. Other than that shown
above, the Company had no recognised gains or losses. Accordingly,
the above represents the total comprehensive income for the
year.
Balance Sheet
at 31 December 2019
As at As at
31 December 2019 31 December 2018
Note GBP'000 GBP'000
Fixed assets
Investments 12 2,253 2,214
Current assets
Debtors 15 45 31
Current liabilities
Creditors: amounts falling
due within one year 16 (16) (16)
2,282 2,229
Capital and reserves
Called up share capital 17 461 461
Share premium 57 57
Capital Redemption Reserve 171 171
Capital
reserve-distributable 3,440 3,440
Capital reserve -- realised (866) (1,185)
Capital reserve --
unrealised (1,002) (916)
Revenue reserve 21 201
Total equity shareholders'
funds 2,282 2,229
Net asset value per ordinary 18 49.5p 48.4p
share
The financial statements on pages 29 to 44 were approved by the
Board of Directors on 29 April 2020 and were signed on its behalf
by:
Geoffrey Gamble
Chairman
The notes on pages 33 to 44 form an integral part of these
financial statements.
Company's registered number: 06054576
Statement of Changes in Equity
at 31 December 2019
Called-
up Share Capital
share premium redemption Capital Capital Capital Revenue
capital account reserve distributable realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 01/01/19 461 57 171 3,440 (1,185) (916) 201 2,229
Realised gains
on disposals - - - - 209 - - 209
Unrealised
(losses)/gains - - - - - 42 - 42
Transfer of
unrealised gain
to realised on
disposal of
investment - - - - 128 (128) - -
Net revenue
before tax - - - - - - (23) (23)
Capital element
of investment
management fee - - - - (18) - - (18)
Dividends paid - - - - - - (157) (157)
As at 31/12/19 461 57 171 3,440 (866) (1,002) 21 2,282
As at 01/01/18 461 57 171 3,440 (1,537) 187 367 3,146
Realised gains
on disposals - - - - 121 - - 121
Unrealised
(losses)/gains - - - - - (850) - (850)
Transfer of
unrealised gain
to realised on
disposal of
investment - - - - 253 (253) - -
Net revenue
before tax - - - - - - (14) (14)
Capital element
of investment
management fee - - - - (22) - - (22)
Dividends paid - - - - - - (152) (152)
As at 31/12/18 461 57 171 3,440 (1,185) (916) 201 2,229
The notes on pages 33 to 44 form an integral part of these
financial statements.
Cash Flow Statement
for the year to 31 December 2019
As at As at
31 December 2019 31 December 2018
Note GBP'000 GBP'000
Cash flow from operating
activities
Cash outflow from operations 21 (76) (84)
Net cash outflow from
operating activities (76) (84)
Cash flows from investing
activities
Investment income 35 46
Net cash from investing
activities 35 46
Cash flows from financing
activities
Sale of investments 700 572
Purchase of investments (488) (388)
Dividend paid (157) (152)
Net cash from financing
activities 55 32
Net increase/(decrease) in
cash and cash equivalents 14 (6)
Cash and cash equivalents at
the beginning of year 31 37
Cash and cash equivalents at
the end of year (held by
Investment Manager) 45 31
The notes on pages 33 to 44 form an integral part of these
financial statements.
All cash is held on behalf of the VCT by MD Barnard &
Company Limited as our Investment Manager, see note 21.
Notes to the Financial Statements
for the year to 31 December 2019
1. Company information
New Century AIM VCT 2 PLC is a UK incorporated public limited
company whose registered office is:
4th Floor
50 Mark Lane
London EC3R 7QR
New Century AIM VCT2 PLC is a Venture Capital Trust established
under the legislation introduced in the Finance Act 1995. The
Company's principal objective is to achieve long term capital
growth and to pay tax free dividends when appropriate through
investment in a diversified portfolio of qualifying companies
primarily quoted on AIM.
2. Basis of preparation
The financial statements have been prepared in accordance with
applicable United Kingdom law and accounting standards and with the
Financial Reporting Council's Financial Reporting Standard FRS 102
and with the Statement of Recommended Practice for Investment
Companies re-issued by the Association of Investment Companies in
October 2018.
Going Concern basis -- on the basis that the assets of the
Company consist mainly of marketable securities, the directors are
of the opinion that at the time of approving the accounts, the
Company has adequate resources to continue in operational existence
for the foreseeable future. This is because the directors have a
reasonable expectation that the Company has sufficient cash and
liquid investments to continue to operate and that the Company will
be able to manage its business risks successfully and meet its
liabilities as they fall due. Thus, the directors believe it is
appropriate to continue to adopt the going concern basis, as also
disclosed in the Corporate Governance report on page 18, in
preparing the financial statements.
The financial statements are presented in Sterling.
3. Significant estimates and judgements
As the Company's investment holdings, which comprise
approximately 99% of its total assets, are stated at market value
based on the closing bid prices of the London Stock Exchange, the
directors do not believe that there is any inherent uncertainty in
their presentation of these amounts, and that in their judgement,
market value and fair value may be regarded as identical for the
purpose of these accounts.
4. Accounting policies
Investments
The Company's principal financial assets are its investments and
the policies in relation to those assets are set out below.
Purchases and sales of investments are recognised in the
Financial Statements at the date of the transaction (trade
date).
These investments will be managed and their performance
evaluated on a fair value basis and information about them is
provided internally on that basis to the Board. Accordingly, as
permitted by FRS 102, the investments are measured as being fair
value through profit or loss on the basis that they qualify as a
group of assets managed, and whose performance is evaluated, on a
fair value basis in accordance with a documented investment
strategy. The Company's investments are measured at subsequent
reporting dates at fair value.
4. Accounting policies (continued)
Investments (continued)
In the case of investments quoted on a recognised stock
exchange, fair value is established by reference to the closing bid
price on the relevant date or the last traded price, depending upon
convention of the exchange on which the investment is quoted. In
the case of AIM quoted investments this is the closing bid price.
In the case of unquoted investments, fair value is established by
using measures of value such as the price of recent transactions,
earnings or revenue multiples, discounted cash flows and net
assets. These are consistent with the IPEV guidelines.
Realised surpluses or deficits on the disposal of investments
and permanent impairments in the value of investments are taken to
realised capital reserves. Unrealised surpluses and deficits on the
revaluation of investments are taken to unrealised capital
reserves. Costs incurred relating to acquisitions and disposals are
charged to capital reserves as a deduction from proceeds or an
addition to costs.
In the preparation of the valuations of assets the Directors are
required to make judgements and estimates that are reasonable and
incorporate their knowledge of the performance of the investee
companies. In the event that the shares held by the Company are
subject to certain restrictions, or the holding is significant in
relation to the traded issued share capital of the investee company
then the directors may apply a discount to the relevant market
price.
Fair value hierarchy
Paragraph 34.22 of FRS 102 regarding financial instruments that
are measured in the balance sheet at fair value requires disclosure
of fair value measurements dependent on whether the stock is quoted
and the level of the accuracy in the ability to determine its fair
value. The fair value measurement hierarchy is as follows:
For quoted investments:
Level 1: quoted prices in active markets for an identical asset.
The fair value of financial instruments traded in active markets is
based on quoted market prices at the balance sheet date. A market
is regarded as active if quoted prices are readily and regularly
available, and those prices represent actual and regularly
occurring market transactions on an arm's length basis. The quoted
market price used for financial assets held is the bid price at the
Balance Sheet date.
Level 2: where quoted prices are not available (or where a stock
is normally quoted on a recognised stock exchange that no quoted
price is available), the price of a recent transaction for an
identical asset, providing there has been no significant change in
economic circumstances or a significant lapse in time since the
transaction took place. The Company held no such investments in the
current or prior year.
For investments not quoted in an active market:
Level 3: the fair value of financial instruments that are not
traded in an active market is determined by using valuation
techniques. Although the Company held some unquoted investments
during the year, their values have been written down and they have
no value in the portfolio as at 31 March 2020.
There have been no transfers between these classifications in
the year (2018: none). The change in fair value for the current and
previous year is recognised through the profit and loss
account.
4. Accounting policies (continued)
Investments (continued)
Current asset investments
No current asset investments were held at 31 December 2019 or 31
December 2018. Should current assets be held, gains and losses
arising from changes in fair value of investments are recognised as
part of the capital return within the Income Statement and
allocated to the capital reserve - gains/(losses) on disposal.
It is not the Company's policy to exercise controlling or
significant influence over investee companies, although it may hold
a significant interest in some companies. Accordingly, the results
of these companies are not incorporated into the revenue account
except to the extent of any income earned or received.
Income
Dividend income receivable from quoted securities is recognised
on the ex-dividend date. Income from unquoted equity and non-equity
securities is recognised on an accruals basis.
Interest from cash and deposits and fixed returns on debt
securities are recognised on an accruals basis.
Expenses
All expenses are accounted for on an accruals basis. One quarter
of the investment management fee is charged to the revenue account
and the remaining three quarters is charged to capital reserves,
and inclusive of any irrecoverable value added tax. The allocation
of the management fee reflects the directors' estimate of the
source of the long-term returns in the portfolio from revenue and
capital.
Taxation
Any tax payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the statement of
comprehensive income because it excludes items of income or expense
that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Company's
liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the reporting end
date.
5. Income
Year ended Year ended
31 December 2019 31 December 2018
GBP'000 GBP'000
Income
Dividends from UK companies 35 46
Bank interest - -
Total income 35 46
All of the Company's income has been generated in the United
Kingdom from dividend income from its investment portfolio
6. Investment management fees
Year ended Year ended
31 December 2019 31 December 2018
Revenue Capital Revenue Capital
GBP'000 GBP'000 GBP'000 GBP'000
Investment management fees 6 18 8 22
MD Barnard & Company Limited ("MDB") provides investment
management services to the Company in respect of the Company's
portfolio of venture capital investments under an investment
management agreement dated 12 March 2007, supported by a deed of
amendment dated 4 September 2017.
Under the terms of the investment management agreement, MDB is
entitled to a fee (exclusive of VAT) equal to 1% per annum of the
net assets of the Company. The fee is calculated quarterly in
arrears based on the net assets at 31 March, 30 June, 30 September
and 31 December. During the year ended 31 December 2019, the fee
payable to MD Barnard & Company Limited equated to 1% per annum
of net assets. No performance fee is payable.
The investment management agreement is for a minimum period of
three years from 1 September 2017, subject to a trade-off clause
that if Simon Like ceases to manage the Company's investments, the
Company may terminate the agreement with MDB in a mirror time frame
of 12 months' notice period.
7. Other expenses
Year ended Year ended
31 December 31 December
2019 2018
GBP'000 GBP'000
Administrative and secretarial
services 27 27
Auditors' remuneration 12 10
Regulatory fees 13 15
52 52
8. Directors' remuneration
The chairman received GBP5,000 remuneration in the year (2018:
GBP5,000). No other remuneration has been paid or is payable for
the year to 31 December 2019 or in respect of the prior year.
9. Tax charge on ordinary activities
Year ended Year ended
31 December 2019 31 December 2018
Revenue Capital Revenue Capital
GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom tax
based on the taxable
profit for the year
- Current year - - - -
- Prior year - - - -
- - - -
Factors affecting tax
charge for the year
Return on ordinary
activities before
taxation (23) 233 (14) (751)
Tax on above at the
standard company rate
of 19% (2018: 19%) (4) 44 (3) (142)
UK dividends not
subject to corporation
tax (7) - (9) -
Realised (gains)/losses
not taxable - (40) - (23)
Unrealised
(gains)/losses not
taxable - (8) - 161
Non allowable expenses - - - -
Unutilised/(utilised)
losses 11 4 12 4
Current tax charge for - - - -
the year
The Company has unrelieved losses amounting to approximately
GBP885,000 (2018: GBP809,000) which are available to carry forward
for tax purposes which it can set off against future profits. No
deferred tax asset has been recognised in respect of these losses
in view of the Company's history of losses recoverability is not
sufficiently certain.
10. Dividends paid
Year ended Year ended
31 December 2019 31 December 2018
GBP'000 GBP'000
Final dividend paid in respect of
previous year 157 152
157 152
The directors do not propose a dividend in respect of the year
ended 31 December 2019.
11. Return per ordinary share
The revenue loss, per ordinary share, is based on the net loss
on ordinary activities after taxation of GBP23,277 (2018: loss of
GBP14,197) and on 4,606,953 (2018: 4,606,953) ordinary shares,
being the weighted average number of ordinary shares in issue
during the year.
The total return per ordinary share is based on a net profit
after taxation of GBP209,780 (2018: loss of GBP764,966) and on
4,606,953 (2018: 4,606,953) ordinary shares, being the weighted
average number of ordinary shares in issue during the year.
12. Fixed asset investments at valuation
As at As at
31 December 2019 31 December 2018
GBP'000 GBP'000
UK listed 95 113
AIM 2,158 2,095
Unlisted - 6
2,253 2,214
Movements in investments, including realised and unrealised
gains and losses, during the year are summarised as follows:
Year ended 31 December 2019
UK Un-
Listed AIM listed Total
GBP'000 GBP'000 GBP'000 GBP'000
Value at 1 January 2019 113 2,095 6 2,214
Purchases - 488 - 488
Transfers - - - -
113 2,583 6 2,702
less: Sales proceeds (12) (688) - (700)
101 1,895 6 2,002
Realised period
gains/(losses) 2 207 - 209
Unrealised holding
gains/(losses) (8) 56 (6) 42
Value at 31 December 2019 95 2,158 - 2,253
Cost at 31 December 2019 179 2,904 106 3,189
12. Fixed asset investments (continued)
Year ended 31 December 2018
UK Un-
Listed AIM listed Total
GBP'000 GBP'000 GBP'000 GBP'000
Value at 1 January 2018 125 2,989 13 3,127
Purchases - 388 - 388
Transfers - - - -
125 3,377 13 3,515
less: Sales proceeds - (572) - (572)
125 2,805 13 2,943
Realised period
gains/(losses) - 121 - 121
Unrealised holding
gains/(losses) (12) (831) (7) (850)
Value at 31 December
2018 113 2,095 6 2,214
Cost at 31 December 2018 188 2,770 106 3,064
The overall gain/(loss) on investments for the years shown in
the Income Statement is as follows:
Year ended Year ended
31 December 2019 31 December 2018
GBP'000 GBP'000
Net realised gain on disposal 209 121
Net unrealised gains/(losses) 42 (850)
251 (729)
13. Venture capital investments
A full list of investments held is disclosed under Investment
Portfolio.
14. Significant interests
The Company did not hold more than 10% of the allotted equity
share capital of any class of any investee company.
15. Debtors
As at As at
31 December 2019 31 December 2018
GBP'000 GBP'000
Uninvested funds with broker:
MD Barnard & Company Limited 45 31
16. Creditors
As at As at
31 December 2019 31 December 2018
GBP'000 GBP'000
Trade creditors and accruals 16 16
16 16
17. Share capital
As at As at
31 December 2019 31 December 2018
GBP'000 GBP'000
Authorised
25,000,000 ordinary shares of 10p
each 2,500 2,500
Allotted, called up and fully paid
4,606,953 (2018: 4,606,953) ordinary
shares of 10p each 461 461
18. Net asset value per share
Net asset value per share is based on net assets at 31 December
2019 of GBP2,282,030 (31 December 2018 of GBP2,228,886) and on
4,606,953 ordinary shares in issue at both those dates.
19. Performance incentive arrangements
The Investment Manager is not entitled to any performance
incentive arrangements.
20. Reserves
Called up share capital represents the nominal value of shares
that have been issued.
Share premium account includes any premiums received on issue of
share capital. Any transaction costs associated with the issuing of
shares are deducted from share premium.
Capital redemption reserve relates to capital repurchased.
Capital reserve-distributable represents items of a capital
nature legally available for distribution.
Capital reserve-realised represents surpluses or deficits on the
disposal of investments and permanent impairment in the value of
investments.
Capital reserve-unrealised represents surpluses and deficits on
the revaluation of investments.
Revenue reserve includes all current and prior period retained
profits and losses.
21. Notes to the cash flow statement
Net cash outflow from operating activities
Year ended 31 Year ended 31
December 2019 December 2018
GBP'000 GBP'000
Operating activity
Profit/(loss) return
on ordinary
activities 210 (765)
Gains on sale of
investments (209) (121)
Investment income (35) (46)
Unrealised
(gains)/losses on
investments (42) 850
Increase/(decrease)
in creditors - (2)
(76) (84)
Cash and cash equivalents
Cash and cash equivalents comprise GBP45,554 (2018: GBP30,833)
of uninvested funds, held in a bank account with the investment
manager.
22. Risk management and financial instruments
A statement of the Company's principal objectives is given
within the Strategic Report on page 6. In order to achieve these
objectives the Company invests its funds primarily in qualifying
holdings in companies traded on AIM, which by their nature may
entail a higher degree of risk than investments in large listed
companies. The Company has not entered into any derivative
transactions, and does not expect to do so in the foreseeable
future. As a venture capital trust, the Company invests in
securities for the long term, and it is the Company's policy that
no trading in investments or other financial instruments shall be
undertaken.
Market price risk
The main risks arising from the Company's investing activities
are market price risk, representing the uncertain realisable values
of the Company's investments. The directors aim to limit the risk
attaching to the portfolio as a whole by careful selection of
investments and by maintaining a wide spread of investments in
terms of financing stage, industry sector and geographical
location.
The assets of the Company are held for the most part as listed
investments which carry market risk in the form of a single risk
variable - market price movement. The directors do not consider
that a risk analysis of that single risk variable will produce any
useful information beyond the obvious that downward movement in
share prices will result in a downward movement in the share values
and vice versa. For this reason, the directors do not consider it
appropriate to prepare a sensitivity analysis to market price
movement.
As an example of market price risk see note 27, the COVID-19
pandemic, which has caused a significant decline in the value of
the Company's investments during February and March of this
year.
22. Risk management and financial instruments (continued)
Interest rate risk
The Company finances its activities through retained profits
including realisable capital profits, and through the issue of
equity shares. It has not entered into any borrowings.
Liquidity risk
There is liquidity risk associated with unquoted investments,
which are not readily realisable.
Credit risk
Credit risk is the risk of a borrower defaulting on either an
interest payment or the capital sum of a loan. The Company has not
made any loans to investee companies.
Currency risk
The Company's assets and liabilities are denominated in
Sterling. As such, there is little currency risk. Any transactions
in currencies other than Sterling are recorded at the rates of
exchange prevailing at the date of the transaction. At each
reporting date, the monetary assets and liabilities denominated in
foreign currencies are re-translated at the rates prevailing on the
reporting date.
Capital
The Company's capital is provided in its entirety by its
shareholders in the form of ordinary shares.
The Company's purpose and objective is the investment of its
capital funds in listed investments, primarily those quoted on AIM
with a view to securing capital appreciation over the long
term.
There were no externally imposed capital requirements with which
the Company had to comply during the year to 31 December 2019.
Financial assets
The interest rate profile of the Company's financial assets is
set out below:
Year ended Year ended
31 December 2019 31 December 2018
GBP'000 GBP'000
Fixed rate - -
Non-interest bearing 2,253 2,214
2,253 2,214
22. Risk management and financial instruments (continued)
Fixed rate assets Year ended Year ended
31 December 2019 31 December 2018
GBP'000 GBP'000
Weighted average interest rate n/a n/a
Weighted average years to maturity n/a n/a
Non-interest bearing financial assets comprise equity share and
non-equity share investments in investee companies, cash held on
non-interest bearing deposit and debtors.
Fair values
The investments of the Company are valued by the directors at
their bid prices (in accordance with the guidelines issued by the
British Venture Capital Association), and these carrying values are
considered to approximate the fair value of the investments. The
fair values have also been determined in line with the fair value
hierarchy as set out in FRS 102 11.27.
23. Financial assets and liabilities
Year ended Year ended
31 December 2019 31 December 2018
GBP'000 GBP'000
Financial assets measured at fair
value through profit & loss 2,253 2,214
Financial assets measured at amortised
cost 45 31
Financial liabilities measured at
amortised cost (16) (16)
24. Related party transactions
New Century AIM VCT 2 plc is managed by M D Barnard &
Company Limited.
One amount was payable to key management personnel during the
year for GBP5,000 (2018: GBP5,000).
25. Capital commitments
There were no investments which were approved at the year-end
but which had not completed.
26. Control
New Century AIM VCT 2 plc is not under the control of any one
party or individual.
27. Post balance sheet events
COVID-19
The impact of COVID-19 on the UK stock market has been severe,
and like most shocks it has had a disproportionate impact on the
share prices of the smaller, less liquid, companies on AIM -- which
is the main market in which the Company invests. However, as
explained in both the 'Going Concern' section of the Director's
Report on page 14 and the 'Going Concern' section of the Corporate
Governance Report on page 18, this is manageable, both in terms of
stock selection and in terms of available resources to meet the
anticipated costs of the business for the foreseeable future.
As indicated in the Chairman's Statement, the impact of COVID-19
has caused the value of the Company's portfolio to decline by 25.9%
between the value on the 31 December 2019 to the 3 April 2020 --
with most of this decline occurring during the month of March 2020.
This has led to the director's deciding not to recommend a dividend
for the Y/E December 2019, because to do so by selling shares at
their current depressed levels does not make financial sense.
However, realising the importance of tax-free income to the
Company's shareholders, this situation will be reviewed before the
Interim results are announced in August 2020.
Shareholder information
For the year to 31 December 2019
The Company
New Century AIM VCT 2 PLC was incorporated on 16 January 2007.
On 4 April 2007, the Company obtained a listing on the London Stock
Exchange. A total of GBP5.745 million was raised (before expenses)
through an offer for subscription of new ordinary shares at 100p.
The Company has been approved as a Venture Capital Trust by the
Inland Revenue.
The Investment Manager
New Century AIM VCT 2 PLC is managed by M D Barnard &
Company Limited, an independent fund management company based in
Laindon, Essex. M D Barnard & Company currently manages or
advises private client funds and venture capital funds totalling
approximately GBP25 million including New Century AIM VCT 2
PLC.
Venture Capital Trusts
Venture Capital Trusts (VCTs) were introduced in the Finance Act
1995 and are intended to provide a means whereby individual
investors can invest in small unquoted trading companies in the UK,
with incentives in the form of a number of tax benefits. From 6
April 2005, investors subscribing for new shares in a VCT have been
entitled to claim income tax relief of 30% on their investment,
irrespective of their marginal tax rate (up to a maximum investment
of GBP200,000 per tax year). The tax relief cannot exceed the
amount which reduces an investor's income tax liability to nil. In
addition all dividends paid by VCTs are tax free and disposals of
VCT shares are not subject to capital gains tax.
New Century AIM VCT 2 has been approved as a VCT by HM Revenue
and Customs. In order to maintain its approval the Company must
comply with certain requirements on a continuing basis; in
particular, at least 80% by value of the Company's investments must
comprise "qualifying holdings". A "qualifying holding" consists of
up to GBP1 million invested in any one year in new shares or
securities in an unquoted company which is carrying on a qualifying
trade and whose gross assets do not exceed GBP15 million at the
time of investment. For the purposes of these criteria, unquoted
companies include companies whose shares are traded on the
Alternative Investment Market ("AIM").
As with investment trusts, capital gains accruing to VCTs are
not chargeable gains for UK Corporation Tax purposes.
Financial calendar
Annual General Meeting Interim report for six months to 30 June 18 June 2020
2020 Preliminary announcement of results for the year to 31 August 2020
December 2020 Annual General Meeting 2021 April 2021
June 2021
Share price
The mid-market price of shares in New Century AIM VCT 2 PLC is
available daily on the London Stock Exchange website
(www.londonstockexchange.com).
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New Cent. Aim Vct 2
SOURCE: New Cent. Aim Vct 2
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