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New Century AIM VCT 2 plc

For the six months to 30 June 2023

Chairman’s Statement

The Net Asset Value (NAV) of your fund declined by 16.8% to 39.6p, compared to the FSTE AIM Allshare index which

declined by 9.4% over the same period.

We made two further investments in the period, investing in Cordel Group plc and Light Science 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 four sales where we either exited or top-sliced a holding.

It has a been a particularly tricky period for the fund as investors continued to be nervous of inflationary pressures, interest

rate rises, as well as the cost of living crisis, in addition to constrained supply chains and the war in Ukraine that all caused

a general lack of appetite and liquidity in many small companies. There have also been many redemptions across small

and micro-cap institutional funds which has had a negative effect on share prices. Whilst we acknowledge the performance

of the fund has been disappointing, the second half of the year has started positively with the NAV increasing by 3.2%

when adjusting for the 2.5p dividend being paid. Indeed, over the past 3 years, from 20 July 2020 to 20 July 2023, it is the

best performing AIM VCT fund measured by NAV as well as share price. (source: Citywire).

We continue to have a wide spread of established companies across a variety of sectors within the fund and whilst we

hope your fund will perform over the rest of the year, we are mindful that we could see further volatility in the months

ahead.

Geoffrey Gamble

Chairman

6 September 2023

New Century AIM VCT 2 plc

For the six months to 30 June 2023

Unaudited Balance Sheet

Interim Accounts

Final Accounts

Interim Accounts

as at 30 June

as at 31 December

as at 30 June

2023

2022*

2022

£'000

Fixed Assets

Investments

1,838

2,190

2,679

Current Assets

Uninvested cash

405

354

356

Current Liabilities

Creditors: amounts due

within one year

(34)

(131)

(7)

2,209

2,413

3,028

Capital and Reserves

Share capital

557

507

Share premium

547

382

Capital redemption reserve

171

Special distributable reserve

2,915

3,118

Capital reserve - realised

(281)

(62)

(24)

Capital reserve - unrealised

(1,487)

(1,345)

(1,007)

Revenue reserve

(213)

(155)

(119)

2,209

2,413

3,028

Net Asset Value per share

39.6p

47.6p

59.7p

*Audited

New Century AIM VCT 2 plc

For the six months to 30 June 2023

Unaudited Statement of Comprehensive Income

(incorporating the revenue account)

6 month period ended 30 June 2023

Year to 31 December 2022*

6 month period ended 30 June 2022

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

£'000

Gains/(losses) on

investments

Realised

(2)

Unrealised

(381)

(1,481)

(1,154)

Income

Investment management fees

(3)

(8)

(11)

(7)

(22)

(29)

(4)

(12)

(16)

Other expenses

(66)

(110)

(65)

Return on ordinary activities

(58)

(362)

(420)

(90)

(1,505)

(1,595)

(54)

(1,129)

(1,183)

Tax on ordinary activities

Return on ordinary activities

after taxation

(58)

(362)

(420)

(90)

(1,505)

(1,595)

(54)

(1,129)

(1,183)

Return per ordinary share in

pence

(1.14)

(7.06)

(8.20)

(1.80)

(30.21)

(32.01)

(1.09)

(23.07)

(24.16)

*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 5,118,039.

New Century AIM VCT 2 plc

For the six months to 30 June 2023

Unaudited Consolidated Statement of Changes in Equity

Capital

Special

Called-up

Premium

Redemption distributable

Capital

Revenue

share capital

account

reserve

realised

unrealised

reserve

Total

£’000

As at 1 January 2023

507

382

171

2,915

(62)

(1,345)

(155)

2,413

Realised gains on disposals in period

Unrealised losses

(381)

Transfer of unrealised gain to realised on disposal of

investment

(238)

238

Net revenue before tax

(58)

New shares issued

165

216

Capital element of investment management fee

(8)

________

_________

________

_______

________

_______

At 30 June 2023

557

547

171

2,915

(281)

(1,487)

(213)

2,209

As at 1 January 2022

461

171

3,118

(236)

334

(65)

3,840

Realised loss on disposals

(2)

Unrealised losses

(1,481)

Transfer of unrealised gain to realised on disposal of

investment

199

(199)

Net revenue before tax

(90)

New shares issued

325

371

Capital element of investment management fee

(22)

Dividends paid

(203)

________

_________

________

_______

At 31 December 2022

507

382

171

2,915

(62)

(1,345)

(155)

2,413

New Century AIM VCT 2 plc

For the six months to 30 June 2023

Unaudited Consolidated Statement of Changes in Equity (continued)

Capital

Special

Called-up

Premium

Redemption distributable

Capital

Revenue

share capital

account

reserve

realised

unrealised

reserve

Total

£’000

As at 1 January 2022

461

171

3,118

(236)

334

(65)

3,840

Realised gains on disposals

Unrealised gains

(1,154)

Transfer of unrealised loss to realised on disposal of

investment

187

(187)

Net revenue before tax

(54)

New shares issued

325

371

Capital element of investment management fee

(12)

________

_________

________

_______

At 30 June 2022

507

382

171

3,118

(24)

(1,007)

(119)

3,028

New Century AIM VCT 2 plc

For the six months to 30 June 2023

Investment Portfolio

Security

Cost

Valuation

30 June 2023

Cost

Valuation

Qualifying Investments

3,253,173

1,819,493

87.20

81.12

Non-qualifying Investments

72,787

18,959

1.95

0.84

Uninvested funds

404,562

10.85

18.04

3,730,522

2,243,014

100.00

Qualifying Investments

AIM Quoted

Abingdon Health plc

35,218

4,198

0.94

0.19

Access Intelligence plc

10,053

17,750

0.27

0.79

Actual Experience plc

63,174

356

1.69

0.02

AFC Energy plc

50,254

39,438

1.35

1.76

Arecor Therapeutic plc

12,818

12,412

0.34

0.55

Audioboom Group plc

41,758

34,983

1.12

1.56

Belluscura plc

52,263

38,018

1.40

1.69

Blackbird plc

18,845

22,500

0.51

1.00

Brighton Pier Group plc

35,379

12,540

0.95

0.56

C4X Discovery Holdings plc

35,179

45,325

0.94

2.02

Clean Power Hydrogen plc

50,253

27,944

1.35

1.25

Cloudbuy plc

41,896

1.12

0.00

Coral Products plc

25,104

27,750

0.67

1.24

Cordel Group plc

30,656

31,517

0.82

1.41

Creo Medical Group plc

20,504

9,368

0.55

0.42

CyanConnode Holdngs plc

204,219

11,248

5.47

0.50

Deepverge plc

93,203

235

2.50

0.01

Destiny Pharma plc

175,882

86,962

4.71

3.88

Diaceutics plc

10,314

11,340

0.28

0.51

DP Poland plc

25,631

12,920

0.69

0.58

ECSC Group plc

20,104

18,546

0.54

0.83

Falanx Group Ltd

85,234

9,740

2.28

0.43

Feedback plc

100,511

59,933

2.69

2.67

Fusion Antibodies plc

7,540

746

0.20

0.03

Gfinity plc

33,229

971

0.89

0.04

I-Nexus Global plc

30,153

1,473

0.81

0.07

Inspired plc

33,641

107,100

0.90

4.77

Intelligent Ultrasound Group plc

134,808

108,957

3.61

4.86

Kinovo plc

52,465

36,270

1.41

1.62

Let's Explore plc

33,420

12,218

0.90

0.54

Libertine Holdings plc

125,628

43,750

3.37

1.95

Light Science Technologies plc

50,254

47,500

1.35

2.12

Location Sciences Group plc

72,643

4,044

1.95

0.18

Loopup Group plc

15,078

269

0.40

0.01

Security

Cost

Valuation

30 June 2023

Cost

Valuation

Lunglife AI Inc

20,104

2,875

0.54

0.13

M.Winkworth plc

56,280

98,700

1.51

4.40

Marechale Capital plc

75,752

11,925

2.03

0.53

Microsaic Systems plc

142,261

158

3.81

0.01

Mirriad Advertising plc

30,154

1,849

0.81

0.08

MyHealthChecked plc

103,202

63,963

2.77

2.85

N4 Pharma plc

40,204

6,000

1.08

0.27

Nexteq plc

8,091

28,000

0.22

1.25

Pelatro plc

25,128

3,200

0.67

0.14

PHSC plc

50,256

24,000

1.35

1.07

Polarean Imaging plc

7,539

12,075

0.20

0.54

Property Franchise Group plc

45,482

115,721

1.22

5.16

Rosslyn Data Technologies plc

23,219

455

0.62

0.02

Scancell Holdings plc

45,233

42,900

1.21

1.91

SEEEN plc

100,511

26,444

2.69

1.18

Solid State plc

35,248

170,994

0.94

7.62

SRT Marine Systems plc

4,523

13,000

0.12

0.58

Strip Tinning plc

15,890

5,127

0.43

0.23

Sysgroup plc

45,232

21,975

1.21

0.98

Trellus Health plc

25,128

3,438

0.67

0.15

Tristel plc

1,651

14,160

0.04

0.63

Verici Dx plc

101,505

42,354

2.72

1.89

XP Factory plc

31,006

4,216

0.83

0.19

Yourgene Health plc

40,204

388

1.08

0.02

Yu Group plc

20,504

67,589

0.55

3.01

2,921,616

1,679,824

78.32

74.89

Qualifying Investments

AQSE Quoted

Sulnox Grp plc

135,786

108,522

3.64

4.84

Truspine Technology plc

100,283

13,500

2.69

0.60

236,069

122,022

6.33

5.44

Qualifying Investments

Unlisted Investments

Anglo African Oil & Gas plc

65,329

1.75

0.00

LightwaveRF plc

30,158

17,647

0.81

0.79

95,487

17,647

2.56

0.79

Total qualifying investments

3,253,173

1,819,493

87.20

81.12

Security

Cost

Valuation

30 June 2023

Cost

Valuation

Non Qualifying Investments

AIM Quoted

Audioboom Group plc

1,163

207

0.03

0.01

Rotala plc

9,907

11,098

0.27

0.49

Tristel plc

354

0.00

0.02

11,130

11,659

0.30

0.52

Non Qualifying Investments

UK Listed

Twentyfour Income Fund Ltd

9,852

7,300

0.26

0.32

9,852

7,300

0.26

0.32

Non Qualifying Investments

Unlisted Investments

China Food Co plc

31,547

0.85

0.00

Sorbic International plc

10,205

0.27

0.00

Mar City plc

10,053

0.27

0.00

51,805

1.39

0.00

Total non-qualifying investments

72,787

18,959

1.95

0.84

New Century AIM VCT 2 plc

Notes to the Accounts

For the six months to 30 June 2023

This interim financial information and the unaudited interim accounts for the six months to 30 June 2023 from which it has been

extracted, are the responsibility of the directors and were approved by them on 31 August 2023, do not constitute statutory accounts

within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.

The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited interim accounts have

been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting

(January 2022) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of

Investment Companies in November 2014 and updated in July 2022.

The unaudited interim accounts have been prepared using accounting policies that the Company applied in the accounts for the year

ended 31 December 2022, 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 2023.

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.

5,067,643 Ordinary Shares of 10 pence each were in issue from 1 January 2023 until 12 June 2023. On the 13 June 2023 the Company

issued 506,760 new shares at a price of 42.55p per share. At the 30 June 2023 there were 5,574,403 shares in issue. The average

weighted number of shares in issue in the period was 5,118,039.

Net Asset Value per share at 30 June 2023 was 39.6p (at 31 December 2022: 47.6p; 30 June 2022: 59.7p).

No dividend was paid in the period, but a final dividend for the year ended 31 December 2022, of 2.5p per share (totaling £139,360)

was paid on 21 July 2023.

There have not been any other 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 £10.7k (the year ended 31 December 2022, £28.8k; the period ended 30 June 2022, £16.3k).

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

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

5 th Floor, Northwest Wing

Bush House

Aldwych

London WC2B 4EZ

Investment Manager and Broker

Oberon Investments Limited

1 st Floor

12 Hornsby Square

Southfields Business Park

Basildon

Essex SS15 6SD

Auditor

Moore Kingston Smith LLP

9 Appold Street

London

EC2A 2AP