New Century AIM VCT 2 plc
For the six months to 30 June 2022

Chairman’s Statement

The Net Asset Value (NAV) of your fund declined by 28.3% to 59.7p, compared to the FSTE AIM Allshare index which declined by 28% over the same period.

We made five further investments in the period, investing in Clean Power Hydrogen PLC, Destiny Pharma PLC, Strip Tinning Holdings PLC, Truspine Technologies PLC and Verici Dx PLC. These new investments have either a healthcare or technology bias where we have seen an increased amount of interest from investors.

We made five sales where we either exited or top-sliced a holding, and within this number there was a take-over of our holding in Cloudcall PLC which was acquired by Xplorer Capital Management for cash.

It has a been a particularly tricky period for the fund as investors became nervous of inflationary pressures, interest rate rises, constrained supply chains and the war in the Ukraine all caused a general lack of appetite and liquidity in many small companies. Whilst we acknowledge the performance of the fund has been disappointing, it has performed in line with its benchmark, and indeed over the past 3 years, from 2 August 2019 to 2 August 2022, it is the only AIM VCT fund to have produced a positive NAV performance (source: Citywire).

We continue to have a wide spread of established companies across a variety of sectors within the fund and whilst we hope your fund will perform over the rest of the year, we are mindful that we could see further volatility in the months ahead.

Geoff Gamble

Chairman

11 August 2022

New Century AIM VCT 2 plc
For the six months to 30 June 2022

Unaudited Balance Sheet

New Century AIM VCT 2 plc
For the six months to 30 June 2022

Unaudited Statement of Comprehensive Income

(incorporating the revenue account)

New Century AIM VCT 2 plc
For the six months to 30 June 2022

Unaudited Consolidated Statement of Changes in Equity

New Century AIM VCT 2 plc
For the six months to 30 June 2022

Unaudited Consolidated Statement of Changes in Equity (continued)

New Century AIM VCT 2 plc
For the six months to 30 June 2022

Unaudited Cash Flow Statement

New Century AIM VCT 2 plc
For the six months to 30 June 2022

Investment Portfolio

New Century AIM VCT 2 plc

Notes to the Accounts
For the six months to 30 June 2022

This interim financial information and the unaudited interim accounts for the six months to 30 June 2022 from which it has been extracted, are the responsibility of the directors and were approved by them on 11 August 2022, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.

The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited interim accounts have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (January 2022) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in July 2022.

The unaudited interim accounts have been prepared using accounting policies that the Company applied in the accounts for the year ending 31 December 2021, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Company considers these accounting policies will be used in the accounts for the year ending 31 December 2022.

Listed, AIM or AQUIS Markets - traded investments are stated at market value, which is based upon market bid prices in an active market at the balance sheet date. These would all meet tier 1 of the fair value hierarchy.

4,606,953 Ordinary Shares of 10 pence each were in issue from 1 January 2022 until 8 March 2022. On the 9 March 2022 the Company issued 460,690 new shares at a price of 80.47p per share. At the 30 June 2022 there were 5,067,643 shares in issue. The average weighted number of shares in issue in the period was 4,894,566.

Net Asset Value per share at 30 June 2022 was 59.7p (at 31 December 2021: 83.3p; 30 June 2021: 90.7p).

No dividend was paid in the period.

There have not been any significant events since the balance sheet date.

New Century AIM VCT 2 plc is managed by Oberon Investments Limited (‘OIL’). Under the terms of the management agreement, OIL is entitled to a fee (exclusive of VAT) equal to 1% per annum of the net assets of the Company. During the period the management fee was £16k (the year ended 31 December 2021, £40k; the period ended 30 June 2021, £20k).

Bearing in mind that the assets of the Company consist mainly of marketable securities, the directors are of the opinion that at the time of approving this interim financial information, the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing this interim financial information.

Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’s Registered Office: Tricor Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.

New Century AIM VCT 2 plc

Directors, Investment Managers and Advisors

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