RNS Number:0511M
Singer & Friedlander AIM VCT PLC
06 June 2003



                        SINGER & FRIEDLANDER AIM VCT plc

         Interim Report for the six month period ended 31st March 2003



Chairman's Statement

The Alternative Investment Market has been weak over the last six months
continuing the trend which started in early 2000, indeed since peaking in March
2000 the AIM Index has now declined by over 80%. During the six months to 31st
March the AIM Index declined by 10.3% and your Net Asset Value fell by a more
modest but still disappointing 8.5%.

The market performed poorly as fears over the deteriorating economic background
was compounded by the looming threat (now realised) of war in Iraq. The
apparently successful conclusion to hostilities in Iraq has encouraged a strong
rally in global stock markets including the UK's (after our period end). As yet
this has not fed down to the AIM to any great extent but should strength
continue then a positive impact would be anticipated.

Stock market valuations appear to have priced in the current adverse conditions
and significant scope exists for these valuations to rise once the current
uncertainties are removed and confidence returns to the markets.

J C Carrington
Chairman
6th June 2003



Manager's Report

As our Chairman has already stated markets including the AIM remained weak
during the first six months of our financial year although more recently
performance has been firmer. There has been a marked increase in the level of
takeover activity in recent months, which we believe indicates that stock market
valuations have fallen to unsustainably low levels. Within our portfolio Access
Plus has announced that it has received a bid approach causing the share price
to jump sharply. We await further developments but are cautious that as has been
seen in other instances bidders are being opportunistic in their timing and are
not willing to pay reasonable prices for companies.

The recent results reporting season saw most of our companies producing figures
in line with or in several cases ahead of expectations indicating that analyst
and shareholder expectations are now more realistic and that companies have now
reduced their cost bases to more closely match revised revenue expectations.

Against these more positive developments it has to be noted that the banks
remain nervous of their exposure to many smaller companies and we have observed
some situations where facilities have been removed in spite of good progress by
the customer (as evidenced by the recent failure of Affinity). It is likely that
this situation will prevail until the economic outlook improves.

We have seen a much steadier performance from our unquoted portfolio during the
period and we remain optimistic that we have significant recovery potential
across the entire portfolio over the medium term

A N Banks
Singer & Friedlander Investment Management Limited
6th June 2003





Unaudited Profit and Loss Account
                                                                 Unaudited              Unaudited                Audited
                                                            6 months ended         6 months ended             Year ended
                                                                31st March             31st March         30th September
                                                                      2003                   2002                   2002
                                                                         #                      #                      #
Revenue received on investments                                     59,752                 77,706                156,445
Investment management fee                                                -               (38,750)               (72,993)
Other expenses                                                   (104,037)              (107,942)              (213,181)
Net revenue                                                       (44,285)               (68,986)              (129,729)
Income from fixed asset investments
Realised gains/(losses) on investments                             161,719                  2,741                141,285
Profit/(loss) before tax                                           117,434               (66,245)                 11,556
Tax on ordinary activities                                               -                  8,048                  8,048
Profit/(Loss) on ordinary activities after taxation                117,434               (58,197)                 19,604
Dividends proposed/paid                                                  -                      -                      -
Retained profit/(loss)                                             117,434               (58,197)                 19,604
Transfer (to)/from capital reserves                              (161,719)                 26,321               (86,540)
Retained loss                                                     (44,285)               (31,876)               (66,936)

Dividend per share                                                       -                      -                      -

Basic earnings per share                                             0.71p                (0.35)p                  0.12p

The net profit/(loss) above is derived from continuing operations.



Unaudited Statement of Total Recognised Gains and Losses
                                                                 Unaudited              Unaudited                Audited
                                                            6 months ended         6 months ended             Year ended
                                                                31st March             31st March         30th September
                                                                      2003                   2002                   2002
                                                                         #                      #                      #
Gain/(Loss) for the period                                         117,434               (58,197)                 19,604
Unrealised (loss)/gain on revaluation of                         (589,173)                234,268            (3,013,484)
investments
Total recognised gains/(losses) relating to the                  (471,739)                176,071            (2,993,880)
period
Total recognised (losses)/gains per share                          (2.86)p                  1.06p               (18.16)p




Unaudited Balance Sheet
                                                                 Unaudited              Unaudited                Audited
                                                            6 months ended         6 months ended             Year ended
                                                                31st March             31st March         30th September
                                                                      2003                   2002                   2002
                                                                         #                      #                      #
Fixed Assets
Investments                                                      4,598,660              8,333,707              5,152,769
Current assets
Debtors                                                             24,543                 41,245                 55,858
Cash at bank and in hand                                           121,238                 96,909                 40,400
                                                                   145,781                138,154                 96,258
Creditors: amounts falling due within one year
Other creditors                                                    (2,922)               (76,152)                (5,419)
Accruals                                                          (30,745)               (43,245)               (61,095)
                                                                  (33,667)              (119,397)               (66,514)
Net current assets                                                 112,114                 18,757                 29,744
Net assets                                                       4,710,774              8,352,464              5,182,513

Capital and reserves
Called up share capital                                            824,500                824,500                824,500
Share premium account                                           14,544,974             14,544,974             14,544,974
Special reserve                                                          -                296,026                296,026
Capital reserve                                               (10,713,462)            (7,151,117)           (10,286,008)
Revenue reserve                                                     54,762              (161,919)              (196,979)
                                                                 4,710,774              8,352,464              5,182,513
Net asset value per share                                            #0.29                  #0.51                  #0.31



These accounts are unaudited and are not the Company's statutory accounts.

Summarised Cash Flow Statement
                                                                 Unaudited              Unaudited                Audited
                                                            6 months ended         6 months ended             Year ended
                                                                31st March             31st March         30th September
                                                                      2003                   2002                   2002
                                                                         #                      #                      #
Net cash (outflow)/inflow from operating activities               (45,817)               (86,165)              (181,105)
Taxation                                                                 -                 89,380                106,080
Net financial investments                                          126,655                 24,803                 46,533
Net cash inflow/(outflow)                                           80,838                 28,018               (28,492)
Net funds at beginning of period                                    40,400                 68,891                 68,892
Net funds at the end of the period                                 121,238                 96,909                 40,400



 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

1. Principal Accounting Policies
The following accounting policies have been applied consistently throughout the
period. Full details of principal accounting policies will be disclosed in the
Annual Report.

a) Basis of Accounting

The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of fixed asset investments and
in accordance with applicable Accounting Standards in the United Kingdom and
with the Statement of Recommended Practice regarding the Financial Statements of
Investment Trust Companies.

b) Investments

Investments traded on AIM and OFEX are stated at Mid-Market prices as at 31st
March 2003. Unlisted investments are stated at the Directors' valuation.
Investments in unlisted companies are valued in accordance with the British
Venture Capital Association ("BVCA" guidelines), where appropriate. The
Directors' policy in valuing unlisted investments is to carry them at cost
except in the following circumstances:
  -   Where the company's under-performance against plan indicates a diminution in value of the
      investment, provision against cost is made as appropriate.
  -   Where a company is well established and profitable, the shares may be valued by applying a suitable
      price earnings ratio to the company's historic post-tax earnings. The ratio used is based on
      comparable listed company or sector but discounted to reflect lack of marketability.
  -   Where a value is indicated by a material arms-length transaction by a third party in the shares of
      a company.

Unquoted investments will not normally be revalued upwards for a period of at
least twelve months from the date of acquisition. Where trading in the
securities of an investee company is suspended, the investment is valued at the
Board's estimate of its net realisable value

c) Profit and Loss Account

The profit and loss account and revaluation reserves have been reclassified
between capital and revenue reserves following the revocation of the Investment
Company status in the year ended 30 September 2000.



2. Fixed Asset Investments
Summary of Investments at 31st March 2003
                                                              Opening       Purchase        Current            % of
                                                            Valuation           Cost      Valuation    portfolio by
                                                       30th September                    31st March           value
                                                                 2002                          2003
                                                                    #              #              #
AIM Listed Companies
Access Plus                                                   146,625        348,500        106,250            2.26
AERO Inventory                                                483,045        116,826        363,706            7.75
Blooms of Bressingham                                         135,134        517,434        115,261            2.46
Connaught                                                     257,250        196,000        247,450            5.27
Hartford Group                                                 75,000        100,000         29,063            0.62
Intelligent Environment                                       121,172        679,230        126,221            2.69
Maelor                                                         36,492        200,157         68,961            1.47
Monotub Industries                                              6,116        237,425              -               -
Myratech.net                                                    8,100        468,000          9,000            0.19
Pennant International Group                                    11,115        218,446          5,866            0.13
Protec                                                         68,080        133,936         96,113            2.05
Pubs 'n' Bars                                                 283,950        418,942        274,640            5.85
SamedayBooks.co.uk                                             10,796        237,501         10,076            0.21
SpringHealth Leisure                                           50,777        344,250         41,310            0.88
Systems Union Group                                           117,000        292,500        133,875            2.85
Thomson Intermedia                                             44,175        299,250         45,600            0.97
Topnotch Health Club                                           32,625        382,500          8,438            0.18
Transcomm                                                     176,425        292,932        106,521            2.27
Vianet Group                                                   75,320        530,285         17,118            0.36
Winchester Entertainment                                       28,583        219,774          8,407            0.18
Xpertise                                                      287,583        615,000        225,958            4.82
                                                            2,455,363      6,848,888      2,039,834           43.46
Fully Listed Companies
Affinity Internet                                              39,630         92,470         36,328            0.77
IS Solutions                                                   23,000        380,000         11,000            0.23
Motion Media                                                    8,344        350,375         45,404            0.97
XKO Group                                                      86,250        300,000         77,500            1.65
                                                              157,224      1,122,845        170,232            3.62
OFEX Quoted Companies
Aquilo                                                        158,938        391,550         95,363            2.03
Asap International                                              7,813        500,000              -               -
                                                              166,751        891,550         95,363            2.03

                                                              Opening       Purchase        Current            % of
                                                            Valuation           Cost      Valuation    portfolio by
                                                       30th September                    31st March           value
                                                                 2002                          2003
                                                                    #              #              #
Private Companies
Eurobenefits                                                   65,000        327,000         65,000            1.39
Sportsweb Ltd                                                 240,120        200,000        240,120            5.12
Wineworld                                                      25,000        340,908         25,000            0.53
                                                              330,120        867,908        330,120            7.04
Total Qualifying Companies                                  3,109,458      9,731,191      2,635,549           56.15
Fixed Income Investments
Debentures and loan stocks
Barclays Bank 6.5% BDS 2004                                   361,690        357,355        358,383            7.64
                                                              361,690        357,355        358,383            7.64
UK Government loans
Treasury 5% STK 2004                                        1,434,720      1,388,100      1,427,020           30.41
                                                            1,434,720      1,388,100      1,427,020           30.41
Total Fixed Income Investments                              1,796,410      1,745,455      1,785,403           38.05
Other Non Qualifying Investments
Aero Inventory*                                               127,490         42,166         98,445            2.10
Aquilo*                                                         8,083         21,813          4,850            0.10
Aquilo Loan Notes*                                             25,000         25,000         25,000            0.53
Blooms of Bressingham*                                         34,000         47,492         29,000            0.62
Blooms of Bressingham (WTS)                                     1,100          2,508            250            0.01
Affinity Internet*                                              4,403        146,770          4,036            0.09
Hartford Group*                                                39,200        372,250         15,190            0.32
Topnotch Group*                                                 3,625         20,906            937            0.02
Travelstore.com*                                                4,000        100,000              -               -
Total                                                         246,901        778,905        177,708            3.79
Sub Total                                                   5,152,769     12,255,551      4,598,660           97.99
Cash held for investment purposes                               8,451              -         94,110            2.01
Total                                                       5,161,220     12,255,551      4,692,770          100.00

*Qualifying holdings must be first issued to the VCT and not purchased at a
later date in the secondary market. These holdings represent additional
purchases in the secondary market where the Investment Manager has made the
decision to increase the overall holding in these stocks.

3. Capital and reserves
                                                      Share       Special         Capital         Capital       Revenue
                                                    Premium       Reserve         Reserve         Reserve       Reserve
                                                    Account                    (realised)    (unrealised)
                                                          #             #               #               #             #
At 1st October 2002                              14,544,974       296,026     (1,445,696)     (8,840,312)     (196,979)
Transfer between reserves                                 -     (296,026)               -               -       296,026
Brought forward losses realised in the                    -             -         116,800       (116,800)             -
period
Unrealised loss for the period                            -             -               -       (472,373)             -
Gain/(Loss) for the period                                -             -          44,919               -      (44,285)
At 31st March 2003                               14,544,974             -     (1,283,977)     (9,429,485)        54,762

4. Dividends
The directors do not recommend the payment of an interim dividend in respect of
the period ended 31st March 2003.

5. Cumulative returns
The cumulative dividend paid to date as at 31st March 2003 is 32.4 pence per
share.

6. Interim Report
The Company will be circulating the Interim Report to shareholders shortly and
copies will be available from the Registered Office of the Company, 21 New
Street, Bishopsgate, London EC2M 4HR.



Directors
A N Banks
J C Carrington
R A Pedder (resigned 31st March 2003)
A Puckridge

Secretary and Registered Office
Singer & Friedlander Secretaries Limited
21 New Street
London EC2M 4HR

Tel: 0207 623 3000
Fax: 0207 623 2122

Manager
Singer & Friedlander Investment Management Limited
(Authorised by the Financial Services Authority)
21 New Street
London EC2M 4HR

E-mail: info@sfim.co.uk
Website: www.sfim.co.uk

Registered in England & Wales No. 4138683


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