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Ingenious Entertainment VCT 1 plc ("the Company")

Interim Management Statement

For the period 1 July 2010 to 16 November 2010

INVESTMENT ACTIVITIES & PERFORMANCE

The Company has continued to actively source and review a number of investment opportunities jointly with Ingenious Entertainment VCT 2 plc (together "the Entertainment VCTs").

We are delighted to report a successful summer of activity with new investments being made into the L.E.D Festival, Supervision Media and Jongleurs Comedy, with a further investment into the 80s Rewind brand for the 80s Rewind North festival. All of these are co-investments between the Entertainment VCTs' Ordinary Share Funds and C Share Funds.

The success of the 80s Rewind Festival has contributed to the Ordinary Share Fund writing up the value of this investment by GBP235,000. The writing-up and the profit generated by the event has contributed to the increase in the net asset value of the Ordinary Share Fund by 0.7p per share, giving a closing net asset value total return per share of 93.2p.

The Company is in a strong position to be able to fully deploy 70% of the Ordinary Share Fund in qualifying investments by 1 January 2011.

80s REWIND

This year's 80s Rewind event held in August experienced an impressive increase in attendance figures, with a total audience of just over 35,000 across both days. The event saw record profitability and as a result of its success, a Christmas Tour will be taking place in December 2010 in addition to a second 80s Rewind festival in Scotland for 2011. There is also international interest in licensing the brand for events outside the UK.

The Company's investment in the 80s Rewind event has led to a write up in the investment by 1.2p per Ordinary Share and we remain confident that 80s Rewind will continue to perform strongly in the future.

XOYO

We are delighted to announce that the XOYO venue opened in September 2010 and now successfully operates as both a live music venue and a contemporary bar. Located in a prime area of Shoreditch, XOYO is a 900 capacity, medium sized, London venue.

L.E.D FESTIVAL

In August 2010, the Entertainment VCTs' Ordinary Share Funds and C Share Funds together invested GBP1,000,000 in CLS Concerts Limited to co-promote the London Electronic Dance Festival ("the L.E.D Festival"), a new annual contemporary popular dance music festival in Victoria Park, London. The L.E.D Festival is also co-promoted by Cream, AEG Live and Loudsound Events.

In its first year the festival secured a strong level of talent including David Guetta and Leftfield as headliners. This year's event took place on 27 and 28 August 2010 and was well received. Plans for the 2011 event are already in development.

SUPERVISION MEDIA

In August 2010, the Entertainment VCTs' Ordinary Share Funds and C Share Funds together invested GBP2,000,000 in SuperVision Media to co-promote and co-distribute alternative content for cinemas around the globe. Supervision is a leading owner and distributor of this content with interest in both the sport and entertainment fields.

Supervision intends to screen live, uninterrupted content mainly in 3D format whilst accompanied by surround sound. The Company has already secured the exclusive rights to screen Michael Flatley's Lord of the Dance in 3D.

JONGLEURS COMEDY

In October 2010, the Entertainment VCTs' Ordinary Share Funds and C Share Funds together invested GBP2,000,000 in Jongleurs Comedy Live Limited ("Jongleurs") which organises and promotes live comedy performances across the country.

For 25 years Jongleurs has helped to launch the careers of some of the biggest names in comedy and show business such as Eddie Izzard, Harry Enfield, Al Murray, Jack Dee and Graham Norton. Jongleurs is one of the world's leading brands for comedy and provides a wide variety of events, content, marketing and business solutions for consumers and corporate clients. They already have a number of promising partnerships underway including a promotions partnership with the venue chain Novus Leisure (owners of the "Tiger Tiger" brand).

80s REWIND NORTH

In October 2010, the Entertainment VCTs' Ordinary Share Funds and C Share Funds together invested GBP1,000,0000 in the 80s Rewind North festival, which will take place in Scotland in the summer of 2011.

Featuring artists from the 80s era such as Rick Astley, Tony Hadley and Marc Almond, attendance levels are forecast at 15,000 per day. The festival will have camping facilities giving those attending the option of choosing between camping, weekend or day tickets.

The festival will be held on Saturday 30 and Sunday 31 July 2011 and tickets will go on sale in January 2011.

NON-QUALIFYING INVESTMENTS

Currently, GBP12.3 million of the remaining proceeds raised by the Company under its Ordinary Share offer, the C Share offer and the D Share offer (see below) is invested by the Manager in a number of cash funds (OEICs) in accordance with the Investment Policy of each share class. Such investments have been made while the majority of those funds await investment in suitable VCT qualifying investments.

ALLOTMENT OF D SHARES

The D Share Offer closed on 30 July 2010, with a further 932,810 D Shares being issued. The total number of issued D Shares is now 6,785,624.

E AND F SHARE OFFER

In October 2010, the Entertainment VCTs were pleased to announce the launch of E and F Share Offers to create further pools of capital. The deadline for the receipt of applications for the 2010/2011 tax year for the E and F Share Offers is 5 April 2011.

 
Period ended              30 September 2010  30 June 2010 
Net asset value GBP'000 
Ordinary Share            9,002              8,934 
C Share                   2,389              2,405 
D Share                   6,337              5,480 
Period ended              30 September 2010  30 June 2010 
Net asset value total return GBP'000 
Ordinary Share            9,512              9,444 
C Share                   2,530              2,546 
D Share                   6,337              5,480 
Period ended              30 September 2010  30 June 2010 
Shares in issue (number) 
Ordinary Share            10,205,011         10,205,011 
C Share                   2,810,596          2,810,596 
D Share                   6,785,624          5,852,814 
 
 

A copy of this interim management statement can be obtained from the following websites:

www.londonstockexchange.com

www.ingeniousvcts.co.uk

 
Enquiries to 
Sarah Cruickshank 
Company Secretary 
Ingenious Entertainment VCT 1 plc 
15 Golden Square 
London 
W1F 9JG 
0207 319 4000 
MHP Communications 
Reg Hoare / Barnaby Fry / Simon Hockridge / Giles Robinson 
Tel: 020 3128 8100 
ingenious@mhpc.com