Interim Management Statement

 
TIDMIE1C

19 May 2011

Ingenious Entertainment VCT 1 plc ("the Company")

For the period 1 January 2011 to 18 May 2011 ("the Period")

OVERVIEW AND FUNDRAISING

With the Ordinary Share fund now fully invested, the Company is actively seeking new investments to complement the current strong portfolio of investments and to deploy funds on behalf of the C Shares, D Shares, E Shares and F Shares jointly with Ingenious Entertainment VCT 2 plc (together "the Entertainment VCTs").

The E and F Share Offers raised a gross amount of over GBP8.4 million during the period to 5 April 2011 across the Entertainment VCTs. The E and F Share Offers have been extended to close at 5pm on 29 July 2011 or such earlier date on which the directors of the Entertainment VCTs may resolve to close the E and F Share Offers.

ACTIVITY

We are delighted to report our investment into two new festivals, We The People, a new event in Bristol, and a new event in Brighton to be called the Shakedown Festival. These are co-investments between the Entertainment VCTs' C Share Funds and D Share Funds. There are a number of other investments which are currently at the pre-contractual stage.

In terms of the current portfolio there has been significant amount of activity with XOYO now establishing itself as a significant live venue on the London circuit with over 15,000 people attending the venue in April 2011.

The third season of Let's Dance took place in February of this year and again received strong ratings with over seven million viewers regularly tuning in.

The Company's investee companies have a number of events and festivals taking place with the second Golf Live event taking place at the London Club in Kent between 20 and 22 May 2011. The LED Festival takes place on 11 June 2011 and the expanded 80s RewindFestival being staged in Scotland between 29 and 31 July 2011 and Henley between 19 and 21 August 2011. Ticket sales for all these events are already ahead of expectations.

Finally, other highlights regarding the Company's investments include the 3D release of Michael Flatley's Lord of the Dance in cinemas throughout the UK and USA as well as the Jongleurs club nights which performed consistently throughout the Period.

DIVIDEND PAYMENT

The Company announced dividends of 5p per share on the Ordinary and C Share classes on 17 January 2011 (2010: 5p per Ordinary Share, 5p per C Share), the dividends were paid on 11 February 2011.

NON-QUALIFYING INVESTMENTS

Currently, GBP16.3 million of the remaining proceeds raised by the Company under its Ordinary Share, the C Share, D Share, E Share and F Share Offers (see below) is invested by the Manager in a number of cash funds (OEICs) in accordance with the Investment Policy of the Company. Such investments have been made while the majority of those funds await investment in suitable VCT qualifying investments.

ALLOTMENT OF E & F SHARES

In October 2010, the Entertainment VCTs launched the E and F Share Offers to create further pools of capital. As at 5 April 2011 the Entertainment VCTs had each allotted 2,712,935 E shares and 1,508,434 F Shares.

 
Period ended                         5 April 2011  31 December 2010 
Net asset value GBP'000 
Ordinary Share                       8,376         8,940 
C Share                              2,216         2,373 
D Share                              6,225         6,256 
E Share                              2,563         - 
F Share                              1,425         - 
Period ended                         5 April 2011  31 December 2010 
Net asset value total return GBP'000 
Ordinary Share                       9,396         9,450 
C Share                              2,498         2,514 
D Share                              6,225         6,256 
E Share                              2,563         - 
F Share                              1,425         - 
Period ended                         5 April 2011  31 December 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     6,785,624 
E Share                              2,712,935     - 
F Share                              1,508,434     -

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

www.londonstockexchange.com

www.ingeniousvcts.co.uk

Enquiries to

Sarah CruickshankCompany SecretaryIngenious Entertainment VCT 1 plc15 Golden SquareLondonW1F 9JG

0207 319 4000

MHP CommunicationsReg Hoare / Barnaby Fry / Simon Hockridge / Giles Robinson

Tel: 020 3128 8100ingenious@mhpc.com

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