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Sgr & Frdlndr AIM 3 (VICT)

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Tuesday 27 September, 2005

Sgr & Frdlndr AIM 3

Interim Results

Singer & Friedlander AIM 3 VCT PLC
27 September 2005


SINGER & FRIEDLANDER AIM 3 VCT plc
Interim Report for the six month period ended 31st July 2005

Board Review

Performance

During the period under review AIM was heavily influenced by a strong resource
sector, which accounts for more than a third of the market.  This was propelled
by rising commodity prices, particularly oil.  Notwithstanding the rise in the
commodity sector, in which VCT's are not permitted to invest, the AIM Index fell
by 2%.  In addition, your Net Asset Value (NAV) has been adversely affected by
new accounting rules. These are explained in detail in notes 1 & 2 to the
accounts. Against this background the net asset value of the Trust declined by
7.2%. Under the old basis of accounting, and allowing for the 0.5p final
dividend, the NAV fell by 6.1%.

Since the Trust launch in early 2001 the AIM Index has declined by 23% and the
FTSE ALL Share Index by 8%, whilst the Trust's asset value, allowing for
dividend payments, has increased by 5%.  Whilst the decline in the asset value
over the period is disappointing, your Directors believe that the performance in
a difficult market and compared to our peers is reasonable.

Dividends and returns to date

As in previous years, the Directors are not declaring the payment of an interim
dividend.

Merger Proposals

Your Board has announced that it is discussing the possibility of merging your
Trust with Singer & Friedlander AIM VCT and Singer & Friedlander AIM 2 VCT. It
is expected that shareholders in a larger Trust would benefit from reduced
costs, a more diverse portfolio and the narrowing of the difference between the
share price and the asset value.

Further announcements will be made in due course.

Portfolio Commentary developments

The portfolio continues to comply with Inland Revenue criteria for VCT
qualification and now consists of 70 separate investments. The majority of these
investments are listed on AIM although three are currently private. We have
continued to take profits on the listed portfolio during the period with
disposal proceeds of nearly £2 million yielding profits of some £1.3 million.
The Board anticipates that, should the merger proposals proceed and be approved
by shareholders, there should be a more even flow of dividends from the combined
portfolio. As mentioned in previous reports these will be made from capital as
well as revenue sources.

'C' Share Issue

We have commenced the investment programme for the 'C' Share class and to date
have made three portfolio acquisitions. The NAV of the 'C' Shares at the 31st
July was 97.99p, compared to the launch NAV of 95 pence. We plan to fully invest
these funds before merging this class of shares with our ordinary shares.
Details of the investments made to date appear later in this report.
    
Investment Strategy

The objective of the Company is to provide investors with an attractive return
from a portfolio of investments primarily in companies whose shares are traded
on AIM. Returns will be enhanced as a consequence of dividends and capital gains
being free of tax in the hands of private investors.

Share Repurchases

During the period we repurchased 860,000 ordinary shares for cancellation at an
average price of 80 pence, a discount of approximately 16% to NAV. It remains
our intention to continue to buy back shares within the powers granted at the
AGM each year, in order to aid liquidity for shareholders who wish to sell and
at a level that enhances the NAV for remaining shareholders.

Outlook

In general, newsflow from the portfolio constituents is good and our Investment
Managers believe valuation levels are still attractive. Your Board believe the
long term prospects for a well managed AIM portfolio remain excellent.

Christopher Moorsom (Chairman)
Andrew Banks
Michael Edelson
David Page
Dominic Wheatley
Singer & Friedlander AIM 3 VCT plc



'C' SHARE PORTFOLIO INVESTMENTS MADE IN THE 6 MONTHS TO 31ST JULY 2005

Chromogenex    Design, manufacture and distribution of aesthetic and therapeutic 
               laser and aesthetic light based technology devices

Fishworks      Operates a growing chain of seafood outlets, each of which 
               provides a istinctive combination of restaurant, fishmonger and 
               cookery school.

Tristel        A healthcare business specialising in infection control in 
               hospitals. The company's chemistry is effective in destroying all 
               types of bacteria (including MRSA), fungi and viruses.



Summary Financial Information
Unaudited Statement of Total Return (incorporating the revenue account*)

                              6 months ended                 Period ended                  Period ended
                              31st July 2005                31st July 2005                 31st July 2005
                              Ordinary Shares               C Class Shares                      Total
               Revenue      Capital       Total  Revenue  Capital    Total   Revenue     Capital       Total
                     £            £           £        £        £        £         £           £           £

(Losses)/gains       -   (1,970,089) (1,970,089)       -   11,539   11,539         -  (1,958,550) (1,958,550)
on investments
Income         159,328            -     159,328    4,233        -    4,233   163,561           -     163,561
Investment     (71,718)    (215,156)   (286,874)    (163)    (489)    (652)  (71,881)   (215,645)   (287,526)
management
fees

Other         (154,441)           -    (154,441)  (3,294)       -   (3,294) (157,735)          -    (157,735)
expenses

Return on      (66,831)  (2,185,245) (2,252,076)     776   11,050   11,826   (66,055) (2,174,195) (2,240,250)
ordinary
activities
before
taxation
Taxation on         54            -          54     (147)      93      (54)      (93)         93           -
ordinary
activities                                           

Return         (66,777)  (2,185,245) (2,252,022)     629   11,143   11,772   (66,148) (2,174,102) (2,240,250)
attributable
to equity
shareholders
Dividends in  (155,304)           -    (155,304)       -        -        -  (155,304)          -    (155,304)
respect of
equity
shareholders
(note 3)

Transfer      (222,081)  (2,185,245) (2,407,326)     629   11,143   11,772  (221,452) (2,174,102) (2,395,554)
(from)/to
reserves

Return per       (0.21)p      (6.99)p     (7.20)p   0.16p    2.91p    3.07p
ordinary
share


The accounts have been prepared using accounting standards and policies adopted
at the previous year end, with the exception of the changes stated in note 1.
All revenue and capital items in the above statement derive from continuing
operations. No operations were discontinued during the period.

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

*The revenue column of this statement is the profit and loss account of the
Company.



Summary Financial Information (continued)
Unaudited Statement of Total Return (incorporating the revenue account*)

                               Period ended                      6 months ended                    Year ended
                              31st July 2005                     31st July 2004                 31st January 2005
                                                                  (restated**)                     (restated**)
               Revenue     Capital       Total   Revenue      Capital       Total   Revenue    Capital       Total
                     £           £           £         £            £           £         £          £           £

(Losses)/gains       -  (1,958,550) (1,958,550)        -   (1,027,863) (1,027,863)        -  3,043,761   3,043,761
on investments
Income         163,561           -     163,561   211,587            -     211,587   344,617          -     344,617
Investment     (71,881)   (215,645)   (287,526)  (76,115)    (228,347)   (304,462) (150,834)  (452,503)   (603,337)
management
fees
Other         (157,735)          -    (157,735) (153,789)           -    (153,789) (309,220)         -    (309,220)
expenses

Return on      (66,055) (2,174,195) (2,240,250)  (18,317)  (1,256,210) (1,274,527) (115,437) 2,591,258   2,475,821
ordinary
activities
before
taxation
Taxation on        (93)         93           -         -            -           -         -          -           -
ordinary
activities

Return         (66,148) (2,174,102) (2,240,250)  (18,317)  (1,256,210) (1,274,527) (115,437) 2,591,258   2,475,821
attributable
to equity
shareholders             
Dividends in  (155,304)          -    (155,304)  (81,777)           -     (81,777)  (81,777)         -     (81,777)
respect of
equity
shareholders
(note 3)

Transfer      (221,452) (2,174,102) (2,395,554) (100,094)  (1,256,210) (1,356,304) (197,214) 2,591,258   2,394,044
(from)/to
reserves

Return per                                         (0.05)p      (3.84)p     (3.89)p   (0.36)p     8.00p       7.64p
ordinary
share


The accounts have been prepared using accounting standards and policies adopted
at the previous year end, with the exception of the changes stated in note 1.
All revenue and capital items in the above statement derive from continuing
operations. No operations were discontinued during the period.

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

*The revenue column of this statement is the profit and loss account of the
Company.

**For details of the restatement of the Company's comparative figures please
refer to note 1.



Unaudited Balance Sheet
                                 31st July       31st July       31st July       31st July        31st January
                                      2005            2005            2005            2004                2005
                                  Ordinary       'C' Class           Total   (restated*)           (restated*)
                                         £               £               £               £                   £
Fixed assets
Investments                     28,606,678         132,289      28,738,967      28,746,881          31,918,550

Current assets
Debtors                            400,499           1,268         401,767          71,477              62,149
Accrued interest on fixed           77,359               -          77,359          65,840              56,191
interest securities
Cash at bank                       130,798         278,660         409,458         338,883             428,217
                                   608,656         279,928         888,584         476,200             546,557

Creditors: amounts falling
due within one year
Corporation tax                          -               -               -               -                   -
Other creditors and                448,484          18,272         466,756         420,301             599,158
accruals

                                   448,484          18,272         466,756         420,301             599,158

Net current assets/                160,172         261,656         421,828          55,899            (52,601)
(liabilities)
Total net assets                28,766,850         393,945      29,160,795      28,802,780          31,865,949

Capital & reserves
Called-up share capital          1,533,043          20,101       1,553,144       1,618,043           1,576,043
Share premium account            2,721,969         362,072       3,084,041       2,721,969           2,721,969
Special reserve                 25,082,853               -      25,082,853      26,461,805          25,774,626
Capital redemption reserve         116,500               -         116,500          31,500              73,500
Capital reserve - realised       1,511,277           (396)       1,510,881         270,878             425,432
Capital reserve -              (2,197,715)          11,539     (2,186,176)     (2,619,539)           1,073,375
unrealised
Revenue reserve                    (1,077)             629           (448)         318,124             221,004
Equity shareholders' funds      28,766,850         393,945      29,160,795      28,802,780          31,865,949

Net asset value per share           93.82p          97.99p                          89.00p             101.09p
(note 2)
(including current period
revenue)



Since the period end the Company has not purchased any ordinary shares for
cancellation.

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

*For details of the restatement of the Company's comparative figures please
refer to note 1.



Unaudited Summarised Cash Flow Statement

                            6 months ended     Period ended    Period ended    6 months ended        Year ended
                                 31st July        31st July       31st July         31st July      31st January
                                      2005             2005            2005              2004              2005
                                  Ordinary        'C' Class           Total
                                         £                £               £                 £                 £

Net cash (outflow)/inflow        (538,513)            3,167       (535,346)          (62,088)         (279,969)
from operating activities
Corporation tax paid                     -                -                                 -                 -
Net cash inflow/(outflow)        1,088,171        (120,750)         967,421          (64,468)           707,345
from capital expenditure
and financial investment
Equity dividends paid            (155,304)                -       (155,304)          (81,777)          (81,777)
(note 3)
Net cash inflow/(outflow)          394,354        (117,583)         276,771         (208,333)           345,599
before financing
Net cash (outflow)/inflow        (691,773)          396,243       (295,530)         (434,928)         (899,526)
from financing
Net funds at the beginning         428,217                -         428,217           982,144           982,144
of the period
Net funds at end of the            130,798          278,660         409,458           338,883           428,217
period


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


Notes
The unaudited interim financial information does not constitute statutory
accounts. This information has been prepared on the basis of the accounting
policies used in the statutory accounts of the Company for the year ended 31st
January 2005 with the exception of the changes stated below. The statutory
accounts for the year ended 31st January 2005 received an unqualified audit
opinion and did not contain a statement under either Section 237(2) or Section
237(3) of the Companies Act 1985.

1.  Changes in accounting policies

This Interim Report has been prepared using new accounting standards which have
been issued to begin the process of converging UK standards with International
Financial Reporting Standards ('IFRS').  The effect on the Net Asset Value of
these changes is laid out in the table in note 2.  The first change, Financial
Reporting Standard ('FRS ') 21, is to recognise any dividend payable as a
liability only after it has been declared.  The second, FRS 26, is to value the
portfolio at bid prices rather than at mid market prices.

With effect from 1 January 2005, the Company has adopted the following Financial
Reporting Standards :

FRS 21 Events after the balance sheet date
Dividends paid by the Company are accounted for in the period in which the
dividend has been declared.  Previously, the Company recognised dividends in the
period in which net revenue, to which those dividends related, was accounted
for.

FRS 25 Financial Instruments: Disclosure and Presentation and
FRS 26 Financial instruments: Measurement
All investments held by the Company are classified as 'fair value through profit
and loss'.  For investments actively traded in organised financial markets, fair
value is generally determined by reference to Stock Exchange quoted market bid
prices at the close of business on the balance sheet date.  Previously all
listed investments were valued using closing mid market prices at the balance
sheet date.

2.  Net asset value per share

The net asset value per Ordinary share is based on total net assets at 31 July
2005 of £28,766,850 (31 July 2004 £28,802,780, 31 January 2005 £31,865,949) and
on 30,660,860 Ordinary shares (31 July 2004 32,360,860, 31 January 2005
31,520,860) being the issued share capital at that date.

Reconciliation of changes to net asset values resulting from accounting policy
changes:

                                                        31st July 2005      31st July 2004         31st January 2005
                                                           £'000 pence         £'000   pence          £'000    pence
Published net asset value                             29,689,696 96.83    29,745,691   91.92     32,869,795   104.28
Current period revenue*                              (64,477)   (0.21)   (17,867)     (0.06)    (272,591)    (0.87)
Net asset value (including current period revenue)    29,625,219 96.62    29,727,824   91.86     32,597,204   103.41
Increase due to dividend accounting change (note 3)   -          -        -            -         157,604      0.50
Reduction due to using bid prices (note 1)            (858,369)  (2.80)   (925,044)    (2.86)    (888,859)    (2.82)
Net assets per revised UK GAAP                        28,766,850 93.82    28,802,780   89.00     31,865,949   101.09
*Based upon the Company's previous accounting policies.


C share net asset value

The net asset value per C share is based on total net assets at 31 July 2005 of
£393,945 and on 402,023 C shares, being the issued C shares at that date.

The initial allotment of 336,686 C shares took place on 31 March 2005.  On 4
April 2005 8,000 C shares were allotted and on 10 May 2005 a further 57,337
shares were allotted.

These net asset values have been calculated in accordance with the revised 
accounting policies set out in note 1.

3.  Dividends paid

The Company bought back 140,000 Ordinary shares on 28 April 2004 and a further
40,000 on 29 April 2004.  These buy backs were made prior to the record date for
the final dividend of the year ended 31 January 2004 and therefore these shares
were not eligible for that dividend.  The total amount paid by the Company was
£81,777, £450 lower than the original accrual at 31 January 2004.

The Company bought back 360,000 Ordinary shares on 16 May 2005 and a further
100,000 on 25 May 2005.  These buy backs were prior to the record date for the
final dividend of the year ended 31 January 2005 and therefore these shares were
not eligible for that dividend.  The total amount paid by the Company was
£155,304, £2,300 lower than the original accrual at 31 January 2005.

See note 1 for details of the Company's revised policy relating to dividends
payable to shareholders.

4.  Fixed Asset Investments

Ordinary Shares
Summary of Investments at 31st July 2005

                       Sector Analysis                    Purchase cost   Current valuation % of portfolio by
                                                                      £                   £             value
AIM Quoted Companies

1st Dental             Health                                   450,000             641,333              2.23
Laboratories
Aero Inventory         Aerospace & defence                      481,041             742,252              2.58
Aquilo                 Speciality & other finance               589,375             233,964              0.81
Asfare Group           Engineering & machinery                  321,393             282,826              0.98
Award International    Media                                    209,990              26,249              0.09
Holdings
BBI Holdings           Pharmaceuticals &                        239,708             484,516              1.68
                       biotechnology
Blooms of Bressingham  General retailers                        470,000             434,528              1.51
Holdings
Bright Things          Household goods & textiles               352,500             560,084              1.95
Camaxys Group          Software & computer services             254,825             111,486              0.39
Capcon Holdings        Speciality & other finance               700,000             216,125              0.75
Cardpoint              Speciality & other finance               333,177           1,006,522              3.50
Centurion Electronics  Automobiles & parts                      187,950             112,770              0.39
CMS Webview            Media & entertainment                    401,674              50,209              0.17
Corpora                Software & computer services             602,206             199,855              0.69
First Artist Corp      Media & entertainment                    400,000              42,000              0.15
First Artist Corp      Media & entertainment                    100,000             100,000              0.35
Placing
Fulcrum Pharma         Pharmaceuticals &                        279,532              85,075              0.30
                       biotechnology
Glisten                Food producers & processors              267,143             878,233              3.05
Huveaux                Media & entertainment                    664,081             980,740              3.41
ID Data                Information technology                   348,250              56,000              0.19
                       hardware
ID Data Placing        Information technology                   100,000             100,000              0.35
                       hardware
ILX Group              Support Services                         324,960             552,432              1.92
Imprint Search &       Support services                         360,000           1,323,000              4.60
Selection
Knowledge Technology   Media & entertainment                    127,362             148,589              0.52
Solutions
Kuju                   Software & computer services             549,999             284,848              0.99
Lloyds British Testing Support services                         362,400             132,585              0.46
Lo-Q                   Leisure & hotels                         760,000              41,800              0.15
Matrix Communications  Software & computer services             310,000             568,333              1.98
Group
Medal Entertainment &  Media & entertainment                    602,509             640,351              2.23
Media
Mediwatch              Health                                   693,515             831,149              2.89
Monstermob Group       Media & entertainment                    141,750             358,050              1.25
Music Copyright        Media & entertainment                    375,000             330,883              1.15
Solutions
NWD Group              Media & entertainment                    466,750              96,940              0.34
Oasis Healthcare       Health                                   631,180             126,236              0.44
Pixology               Software & computer services             399,000             265,050              0.92
PM Group               Transport                                604,232           1,148,041              3.99
Prezzo                 Leisure & hotels                         290,795           1,450,400              5.04
Quadnetics Group       Electronic & electrical                  225,632             248,621              0.86
                       equipment
Real Good Food Company Food producers & processors              596,113             647,909              2.25
Ringprop               Engineering & machinery                  366,999             352,884              1.23
Symphony Plastic       Chemicals                                460,339             453,721              1.58
Technologies
Synergy Healthcare     Health                                   481,280           1,443,841              5.02
Tanfield Group         Support services                         987,403             600,305              2.09
The Clapham House      Leisure & hotels                         453,872             490,100              1.70
Group
Tikit Group            Software & computer services             400,000             640,000              2.23
Tissue Science         Health                                   656,267             703,800              2.45
Laboratories
UBC Media Group        Media & entertainment                    409,908             351,840              1.22
Vianet Group           Information technology                   577,778             490,000              1.70
                       hardware
XN Checkout Holdings   Software & computer services             234,321             970,416              3.37
Xpertise Group         Support services                         485,179             283,095              0.98
                                                             21,087,388          23,319,986             81.07


                                                          Purchase cost   Current valuation % of portfolio by
                                                                      £                   £             value
Private Companies

Flexbenefits        Software & computer services                517,500             172,845              0.60
Lilestone           General retailers                           405,000             405,000              1.41
U4EA                Information technology hardware             374,989              36,201              0.13
U4EA (preference    Information technology hardware             622,889             625,889              2.17
shares)
                                                              1,920,378           1,239,935              4.31
Other qualifying
investments

Xpertise Group Loan Support services                            200,000             200,000              0.69
Stock

                                                                200,000             200,000              0.69


Total Qualifying                                             23,207,766          24,759,921             86.07
Companies


Fixed income
investments
Debentures and loan
stocks
Euro Inv Bank                                                 1,118,922           1,105,500              3.84
6.125% BDS
                                                              1,118,922           1,105,500              3.84
UK Government loans
Treasury 4.5% STK                                               989,396           1,005,390              3.50
2007
                                                                989,396           1,005,390              3.50
Other
non-qualifying
investments
Aquilo              Speciality & other finance                  487,500             193,524              0.67
Blooms of           General retailers                           534,993             494,616              1.72
Bressingham
Holdings
Blooms of           General retailers                            20,007              16,200              0.06
Bressingham
Holdings (warrants)
Cardpoint           Speciality & other finance                  156,597             473,077              1.64
Formation Group     Media & entertainment                       519,750             266,907              0.93
ID Data Conv Loan   Information technology hardware             225,000             225,000              0.78
Stock
Medal Entertainment Media & entertainment                        51,170              54,384              0.19
& Media
Synergy Healthcare  Health                                        4,053              12,159              0.04

                                                              1,999,070           1,735,867              6.03


Total Fixed Income                                            4,107,388           3,846,757             13.37
and other
non-qualifying
investments

                                                           Purchase cost   Current valuation % of portfolio by
                                                                       £                   £             value
Companies in liquidation*
Coinmaster Gaming                                                350,000                   -                 -
Exertris                                                         503,445                   -                 -
Exertris Conv Debt                                               100,000                   -                 -
Firmgrowth                                                       250,000                   -                 -
Flying Scotsman                                                  400,800                   -                 -
Global Money Transfer (loan notes)                               300,000                   -                 -
Laminate Flooring                                                450,000                   -                 -
Monotub Industries                                               260,000                   -                 -
Recycled Waste                                                   374,994                   -                 -
Stanhope Telecom                                                 500,000                   -                 -
                                                               3,489,239                   -                 -

Summary
Total qualifying portfolio                                    23,207,766          24,759,921             86.07
Fixed interest/non qualifying portfolio                        4,107,388           3,846,757             13.37
Investments held at nil valuation                              3,489,239                   -                 -
Sub total                                                     30,804,393          28,606,678             99.44
Net current assets                                                     -             160,172              0.56
Total                                                         30,804,393          28,766,850            100.00


*These companies are in liquidation and the Directors consider it appropriate to
value them at zero. With the exception of Exertris Conv Debt and Global Money
Transfer, they count towards the VCT investment test, which states that 70% of
the Company's assets will be invested in VCT qualifying investments by January
2004.


C Class Portfolio

Summary of Investments at 31st July 2005

                                Sector Analysis          Purchase cost   Current valuation  % of portfolio by
                                                                     £                   £              value
AIM Quoted Companies

Chromogenex                     Health                          50,000              45,455              11.54
Fishworks                       Leisure & hotels                49,500              63,000              15.99
Tristel                         Health                          21,250              23,834               6.05
Total qualifying portfolio                                     120,750             132,289              33.58
Net current assets                                                   -             261,656              66.42
Total                                                          120,750             393,945             100.00


5.  Dividends

The Directors are not declaring the payment of an interim dividend in respect of
the period ended 31st July 2005.

6.  Other Information

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



                      This information is provided by RNS
            The company news service from the London Stock Exchange