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Sgr & Frdlndr AIM 3 (VICT)

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Tuesday 15 October, 2002

Sgr & Frdlndr AIM 3

Interim Results

Singer & Friedlander AIM 3 VCT PLC
15 October 2002

                       SINGER & FRIEDLANDER AIM 3 VCT plc

         Interim Report for the six month period ending 31st July 2002

Chairman's Statement

The market background during the first six months of our current financial year
has been difficult, continuing the trend we have seen since the launch of the
Trust in early 2001. The Alternative Investment Market (AIM) has fallen
consistently during the 6 month period declining by some 22% overall. Against
this background the Trust has performed resiliently with the Net Asset Value
(NAV) having fallen by 6% over the same six months after allowing for the final
dividend of 1.7p paid on the 21st June. Since dealings in our shares commenced
on the 23rd February 2001 the AIM has fallen by 52%, your Trust has a total
return of -4%.

As at the 31st July we had invested £15.8m in VCT qualifying investments
representing 50% of the portfolio at book cost. Shareholders will be aware of
the requirement to invest at least 70% of our assets in this way by January
2004, and we are well on target to achieve this. Valuations of companies seeking
to raise funds have continued to fall giving us the opportunity to invest on
attractive terms; this offers the prospect of good returns in the future once
stock market conditions improve.

It is likely in the short term that the stock market will remain volatile and
nervous whilst investors are uncertain of the timing and strength of recovery in
the major economies. In addition the threat of acts of terror or major conflict
can only add to market concerns. It now appears increasingly unlikely that
domestic interest rates will increase this year and indeed further reductions
cannot be ruled out in order to boost the economy. This would further increase
the attractions of equity investment.

The Directors are not recommending the payment of an interim dividend, but in
line with last year would anticipate paying a final dividend.

R O Bernays


15th October 2002

Manager's Report

The AIM has continued to be weak during the period under review and the AIM
Index has fallen to new low levels as investors have become more unnerved by the
outlook for economic growth and by the emergence of numerous accounting
scandals. This background has obviously discouraged many companies from raising
capital in the market but others have taken the view that they are better off
raising funds to pursue opportunities when they present themselves rather than
potentially lose them. These financings are being done on terms that we believe
are very attractive and which in the medium term should provide us with good

The £15.8m that we have invested covers 36 different qualifying companies in a
diverse range of industrial sectors. Of the 36 companies, 7 are unquoted, 3 are
listed on OFEX and the remainder are quoted on the AIM. We have made good
progress investing the funds raised last year and now feel confident that we
will reach the minimum requirement well ahead of schedule; our stringent
investment criteria have recently become even more demanding as a result.

A N Banks

Singer and Friedlander Investment Management Ltd

15th October 2002


Comeleon                                                  Graphical imaging onto three-dimensional products

Fulcrum Pharmaceutical                                    Customised global drug development solutions

Flying Scotsman                                           Owner of a steam locomotive

Glisten                                                   Manufacturer of confectionery products

Global Money Transfer                                     International money transfer service

Huveaux                                                   Aims to build a broadly based media and related
                                                          services group by means of acquisition

ID Data                                                   Provider of corporate smart cards

Kuju                                                      Developer of interactive games software

Lloyds British Testing                                    Provision of lifting equipment testing services in
                                                          the UK

Lo-Q                                                      Theme park guest services systems

Medal Entertainment & Media                               Building, through acquisitions, of a group of
                                                          companies engaged in the acquisition, creation and
                                                          exploitation of intellectual property rights

PM Group                                                  Design, manufacture and service of on board vehicle
                                                          weighting systems and associated software for the
                                                          haulage and waste management industries

Prezzo                                                    Restaurant operators

UBC Media                                                 Supplier of content to the radio, internet and
                                                          digital television industries

Vianet                                                    Provision of remote monitoring and related services
                                                          to the vending industry

Summary Financial Information

                                        Unaudited Statement of Total Return
                                        (incorporating the revenue account)

                                       6 months ended                       Period ended                    Period ended
                                       31st July 2002                     31st July 2001               31st January 2002
                      Revenue     Capital       Total      Revenue    Capital      Total     Revenue   Capital     Total

                            £           £           £            £          £          £           £         £         £

(Losses)/gains on           - (1,825,812) (1,825,812)            -     13,861     13,861           -   286,688   286,688
Income                589,693           -     589,693      576,892          -    576,892   1,328,748         - 1,328,748
Investment           (74,663)   (223,989)   (298,652)     (52,151)  (156,456)  (208,607)   (128,044) (384,131) (512,175)
management fees
Other expenses      (138,705)           -   (138,705)    (133,351)          -  (133,351)   (253,366)         - (253,366)
Return on             376,325 (2,049,801) (1,673,476)      391,390  (142,595)    248,795     947,338  (97,443)   849,895
activities before
Taxation on         (149,697)      72,307    (77,390)    (107,681)     50,848   (56,833)   (267,620)   124,843 (142,777)
Return                226,628 (1,977,494) (1,750,866)      283,709   (91,747)    191,962     679,718    27,400   707,118
attributable to
Dividends in                -           -           -            -          -          -   (560,845)         - (560,845)
respect of equity
Transfer to/          226,628 (1,977,494) (1,750,866)      283,709   (91,747)    191,962     118,873    27,400   146,273
(from) reserves

Return per              0.69p     (5.99)p     (5.30)p        1.30p    (0.42)p      0.88p       2.49p     0.10p     2.59p
ordinary share

The Company was incorporated on 10th January 2001 and commenced investing on
11th April 2001.

The accounts have been prepared using accounting standards and policies adopted
at the previous period end. All revenue and capital items in the above statement
derive from continuing operations. No operations were discontinued during the

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

Unaudited Balance Sheet as at 31st July 2002
                                                                        Unaudited            Unaudited           Audited
                                                                        31st July            31st July      31st January
                                                                             2002                 2001              2002

                                                                                £                    £                 £
Fixed Assets
Investments                                                            30,063,685           27,880,800        31,319,461

Current Assets
Debtors                                                                    24,629               23,088           252,915
Accrued interest on fixed interest securities                             206,956              347,680           419,360
Cash at bank                                                              751,198            3,666,217           568,778
                                                                          982,783            4,036,985         1,241,053

Creditors: Amounts falling due within one year
Corporation tax                                                           220,167               56,833           142,777
Other creditors and accruals                                            1,084,148              322,244           924,718
                                                                        1,304,315              379,077         1.067,495

Net Current (Liabilities)/Assets                                        (321,532)            3,657,908           173,558
Total Net Assets                                                       29,742,153           31,538,708        31,493,019

Capital & Reserves
Called-up share capital                                                 1,649,543            1,649,543         1,649,543
Share premium account                                                   2,721,969           29,697,203        29,697,203
Special reserve                                                        26,975,234                    -                 -
Capital reserve:realised                                                (489,156)            (105,608)         (284,990)
Capital reserve:unrealised                                            (1,460,938)               13,861           312,390
Revenue reserve                                                           345,501              283,709           118,873
Total equity shareholders' funds                                       29,742,153           31,538,708        31,493,019

Net Asset Value per share                                                  89.47p               94.74p            95.46p

(31 July figures exclude current period revenue)

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

Unaudited Summarised Cash Flow Statement
                                                                Unaudited                Unaudited               Audited
                                                           6 months ended             Period ended          Period ended
                                                                31st July                31st July          31st January
                                                                     2002                     2001                  2002
                                                                        £                        £                     £

Net cash inflow from operating activities                         134,901                  186,410               505,605
Net cash inflow/(outflow) from capital expenditure                608,364             (27,866,939)          (31,283,573)
and financial investment
Equity dividends paid                                           (560,845)                        -                     -
Net cash inflow/(outflow) before financing                        182,420             (27,680,529)          (30,777,968)
Net cash inflow from financing                                          -               31,346,746            31,346,746
Net funds at the beginning of the period                          568,778                        -                     -
Net funds at end of the period                                    751,198                3,666,217               568,778

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


1. Principal Accounting Policies

The following accounting policies have been applied consistently throughout the
period. Full details of principal accounting policies are 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

Listed investments and investments traded on AIM and OFEX are stated at mid
market prices at the period end. Unquoted investments are stated at the
Directors' valuation with reference to the British Venture Capital Association
('BVCA' guidelines), where appropriate. The Directors' policy in valuing
unquoted investments is to carry them at cost except in the following

- 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.

Capital gains and losses on investments, whether realised or unrealised, are
dealt with in the capital reserve.

2. The figures and financial information for the period ended 31st January 2002
have been compiled from an extract of the latest published accounts and do not
constitute the statutory accounts for the period. Those accounts have been
delivered to the Registrar of Companies and included the report of the auditors,
which was unqualified and did not contain a statement under either Section 237
(2) or Section 237(3) of the Companies Act 1985.

3. Fixed Asset Investments
Summary of Investments at 31st July 2002
                                 Sector Analysis                         Purchase cost          Current   % of portfolio
                                                                                              valuation         by value
AIM Listed Companies
Aero Inventory                   Aerospace & defence                           481,041          579,271             1.95
Blooms of Bressingham            General retailers                             470,000          197,895             0.67
Capcon Holdings                  Speciality & other finance                    350,000          295,312             0.99
Comeleon                         Support services                              737,403          576,515             1.94
First Artist Corp                Media & photography                           400,000          196,000             0.66
Fulcrum Pharma                   Pharmaceuticals                               279,532          291,686             0.98
Glisten                          Food producers & processors                   355,143          383,999             1.29
Huveaux*                         Media & photography                           483,000          483,000             1.62
ID Data                          Information technology hardware               373,125          262,500             0.88
Imprint Search & Selection       Support services                              480,000          507,000             1.70
Kuju                             Leisure, entertainment & hotels               399,999          385,416             1.30
Lloyds British Testing           Support services                              362,400          406,595             1.37
Lo-Q                             Leisure, entertainment & hotels               760,000          581,400             1.95
Medal Entertainment & Media*     Speciality & other finance                    444,600          444,600             1.49
Mediwatch                        Health                                        596,950          389,825             1.31
Monotub Industries               Household goods & textiles                    260,000           30,000             0.10
Oasis Healthcare                 Health                                        631,180          568,062             1.91
PM Group                         Engineering & machinery                       729,232          984,463             3.31
Prezzo                           Leisure, entertainment & hotels               245,000          342,250             1.15
Proactive Sports                 Media & photography                           390,000          120,900             0.41
Recycled Waste                   Support services                              374,994          563,900             1.90
Synergy Healthcare               Health                                        481,280          804,640             2.71
Tikit Group                      Software & computer services                  400,000          379,130             1.27
Tissue Science Laboratories      Health                                        744,600          790,500             2.66
UBC Media Group                  Media & photography                           409,908          425,140             1.43
Vianet Group                     Information technology hardware               250,000          350,000             1.18
OFEX Quoted Companies
Aquilo                           Speciality & other finance                    589,375          452,393             1.52
Coinmaster Gaming                Leisure, entertainment & hotels               350,000          238,636             0.80
Flying Scotsman                  Leisure, entertainment & hotels               250,800          273,900             0.92
Private Companies
Checkout Holdings                Software & computer services                  375,516          375,516             1.26
Eurobenefits                     Software & computer services                  517,500          129,375             0.44
Exertris                         Software & computer services                  503,445          503,445             1.69
Firmgrowth                       Software & computer services                  250,000          250,000             0.84
Lilestone                        General retailers                             150,000          150,000             0.50
Stanhope Telecom                 Telecommunication services                    500,000          356,000             1.20
U4EA                             Information technology hardware               374,989           36,201             0.12
Total Qualifying Companies                                                  15,751,012       14,105,465            47.42

All investments are in ordinary shares unless otherwise stated.

* Placing shares not admitted to trading on AIM as at 31st July 2002.

Summary of Investments at 31st July 2002
                                                                        Purchase cost          Current % of portfolio by
                                                                                             valuation             value
Fixed income investments
Debentures and loan stocks
BK Ned Gemeenten 6.375% MTN                                                 1,530,154        1,559,625              5.24
Euro Inv Bank 6.125% BDS                                                    2,136,124        2,184,945              7.35
Gen Elec Cap Corp 6% MTN 5/2/2003                                                   -                -                 -
KFW INTL Finance 5.5% GTD MTN                                               1,987,805        2,038,800              6.85
Lloyds TSB Bank 6% NTS 7/6/2004 GBP                                         2,023,445        2,047,900              6.89
                                                                            7,677,528                              26.33
UK Government loans
Treasury 7% STK 2002                                                                -                -                 -
Treasury 6.5% STK 2003                                                      2,842,032        2,851,080              9.59
Treasury 5% STK 2004                                                        4,486,551        4,575,600             15.38
                                                                            7,328,583                              24.97
Other non-qualifying investments
Aquilo Loan Notes 2002                                                         62,500           62,500              0.21
Blooms of Bressingham                                                         384,993          324,000              1.09
Blooms of Bressingham (warrants)                                               20,007           13,770              0.05
Global Money Loan Notes (firm placing)                                        300,000          300,000              1.01
                                                                              767,500          700,270              2.36
Total Fixed Income and other non-qualifying                                15,773,611       15,958,220             53.66
Sub Total                                                                  31,524,623       30,063,685            101.08
Net Current (Liabilities)/Assets                                             -               (321,532)            (1.08)
Total                                                                      31,524,623       29,742,153            100.00

4. Dividends

The Directors do not recommend the payment of an interim dividend in respect of
the period ended 31st July 2002.

5. Other Information

The Interim Report will be posted to Shareholders shortly and will be available
at the Registered Office of the Company.


R O Bernays
A N Banks
J M Edelson
M C Ellisdon
D A Lloyd

Secretary and Registered Office

Singer & Friedlander Secretaries Limited
21 New Street

Tel: 020 7623 3000
Fax: 020 7623 2122


Singer & Friedlander Investment Management Limited
(Authorised by the Financial Services Authority)
21 New Street

E-mail: [email protected]

Registered in England & Wales No. 4138683

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

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