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Sgr & Frdlndr AIM 3 (VICT)

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Thursday 09 October, 2003

Sgr & Frdlndr AIM 3

Interim Results

Singer & Friedlander AIM 3 VCT PLC
09 October 2003

                       SINGER & FRIEDLANDER AIM 3 VCT plc

         Interim Report for the six month period ending 31st July 2003

Chairman's Statement

This is my first statement as the new Chairman of your company. I am pleased
that this period coincides with the first improvement in the AIM Index since our
launch in early 2001.

During the 6 months to 31st July 2003 the AIM Index rose by 16.6%. Over the same
period our AIM quoted investments increased in value by 21.2%. However, the
increase in the Trust's NAV of 4.8%, after allowing for the payment of the final
dividend in June, did not match the performance of the index. This is due to our
high exposure to fixed interest securities, cash and unquoted investments; we
also wrote down the value of three of our unquoted investments following
liquidation or further fundraising. These write downs resulted in a 2.6%
reduction in the NAV.

We have recently seen some impressive performances from several of our
investments, it is to be hoped that this trend continues and is extended to
those of our investments that have not yet responded to the stock market rally.

Since the Trust was launched in February 2001 the AIM Index has fallen by over
50% whilst our NAV has declined by 14.4%.

We continue to progress towards the Inland Revenue requirement that 70% of our
initial funds is invested in 'qualifying' securities. As at 31st July nearly 65%
(£20.8m) had been invested in ' qualifying ' securities. Your Board is confident
that this test will be met by the January 2004 deadline.

The Board does not propose to pay an interim dividend but expects, as in the
previous years, to recommend a final dividend for the full year.

C J L Moorsom
9th October 2003

Manager's Report

We now have investments in 39 'qualifying' companies covering a diverse range of
sectors and industries.
7 of these companies are unquoted, 2 are listed on OFEX and 30 are quoted on the
Alternative Investment Market. It is encouraging to see, at long last, an
improving market. This improvement seems well founded. We have seen a sustained
period of corporate cost cutting, which provides scope for earnings forecasts to
be met and possibly exceeded. We have also noted that investors have more
realistic expectations than was the case in the past. We have invested our funds
cautiously in a difficult and declining market. However, we now believe we are
well placed to benefit as sentiment improves and our investee companies confirm
that their progress is inline with our expectations.

We have had some disappointments during the period. Coinmaster has appointed a
receiver resulting in the loss of our investment. Also, Stanhope Telecom has
gone into liquidation following the sale of its operating subsidiary. We have
written down 2 of our other unquoted investments following the raising of new
funds at lower valuations. However Real Good Food Group achieved an AIM listing
in late September and is currently trading at a good premium to our book cost.

During the period we have witnessed many strong performances from our AIM listed
companies with the share prices of 10 of our investments rising by more than
double that of the AIM index. Some of these rises represent a recovery from an
oversold position, others reflect positive newsflow. Overall valuations remain
attractive and provided sentiment continues to recover scope exists for further
share price appreciation.

A N Banks
Singer and Friedlander Investment Management Ltd
9th October 2003


Knowledge Technology Solutions     Live UK financial news and data products

Real Good Food Company             Prepared foods manufacturer

Symphony Plastic Technologies      Manufacturer of fully degradable plastic
                                   carrier bags

Summary Financial Information

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

                                                                           6 months ended
                                                                           31st July 2003
                                               Revenue           Capital            Total
                                                     £                 £                £

Gains/(losses) on investments                        -         1,334,994        1,334,994
Income                                         359,054                 -          359,054
Investment management fees                    (60,132)         (180,396)        (240,528)
Other expenses                               (137,367)                 -        (137,367)
Return on ordinary activities before           161,555         1,154,598        1,316,153
Taxation on ordinary activities               (36,098)            36,098                -
Return attributable to equity                  125,457         1,190,696        1,316,153
Dividends in respect of equity                       -                 -                -
Transfer to/(from) reserves                    125,457         1,190,696        1,316,153

Return per ordinary share                        0.38p             3.61p            3.99p

                                                                           6 months ended
                                                                           31st July 2002
                                               Revenue           Capital            Total
                                                     £                 £                £

Gains/(losses) on investments                        -       (1,825,812)      (1,825,812)
Income                                         589,693                 -          589,693
Investment management fees                    (74,663)         (223,989)        (298,652)
Other expenses                               (138,705)                 -        (138,705)
Return on ordinary activities before           376,325       (2,049,801)      (1,673,476)
Taxation on ordinary activities              (149,697)            72,307         (77,390)
Return attributable to equity                  226,628       (1,977,494)      (1,750,866)
Dividends in respect of equity                       -                 -                -
Transfer to/(from) reserves                    226,628       (1,977,494)      (1,750,866)

Return per ordinary share                        0.69p           (5.99)p          (5.30)p

                                                                               Year ended
                                                                        31st January 2003
                                               Revenue           Capital            Total
                                                     £                 £                £

Gains/(losses) on investments                        -       (6,530,296)      (6,530,296)
Income                                         999,885                 -          999,885
Investment management fees                   (136,557)         (409,669)        (546,226)
Other expenses                               (257,295)                 -        (257,295)
Return on ordinary activities before           606,033       (6,939,965)      (6,333,932)
Taxation on ordinary activities              (210,185)           128,731         (81,454)
Return attributable to equity                  395,848       (6,811,234)      (6,415,386)
Dividends in respect of equity               (263,527)                 -        (263,527)
Transfer to/(from) reserves                    132,321       (6,811,234)      (6,678,913)

Return per ordinary share                        1.20p          (20.66)p         (19.46)p

The accounts have been prepared using accounting standards and policies adopted
at the previous year 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.

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

Unaudited Balance Sheet

                                                                        Unaudited            Unaudited           Audited
                                                                        31st July            31st July      31st January
                                                                             2003                 2002              2003
                                                                                £                    £                 £
Fixed assets
Investments                                                            25,960,804           30,063,685        24,557,865

Current assets
Debtors                                                                    29,622               24,629            12,714
Accrued interest on fixed interest securities                             165,962              206,956           282,557
Cash at bank                                                              149,561              751,198           765,950
                                                                          345,145              982,783         1,061,221

Creditors: amounts falling due within one year
Corporation tax                                                            47,730              220,167            47,730
Other creditors and accruals                                              167,002            1,084,148           796,292
                                                                          214,732            1,304,315           844,022

Net current assets/(liabilities)                                          130,413            (321,532)           217,199
Total net assets                                                       26,091,217           29,742,153        24,775,064

Capital & reserves
Called-up share capital                                                 1,647,043            1,649,543         1,647,043
Share premium account                                                   2,721,969            2,721,969         2,721,969
Special reserve                                                        26,936,192           26,975,234        26,936,192
Capital redemption reserve                                                  2,500                    -             2,500
Capital reserve:realised                                                (702,748)            (489,156)         (605,604)
Capital reserve:unrealised                                            (4,890,390)          (1,460,938)       (6,178,230)
Revenue reserve                                                           376,651              345,501           251,194
Equity shareholders' funds                                             26,091,217           29,742,153        24,775,064

Net asset value per ordinary share                                         78.83p               89.47p            75.21p
(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           6 months ended            Year ended
                                                                31st July                31st July          31st January
                                                                     2003                     2002                  2003
                                                                        £                        £                     £

Net cash inflow from operating activities                          65,083                  134,901               141,460
Corporation tax paid                                                    -                        -             (176,501)
Net cash (outflow)/inflow from capital expenditure              (417,945)                  608,364               832,100
and financial investment
Equity dividends paid                                           (263,527)                (560,845)             (560,845)
Net cash (outflow)/inflow before financing                      (616,389)                  182,420               236,214
Net cash outflow from financing                                                                  -              (39,042)
Net funds at the beginning of the period                          765,950                  568,778               568,778
Net funds at end of the period                                    149,561                  751,198               765,950

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 issued in January 2003.

 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 as of 31 July 2003, where appropriate. The Directors' policy
in valuing unquoted investments is to carry them at cost except in the following

  • Where a company's under-performance against plan indicates a diminution in
    value of the investment, provision against cost is made as appropriate in
    bands of 25%;

  • 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 a 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 year ended 31st January 2003
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 2003
                                  Sector Analysis                        Purchase cost          Current   % of portfolio
                                                                                              valuation         by value
AIM Quoted Companies
Aero Inventory                    Aerospace & defence                          481,041          687,271             2.63
Blooms of Bressingham             General retailers                            470,000          240,272             0.92
Capcon Holdings                   Speciality & other finance                   700,000          710,938             2.72
Cardpoint                         Speciality & other finance                   475,844          813,944             3.12
Centurion Electronics             Automobiles & parts                          400,000          873,334             3.35
Comeleon*                         Support services                             737,403           42,457             0.16
First Artist Corp*                Media & entertainment                        400,000           43,000             0.17
Fulcrum Pharmaceuticals           Pharmaceuticals & biotechnology              279,532          188,380             0.72
Glisten                           Food producers & processors                  355,143          574,888             2.20
Huveaux                           Media & entertainment                        857,739        1,108,398             4.25
ID Data                           Information technology hardware              373,125          225,000             0.86
Imprint Search & Selection        Support services                             480,000          225,000             0.86
Knowledge Technology Solutions    Media & entertainment                        142,362          266,929             1.02
Kuju                              Software & computer services                 399,999          179,166             0.69
Lloyds British Testing            Support services                             362,400          335,883             1.29
Lo-Q                              Leisure & hotels                             760,000           53,200             0.20
Medal Entertainment & Media       Media & entertainment                        417,509          594,950             2.28
Mediwatch                         Health                                       696,950          252,456             0.97
Oasis Healthcare                  Health                                       631,180          382,653             1.47
PM Group                          Transport                                    729,232        1,057,386             4.05
Prezzo                            Leisure & hotels                             403,610          539,220             2.07
Proactive Sports                  Media & entertainment                        390,000           79,950             0.31
Ringprop                          Engineering & machinery                      444,999          573,364             2.20
Symphony Plastic Technologies     Chemicals                                    349,339          417,266             1.60
Synergy Healthcare                Health                                       481,280          883,600             3.39
Tikit Group                       Software & computer services                 400,000          325,217             1.25
Tissue Science Laboratories       Health                                       744,600          425,850             1.63
UBC Media Group                   Media & entertainment                        409,908          483,780             1.85
Vianet Group                      Information technology hardware              250,000          187,500             0.72
Xpertise Group                    Support services                             485,179          495,417             1.90
Xpertise Group (loan stock)       Support services                             200,000          200,000             0.77
OFEX Quoted Companies
Aquilo                            Speciality & other finance                   589,375          144,514             0.55
Flying Scotsman                   Leisure & hotels                             400,800          419,367             1.61
                                                                               990,175                1             2.16
Private Companies
Checkout Holdings                 Software & computer services                 408,819          408,819             1.57
Checkout Holdings (unconverted    Software & computer services                  45,000           45,000             0.17
loan stock)
Eurobenefits                      Software & computer services                 517,500          129,375             0.50
Exertris                          Software & computer services                 503,445          136,106             0.52
ITS Ecco                          Support services                             400,000          314,655             1.21
Lilestone                         General retailers                            405,000          405,000             1.55
Real Good Food Company            Food producers & processors                  375,000          375,000             1.44
U4EA                              Information technology hardware              374,989           36,201             0.13
U4EA (preference shares)          Information technology hardware              331,812          334,812             1.28
                                                                             3,361,565        2,184,968             8.37

All investments are in ordinary shares unless otherwise stated.

* These securities are currently suspended and are valued at Directors'

Summary of Investments at 31st July 2003 (cont).
                                                                         Purchase cost          Current   % of portfolio
                                                                                              valuation         by value
Companies in liquidation**
Coinmaster Gaming                                                              350,000                -                -
Recycled Waste                                                                 374,994                -                -
Firmgrowth                                                                     250,000                -                -
Monotub Industries                                                             260,000                -                -
Stanhope Telecom                                                               500,000                -                -
                                                                             1,734,994                -                -
Total Qualifying Companies                                                  20,795,108       16,215,518            62.15
Fixed income investments
Debentures and loan stocks
BK Ned Gemeenten 6.375% MTN                                                  1,530,154        1,559,175             5.97
Euro Inv Bank 6.125% BDS                                                     2,136,124        2,201,220             8.44
KFW INTL Finance 5.5% GTD MTN                                                1,987,805        2,031,500             7.79
Lloyds TSB Bank 6% NTS 7/6/2004 GBP                                          2,023,445        2,039,700             7.82
                                                                             7,677,528                             30.02
UK Government loans
Treasury 5% STK 2004                                                         1,246,264        1,267,000             4.86
                                                                             1,246,264                              4.86
Other non-qualifying investments
Aquilo (loan notes)                                                             62,500           62,500             0.24
Blooms of Bressingham                                                          384,993          196,815             0.75
Blooms of Bressingham (warrants)                                                20,007            5,670             0.02
Exertris (loan stock)                                                          100,000          100,000             0.38
Global Money Transfer (loan stock)***                                          300,000                -                -
ID Data Convertible (loan stock)                                               225,000          225,000             0.86
Medal Entertainment & Media                                                     39,794           56,706             0.22
Total Fixed Income and other                                                10,056,086        9,745,286            37.35
non-qualifying investments
Sub total                                                                   30,851,194       25,960,804            99.50
Net current (liabilities)/assets                                              -                 130,413             0.50
Total                                                                       30,851,194       26,091,217           100.00

**These companies are in liquidation and the Directors' consider it appropriate
to value them at zero. They are shown within Fixed Asset Investments since 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.

*** This company is in liquidation and the Directors' consider it appropriate to
value it at zero.

 4. Dividends

The Directors do not recommend the payment of an interim dividend in respect of
the period ended 31st July 2003 (2002: Nil).

 5. Other Information

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

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

a d v e r t i s e m e n t