Annual Report and Accounts

RNS Number:7034K
Oxford Technology 3 VCT PLC
02 May 2003

Preliminary Announcement for Oxford Technology 3 Venture Capital Trust plc for
the period ended 28 February 2003

A copy of the full accounts and the accompanying newsletter has been submitted
to the UKLA, and will shortly be available for inspection at the UKLA's Document
Viewing Facility, which is situated at 25 The North Colonnade, Canary Wharf,
London E14 5HS.

Chairman's Statement

Oxford Technology 3 had raised #3.8m by end April 2002, and by April 2003, had
invested #1,253,000 of this in 13 companies, six of which were new investments
and seven of which were investments in which Oxford Technology 1 and/or Oxford
Technology 2 were already investors.

The fund remained open for investment during the year, and when it closed on 4
April 2003, the total had reached just under #5.4m.

It is early days in the life of this fund and 'So far so good' would be a fair
summary. Coraltech, in which OT1 and OT2 are also investors, is a particularly
exciting prospect.

Interest on government stocks and bank deposits produced gross revenue of
#94,000 in the period. Net revenue after taxation and management expenses was a
deficit of #14,000 and revenue return per share for the period was a loss of
0.36p. Capital return was 1.30p per share.

John Jackson

Chairman

2 May 2003



Statement of Total Return (Incorporating the Revenue Account)* for the Period
Ended 28 February 2003
                                                                    2003
                                                                 Audited
                                   Revenue #000 Capital #000  Total #000
Gains on investments                          -           50          50
Income                                       94            -          94
Investment advisory fee                    (59)            -        (59)
Other expenses                             (49)            -        (49)
                                          _____        _____       _____
Net return on ordinary activities          (14)           50          36
before taxation
Tax on net return on ordinary                 -            -           -
activities
                                          _____        _____       _____
Return attributable to equity              (14)           50          36
shareholders and transfers to/
(from) reserves
                                         ======       ======      ======
Return per ordinary share               (0.36)p        1.30p       0.94p
                                         ======       ======      ======

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

All revenue and capital items in the above statement derive from continuing
operations. There were no recognised gains or losses for the year other than
those shown above.



Balance Sheet at 28 February 2003
                                               28 February 2003 
                                                        Audited
                                             #000          #000
Fixed assets
Investments (including gilts valued                       3,142
at #1,848,000)
Current assets
Debtors                                        71
Cash at bank                                1,211
                                            _____
                                            1,282
Creditors: amounts falling due within        (53)
one year
                                            _____
Net current assets                                        1,229
                                                          _____
Net assets                                                4,371
                                                          =====
Capital and reserves
Called up share capital                                     452
Share premium account                                     3,883
Capital reserve - unrealised                                 50
Revenue reserve                                            (14)
                                                          _____
Shareholders' funds                                       4,371
                                                          =====
Net asset value per share 1                                 97p
                                                          =====

 1 Net asset value per share was calculated based on the share capital at 28
February 2003: 4,515,287



Cash Flow Statement for the Period Ended 28 February 2003

                                      2003 Audited
                                              #000
Net cash inflow from operating                  53
activities
Capital expenditure and financial
investment
Purchase of investments                    (4,277)
Redemption on maturity of government         1,100
stocks
                                            ______
Net cash outflow for capital               (3,177)
expenditure and financial investment
                                            ______
Net cash outflow before financing          (3,124)
Financing
Issue of shares                              4,515
Expenses paid in connection with             (180)
share issue
                                            ______
Net cash inflow from financing               4,335
                                            ______
Increase in cash                             1,211
                                            ======



Notes:

1. Basis of preparation

The preliminary announcement has been prepared in accordance with applicable
accounting standards up to and including FRS 19 and with the Statement of
Recommended Practice 'Financial statements of investment trust companies' and
under the historical cost convention, modified to include the revaluation of
investments.

2. Return per Ordinary Share

The calculation of revenue return per share is based on a loss of #14,000 for
the financial period divided by the weighted average number of ordinary shares
of 3,838,995 in issue during the period.

The calculation of capital return per share is based on the net capital return
for the financial period of #50,000 divided by the weighted average number of
ordinary shares of 3,838,995 in issue during the period.

3. General

The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The balance sheet at 28 February 2003 and the statement of total return,
cash flow statement and associated notes for the year then ended have been
extracted from the company's 2003 statutory financial statements on which the
auditors' opinion is unqualified and does not include any statement under
section 237 of the Companies Act 1985.


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