Baronsmead VCT 5 plc

                         Interim Management Statement



For the three month period from 1 January 2014 to 31 March 2014.



Headlines

+5.3 %   Increase in Net Asset Value per share before payment of interim
         dividend



£623,000 Invested in two new investments


Performance Summary

                                             As at          As at
Capital return                         31 Mar 2014    31 Dec 2013   Movement

Total net assets                           £39.61m       £37.86m*

Net asset value per share                 80.27p**        76.21p*       5.3%

Share price                                 74.00p         72.25p       2.4%

Discount to NAV                             (7.8%)         (9.9%)



* Adjusted for 4.0p (£2.0m) final dividend for comparative purposes. Actual NAV
was 80.21 per share.

** 4.0p final dividend has been accounted for in the 31 March 2014 NAV and was
paid 22nd April 2014


                         3 month (%)    1 year (%)        Since launch (%)

Net asset value
total return                 5.06         39.10              30.48



Key:(1) NAV total return = NAV + reinvested dividends; Source: ISIS EP LLP


These total returns are stated before the inclusion of VCT tax
reliefs which are designed to mitigate the higher risks and costs associated
with investing in smaller companies and the constraints of the VCT legislation.
The front end income tax reliefs available at the time of subscription were 40%
in the 2005/06 tax year and 30% since then, so any adjusted performance measure
including this relief will vary depending on the date of subscription.  There
is the additional benefit of receiving VCT dividends tax free.


Investment Performance


The net asset value total return of the company increased by 5.1% during the quarter.
The unquoted portfolio valuation increased by 4.2% in the quarter and the AIM portfolio
increased by 5.4%.



Top Ten Investments


                                                                    Percentage
                                                                        of NAV
Position at    Position at                                               as at
31 Mar 2014    31 Dec 2013                 Company                 31 Mar 2014

1              1              Anpario plc                                  8.6

2              3              Netcall plc                                  7.0

3              2              Tasty plc                                    6.8

4              4              Accumuli plc                                 5.1

5              6              Crawshaw Group plc                           4.0

6              10             Inspired Energy                              3.5

7              11             Electric Word plc                            3.3

8              9              Escher Group Holdings plc                    3.2

9              5              TLA Worldwide plc                            3.0

10             4              Plastics Capital plc                         2.9



                              Total                                       47.4






Analysis of Total Assets

                                       Percentage of total  Percentage of total
                                                    assets               assets

                                               31 Mar 2014          31 Dec 2013

                                                         %                    %



Unquoted                                                16                   16

AIM, listed, ISDX & collective
investment vehicle
                                                        82                   75

Listed interest bearing securities                       -            4

Net current assets                               2                    5

Total cash portfolio                                     2                    9

Total Assets                                           100                  100


Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)



                                        Percentage of total Percentage of total
                                             investments at      investments at
                                                31 Mar 2014         31 Dec 2013

                                                          %                   %

Business Services                                        29                  28

Consumer Markets                                         18                  17

Financial Services                                        -                   1

Healthcare & Education                                   22                  25

Technology, Media & Telecommunications                   31                  29

Total                                                   100                 100



Investment Activity


One new unquoted investment of £423,000 was made during the period in Kingsbridge
a specialist insurance broker.


A total of £230,000 was invested in one new and two follow on investments in
AIM traded companies


Investments Made


Company                        Date                Cost (£'000)

Daily Internet plc             Jan 2014                      11

EG Solutions plc               Feb 2014                      19

Kingsbridge Limited            Jan 2014                     423

Scholium Group plc             Mar 2014                     200



Total investments                                           653



Realisations

During the period under review Baronsmead VCT 5 realised £42,000from the sale of

itsinvestment in Savile Group plc. Arcas Investment was dissolved in the period
and the funds returned to the VCT.


Company         Date                 Cost     Proceeds     Multiple
                                  (£'000)      (£'000)          (X)

Arcas           Mar 2014              444          443          1.0
Investments
Limited

Savile Group    Mar 2014              400           42          0.1
plc



Total                                 844          485
realisations


Events after the period end


Other than the event described above, the Board is not aware of any significant
events or transactions which have occurred between 1 April 2014 and the date of
publication of this statement which would have a material impact on the
financial position of the Company.


Investment objective


Baronsmead VCT 5 plc is a tax efficient listed company which aims to achieve
long-term investment returns for private investors.


Further information

Further information regarding the Company, including net asset values published
since the end of the period and quarterly factsheets, can be found at the
Company's website www.baronsmeadvct5.co.uk



Contact



For further information please contact:

Email:     baronsmeadvcts@isisep.com

Telephone: 020 7506 5717

Facsimile: 020 7506 5718

Post:      100 Wood Street, London, EC2V 7AN