MavIncGroVCT4 - Half-year Financial Report
Maven Income and Growth VCT 4 PLC
Interim Results for the Six Months Ended 30 June 2026
Highlights
• NAV total return at 30 June 2026 of 152.90p per Ordinary Share
• NAV at 30 June 2026 of 51.95p per Ordinary Share
• Interim dividend of 1.50p per Ordinary Share
• Offer for Subscription closed raising £8.9 million
• Two new private companies added to the portfolio, with a further investment completed post the period end
• Over £2.8 million in follow-on funding provided to support 13 portfolio companies
• Partial realisation of Summize completed, generating an initial return of 3.6x cost comprising cash alongside a substantial retained equity stake
• Exit from CYSIAM completed, generating a total return of 2.8x cost
• Exit from Secaro (formerly trading as Manufacture 2030) completed returning cost with potential for further contingent proceeds
• Post the period end, the exits from McKenzie Intelligence Services and WaterBear Education also completed
Overview
Against a backdrop of ongoing economic uncertainty and geopolitical tension, your Company has delivered a resilient performance in the first half of the financial year. Although NAV total return has reduced modestly, this largely reflects broader macroeconomic factors, where markets have been impacted by events in the Middle East as well as valuation recalibrations associated with Artificial Intelligence (AI). Whilst these factors have not directly impacted the performance or progress of most companies in the unlisted portfolio, they have created a more challenging operating environment and, in line with industry best practice, valuations have been revised to reflect the prevailing conditions. The limited impact on NAV total return reflects the strength of the underlying investment strategy where the focus remains on expanding the unlisted portfolio in size and scale through the selective addition of ambitious and entrepreneurial businesses with high growth potential. The success of the most recent fundraising has provided liquidity to support the continuation of this strategy. Encouragingly, there continues to be a good level of acquisition interest in the private equity portfolio, with five material realisations completing since the year end. Following these exits, the Directors were pleased to declare an interim dividend of 1.50p per Ordinary Share, which will be paid on 28 August 2026.
This has been another period of macroeconomic and geopolitical instability, and although UK economic growth remains subdued it is encouraging to report that the majority of companies in the private equity portfolio are continuing to achieve their commercial objectives. The strategy remains to selectively invest in innovative or disruptive companies that operate in growth markets, sourced through Maven's nationwide network of regionally based investment executives. This approach ensures that Shareholders continue to benefit from a well diversified portfolio that helps to mitigate the risk of investing in early stage companies while enhancing Shareholder value.
As an active investment partner, Maven's portfolio executives work closely with investee companies, helping management teams navigate the evolving environment, ensuring that their businesses remain appropriately positioned to maintain growth. As the portfolio continues to expand, the provision of follow-on funding to support those companies that are gaining commercial traction remains a key component of the investment strategy and, during the period under review, £2.8 million was provided to support 13 businesses.
Your Company has also maintained a good rate of new investment, with three private companies added to the portfolio since the year end. Based on the current pipeline of opportunities, it is anticipated that there will be a healthy rate of investment through the second half of the financial year. This has, however, been another challenging period for AIM, with investor appetite for smaller quoted equities remaining muted. The Manager retains a highly selective approach to new AIM opportunities and completed one small follow-on investment.
As previously noted, the perceived impact of AI has led to a general derating across the listed software sector. This has resulted in the valuation multiples applied to the portfolio being reviewed. In addition, certain companies have experienced challenges, resulting in specific valuations being reduced or written down. Encouragingly, the net impact of this realignment has been relatively modest.
The private equity portfolio continues to attract a good level of M&A interest with certain investee companies regularly receiving unsolicited acquisition approaches from credible domestic and international trade and private equity buyers. Since the year end, there have been five material realisations, which have generated significant cash proceeds to help support the dividend policy.
In January 2026, the partial realisation of Manchester based AI-enabled legal software specialist Summize was achieved with a syndicate of UK private equity investors, including Maven's Regional Buyout Fund II, providing £40 million to support the next phase of growth. Given the strong growth rate that Summize has achieved and its large addressable market, the Manager negotiated a partial exit, which generated an initial return of 3.6x cost comprising cash alongside a significant retained equity stake. In addition, your Company completed a new VCT qualifying investment as part of the larger funding round. These investments ensure that your Company retains a meaningful economic interest in this high performing business. Encouragingly, post this transaction, Summize has maintained a strong rate of revenue growth, particularly in the US, where it recently opened its second office, and is well positioned to achieve further scale.
In April 2026, the exit from cybersecurity and resilience specialist CYSIAM completed, generating a total return of 2.8x cost and over £1.2 million in cash proceeds. Since investment in 2021, CYSIAM had consistently demonstrated steady growth, establishing a strong position as a leading provider of cybersecurity and managed services to clients ranging from international governments to SMEs, with specialist clearance to provide services to UK Government departments.
In June 2026, the exit from carbon reduction software specialist Secaro (formerly trading as Manufacture 2030) completed with a sale to a Japanese trade buyer. The exit returned the cost of the investment with the potential for further contingent proceeds.
Shortly after the period end, the exit from geospatial intelligence software provider McKenzie Intelligence Services completed with a sale to a US trade acquirer, which generated a total return of 3x cost. In addition, the exit from multi-campus music college WaterBear Education completed in August with a sale to a French trade acquirer, which generated an initial return of 2.4x cost and cash proceeds of £2.2 million, with the potential of a further deferred element, which could take the total return up to 3x cost.
Dividend Policy
The Directors understand the importance of tax free distributions to Shareholders and will seek, as a guide, to pay an annual dividend that represents 6% of the NAV per Ordinary Share at the immediately preceding year end.
Shareholders should be aware that this remains a target and that decisions on distributions take into consideration a number of factors including realisations, the adequacy of distributable reserves, the availability of surplus revenue and the VCT qualifying level, all of which are kept under close and regular review. As the portfolio continues to expand and the proportion of growth companies increases, the timing of distributions will be more closely linked to exits, whilst also reflecting the requirement to maintain the VCT qualifying level.
Interim Dividend
Following the recent realisation activity, and consistent with the objective of making regular Shareholder distributions, the Directors were pleased to announce that an interim dividend of 1.50p per Ordinary Share, in respect of the year ending 31 December 2026, will be paid on 28 August 2026 to Shareholders who were on the register at 31 July 2026. Since the Company's launch, and after receipt of this interim dividend, a total of 102.45p per Ordinary Share will have been paid in tax free distributions. It should be noted that the payment of a dividend reduces the NAV by the total amount of the distribution.
The Board would like to remind Shareholders that it is their responsibility to ensure that the Company's Registrar (The City Partnership) has the correct contact and bank account details to allow for the timely payment of dividends. Shareholders are advised to check that they have received dividends and to contact the Registrar if they have not.
Dividend tax vouchers are available to download from the Registrar's investor hub at maven-cp.cityhub.uk.com, with hard copies being posted to those Shareholders who have not opted to receive communications from the Company electronically.
Dividend Investment Scheme (DIS)
Your Company operates a DIS, through which Shareholders can, at any time, elect to have their dividend payments utilised to subscribe for new Ordinary Shares issued under the standing authority requested from Shareholders at Annual General Meetings. Ordinary Shares issued under the DIS are free from dealing costs and should benefit from the tax reliefs available on new Ordinary Shares issued by a VCT in the tax year in which they are allotted, subject to individual Shareholders' particular circumstances.
Shareholders can elect to participate in the DIS in respect of future dividends by completing a DIS mandate form and returning it to The City Partnership. The mandate form, terms and conditions and full details of the scheme (including tax considerations) are available from the Company's webpage at mavencp.com/migvct4. Shareholders can also elect to participate in the DIS through the Registrar's online investor hub at maven-cp.cityhub.uk.com.
If a Shareholder is in any doubt about the merits of participating in the DIS, or their own tax status, they should seek advice from a suitably qualified adviser.
Offer for Subscription
On 24 April 2026, your Company's Offer for Subscription, which was launched in October 2025 closed, having raised a total of £8.9 million, exceeding the original target raise of £7.5 million. All new Ordinary Shares in relation to this Offer have now been allotted with four allotments completed for the 2025/26 tax year and a further two for the 2026/27 tax year.
This additional liquidity will enable your Company to progress its investment strategy and facilitate the further expansion and development of the portfolio. The funds raised will also allow your Company to maintain its share buy-back policy, whilst also spreading costs over a wider asset base, with the objective of maintaining a competitive ongoing charges ratio for the benefit of all Shareholders.
As announced on 27 July 2026, the Directors have elected to launch an Offer for Subscription later this year, alongside Offers by the other Maven Income and Growth VCTs. The Offers intend to raise up to £40 million, in aggregate, including the ability to utilise over-allotment facilities of up to £20 million. Your Company will seek to raise £10 million, including the ability to utilise an over-allotment facility of up to £5 million. Full details will be included in a Prospectus, which is expected to be published in early autumn 2026.
Portfolio Developments
Against a mixed economic backdrop, it is encouraging to report that most companies in the private equity portfolio continue to achieve the operational and financial targets set out in their business plans. The following summary provides an update on the key developments across the portfolio.
Governance, risk and compliance specialist RiskSmart continues to grow revenues and expand its client base, with both annual recurring revenue (ARR) and client numbers more than doubling over the past 12 months. The company is experiencing strong demand from regulated businesses that are seeking to implement a more structured and efficient approach to risk management and are attracted to the platform as it replaces fragmented, manual workflows with an AI-enabled solution that is easily embedded within existing frameworks. The solution is gaining commercial traction in targeted sectors including financial services, retail, energy and legal with clients such as Allica Bank, Funding Circle, Octopus Energy, Rightmove, and Maven. The business is led by an ambitious and experienced management team that is executing the growth plan to deliver further scale. RiskSmart regularly receives industry awards and was recently named a winner in both the regional and national early stage categories of the UK Private Capital Vision Awards.
Automated Analytics, a provider of AI-powered analytics for marketing, compliance and recruitment professionals, is delivering steady revenue growth, with ARR and customer numbers increasing significantly since your Company first invested in 2024. The business recently established a physical presence in North America, which is a key growth market. The company's proprietary technology analyses all customer interactions, enabling clients to identify the campaigns, keywords or channels that are driving sales. Automated Analytics can demonstrate tangible returns with key client Dyno-Rod doubling its online revenue after refining its marketing spend based on the platform's insights. The system is designed for straightforward integration within existing frameworks, and the growing customer base includes Ticket Socket, British Gas, Hamptons and KFC. In August 2025, the business strengthened its governance through the appointment of Lord Kulveer Ranger to the board. His expertise extends across technology, infrastructure and public policy and will provide valuable strategic support to the company as it continues to expand.
Following the acquisition by a US private equity buyer in August 2024, which facilitated a profitable partial exit for your Company, digital archiving specialist MirrorWeb has continued to deliver strong growth, with ARR more than doubling over the period. The business is now operating at scale and continues to focus on product innovation and development to enhance its market position, ensuring that its technology remains disruptive. Over the past year, a number of new senior appointments have been made, particularly in North America, reflecting the increasing focus on this core growth market where regulatory requirements remain a key driver of demand. The business continues to receive external recognition and was recently named a finalist at the 2025 SaaS Awards in the Most Innovative SaaS Solution category. With increasing scrutiny surrounding electronic communications across financial services and other regulated sectors, MirrorWeb is well positioned to benefit from these ongoing positive market dynamics, and it is anticipated that the business will deliver further revenue growth in the year ahead.
Education compliance software provider iAM Compliant continues to build momentum within the schools and academy trust market. Since investment in 2023, the business has delivered strong revenue growth with ARR more than doubling, driven by increasing demand for the company's integrated compliance, training and reporting solutions. Recent product development has focused on enhancing its sustainability functionality, which helps schools respond to evolving environmental requirements and reporting standards. The business was recognised as a Sector Winner at the Learning Excellence Awards in April 2026, highlighting the relevance of its sustainability offering. With good sector dynamics, it is anticipated that the business will continue to build sales momentum and achieve the ambitious financial and operational targets set out in its business plan.
Since your Company first invested in sustainable packaging designer and manufacturer iPac, it has consistently delivered good revenue growth and enhanced its market footprint. The business, which focuses on the efficient manufacture of sustainable packaging solutions primarily for the food sector, is maintaining positive year on year growth, and with an increasing pipeline of near term opportunities it is well positioned to achieve its sales targets this year. During the period, your Company provided follow-on funding to support iPac as it invests in expansion and extrusion (the manufacture of its raw material). This vertical integration will enable the business to realise significant operational and cost synergies and, importantly, exercise greater control over its supply chain. The project is expected to be fully operational before the end of the calendar year, with benefits starting to feed through shortly thereafter.
Since investment in late 2023, geospatial intelligence provider McKenzie Intelligence Services has established a strong position in the insurance sector where its platform, Global Events Observation (GEO), delivers real time data and insights to support underwriting and claims decisions following catastrophic events such as natural disasters or geopolitical unrest. Demand for GEO is supported by the increasing reliance on timely, data led decision making, particularly as the frequency and severity of such events continue to increase and become more costly. In the second half of 2025, the business received an unsolicited acquisition approach at an attractive valuation, and a formal exit process was initiated. The sale to a trade buyer completed shortly after the period end generating a total return of 3x cost.
As may be expected with a large portfolio of earlier stage businesses, there are a small number of investee companies that have not achieved their commercial targets and are trading behind plan. In certain cases, this has resulted in valuations being reduced. In addition, the Manager elected, or was unable, to provide further funding to support DiffusionData, Flow, Fixtuur and XR Games and the valuations were written down in full. In each of these cases, the businesses experienced specific operational challenges and Maven's portfolio management team worked closely with the respective management teams to implement a turnaround strategy or secure a solvent sale. Whilst this is disappointing, it highlights the higher risk nature of early stage investment and reinforces the importance of the Manager's chosen strategy of building a large and diversified portfolio to spread risk across a broad base of holdings and help protect Shareholder value.
Treasury Management
The Board and the Manager maintain a proactive treasury management strategy. The objective remains to optimise the income generated from cash reserves prior to investment in VCT qualifying companies, while ensuring ongoing compliance with the Nature of Income condition. This requirement is a mandatory part of the VCT legislation, which stipulates that not less than 70% of a VCT's income must be derived from shares or securities, as opposed to bank interest income.
Your Company has a portfolio of diversified permitted non-qualifying treasury management holdings that have strong fundamentals and attractive income characteristics. The core holdings include carefully selected money market funds (MMFs), open-ended investment companies (OEICs) and London Stock Exchange listed investment trusts, with the remaining cash held on deposit across several UK banks to minimise counterparty risk. This approach ensures ongoing compliance with the Nature of Income condition, whilst also providing a healthy stream of income that currently generates a blended annualised yield of 3.1% across the combined treasury management portfolio and uninvested cash.
This is a dynamic portfolio, which remains under close and regular review. Over time, the size and structure of the portfolio may vary depending on your Company's rate of investment, proceeds from realisations and overall liquidity levels, whilst also taking into consideration relevant macroeconomic and market factors. Full details of the treasury management holdings can be found in the Investment Portfolio Summary below.
Investments
During the reporting period, two new private companies were added to the portfolio:
• Esk Film Services (Esk) is a B2B provider of technology enabled entertainment services that focus on producing high-end live experiences for blue chip brands such as Netflix, Paramount and BAFTA. The business specialises in licensing IP from rights holders and transforming it into high impact live entertainment formats including theatre, film in concert, and gaming related performances. Since inception in 2022, Esk has delivered over 550 shows worldwide and is gaining a strong reputation for successfully executing large scale live productions. The funding from the Maven VCTs is being used to develop Esk's marketing function to help the business expand its market presence, as growth to date has been achieved without any significant external funding.
• Xentra is a provider of managed cybersecurity and safeguarding services that is focused on supporting SMEs and education organisations across the UK. The company delivers subscription based solutions which help customers protect their digital infrastructure, manage cyber risk and meet increasingly stringent regulatory and safeguarding requirements. Through a combination of cybersecurity software, managed services and specialist support, Xentra offers smaller organisations access to enterprise grade protection without the need for extensive in-house expertise or significant capital outlay. The business generates the majority of its revenues from recurring subscriptions and has a growing customer base with over 90 active clients operating in attractive and expanding end markets. Over the past two years, the business has achieved a fourfold increase in ARR and the funding from the Maven VCTs is being used to expand the sales and customer success teams to accelerate growth and achieve the objectives set out in the business plan.
The table below provides details of all the investments that were completed during the reporting period:
Investments
Date
Sector
£'000
New unlisted
Esk Film Services Limited
April 2026
Business services
179
Xentra Sol Limited
June 2026
Software
358
Total new unlisted
537
Follow-on unlisted
2 Degrees Limited (trading as Secaro)¹
March & April 2026
Software
75
Automated Analytics Limited
March 2026
Software
209
Connected Data Company Limited
May 2026
Business services
124
Filtered Technologies Limited
May 2026
AI & data
132
Fixtuur Limited
March 2026
Software
13
iAM Compliant Limited
April 2026
AI & data
18
Kani Payments Holdings Limited
March 2026
AI & data
75
Liftango Group Limited¹
April & June 2026
Software
306
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations)
February 2026
Business services
473
Sensoteq Limited
May 2026
Software
188
Summize Limited
January 2026
AI & data
1,045
Zinc Digital Business Solutions Limited
May 2026
AI & data
47
Total follow-on unlisted
2,705
Total unlisted
3,242
Follow-on AIM quoted
GENinCode PLC
February 2026
Pharmaceuticals, biotechnology & healthcare
123
Total follow-on AIM quoted
123
Total AIM quoted
123
Open-ended investment company²
Royal London Short Term Money Market Fund (Class Y Income)
May 2026
Open-ended investment company
1,000
Total open-ended investment company
1,000
Infrastructure investment trusts²
GCP Infrastructure Investments Limited
May 2026
Investment trust
70
Gore Street Energy Storage Fund PLC
May 2026
Investment trust
101
HICL Infrastructure PLC
May 2026
Investment trust
78
Total infrastructure investment trusts
249
Flexible investment trust²
Ruffer Investment Company Limited
May 2026
Investment trust
200
Total flexible investment trust
200
Real estate investment trusts²
Primary Health Properties PLC
May 2026
Investment trust
201
Segro PLC
June 2026
Investment trust
126
Tritax BigBox REIT PLC
June 2026
Investment trust
50
Total real estate investment trusts
377
Total investments completed during the period
5,191
Money market funds²
abrdn Liquidity Fund (Lux) - Sterling Fund K-1 Inc GBP
January 2026
Money market fund
1,000
Aviva Investors Sterling Government Liquidity Fund (Class 3)
May 2026
Money market fund
500
BlackRock Institutional Sterling Government Liquidity Fund (Core)
May 2026
Money market fund
500
State Street GBP Liquidity LVNAV Fund (Institutional)
February 2026
Money market fund
1,000
Total money market funds³
3,000
Total investments completed during the period including cash equivalents
8,191
¹ Follow-on investment completed in two tranches.
² Investments completed as part of the treasury management strategy.
³ Money market funds have been reclassified as a cash equivalent.
At the period end, the portfolio consisted of 125 unlisted and quoted investments, at a total cost of £65.2 million excluding cash equivalents.
Realisations
During the period, the partial exit from Summize and the full exits from CYSIAM and Secaro generated a meaningful increase in cash resources. While the exit from fintech Delio only achieved a partial recovery, this represents a significant effort from Maven's portfolio team to achieve a return from this challenging investment.
The table below gives details of all the realisations that were completed during the reporting period:
Realisations
Year first invested
Complete/ partial exit
Cost of shares disposed of £'000
Value at 31 Dec 2025 £'000
Sales proceeds £'000
Realised gain/ (loss) £'000
Gain/(loss) over 31 Dec 2025 value £'000
Unlisted
2 Degrees Limited (trading as Secaro)
2023
Complete
996
1,993
1,116
120
(877)
CYSIAM Limited
2021
Complete
447
1,166
1,274
827
108
Delio Limited
2019
Complete
1,294
903
958
(336)
55
DiffusionData Limited
2020
Complete
780
201
22
(758)
(179)
e.fundamentals (Group) Limited¹
2019
Complete
-
-
15
15
15
Ensco 969 Limited (trading as DPP)²
2013
Complete
-
-
18
18
18
QikServe Limited³
2016
Complete
-
-
75
75
75
Summize Limited
2022
Partial
318
1,056
1,153
835
97
Other unlisted
-
-
-
-
2
2
2
Total unlisted
3,835
5,319
4,633
798
(686)
AIM quoted
GENinCode PLC
2020
Partial
269
115
59
(210)
(56)
Total AIM quoted
269
115
59
(210)
(56)
Open-ended investment company⁴
Royal London Short Term Money Market Fund (Class Y Income)
2024
Partial
1,027
1,003
1,002
(25)
(1)
Total open-ended investment company
1,027
1,003
1,002
(25)
(1)
Private equity investment trusts⁴
HgCapital Trust PLC
2017
Partial
79
212
157
78
(55)
Pantheon International PLC
2018
Partial
39
71
72
33
1
Total private equity investment trusts
118
283
229
111
(54)
Total realisations completed during the period
5,249
6,720
5,923
674
(797)
¹ Deferred consideration following the sale in July 2022.
² Deferred consideration following the sale in November 2025.
³ Deferred consideration following the sale in December 2024.
⁴ Realisations completed as part of the treasury management strategy.
Material Developments Since the Period End
Since 30 June 2026, one new private company has been added to the portfolio:
• Applied AGI is a developer of advanced AI software that enables computers and autonomous systems to identify, analyse and interpret visual information in complex, real world environments. The company's technology is used primarily in defence and security applications, where it helps clients process imagery and sensor data quickly and accurately, even in challenging conditions. Through partnerships with leading defence organisations and government bodies, Applied AGI is developing software solutions that support surveillance, target recognition and autonomous decision making while maintaining a strong focus on secure and independent AI solutions for use in mission critical applications. The funding from the Maven VCTs is being used to scale the engineering team and enhance the computing infrastructure, expediting the process of moving new products from prototype to deployment.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2025 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in larger quoted companies. The valuation of investee companies may be affected by economic conditions, the credit environment and other risks including legislation, regulation, adherence to VCT qualifying rules and the effectiveness of the internal controls operated by the Company and the Manager. These risks and procedures are reviewed regularly by the Audit and Risk Committees and reported to your Board. The Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.
Global conflict and political instability continue to be considered an emerging risk. The Directors are mindful of the heightened and evolving security risk and the impact that uncertainty, as well as changes in underlying economic conditions, including fluctuating interest rates, increased fuel and energy costs, and the availability of bank finance, could have on the valuation of investee companies. During the period under review, the Directors have also recognised the broader macroeconomic risks related to changes in US domestic and foreign policy, and in particular the uncertainty in relation to trade tariffs. The Manager has undertaken an exercise to assess the impact of trade tariffs on portfolio companies and is working with management teams to consider potential future impacts where they may arise.
The Directors also recognise the rapid development and sophistication of AI, which creates both challenges and opportunities for the Manager and portfolio companies, as well as intensifying the cybersecurity threat landscape. The Manager has now progressed beyond initial recognition of this risk and has embarked on implementing a series of assessments and governance and oversight arrangements across the portfolio, whilst also acknowledging the potential benefits that AI may bring to portfolio companies where it can be strategically and astutely deployed.
The reduction in the initial income tax relief available for VCT shares issued on or after 6 April 2026, as announced in the Autumn 2025 Budget, has been considered an emerging risk. Further details on this change are set out in the VCT Regulatory Update section below.
Share Buy-backs
The Directors acknowledge the need to maintain an orderly market in the Company's shares and have delegated authority to the Manager to enable the Company to buy back its own shares in the secondary market for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders.
It is intended that the Company will seek to buy back shares with a view to maintaining a share price that is at a discount of approximately 5% to the latest published NAV per Ordinary Share, subject to various factors including market conditions, available liquidity and the maintenance of the Company's VCT qualifying status. During the period under review, 2,372,121 Ordinary Shares were bought back at a total cost of £1.21 million.
Shareholders should note that neither the Company nor the Manager can execute a transaction in the Company's shares. Any instruction by a Shareholder to buy or sell shares on the secondary market must be directed through a stockbroker. To discuss a transaction, the Shareholder's stockbroker should contact the Company's stockbroker, Shore Capital Stockbrokers, on 020 7647 8132. It should also be noted that the Company cannot buy back shares when it is in a closed period, which is the time from the end of a reporting period until either the announcement of the relevant results or the release of an unaudited NAV. Additionally, a closed period may be introduced if the Directors or the Manager are in possession of price sensitive information.
VCT Regulatory Update
During the period under review, your Company has remained fully compliant with the complex conditions and requirements of the VCT scheme.
As Shareholders may be aware, the 2025 Autumn Budget Statement introduced specific changes to the rules governing VCTs, which came into effect on 6 April 2026. Positively, and consistent with industry campaigning, the annual and lifetime investment limits and the gross assets test for VCT qualifying companies have doubled. The Board welcomed these upward revisions, as the new limits more accurately reflect the funding requirements of ambitious and entrepreneurial SMEs. Increasing the investment limits provides your Company with greater flexibility to support VCT qualifying companies as they scale, while the expansion of the gross assets test enlarges the pool of VCT qualifying companies in which your Company can invest.
However, the initial income tax relief available for VCT shares issued on or after 6 April 2026 has been reduced from 30% to 20%. The Manager remains actively involved in discussions with policymakers and industry bodies, providing evidence to support the important role VCT funding plays in financing fast growing SMEs across the UK.
Valuation Methodology
Consistent with industry best practice, the Board and the Manager continue to apply the International Private Equity and Venture Capital Valuation (IPEV) Guidelines as the central methodology for all private company valuations. The IPEV Guidelines are the prevailing framework for fair value assessment in the private equity and venture capital industry. In accordance with normal market practice, investments quoted on AIM or another recognised stock exchange are valued at their closing bid price at the period end.
Environmental, Social and Governance (ESG)
Although the Company's investment policy does not incorporate ESG objectives, and portfolio companies are not required to meet specific targets, Maven recognises the importance of maintaining a robust ESG framework when making new investments. Through its ESG and Responsible Investment Policy, ESG considerations are embedded within early stage due diligence, ensuring that risks and opportunities are assessed prior to investment and monitored on an ongoing basis thereafter.
The Manager remains an active signatory to the Principles for Responsible Investment and the Investing in Women Code and continues to build on these commitments through targeted initiatives. In 2024, Maven launched its Female Founder Funding Programme to support female founded businesses, and this year joined the seventh cohort of the Pathways Forward programme, an initiative aimed at addressing the gender imbalance in entrepreneurship. As part of this commitment, Maven has pledged to conduct a survey of female founders to better understand their fundraising experience and will publish the findings within a digital brochure showcasing female entrepreneurship and leadership across Maven.
The Manager continues to prepare for upcoming regulation and monitor compliance with the Sustainability Disclosure Requirements, which were introduced in 2024. The Manager remains cognisant of the International Financial Reporting Standards developments, and the forthcoming UK Sustainability Reporting Standards, and is actively preparing for potential reporting obligations.
Outlook
With good levels of liquidity, your Company is well positioned to progress its investment strategy. The portfolio that has been constructed provides Shareholders with exposure to a wide range of growth focused companies diversified across dynamic and emerging sectors where demand is generally less dependent on discretionary consumer spending. With a healthy pipeline of investment opportunities currently under review across Maven's nationwide network, it is anticipated that there will be a steady rate of deployment through the second half of the year. In addition, the Manager will pursue those exits that maximise Shareholder value and support the annual dividend target yield of 6%.
Fraser Gray
Chair
26 August 2026
Summary of Investment Changes
For the Six Months Ended 30 June 2026
Valuation
31 December 2025
Net investment/ (disinvestment)
Appreciation/ (depreciation)
Valuation
30 June 2026
£'000
%
£'000
£'000
£'000
%
Unlisted investments
Equities
50,707
59.9
(1,940)
(2,003)
46,764
53.8
Loan stock
8,592
10.1
549
25
9,166
10.5
59,299
70.0
(1,391)
(1,978)
55,930
64.3
AIM investments¹
Equities
1,541
1.8
64
51
1,656
1.9
Liquidity investments²
Investment trusts
5,811
6.9
597
(314)
6,094
7.0
OEICs
2,000
2.4
(2)
-
1,998
2.3
Total investments
68,651
81.1
(732)
(2,241)
65,678
75.5
Cash and cash equivalents
15,585
18.4
5,182
-
20,767
23.9
Other net assets
440
0.5
88
-
528
0.6
Net assets
84,676
100.0
4,538
(2,241)
86,973
100.0
¹ Shares traded on the Alternative Investment Market (AIM) and the Main Market of the London Stock Exchange.
² These holdings represent part of the treasury management portfolio, which includes permitted non-qualifying holdings in investment trusts and open-ended investment companies (OEICs) and money market funds (MMFs) which are included in cash and cash equivalents.
Investment Portfolio Summary
As at 30 June 2026
Investment
Valuation £'000
Cost
£'000
% of total assets
% of equity held
% equity held by other clients¹
Unlisted
BioAscent Discovery Limited
4,338
1,532
5.0
26.1
13.9
Rockar 2016 Limited (trading as Rockar)
2,839
1,766
3.3
6.2
13.2
Summize Limited
2,772
1,523
3.2
3.8
25.0
Liftango Group Limited
2,676
1,809
3.1
9.5
28.3
HCS Control Systems Group Limited
2,394
1,201
2.8
13.3
32.0
WaterBear Education Limited
2,376
987
2.7
20.1
19.1
Bright Network (UK) Limited
2,176
1,706
2.5
9.8
29.3
Bud Systems Limited
1,955
762
2.2
4.1
13.5
RiskSmart Limited
1,883
630
2.2
5.1
45.5
Sensoteq Limited
1,594
1,203
1.8
7.9
23.7
Zinc Digital Business Solutions Limited
1,570
1,136
1.8
17.0
34.7
mypura.com Group Limited (trading as Pura)
1,445
801
1.7
3.1
23.5
Vodat Communications Group (VCG) Holding Limited
1,256
1,240
1.4
8.4
23.5
Blackdot Solutions Limited
1,244
995
1.4
3.1
9.2
RevLifter Limited
1,159
1,159
1.3
14.7
29.5
Hublsoft Group Limited
1,138
922
1.3
7.3
16.4
Automated Analytics Limited
1,087
561
1.2
3.2
36.6
Plyable Limited
1,076
1,076
1.2
11.5
46.3
Martel Instruments Holdings Limited
1,038
701
1.2
14.7
29.6
Whiterock Group Limited
1,014
1,014
1.2
11.2
26.7
Filtered Technologies Limited
939
1,380
1.1
9.7
15.8
MirrorWeb Holdings LLC²
929
929
1.1
1.3
3.3
ebb3 Limited
927
1,307
1.1
22.1
48.4
Relative Insight Limited
922
1,406
1.1
7.7
26.1
iAM Compliant Limited
887
316
1.0
4.7
52.2
Nano Interactive Group Limited
842
727
1.0
4.0
11.9
Biorelate Limited
841
547
1.0
2.5
25.1
Precursive Limited
750
750
0.9
5.5
29.0
Laverock Therapeutics Limited
746
746
0.9
2.6
6.9
Alderley Lighthouse Labs Limited
718
718
0.8
8.4
59.1
Growth Capital Ventures Limited
650
639
0.7
11.5
36.0
Arimon Limited (trading as Digilytics)
630
504
0.7
3.6
14.3
Novatus Global Limited³
627
134
0.7
0.8
3.4
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations)
619
572
0.7
2.3
26.5
CODILINK UK Limited (trading as Coniq)
600
400
0.7
1.1
3.8
Metrion Biosciences Limited
597
597
0.7
4.3
13.9
Enpal Limited (trading as Guru Systems)
581
581
0.7
3.2
18.4
Connected Data Company Limited
547
547
0.6
3.9
11.8
The Algorithm People Limited (trading as Optimize)
486
486
0.6
5.7
9.5
McKenzie Intelligence Services Limited
481
159
0.6
1.6
14.0
Horizon Technologies Consultants Limited
466
448
0.5
3.1
14.1
Boomerang Commerce Inc (trading as CommerceIQ)⁴
456
1,164
0.5
0.2
0.3
Kani Payments Holdings Limited
423
423
0.5
2.2
14.7
FITR. Holdings Limited
398
398
0.5
3.4
9.4
AMufacture Limited
385
385
0.4
6.8
21.8
Xentra Sol Limited
358
358
0.4
3.7
24.0
PowerPhotonic Limited
325
325
0.4
2.7
19.0
Cat Tech International Limited
314
314
0.4
-
-
Snappy Shopper Limited
309
309
0.4
0.4
1.3
HiveHR Limited
277
346
0.3
4.4
40.2
TC Communications Holdings Limited
233
958
0.3
12.6
22.7
Zing TopCo Limited (trading as Zing)
185
185
0.2
4.9
42.8
Esk Film Services Limited
179
179
0.2
2.8
20.3
Kerrera TopCo Limited (trading as Kube Networks Limited)⁵
129
129
0.1
3.2
29.1
C4X Discovery Holdings PLC⁶
96
137
-
0.4
0.5
Rockar Retail Limited
21
21
-
2.1
2.9
ReNeuron Group PLC⁶
13
277
-
0.7
1.4
Other unlisted investments
14
9,041
-
-
-
Total unlisted
55,930
51,566
64.3
AIM quoted
Diaceutics PLC
307
161
0.4
0.2
2.3
KRM22 PLC
194
220
0.2
1.2
1.4
GENinCode PLC
147
640
0.2
5.7
10.9
Hardide PLC
142
122
0.2
0.2
1.7
SkinBio Therapeutics PLC
130
208
0.2
0.6
-
MaxCyte Inc⁷
113
207
0.1
0.1
1.0
One Media IP Group PLC
106
186
0.1
1.1
7.4
TPXimpact Holdings PLC
101
107
0.1
0.2
-
Oxford Metrics PLC
91
80
0.1
0.2
-
Eden Research PLC
75
160
0.1
0.5
4.0
Avacta Group PLC
73
16
0.1
-
-
Cambridge Cognition Holdings PLC
50
62
0.1
0.4
3.5
Creo Medical Group PLC
40
497
-
0.1
0.4
Pulsar Group PLC
25
35
-
0.1
0.4
Vianet Group PLC
24
49
-
0.1
1.3
Spectral AI Inc⁷
21
99
-
-
-
Other quoted investments
17
3,658
-
-
-
Total AIM quoted
1,656
6,507
1.9
Private equity investment trusts⁸
HgCapital Trust PLC
634
452
0.7
-
0.1
Patria Private Equity Trust PLC
589
366
0.6
0.1
0.2
ICG Enterprise Trust PLC
552
381
0.6
0.1
0.2
CT Private Equity Trust PLC
413
293
0.5
0.1
0.2
HarbourVest Global Private Equity Limited
364
153
0.4
-
-
Neuberger Private Equity Partners Limited (formerly NB Private Equity Partners Limited)
325
371
0.4
-
0.2
Partners Group Private Equity Limited
238
336
0.3
0.1
0.1
Pantheon International PLC
110
59
0.2
-
-
Total private equity investment trusts
3,225
2,411
3.7
Infrastructure investment trusts⁸
Pantheon Infrastructure PLC
332
250
0.4
0.1
0.2
3i Infrastructure PLC
302
260
0.3
-
-
International Public Partnerships Limited
262
270
0.3
-
-
Foresight Environmental Infrastructure Limited
183
260
0.2
-
0.1
Foresight Solar Fund Limited
115
125
0.2
-
0.1
Gore Street Energy Storage Fund PLC
89
101
0.1
-
0.1
HICL Infrastructure PLC
82
78
0.1
-
-
GCP Infrastructure Investments Limited
73
70
0.1
-
-
Total infrastructure investment trusts
1,438
1,414
1.7
Flexible investment trust⁸
Ruffer Investment Company Limited
191
200
0.2
-
0.1
Total flexible investment trust
191
200
0.2
Fixed income investment trust⁸
TwentyFour Select Monthly Income Fund Limited
180
197
0.2
0.1
0.2
Total fixed income investment trust
180
197
0.2
Global equity investment trusts⁸
Alliance Witan PLC
202
149
0.2
-
-
JPMorgan Global Growth & Income PLC
164
125
0.2
-
-
Total global equity investment trusts
366
274
0.4
Real estate investment trusts⁸
Tritax BigBox REIT PLC
225
203
0.3
-
-
Primary Health Properties PLC
205
201
0.2
-
-
Segro PLC
150
126
0.2
-
-
Land Securities Group PLC
114
107
0.1
-
-
Total real estate investment trusts
694
637
0.8
Open-ended investment companies⁸
Royal London Short Term Money Market Fund (Class Y Income)
1,001
1,000
1.2
-
0.1
Royal London Short Term Fixed Income Fund (Class Y Income)
997
1,000
1.1
0.1
0.2
Total open-ended investment companies
1,998
2,000
2.3
Total investments
65,678
65,206
75.5
Money market funds⁸
Aviva Investors Sterling Government Liquidity Fund (Class 3)
1,500
1,500
1.7
-
0.1
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis)
1,500
1,500
1.7
-
0.1
abrdn Liquidity Fund (Lux) - Sterling K-1 Inc GBP
1,000
1,000
1.1
-
-
Aviva Investors Sterling Liquidity Fund (Class 3)
1,000
1,000
1.1
-
-
BlackRock Institutional Sterling Liquidity Fund (Core)
1,000
1,000
1.1
-
-
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional)
1,000
1,000
1.1
0.4
1.3
HSBC Sterling Liquidity Fund (Class A)
1,000
1,000
1.1
-
-
State Street GBP Liquidity LVNAV Fund (Institutional)
1,000
1,000
1.1
-
-
Fidelity Institutional Liquidity Sterling Fund (Class F)
500
500
0.6
-
0.2
Total money market funds⁹
9,500
9,500
10.6
Total investments including cash equivalents
75,178
74,706
86.1
¹ Other clients of Maven Capital Partners UK LLP.
² This holding represents the retained minority interest following the partial sale of the holding in MirrorWeb Limited in August 2024, with a proportion of the proceeds being re-invested in the new entity, MirrorWeb Holdings LLC.
³ This holding reflects the retained minority interest following the sale in September 2024.
⁴ This holding reflects the retained minority interest following the sale of e.fundamentals (Group) Limited to CommerceIQ in July 2022.
⁵ Your Company gained an equity holding in Kerrera TopCo Limited (trading as Kube Networks Limited) as a result of an all share transaction to acquire ISN Solutions Group Limited.
⁶ This company delisted from AIM during a previous period.
⁷ This company delisted from AIM during the period and retains a listing on Nasdaq.
⁸ Treasury management portfolio.
⁹ Money market funds have been reclassified as a cash equivalent.
Income Statement
For the Six Months Ended 30 June 2026
Six months ended 30 June 2026 (unaudited)
Six months ended 30 June 2025 Restated* (unaudited)
Year ended 31 December 2025 (audited)
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
(Loss)/gain on investments
-
(2,241)
(2,241)
-
(1,031)
(1,031)
-
1,356
1,356
Income from investments
565
-
565
529
-
529
1,291
-
1,291
Other income
289
-
289
278
-
278
555
-
555
Investment management fees
(213)
(852)
(1,065)
(215)
(860)
(1,075)
(432)
(1,728)
(2,160)
Other expenses
(297)
-
(297)
(244)
-
(244)
(553)
-
(553)
Net return on ordinary activities before taxation
344
(3,093)
(2,749)
348
(1,891)
(1,543)
861
(372)
489
Tax on ordinary activities
-
-
-
-
-
-
-
-
-
Return attributable to Equity Shareholders
344
(3,093)
(2,749)
348
(1,891)
(1,543)
861
(372)
489
Earnings per share (pence)
0.21
(1.89)
(1.68)
0.23
(1.25)
(1.02)
0.56
(0.24)
0.32
*Further details of the restatement can be found in Note 4 below.
All gains and losses are recognised in the Income Statement.
The total column of this statement is the Profit & Loss Account of the Company. The revenue and capital return columns are prepared in accordance with the AIC SORP. All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.
There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.
The accompanying Notes are an integral part of the Financial Statements.
Statement of Changes in Equity
For the Six Months Ended 30 June 2026
Non-distributable reserves
Distributable reserves
For the six months ended 30 June 2026 (unaudited)
Share capital
£'000
Share premium account
£'000
Capital redemption reserve
£'000
Capital reserve unrealised
£'000
Capital reserve realised
£'000
Special distributable reserve
£'000
Revenue reserve
£'000
Total
£'000
At 31 December 2025
15,317
56,971
2,256
12,398
5,389
(9,492)
1,837
84,676
Net return
-
-
-
2,303
(4,544)
(852)
344
(2,749)
Dividends paid
-
-
-
-
-
(2,231)
(306)
(2,537)
Repurchase and cancellation of shares
(237)
-
237
-
-
(1,222)
-
(1,222)
Net proceeds of share issue
1,617
7,053
-
-
-
-
-
8,670
Net proceeds of DIS issue*
44
192
-
-
-
-
-
236
Cancellation of share premium account
-
(56,800)
(2,254)
-
-
59,054
-
-
Share premium cancellation costs
-
(101)
-
-
-
-
-
(101)
At 30 June 2026
16,741
7,315
239
14,701
845
45,257
1,875
86,973
Non-distributable reserves
Distributable reserves
For the six months ended 30 June 2025 (unaudited)
Share capital
£'000
Share premium account
£'000
Capital redemption reserve
£'000
Capital reserve unrealised
£'000
Capital reserve realised
£'000
Special distributable reserve
£'000
Revenue reserve
£'000
Total
£'000
At 31 December 2024
14,161
48,455
1,634
8,239
8,192
1,799
1,752
84,232
Net return
-
-
-
(782)
(249)
(860)
348
(1,543)
Dividends paid
-
-
-
-
-
(2,325)
(387)
(2,712)
Repurchase and cancellation of shares
(325)
-
325
-
-
(1,824)
-
(1,824)
Net proceeds of share issue
1,656
8,090
-
-
-
-
-
9,746
Net proceeds of DIS issue*
45
193
-
-
-
-
-
238
Transfer between distributable reserves
-
-
-
-
(5,000)
5,000
-
-
At 30 June 2025
15,537
56,738
1,959
7,457
2,943
1,790
1,713
88,137
Non-distributable reserves
Distributable reserves
Year ended 31 December 2025 (audited)
Share capital
£'000
Share premium account
£'000
Capital redemption reserve
£'000
Capital reserve unrealised
£'000
Capital reserve realised
£'000
Special distributable reserve
£'000
Revenue reserve
£'000
Total
£'000
At 31 December 2024
14,161
48,455
1,634
8,239
8,192
1,799
1,752
84,232
Net return
-
-
-
4,159
(2,803)
(1,728)
861
489
Dividends paid
-
-
-
-
-
(6,209)
(776)
(6,985)
Repurchase and cancellation of shares
(622)
-
622
-
-
(3,354)
-
(3,354)
Net proceeds of share issue
1,656
8,006
-
-
-
-
-
9,662
Net proceeds of DIS issue*
122
510
-
-
-
-
-
632
At 31 December 2025
15,317
56,971
2,256
12,398
5,389
(9,492)
1,837
84,676
*DIS represents the Dividend Investment Scheme as detailed in the Investment Manager's Review above.
The capital reserve unrealised is generally non-distributable other than the part of the reserve relating to gains/(losses) attributable to readily realisable quoted investments which are distributable.
Where all, or an element of the proceeds of sales have not been received in cash or cash equivalent, and are not readily convertible to cash, they do not qualify as realised gains for the purposes of distributable reserves calculations and therefore do not form part of distributable reserves.
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 30 June 2026
30 June 2026 (unaudited)
£'000
30 June 2025 Restated* (unaudited)
£'000
31 December 2025 (audited)
£'000
Fixed assets
Investments at fair value through profit or loss
65,678
72,108
68,651
Current assets
Debtors
1,029
798
888
Cash and cash equivalents
20,767
15,629
15,585
21,796
16,427
16,473
Creditors
Amounts falling due within one year
(501)
(398)
(448)
Net current assets
21,295
16,029
16,025
Net assets
86,973
88,137
84,676
Capital and reserves
Called up share capital
16,741
15,537
15,317
Share premium account
7,315
56,738
56,971
Capital redemption reserve
239
1,959
2,256
Capital reserve - unrealised
14,701
7,457
12,398
Capital reserve - realised
845
2,943
5,389
Special distributable reserve
45,257
1,790
(9,492)
Revenue reserve
1,875
1,713
1,837
Net assets attributable to Ordinary Shareholders
86,973
88,137
84,676
Net asset value per Ordinary Share (pence)
51.95
56.72
55.28
*Further details of the restatement can be found in Note 4 below.
The Financial Statements of Maven Income and Growth VCT 4 PLC, registered number SC272568, were approved by the Board and were signed on its behalf by:
Fraser Gray
Director
26 August 2026
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 30 June 2026
Six months ended
30 June 2026 (unaudited)
£'000
Six months ended
30 June 2025 Restated* (unaudited)
£'000
Year ended
31 December 2025 (audited)
£'000
Net cash flows from operating activities
(564)
(604)
(764)
Cash flows from investing activities
Purchase of investments
(5,191)
(5,168)
(7,135)
Sale of investments
5,807
1,201
8,761
Net cash flows from investing activities
616
(3,967)
1,626
Cash flows from financing activities
Equity dividends paid
(2,537)
(2,712)
(6,985)
Net proceeds of DIS issue
236
238
632
Issue of Ordinary Shares
8,754
9,828
9,760
Share premium cancellation costs
(101)
-
-
Repurchase of Ordinary Shares
(1,222)
(1,824)
(3,354)
Net cash flows from financing activities
5,130
5,530
53
Net increase in cash and cash equivalents
5,182
959
915
Cash and cash equivalents at beginning of period
15,585
14,670
14,670
Cash and cash equivalents at end of period
20,767
15,629
15,585
*Further details of the restatement can be found in Note 4 below.
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
For the Six Months Ended 30 June 2026
1. Accounting policies
The financial information for the six months ended 30 June 2026 and the six months ended 30 June 2025 comprises non-statutory accounts within the meaning of S435 of the Companies Act 2006. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 December 2025, which have been filed at Companies House and which contained an Auditors' Report that was not qualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal value received by the Company on issuing shares net of issue costs, including £84,990 current period (cumulative £503,146) trail commission. This reserve is non-distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve. This reserve is non-distributable.
Capital reserve - unrealised
Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. This reserve is generally non-distributable other than the part of the reserve relating to gains/(losses) attributable to readily realisable quoted investments which are distributable.
Capital reserve - realised
Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal. This reserve is distributable.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve account. The special distributable reserve also represents capital dividends, capital investment management fees and the tax effect of capital items. This reserve is distributable.
Revenue reserve
The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders. This reserve is distributable.
3. Return per Ordinary Share
Six months ended 30 June 2026
The returns per share have been based on the following figures:
Weighted average number of Ordinary shares
163,706,696
Revenue Return
£344,000
Capital Return
(£3,093,000)
Total Return
(£2,749,000)
4. Prior year restatement
The Income Statement, the Balance Sheet and the Cash Flow Statement for the six months ended 30 June 2025 have been restated to classify investments in AAA-rated money market funds as a cash and cash equivalent, together with the associated income. This treatment was changed to align to the presentation in accordance with guidance provided in FRS 102.
Consequently, within the Income Statement for the six months ended 30 June 2025, £143,000 of income associated with money market funds, which was classified as investment income, has now been reclassified to other income.
Also, within the Balance Sheet for the six months ended 30 June 2025, cash at bank and in hand of £8,129,000 and investments in AAA-rated money market funds of £7,500,000, which had previously been separately presented are now shown in aggregate as cash and cash equivalents in the amount of £15,629,000.
In the Cash Flow Statement for the period ended 30 June 2025, the opening and closing balances of cash and equivalents now include investments in AAA-rated money market funds as well as cash at bank and in hand. Purchases and sales of investments in AAA-rated money market funds have been excluded as they do not meet the definition of a long-term asset. As a result, "Net cash flows from investing activities" and "Net increase in cash and cash equivalents" have been decreased by £2,500,000, being the movement in AAA-rated money market funds during the prior period.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
• the Financial Statements for the six months ended 30 June 2026 have been prepared in accordance with FRS 104 "Interim Financial Reporting", AIC SORP (July-22) and the accounting policies adopted in the Annual Report and Financial Statements for the year ended 31 December 2025;
• the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 31 December 2026; and
• the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.
Fraser Gray
Director
26 August 2026
Other information
The NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 30 June 2026, which was 167,429,628. A Summary of Investment Changes for the six months under review and an Investment Portfolio Summary as at 30 June 2026 are included above. A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders in due course. Copies will be available to the public at the registered office of the Company at Kintyre House, 205 West George Street, Glasgow G2 2LW; at the office of the Manager, Maven Capital Partners UK LLP, Saddlers House, 44 Gutter Lane, London EC2V 6BR; and, in due course, on the Company's webpage at mavencp.com/migvct4.
Neither the content of the Company's webpages nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
By order of the Board
Maven Capital Partners UK LLP
Secretary
26 August 2026
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