REG - MavIncGroVCT4 - Annual Financial Report
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RNS Number : 3152Z Maven Income & Growth VCT 4 PLC 02 April 2026
Maven Income and Growth VCT 4 PLC
Final results for the year ended 31 December 2025
The Directors report the Company's financial results for the year ended 31
December 2025.
Highlights
• NAV total return at the year end of 154.63p per Ordinary Share
(2024: 154.32p)
• NAV at the year end of 55.28p per Ordinary Share (2024: 59.47p)
• Over £6.6 million deployed in new and follow-on investments
• Two profitable private company exits completed with a further
partial realisation completing shortly after the period end
• Enhanced interim dividend of 2.75p per Ordinary Share paid on 29
August 2025
• Second interim dividend of 1.00p per Ordinary Share paid on 16
January 2026
• Final dividend of 0.60p per Ordinary Share proposed for payment on
15 May 2026, taking the annual yield to 7.3%
• Offer for Subscription launched in September 2024 closed early,
fully subscribed, raising £10 million
• New Offer for Subscription launched in October 2025
Strategic Report
Chairman's Statement
On behalf of your Board, I am pleased to present the Annual Report for the
year ended 31 December 2025. Notwithstanding the unsettled economic backdrop,
your Company has made further positive progress and it is pleasing to report a
modest increase in NAV total return. This resilient performance reflects the
maturing profile of the private equity portfolio, where an increasing number
of companies are delivering sustained revenue growth and achieving scale,
which has resulted in the valuations of certain holdings being uplifted. The
success of the 2024 fundraising provided good levels of liquidity to progress
the investment strategy and it is encouraging to report that, during the year,
five new private companies were added to the portfolio. There continues to be
a healthy level of M&A interest in the private equity portfolio with two
material exits completing during the year. The majority of the cash proceeds
received from these exits were distributed to Shareholders through two interim
dividends, reinforcing the Board's commitment to maintain a programme of
regular Shareholder payments. The partial exit from Summize, which completed
shortly after the period end, has supported the proposed final dividend of
0.60p per Ordinary Share. This takes the annual dividend to 4.35p per Ordinary
Share, representing a yield of 7.3%, which comfortably exceeds the 6% target.
Overview
During the year, the macroeconomic landscape has continued to be dominated by
geopolitical tension with UK growth remaining subdued. Although inflation
stabilised towards the end of the year, enabling interest rates to gradually
reduce, the 2025 Autumn Budget Statement has added further fiscal pressure,
and it will take time for the full extent of the measures announced to filter
through the economy.
As Shareholders may be aware, the Autumn Statement also introduced specific
changes to the rules governing VCTs. Positively, and consistent with industry
campaigning, the Chancellor announced that the annual and lifetime investment
limits, and the gross assets test, for VCT qualifying companies would be
doubled. The Board welcomes these changes, 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 potentially invest. However, the Statement
also announced that the initial income tax relief available for investment in
new VCT shares, issued on or after 6 April 2026, would be reduced from 30% to
20%. The reduction in tax relief for investors is disappointing, and the
Manager is actively involved in discussions with policy makers and industry
bodies making the case for this change to be reversed.
Your Company has delivered a resilient performance in the financial year,
reflecting the strength of the investment strategy and its ability to continue
to deliver growth in Shareholder value. It is particularly encouraging to note
the progress that has been achieved across the private company portfolio,
where a growing proportion of businesses are maturing and achieving scale,
with 22 companies now profitable. While the growth path for earlier stage
businesses can take longer and may be less predictable than for established
companies, which has resulted in a small number of failures this year, this
has been offset by those portfolio companies that are scaling rapidly and
increasing market share, and where valuations have been uplifted. Further
details on the key developments across the portfolio can be found in the
Investment Manager's Review in the Annual Report.
In line with the long term growth strategy, the core focus remains on steadily
expanding the portfolio through the selective addition of private companies
with high growth potential, that operate across a diverse range of sectors.
The Manager continues to see good demand for growth capital across its network
of regional offices and, during the year, invested £2.6 million into five new
private companies. The portfolio now extends to over 80 growth focused
companies, operating across a wide range of dynamic and emerging sectors such
as Software-as-a-Service (SaaS), cyber security, data analytics, regtech and
advanced manufacturing, with limited direct exposure to sectors that are more
likely to be impacted by a reduction in discretionary consumer spending.
The provision of additional capital to support existing portfolio companies is
an increasingly important element of the investment strategy and, during the
year, £4.1 million of follow-on funding was provided to 19 portfolio
companies. In most cases this was where businesses were making commercial
progress and additional funding was required to help accelerate growth. For
others, where progress was behind plan, funding was structured in tranches and
released subject to the achievement of specific milestones, to help protect
value.
During the year, market conditions within AIM have continued to be
challenging, with investor appetite for smaller listed companies remaining
subdued and limited new VCT qualifying investment opportunities. The AIM
quoted portfolio now accounts for 1.8% of NAV, compared to 3.2% at the end of
the previous financial year. The Manager will retain a cautious approach to
AIM and it is unlikely that there will be any further new AIM investments
except in situations where there is a convincing and capital light business
case, or where the Manager believes there is an opportunity for early share
price arbitrage.
During the year, there were two material and highly cash generative
realisations from the private company portfolio. In early July 2025, the
realisation of crematoria operator Horizon Ceremonies completed, generating an
initial return of 2.3x cost and cash proceeds of over £5 million, with
potential for a further deferred element, contingent on the receipt of
planning approval at two identified sites. In November 2025, the exit from
specialist mechanical and electrical maintenance contractor DPP also
completed, generating a total return of 2.1x cost and cash proceeds of over
£2.4 million. In both cases, the majority of the cash proceeds received from
these exits were paid out to Shareholders through two interim dividends,
demonstrating the Board's commitment to make regular Shareholder payments,
particularly following significant profitable exits.
Shortly after the period end, a partial realisation of artificial intelligence
(AI) enabled contract software specialist Summize was achieved, with a
syndicate of UK private equity investors providing £40 million of funding to
support the business through its next phase of growth. The transaction
included a substantial commitment from Maven's Regional Buyout Fund II
alongside two new institutional investors with your Company also participating
as part of this funding round. This transaction enabled the Manager to
negotiate a partial exit which generated an initial return for your Company of
3.6x cost, comprising cash alongside a substantial retained equity stake.
Since your Company first invested in Summize in 2022 it has quickly become a
high performing portfolio asset with annual recurring revenue (ARR) increasing
by 100% year on year over the past five consecutive years. Having gained
significant scale in the UK, the business successfully launched in the US and
subsequently attracted acquisition interest which resulted in this transaction
completing in early January 2026.
The ability to achieve a partial exit from high performing companies, such as
Summize, is a strategy that the Manager has recently successfully utilised
with MirrorWeb, Novatus Global and Quorum Cyber, all of which achieved rapid
growth post investment and secured significant third party funding to help
accelerate their business plans. In each case, this enabled your Company to
achieve a partial exit which generated an initial cash return alongside a
retained equity stake. The Directors endorse this approach, as it provides the
opportunity to create liquidity to help support Shareholder distributions,
while enabling your Company to remain invested in those companies that have
the ability to become larger and more valuable assets.
Treasury Management
The Board and the Manager maintain a proactive treasury management strategy,
where the objective remains to optimise the income generated from cash held
prior to investment in VCT qualifying companies, whilst meeting the
requirements of the Nature of Income condition. This 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 well established approach to treasury management, which
focuses on maintaining a diversified portfolio of permitted non-qualifying
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 your Company with a
healthy stream of income that currently generates a blended annualised yield
of over 3% across the combined treasury management portfolio and uninvested
cash.
It is worth highlighting that this is a dynamic portfolio, which remains under
close and regular review. Over time, the size and structure of this portfolio
may vary depending on your Company's rate of investment, the quantum of cash
proceeds realised through exits and the overall liquidity level, whilst also
taking into consideration relevant macroeconomic or market factors. Full
details of the treasury management holdings at the year end can be found in
the Investment Portfolio Summary in the Annual Report.
Dividend Policy
The Directors understand the importance of regular tax free distributions to
Shareholders and, as announced in the 2024 Annual Report, enhanced the
dividend policy by increasing the target annual yield from 5% to 6% of 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 various factors including the
realisation of capital gains, 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 younger, high growth companies increases, the timing of
distributions will be closely linked to realisation activity, whilst also
reflecting the requirement to maintain the VCT qualifying level.
Interim Dividends and Proposed Final Dividend
In line with the dividend policy and following the realisation of Horizon
Ceremonies in early July 2025, the Directors were pleased to announce an
enhanced interim dividend, for the year ended 31 December 2025, of 2.75p per
Ordinary Share, which was paid on 29 August 2025 to those Shareholders on the
register at 25 July 2025. In addition, following the sale of DPP in November
2025, a second interim dividend, for the year ended 31 December 2025, of 1.00p
per Ordinary Share was paid on 16 January 2026 to Shareholders on the register
at 12 December 2025.
The proposed final dividend of 0.60p per Ordinary Share, in respect of the
year ended 31 December 2025, will be paid on 15 May 2026 to Shareholders who
are on the register at 17 April 2026. This will bring the annual dividend to
4.35p per Ordinary Share, representing a yield of 7.3% based on the NAV per
Ordinary Share at the immediately preceding year end. Since the Company's
launch, and after receipt of the proposed final dividend, a total of 100.95p
per Ordinary Share will have been paid in tax free distributions. It should be
noted that payment of a dividend reduces the NAV by the total amount of the
distribution.
The Board is aware that there are a number of unclaimed dividends and wishes
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 (https://maven-cp.cityhub.uk.com/login) , 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 each individual Shareholder's 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. In order for the DIS to apply to the 2025 final dividend, due to
be paid on 15 May 2026, the mandate form must be received by the Registrar
before 1 May 2026, this being the relevant dividend election date. The mandate
form, terms and conditions and full details of the scheme (including tax
considerations) are available on the Company's webpage at mavencp.com/migvct4
(https://www.mavencp.com/investment-opportunities/venture-capital-trusts/maven-income-and-growth-vct-4)
. Shareholders can also elect to participate in the DIS through the
Registrar's online investor hub at maven-cp.cityhub.uk.com/login
(https://maven-cp.cityhub.uk.com/login) .
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.
Distributable Reserves
At a general meeting of the Company, held on 13 November 2025, Shareholders
approved special resolutions to cancel the share premium account and the
capital redemption reserve, pursuant to the Companies Act 2006, to create a
further pool of distributable reserves that could be used for future dividends
or any other applicable purpose. On 20 February 2026, the Court of Session in
Scotland confirmed the cancellation of the share premium account and the
capital redemption reserve. The Court Order was registered by the Registrar of
Companies on 26 February 2026.
Whilst the level of distributable reserves has increased, the quantum and
timing of dividend payments will continue to be closely linked to realisation
activity while also reflecting the requirement to maintain the Company's VCT
qualifying level.
Fund Raising and Offer for Subscription
On 1 April 2025, the Offer for Subscription, which was launched in September
2024, closed early, fully subscribed, raising a total of £10 million for the
2024/25 and 2025/26 tax years. All new Ordinary Shares in relation to that
Offer have now been allotted and further details can be found in Note 12 to
the Financial Statements in the Annual Report.
On 2 October 2025, a new Offer for Subscription was launched, alongside Offers
by the other Maven Income and Growth VCTs, accepting applications for the
2025/26 and 2026/27 tax years. Your Company has a target raise of £12.5
million, including the ability to utilise an over-allotment facility of up to
£5 million, which was opened in early February 2026. As at the date of the
Annual Report, your Company has attracted subscriptions of £8.7 million
across both tax years. Further details about the Offer can be found at
mavencp.com/vctoffer
(https://www.mavencp.com/investment-opportunities/venture-capital-trusts/current-vct-offers)
.
The Board is committed to making regular allotments of new Ordinary Shares.
The first allotment for the 2025/26 tax year completed on 15 January 2026,
with further allotments taking place on 17 February and 24 March 2026.
Applications for the 2025/26 tax year will close on 2 April 2026, with an
allotment completing later that day. Applications for the 2026/27 tax year
will close on 24 April 2026, unless fully subscribed ahead of this date, with
an allotment completing shortly thereafter.
The Directors are confident that Maven's regionally based team of investment
executives has the resource and capability to continue sourcing attractive VCT
qualifying companies across a range of dynamic sectors throughout the UK, and
that this additional liquidity will facilitate the further expansion and
development of the portfolio in line with the investment strategy. In
addition, the funds raised will allow your Company to maintain its active
share buyback policy, whilst also spreading costs over a wider asset base,
with the objective of maintaining a competitive OCR for the benefit of all
Shareholders.
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. Any purchase of the Company's own
shares will be subject to various factors including market conditions,
available liquidity and the maintenance of the Company's VCT qualifying
status. It should be noted that the Company cannot buy back shares whilst 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.
Shareholders should note that neither the Company nor the Manager can execute
a transaction in the Company's shares. If a Shareholder wishes to buy or sell
shares on the secondary market, they should direct their instruction through a
stockbroker of their choice. To discuss a transaction, the Shareholder's
stockbroker should contact the Company's stockbroker, Shore Capital
Stockbrokers, on 020 7647 8132.
VCT Regulatory Developments
During the year, your Company has remained fully compliant with the complex
conditions and requirements of the VCT scheme.
As outlined earlier, the 2025 Autumn Budget Statement included amendments to
the rules governing the VCT scheme with respect to investment limits and the
tax relief available for VCT shares issued on or after 6 April 2026.
During the year, the VCT Association (VCTA), of which the Manager is a
founding member, launched the Growth Beyond Limits campaign specifically
focused on promoting the benefits of increasing the investment limits for VCT
qualifying companies, which have been frozen for almost a decade. The VCTA,
which represents 14 of the largest VCT fund managers, highlighted the case for
increasing the limits to assist certain younger and higher growth companies.
This is particularly relevant for those businesses that operate in sectors
that have an extended investment cycle, such as life sciences, technology and
other knowledge intensive sectors. The Board welcomed the announcement that,
from 6 April 2026, the investment limits would be doubled. The annual amount
that a VCT can invest in a qualifying company will increase to £10 million
(£20 million for knowledge intensive companies) while the lifetime allowance
for a VCT qualifying company will increase to £24 million (£40 million for
knowledge intensive companies). In addition, the gross assets test will also
double, which means that larger companies can now potentially qualify for VCT
investment. These changes are welcome and should help to ensure that your
Company, and the VCT industry more widely, can continue to provide funding to
the UK's most innovative SMEs as they scale.
The Autumn Statement also announced that the initial income tax relief
available for VCT shares, issued on or after 6 April 2026, would be reduced
from 30% to 20%. The reduction in tax relief for investors is disappointing,
and through the VCTA, the Manager will continue to provide evidence to
reinforce the importance of VCT investment as part of the wider funding
ecosystem. This will focus on highlighting specific cases where Maven has
supported high growth businesses across the regions as they grow and create
local, highly skilled employment opportunities.
Valuation Methodology
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. The IPEV Guidelines are updated periodically to ensure that they
continue to reflect best practice and remain aligned with evolving accountancy
standards and regulatory guidance, as well as reflecting developments within
the wider market. The most recent update (December 2025) provided limited
changes to the existing valuation framework, adding specific points for
clarification on the impact of ESG and sustainability on valuation
methodologies, and the use of AI enabled valuation models. With respect to the
use of AI models for valuing unlisted investments, IPEV concluded that while
they can be a useful tool to augment the valuation process, they do not
replace human professional judgement and scepticism. It should be noted that
the Manager does not currently utilise any such AI tools when valuing the
unlisted portfolio.
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.
Further details on your Company's approach to valuing portfolio companies can
be found in the Business Report on and in Note 1(e) to the Financial
Statements in the Annual Report. The principal Key Performance Indicators
(KPIs) are outlined in the Business Report and a summary of the Alternative
Performance Measures (APMs) is included in the Financial Highlights, with
definitions of terms contained in the Glossary in the Annual Report.
Environmental, Social and Governance (ESG) Considerations
While your Company's investment policy does not incorporate specific ESG
objectives, and portfolio companies are not required to meet any related
targets, the Board and the Manager recognise the importance of considering ESG
matters as an integral part of the investment process. Maven's ESG and
Responsible Investment Policy ensures that ESG related risks and opportunities
are identified during pre-investment due diligence and can be carefully
considered as part of the investment process. Maven's post investment ESG
framework provides a structure for regular engagement with companies to ensure
that ESG metrics are monitored throughout the period of investment.
The Manager continues to be an active member of The United Nations Principles
for Responsible Investment and submitted its second public investor report in
July 2025. The Board is aware of the proactive work that Maven is doing to
support social initiatives that promote diversity in the investment sector,
such as Future Asset, the Investing in Women Code, the Lifted Project and
Maven's own Female Founders Programme. Further details on Maven's approach to
ESG and developments across the portfolio can be found in the Investment
Manager's Review in the Annual Report.
Maven Capital Partners UK LLP
In early 2026, Maven announced that its long standing Fund Manager Bill Nixon
would be stepping back from his role as Investment Manager of the Maven VCTs
and retiring as Maven's Managing Partner, moving to a new role as Chair of
Maven. Alongside senior colleagues, Bill founded Maven in 2009 and as its
Managing Partner for over 17 years has grown Maven's business, particularly
its VCT focus, establishing its position as a leading Manager in the sector.
Bill has been the Investment Manager of your Company since inception and has
been instrumental in driving growth and constructing the broad and well
diversified portfolio that your Company holds today.
As part of a carefully planned succession, the role of Investment Manager of
the Maven managed VCTs and Managing Partner at Maven have transitioned to Ewan
MacKinnon, who has been co-managing Maven's VCT portfolio, alongside Bill, for
several years. Ewan has more than 20 years of private equity and corporate
finance experience and has been with Maven since 2009, initially originating
and completing VCT investments in Scotland before becoming joint Investment
Manager. Ewan is chair of Maven's valuation committee and, for the past few
years, has been leading Maven's VCT fundraising programme. The Board has a
well established and positive relationship with Ewan and looks forward to
building on this in the future.
On behalf of my fellow Directors, I would like to take this opportunity to
extend sincere gratitude to Bill for the pivotal role that he has played in
developing and delivering the investment strategy, and enhancing Shareholder
value, whilst navigating an evolving and increasingly complex VCT regulatory
landscape. I am pleased to confirm that Bill has agreed to remain on the Board
as a non-executive Director and we look forward to continuing to benefit from
his valuable sector insight and detailed portfolio knowledge.
Annual General Meeting (AGM)
The 2026 AGM will be held on Thursday, 7 May 2026 in Maven's London office,
which is located at 6th Floor, Saddlers House, 44 Gutter Lane, London, EC2V
6BR. The AGM will commence at 12 noon and the Notice of Annual General Meeting
can be found in the Annual Report.
The Future
With a proven investment strategy and strong liquidity, your Company is well
placed to deliver further growth in Shareholder value. In the year ahead, the
Board and the Manager will remain focused on expanding the portfolio in size
and scale through the addition of carefully selected growth businesses that
have the potential to achieve scale and attract premium valuations at exit. In
tandem, exit opportunities, which provide the opportunity to optimise
Shareholder value, will also be progressed to support the dividend policy.
Fraser Gray
Chairman
2 April 2026
Business Report
This Business Report is intended to provide an overview of the strategy and
business model of the Company, as well as the key measures used by the
Directors in overseeing its management. The Company is a VCT and invests in
accordance with the investment objective set out below.
Investment Objective
Under an investment policy approved by the Directors, the Company aims to
achieve long-term capital appreciation and generate income for Shareholders.
Business Model and Investment Policy
The Company intends to achieve its objective by:
• investing the majority of its funds in a diversified portfolio of
shares and securities in smaller, unquoted UK companies and AIM quoted
companies that meet the criteria for VCT qualifying investments and have
strong growth potential;
• investing no more than £1.25 million in any company in one year
and no more than 15% of the Company's assets by cost in one business at any
time; and
• borrowing up to 15% of net asset value, if required and only on a
selective basis, in pursuit of its investment strategy.
Principal and Emerging Risks
The Board maintains an ongoing process for identifying, evaluating, and
monitoring both principal and emerging risks facing the Company. The risk
register and risk dashboard are integral components of the Company's risk
management framework and support a robust assessment of these risks, with
particular emphasis on the effectiveness of mitigating controls.
The Board reviews the Company's risk profile on a regular basis, and risk
ratings are updated throughout the year to reflect any changes. Given the
dynamic nature of these updates, the Board, in agreement with the Manager, has
determined that including a direction of travel indicator would not provide
meaningful benefit. Any material changes to principal and emerging risks will
be clearly disclosed in this report.
In 2025, the Board focused on ensuring compliance with the enhanced
requirements of the 2024 UK Corporate Governance Code regarding internal
controls. The Board has been working with the Manager in the period to
identify material controls as they apply to the Company's principal risks and
are confident that the material controls are operating effectively. The
current principal and emerging risks facing the Company are considered to be
as follows:
Principal risk Root cause Control measures
Investment risk · The majority of investments are in small and medium sized unquoted UK · The Company appoints an FCA authorised investment manager with the
companies and AIM quoted companies, which carry a higher level of risk and appropriate skills, experience and resources required to achieve the
lower liquidity relative to investments in larger quoted companies. Investment Objective.
· The Board ensures that a robust and structured selection, monitoring and
realisation process is applied by the Manager to all investments, and
regularly reviews the investment portfolio with the Manager.
· The Company's investment portfolio is diversified across a large number
of companies and a range of economic sectors, and is actively and closely
monitored.
Operational risk · Failure of a significant outsourcer to perform duties and · All outsourcers are selected following the completion of appropriate due
responsibilities in accordance with service level agreements. diligence, with the Manager carrying out an annual review of key outsourcers.
· The Manager and Custodian are FCA authorised and subject to FCA Rules
requiring the maintenance of adequate financial resources, including enabling
an orderly wind-down.
VCT Qualifying Status risk · Failure to meet VCT qualifying status could result in Shareholders losing · The Board works closely with the Manager to ensure compliance with all
the income tax relief on initial investment and loss of tax relief on any tax applicable and upcoming legislation, such that VCT qualifying status is
free income or capital gains received. Failure to meet the qualifying maintained.
requirement could result in a loss of listing of the Company's shares.
· Further information on the management of this risk is detailed under
other headings in this Business Report.
IT and Cyber Security risk · Heightened cyber security risk and potential IT failure, which could · The Manager, on behalf of the Board, closely monitors the systems and
cause a third party to fail to perform its duties and responsibilities or controls in place to prevent or mitigate against a systems or data security
experience financial difficulties such that it is unable to carry on trading failure.
and cannot provide services to the Company.
· The Board reviews control and compliance reports from the Manager, which
includes oversight of third party cyber security arrangements, to ensure these
adequately address systems and data security risks.
· The ability of third parties to operate effective business continuity
plan (BCP) arrangements has been validated.
Legislative and Regulatory risk · Breaches of regulations including, but not limited to, the Companies Act · The Board maintains a good understanding of the changing regulatory
2006, the FCA Listing Rules, the FCA Disclosure Guidance and Transparency landscape and considers emerging issues so that appropriate changes can be
Rules, the General Data Protection Regulation (GDPR), or the Alternative developed and implemented in good time.
Investment Fund Managers Directive (AIFMD) by the Company could lead to a
number of detrimental outcomes and reputational damage. · The Manager is responsible for monitoring compliance with applicable
legislation and regulatory requirements. Where changes to legislation or
regulation are proposed that may affect the Company, the Manager ensures that
the Board is informed and that appropriate measures are taken to maintain
ongoing compliance.
· The Board and the Manager continue to make representations where
appropriate, either directly or through relevant industry bodies such as the
AIC, UK Private Capital and the VCTA in relation to any changes in
legislation.
Political risk · Political changes leading to uncertainty in markets, legislation and the · The Board regularly reviews the political situation, together with any
economy. associated changes to the economic, regulatory and legislative environment.
Emerging risk Root cause Control measures
Global Conflict and Political Instability · Escalating global conflict and political instability resulting in the · The Board regularly reviews the investment portfolio with the Manager.
potential for escalating prices, disruption to supply chains and general Maven works closely with portfolio companies to identify, and support, the
market uncertainty. management of any challenges resulting from global conflict and political
instability.
· The Board and the Manager are monitoring this risk closely and, whilst
this risk cannot be obviated entirely, the Company's investment portfolio is
diversified across a large number of companies and a range of economic sectors
and the Manager actively and closely monitors the progress of portfolio
companies.
Geopolitical risk and uncertainty · Broader global macroeconomic risks have escalated following the change of · The Manager has assessed the current impact of trade tariffs on portfolio
government in the US, in particular the introduction of trade tariffs. companies and is working with management teams to consider potential future
impacts, where these may arise.
· The types of companies in which the VCT invests, together with the
diversification of the portfolio, reduces the overall impact of tariffs.
Artificial Intelligence (AI) · Increase in the use of AI by the Manager or portfolio companies without · The Manager has embarked on a series of risk assessments, governance and
proper consideration of the risks involved, with no mitigating controls being oversight arrangements with respect to AI risk, whilst also acknowledging the
established. potential benefits of AI.
In addition, an explanation of certain economic and financial risks and how
they are managed is contained in Note 16 to the Financial Statements in the
Annual Report.
Statement of Compliance with Investment Policy
The Company is adhering to its stated investment policy and managing the risks
arising from it. This can be seen in various tables and charts throughout the
Annual Report, and from information provided in the Chairman's Statement and
in the Investment Manager's Review. A review of the Company's business, its
financial position as at 31 December 2025 and its performance during the year
then ended is included in the Chairman's Statement, which also includes an
overview of the Company's business model and strategy.
The management of the investment portfolio has been delegated to Maven, which
also provides company secretarial, administrative and financial management
services to the Company. The Board is satisfied with the breadth and depth of
the Manager's resources and its nationwide network of offices, which supply
new deals and enable it to monitor the geographically widespread portfolio of
companies effectively.
The Investment Portfolio Summary in the Annual Report discloses the
investments in the portfolio and the degree of co-investment with other
clients of the Manager. The Portfolio Analysis charts show the profile of the
investee companies by industry sector, demonstrate the broad market exposure
across the portfolio, and provide insight into the age of the investments
within the portfolio. The level of VCT qualifying investments is monitored
continually by the Manager and reported to the Risk Committee quarterly, or as
otherwise required.
Key Performance Indicators (KPIs)
During the year, the net return on ordinary activities before taxation was
£489,000 (2024: £2,235,000); there was a net gain on investments of
£1,356,000 (2024: £3,107,000) and earnings per share of 0.32p (2024: 1.58p).
The Directors also use a number of APMs in order to assess the Company's
success in achieving its objectives, which enable Shareholders and prospective
investors to gain an understanding of its business. The APMs are shown in the
Financial History table and definitions of the APMs can be found in the
Glossary in the Annual Report.
• NAV total return;
• annual yield;
• cumulative dividends paid;
• share price discount to NAV;
• share price total return; and
• ongoing charges ratio (OCR).
The NAV total return is considered to be a more appropriate long term measure
of Shareholder value as it includes both the current NAV per share and the sum
of dividends paid to 31 December 2025. Cumulative dividends paid is the total
amount of both capital and income distributions paid since the launch of the
Company. The annual yield is the total of dividends paid or proposed per share
for the financial year, expressed as a percentage of the NAV per share at the
immediately preceding year end. In the year to 31 December 2024, the Directors
revised the Company's dividend policy and now target a dividend that provides
an annual yield of 6% of the NAV per share at the immediately preceding year
end, subject to always complying with the VCT rules, and taking into
consideration the level of distributable reserves, profitable realisations in
each accounting period and the Company's future cash flow projections. The
share price discount to NAV is the percentage by which the mid-market price of
a share is lower than its NAV per share. Share price total return is the
percentage movement in the share price over a period of time including any
re-invested dividends paid over that timeframe. The OCR is a measure of the
total cost to an investor and is the total recurring annual expenses of the
Company, including management fees charged to the capital reserve, expressed
as a percentage of the average net assets attributable to Shareholders. The
Company's OCR for the year ended 31 December 2025 was 3.13% (2024: 3.00%) and
is detailed in Note 4 to the Financial Statements in the Annual Report. A
historical record of these measures is shown in the Financial Highlights, and
the profile of the portfolio is reflected in the Summary of Investment Changes
in the Annual Report. The Board also reviews the Company's operational
expenses on a quarterly basis as the Directors consider that this element is
an important component in the generation of Shareholder returns. Further
information can be found in Notes 2 and 4 to the Financial Statements in the
Annual Report.
Your Board continues to believe that a portfolio of private equity and
selected AIM quoted holdings provides the optimal structure for delivering
long term growth in Shareholder value. However, as detailed in the Chairman's
Statement, the Manager will remain cautious on any new AIM investments.
There is no VCT index against which to compare the financial performance of
the Company. However, for reporting to the Board and Shareholders, the Manager
uses comparisons with the most appropriate index, being the FTSE AIM All-Share
Index, and the graph in the Annual Report compares the Company's performance
against the FTSE AIM All-Share Index. The Directors also consider
non-financial performance measures, such as the flow of investment proposals,
and ranking of the VCT sector by independent analysts.
In addition, the Directors will consider economic, regulatory and political
trends and factors that may impact on the Company's future development and
performance.
Valuation Process
Investments held by the Company in unquoted companies are valued in accordance
with the IPEV Guidelines, being the prevailing framework for fair value
assessment in the private equity and venture capital industry. The most recent
update (December 2025) provided limited changes to the existing valuation
framework adding points for clarification on specific items, on the impact of
ESG and sustainability on valuation methodologies, and the use of AI enabled
valuation models. The Directors and the Manager continue to follow these
industry guidelines and adhere to the IPEV Guidelines in all private company
valuations. Investments quoted or traded on a recognised stock exchange,
including AIM, are valued at their closing bid price at the year end.
Share Buy-backs
At the forthcoming AGM, the Board will seek the necessary Shareholder
authority to continue to conduct share buybacks in accordance with the
Company's share buy back policy as outlined in the Chairman's Statement.
The Board's Duty and Stakeholder Engagement
The Directors' Section 172 statement should be read alongside the other
contents of the Strategic Report and in the context of the Company's
regulatory status as a small registered, internally managed, alternative
investment fund under the Alternative Investment Fund Managers Directive
(AIFMD). Under the Companies Act, the Directors have a duty to promote the
success of the Company for the benefit of its members as a whole and in doing
so, to have regard to several matters including, for example, the likely
consequences of any decision in the long term, the need to foster business
relationships and maintain a reputation for high standards of business conduct
when dealing with third parties and the need to act fairly between Company
members.
Given the nature of the Company, its day-to-day management and administration
are outsourced to third party service providers, the most significant of which
is the Manager. The Company does not have any customers in the traditional
sense, nor does it appoint executive directors or employ staff. The Board,
therefore, identifies the Company's key stakeholders as: its Shareholders, the
Manager, portfolio companies, other service providers, regulatory and industry
bodies, and the environment and wider society. In discharging the Section 172
duty and in line with Provision 5 of the AIC Corporate Governance Code, the
Directors acknowledge the importance of achieving positive outcomes for, and
engaging effectively with each of these stakeholder groups as an integral part
of the Board's decision making processes, aligned to the Company's purpose and
investment policy and in the promotion of the long-term success of the
Company. An illustration of how the Board approaches stakeholder engagement
and how it continues to seek positive outcomes for its stakeholders is set out
in the table below.
Stakeholder group Why Board engagement matters Board engagement outcomes
Shareholders Board engagement with Shareholders is vital to the success of the Company and The Board communicates with Shareholders at its AGM and through the Company's
the achievement of its strategic objectives. Aligning interests in respect of regular reporting, disclosures and handling of enquiries. The Company's 2025
key matters such as investment policy and objectives, income generation and AGM was held on 8 May 2025 and all resolutions were passed. The Manager and
returns and fundraising, and ensuring fee transparency are essential in Company Secretary also act as points of contact for the Board and Shareholders
promoting the Company to Shareholders and also in facilitating trust and and engagement logs are included in Board Meeting materials.
confidence in the Company and its performance in the long term.
The Board has adopted a dividend policy, targeting an annual dividend yield of
6% of the NAV per Ordinary Share at the immediately preceding year end, as
well as an active treasury management strategy, and a share buy back policy.
Details of which can be found in both the Chairman's Statement, and in the
Directors' Report in the Annual Report. Two interim dividends were paid in the
period and a final dividend is proposed for Shareholder approval at the 2026
AGM, which, if approved, will exceed the annual target yield.
During the year, the Company launched a further fundraising through an Offer
for Subscription, the Prospectus for which was published on 2 October 2025
with a target raise of £12.5 million, including an over-allotment facility of
£5 million, which the Directors have resolved to utilise. As at the date of
the Annual Report, the Company has attracted subscriptions of £8.7 million
across both tax years. Following the success of the 2024 fundraising and
aligned to Shareholder interests, the Board's decision to launch the current
Offer for Subscription was to champion further growth and retain a competitive
OCR, spreading certain fixed costs over a wider asset base and increasing
liquidity. Further details regarding the current Offer for Subscription can be
found in the Chairman's Statement in the Annual Report.
Manager (and its employees) The day-to-day management and administration of the Company is outsourced to The Board maintains a constructive, open and transparent relationship with the
the Manager and thus Board engagement and oversight is crucial in ensuring Manager through regular dialogue, reporting and oversight. To further hold the
effective execution of the Company's investment policy, as well as ensuring Manager to account, the Board has established a Management Engagement
compliance with relevant legislation and regulation and to promote governance Committee to annually review the terms and execution of the Management and
best practice. Administration Deed which, details the nature of the Manager's relationship
with the Company, inclusive of fees, and provides for a clear delegation of
authority and responsibility.
In addition to providing regular reporting to the Board, the Manager also
publishes a bi-annual newsletter, Creating Value, which is available on the
Manager's website, mavencp.com (https://www.mavencp.com/) .
Portfolio companies The successful execution of the Company's investment policy and its ability to In addition to the review of the Manager's Report, risk register and portfolio
generate positive returns for Shareholders is directly linked to the analysis at its quarterly meetings, the Board supports the Manager's approach
. performance of its underlying portfolio companies and approach to managing of securing, where possible, representation on the boards of the unlisted
investment risk. Board oversight, through the reporting of the Manager, is key portfolio companies. This promotes deeper Manager engagement and oversight of
to ensuring a comprehensive understanding of individual portfolio company this part of the portfolio which in turn, can be reviewed and challenged by
purpose and strategy, good governance and ongoing alignment of interests. the Board for the benefit of the Company and its members as a whole. From time
to time, the Board also receives presentations from the management of
portfolio companies.
Other service providers (excluding the Manager) In order for the Company to meet its obligations as a VCT with a premium The Board endorses access to an extensive, and broad base of resource and
listing on the London Stock Exchange, it is supported by several other third expertise to assist the Company in fulfilling all relevant obligations and to
parties as well as the Manager. Each third party service provider brings the ensure the effective management and administration of the Company. The Board
necessary level of expertise to ensure the Company remains compliant and oversees and monitors the Company's relationship with third party service
. operates responsibly. providers either directly or indirectly through the Manager to ensure third
party engagements continue to be fit for purpose and also oversees operational
risk as a principal risk within the Company's broader risk management
framework.
Regulatory and industry bodies. Given the nature of the Company, it is subject to relevant rules, regulation, The Board has identified VCT qualifying status risk and legislative and
policy and guidance. In order to ensure VCT scheme compliance and best regulatory risk as Company principal risks and details of how the Company
practice and to advocate in the Company's interests, engagement with manages and mitigates these risks can be seen in the Business Report in the
regulatory and industry bodies is important to retain awareness of existing Annual Report. The Board keeps informed and monitors VCT scheme compliance,
and future requirements and trends. relevant statutory and regulatory change and market impact through the
reporting of the Manager and its support functions and external advisers. The
Board endorses the Company's commitment to the AIC Corporate Governance Code
in terms of promoting good governance, and supports the Manager's membership
of the AIC and of the VCTA in terms of proactive industry engagement.
Environment and wider society The Board is committed to ensuring that the Company's business and, to the While the Company's investment policy does not include explicit ESG aims, the
extent possible, that of the Company's portfolio companies is conducted in a Manager has implemented its own ESG and Responsible Investment Policy, part of
socially responsible manner. which facilitates due diligence and ongoing monitoring of portfolio companies
from an ESG perspective. The Board reviews and challenges the Manager's ESG
assessment of portfolio companies to facilitate its oversight of the
environmental and social impact of its activities. Further details on the
Manager's approach to ESG can be found in the Investment Manager's Review in
the Annual Report.
Employee, Environmental and Human Rights Policy
As a VCT, the Company has no direct employee or environmental
responsibilities, nor is it responsible directly for the emission of
greenhouse gases. The Board's principal responsibility to Shareholders is to
ensure that the investment portfolio is managed and invested properly. As the
Company has no employees, it has no requirement to report separately on
employment matters. The Board comprises four male Directors and delegates
responsibility for diversity to the Nomination Committee, as explained in the
Statement of Corporate Governance in the Annual Report.
The management of the portfolio is undertaken by the Manager through members
of its portfolio management team. The Manager engages with the Company's
underlying investee companies in relation to their corporate governance
practices and in developing their policies on social, community and
environmental matters. Further information can be found in the Investment
Manager's Review and in the Statement of Corporate Governance in the Annual
Report. The Manager is continuing to focus on developing its ESG framework and
oversight capabilities. Further details regarding the Manager's approach to
ESG and the progress made on developing its ESG framework can be found in the
Chairman's Statement in the Annual Report. The Manager will be overseeing the
collation of this information for the benefit of the Board but will also be
supporting individual companies to identify ESG risks and opportunities and,
where potential improvements are identified, will work jointly with investee
businesses to make positive changes.
In light of the nature of the Company's business, there are no relevant human
rights issues and, therefore, the Company does not have a human rights policy.
Auditor
The Company's Auditor is required to report if there are any material
inconsistencies between the content of the Strategic Report and the Financial
Statements. The Independent Auditor's Report can be found in the Annual
Report.
Future Strategy
The Board and the Manager intend to maintain the policies set out above for
the year ending 31 December 2026, as it is believed that these are in the best
interests of Shareholders.
Approval
The Business Report, and the Strategic Report as a whole, was approved by the
Board of Directors and signed on its behalf by:
Fraser Gray
Director
2 April 2026
Income Statement
For the year ended 31 December 2025
Year ended Year ended
31 December 2025 31 December 2024
Restated*
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain on investments - 1,356 1,356 - 3,107 3,107
Income from investments 1,291 - 1,291 1,262 - 1,262
Other income 555 - 555 487 - 487
Investment management fees (432) (1,728) (2,160) (437) (1,746) (2,183)
Other expenses (553) - (553) (438) - (438)
Net return on ordinary activities before taxation 861 (372) 489 874 1,361 2,235
Tax on ordinary activities - - - - - -
Return attributable to Equity Shareholders 861 (372) 489 874 1,361 2,235
Earnings per share (pence) (0.24) 0.32 0.96 1.58
0.56 0.62
*Further details of the restatement can be found in Note 19 in the Annual
Report.
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 year.
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 Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Statement of Changes in Equity
For the year ended 31 December 2025
Year Ended 31 December 2025 Non-distributable Reserves(1) Distributable Reserves(1)
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'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 (622) - 622 - - (3,354) - (3,354)
of shares
Net proceeds of share issue 1,656 8,006 - - - - - 9,662
Net proceeds of DIS issue(2) 122 510 - - - - - 632
At 31 December 2025 15,317 56,971 2,256 12,398 5,389 (9,492) 1,837 84,676
Year Ended 31 December 2024 Non-distributable Reserves Distributable Reserves
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2023 13,596 43,470 1,196 9,150 4,174 10,883 1,448 83,917
Net return - - - (911) 4,018 (1,746) 874 2,235
Dividends paid - - - - - (4,782) (570) (5,352)
Repurchase and cancellation (438) - 438 - - (2,556) - (2,556)
of shares
Net proceeds of share issue 916 4,589 - - - - - 5,505
Net proceeds of DIS issue(2) 87 396 - - - - - 483
At 31 December 2024 14,161 48,455 1,634 8,239 8,192 1,799 1,752 84,232
( )
(1)As per Note 19 in the Annual Report, the share premium account and the
capital redemption reserve were cancelled, and reduced by £56,800,000 and
£2,254,411 respectively, with the equivalent quantum moving to special
distributable reserves.
(2)DIS represents the Dividend Investment Scheme as detailed in the Chairman's
Statement.
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. The capital reserve
unrealised contains £766,000 (2024: £4,547,000) of losses in relation to
level 1 and level 2 investments, which could be crystallised, and as such,
could be deemed realised losses.
Where all, or an element of the proceeds of sales have not been received in
cash or cash equivalent (as noted on the Realisations table in the Annual
Report), they do not qualify as realised gains for the purposes of
distributable reserves calculations and, therefore, do not form part of
distributable reserves. The split of unrealised gains/(losses) for the year is
detailed within the portfolio valuation section of Note 8 in the Annual
Report.
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Balance Sheet
As at 31 December 2025
31 December 2025 £'000 31 December 2024 £'000
Fixed assets
Investments at fair value through profit or loss 68,651 69,130
Current assets
Debtors 888 763
Cash and cash equivalents 15,585 15,670
16,473 10,433
Creditors
Amounts falling due within one year (448) (331)
Net current assets 16,025 15,102
Net assets 84,676 84,232
Capital and reserves
Called up share capital 15,317 14,161
Share premium account 56,971 48,455
Capital redemption reserve 2,256 1,634
Capital reserve - unrealised 12,398 8,239
Capital reserve - realised 5,389 8,192
Special distributable reserve (9,492) 1,799
Revenue reserve 1,837 1,752
Net assets attributable to Ordinary Shareholders 84,676 84,232
Net asset value per Ordinary Share (pence) 55.28 59.47
*Further details of the restatement can be found in Note 19 in the Annual
Report.
The Financial Statements of Maven Income and Growth VCT 4 PLC, registered
number SC272568, were approved by the Board of Directors and were signed on
its behalf by:
Fraser Gray
Director
2 April 2026
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Cash Flow Statement
For the Year Ended 31 December 2025
Year ended Year ended
31 December 2025 £'000 31 December 2024
Restated*
£'000
Net cash flows from operating activities (764) (597)
Cash flows from investing activities
Purchase of investments (7,135) (7,830)
Sale of investments 8,761 15,432
Net cash flows from investing activities 1,626 7,602
Cash flows from financing activities
Equity dividends paid (6,985) (5,352)
Net proceeds of share issue 9,760 5,615
Net proceeds of DIS issue 632 500
Repurchase of Ordinary Shares (3,354) (2,556)
Net cash flows from financing activities 53 (1,793)
Net increase in cash and cash equivalents 915 5,212
Cash and cash equivalents at beginning of year 14,670
9,458
Cash and cash equivalents at end of year 15,585 14,670
*Further details of the restatement can be found in Note 19 in the Annual
Report.
The prior year investment purchases have been reduced by £6,000,000, and
investment sales £5,000,000 as a result of the reclassification of MMFs from
investments to cash and cash equivalents.
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Notes to the Financial Statements
For the Year Ended 31 December 2025
1. Accounting policies
The Company is a public limited company, incorporated in Scotland and its
registered office is shown in the Corporate Summary in the Annual Report.
(a) Basis of preparation
The Financial Statements have been prepared on a going concern basis, further
details can be found in the Directors' Report in the Annual Report. The
Financial Statements have been prepared under the historical cost convention,
as modified by the revaluation of investments and in accordance with FRS 102,
The Financial Reporting Standard applicable in the UK and Republic of Ireland,
and in accordance with the Statement of Recommended Practice for Investment
Trust Companies and Venture Capital Trusts (the SORP) issued by the AIC in
July 2022.
(b) Income
Equity income
Dividends receivable on quoted equity shares are recognised on the ex-dividend
date. Dividends receivable on unquoted equity shares are recognised when the
Company's right to receive payment is established and there is no reasonable
doubt that payment will be received.
Unquoted loan stock and other preferred income
Fixed returns on non-equity shares and debt securities are recognised when the
Company's right to receive payment and expected settlement is established.
Where interest is rolled up and/or payable at redemption, it is recognised as
income unless there is reasonable doubt as to its receipt.
Redemption premiums
When a redemption premium is designed to protect the value of the instrument
holder's investment rather than reflect a commercial rate of revenue return
the redemption premium should be recognised as capital. The treatment of
redemption premiums is analysed to consider if they are revenue or capital in
nature on a company by company basis. A revenue redemption premium of
£311,590 (2024: £nil) was received in the year ended 31 December 2025.
Bank interest
Deposit Interest is recognised on an accruals basis using the rate of interest
agreed with the bank. Income from unquoted loan stock and deposit interest is
included on an effective interest rate basis.
(c) Expenses
All expenses are accounted for on an accruals basis and charged to the Income
Statement. Expenses are charged through the revenue account, except as
follows:
• expenses that are incidental to the acquisition and disposal of
an investment are charged to capital;
• expenses are charged to the special distributable reserve where
a connection with the maintenance or enhancement of the value of the
investments can be demonstrated. In this respect, the investment management
fee and performance fee has been allocated 20% to revenue and 80% to special
distributable reserve to reflect the Company's investment policy and
prospective income and capital growth; and
• share issue and merger costs are charged to the share premium
account.
(d) Taxation
Deferred taxation is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date, where transactions or
events that result in an obligation to pay more tax in the future or right to
pay less tax in the future have occurred at the balance sheet date. This is
subject to deferred tax assets only being recognised if it is considered more
likely than not that there will be suitable profits from which the future
reversal of the underlying timing differences can be deducted. Timing
differences are differences arising between the Company's taxable profits and
its results as stated in the Financial Statements which are capable of
reversal in one or more subsequent periods.
Deferred tax is measured on a non-discounted basis at the tax rates that are
expected to apply in the periods in which timing differences are expected to
reverse, based on tax rates and laws enacted or substantively enacted at the
balance sheet date.
The tax effect of different items of income/gain and expenditure/loss is
allocated between capital reserves and revenue account on the same basis as
the particular item to which it relates, using the Company's effective rate of
tax for the period.
UK corporation tax is provided at amounts expected to be paid/recovered using
the tax rates and laws that have been enacted or substantively enacted at the
balance sheet date.
(e) Investments
In valuing unlisted investments the Directors follow the criteria set out
below. These procedures comply with the revised IPEV Guidelines for the
valuation of private equity and venture capital investments.
Investments are recognised at their trade date and are designated by the
Directors as fair value through profit or loss. At subsequent reporting dates,
investments are valued at fair value, which represent the Directors' view of
the amount for which an asset could be exchanged between knowledgeable and
willing parties in an arm's length transaction. This does not assume that the
underlying business is saleable at the reporting date or that its current
shareholders have an intention to sell their holding in the near future.
A financial asset or liability is generally derecognised when the contract
that gives rise to it is settled, sold, cancelled or expires.
1. For early stage investments completed in the reporting period, fair
value is determined using the price of recent investment, calibrating for any
material change in the trading circumstances of the investee company. Other
investments are valued on a multiples basis by applying a multiple to the
investee's revenue or, for companies with sustainable earnings, to their
maintainable earnings to derive the enterprise value of each company. Where
relevant, an investee may be valued on a discounted cashflow basis.
2. Whenever practical, recent investments will be valued by reference to
a material arm's length transaction or a quoted price.
3. All unlisted investments are valued individually by Maven's portfolio
management team and discussed by Maven's valuation committee. The resultant
valuations are subject to detailed scrutiny and approval by the Directors of
the Company.
4. In accordance with normal market practice, investments quoted on AIM
or a recognised stock exchange are valued at their closing bid price at the
year end.
(f) Fair value measurement
Fair value is defined as the price that the Company would receive upon selling
an investment in a timely transaction to an independent buyer in the principal
or the most advantageous market of the investment.
A three-tier hierarchy has been established to maximise the use of observable
market data and minimise the use of unobservable inputs and to establish
classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in
pricing the asset or liability, including assumptions about risk, for example,
the risk inherent in a particular valuation technique used to measure fair
value including such a pricing model and/or the risk inherent in the inputs to
the valuation technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants
would use in pricing the asset or liability developed based on market data
obtained from sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting entity's own
assumptions about the assumptions market participants would use in pricing the
asset or liability developed based on best information available in the
circumstances.
The three-tier hierarchy of inputs is summarised in the three broad levels
listed below:
• Level 1 - the unadjusted quoted price in an active market for
identical assets or liabilities that the entity can access at the measurement
date;
• Level 2 - inputs other than quoted prices included within Level
1 that are observable (i.e. developed using market data) for the asset or
liability, either directly or indirectly; and
• Level 3 - inputs are unobservable (i.e. for which market data is
unavailable) for the asset or liability.
(g) Gains and losses on investments
When the Company sells or revalues its investments during the year, any gains
or losses arising are credited/charged to the Income Statement.
(h) Critical accounting judgements and key sources of estimation uncertainty
Disclosure is required of judgements and estimates made by the Board and the
Manager in applying the accounting policies that have a significant effect on
the Financial Statements. The area involving the highest degree of judgement
and estimates is the valuation of unlisted investments recognised in Note 8
and 16 in the Annual Report and explained in Note 1(e) above. Contingent
consideration is valued based on the expected proceeds recoverable.
In the opinion of the Board and the Manager, there are no critical accounting
judgements.
Reserves
Share premium account
The share premium account represents the premium above nominal value received
by the Company on issuing shares net of share issue cost, including £418,156
(2024: £249,455) of 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 as a dividend. This reserve is
distributable.
Return per ordinary share
Year ended Year ended
31 December 2025 31 December 2024
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 152,609,716 141,840,449
Revenue return £861,000 £874,000
Capital return (£372,000) £1,361,000
Total return £489,000 £2,235,000
Net asset value per Ordinary Share
The net asset value per Ordinary Share as at 31 December 2025 has been
calculated using the number of Ordinary Shares in issue at that date of:
153,188,606 (2024: 141,626,927).
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
• the Financial Statements have been prepared in accordance with the
applicable accounting standards and give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company as at 31
December 2025 and for the year to that date;
• the Directors' Report includes a fair review of the development and
performance of the Company, together with a description of the principal and
emerging risks that it faces; and
• the Annual Report and Financial Statements taken as a whole is fair,
balanced and understandable and provides the information necessary for
Shareholders to assess the Company's position and performance, business model
and strategy.
Other Information
The Annual General Meeting will be held on Thursday 7 May 2026, commencing at
12.00 noon at the offices of Maven Capital Partners UK LLP, 6th Floor,
Saddlers House, 44 Gutter Lane, London EC2V 6BR.
The Annual Report and Financial Statements for the year ended 31 December 2025
will be issued to Shareholders and filed with the Registrar of Companies in
due course.
The financial information contained within this announcement does not
constitute the Company's statutory Financial Statements as defined in the
Companies Act 2006. The statutory Financial Statements for the year ended 31
December 2024 have been delivered to the Registrar of Companies and contained
an audit report that was unqualified and did not constitute statements under
S498(2) or S498(3) of the Companies Act 2006.
Copies of this announcement, and of the Annual Report and Financial Statements
for the year ended 31 December 2025, will be available, in due course, to the
public at the registered office of the Company, Kintyre House, 205 West George
Street, Glasgow, G2 2LW and on the Company's webpage: mavencp.com/migvct4
(https://www.mavencp.com/investment-opportunities/venture-capital-trusts/maven-income-and-growth-vct-4)
.
(https://www.mavencp.com/investment-opportunities/venture-capital-trusts/maven-income-and-growth-vct-4)
Neither the content of the Company's webpage nor the contents of any website
accessible from hyperlinks on the Company's webpage (or any other website) is
incorporated into, or forms part of, this announcement.
The Annual Report will shortly be submitted to the National Storage Mechanism
and will be available for inspection at:
www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
.
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
By Order of the Board
Maven Capital Partners UK LLP
Secretary
2 April 2026
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. END FR BSGDSLGGDGLD
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