REG - MavIncGroVCT4 MavIncGroVCT4. - Annual Financial Report
05/04/2024 16:15
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RNS Number : 5605J Maven Income & Growth VCT 4 PLC 05 April 2024
Maven Income and Growth VCT 4 PLC
Final results for the year ended 31 December 2023
The Directors report the Company's financial results for the year ended 31
December 2023.
Highlights
• NAV total return at the year end of 152.81p per share (2022:
155.90p)
• NAV at the year end of 61.71p per share (2022: 68.30p)
• Final dividend of 1.75p per share proposed for payment in May 2024
• £7.58 million deployed in new and follow-on investments
• Offer for Subscription closed in May 2023, raising a total of £6.83
million
• New Offer for Subscription launched in October 2023
Strategic Report
Chairman's Statement
On behalf of your Board, I am pleased to present the results for the 12 months
to 31 December 2023. This has been a challenging year for the UK economy and,
notwithstanding the modest reduction in NAV total return, your Board is
encouraged by the further strategic progress that has been achieved. Across
the private company portfolio, most of the earlier stage growth companies have
continued to gain commercial traction and achieve defined milestones, which
has resulted in uplifts to the value of specific portfolio holdings. The
impact of this positive progress has, however, been offset by the more general
rebasing of valuations across public and private markets. It is encouraging to
report that there has been further expansion of the portfolio, with the
addition of eight new private companies that operate across a range of dynamic
and emerging markets, adding further breadth and sector diversity. Your Board
recognises the importance of making regular Shareholder distributions and is
pleased to propose a final dividend of 1.75p per share for payment in May
2024, which brings the annual yield to 5.12%.
The financial year was another period of economic instability for global
markets with domestic growth constrained by persistently high inflation and
rising interest rates. Against this backdrop, your Board is pleased to report
on the generally resilient performance that was achieved. For several years,
your Company has been following an investment strategy focused on constructing
a large, diverse portfolio of ambitious and emerging companies with high
growth potential. During the year, many of these businesses have continued to
deliver meaningful revenue growth and achieve commercial objectives. As the
portfolio evolves, it is evident that there are a number of high performing
companies that have the capability of achieving superior returns at exit.
Given the sustained progress, the valuations of specific holdings have been
uplifted, although the impact of the movement has been moderated by the market
wide reduction in valuation multiples. This dynamic has impacted the
valuations of certain larger holdings in the private company portfolio where,
despite most of the businesses continuing to trade to plan, multiples have
been adjusted to reflect the general rebasing. This approach is consistent
with industry best practice and the requirement to ensure that private company
valuations reflect market movements, as well as a company specific progress.
There are also a small number of companies that have encountered challenges,
largely due to the conditions in the wider economy and where the business plan
has not been achieved. In these cases, valuations have been reduced. It is
worthwhile noting that your Company also retains a number of holdings in more
mature companies, completed prior to the VCT rules change in 2015. Whilst the
size of this later stage portfolio will naturally decrease over time as
realisations are completed, it continues to broaden exposure across the
portfolio.
This has been another difficult year for AIM, as uncertain market conditions
have resulted in restricted liquidity both on the demand and supply side. AIM
has also experienced its quietest year for initial public offering (IPOs) in
over 20 years as companies with cash resources have opted to delay listing
until markets stabilise and valuations improve. As a result, investors have
continued to exercise caution towards earlier stage listed growth companies,
which has resulted in reduced trading volumes and increased share price
volatility. Consequently, new AIM investment activity by your Company has
remained at low levels. Although your Company's AIM portfolio represents a
relatively small proportion of net assets, your Board continues to believe
that a balanced portfolio of private equity and AIM quoted holdings represents
the optimal strategy for delivering consistent returns over the longer term.
While markets remain unpredictable, it is likely that there will be limited
new AIM investments until there is demonstrable evidence of a sustained
recovery in this market and an improvement in the quality of companies seeking
investment on the junior market.
The Manager has continued to see good demand for growth capital from ambitious
and entrepreneurial companies across the UK. During the year, a total of
£7.58 million was deployed, with eight new private companies added to the
portfolio and follow-on funding provided to support the growth and development
of 18 existing private company holdings, alongside three small AIM
transactions. This level of investment activity highlights the benefits of the
Manager's regional model, which enables Maven's investment team to develop
strong relationships within their local corporate finance communities ensuring
access to the widest pool of emerging companies. The ability to provide
follow-on funding is a central component of the investment strategy as it
enables your Company to progressively support growth or to fund a specific
strategic initiative, such as targeted international expansion, which should
ultimately help that business achieve scale and maximise value. With good
levels of liquidity, your Company is well positioned to continue to progress
this strategy.
As Shareholders will be aware, your Board is committed to supporting your
Company's future growth, and in October 2023, was pleased to announce the
launch of a new Offer for Subscription alongside Offers by the other Maven
managed VCTs. Your Company had an initial target raise of £5 million, with
the ability to utilise an over-allotment facility of up to a further £2.5
million and, as at 3 April 2024, being the latest practicable date prior to
the publication, £5.61 million had been raised. The Offers closed to new
applications on 5 April 2024 for the 2023/24 tax year and will close on 26
April 2024 for the 2024/25 tax year, unless fully subscribed at an earlier
date. Further information about the Offers, as well as the Securities Note and
Application Form, can be found at: mavencp.com/vctoffer
(https://www.mavencp.com/investment-opportunities/venture-capital-trusts/current-vct-offers)
. With respect to the current Offer and future fund raisings, the Board and
the Manager welcomed the announcement by the UK Government in November 2023
that tax relief for the VCT and EIS schemes will continue until 2035. The news
that the "sunset clause" will be extended provides greater clarity for VCT
Shareholders and, importantly, reassures entrepreneurial smaller UK companies
that access to VCT growth capital will continue to be available.
The Investment Manager's Review contains further details of the key
developments across the portfolio and can be found 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 key terms contained
in the Glossary, available in the Annual Report.
Treasury Management
During the year, significant focus has been placed on refining your Company's
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. In
order to meet this condition, the Board had previously approved the
construction of a diversified portfolio of permitted, non-qualifying holdings
in carefully selected investment trusts with strong fundamentals and
attractive income characteristics, with the remaining cash held on deposit
across four Tier 1 UK banks. Given the rise in interest rates during the year,
the Board and the Manager have revised this approach and adjusted the
composition of this portfolio, whilst ensuring that your Company maintains
appropriate levels of cash for new investment. In this regard, the Board has
approved a revised strategy focused on constructing a portfolio of leading
money market funds and investment trusts that will allow your Company to
maximise the income receivable on monies held prior to deployment in VCT
qualifying investments, whilst also ensuring compliance with the Nature of
Income condition. The investments within this portfolio have been selected
following a whole of market review by the Manager and were approved by the
Company's VCT adviser, and further details can be found in the Investments
table in the Annual Report. This strategy provides your Company with a
significant new stream of income, with a blended annualised yield of 3.3%
currently being achieved from the portfolio of treasury management holdings
and cash. Shareholders should, however, note that this portfolio will vary in
size depending on the rate of new VCT qualifying investment, investee company
realisations and overall liquidity levels.
Dividend Policy
Decisions on distributions take into consideration a number of 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. The Board and the
Manager recognise the importance of tax free distributions to Shareholders
and, subject to the considerations outlined above, will seek, as a guide, to
pay an annual dividend that represents 5% of the NAV per share at the
immediately preceding year end.
The Directors would like to remind Shareholders that, as the portfolio
continues to expand and the proportion of holdings in companies with high
growth potential increases, the timing of distributions will be more closely
linked to realisation activity, whilst also reflecting the Company's
requirement to maintain its VCT qualifying level.
Proposed Final Dividend
In keeping with the wider market, this has been a quiet year for exits. The
Directors are, however, pleased to propose that a final dividend of 1.75p per
Ordinary Share, in respect of the year ended 31 December 2023, be paid on 24
May 2024 to Shareholders who are on the register at 19 April 2024. This will
bring the annual dividend to 3.50p per Ordinary Share, representing a yield of
5.12% based on the NAV at the immediately preceding year end. Since the
Company's launch, and after receipt of the proposed final dividend, a total of
92.85p per Ordinary Share will have been paid in tax free distributions.
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 should qualify
for VCT tax relief applicable for the
tax year in which they are allotted, subject to an individual Shareholder's
particular circumstances.
Shareholders can elect to participate in the DIS, in respect of future
dividends, by completing a DIS mandate form. In order for the DIS to apply to
the 2023 final dividend, the mandate form must be received by the Registrar
(The City Partnership) before 10 May 2024, this being the relevant dividend
election date. The mandate form, terms & conditions and full details of
the scheme (including tax considerations) are available from the Company's
webpage at: mavencp.com/migvct4
(https://www.mavencp.com/investment-opportunities/venture-capital-trusts/maven-income-and-growth-vct-4)
. Election to participate in the DIS can also be made 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.
Fund Raising
In May 2023, your Company closed an Offer for Subscription, having raised
£6.83 million across the 2022/23 and 2023/24 tax years. All shares in respect
of that Offer have been allotted and Shareholders will find further details
regarding the new Ordinary Shares issued in Note 12 to the Financial
Statements in the Annual Report.
On 13 October 2023, your Company launched a new Offer for Subscription
alongside Offers by the other three Maven managed VCTs. Your Company had an
initial target raise of £5 million, with the ability to utilise an
over-allotment facility of up to a further £2.5 million. The first allotment
of new Ordinary Shares took place on 17 January 2024, with further allotments
for the 2023/24 tax year completing on 8 February, 27 March and 5 April 2024.
The Offer will close to new applications for the 2024/25 tax year on 26 April
2024, unless fully subscribed ahead of this date and, it is intended that
shares will be allotted in early May 2024.
The Directors are confident that Maven's regional office network has the
capability to continue to source attractive investment opportunities in VCT
qualifying companies across a range of sectors, and that the additional
liquidity provided by the fundraising will facilitate further expansion and
development of the portfolio in line with the investment strategy.
Furthermore, the funds raised will 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.
Share Buy-backs
The Directors acknowledge the need to maintain an orderly market in the
Company's shares and have, therefore, 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 share. Any purchase of the Company's own shares will
be subject to market conditions, available liquidity and the maintenance of
the VCT qualifying status. It should, however, be noted that such transactions
cannot take place whilst the Company is in a closed period, which is the time
from the end of a reporting period until the announcement of the relevant
results, or the release of an unaudited NAV. A closed period may also be
introduced if the Directors and 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. Any instruction to buy or sell shares
on the secondary market must be directed through a stockbroker. If a
Shareholder wishes to buy or sell shares on the secondary market, they, or
their broker, can contact the Company's corporate broker, Shore Capital
Stockbrokers on 020 7647 8132, to discuss a transaction.
VCT Regulatory Developments
During the period under review, there were no further amendments to the rules
governing VCTs, and your Company remains fully compliant with the complex
conditions and requirements as set out by HMRC.
Shareholders may recall that under the VCT scheme approved by the European
Commission in 2015, a "sunset clause" was introduced, which stated that income
tax relief would no longer be available on subscriptions for new shares in
VCTs made on or after 6 April 2025, unless the legislation was renewed by an
HM Treasury Order. In the Autumn Statement 2022, the Chancellor announced that
the "sunset clause" would be extended, and during the year there was a
significant amount of debate regarding the mechanism required to achieve this.
The Board and the Manager were reassured by the announcement in the Autumn
Statement 2023 that the "sunset clause" would be extended until April 2035,
with relevant legislation to be announced in due course.
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. The most recent update (December
2022) incorporates the special guidance issued post COVID and following the
invasion of Ukraine, which expands on the concept of and impact on valuations
of distressed markets, as well as looking at how environmental, social and
governance (ESG) factors impact valuations. The Directors and the Manager
continue to follow industry guidelines and adhere to the IPEV Guidelines in
all private company valuations. 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 Note 1(e) to the
Financial Statements.
The Consumer Duty
In July 2023, the FCA's new Consumer Duty came into effect. This is an
enhancement to the existing concept of "treating customers fairly" and
requires firms that are subject to the new rules to ensure that they are
acting to deliver good outcomes for retail consumers, and that their
strategies, governance, leadership and policies all reflect this. Although the
Consumer Duty does not apply directly to your Company, the Manager, as an FCA
authorised firm, is within its scope. During the year, the Manager has been
providing the Directors with regular updates on the work that has been
undertaken to ensure that good outcomes are being delivered for Shareholders,
and will continue to report to the Board on Consumer Duty related activities
and ongoing obligations.
Environmental, Social and Governance (ESG) Considerations
The Board acknowledges the importance of ESG principles and considers that
portfolio companies with ESG aims integrated into their business models are
likely to benefit both society and Shareholders. Whilst your Company does not
have any specific ESG targets, and Maven does not manage any funds with
defined ESG criteria, the Board and the Manager believe that a proactive
approach to ESG is a driver to value creation, and can help the long term
growth and sustainability of these businesses.
During the year, the Manager has made encouraging progress in this evolving
area and has introduced an ESG and Responsible Investment Policy, which is a
best practice approach that is being applied across all portfolio companies.
The Manager has also developed a robust framework for assessing and promoting
ESG aims by actively engaging with portfolio companies, taking into
consideration material issues at the investment stage and, thereafter,
monitoring progress throughout the period of investment.
In May 2021, the Manager became a signatory to the internationally recognised
Principles for Responsible Investment (PRI), demonstrating its commitment to
include ESG as an integral part of its investment decision making and
ownership, with the first report submitted in September 2023. Additionally, in
the past year, the Manager has actively participated in various initiatives
dedicated to enhancing diversity and is also a signatory to the Investing in
Women Code, which seeks to improve and increase opportunities for female
entrepreneurs.
The ESG regulatory landscape is continually evolving, and the Manager provides
the Board with regular updates on the latest developments. A key regulation,
which is prominent within the asset management sector, is the Task Force on
Climate-related Financial Disclosures (TCFD). Although neither the Company nor
the Manager are currently required to disclose climate-related financial
information in line with the TCFD, they recognise the significance and
importance of the TCFD recommendations in providing a foundation to improve
investors' ability to appropriately assess climate-related risks and
opportunities. Reporting in line with TCFD is, therefore, an objective of the
Manager as part of its approach to ESG. The Manager also reviews and actively
engages with new ESG regulations to understand any new responsibilities, and
will continue to update the Board on any requirements that are material to
your Company.
Annual General Meeting (AGM)
The 2024 AGM will be held on 9 May 2024 in Maven's London office, which is
located at 6th Floor, Saddlers House, 44 Gutter Lane, London EC2V 6BR. The AGM
will commence at 12.00 noon and the Notice of Annual General Meeting can be
found in the Annual Report.
The Future
Whilst the UK moved into technical recession in the final quarter of 2023,
there are signs that the outlook is improving. Inflation has sharply declined
from its peak in 2023 and, assuming this trajectory continues, interest rates
are expected to gradually ease during the second half of the year. Against a
more positive macroeconomic outlook, your Company will remain focused on
maintaining a steady rate of new investment to further expand and diversify
the portfolio, whilst also targeting successful exits to ensure that the 5%
dividend yield can be maintained.
Fraser Gray
Chairman
5 April 2024
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 and Uncertainties
The Board and the Risk Committee have an ongoing process for identifying,
evaluating and monitoring the principal and emerging risks and uncertainties
facing the Company. The risk register and dashboard form key parts of the
Company's risk management framework used to carry out a robust assessment of
the risks, including a significant focus on the controls in place to mitigate
them. The current principal and emerging risks and uncertainties facing the
Company are considered to be as follows:
Principal Risk Root Cause Control Measure
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 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 · Heightened cyber security risk and potential IT failure, which could · The Board closely monitors the systems and controls in place to
cause a third party to fail to perform its duties and responsibilities or prevent or mitigate against a systems or data security failure.
experiences financial difficulties such that it is unable to carry on trading
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.
· Ability of third parties to operate effective business continuity
plan (BCP) arrangements has been validated.
VCT qualifying status risk · Failure to meet VCT qualifying status could result in Shareholders · The Board works closely with the Manager to ensure compliance with
losing the income tax relief on initial investment and loss of tax relief on all applicable and upcoming legislation, such that VCT qualifying status is
any tax free income or capital gains received. Failure to meet the qualifying maintained.
requirement could result in a loss of listing of the shares.
· Further information on the management of this risk is detailed under
other headings in the Business Report in the Annual Report.
Legislative and regulatory risk · Breaches of regulations including, but not limited to, the Companies · The Board strives to maintain a good understanding of the changing
Act 2006, the FCA Listing Rules, the FCA Disclosure Guidance and Transparency regulatory landscape and consider emerging issues so that appropriate changes
Rules, the General Data Protection Regulation (GDPR), or the Alternative can be 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 Board and the Manager continue to make representations where
appropriate, either directly or through relevant industry bodies such as the
AIC, the British Private Equity and Venture Capital Association (BVCA) and the
Venture Capital Trust Association (VCTA) in relation to any changes in
legislation.
Emerging Risk Root Cause Control Measure
Inflationary pressures/ · Inflationary pressures, supply chain issues and access to skilled · The Board regularly reviews the investment portfolio with the
workforce disrupting business plans and creating challenges for SMEs within Manager, and the Manager works closely with portfolio companies to identify
cost of living crisis the portfolio. potential issues and support them in the management of economic challenges.
· Cost of living crisis resulting in rising costs within the portfolio · The Board and the Manager are monitoring this risk closely and,
including, but not limited to, the cost of supplies, employee wages and whilst this risk cannot be obviated entirely, the Company's investment
utilities. portfolio is diversified across a large number of investee companies operating
in a range of economic sectors, and progress is actively and closely
monitored.
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 this
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 2023 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 in the Annual Report
show the profile of the portfolio by industry sector. They also show the
sectoral diversity of the portfolio and the hybrid structure, which is
balanced between private growth capital companies, more mature private company
holdings, and AIM quoted investments. 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 a
loss of £4,307,000 (2022: loss of £2,068,000); there was a net loss on
investments of £2,989,000 (2022: loss of £787,000) and earnings per share
represented a deficit of 3.17p (2022: deficit of 1.64p). 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. The Board considers the following to be KPIs:
• NAV total return;
• 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 date. 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 per share for the financial
year, expressed as a percentage of the NAV per share at the immediately
preceding year end. The Directors seek to pay dividends to provide a yield and
comply with the VCT rules, taking account of 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 of a fund to an investor. The OCR is
the total recurring annual expenses of the Company, including management fees
charged to the capital reserve, as a percentage of the average net assets
attributable to Shareholders. The Company's OCR for the year ended 31 December
2023 was 3.26% (2022: 2.97%) 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 in the Annual Report, 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 blended portfolio of private equity and
AIM quoted holdings provides the optimal structure for delivering long term
growth in Shareholder value. However, the Manager will remain cautious on new
AIM investments until there is clear evidence of a recovery in this market and
an improvement in the quality and range of companies seeking VCT investment.
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 Maven Income and Growth VCT 4 PLC 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 guidelines were updated in December 2022 and incorporate the
special guidance issued post COVID and following the invasion of Ukraine, and
expand on the concept of and impact on valuations of distressed markets, as
well as looking at how ESG factors impact valuations. The Directors and the
Manager continue to follow 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 a share buy-back programme under appropriate
circumstances.
The Board's Duty and Stakeholder Engagement
The Directors recognise the importance of an effective Board and its ability
to discuss, review and make decisions to promote the long term success of the
Company and protect the interests of its key stakeholders. As required by
Provision 5 of the AIC Code (and in line with the UK Code), the Board has
discussed the Directors' duty under Section 172 of the Companies Act and how
the interests of key stakeholders have been considered in the Board
discussions and decision making during the year.
This has been summarised in the table below:
Form of engagement Influence on Board decision making
Shareholders
Shareholders are encouraged to attend and vote at the AGM and have the The Board recognises the importance of tax-free dividends to Shareholders and
opportunity to ask questions and engage with the Directors and the Manager. takes this into consideration when making decisions to pay interim and propose
final dividends for each year. Further details regarding dividends for the
year under review can be found in the Chairman's Statement.
The Company reports formally to Shareholders by publishing Annual and Interim
Reports. In the instance of a corporate action taking place, the Board will
communicate with Shareholders through the issue of a Circular and, if The Directors recognise the importance to Shareholders of the Company
required, a Prospectus. In addition, significant matters or reporting maintaining an active buy-back policy, with the intention that share buy backs
obligations are disseminated to Shareholders by way of announcements to the will be conducted with a view to maintaining a share price that is at a
London Stock Exchange. discount of approximately 5% to the latest published NAV per share. Further
details can be found in the Chairman's Statement, and in the Directors' Report
in the Annual Report.
The Secretary acts as a key point of contact for the Directors and
communications received from Shareholders are circulated to the whole Board.
In making the decision to launch the current Offer for Subscription, the
Directors considered that it would be in the interest of Shareholders to
continue to expand the portfolio and make investments across a diverse range
The Manager also publishes a bi-annual newsletter and provides regular of sectors. By growing the Company, as certain costs are fixed, these costs
portfolio updates by email. are spread over a wider asset base, which helps to promote a competitive
ongoing charges ratio and is in the interests of Shareholders. In addition,
the increased liquidity helps support the buy-back policy referred to above.
Further details regarding the latest Offers for Subscription can be found in
the Chairman's Statement.
Environment and society
The Directors and the Manager take account of the social, environmental and The Directors and the Manager are aware of their duty to act in the interests
ethical factors impacted by the Company and the investments that it makes. of the Company and acknowledge that there are risks associated with investment
in companies that fail to conduct business in a socially responsible manner.
The Manager's ESG assessment of investee companies focuses heavily on their
impact on the environment, as well as broader social themes such as the
companies' approach to diversity and inclusion in the workplace, and their
work with charities.Further details can be found in the Chairman's Statement,
the Investment Manager's Review, and in the Statement of Corporate Governance
in the Annual Report.
Portfolio companies
At quarterly Board Meetings, the Manager reports to the Board on the portfolio Through the Manager, the Directors encourage portfolio companies to adopt best
companies and the Directors challenge the Manager where they feel it is practice corporate governance, exercising voting rights where needed. The
appropriate. Board has delegated the responsibility for monitoring the portfolio companies
to the Manager and has given it discretion to vote in respect of the Company's
holdings in the investment portfolio, in a way that reflects the concerns and
key governance matters discussed by the Directors. The Board is also mindful
The Manager communicates directly with each private investee company, that, as the portfolio expands and the proportion of early stage investments
increases, follow-on funding will represent an important part of the Company's
normally through the Maven representative who sits on its board. investment strategy and this forms a key part of the Directors' discussions in
relation to valuations, risk management and fundraising.
From time to time, the management teams of investee companies give
presentations to the Board. Meeting with the management teams of private companies gives the Board a
better understanding of the investee business.
Manager
The Manager attends the quarterly Board Meeting, presenting a detailed The Board ensures that the Manager implements the investment objective and
portfolio analysis and reports on key issues such as VCT compliance, strategy, in accordance with the terms of the Management and Administration
investment pipeline, utilisation of any new monies raised, share liquidity and Deed, and in compliance with the VCT, and other, regulations. On an annual
peer group performance. basis, as part of its decision on the re-appointment of the Manager, the Board
conducts a review of the Manager's performance and management fee.
Information provided by the Manager supports the Board's policies regarding
dividends and share buy-backs, and the decisions made on fundraising.
The Board has an active treasury management policy, which has the objective of
generating income from the cash held prior to investment. As detailed in the
Chairman's Statement and in the Investment Manager's Report, in the Annual
Report, during the year under review, the treasury management strategy was
refined in response to rising interest rates and to ensure ongoing compliance
with the Nature of Income test. This resulted in an adjustment to the
composition of the portfolio, including the introduction of holdings in money
market funds and an expansion of the portfolio of investment trusts.
Registrar
Annual review meetings and control reports. The Directors review the performance of all third party service providers on
an annual basis, including ensuring compliance with GDPR.
Banks and Custodian
Regular statements and control reports received, with all holdings and The Directors review the performance of all third party providers on an annual
balances reconciled. basis, including oversight of securing the Company's assets.
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. 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 2024, 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
5 April 2024
Income Statement
For the year ended 31 December 2023
Year ended Year ended
31 December 2023 31 December 2022
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Loss on investments - (2,989) (2,989) - (787) (787)
Income from investments 1,262 - 1,262 1,297 - 1,297
Other income 299 - 299 92 - 92
Investment management fees (449) (1,797) (2,246) (435) (1,738) (2,173)
Other expenses (633) - (633) (497) - (497)
Net return on ordinary activities before taxation 479 (4,786) (4,307) 457 (2,525) (2,068)
Tax on ordinary activities - - - - - -
Return attributable to Equity Shareholders 479 (4,786) (4,307) 457 (2,525) (2,068)
Earnings per share (pence) (3.52) (3.17) 0.36
0.35 (2.00) (1.64)
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 2023
Year ended 31 December 2023 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 2022 12,977 37,443 762 12,100 4,213 19,975 1,174 88,644
Net return - - - (2,950) (39) (1,797) 479 (4,307)
Dividends paid - - - - - (4,580) (205) (4,785)
Repurchase and cancellation of shares (434) - 434 - - (2,715) - (2,715)
Net proceeds of share issue 978 5,615 - - - - - 6,593
Net proceeds of DIS issue* 75 412 - - - - - 487
At 31 December 2023 13,596 43,470 1,196 9,150 4,174 10,883 1,448 83,917
Year ended 31 December 2022 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 2021 10,992 23,244 502 14,583 2,517 29,367 1,107 82,312
Net return - - - (2,483) 1,696 (1,738) 457 (2,068)
Dividends paid - - - - - (5,940) (390) (6,330)
Repurchase and cancellation (260) - 260 - - (1,714) - (1,714)
of shares
Net proceeds of share issue 2,157 13,692 - - - - - 15,849
Net proceeds of DIS issue* 88 507 - - - - - 595
At 31 December 2022 12,977 37,443 762 12,100 4,213 19,975 1,174 88,644
*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 that are distributable. The capital reserve
unrealised contains £4,325,000 of losses (2022: £1,699,000) in relation to
level 1 and level 2 investments, which could be converted to cash, and as
such, could be deemed realised.
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), 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 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 2023
31 December 2023 £'000 31 December 2022 £'000
Fixed assets
Investments at fair value through profit or loss 77,237 66,858
Current assets
Debtors 1,506 1,610
Cash 5,458 20,352
6,964 21,962
Creditors
Amounts falling due within one year (284) (176)
Net current assets 6,680 21,786
Net assets 83,917 88,644
Capital and reserves
Called up share capital 13,596 12,977
Share premium account 43,470 37,443
Capital redemption reserve 1,196 762
Capital reserve - unrealised 9,150 12,100
Capital reserve - realised 4,174 4,213
Special distributable reserve 10,883 19,975
Revenue reserve 1,448 1,174
Net assets attributable to Ordinary Shareholders 83,917 88,644
Net asset value per Ordinary Share (pence) 61.71 68.30
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
5 April 2023
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 2023
Year ended Year ended
31 December 2023 £'000 31 December 2022 £'000
Net cash flows from operating activities (1,308) (2,187)
Cash flows from investing activities
Purchase of investments (19,583) (5,471)
Sale of investments 6,320 9,068
Net cash flows from investing activities (13,263) 3,597
Cash flows from financing activities
Equity dividends paid (4,785) (6,330)
Net proceeds of share issue 6,707 15,849
Net proceeds of DIS issue 470 595
Repurchase of Ordinary Shares (2,715) (1,714)
Net cash flows from financing activities (323) 8,400
Net (decrease)/increase in cash (14,894) 9,810
Cash at beginning of year 20,352
10,542
Cash at end of year 5,458 20,352
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 2023
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 then 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 £nil
(2022: £141,836) was received in the year ended 31 December 2023.
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 represents the Directors' view of the amount for
which an asset could be exchanged between knowledgeable 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 Method, calibrating
for any material change in the trading circumstances of the investee company.
Other early stage companies are valued by applying a multiple to the
investee's revenue to derive the enterprise value of each company. Where
relevant, an investee company may be valued on a discounted cash flow basis.
2. Whenever practical, recent investments will be valued by reference to
a material arm's length transaction or a quoted price.
3. Mature companies are valued by applying a multiple to their
maintainable earnings to determine the enterprise value of the company.
To obtain a valuation of the total ordinary share capital held by
management and the institutional investors, the value of third party debt,
institutional loan stock, debentures and preference share capital is deducted
from the enterprise value. The effect of any performance related mechanisms is
taken into account when determining the value of the ordinary share capital.
4. All private company unlisted investments are valued individually by
the Manager. The resultant valuations are subject to detailed scrutiny and
approval by the Directors of the Company.
5. In accordance with normal market practice, investments quoted on AIM
or a recognised stock exchange are valued at their bid market price.
(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.
• 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.
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 costs, including £113,694
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 2023 31 December 2022
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 136,002,183 126,180,477
Revenue return £479,000 £457,000
Capital return (£4,786,000) (£2,525,000)
Total return (£4,307,000) (£2,068,000)
Net asset value per Ordinary Share
The net asset value per Ordinary Share as at 31 December 2023 has been
calculated using the number of Ordinary Shares in issue at that date of:
135,982,341 (2022: 129,788,859).
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 2023 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 and uncertainties 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 9 May 2024, 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 2023
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 2022 have been delivered to the Registrar of Companies and contained
an audit report which 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 2023, 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
(http://www.mavencp.com/migvct4) .
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
(http://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
.
By Order of the Board
Maven Capital Partners UK LLP
Secretary
5 April 2024
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