MAVEN INCOME
AND GROWTH
VCT PLC
Annual Report for the
year ended 28 February 2025
02 I Maven Income and Growth VCT PLC
CORPORATE SUMMARY
THE COMPANY
Maven Income and Growth VCT PLC (the Company) is a
public company limited by shares. It was incorporated in
England and Wales on 12 January 2000 with company
registration number 03908220. Its registered office is
at 6th Floor, Saddlers House, 44 Gutter Lane, London
EC2V 6BR.
The Company is a venture capital trust (VCT) and its
shares are listed on the Official List and traded on the
Main Market of the London Stock Exchange.
INVESTMENT OBJECTIVE
The Company aims to achieve long-term capital
appreciation and generate income for Shareholders.
CONTINUATION DATE
The Articles of Association (the Articles) require the
Directors to put a proposal for the continuation of the
Company, in its then form, to Shareholders at the
Company’s Annual General Meeting (AGM) to be held in
2030 or, if later, at the AGM following the fifth
anniversary of the latest allotment of new shares.
SHARE DEALING
Shares in the Company can be purchased and sold in
the market through a stockbroker. For qualifying
investors buying shares on the open market:
• dividends are free of income tax;
• no capital gains tax is payable on a disposal of
shares;
• there is no minimum holding period;
• the value of shares, and income from them, can fall
as well as rise;
• tax regulations and rates of tax may be subject to
change;
• VCTs tend to be invested in smaller, unlisted
companies with a higher risk profile; and
• the market for VCT shares can be illiquid, so there
may not be available buyers and the shares may be
valued at a discount to NAV per share.
The Stockbroker to the Company is Shore Capital
Stockbrokers Limited (020 7647 8132).
RECOMMENDATION OF NON-MAINSTREAM
INVESTMENT PRODUCTS
The Company currently conducts its affairs so that the
shares issued by it can be recommended by authorised
financial advisers to ordinary retail investors in accordance
with the rules of the Financial Conduct Authority (FCA) in
relation to non-mainstream investment products, and
intends to continue to do so for the foreseeable future.
The Company’s shares are excluded from the FCA’s
restrictions that apply to non-mainstream investment
products because they are shares in a VCT and the
returns to investors are predominantly based on
investments in private companies or publicly quoted
securities.
UNSOLICITED OFFERS FOR SHARES
(BOILER ROOM SCAMS)
Shareholders in a number of UK registered companies
have received unsolicited calls from organisations,
usually based overseas or using false UK addresses or
phone lines routed abroad, offering to buy shares at
prices much higher than their current market values or
to sell non-tradeable, overpriced, high-risk or even
non-existent securities.
Whilst the callers may sound credible and professional,
Shareholders should be aware that their intentions are
often fraudulent and high-pressure sales techniques
may be applied, often involving a request for an
indemnity or a payment to be provided in advance.
If you receive such a call, you should exercise caution
and, based on advice from the FCA, the following
precautions are suggested:
• obtain the name of the individual or organisation
calling;
• check the FCA register to confirm if the caller is
authorised;
• call back using the details on the FCA register to
verify the caller’s identity;
• discontinue the call if you are in any doubt about the
intentions of the caller, or if calls persist; and
• report any individual or organisation that makes
unsolicited calls with an offer to buy or sell shares to
the FCA and the City of London Police.
USEFUL CONTACT DETAILS:
Action Fraud
Telephone: 0300 123 2040
Website: actionfraud.police.uk
FCA
Telephone: 0800 111 6768 (freephone)
Website: fca.org.uk/scamsmart
Directors’ Report 43
Directors’ Remuneration Report 49
Statement of Corporate Governance 53
Statement of Directors’ Responsibilities 59
Report of the Audit and Risk Committees 60
Independent Auditor’s Report to the Members
of Maven Income and Growth VCT PLC 64
Income Statement 71
Statement of Changes in Equity 72
Balance Sheet 73
Cash Flow Statement 74
Notes to the Financial Statements 75
Notice of Annual General Meeting 90
Explanatory Notes to the
Notice of Annual General Meeting 96
Glossary 98
Your Notes 101
Contact Information 103
STRATEGIC REPORT
FINANCIAL STATEMENTS
GOVERNANCE REPORT
ANNUAL GENERAL MEETING &
ADDITIONAL INFORMATION
01
03
02
04
IN THIS REPORT
Maven Income and Growth VCT PLC I 03
Corporate Summary 02
Financial Highlights 04
Your Board 07
Chairman’s Statement 09
Business Report 14
Portfolio Analysis 21
Investment Manager’s Review 22
Largest Investments by Valuation 33
Investment Portfolio Summary 39
04 I Maven Income and Growth VCT PLC
AS AT 28 FEBRUARY 2025
NAV Total Return Performance
1
*
Proposed final dividend
per Ordinary Share
1.25p
Dividends paid to date*
per Ordinary Share
108.71p
Net asset value
(NAV)
£65.68m
NAV
per Ordinary Share
39.37p
NAV total return
1
*
per Ordinary Share
148.08p
Annual yield
2
*
6.08%
FINANCIAL HIGHLIGHTS
(p)
148.08p
145.86p
147.27p
146.25p
144.32p
120125 130135 140145 150
NAV Total Return Performance 1*
2025
2024
2023
2022
2021
The above chart shows the NAV total return per Ordinary Share as at the end of February in each year.
Dividends that have been declared but not yet paid are included in the NAV at the balance sheet date.
The policy for valuing investments is disclosed in Note 1 to the Financial Statements.
Maven Income and Growth VCT PLC I 05
FINANCIAL HISTORY
28 February
2025
29 February
2024
28 February
2023
NAV £65,680,000 £61,023,000 £57,640,000
NAV per Ordinary Share 39.37p 39.45p 43.01p
Dividends paid or proposed per Ordinary Share
for the year
2.40p 2.15p 2.25p
Dividends paid per Ordinary Share to date* 108.71p 106.41p 104.26p
NAV total return per Ordinary Share
1
* 148.08p 145.86p 147.27p
Share price
3
38.00p 38.00p 41.00p
Discount to NAV* 3.48% 3.68% 4.67%
Annual yield
2
* 6.08% 5.00% 5.07%
Ongoing charges ratio (OCR)* 2.57% 2.77% 2.70%
Ordinary Shares in issue 166,841,748 154,684,497 134,000,597
1
Sum of current NAV per Ordinary Share and dividends paid per Ordinary Share to date (excluding initial tax relief).
2
In line with the enhanced dividend policy outlined on page 10 of this Annual Report, this is based on dividends paid or
proposed per Ordinary Share for the financial year and the NAV per Ordinary Share at the immediately preceding year end.
3
Closing mid-market price at the year end (Source: IRESS).
*Definitions of these Alternative Performance Measures (APMs) can be found in the Glossary on pages 98 and 100 of this
Annual Report. The principal Key Performance Indicators (KPIs) are highlighted in the Business Report on pages 16 and 17.
DIVIDENDS
Year ended 28/29 February
Payment
date
Interim/
final
Payment
(p)
Annual
payment (p)
Annual
yield (%)
2
2001 - 2020 98.91
2021 20 November 2020 Interim 1.00
16 July 2021 Final 1.00 2.00 4.31
2022 3 December 2021 Interim 1.00
15 July 2022 Final 1.25 2.25 5.07
2023 2 December 2022 Interim 1.10
14 July 2023 Final 1.15 2.25 5.07
2024 1 December 2023 Interim 1.00
19 July 2024 Final 1.15 2.15 5.00
2025 29 November 2024 Interim 1.15
Total dividends paid since inception 108.71
2025 18 July 2025 Proposed final 1.25 2.40 6.08
Total dividends paid or proposed
since inception
109.96
06 I Maven Income and Growth VCT PLC
SUMMARY OF INVESTMENT CHANGES
FOR THE YEAR ENDED 28 FEBRUARY 2025
Valuation
29 February 2024
Net investment/
(disinvestment)
Appreciation/
(depreciation)
Valuation
28 February 2025
£’000 % £’000 £’000 £’000 %
Unlisted investments
1
Equities 36,073 59.1 (4,917) 4,353 35,509 54.1
Loan stock 8,140 13.3 (93) (396) 7,651 11.6
44,213 72.4 (5,010) 3,957 43,160 65.7
AIM/AQSE investments
2
Equities 1,174 1.9 (434) (192) 548 0.8
Other investments
3
Investment trusts 3,454 5.7 1,106 237 4,797 7.3
OEICs 2,043 3.4 (3) (28) 2,012 3.1
MMFs 4,500 7.4 1,000 - 5,500 8.4
Total investments 55,384 90.8 (3,341) 3,974 56,017 85.3
Cash 5,476 9.0 4,057 - 9,533 14.5
Other net assets 163 0.2 (33) - 130 0.2
Net assets 61,023 100.0 683 3,974 65,680 100.0
1
These movements include the transfer of shares, during the year, of C4X Discovery Holdings PLC and Crossword Cybersecurity
PLC from AIM quoted into unlisted equity holdings.
2
Shares traded on AIM, the Aquis Stock Exchange (AQSE) and the Main Market of the London Stock Exchange.
3
These holdings represent the treasury management portfolio, which has been constructed from a range of carefully selected,
permitted non-qualifying holdings in investment trusts, open-ended investment companies (OEICs) and Money Market Funds
(MMFs).
Maven Income and Growth VCT PLC I 07
JOHN POCOCK
Chairman and Independent Non-executive Director
ALISON FIELDING
Independent Non-executive Director
Relevant experience and other directorships: John has extensive experience in the information technology and
financial sectors and was formerly a director and chief executive of Druid Group PLC, a FTSE 250 company that
was acquired by Xansa PLC in March 2000. He is currently executive chairman of DiffusionData Limited (a current
portfolio company) and is a former non-executive director of Electric & General Investment Trust PLC. John is also a
director of Synergie Global Limited and Lightsong Media Group Limited.
Length of service: He was appointed as a Director on 1 March 2007 and as Chairman on 8 July 2010.
Last re-elected to the Board: 11 July 2024
Committee membership: Audit, Management Engagement (Chair), Nomination (Chair), Remuneration and Risk.
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in Company: 100,812 Ordinary Shares
Relevant experience and other directorships: Alison is an experienced entrepreneur and non-executive director,
with significant expertise in strategy development and implementation for both large and small organisations,
having worked as a strategy consultant at McKinsey & Company and been COO at IP Group PLC. She is currently
a non-executive director and chair of the remuneration committee at Nanoco Group PLC, and is also a non-
executive director of Thomas Swan & Co. Limited.
Length of service: She was appointed as a Director on 1 January 2019.
Last re-elected to the Board: 11 July 2024
Committee membership: Audit, Management Engagement, Nomination, Remuneration (Chair) and Risk.
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in Company: 247,281 Ordinary Shares
The Board of three Directors, all of whom are non-executive and considered by the Board to be independent of the
Manager, supervises the management of Maven Income and Growth VCT PLC and looks after the interests of its
Shareholders. The Board is responsible for setting and monitoring the Company’s strategy, and the biographies set
out below indicate the Directors’ range of investment, commercial and professional experience. Further details are
provided in the Directors’ Report and in the Statement of Corporate Governance in this Annual Report.
YOUR BOARD
08 I Maven Income and Growth VCT PLC
Relevant experience and other directorships: Andrew is co-owner of AHV Associates LLP, a boutique investment
bank formed in 2001, and works alongside management teams and shareholders across many sectors to advise
on transactions such as the purchase or sale of companies and capital raising. He was previously founder and chief
executive of Nextcall Telecom, a business backed by venture and private investor capital, before which he was
managing director at Salomon Brothers, where he advised on investment, initial public offerings, secondary public
market offerings and M&A.
Length of service: He was appointed as a Director on 1 January 2019.
Last re-elected to the Board: 11 July 2024
Committee membership: Audit (Chair), Management Engagement, Nomination, Remuneration and Risk (Chair).
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in Company: 233,197 Ordinary Shares
ANDREW HARRINGTON
Independent Non-executive Director
Maven Income and Growth VCT PLC I 09
On behalf of your Board, I am pleased to present the Annual Report. The year to
28 February 2025 has been a period of positive progress for your Company, where
the high level of M&A activity across the private company portfolio has helped to
deliver an increase in NAV total return. During the year, your Company completed
six profitable realisations, several of which achieved strategic premiums that were
materially ahead of carrying value at the previous year end and have supported
the uplift in NAV total return. This represents your Company’s most successful
year for exits from the growth portfolio and provides important validation of the
investment strategy, and sector focus, that your Company has been following.
These exits also generated over £10 million in cash proceeds, which has enabled
the Directors to improve the dividend policy by increasing the annual target yield
from 5% to 6% of NAV per Ordinary Share at the immediately preceding year end.
In line with this new policy, the Directors are pleased to propose a final dividend
of 1.25p per Ordinary Share for payment in July 2025, which takes the annual
yield to 6.08%.
During the year, the economic and geopolitical landscape has remained unsettled and,
following the recent imposition of tariffs by the US, the outlook for the UK economy
continues to be uncertain. Although domestic inflation has significantly reduced, it
remains above the Bank of England’s target and, as a consequence, interest rate cuts
have been slower and more gradual than expected, with business and consumer
confidence suppressed. Against this backdrop, the Directors are pleased to report that
your Company has delivered a resilient performance and, with good levels of liquidity,
remains well placed to continue to achieve its long term investment objective.
It has been nearly a decade since the changes to the VCT rules were announced and,
during this time, the Manager has carefully transitioned the portfolio to one focused
on earlier stage businesses with high growth potential. The consistent application
of the investment strategy, which is focused on constructing a large and broadly
based portfolio of companies that operate across a diverse range of sectors, with
limited direct exposure to discretionary or consumer spending has resulted in your
Company increasing in size and scale. At the end of the financial year, your Company
had a portfolio of over 90 private and AIM quoted holdings, providing access to
dynamic and emerging sectors such as cyber security, healthtech, regtech, software
and specialist manufacturing. Many of these companies are progressively achieving
scale and establishing a leading presence in their respective markets, with several
attracting the attention of credible acquirers. The increased level of M&A activity
experienced during the year has resulted in the completion of six profitable exits to
a range of UK and international trade and private equity buyers, including three sales
to strategic US acquirers. A number of these exits completed at valuations that were
ahead of carrying value, which helps to demonstrate the strength of your Company’s
investment approach and its ability to deliver growth in Shareholder value.
In May 2024, the exit from graduate recruitment specialist GradTouch completed,
generating a total return of 1.7x cost. In June 2024, the final exit from cyber
security specialist Quorum Cyber completed, through a sale of the residual holding,
generating a total return of 8.2x cost across two separate exit transactions. The
partial sale of digital archiving specialist MirrorWeb completed in August 2024,
generating a total return of 3.8x cost, comprising an initial cash return in tandem
with a retained equity stake. In early September 2024, the partial exit from regtech
specialist Novatus Global also completed, generating a total return of 4.7x cost
consisting of an initial cash return alongside a retained equity stake. In September
2024, specialist electronics contract manufacturer CB Technology and digital
payments software provider QikServe were sold to trade acquirers in all cash
transactions, generating total returns of 2.8x cost and 1.3x cost respectively.
HIGHLIGHTS
NAV total return at the
year end of 148.08p
per Ordinary Share
(2024: 145.86p)
NAV at the year end of
39.37p per Ordinary
Share (2024: 39.45p)
Six profitable private
company realisations
completed, generating
proceeds of up to 8.2x
cost and cash receipts
of over £10 million
Annual target yield
increased to 6% of
NAV per Ordinary
Share
Final dividend of
1.25p per Ordinary
Share proposed for
payment in July 2025
£4.6 million deployed
in new and follow-on
investments
Offer for Subscription
closed early, fully
subscribed, raising
£10 million
CHAIRMAN’S STATEMENT
10 I Maven Income and Growth VCT PLC
The partial exit from Quorum Cyber in 2021 was the first transaction where the Manager negotiated a sale that
consisted of an initial cash return together with a retained equity stake in the business, which allowed your
Company to participate in its future growth in value. Where an investee company is performing strongly and
achieving scale, a large secondary funding round at a premium valuation can often help it to accelerate growth.
This also provides your Company with the ability to achieve a partial exit and healthy initial cash return, whilst
retaining an equity stake in the business. During the year, the Manager applied this model to the partial exits from
MirrorWeb and Novatus Global, where both businesses made rapid commercial progress following investment and
attracted the attention of US based private equity investors that provided substantial new capital to support the
next phase of growth.
During the year, your Company has maintained a healthy rate of investment, with the deployment of £4.6 million
in new and follow-on funding. Six new private companies were added to the portfolio and follow-on investment
was provided to 18 existing portfolio companies, alongside the completion of one small AIM transaction. It is
encouraging to note that most of the companies in the private equity portfolio continue to deliver revenue growth
and achieve their strategic objectives, which has resulted in the valuations of certain holdings being uplifted.
Conversely, there are a small number of companies that are performing behind plan, or which have ceased trading,
and where appropriate provisions have been taken. The Investment Manager’s Review on pages 22 to 32 of this
Annual Report provides further details of key developments across the portfolio.
In line with your Company’s long term growth objective, and with the “sunset clause” for VCT and EIS schemes
now extended until 2035, your Board is pleased to report that the Offer for Subscription, which was launched in
September 2024 alongside Offers by the other Maven managed VCTs, closed early, fully subscribed in March 2025.
Your Company achieved its target raise of £10 million for the 2024/25 and 2025/26 tax years and all new Ordinary
Shares in relation to this Offer have now been allotted. This additional capital provides important liquidity to enable
your Company to continue to progress its growth strategy.
Treasury Management
During the year, your Company has maintained a proactive approach to treasury management, where the objective
remains to optimise the income from cash reserves held prior to investment in VCT qualifying companies by
building a diversified portfolio of high yielding securities. For several years, your Company has held a focused
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 several UK banks in order to
broaden counterparty risk. This approach also ensured ongoing compliance with the VCT legislation, which states
that not less than 70% of income generated by a VCT must be derived from shares or securities.
The rapid rise in interest rates during 2023 resulted in a significant increase in the level of income generated
from the uninvested cash held on deposit, requiring the Board to revise its approach to treasury management.
After conducting a detailed whole of market review, a broadly based portfolio of listed securities was constructed,
including holdings in money market funds (MMFs) and open-ended investment companies (OEICs), alongside
carefully selected London Stock Exchange listed investment trusts diversified across private equity, infrastructure
and other classes, with the remaining cash held on deposit with several UK banks. This strategy has ensured
ongoing compliance with the Nature of Income condition and also provides your Company with a significant stream
of income that currently generates a blended annualised yield of approximately 4% across the combined treasury
management portfolio and uninvested cash. It is worthwhile highlighting that this is a dynamic portfolio, which will
vary in size depending on your Company’s rate of investment, investee company realisations and overall liquidity
levels. Full details of the holdings in this portfolio can be found in the Investment Portfolio Summary on pages 39
to 42 of this Annual Report.
Enhanced Dividend Policy
Your Board recognises the importance to Shareholders of regular tax free distributions and, further to the completion
of several profitable realisations, has elected to enhance the dividend policy. As a result, from the year to 28 February
2025 onwards, your Company has increased its target annual dividend from 5% to 6% of the NAV per Ordinary
Share at the immediately preceding year end.
Shareholders should be aware that this remains a target and that decisions on distributions take into consideration
a number of factors including 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, growth companies increases, the timing of distributions
will be more closely linked to realisation activity, whilst also reflecting the requirement to maintain the VCT
qualifying level.
Maven Income and Growth VCT PLC I 11
Proposed Final Dividend
In line with the enhanced dividend policy, the Directors propose that a final dividend of 1.25p per Ordinary Share,
in respect of the year ended 28 February 2025, be paid on 18 July 2025 to Shareholders who are on the register
at 20 June 2025. This will bring the annual dividend to 2.40p per Ordinary Share, representing a yield of 6.08%
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 109.96p per Ordinary Share will have been paid in tax free
distributions. It should be noted that payment of a dividend reduces the NAV of the Company by the total amount
of the distribution.
The Board wishes to take this opportunity to remind Shareholders of their responsibility to ensure that the
Company’s Registrar (The City Partnership) has their correct contact and bank account details, to allow for the
timely payment of dividends. Dividend tax vouchers are available to download from the Registrar’s investor hub
at: 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 an individual Shareholder’s particular circumstances.
Shareholders can elect to participate in the DIS, 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 to be paid on 18 July 2025, the mandate form
must be received by The City Partnership before 4 July 2025, 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/migvct. Election to participate in the DIS can also be made through the
Registrar’s online investor hub.
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
On 27 September 2024, your Company launched a new Offer for Subscription alongside Offers by the other Maven
managed VCTs. The Directors are pleased to report that, on 27 March 2025, your Company’s offer closed early,
fully subscribed, having raised a total of £10 million for the 2024/25 and 2025/26 tax years.
Consistent with the objective of making regular allotments of new Ordinary Shares, the first allotment for the
2024/25 tax year completed on 23 January 2025, with further allotments taking place on 27 March and 4 April
2025, and an allotment for the 2025/26 tax year completing on 6 May 2025. Details regarding the new Ordinary
Shares issued can be found in Note 12 to the Financial Statement on page 84 of this Annual Report.
The Directors believe that Maven’s regionally based team of investment executives has the capability to continue
to source attractive opportunities in VCT qualifying companies across a range of sectors, and that the additional
liquidity provided by this fundraising will facilitate 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 buy-
back 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, however, be noted that buy backs are prohibited whilst the Company
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
and Manager are in possession of price sensitive information.
12 I Maven Income and Growth VCT PLC
Shareholders should note that neither the Company nor the Manager can execute a transaction in the Company’s
shares. Any instruction by a Shareholder to buy or sell shares on the secondary market must be directed through a
broker of their choice. To discuss a transaction, the Shareholder’s broker should contact the Company’s stockbroker,
Shore Capital Stockbrokers, on 020 7647 8132.
VCT Regulatory Developments
During the year, there were no further amendments to the rules governing VCTs and your Company remains fully
compliant with the complex conditions and requirements of the scheme.
On 3 September 2024, HM Treasury approved the regulations required to extend the “sunset clause” for VCT and
EIS schemes until 2035. This provides greater certainty to Shareholders, as well as SMEs seeking growth capital,
that VCTs will remain a central component of the UK’s funding infrastructure. Furthermore, and as expected, the
new Government’s first Budget Statement in October 2024 did not introduce changes to tax reliefs for VCT and EIS
schemes. As part of the growth agenda, the Chancellor confirmed that the Government would continue to work with
entrepreneurs and venture capital firms to support investment to grow the UK economy, by ensuring that policies
provide a positive environment for entrepreneurship. The Venture Capital Trust Association (VCTA), of which the
Manager is a founding member, and the Association of Investment Companies (AIC), of which the Company is a
member, will continue to work with HM Treasury to build on this positive relationship, which recognises the important
role of VCTs in supporting Britain’s brightest businesses and creating regional employment opportunities.
The October 2024 Budget did, however, introduce a widely expected change to the tax regime for AIM quoted
shares. With effect from 6 April 2026, business relief, which applies to shares that do not trade on recognised stock
exchanges such as AIM and AQSE, will be reduced to 50% from the current 100%. As Shareholders will be aware,
the performance of AIM over the past few years has been disappointing, with depressed valuations and limited high
quality new investment opportunities. Against this backdrop, the value and size of your Company’s AIM portfolio
has gradually declined and, as at 28 February 2025, accounted for less than 1% of NAV. Throughout the year, your
Company has maintained a cautious approach to AIM and has only completed one small AIM investment. Whilst the
Board and Manager recognise the beneficial liquidity characteristics of listed shares, it is not anticipated that there will
be a significant increase in the number of new AIM investments. It is also likely that certain legacy AIM holdings will
be liquidated in cases where, based on operational performance and market dynamics, there is limited expectation of
a near term share price recovery or M&A activity.
Environmental, Social and Governance (ESG) Considerations
Whilst your Company’s investment policy does not incorporate specific ESG objectives, the Board and the Manager
recognise the importance of considering and understanding ESG matters as an integral part of the investment
process. Maven has established an ESG and Responsible Investment Policy, which ensures that all 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 ESG framework for companies post investment then provides a structure for regular
engagement with the Manager, which ensures that ESG metrics can be monitored regularly.
In addition, Maven has an ESG steering group, with representation from all areas of the business, bringing a diverse
range of skill, experience and perspective. The core objective is to develop and embed effective ESG principles
throughout Maven’s business. The scope of the steering group includes setting the strategy for the collation and
assessment of ESG data, consideration of regulatory reporting requirements, promoting ESG aims amongst Maven
employees and portfolio companies, and oversight of reporting to stakeholders.
The Manager continues to be an active member of the United Nations Principles of Responsible Investment and
submitted its first public investor report in July 2024. This allows Maven to re-establish its commitment to include
ESG as an integral part of the investment process. Over the past year, the Manager has become increasingly involved
with social initiatives that focus on diversity supporting schemes such as Future Asset, the Investing in Women Code,
the Lifted Project and the 10,000 Interns Foundation, as it considers the early introduction of females and ethnic
minorities to the investment sector as crucial to reducing the disparities that still exist. During the year, Maven also
launched a Female Founder Workshop programme, which has increased introductions to female led businesses.
Maven Income and Growth VCT PLC I 13
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, and the most recent update
(December 2022) incorporates the special guidance, issued post COVID-19 and the start of the Ukraine conflict,
which expands on the concept of, and impact on, valuations of distressed markets, as well as looking at ESG
factors as part of the valuation methodology. In accordance with normal market practice, investments quoted on
AIM, or any other 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 page 14 of
this Annual Report and in Note 1 to the Financial Statements on page 75. The principal Key Performance Indicators
(KPIs) are outlined in the Business Report on page 16 and a summary of the Alternative Performance Measures
(APMs) is included in the Financial Highlights on page 4, with definitions of terms contained in the Glossary on
pages 98 to 100.
Annual General Meeting (AGM)
The 2025 AGM will be held on 10 July 2025 in Maven’s Glasgow office at Kintyre House, 205 West George Street,
Glasgow G2 2LW. The AGM will commence at 12.00 noon and the Notice of Annual General Meeting can be found
on pages 90 to 95 of this Annual Report.
The Future
This has been a strong year for exits from the private company portfolio and, following the successful completion of
the recent fundraising, your Company is well placed to continue to progress its growth strategy. Although the outlook
for the global economy remains uncertain, in the year ahead the Board and the Manager will continue to focus on
further expanding and developing the portfolio through the selective addition of private companies that operate in
attractive or defensive sectors and which have the ability to achieve scale in the medium term. In addition, potential
exit opportunities will be progressed in order to maximise Shareholder value and maintain regular dividend payments
in line with the new policy.
John Pocock
Chairman
28 May 2025
14 I Maven Income and Growth VCT PLC
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 Board holds at least one
meeting per annum at which strategic matters are discussed. 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
Under an investment policy approved by the Directors, 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/AQSE 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.
The Company had no borrowings as at 28 February 2025 and, as at the date of this Report, the Board has no
intention of utilising the borrowing facility.
Principal and Emerging Risks
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 principal and emerging risks facing the Company are as follows:
Principal risk Root cause Control measures
Investment risk • The majority of investments
are in small and medium sized
unquoted UK companies and AIM
quoted companies, which carry
a higher level of risk and lower
liquidity relative to investments in
larger quoted companies.
• The Company appoints an
FCA authorised investment
manager with the appropriate
skills, experience and resources
required to achieve the
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 portfolio is
diversified across a large number
of investee companies and a
range of economic sectors, and is
actively and closely monitored.
BUSINESS REPORT
Maven Income and Growth VCT PLC I 15
Principal risk Root cause Control measures
Operational risk • Failure of a significant
outsourcer to perform duties
and responsibilities in accordance
with service level agreements.
• All outsourcers are selected
following the completion of
appropriate due 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 income tax relief on
initial investment as well as tax
relief obtained on any tax free
income or capital gains received.
Failure to meet the qualifying
requirement could result in a
loss of listing of the Company’s
shares.
• The Board works closely with the
Manager to ensure compliance
with all applicable and upcoming
legislation, such that VCT
qualifying status is maintained.
• 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 cause a third party to
fail to perform its duties and
responsibilities or experience
financial difficulties such that it
is unable to carry on trading and
cannot provide services to the
Company.
• The Manager, on behalf of the
Board, closely monitors the
systems and controls in place
to prevent or mitigate against a
systems or data security failure.
• 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 2006, the FCA Listing Rules,
the FCA Disclosure Guidance and
Transparency Rules, the General
Data Protection Regulation
(GDPR), or the Alternative
Investment Fund Managers
Directive (AIFMD) by the
Company could lead to a number
of detrimental outcomes and
reputational damage.
• The Board strives to maintain
a good understanding of the
changing regulatory landscape
and considers emerging issues so
that appropriate changes can be
developed and implemented in
good time.
• The Board and the Manager
continue to make representations
where appropriate, either directly
or through relevant industry
bodies such as the Association of
Investment Companies (AIC), the
British Private Equity and Venture
Capital Association (BVCA)
and the Venture Capital Trust
Association (VCTA) in relation to
any changes in legislation.
16 I Maven Income and Growth VCT PLC
Emerging risk Root cause Control measures
Global conflict and
political instability
• Escalating global conflict and
political instability resulting in the
potential for escalating prices,
disruption to supply chains and
general market uncertainty.
• The Board regularly reviews
the investment portfolio with
the Manager. Maven works
closely with portfolio companies
to identify and support the
management of any challenges
resulting from global conflict and
political instability.
• The Board and the Manager
are monitoring this risk closely
and, whilst it cannot be
obviated entirely, the Company’s
investment portfolio is diversified
across a large number of investee
companies and a range of
economic sectors.
Geopolitical risk and uncertainty • Broader global macro-economic
risks have escalated following the
change of government in the US,
in particular the introduction of
trade tariffs.
• The Manager has assessed the
current impact of trade tariffs
on portfolio 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 proper consideration
of the risks involved, with
no mitigating controls being
established.
• The Manager has embarked on
a series of risk assessments,
governance and oversight
arrangements with respect to AI
risk, whilst also acknowledging
the potential benefits of AI.
In addition, an explanation of certain economic and financial risks and how they are managed can be found in
Note 16 to the Financial Statements on pages 86 to 89.
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 28 February 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 strategy and business model.
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 on pages 39 to 42 of this Annual Report discloses the Company’s holdings and
the degree of co-investment with other clients of the Manager. The Portfolio Analysis charts on page 21 show the
profile of investee companies by industry sector and the broadly spread end market exposure across the portfolio,
and provide insight into the age of the investments within the portfolio. The level of VCT qualifying investment is
monitored continually by the Manager and reported to the Risk Committee quarterly, or as otherwise required.
Maven Income and Growth VCT PLC I 17
Key Performance Indicators (KPIs)
During the year, the net return on ordinary activities before taxation was £3,569,000 (2024: a loss of £2,132,000);
the gain on investments was £3,974,000 (2024: a loss of £1,483,000); and earnings per share were 2.22p (2024:
a loss of 1.44p per share). The Directors also consider a number of Alternative Performance Measures (APMs)
to assess the Company’s success in achieving its objective, and these also enable Shareholders and prospective
investors to gain an understanding of the Company’s business. These APMs are shown in the Financial Highlights
on pages 4 and 5.
In addition, the Board considers the following to be KPIs:
• NAV total return;
• cumulative dividends paid;
• annual yield;
• share price discount to NAV;
• investment income;
• operational expenses; and
• ongoing charges ratio (OCR).
The NAV total return is considered to be the most appropriate long term measure of Shareholder value as it
includes both the current NAV per share and total dividends paid to date. Cumulative dividends paid is the total
amount of both capital and income distributions paid since the launch of the Company. During the year under
review, the Directors elected to enhance the dividend policy and the Company will now seek to pay dividends
to provide an annual yield which represents 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 annual yield
is the total dividends paid per share for the financial year, expressed as a percentage of the net asset value at the
immediately preceding year end. 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.
The Board reviews the Company’s investment income and operational expenses on a quarterly basis, as these
are both important components in the generation of Shareholder returns. Further information can be found in
Notes 2 and 4 to the Financial Statements on page 77. The OCR is a measure of the total cost of running a fund
to an investor and 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 over the year. The
Company’s OCR for the year ended 28 February 2025 was 2.57% (2024: 2.77%) and is detailed in Note 4 to the
Financial Statements on page 77. Definitions of the APMs can be found in the Glossary on pages 98 to 100. A
historical record of these measures is shown in the Financial Highlights on pages 4 and 5 and the change in the
profile of the portfolio is reflected in the Summary of Investment Changes on page 6.
Your Board continues to believe that a blended portfolio of private companies and AIM quoted holdings provides
the optimal structure for delivering long term growth in Shareholder value. However, the Manager will remain
cautious on any new AIM investments.
There is no market standard 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 on page 50 of this 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 the Company’s ranking within the VCT sector
by independent analysts. In addition, the Directors 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
guidelines were updated in December 2022 and incorporate the special guidance issued post COVID-19 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 that are quoted or traded on a recognised stock
exchange, including AIM, are valued at their closing bid prices at the year end.
18 I Maven Income and Growth VCT PLC
Share Buy-backs
At the forthcoming AGM, the Board will seek the necessary Shareholder authority to continue to conduct a share
buy-back policy as outlined on pages 11 and 12.
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 shareholder engagement Influence on Board decision making
Shareholders
Shareholders are encouraged to
attend and vote at the AGM, and are
provided with the opportunity to ask
questions and engage with the
Directors and the Manager.
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 required, a
Prospectus. In addition, significant
matters or reporting obligations are
disseminated to Shareholders by way
of announcements to the London
Stock Exchange.
The Secretary acts as a key point of
contact for the Board and
communications received from
Shareholders are circulated to the
whole Board.
The Manager also publishes its
bi-annual newsletter which is
available on the Manager’s website,
mavencp.com, and provides regular
portfolio updates by email.
The Board recognises the importance of tax free dividends to
Shareholders and takes this into consideration when making decisions to
pay interim and propose final dividends for each year. During the year
under review, further to the completion of several profitable realisations
and after taking into account the interests of Shareholders, and the
strategies of other VCTs in its peer group, the Directors agreed an
enhancement to the dividend policy and now target an annual dividend
of 6% of the NAV per Ordinary Share at the immediately preceding year
end. Further details regarding dividends for the year under review, and
the new, enhanced dividend policy, can be found in the Chairman’s
Statement on pages 10 and 11.
The Directors recognise the importance to Shareholders of the Company
maintaining an active buy-back policy, with the intention that share buy
backs will be conducted with a view to maintaining a share price that is
at a discount of approximately 5% to the latest published NAV per share.
Further details can be found in the Chairman’s Statement on pages 11 and
12, and the Directors’ Report on page 47.
In making the decision to launch the most recent Offer for Subscription,
the Directors considered that it would be in the interest of Shareholders to
continue to grow the portfolio, making investments across a diverse range
of sectors, via both new and follow on investments. By growing the
Company, as certain costs are fixed, these costs are then spread over a
wider asset base, which helps to promote a competitive OCR, which is in
the interests of Shareholders. In addition, the increased liquidity helps
support the buy-back policy referred to above. Further details regarding
the Offer for Subscription can be found in the Chairman’s Statement on
page 11.
For the year ended 28 February 2025, after considering the interests of
Shareholders and the strategies of other VCTs in its peer group, the
Directors agreed to introduce a cap on total expenses payable to Maven,
set at 3.5% per annum of the average NAV for the relevant financial
period (2024: 3.8%).
ESG
The Directors and the Manager take
account of the social, environmental
and ethical factors impacted by the
Company and the investments that it
makes.
The Directors and the Manager are aware of their duty to act in the
interests 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 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 on page 12,
the Investment Manager’s Review on pages 25 and 26, and in the
Statement of Corporate Governance on page 57.
Maven Income and Growth VCT PLC I 19
Form of shareholder engagement Influence on Board decision making
Portfolio companies
At quarterly Board Meetings, the
Manager reports to the Board on the
performance of portfolio companies,
and the Directors challenge the
Manager on both portfolio company
performance and valuation and,
where they feel it is appropriate, on
the Manager’s monitoring role. The
Manager communicates directly with
each private investee company,
normally through the Maven
representative who sits on its board.
From time to time, the management
teams of the private investee
companies give presentations to the
Board.
Through the Manager, the Directors encourage portfolio companies to
adopt best practice corporate governance, exercising voting rights where
needed. The Board has delegated the responsibility for monitoring the
portfolio companies to the Manager and has given it discretion to vote,
where appropriate, 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 Board.
Meeting with the management teams of the private investee companies
gives the Board a better understanding of these businesses.
The Board is also mindful 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 investment strategy, and
this forms a key part of the Directors’ discussions in relation to valuations,
risk management and fundraising.
Manager
The Manager attends the quarterly
Board Meetings to present a detailed
portfolio analysis and report on key
issues such as VCT compliance,
investment pipeline, the utilisation
of any new monies raised, share
liquidity, and peer group performance.
In addition the Manager communicates
with the Board between Board
Meetings, including the notification
of any new investments and
realisations.
The Board ensures that the Manager implements the investment
objective and strategy, in accordance with the terms of the Management
and Administration Deed, and in compliance with the VCT, and other,
regulations. On an annual basis, the Board conducts a review of the
Manager‘s performance and management fee, as part of its decision to
re-appoint the Manager.
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 cash held prior to investment. in
VCT qualifying companies. As detailed in the Chairman’s Statement on
page 10 and in the Investment Manager’s Report on page 26, during the
year under review, several new permitted non-qualifying investments
were completed for treasury management purposes. After conducting a
detailed whole of market review, the composition of the treasury
management portfolio continued to include holdings in MMFs and OEICs,
alongside listed investment trusts diversified across private equity,
infrastructure and other classes, with the remaining cash held on deposit
with a range of UK banks.
Registrar
Annual review meetings and control
reports.
On behalf of the Board, the Manager reviews the performance of all third
party service providers on an annual basis, including ensuring compliance
with GDPR, and reports to the Board. The Directors will take action
should there be unsatisfactory performance by a third party service
provider.
Banks and Custodian
Regular statements and control
reports received, with all holdings
and balances reconciled.
On behalf of the Board, the Manager reviews the performance of all third
party service providers on an annual basis, including oversight of
securing the Company’s assets, and reports to the Board. The Directors
will take action should there be unsatisfactory performance by a third
party service provider.
20 I Maven Income and Growth VCT PLC
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 one female Director and two male Directors, all
of whom are non-executive, and delegates responsibility for diversity to the Nomination Committee, as explained
in the Statement of Corporate Governance on page 56.
The management of the Company’s assets 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 may be found in the Investment Manager’s Review on pages 25 and 26, and in the Statement
of Corporate Governance on page 57. The Manager has continued with its 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 on page 12. The Manager oversees the
collation of the information received from the investee companies for the benefit of the Board and helps support
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 Auditor’s Report can be found on pages 64 to 70.
Future Strategy
The Board and Manager intend to maintain the policies set out above for the year ending 28 February 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:
John Pocock
Director
28 May 2025
Maven Income and Growth VCT PLC I 21
PORTFOLIO ANALYSIS
The chart below shows the profile of investee companies by industry sector, and demonstrates the broad market
exposure across the portfolio. This analysis excludes cash balances and treasury management holdings.
The chart below provides insight into the age of investments within the portfolio
2
.This analysis excludes cash
balances and treasury management holdings.
AS AT 28 FEBRUARY 2025
1
The market exposure within this sector is widely diversified, including automotive, cyber security, data analytics, fintech and regtech
businesses.
2
The age of investments is determined by the date at which the Company first invested.
Sector analysis by value
4
5
6
1
2
3
1. Software & technology
1
- 50%
2. Business services - 16%
3. Learning & development/
recruitment technology - 11%
4. Industrials & engineering - 10%
5. Pharmaceuticals,
biotechnology & healthcare - 7%
6. Marketing & advertising
technology - 6%
Age of investments by value
4
1
2
3
1. Less than 1 year - 5%
2. Between 1 and 3 years - 30%
3. Between 3 and 5 years - 25%
4. Greater than 5 years - 40%
22 I Maven Income and Growth VCT PLC
INVESTMENT MANAGER’S REVIEW
During the reporting period, your Company has made encouraging progress in
line with its long term investment strategy and it is pleasing to report an uplift
in NAV total return. In the second half of the financial year, there was a notable
improvement in the level of M&A activity across the market and, specifically, a
re-emergence of US private equity buyers attracted to UK speciality technology
companies with market leading products, operating in high growth sectors.
Against this backdrop, your Company completed six profitable private company
exits, including four disposals that generated total return multiples of between
2.8x and 8.2x cost, with the partial realisation of Novatus Global achieving the
highest sale price to date for a single company in the private equity technology
portfolio. This level of exit activity demonstrates that your Company’s investment
strategy and sector focus is delivering tangible growth in Shareholder value, whilst
supporting the enhanced annual dividend policy.
Overview
A key feature of the reporting period was the increased level of M&A activity, which
resulted in the completion of six profitable private company realisations. Encouragingly,
a number of these exits completed following a competitive sales process where the
Manager engaged with multiple interested parties which were willing to pay strategic
premiums to acquire these market leading businesses. Consistent with the Manager’s
cautious approach to private company valuations, several disposals completed at levels
that were ahead of carrying value as at 29 February 2024, which has helped to deliver
the increase in NAV total return.
Whilst achieving profitable exits in order to maximise Shareholder returns and
distributions remains a priority, this has to be balanced against selling a business
too early and before its value has been fully optimised. In cases such as MirrorWeb,
Novatus Global and Quorum Cyber, where a business is performing strongly and
has the potential to become a larger and more valuable asset, the Manager will seek
to maintain an equity interest when structuring an exit. This approach allows your
Company to generate a healthy initial cash return from a partial sale, to help support
the dividend programme, whilst retaining an ongoing interest in the business with the
potential for a further return.
In early June 2024, the final exit from cyber security specialist Quorum Cyber
completed with the sale of the residual holding. Your Company first invested in
Quorum in 2020, backing an experienced team that had established a leading position
in a high growth market. Following a period of rapid expansion, the investment was
partially realised through a sale to UK private equity house Livingbridge in December
2021, generating an initial return of 6.5x cost over an 18 month holding period. This
transaction provided Quorum with additional capital to support the next phase of its
strategic development and, given the continued growth prospects, Maven negotiated
a deal to maintain a minority equity interest. The final exit from this investment was
achieved through a sale of the business to US private equity firm Charlesbank Capital
Partners, taking the total proceeds to 8.2x cost over the life of the investment.
In August 2024, the partial sale of digital archiving specialist MirrorWeb completed.
Your Company first invested in MirrorWeb in 2020, supporting an ambitious
management team that had developed a disruptive software platform with significant
growth potential operating in a large addressable market. During the investment
period, the business delivered strong revenue growth and established a leading
position in the communications surveillance market, with a focus on the financial
services sector where its platform supports regulatory requirements in relation to
data archiving. In 2023, MirrorWeb successfully expanded into the US, which led to
an unsolicited approach from a US private equity buyer to acquire the company.
HIGHLIGHTS
Six profitable private
company exits
completed, including
several high value
sales to US strategic
buyers
£4.6 million deployed
across a diverse range
of new private
company investments
and through follow-
ons, alongside one
small AIM transaction
Six new private
companies added to
the portfolio, with one
further investment
completed post the
period end
Follow-on funding
provided to support
the growth and
development of 18
private portfolio
companies
Maven Income and Growth VCT PLC I 23
A competitive exit process was initiated, with the sale to MainSail Partners completing and generating a total
return of 3.8x cost. This consideration comprised an initial cash return alongside a retained equity stake in the
enlarged entity, MirrorWeb Holdings LLC, which enables your Company to maintain an economic interest in the
business with the potential to generate a further return.
In early September 2024, the partial sale of regtech specialist Novatus Global completed, achieving the highest
sale price to date from the private equity technology portfolio. Following the initial VCT investment in 2022,
Novatus made rapid commercial progress, capitalising on market growth opportunities through its software platform
En:ACT
, which helps financial institutions to prevent and resolve regulatory and compliance issues. Over the past
two years, the business has achieved a 13-fold increase in annual recurring revenue (ARR), doubled headcount and
expanded internationally by opening an office in Australia. At the start of the financial year, Novatus received an
unsolicited acquisition approach from US private equity firm Silversmith Capital Partners at a significant premium
to carrying value. The exit generated a total return of 4.7x cost, comprising cash and a retained equity stake in the
existing business that enables your Company to participate its the future growth in value.
In May 2024, the exit from graduate recruitment specialist GradTouch completed, with a sale to a UK private
equity house that generated a total return of 1.7x cost, inclusive of a small deferred element. Specialist electronics
contract manufacturer CB Technology was one of the more mature holdings in the portfolio and, following a
period of strong trading performance, an exit process was initiated in 2023. An offer to acquire the business was
subsequently received from a trade buyer, with the exit completing in early September 2024 and generating a total
return of 2.8x cost. The exit from digital payment software provider QikServe also completed in September 2024,
generating an initial cash return of 1.3x cost with further contingent proceeds, which could take the total return up
to 1.8x cost over the next two years.
During the year, six private companies were added to the portfolio, with a further investment completing
post the period end. Maven’s regionally based team of investment executives continues to see good levels of
demand for growth capital from ambitious businesses across the UK, which highlights the benefits of having an
established local presence and a strong advisory network. Whilst numerous opportunities were evaluated during
the period, the Manager has maintained a selective approach to new investment and continues to focus on
identifying entrepreneurial companies with proven management teams, that operate in disruptive or high growth
markets, where there is an opportunity to achieve significant scale over the medium term. Maven retains a strong
preference for investing in companies that have a growing presence in dynamic sectors such as cyber security, data
analytics, healthtech, niche manufacturing, software and training, where growth is less sensitive to consumer or
discretionary spending and revenue is contracted or recurring in nature.
Maven maintains proactive working relationships with the management teams of all private investee companies
and, through its appointed board representatives, helps to shape strategy, deliver operational improvements and
identify and progress exit opportunities, which has proven to be particularly valuable this year. The Manager
continues to see good levels of organic growth and progression across the portfolio and, during the year, follow-
on funding was provided to support 18 private companies. In most cases, this was where investee companies were
making measurable commercial progress and required additional funding to expedite growth. For others, where
progress is behind plan, further funding can provide a bridge to profitability and exit.
As part of the risk mitigation strategy, an investment can also be structured in tranches subject to the achievement
of agreed milestones. This helps to ensure that progress is closely monitored and that the management team’s
ambition and the company’s performance remain aligned with institutional investors’ expectations. Maven also
continues to invest selectively alongside other VCT houses or equity partners, which enables your Company to
support the growth of portfolio companies as part of a syndicate of institutional investors.
Portfolio Developments
It is encouraging to report on the progress that has been achieved across the private equity portfolio, where most
companies have continued to meet the operational and financial targets set out in their business plans. Many
of the earlier stage growth companies are now establishing a strong position in their respective markets and, in
recognition of their progress, the valuations of certain holdings have been uplifted. The summary below provides
an update on key developments across selected companies in the private equity portfolio.
Education technology specialist Bright Network continues to grow its market position as a leading provider of digital
graduate recruitment services and, according to
The UK Graduate Careers Survey 2024
by
High Fliers Research
, is
now the most popular platform used by university graduates in the UK. During the year, the business has focused
on its core domestic market, and it is encouraging to note that its membership base now exceeds 1 million, up
from 700,000 at the same point last year. Although financial performance this year has been modestly impacted
by ongoing economic uncertainty which has resulted in tighter graduate recruitment budgets, Bright Network has
maintained an active programme of student engagement to ensure that it remains at the heart of the graduate
recruitment market. The business continues to extend its partner network and is engaged with over 300 key
24 I Maven Income and Growth VCT PLC
graduate employers including Amazon, Barclays, Deloitte, Linklaters, Network Rail, Shell and UBS. Bright Network
maintains a focus on diversity and inclusion and is committed to serving members from all backgrounds, with over
70% being state educated, 54% female and 42% from first generation university households.
Horizon Ceremonies continues to make encouraging commercial and strategic progress. The business currently
operates a portfolio of three established crematoria, located in areas that were historically underserved or where
existing facilities are outdated. As an operator of next generation crematoria, Horizon is building a strong market
reputation for providing a compassionate service to families within a modern setting, whilst also meeting best
practice environmental standards. Horizon is the first crematoria operator in the UK to undertake a full audit of its
ESG impacts, publishing its ESG report in 2023, with the next report due in 2025. At the recent
Scottish Funeral
Awards
, The Hurlet facility, located in the suburbs of Glasgow, was named
Best Crematorium in Scotland
, which
is the fourth consecutive year that Horizon Ceremonies has received this award. Horizon continues to assess new
development sites and there are currently several planning applications at various stages of the approval process.
The team at Horizon will continue to progress discussions at the sites that provide the most attractive development
opportunities. The business is trading well, and the current portfolio provides a mature and well established
platform which, given the limited supply of modern facilities and barriers to entry in this market, is expected to be
attractive to a wide range of private equity and trade acquirers at exit.
In the two years post initial investment, contract software specialist Summize has consistently traded ahead of
budget, delivering an impressive 200% increase in ARR. Summize’s proprietary AI powered digital contracting
software simplifies and streamlines the process for writing, reviewing and renewing legal contracts, and its ease
of integration with office applications such as DocuSign, Microsoft Word and Slack is key to the resultant rate
of uptake by clients. During the period, your Company provided follow-on funding to support the international
expansion strategy, which is focused on the US where the business opened an office in Autumn 2023. Summize
is making good progress in this new market and has already established an impressive client list, with a growing
pipeline of future opportunities. The management team is highly ambitious and the objective for the year ahead is
to continue to grow the client base and further increase ARR both in the UK and US.
During the period under review, automotive ecommerce software specialist Rockar has continued to scale through
the onboarding of several new clients. Over recent years, consistent with the shift towards digitalisation across the
economy, Rockar has established a strong market position through its disruptive white label solution for buying
and selling cars online. Rockar’s platform can be tailored to suit clients’ needs and integrated within an existing
platform or website, thereby reducing the need for additional investment. The business continues to work with
high profile automotive manufacturers including BMW, Jaguar Land Rover, Toyota Motor Group and Volvo UK,
and has development work ongoing with several others. Rockar’s new operating platform,
Evolution
, is gaining
commercial traction and the focus for the year ahead is to maintain this momentum.
Since your Company first invested in 2022, specialist training software platform provider Bud Systems has
delivered a 70% increase in ARR, driven by growth in the number of its partner organisations and registered
learners. Bud’s integrated platform provides an end-to-end solution for training providers, universities, colleges and
employers delivering apprenticeships, offering enrolment, training delivery, learner management and compliance
through one portal. A core benefit of the solution is that it streamlines processes and reduces administrative tasks,
whilst also ensuring ongoing compliance with specific funding requirements to minimise the risk of clawback. The
market outlook for Bud is encouraging, supported by the Government’s pledge in the Autumn 2024 Budget to
invest £40 million as part of a more flexible Growth and Skills Levy, which should help to accelerate demand for
Bud’s platform and support near term growth objectives.
Carbon reduction software specialist Manufacture 2030 has made encouraging progress this year, expanding its
presence in a high growth market that supports the global commitment by manufacturers and suppliers to reduce
carbon emissions. The business provides a disruptive software solution that allows companies to achieve Scope
3 carbon reduction targets by measuring, managing and reducing carbon emissions throughout the supply chain,
with the objective of helping large corporates and multinationals to meet the targets set out in the United Nations
Sustainable Development Goals. During the year, Manufacture 2030 signed up new blue chip clients from a range of
sectors including automotive manufacturers BorgWarner and Denso, consumer brand Henkel, and with Boots and No7
being the first health and beauty retailers to join the platform. Manufacture 2030 continues to prioritise technological
advancement to ensure that it remains at the forefront of this emerging market and, during the year, follow-on
funding was provided to support further investment in the technology. A key near term goal remains to establish a
foothold in the US, where it has the opportunity to gain a position in this strategically important market.
Maven Income and Growth VCT PLC I 25
Against a backdrop of ongoing geopolitical tension, cyber security specialist CYSIAM continues to experience strong
demand for its products and services. During the year, a key area of strategic focus has been the development
and growth of the Managed Detection and Response (MDR) service, which provides protection against, detection
of and response to cyber attacks and is offered within a SaaS wrapper, generating a stream of recurring revenue.
CYSIAM continues to expand its market presence and, as an accredited member of the National Cyber Security
Centre’s Cyber Incident Response scheme, it can provide direct support to a range of organisations when they
become victims of cyber attacks. CYSIAM also recently gained accreditations that enable it to work with the UK
Government at a higher level of security clearance, which provides a significant opportunity to build ARR. Cyber
security remains a high growth area and CYISIAM is well placed to continue to achieve the financial and strategic
targets within its business plan.
During the year, demand responsive transport software provider Liftango made positive progress in expanding its
market presence and global footprint. Having achieved success in Australia and the UK, Liftango is now focused on
expanding into international markets, with the Middle East and the Americas identified as key growth territories.
The business provides route optimisation technology to support on-demand transport programmes, enabling users
to plan, launch and scale shared mobility projects that reduce costs whilst simultaneously addressing sustainability
goals such as lower vehicle usage, which helps to decrease carbon emissions and combat localised congestion.
Liftango already operates in 21 countries and works with many Fortune 500 companies, as well as large global
bus operators and government transport agencies. With strong ESG credentials, the business is well positioned
to deliver growth as it secures new contracts and, during the year, further funding was provided to support the
company through this key growth phase.
Over the past year, specialist aerospace hardware manufacturer Horizon Technologies has made positive
commercial progress, leveraging its position as one of the few domestic companies to offer a comprehensive range
of Intelligence, Surveillance and Reconnaissance (ISR) solutions. A key highlight was the announcement, at the
Farnborough Air Show in July 2024, that the business had signed a £3.7 million contract with a Middle Eastern
government for its airborne intelligence solution,
Blackfish
. Alongside a number of other large contract wins, this
has resulted in the business trading ahead of budget. There have also been positive developments in the earlier
stage satellite business, where Horizon has secured a £1.2 million investment from the UK Space Agency to fund
its next launch. The
Amber-2
space based maritime intelligence solution has passed the Critical Design Review
phase in advance of the satellite launch, which is planned for mid-2025. The launch is part of the UK Space
Agency’s wider initiative to enhance maritime security by detecting vessels engaged in illicit activities such as illegal
immigration, drug smuggling, illegal fishing and sanction evasion, and will be a key tool in the Royal Navy’s efforts
to detect “dark vessels”. Given the high barriers to entry and technological know-how required, Horizon’s space
capabilities have the potential to create significant strategic value.
With a large portfolio of high growth companies, it is not unexpected that a small number of investee companies
have not achieved commercial targets and are trading behind plan. Video game developer XR Games has
experienced challenges as a result of a slowdown in the gaming market, which has impacted its launch
programme and the pipeline of future projects. The cost base has been reduced, and a protective provision has
been taken against the cost of the investment. The Manager elected not to provide further funding to Drovo,
RwHealth and Turnkey, and the valuations of these holdings have been written down in full.
Environmental, Social and Governance (ESG) Developments
Although your Company’s investment policy does not incorporate ESG aims, and portfolio companies are
not required to meet any specific targets, during the year Maven has made further progress in enhancing its
ESG capabilities, recognising the importance of having a robust framework and policy in place when making
investments. Through its ESG and Responsible Investment Policy, ESG considerations are taken into account during
early stage due diligence, thereby ensuring that all risks and opportunities are assessed prior to an investment
completing and can be monitored throughout the period of investment.
All potential investee companies are required to complete an ESG assessment, which covers ten key areas and
provides a comprehensive pre-investment evaluation of the governance of the business, with a focus on board
composition and culture, alongside environmental and social considerations. The assessment also provides
the investee company with an opportunity to set KPIs that are relevant to their business and which they are
encouraged to monitor on an ongoing basis, and are also subject to annual review by the Manager.
All prospective investee companies are provided with guidance documents in order to support them, including
insight into how integrating ESG decisions into their business strategy is beneficial. These documents also
provide businesses with guidance on how to start collecting ESG data, as well as additional information for those
companies that are targeting Net Zero or conducting supply chain screening.
26 I Maven Income and Growth VCT PLC
Whilst good governance has always been a prerequisite for any potential investee company, an increasing number
of portfolio holdings are also highly focused on the environment or making improvements to society and local
communities and have set themselves specific ESG related goals. It is encouraging to note the positivity with which
many portfolio companies are embracing their corporate responsibility, alongside achieving core commercial objectives.
Guru Systems is a supplier of hardware, software and data analytics designed to improve the performance and cost
effectiveness of heat networks, which are increasingly required to be integrated in new commercial and residential
property developments as part of the government’s decarbonisation strategy. Guru is achieving traction in this
emerging market and is well placed to deliver its objectives, whilst having a positive ESG impact. Sustainable
packaging designer and manufacturer iPac Packaging Innovations continues to build a strong position as a leading
independent supplier of bespoke packaging solutions, whilst also demonstrating strong ESG credentials. iPac’s rPET
products are 100% recyclable and manufactured using over 85% recycled content with Prevented Ocean Plastic
(POP) materials incorporated into its supply chain, which helps to reduce plastic pollution in the ocean. Sustainable
transport planner Liftango is focused on achieving Net Zero though shared transport networks, providing clients
with the ability to reduce their environmental impact, whilst also delivering operational improvements and cost
savings. Manufacture 2030, a provider of software solutions that helps multinationals measure, manage and
reduce supply chain emissions at scale, is building a strong presence in an emerging market. Eco-friendly baby
care brand Pura continues to increase its sales reach and, during the year, secured an important new listing for
its plastic-free nappies and wipes with major US retailer Walmart. Pura has also attained B Corporation status,
which designates the business as meeting the highest standards of social and environmental impact. Network
infrastructure specialist Vodat Communications Group (VCG) has implemented positive ESG practices across its
business, including setting a carbon reduction policy, and recently appointed a director to focus on improving key
metrics and reporting.
The Manager continues to examine and prepare for upcoming regulations. This year, the FCA introduced the
Sustainability Disclosure Requirements (SDR), which includes a labelling and naming regime alongside a new anti-
greenwashing rule. The rule affects all firms, and the Manager has ensured adherence to the new rule. Whilst
your Company is not currently in scope of the other requirements of the SDR, the Manager continues to monitor
developments. Additionally, the Manager is aware of the Task Force on Climate-Related Financial Disclosures
(TCFD) and International Financial Reporting Standards (IFRS) regulations, and is actively preparing for compliance
given the increasing likelihood that your Company may be required to report under these.
Treasury Management
During the year, several new permitted non-qualifying investments were completed for treasury management
purposes, the details of which can be found in the Investments table on pages 29 and 30 of this Annual Report.
At the year end, your Company had £7.5 million invested across eight OEICs and MMFs, which provide an income
return close to the Bank of England’s base rate (currently 4.25%), with low capital risk and daily liquidity. Your
Company had a further £4.8 million invested in London Stock Exchange listed investment trusts, diversified across
private equity, infrastructure and other asset classes. These investment trusts have provided an average income
yield of around 4% per annum and have a strong track record of capital growth. The composition of the treasury
management portfolio is under regular review by the Manager, which has been crucial this year given the high
level of exit activity and resultant inflow of cash. Consistent application of Maven’s treasury management strategy
has ensured that your Company remains compliant with the Nature of Income condition, whilst also generating a
healthy new income stream from the portfolio of treasury management holdings and uninvested cash.
New Investments
During the period under review, six new private companies were added to the portfolio. These businesses operate
across a wide range of dynamic sectors and add further sectoral diversity to the portfolio:
Alderley Lighthouse Labs is a provider of clinical diagnostic testing services, specialising
in the analysis of human samples such as blood, urine and cells. The business was initially
established as a COVID-19 testing facility, as part of the Government supported “Test
and Trace” programme. As pandemic related testing subsided, the business evolved into
a laboratory-based facility providing blood science and molecular diagnostics to a wide
range of clients. The healthcare diagnostics and testing market continues to experience
high growth, and Alderley is well placed to leverage its existing position and achieve
considerable scale. The funding from the Maven VCTs provides capital that will enable the
business to invest in product development, expand its current suite of services and grow
monthly revenues.
Maven Income and Growth VCT PLC I 27
Blackdot Solutions is a developer of an advanced intelligence and investigations software
solution that supports risk, compliance and client onboarding teams across a variety of
industries including government, criminal law and financial services. Blackdot’s proprietary
platform,
Videris
, aggregates and analyses open source intelligence (OSINT) from a wide
range of public sources, including the internet, social media and the dark web, alongside
more traditional routes such as Dun & Bradstreet and Moody’s. This capability provides
clients with the most comprehensive and up to date information to identify threat,
mitigate risk and ensure ongoing compliance with complex regulatory standards. The
OSINT market is experiencing rapid growth and, as an early entrant, Blackdot is well
positioned to capitalise on rising demand for advanced data analytics and risk management
tools. The funding from the Maven VCTs is being used to increase headcount, with a focus
on technical expertise, enhance product development and drive growth in both new and
existing markets.
Connected Data is a provider of a data-enabled debt management software solution,
which is designed to improve recovery rates for utility and financial services companies,
addressing issues that arise during changes in tenancy and result in billions of pounds
of unpaid energy and other bills, as well as producing fairer, more positive outcomes
for consumers in debt. The cloud-based platform uses proprietary technology to help
manage the debt life cycle from pre-delinquency through to late stage collection, offering
a more cost effective solution than using a single credit bureau. The business is gaining
commercial traction and has quickly established a blue chip client base. The funding from
the Maven VCTs is being used to further develop the technology platform and invest in
sales and marketing.
Kani Payments is a developer of a SaaS based financial reporting and reconciliation
platform, serving fintechs, challenger banks and payment processors. As well as providing
instant reconciliation of large data sets, Kani’s solution facilitates the automation of
transaction payments, regulatory and financial reporting, which remains a largely manual
and spreadsheet based process even for sizeable financial institutions. The business is led
by an experienced team with a successful track record of scaling a similar cloud based
payment processing business from start-up through to profitable exit. The funding from
the Maven VCTs is being used to accelerate product development, including new features
due to launch in the second half of 2025, to make a number of strategic hires within sales
and marketing to widen the business’ reach, and to support expansion into Europe and
North America, where management have identified a significant market opportunity.
RiskSmart is a regtech business that has developed a risk management platform which
leverages data insight and machine learning to provide real time information to help
transform how businesses manage governance, risk and compliance. RiskSmart’s solution
is easily integrated with existing operating systems, which is a key benefit to the target
SME market where existing options have high set up costs and substantial ongoing
charges. The business has achieved impressive growth since inception two years ago and
is building a strong client list. The funding from the Maven VCTs is being used to support
working capital through the initial growth phase, and will also be used to make a number
of targeted hires to expand the sales team.
Zing is a specialist services provider operating in the cloud communications sector and
was a spin out from CRM provider ProspectSoft, a previous Maven portfolio company
that was successfully exited in 2022. Since becoming an independent business, Zing has
made encouraging commercial progress and strengthened its relationship as a leading
partner with global cloud communication platform business Twilio, where it provides
consultancy and managed services. The funding from the Maven VCTs will enable the
business to benefit from the growth opportunities in the Communications Platform as a
Service (CPaaS) market. The next stage of development is focused on expanding into the
US, developing a new AI proposition, and enhancing the management team through new
strategic hires.
A small position was also taken in AIM quoted neuroscience technology company Cambridge Cognition, which is
a developer of digital health products designed to better understand, detect and treat conditions affecting brain
health including Alzheimer’s, Depression and Multiple Sclerosis. The VCT funding is being used to accelerate growth
in this emerging market.
28 I Maven Income and Growth VCT PLC
The table below shows the investments that have been completed during the year:
Investments Date Sector
Investment cost
£’000
New unlisted
Alderley Lighthouse Labs Limited
1
April & May 2024 Pharmaceuticals,
biotechnology & healthcare
249
Blackdot Solutions Limited January 2025 Software & technology 696
Connected Data Company Limited September 2024 Business services 423
Kani Payments Holdings Limited February 2025 Software & technology 337
MirrorWeb Holdings LLC
2
August 2024 Software & technology 708
RiskSmart Limited November 2024 Business services 199
Zing TopCo Limited (trading as Zing)
1
April & May 2024 Business services 185
Total new unlisted 2,797
Follow-on unlisted
2degrees Limited
(trading as Manufacture 2030)
September 2024 Software & technology 224
Automated Analytics Limited August 2024 Marketing &
advertising technology
99
Biorelate Limited September 2024 Software & technology 87
DiffusionData Limited February 2025 Software & technology 89
Filtered Technologies Limited
3
June & September 2024 Learning & development/
recruitment technology
125
Fixtuur Limited
(formerly Shortbite Limited)
July 2024 Software & technology 300
Horizon Ceremonies Limited
(trading as Horizon Cremation)
October 2024 Business services 200
Hublsoft Group Limited April 2024 Software & technology 56
Liftango Group Limited
3
March &
September 2024
Software & technology 290
mypura.com Group Limited
(trading as Pura)
September 2024 Business services 50
Nano Interactive Group Limited January 2025 Marketing &
advertising technology
102
Plyable Limited August 2024 Software & technology 149
Real World Health Limited
(trading as RwHealth)
4
April, May &
October 2024
Pharmaceuticals,
biotechnology & healthcare
176
Relative Insight Limited October 2024 Marketing &
advertising technology
60
Snappy Shopper Limited April 2024 Software & technology 11
Summize Limited June 2024 Software & technology 348
Turnkey Group (UK) Holdings Limited
3
April & June 2024 Software & technology 95
XR Games Limited February 2025 Software & technology 17
Total follow-on unlisted 2,478
Total unlisted 5,275
Maven Income and Growth VCT PLC I 29
Investments Date Sector
Investment cost
£’000
New AIM quoted
Cambridge Cognition Holdings PLC June 2024 Pharmaceuticals,
biotechnology & healthcare
62
Total new AIM quoted 62
Total AIM quoted 62
Open-ended investment companies
5
Royal London Short Term Fixed Income
Fund (Class Y Income)
April 2024 Money market fund 1,000
Total open-ended investment companies 1,000
Money market funds
5
Aviva Investors Sterling Government
Liquidity Fund (Class 3)
October 2024 Money market fund 4
Aviva Investors Sterling Liquidity Fund
(Class 3)
August 2024 Money market fund 1,004
BlackRock Institutional Sterling
Liquidity Fund (Core)
June 2024 Money market fund 1,000
BlackRock Institutional Sterling
Government Liquidity Fund (Core Dis)
October 2024 Money market fund 1,001
Goldman Sachs Sterling Government
Liquid Reserves Ireland (Institutional)
October 2024 Money market fund 2,000
Total money market funds 5,009
Private equity investment trusts
5
Caledonia Investments PLC May 2024 Investment trust 100
CT Private Equity Trust PLC May 2024 Investment trust 141
ICG Enterprise Trust PLC May 2024 Investment trust 54
NB Private Equity Partners Limited May 2024 Investment trust 100
Pantheon International PLC May 2024 Investment trust 200
Total private equity investment trusts 595
Global equity investment trust
5
Alliance Witan PLC
(formerly Alliance Trust PLC)
May 2024 Investment trust 201
Total global equity investment trust 201
30 I Maven Income and Growth VCT PLC
Investments Date Sector
Investment cost
£’000
Infrastructure investment trusts
5
3i Infrastructure PLC May 2024 Investment trust 100
BBGI Global Infrastructure SA May 2024 Investment trust 80
Pantheon Infrastructure PLC May 2024 Investment trust 130
Total infrastructure investment trusts 310
Total investments completed during the year 12,452
1
Investment completed in two tranches.
2
This holding reflects the partial exit from MirrorWeb Limited, where a proportion of the proceeds were reinvested in the new,
enlarged entity, MirrorWeb Holdings LLC.
3
Follow-on investment completed in two tranches.
4
Follow-on investment completed in three tranches.
5
Investments completed as part of the treasury management strategy.
At the period end, the portfolio comprised of 120 unlisted and quoted investments at a total cost of £53.1 million.
Realisations
The table below provides details of all the exits that have completed during the financial year, including CB Technology,
MirrorWeb and Novatus Global, which together provided a meaningful increase in cash reserves.
In contrast, there have been a number of disposals from the AIM portfolio at prices where cost has not been
recovered. Given the challenges experienced in the AIM market, the Manager has elected to exit certain holdings
where performance has not been in line with expectations, or where the share price is depressed and not expected
to recover.
There remains value and upside potential within a selected number of AIM holdings, which continue to offer the
prospect for re-rating or a strategic premium on acquisition. However, the Manager intends to continue to rationalise
the AIM portfolio towards a residual high conviction portfolio of holdings where it has continuing confidence in each
management team and their ability to deliver positive share price returns. New AIM investments will continue to be
considered, but only where there is a very convincing and capital light business case, or where the Manager believes
there is an opportunity for early share price arbitrage following investment.
Realisations
Year first
invested
Complete/
partial exit
Cost of shares
disposed of
£’000
Value at
29 February
2024
£’000
Sales
proceeds
£’000
Realised
gain/(loss)
£’000
Gain/(loss) over
29 February
2024 value
£’000
Unlisted
Cat Tech International Limited 2012 Partial 421 623 235 (186) (388)
CB Technology Group Limited 2014 Complete 578 1,088 1,174 596 86
GradTouch Limited 2019 Complete 567 955 974 407 19
Life’s Great Group Limited
(trading as Mojo Mortgages)
1
2019 Complete - - 38 38 38
MirrorWeb Limited
2
2020 Complete 890 1,731 3,379 2,489 1,648
Novatus Global Limited
3
2022 Partial 762 1,000 3,570 2,808 2,570
Project Falcon TopCo Limited
(trading as Quorum Cyber)
2021 Complete 125 126 383 258 257
QikServe Limited 2016 Complete 660 803 793 133 (10)
Total unlisted 4,003 6,326 10,546 6,543 4,220
Maven Income and Growth VCT PLC I 31
Realisations
Year first
invested
Complete/
partial exit
Cost of shares
disposed of
£’000
Value at
29 February
2024
£’000
Sales
proceeds
£’000
Realised
gain/(loss)
£’000
Gain/(loss) over
29 February
2024 value
£’000
AIM/AQSE quoted
Destiny Pharma PLC 2020 Complete 103 51 4 (99) (47)
Intelligent Ultrasound Group PLC 2019 Complete 118 105 160 42 55
Oncimmune Holdings PLC 2021 Complete 236 28 31 (205) 3
RUA Life Sciences PLC 2020 Complete 182 41 46 (136) 5
Strip Tinning PLC 2022 Complete 62 12 15 (47) 3
SulNox PLC 2021 Complete 33 39 36 3 (3)
Verici Dx PLC 2022 Partial 32 27 6 (26) (21)
Others 3 33 8 5 (25)
Total AIM/AQSE quoted 769 336 306 (463) (30)
Money market funds
4
Aviva Investors Sterling Government
Liquidity Fund (Class 3)
2023 Complete 1,004 1,000 1,004 - 4
Aviva Investors Sterling Liquidity Fund
(Class 3)
2024 Complete 1,004 - 1,004 - -
BlackRock Institutional Sterling
Government Liquidity Fund (Core Dis)
2023 Partial 1,001 1,000 1,002 1 2
Goldman Sachs Sterling Government
Liquid Reserves Ireland (Institutional)
2023 Partial 1,000 - 1,000 - -
Total money market funds 4,009 2,000 4,010 1 6
Open-ended investment companies
4
Royal London Short Term Fixed
Income Fund (Class Y Income)
2023 Partial 1,002 1,025 1,002 - (23)
Total open-ended investment companies 1,002 1,025 1,002 - (23)
Total realisations completed during the year 9,783 9,687 15,864 6,081 4,173
1
Deferred consideration following the sale in December 2021.
2
Of the proceeds £708,127 has been re-invested as a retained minority interest in the continuing entity, MirrorWeb Holdings
LLC, which remains VCT qualifying for three years. Given the structure of the transaction, the holding in MirrorWeb Limited
was exited in full, but a proportion of the proceeds were re-invested in the enlarged, ongoing entity, MirrorWeb Holdings LLC.
3
Proceeds exclude a rolled element which has been retained as a minority equity stake within the company.
4
Realisations were completed as part of the treasury management strategy.
During the year, two private companies were struck off the Register of Companies, resulting in a total realised loss of £593,000
(cost £593,000). This had no effect on the NAV of the Company as a full provision had been taken against the value of the
holdings in a previous period.
The write off of escrow debtor held in respect of the prior year exit of e.fundamentals (Group) Limited results in a difference in
sales proceeds and realised gain/loss of £71,000. In addition, the element of net gains on exits not received in cash and
not readily converted to cash is £583,000 (MirrorWeb Limited and Project Falcon TopCo Limited (trading as Quorum Cyber)).
Further details can be found in Note 8 to the Financial Statements on pages 80 to 81.
32 I Maven Income and Growth VCT PLC
Material Developments Since the Period End
Since 28 February 2025, one new private company has been added to the portfolio:
• Digilytics is a provider of an AI enabled solution that automates loan application processing. The platform uses
machine learning and large language models to read and extract data from key documents such as payslips,
bank statements and utility bills, ensuring both consistency and completeness. It then evaluates the application
against eligibility criteria and affordability metrics, while also screening for potential fraud. Digilytics helps
lenders to reduce costs and error rates whilst improving the response time for applications. The funding from
the Maven VCTs is being used to support the sales and marketing function and further product development.
The near term objective is to launch in the US, where there is a substantial market opportunity.
Outlook
With good levels of liquidity, your Company is well placed to deliver further growth in the year ahead. Maven’s
regionally based team of experienced deal executives provides your Company with access to a wide range of
investment opportunities and, with an active pipeline of potential transactions currently under review, it is anticipated
that there will be a healthy rate of new investment in 2025. The objective remains to expand the portfolio in size
and scale through the selective addition of entrepreneurial and ambitious growth businesses, whilst also identifying
exits to optimise value and support Shareholder distributions in line with the enhanced dividend policy.
Maven Capital Partners UK LLP
Manager
28 May 2025
Maven Income and Growth VCT PLC I 33
LARGEST INVESTMENTS BY VALUATION
AS AT 28 FEBRUARY 2025
Bright Network
brightnetwork.co.uk
Learning & development/recruitment technology
Cost (£’000) 1,164
Valuation (£’000) 1,978
Basis of valuation Revenue
Equity held 6.9%
Income received to date (£’000)
1
Nil
First invested July 2018
Year end 31 March
2024 (£’000) 2023 (£’000)
Net assets 7,871 4,102
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Bright Network is an HR tech business, which has
designed a platform that enables leading employers
to identify and recruit high quality graduates and
young professionals. Revenues are generated from a
combination of graduate focused careers events, digital
recruitment and recruitment process outsourcing.
The business also has a
Technology Academy
, which
provides software development training to graduates
before placing them with client organisations. The
business recently expanded into Germany.
Horizon Ceremonies
horizoncremation.co.uk
Business services (funeral services)
Cost (£’000) 988
Valuation (£’000) 1,928
Basis of valuation Discounted cash flow
Equity held 5.6%
Income received to date (£’000) 261
First invested May 2017
Year end 31 December
2023 (£’000) 2022 (£’000)
Net liabilities (823) (39)
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Horizon Ceremonies builds and operates
environmentally and technologically advanced
crematoria in underserved areas across the UK, which
provide a family orientated approach. Horizon now
has a portfolio of three operational sites. The original
facility, in Clyde Coast and Garnock Valley, has been
operational since 2018, a second facility in Cannock,
Staffordshire, opened in April 2021, and a third
crematorium, the Hurlet, opened in the suburbs of
Glasgow in December 2021.
34 I Maven Income and Growth VCT PLC
Summize
summize.com
Software & technology (legal)
Cost (£’000) 796
Valuation (£’000) 1,904
Basis of valuation Revenue
Equity held 4.0%
Income received to date (£’000)
1
Nil
First invested October 2022
Year end 30 June
2024 (£’000) 2023 (£’000)
Net assets 3,554 3,192
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Summize develops digital contracting software for legal
firms and departments, using AI-powered technology
to address the increasing need to digitalise the contract
lifecycle, aiming to streamline and shorten the process
of creating and reviewing contracts. The cloud-based
product integrates with Microsoft Word, Teams, Slack
and DocuSign to improve collaboration between legal
and business users and better manage contracts and
commercial risks.
Rockar
rockartech.com
Software & technology (fulfilment technology)
Cost (£’000) 948
Valuation (£’000) 1,750
Basis of valuation Earnings
Equity held 4.2%
Income received to date (£’000) 93
First invested July 2016
Year end 31 December
2023 (£’000) 2022 (£’000)
Sales 8,081 7,496
EBITDA
2
2,072 1,656
Net assets 4,102 4,223
Rockar is leading the worldwide adoption of a digital
sales journey for the automotive sector, with a flexible
microservices platform. It is working with global
automotive OEMs to develop a digital, omnichannel
and immersive means by which consumers can select,
configure, and finance their car purchase using a
wholly online process.
Maven Income and Growth VCT PLC I 35
Bud Systems
bud.co.uk
Learning & development/recruitment technology
Cost (£’000) 846
Valuation (£’000) 1,473
Basis of valuation Revenue
Equity held 4.7%
Income received to date (£’000)
1
Nil
First invested September 2022
Year end 31 December
2023 (£’000) 2022 (£’000)
Net assets 4,410 5,447
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Bud Systems offers a comprehensive learning
management solution tailored for apprenticeship
training providers, which is capable of managing
their entire process from initial enrolment to final
assessment. Its SaaS offering helps organisations
deliver high quality training, whilst improving the
visibility of progress and performance. Key to the
offering is Bud’s end to end approach, designed
to bring together learners, training providers and
employers and support the process through to
reporting and regulatory compliance.
Manufacture 2030
manufacture2030.com
Software & technology (data analytics)
Cost (£’000) 922
Valuation (£’000) 1,357
Basis of valuation Revenue
Equity held 5.0%
Income received to date (£’000)
1
Nil
First invested March 2023
Year end 31 December
2023 (£’000) 2022 (£’000)
Net liabilities (104) (2,386)
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Manufacture 2030 (M2030) is the developer of a
specialist software reporting platform that works with
some of the world’s largest manufacturing businesses
to help them achieve a reduction in the environmental
footprint within their global supply chains. M2030
provides software reporting tools that enable companies
to measure, manage and reduce carbon emissions.
36 I Maven Income and Growth VCT PLC
Zinc
zinc.systems
Software & technology (security)
Cost (£’000) 801
Valuation (£’000) 1,201
Basis of valuation Revenue
Equity held 8.0%
Income received to date (£’000)
1
Nil
First invested June 2022
Year end 31 August
2024 (£’000) 2023 (£’000)
Net assets 4,365 3,996
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Zinc is a SaaS solutions provider specialising in
critical event management. Operating in the growing
global incident and emergency event market, with
increasing demand for crisis management solutions,
Zinc’s products help leading private and government
organisations to optimise decision making, mitigate
risk and streamline business processes. Its client base
includes Amazon Studios, Formula One and Next.
HCS
hcs-control-systems.com
Industrials & engineering
Cost (£’000) 846
Valuation (£’000) 1,246
Basis of valuation Earnings
Equity held 6.9%
Income received to date (£’000) 295
First invested December 2012
Year end 31 December
2023 (£’000) 2022 (£’000)
Sales 27,665 18,123
EBITDA
2
3,941 2,133
Net liabilities (12,239) (14,640)
HCS specialises in the manufacture, assembly and
servicing of mechanical, hydraulic and electrical
systems for the energy industry worldwide. It also
provides offshore manpower and equipment rental,
maintenance and storage to oil & gas operators.
It operates from facilities in Glenrothes, Aberdeen
and Perth, Australia. The company has a reputation
for delivering fast track design and manufacture,
in addition to supporting the full asset lifecycle of
maintenance, servicing and testing of high quality
topside and subsea control systems for a global
blue-chip customer base that includes Oceaneering,
OneSubsea and TechnipFMC.
Maven Income and Growth VCT PLC I 37
CYSIAM
cysiam.com
Software & technology (cyber security)
Cost (£’000) 373
Valuation (£’000) 1,145
Basis of valuation Revenue
Equity held 6.0%
Income received to date (£’000)
1
Nil
First invested December 2021
Year end 30 November
2024 (£’000) 2023 (£’000)
Net assets 1,386 1,412
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
CYSIAM is a provider of cyber security advice,
training, and managed services in secure technology
systems. CYSIAM offers deep technical expertise
and operational support experience to organisations
across the public and private sectors which have seen
significant increases in cyber crime, accelerated by
disruption and changing working patterns throughout
the pandemic.
Novatus Global
novatus.global
Software & technology (regtech)
Cost (£’000) 238
Valuation (£’000) 1,115
Basis of valuation Market value assessment
Equity held 1.4%
Income received to date (£’000)
1
Nil
First invested July 2022
Year end 31 March
2024 (£’000) 2023 (£’000)
Net assets 2,227 1,932
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Novatus is a provider of specialist software tools
to support financial services firms in complying
with increasingly complex regulatory obligations,
including risk, compliance and ESG programmes.
Novatus develops solutions to support a range of
essential tasks, such as transaction reporting, which
enable clients to cost effectively meet reporting
requirements. The Maven VCTs have partially realised
their investment.
1
No interest is payable as the investment has been structured as all equity.
2
Earnings before interest, tax, depreciation and amortisation.
The Company has invested alongside Maven Income and Growth VCT 3 PLC, Maven Income and Growth VCT 4 PLC and Maven
Income and Growth VCT 5 PLC in the companies listed on pages 33 to 37. In addition, Maven Investor Partners are also invested
in Bright Network, Horizon Ceremonies, Summize, HCS and CYSIAM.
38 I Maven Income and Growth VCT PLC
NATIONAL PRESENCE REGIONAL FOCUS
Maven offices
A. Edinburgh
B. Glasgow
C. Newcastle
D. Durham
E. Middlesbrough
F. Manchester
G. Nottingham
H. Birmingham
I. London
J. Bristol
K. Reading
15 largest
investments
by valuation
A
B
C
D
E
F
G
H
J K
I
2
4
1
10
15
7
3
9
5
8
12
6
11
14
Horizon Ceremonies
Ashford
Novatus Global
London
Bright Network
London
Precursive
London
Bud Systems
Bristol
Rockar
Hull
HCS
Glenrothes
Summize
Manchester
Martel Instruments
Durham
Biorelate
Manchester
Zinc
Northampton
Manufacture 2030
Oxford
Hublsoft
York
13
CYSIAM
Newport Pagnell
DiffusionData
Reading
Maven Income and Growth VCT PLC I 39
INVESTMENT PORTFOLIO SUMMARY
AS AT 28 FEBRUARY 2025
Investment
Valuation
£’000
Cost
£’000
% of
total assets
% of
equity held
% of equity
held by
other clients
1
Unlisted
Bright Network (UK) Limited 1,978 1,164 3.0 6.9 32.2
Horizon Ceremonies Limited
(trading as Horizon Cremation)
1,928 988 2.9 5.6 48.9
Summize Limited 1,904 796 2.9 4.0 32.3
Rockar 2016 Limited (trading as Rockar) 1,750 948 2.7 4.2 15.3
Bud Systems Limited 1,473 846 2.2 4.7 13.0
2degrees Limited (trading as Manufacture 2030) 1,357 922 2.1 5.0 17.6
HCS Control Systems Group Limited 1,246 846 1.9 6.9 29.6
Zinc Digital Business Solutions Limited 1,201 801 1.8 8.0 35.6
CYSIAM Limited 1,145 373 1.7 6.0 21.7
Novatus Global Limited
2
1,115 238 1.7 1.4 2.8
Martel Instruments Holdings Limited 1,058 807 1.6 14.9 29.3
Precursive Limited 1,000 1,000 1.5 6.8 27.7
Hublsoft Group Limited 969 786 1.5 5.5 18.3
Biorelate Limited 937 555 1.4 2.7 24.9
DiffusionData Limited 915 964 1.4 4.8 15.2
mypura.com Group Limited (trading as Pura) 912 498 1.4 2.2 22.5
NorthRow Limited 905 1,179 1.4 6.6 26.2
Enpal Limited (trading as Guru Systems) 888 888 1.4 7.5 14.1
Liftango Group Limited 888 888 1.4 4.7 36.0
Delio Limited 882 882 1.3 2.8 12.4
Vodat Communications Group
(VCG) Holding Limited
852 567 1.3 5.0 26.9
Horizon Technologies Consultants Limited 828 796 1.3 5.5 11.7
Nano Interactive Group Limited 819 727 1.2 4.0 11.9
Ensco 969 Limited (trading as DPP) 780 557 1.2 4.9 29.6
Relative Insight Limited 760 760 1.2 3.7 27.4
BioAscent Discovery Limited 734 174 1.1 4.4 35.6
MirrorWeb Holdings LLC
3
708 708 1.1 1.1 3.9
Sensoteq Limited 697 697 1 .1 6.6 17.0
Blackdot Solutions Limited 696 696 1 .1 2 .1 10.1
Metrion Biosciences Limited 696 696 1 .1 5.1 1 3.1
CODILINK UK Limited (trading as Coniq) 675 450 1.0 1.3 3.6
WaterBear Education Limited 649 245 1.0 5.1 34.1
Plyable Limited 647 647 1.0 6.8 21.5
Shaded line indicates that the investment was completed pre November 2015.
40 I Maven Income and Growth VCT PLC
AS AT 28 FEBRUARY 2025
Investment
Valuation
£’000
Cost
£’000
% of
total assets
% of
equity held
% of equity
held by
other clients
1
Unlisted
Reed Thermoformed Packaging Limited
(trading as iPac Packaging Innovations)
631 448 1.0 2.5 9.9
Filtered Technologies Limited 621 725 0.9 4.1 21.3
Laverock Therapeutics Limited 597 597 0.9 2.8 6.5
Whiterock Group Limited 470 470 0.7 8 .1 29.8
Automated Analytics Limited 426 249 0.6 2.2 29.7
Connected Data Company Limited 423 423 0.6 3.9 11.8
Flow UK Holdings Limited 420 598 0.6 7.3 27.7
McKenzie Intelligence Services Limited 403 159 0.6 1.6 4.8
Boomerang Commerce Inc
(trading as CommerceIQ)
4
389 451 0.6 0.1 0.4
Rico Developments Limited (trading as Adimo) 380 760 0.6 3.4 6.5
ebb3 Limited 356 252 0.5 8.0 70.9
HiveHR Limited 346 346 0.5 4.4 40.2
Kani Payments Holdings Limited 336 336 0.5 2.0 12.8
Snappy Shopper Limited 309 309 0.5 0.4 1.3
ORCHA Health Limited 302 497 0.5 1.1 6.7
Growth Capital Ventures Limited 300 288 0.5 5.3 42.1
The Algorithm People Limited
(trading as Optimize)
299 140 0.5 2.0 14.2
AMufacture Limited 261 261 0.4 4.8 15.2
Alderley Lighthouse Labs Limited 249 249 0.4 6.7 46.9
iAM Compliant Limited 246 149 0.4 1.9 47.2
Fixtuur Limited (formerly Shortbite Limited) 239 884 0.4 6.9 50.5
Cat Tech International Limited 238 206 0.4 - -
RiskSmart Limited 199 199 0.3 2.4 43.2
Zing TopCo Limited (trading as Zing) 185 185 0.3 4.9 42.8
XR Games Limited 174 515 0.3 1.7 59.3
TC Communications Holdings Limited 136 413 0.2 4 .1 31.2
RevLifter Limited 100 100 0.1 1.0 25.6
ISN Solutions Group Limited 84 323 - 4.6 50.4
C4X Discovery Holdings PLC
5
28 40 - 0.1 0.8
Other unlisted investments 21 3,011 -
Total unlisted 43,160 37,672 65.7
Maven Income and Growth VCT PLC I 41
AS AT 28 FEBRUARY 2025
Investment
Valuation
£’000
Cost
£’000
% of
total assets
% of
equity held
% of equity
held by
other clients
1
AIM/AQSE quoted
6
GENinCode PLC 172 557 0.4 2.8 10.6
Kanabo Group PLC
7
91 1,639 0.2 2.0 7.9
Cambridge Cognition Holdings PLC 64 62 0.1 0.4 1.1
Incanthera PLC 37 46 0.1 0.5 0.5
Arecor Therapeutics PLC 36 167 - 0.2 0.2
Eden Research PLC 30 59 - 0.2 1.3
Vianet Group PLC 22 37 - 0.1 1.3
Avacta Group PLC 17 7 - - -
Seeen PLC 11 148 - 0.3 0.5
Gelion PLC 10 121 - 0.1 0.1
Other AIM/AQSE investments 58 1,005 -
Total AIM/AQSE quoted 548 3,848 0.8
Private equity investment trusts
8
HgCapital Trust PLC 702 434 1.1 - 0.1
Patria Private Equity Trust PLC (formerly abrdn
Private Equity Opportunities Trust PLC)
500 349 0.8 0.1 0.2
ICG Enterprise Trust PLC 449 343 0.7 0.1 0.2
NB Private Equity Partners Limited 410 430 0.6 0.1 0.2
HarbourVest Global Private Equity Limited 371 194 0.6 - -
Pantheon International PLC 357 307 0.5 - -
CT Private Equity Trust PLC 339 276 0.5 0.1 0.3
Partners Group Private Equity Limited 111 110 0.2 - 0.1
Caledonia Investments PLC 109 100 0.2 - -
Apax Global Alpha Limited 107 121 0.1 - 0.1
Total private equity investment trusts 3,455 2,664 5.3
Global equity investment trusts
8
Alliance Witan PLC (formerly Alliance Trust PLC) 304 280 0.5 - -
Total global equity investment trusts 304 280 0.5
Real estate investment trusts
8
Care REIT PLC
(formerly Impact Healthcare REIT PLC)
91 114 0.1 - 0.2
Total real estate investment trusts 91 114 0.1
42 I Maven Income and Growth VCT PLC
AS AT 28 FEBRUARY 2025
Investment
Valuation
£’000
Cost
£’000
% of
total assets
% of
equity held
% of equity
held by
other clients
1
Infrastructure investment trusts
8
Pantheon Infrastructure PLC 293 270 0.4 0.1 0.2
3i Infrastructure PLC 238 249 0.4 - -
BBGI Global Infrastructure SA 218 220 0.3 - 0.1
International Public Partnerships Limited 109 140 0.2 - -
Foresight Environmental Infrastructure Limited
(formerly JLEN Environmental Assets Group Limited)
89 150 0.1 - 0.1
Total infrastructure investment trusts 947 1,029 1.4
Open-ended investment companies
8
Royal London Short Term Fixed Income Fund
(Class Y Income)
1,008 1,018 1.6 0.1 0.2
Royal London Short Term Money Market Fund
(Class Y Income)
1,004 1,010 1.5 - -
Total open-ended investment companies 2,012 2,028 3.1
Money market funds
8
abrdn Liquidity Fund (Lux) - Sterling Fund
K-1 Inc GBP
1,000 1,000 1.5 - -
BlackRock Institutional Sterling Liquidity Fund
(Core)
1,000 1,000 1.5 - -
BlackRock Institutional Sterling Government
Liquidity Fund (Core Dis)
1,000 1,000 1.5 - 0.1
Goldman Sachs Sterling Government Liquid
Reserves Ireland (Institutional)
1,000 1,000 1.5 0.4 0.4
HSBC Sterling Liquidity Fund (Class A) 1,000 1,000 1.5 - -
Fidelity Institutional Liquidity Sterling Fund (Class F) 500 500 0.9 - 0.2
Total money market funds 5,500 5,500 8.4
Total investments 56,017 53,135 85.3
1
Other clients of Maven Capital Partners UK LLP.
2
This holding reflects the retained minority interest following the partial sale in September 2024.
3
This holding reflects the retained minority interest following the partial sale of the holding in MirrorWeb Limited, with a
proportion of the proceeds re-invested in the new, enlarged entity, MirrorWeb Holdings LLC.
4
This holding reflects the retained minority interest following the sale of e.fundamentals (Group) Limited to CommerceIQ
in July 2022.
5
This company delisted from AIM during the period.
6
Investments are quoted on AIM/AQSE with the exception of Kanabo Group PLC, which is listed on the Main Market of
the London Stock Exchange.
7
The holding in this investment resulted from the sale of The GP Service (UK) Limited, which completed in February 2022.
The unlisted shares in Kanabo GP Limited were, in accordance with the terms of the original transaction, exchanged for
shares in Kanabo Group PLC, which is listed on the Main Market of the London Stock Exchange.
8
Treasury management portfolio.
Maven Income and Growth VCT PLC I 43
The Directors submit their Annual Report together with the Financial Statements of the Company for the year
ended 28 February 2025. A summary of the financial results for the year can be found in the Financial Highlights
on pages 4 and 5. The Investment Objective, Business Model and Investment Policy are set out in the Business
Report on page 14 and the Board’s approach to dividends is summarised in the Chairman’s Statement on page 10.
Principal Activity and Status
The Company’s affairs have been conducted, and will continue to be conducted, in a manner to satisfy the
conditions to enable it to continue to obtain approval as a VCT under Section 274 of the Income Tax Act 2007.
During the year, the Company maintained its membership of the AIC, and its Ordinary Shares are listed on the London
Stock Exchange. Further details are provided in the Corporate Summary.
Regulatory Status
The Company is a small registered, internally managed alternative investment fund under the AIFMD. As a VCT,
pursuant to Section 274 of the Income Tax Act 2007, the rules of the FCA in relation to non-mainstream
investment products do not apply to the Company.
Going Concern
The Company’s business activities, together with the factors likely to affect its future development and performance,
are set out in this Directors’ Report and within the Strategic Report. The financial position of the Company is
described in the Chairman’s Statement. In addition, Note 16 to the Financial Statements includes: the Company’s
objectives, policies and processes for managing its financial risks; details of its financial instruments; and its
exposures to market price risk, interest rate risk, liquidity risk, credit risk and price risk sensitivity. The Directors
believe that the Company is well placed to manage its business risks.
Following a detailed review, and taking into account the economic outlook and the ongoing geopolitical uncertainty
that has persisted throughout the year, including the ongoing impact of high inflation and interest rates, which
can impact consumer and business confidence, the Directors have a reasonable expectation that the Company has
adequate financial resources to enable it to continue in operational existence for the foreseeable future, and at
least for the next 12 months from the date of the signing of this Annual Report. Accordingly, they have continued
to adopt the going concern basis when preparing the Annual Report and Financial Statements.
Viability Statement
In accordance with Provision 31 of the UK Corporate Governance Code, published in July 2018, and Provision 36
of the AIC Code of Governance, published in February 2019 (the Codes), the Board has assessed the Company’s
prospects for the five-year period to 28 February 2030. This period has been considered appropriate for a VCT of
its size when considering the principal risks facing the Company and the legislative environment within which it has
to operate.
In considering and making this statement, the Board carried out a robust assessment of the principal business risks
facing the Company as set out in the Business Report, including those that might threaten its business model,
future performance, solvency, or degree of liquidity within the portfolio.
The Board’s assessment also took account of the availability and likely effectiveness of the mitigating actions that
could be taken to avoid or reduce the impact of the underlying risks, including the Manager adapting its investment
process to take account of the more restrictive VCT rules. The Board also considered the quality of the current
portfolio, the Company’s ability to raise new funds and the Manager’s ability to source and secure new investment
opportunities. As highlighted in the Chairman’s Statement on page 13, the Board considers the Company’s future to
be positive.
DIRECTORS’ REPORT
44 I Maven Income and Growth VCT PLC
The Board focused on the major factors that affect the economic, regulatory and political environment, including
high inflation and interest rates, and the ongoing geopolitical uncertainty. The Board also reviewed the Company’s
cash flow projections and underlying assumptions for the five years to 28 February 2030 and considered them to be
realistic and fair.
Based on the Company’s processes for monitoring income and expenses, share price discount, ongoing review of
the investment objective and policy, asset allocation, sector weightings and portfolio risk profile, the Board has
concluded that there is a reasonable expectation that the Company will be able to continue in operation and meet
its liabilities as they fall due over the five years to 28 February 2030.
Financial Instruments
The Company’s financial instruments comprise its investment portfolio, treasury management portfolio, cash
balances, debtors and creditors that arise directly from its operations, including accrued income and purchases
and sales awaiting settlement. The main risks that the Company faces arising from its financial instruments are
disclosed in Note 16 to the Financial Statements.
Global Greenhouse Gas Emissions
The Company has no greenhouse gas emissions to report from its operations, nor does it have responsibility for
any other emissions producing sources under the Companies Act 2006 (Strategic Report and Directors’ Report)
Regulations 2013.
Corporate Governance
The Statement of Corporate Governance, which supports this Directors’ Report, is shown on pages 53 to 58.
Directors
Other than Arthur MacMillan, who served as a Director during the Company’s financial year and who retired from
the Board following the conclusion of the AGM held on 11 July 2024, the biographies of the Directors who held
office at the year end, and as at the date of signing of this Annual Report, are shown in the Your Board section of
this Annual Report along with their interests in the shares of the Company, which are also shown below. No Director
has a service contract with the Company and no contract or arrangement significant to the Company’s business, and
in which any of the Directors is interested, has subsisted during the year.
In accordance with the Company’s Articles, Directors must offer themselves for re-election at least once every
three years. However, in accordance with the Codes, the Board has decided that all Directors will stand for re-
election on an annual basis. Therefore, John Pocock, Alison Fielding and Andrew Harrington will all retire at the
2025 AGM and, being eligible, offer themselves for re-election.
The Board confirms that, following a formal process of evaluation, the performance of each of the Directors
continues to be effective and demonstrates commitment to the role.
John Pocock has extensive experience in the information technology and financial sectors, and was formerly a
director and chief executive of a FTSE 250 company. His leadership skills, entrepreneurial experience and senior
executive positions held on other boards provide him with the ability required to lead discussion and ensure that clear
decisions are reached.
Alison Fielding is an experienced entrepreneur, senior executive and non-executive director. Her track record
demonstrates her ability to develop strategy within both large and small organisations, to set direction, evaluate
options, implement plans and drive performance.
Andrew Harrington has experience of working alongside management teams and shareholders across many sectors.
He has advised on transactions, such as the purchase or sale of companies and capital raising, as well as investment,
initial public offerings, secondary public market offerings and mergers & acquisitions.
The Board believes that, for the above reasons, the contribution of each Director continues to be important to the
continued long-term success of the Company, as the combined skills and experience ensure a balanced Board of
Directors with a wealth of knowledge and understanding in key areas that are relevant to the Company. Therefore,
it is believed that it is in the best interests of Shareholders that each of the Directors seeking re-election should
remain in office, and Resolutions to this effect will be proposed at the 2025 AGM.
Maven Income and Growth VCT PLC I 45
Directors’ Interests
The Directors who held office during the year, and their interests in the share capital of the Company, are as follows:
28 February 2025
Ordinary Shares of 10p each
29 February 2024
Ordinary Shares of 10p each
John Pocock 100,812 100,812
Alison Fielding 247,281 196,610
Andrew Harrington 233,197 182,526
Arthur MacMillan
1
155,435 155,435
Total 736,725 635,383
1
Arthur MacMillan retired as a Director following the conclusion of the AGM held on 11 July 2024.
There is no requirement for the Directors to hold shares in the Company and the table above shows the Directors’
beneficial interests and the interests of those persons closely associated to them. As at 23 May 2025, being the latest
practicable date prior to the publication of this Annual Report, the Directors’ interests in the Ordinary Shares in the
Company were unchanged from those shown above.
Conflicts of Interest
Each Director has a statutory duty to avoid a situation where they have, or could have, a direct or indirect interest
that conflicts, or may conflict, with the interests of the Company. A Director will not be in breach of that duty if
the relevant matter has been authorised by the Board in accordance with the Articles, and this includes any co-
investment made by the Directors in entities in which the Company also has an interest.
The Board has approved a protocol for identifying and dealing with conflicts and has resolved to conduct a regular
review of actual or possible conflicts. The Company is invested in DiffusionData Limited, of which John Pocock is
executive chairman. As explained in the Statement of Corporate Governance on page 54, the Board has agreed
that this does not represent a material conflict. No new material conflicts or potential conflicts were identified
during the year.
Substantial Interests
As at 28 February 2025, the only Shareholders known to be directly or indirectly interested in 3% or more of the
Company’s issued Ordinary Share Capital were:
Number of Ordinary Shares held % of issued share capital
Hargreaves Lansdown (Nominees)
Limited (HLNOM account)
7,050,124 4.23
As at 23 May 2025, being the latest practicable date prior to the publication of this Annual Report, the only
Shareholders known to be directly or indirectly interested in 3% or more of the Company’s issued Ordinary Share
capital were:
Number of Ordinary Shares held % of issued share capital
Hargreaves Lansdown (Nominees)
Limited (HLNOM account)
7,460,263 4.11
46 I Maven Income and Growth VCT PLC
Manager and Company Secretary
Maven Capital Partners UK LLP (Maven) acted as Manager and Secretary to the Company during the year ended
28 February 2025 and details of the investment management and secretarial fees are disclosed in Notes 3 and 4
to the Financial Statements respectively.
The principal terms of the Management and Administration Agreement with Maven are as follows:
Termination provisions
The Agreement is terminable, by either party, on the expiry of twelve months’ notice. In the event that the
Company terminates the Manager’s appointment, the Manager is entitled to an amount equivalent to twelve
months’ fees. Furthermore, the Company may terminate the agreement without compensation due if:
• a receiver, liquidator or administrator of the Manager is appointed;
• the Manager commits any material breach of the provisions of the agreement; or
• the Manager ceases to be authorised to carry out investment business.
Management and Secretarial Fees
For the year ended 28 February 2025, the investment management, performance and secretarial fees payable to
Maven were calculated and charged on the following basis:
• the Company will pay to the Manager a performance related management fee, payable in respect of the six-
month periods to the end of August and February in each year, calculated as 10% (2024: 10%) of the net
asset value total return of the Company before taking into account the effects of distributions and purchases of
the Company’s own shares effected during that period, and provided that the annualised net asset value total
return was not less than 5% of the net asset value of the Company as at the beginning of the relevant period.
The performance related management fee will be subject to an annualised adjustment, and the minimum
management fee payable will be 2% (2024: 2%) per annum of the net asset value of the Company. To ensure
that any additional fees are only payable on incremental performance, the net asset value from which the fee
is measured is rebased to the high watermark level whenever a fee above the minimum amount becomes
payable; and
• a fixed secretarial fee of £105,000 per annum is subject to annual adjustment by reference to increases in the
UK Retail Prices Index, such annual adjustment being restricted to a maximum of 5% of the secretarial fee paid
in respect of the previous year (2024: £100,000).
With effect from 27 September 2024, the cap on total expenses was reduced from 3.8%, to 3.5% per annum
of the average net asset value for the relevant financial period, calculated before deduction of management and
administration expenses or any regulatory and exceptional items such as merger costs or performance incentive fees
in respect of that financial year.
Independent from the above arrangements, Maven may also receive, from investee companies, fees in relation to
arranging transactions, the monitoring of business progress and for providing non-executive directors for their boards.
In light of investment performance achieved by the Manager, together with the standard of company secretarial and
administrative services provided, the Board considers that the continued appointment of the Manager and Secretary
on the stated terms is in the best interests of the Company and its Shareholders.
Maven Executive Investment Scheme and Executive Holdings
In order to ensure that the Manager’s executives are appropriately incentivised in relation to the management of
the portfolio, a co-investment scheme is in place which allows individuals to participate in new investments in
portfolio companies alongside the Company. Under the terms and conditions of the Maven Executive Scheme (the
Scheme), all investments will be made through a nominee and under terms agreed by the Board. The terms of the
Scheme ensure that all investments will be made on identical equity terms to those of the Company and that no
selection of investments by participants will be allowed. Total investment by participants in the Scheme is set at
5% of the aggregate amount of ordinary equity subscribed for by the Company and the co-investing executives,
except where the only securities to be acquired by the Company are those quoted on AIM, in which case the co-
investment percentage is 1.5%. Where the Company partially divests from AIM holdings, the Scheme is permitted
to realise the 1.5% allocation in full. In some circumstances, the Scheme may also sell AIM holdings that the
Company may retain in order to comply with VCT qualifying criteria. Given the relatively low equity participation in
each private company investment, any dilution of the Company’s interests is, therefore, minimal and the Directors
believe that the Scheme provides a useful incentive that closely aligns the interests of key individuals within the
Manager’s staff with those of the Company’s Shareholders.
Maven Income and Growth VCT PLC I 47
It should be noted that, as at 23 May 2025, Maven Capital Partners and certain executives held, in aggregate,
3,316,334 of the Company’s Ordinary Shares, representing 1.83% of the issued share capital as at that date.
Independent Auditor
Johnston Carmichael LLP (Johnston Carmichael) is the Company’s current Auditor. Resolution 7 is to propose the
reappointment of Johnston Carmichael at the 2025 AGM, along with Resolution 8, to authorise the Directors to
fix its remuneration. The Directors have received confirmation from Johnston Carmichael that it is independent
and objective and the Directors are satisfied that objectivity and independence is being safeguarded by Johnston
Carmichael.
Directors’ Disclosure of Information to the Auditor
So far as the Directors who held office at the date of approval of this Annual Report are aware, there is no relevant
audit information (as defined by Section 418 of the Companies Act 2006) of which the Company’s Auditor is
unaware, and the Directors have taken all the steps that they ought to have taken as Directors in order to make
themselves aware of any relevant audit information and to establish that the Company’s Auditor is aware of that
information.
Purchase of Ordinary Shares
During the year ended 28 February 2025, the Company bought back a total of 6,758,039 (2024: 2,662,562) of its
own Ordinary Shares for cancellation, representing 4.19% of the issued share capital as at 29 May 2024, being the
last practicable date prior to the publication of the previous Annual Report.
A Special Resolution, numbered 11 in the Notice of Annual General Meeting, will be put to Shareholders at
the 2025 AGM for their approval to renew the Company’s authority to purchase in the market a maximum of
27,198,012 Ordinary Shares (14.99% of the shares in issue at 23 May 2025). This authority shall expire either on
the date of the AGM in 2026 or after a period of 15 months from the passing of the Resolution, whichever is the
first to occur.
The Board intends to use this authority to continue its share buy-back policy. Purchases of shares will be made
within guidelines established from time to time by the Board, but only if it is considered that such purchases would
be to the advantage of the Company and its Shareholders when taken as a whole. Purchases will be made in the
market at prices below the prevailing NAV per share. Under the Listing Rules of the FCA, the maximum price that
may be paid on the exercise of this authority must not exceed 105% of the average of the mid-market quotations
for the shares over the five business days immediately preceding the date of purchase. The minimum price that
may be paid is 10p per share. In making purchases, the Company will deal only with member firms of the London
Stock Exchange. Any shares that are purchased will be cancelled.
Purchases of shares by the Company will be made from distributable reserves and will normally be paid out of
cash balances held by the Company from time to time. As any purchases will be made at a discount to NAV at
the time of purchase, the NAV of the remaining Ordinary Shares in issue should increase as a result of any such
purchase. Shares will not be purchased by the Company in the period from the end of the Company’s relevant
financial period up to and including the earlier of an announcement of all price sensitive information in respect of
the relevant period or the release of full results.
Issue of New Ordinary Shares
During the year under review, a total of 18,915,290 new Ordinary Shares were allotted, of which, 18,064,811
were issued under an Offer for Subscription and 850,479 under the DIS (2024: 23,346,462 and of which,
22,606,937 were issued under an Offer for Subscription and 739,525 under the DIS). An Ordinary Resolution,
numbered 9 in the Notice of Annual General Meeting, will be put to Shareholders at the 2025 AGM for their
approval for the Company to issue up to an aggregate nominal amount of £1,814,410 (equivalent to 18,144,100
Ordinary Shares or 10% of the total issued share capital at 23 May 2025).
Issues of new Ordinary Shares may only be made at, or at a premium to, NAV per share, thus ensuring that
existing investors will not be disadvantaged by such issues. The proceeds of any issue may be used to purchase
the Company’s shares in the market or to fund further investments in accordance with the Company’s investment
policy. This authority shall expire either on the date of the AGM in 2026 or after a period of 15 months from the
passing of the Resolution, whichever is the first to occur.
When shares are to be allotted for cash, Section 561(1) of the Companies Act 2006 provides that existing
Shareholders have pre-emption rights and that the new shares are offered first to such Shareholders in proportion
to their existing shareholdings. However, Shareholders can, by special resolution, authorise the Directors to allot
shares otherwise than by a pro rata issue to existing Shareholders. A Special Resolution, numbered 10 in the
Notice of Annual General Meeting, will, if passed, give the Directors power to allot for cash, Ordinary Shares up to
an aggregate nominal amount of £1,814,410 (equivalent to 18,144,100 Ordinary Shares or 10% of the total issued
48 I Maven Income and Growth VCT PLC
share capital at 23 May 2025) as if Section 561(1) does not apply. This is the same amount of share capital that
the Directors are seeking the authority to allot pursuant to Resolution 9. The authority will also expire either on the
date of the AGM in 2025 or after a period of 15 months from the passing of the Resolution, whichever is the first
to occur.
Share Capital and Voting Rights
As at 28 February 2025, the Company’s share capital amounted to 166,841,748 Ordinary Shares of 10p each.
Subsequent to the year end, the Company bought back 1,666,623 Ordinary shares for cancellation and issued
16,265,918 new Ordinary shares under the Company’s Offer for Subscription. As a result, at 23 May 2025, being
the latest practicable date before the publication of this Annual Report, the Company’s share capital represented
181,441,043 Ordinary Shares with each share carrying one voting right. Further details are included in Note 12 to
the Financial Statements.
There are no restrictions on the transfer of Ordinary Shares issued by the Company or their related voting rights,
other than certain restrictions that may from time to time be imposed by law (for example, the Market Abuse
Regulation). The Company is not aware of any agreement between Shareholders that may result in a transfer of
securities and/or voting rights.
Significant Agreements and Related Party Transactions
The Company is not aware of any significant agreements to which it is a party that take effect, alter or terminate
upon a change of control of the Company following a takeover. Other than the Management and Administration
Agreement, further details of which are set out on page 48, the Company is not aware of any contractual or
other agreements that are essential to its business and which could reasonably be expected to be declared in the
Directors’ Report.
Other than those set out in this Directors’ Report, and in Note 17 to the Financial Statements on page 89, there are
no further related party transactions that require to be disclosed.
Post Balance Sheet Events
The Directors have proposed a final dividend of 1.25p per Ordinary Share, in respect of the year ended 28 February
2025. The final dividend will be paid on 18 July 2025 to Shareholders on the register at 20 June 2025. Other than
those referred to above and elsewhere in the Strategic Report, there have been no events since 28 February 2025
that require disclosure.
Future Developments
An indication of the Company’s expected future developments can be found in the Chairman’s Statement on page
13 and in the Investment Manager’s Review on page 32, which highlight the commitment of the Board and the
Manager to providing returns to Shareholders and delivering the Company’s investment strategy.
AGM and Directors’ Recommendation
The AGM will be held on 10 July 2025, in the offices of Maven Capital Partners UK LLP at Kintyre House, 205
West George Street, Glasgow G2 2LW, and the Notice of Annual General Meeting is on pages 90 to 95 of this
Annual Report. The Notice of Annual General Meeting also contains a Resolution that seeks authority for the
Directors to convene a general meeting, other than an annual general meeting, on not less than 14 days’ clear
notice, although it is anticipated that such authority would only be exercised under exceptional circumstances.
The Board encourages Shareholders to vote at the AGM and may do so using a hard copy proxy form, via CREST,
or electronically using the Registrar’s proxy voting app at: maven-agm.city-proxyvoting.uk. Please refer to the
notes to the Notice of Annual General Meeting on pages 92 to 95 of this Annual Report.
The Directors consider that all of the Resolutions to be put to the AGM are in the best interests of the Company
and its Shareholders as a whole. Your Board will be voting in favour of them and unanimously recommends that
Shareholders do so as well.
Authorised for issue by the Board
Maven Capital Partners UK LLP
Secretary
28 May 2025
Maven Income and Growth VCT PLC I 49
This report has been prepared in accordance with the requirements of Section 421 of the Companies Act 2006
and the Enterprise and Regulatory Reform Act 2013. An Ordinary Resolution for the approval of this report,
which includes a section on the Company’s policy for the remuneration of its Directors, will be put to the
members of the Company at the forthcoming AGM. The law requires the Company’s Auditor to audit certain of
the disclosures provided. Where disclosures have been audited, they are indicated as such and the Auditor’s
opinion is included in their report on pages 64 to 70 of this Annual Report.
Statement by the Chair of the Remuneration Committee
The Directors have established a Remuneration Committee comprising the full Board, with Alison Fielding as its
Chair. As all of the Directors are non-executive, the Principles of the UK Corporate Governance Code in respect of
directors’ remuneration do not apply.
At 28 February 2025, and as at the date of this Annual Report, the Company had three non-executive Directors
and their biographies are shown in the Your Board section of this Annual Report. The names of the Directors who
served during the year, together with the fees paid during that period, are shown in the table on page 51.
The dates of appointment of the Directors in office as at 28 February 2025 and the dates on which they will next
be proposed for re-election are as follows:
Date of original
appointment
Date of previous
re-election
Due date for
re-election
John Pocock (Chairman) 1 March 2007 11 July 2024 10 July 2025
Alison Fielding 1 January 2019 11 July 2024 10 July 2025
Andrew Harrington 1 January 2019 11 July 2024 10 July 2025
During the year ended 28 February 2025, the Board was not provided with advice or services in respect of its
consideration of the Directors’ remuneration. However, in the application of the Board’s policy on Directors’
remuneration, as defined below, the Committee expects, from time to time, to review the fees paid to the
directors of other venture capital trusts for comparative purposes.
The Remuneration Committee met once during the year ended 28 February 2025 and carried out a review of the
Remuneration Policy and the level of Directors’ fees. It was recommended that the remuneration of each Director
should increase by 5% per annum with effect from 1 March 2025, increasing the remuneration to £26,319 (previously
£25,066) for the Chairman; £24,466 (previously £23,031) for the Chair of the Audit and Risk Committees; and
£22,225 (previously £21,167) for each other Director.
Remuneration Policy
The Company’s policy is that the remuneration of the Directors, all of whom are non-executive, should reflect the
experience of the Board as a whole and be fair and comparable to that of other VCTs with similar capital structures
and investment objectives. Directors are remunerated in the form of fees, payable quarterly in arrears, to the
Director personally or to a third party specified by him or her. The fees for the Directors are determined within the
limits set out in the Company’s Articles, which limit the aggregate of the fees payable to the Directors to £100,000
per annum and the approval of Shareholders in a general meeting would be required to change this limit.
It is intended that the fees payable to the Directors should reflect their duties, responsibilities, and the value and
amount of time committed to the Company’s affairs, and should also be sufficient to enable candidates of a high
quality to be recruited and retained. Non-executive Directors do not receive bonuses, pension benefits, share
options, long-term incentive schemes or other benefits, and the fees are not specifically related to the Directors’
performance, either individually or collectively.
DIRECTORS’ REMUNERATION REPORT
50 I Maven Income and Growth VCT PLC
The remuneration policy and the level of fees payable is reviewed annually by the Remuneration Committee and it
is intended that the current policy will continue for the year ending 28 February 2026. A copy of this remuneration
policy may be inspected by members of the Company at its registered office.
It is the Board’s intention that the remuneration policy will be put to a Shareholders’ vote at least once every three
years and, as a Resolution was approved at the AGM held in 2023, an Ordinary Resolution for its approval for the
three years to 28 February 2029 will next be proposed at the AGM to be held in 2026.
At the AGM held on 6 July 2023, the result in respect of the Ordinary Resolution to approve the Directors’
Remuneration Policy for the three years to 28 February 2026 was as follows:
Percentage of
votes cast for
Percentage of
votes cast against
Number of
votes withheld
Remuneration Policy (2023 AGM) 89.94 10.06 89,986
Directors’ and Officers’ Liability Insurance
The Company purchases and maintains liability insurance covering the Directors and Officers of the Company. This
insurance is not a benefit in kind, nor does it form part of the Directors’ remuneration.
Directors’ Interests (audited)
The Directors’ interests in the share capital of the Company are shown in the Directors’ Report on page 45. There
is no requirement for Directors to hold shares in the Company.
Company Performance
The Board is responsible for the Company’s investment strategy and performance, although the management of
the Company’s investment portfolio is delegated to the Manager through the Management and Administration
Deed, as referred to in the Directors’ Report.
The graph below compares the total returns on an investment of £100 in the Ordinary Shares of the Company, for
each annual accounting period for the ten years to 28 February 2025, assuming that all dividends are reinvested,
with the total shareholder return on a notional investment of £100 made up of shares of the same kinds and
number as those by reference to which the FTSE AIM All-share Index is calculated. This index was chosen for
comparison purposes as it is the most relevant to the Company’s investment portfolio.
Source: Maven Capital Partners UK LLP/London Stock Exchange/IRESS.
Please note that past performance is not necessarily a guide to future performance.
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0
20
40
60
80
(£)
100
120
140
160
180
Maven Income and Growth
VCT PLC - NAV total return
Maven Income and Growth
VCT PLC - share price total return
FTSE AIM All-Share
total return
Maven Income and Growth VCT PLC I 51
Directors’ Remuneration (audited)
The Company does not have any employees and Directors’ remuneration comprises solely of Directors’ fees. The
Directors’ fees for the years ended 28 February 2025, 29 February 2024, 28 February 2023, 28 February 2022
and 28 February 2021, and projected fees for the year ending 28 February 2026, together with the percentage
changes in those years, are as follows:
Year to
28 Feb
2026
£
Change to
28 Feb
2026
%
Year to
28 Feb
2025
£
Change to
28 Feb
2025
%
Year to
29 Feb
2024
£
Change to
29 Feb
2024
%
Year to
28 Feb
2023
£
Change to
28 Feb
2023
%
Year to
28 Feb
2022
£
Change to
28 Feb
2022
%
Year to
28 Feb
2021
£
John Pocock
(Chairman)
26,319 5.00 25,066 4.00 24,102 4.00 23,175 3.00 22,500 - 22,500
Alison Fielding 22,225 5.00 21,167 4.00 20,353 4.00 19,570 3.00 19,000 - 19,000
Andrew Harrington
(Chair – Audit and
Risk Committees)
1
24,466 7.00 22,937 12.70 20,353 4.00 19,570 3.00 19,000 - 19,000
Arthur MacMillan
2
N/A N/A 8,728 4.00 23,031 4.00 22,145 3.00 21,500 - 21,500
Total 73,010 77,898 87,839 84,460 82,000 82,000
1
Chair of Audit and Risk Committees from 11 July 2024, with pro rata increase in annual remuneration to reflect those roles.
2
Chair of Audit and Risk Committees until retirement from the Board on 11 July 2024.
The percentage changes are calculated based on annualised amount payable to each individual Director. The above
amounts exclude any employers’ national insurance contributions, if applicable. No other forms of remuneration
were received by the Directors and no Director has received any taxable expenses, compensation for loss of office
or non-cash benefit for the year ended 28 February 2025 (2024: £nil).
Relative Cost of Directors’ Remuneration
The chart below shows, for the years ended 29 February 2024 and 28 February 2025, the cost of Directors’ fees
compared with the level of dividend distribution.
As noted in the Strategic Report, all of the Directors are non-executive and, therefore, the Company does not have
a chief executive officer, nor does it have any employees. In the absence of a chief executive officer or employees,
there is no related information to disclose.
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
Directors'
fees 2024
Dividends
2024
Directors'
fees 2025
Dividends
2025
Relative Cost of Directors' Remuneration
(£'000)
(£'000)
52 I Maven Income and Growth VCT PLC
Directors do not have service contracts, but new Directors are provided with a letter of appointment. Copies of the
Directors’ letters of appointment will be available for inspection at the AGM. The terms of appointment provide that
Directors should retire and be subject to re-election at the first AGM after their appointment. Thereafter, all Directors
will be subject to annual re-election in line with the requirements under the Codes. There is no notice period and no
provision for compensation upon early termination of appointment, save for any arrears of fees which may be due.
During the year ended 28 February 2025, no communication was received from Shareholders regarding Directors’
remuneration.
Approval
An Ordinary Resolution to approve this Directors’ Remuneration Report will be put to Shareholders at the 2025 AGM.
At the AGM held on 11 July 2024, the results in respect of an Ordinary Resolution to approve the Directors’
Remuneration Report for the year ended 29 February 2024 were as follows:
Percentage of
votes cast for
Percentage of
votes cast against
Number of
votes withheld
Remuneration Report (2024 AGM) 93.10 6.90 243,595
This Directors’ Remuneration Report, for the year ended 28 February 2025, was approved by the Board of Directors
and signed on its behalf by:
Alison Fielding
Director
28 May 2025
Maven Income and Growth VCT PLC I 53
The Company is committed to, and is accountable to the Company’s Shareholders for, a high standard of
corporate governance. The Board has put in place a framework for corporate governance that it believes is
appropriate for a venture capital trust and enables it to comply with the UK Code of Corporate Governance
(the UK Code), which is available from the website of the Financial Reporting Council (FRC) at: frc.org.uk.
During the year under review, the Company was a member of the AIC, which published a revised version of its own
Code of Corporate Governance (the AIC Code) in August 2024. The Board has adopted the principles of the AIC
Code and reports on compliance with these below. The AIC Code provides a comprehensive guide to best practice
in certain areas of governance where the specific characteristics of investment trusts or venture capital trusts
suggest alternative approaches to those set out in the UK Code.
The key requirements of the AIC Code include:
• the annual re-election of all directors to all investment companies;
• that a board should understand the views of its company’s key stakeholders and describe in the annual report
how their interests and the matters set out in Section 172 of the Companies Act 2006 (the duty to promote the
success of the company) have been considered in board discussions and decision making; and
• that the chairman of an investment company may now remain in post beyond nine years from the date of first
appointment by the board. Notwithstanding this more flexible approach, the Board is required to determine and
disclose a policy on the tenure of the Chairman.
The AIC Code is available from the AIC website at: theaic.co.uk. This Statement of Corporate Governance supports
the Directors’ Report.
Application of the Main Principles of the AIC Code
This statement describes how the main principles identified in the AIC Code have been applied by the Company
throughout the year, as is required by the Listing Rules of the FCA. The Board has considered the Principles and
Provisions of the AIC Code, which address the Principles and Provisions set out in the UK Code, as well as setting
out additional Provisions on issues that are of specific relevance to the Company. The Board considers that
reporting against the Principles and Provisions of the AIC Code, which has been endorsed by the FRC, provides
more relevant information to Shareholders. The endorsement by the FRC means that by reporting against the AIC
Code, the Company is meeting its obligations under the UK Code and the associated disclosure requirements of the
Listing Rules, and as such does not need to report further on issues contained in the UK Code that are irrelevant to
it. These include:
• Provision 9 (dual role of chairman and chief executive);
• Provision 19 (tenure of the chair);
• Provision 25 (internal audit function); and
• Provision 33 (executive remuneration).
The Board is of the opinion that the Company has complied fully with the main principles identified in the AIC Code,
except as set out below:
• Provision 14 (senior independent director).
A senior independent non-executive Director has not been appointed, as the Board considers that each Director
has different qualities and areas of expertise on which they may lead.
The Board
As at the date of this Annual Report, the Board consists of three non-executive Directors, one of whom is female,
two are male and all of whom are considered to be independent of the investment manager (Maven Capital
Partners UK LLP, Maven, or the Manager) and free of any relationship which could materially interfere with the
exercise of their independent judgement.
The biographies of the Directors appear in the Your Board section of this Annual Report and indicate their high
level and range of investment, commercial and professional experience.
STATEMENT OF CORPORATE GOVERNANCE
54 I Maven Income and Growth VCT PLC
The Board sets the Company’s values and objectives and ensures that its obligations to Shareholders are met. It has
formally adopted a schedule of matters that are required to be brought to it for decision, thus ensuring that it maintains
full and effective control over appropriate strategic, financial, operational and compliance issues. These matters include:
• the appointment and removal of the Manager and the terms and conditions of any management and
administration agreements;
• the maintenance of clear investment objectives and risk management policies;
• the monitoring of the business activities of the Company;
• Companies Act requirements such as the approval of interim and annual financial statements and the approval
and recommendation of interim and final dividends;
• major changes relating to the Company’s structure, including share buy-backs and share issues;
• Board appointments and related matters;
• terms of reference and membership of Board Committees; and
• London Stock Exchange and FCA matters, such as approval of all circulars, listing particulars and releases
concerning matters decided by the Board.
As required by the Companies Act 2006 and permitted by the Articles, Directors notify the Company of any
situation that might give rise to the potential for a conflict of interest, so that the Board may consider and, if
appropriate, approve such situations. A register of the potential conflicts of interest for Directors is reviewed
regularly by the Board and the Directors notify the Company whenever there is a change in the nature of a
registered conflict, or whenever a new conflict situation arises. As highlighted in the Directors’ Report, John
Pocock is executive chairman of DiffusionData Limited, in which the Company has an investment. However, given
the relative value of the investment and the safeguards that are in place, the Board has agreed that this does not
represent a material conflict of interest.
Following implementation of the Bribery Act 2010, the Board adopted appropriate procedures.
There is an agreed procedure for Directors to take independent professional advice, if necessary, at the Company’s
expense.
The Directors have access to the advice and services of the Secretary through its appointed representatives, who
are responsible to the Board for:
• ensuring that Board procedures are complied with;
• under the direction of the Chairman, ensuring good information flows within the Board and its Committees; and
• advising on corporate governance matters.
An induction meeting will be arranged by the Manager on the appointment of any new Director, covering details
about the Company, the Manager, legal responsibilities and VCT matters. Directors are provided, on a regular basis,
with key information on the Company’s policies, regulatory and statutory requirements and internal controls.
Changes affecting Directors’ responsibilities are advised to the Board as they arise.
John Pocock is Chairman of the Company and was independent of the Manager at the time of his appointment
as a Director, and as Chairman, and continues to be so by virtue of his lack of connection with the Manager
and of any cross-directorships with his fellow Directors. He is also Chairman of the Management Engagement and
Nomination Committees, as the other Directors consider that he has the skills and experience relevant to these
roles. Andrew Harrington is Chairman of the Audit and Risk Committees and Alison Fielding is Chair of the
Remuneration Committee.
The Board meets at least four times each year and, between Meetings, maintains regular contact with the Manager.
The primary focus of quarterly Board Meetings is a review of investment performance and related matters,
including asset allocation, peer group information and industry issues. During the year ended 28 February 2025,
the Board held four full quarterly Board Meetings and another to approve the issue of the Prospectus for the Offer
for Subscription; six Committee Meetings in relation to issuing shares under the DIS or an Offer for Subscription;
and two Committee Meetings to approve the release of financial results. In addition, there were four meetings of
the Risk Committee; five meetings of the Audit Committee, two meetings of the Nomination Committee, and one
meeting each of the Management Engagement and Remuneration Committees.
Maven Income and Growth VCT PLC I 55
Directors have attended Board and Committee Meetings during the year ended 28 February 2025
1
as follows:
Board
Board
Committee
Audit
Committee
Management
Engagement
Committee
Nomination
Committee
Remuneration
Committee
Risk
Committee
John Pocock 5 (5) 8 (8) 5 (5) 1 (1) 2 (2) 1 (1) 4 (4)
Alison Fielding 5 (5) 8 (8) 5 (5) 1 (1) 2 (2) 1 (1) 4 (4)
Andrew Harrington 5 (5) 8 (8) 5 (5) 1 (1) 2 (2) 1 (1) 4 (4)
Arthur MacMillan
2
2 (2) 4 (4) 4 (4) - (-) 1 (1) - (-) 2 (2)
1
The number of meetings which the Directors were eligible to attend is in brackets.
2
Arthur MacMillan retired as a Director following the conclusion of the AGM held on 11 July 2024.
To enable the Board to function effectively and allow Directors to discharge their responsibilities, full and timely
access is given to all relevant information. In the case of Board Meetings, this consists of a comprehensive set of
papers, including the Manager’s review and discussion documents regarding specific matters. The Directors make
further enquiries when necessary.
The Board and its Committees have undertaken a process for their annual performance evaluation, using
questionnaires and discussion, to ensure that Directors have devoted sufficient time and contributed adequately to
the work of the Board and its Committees, and to consider each Director’s independence. The Chairman is subject
to evaluation by his fellow Directors. In addition, the Board also uses the process to assess and monitor its culture
and behaviour, to ensure it is aligned with the Company’s purpose, values and strategy. The Board has discussed
having an externally facilitated board evaluation but, after consideration, agreed that the current process worked
well based on the size of the Board.
Directors’ Terms of Appointment
All non-executive Directors are appointed for an initial period of three years, subject to re-election and Companies
Act provisions and, in accordance with the Articles, stand for election at the first AGM following their appointment.
The Company’s Articles also require all Directors to retire by rotation at least every three years. However, in accordance
with the AIC Code, the Board has decided that all Directors should stand for re-election on an annual basis.
Policy on Tenure
The Board subscribes to the view expressed in the AIC Code that long-serving Directors should not be prevented from
forming part of an independent majority. It does not consider that a Director’s tenure, including that of the Chairman,
necessarily reduces their ability to act independently and, following formal performance evaluations, believes that
each Director is independent in character and judgement and that there are no relationships or circumstances that are
likely to affect the judgement of any Director.
The Board’s view on tenure is that continuity and experience are considered to add significantly to the strength of
the Board and, as such, the policy imposes no limit on the overall length of service of any of the Company’s Directors,
including the Chairman. The policy also requires the independence of each Director to be reviewed on an annual
basis, before the re-election of any Director is recommended, and the Board considers the need for regular
refreshment of the Board prior to doing so. The Company has no executive Directors or employees.
Committees
Each Committee has been established with written terms of reference and comprises the full Board. The terms of
reference of each of the Committees, which are available on request from the Registered Office of the Company,
are reviewed and re-assessed for their adequacy at each Meeting.
Audit Committee
The Audit Committee is chaired by Andrew Harrington and the role and responsibilities of the Committee are
detailed in a joint report by the Audit and Risk Committees on pages 60 to 63.
Management Engagement Committee
The Management Engagement Committee, which is chaired by John Pocock, is responsible for the annual review of
the management contract with the Manager, details of which are shown in the Directors’ Report. One meeting was
held during the year ended 28 February 2025, at which the Committee recommended the continued appointment
of Maven as Manager and Secretary of the Company.
56 I Maven Income and Growth VCT PLC
Nomination Committee
The Nomination Committee, which is chaired by John Pocock, held two meetings during the year ended 28 February
2025. The Committee makes recommendations to the Board on the following matters:
• the evaluation of the performance of the Board (including its Chairman) and its Committees, and supports the
Chairman of the Board in acting on the results of the evaluation process;
• the review of the composition, skills, knowledge, experience and diversity of the Board;
• succession planning;
• the identification and nomination of candidates to fill Board vacancies, as and when they arise, for the approval
of the Board;
• considering candidates from a wide range of backgrounds in order to promote diversity of gender, social and
ethnic background, cognitive abilities and personal strengths;
• the tenure and re-appointment of each non-executive Director on an annual basis;
• proposals for the re-election by Shareholders of each Director on an annual basis, having due regard to the
provisions of the AIC Code, the Director’s performance and ability to contribute to the Board and long-term
success of the Company;
• the continuation in office of any Director at any time; and
• the appointment of any Director to another office, such as Chairman of the Audit Committee, other than to the
position of Chairman of the Company.
At its meeting in January 2025, the Committee reviewed the knowledge, experience and skills of each Director. The
Committee noted that each of the Directors were valued and that they were deemed to enhance the skills and
knowledge base of the Board, enabling it to carry out its functions more effectively and each Director contributing to
the long-term success of the Company. The Committee recommended to the Board that all Directors seeking
re-appointment should be nominated for re-election and, accordingly, Resolutions 4 to 6 will be put to the 2025 AGM.
The Board’s policy in relation to diversity is that, when recruiting new Directors, the Board will consider candidates
from a range of backgrounds and with a variety of relevant skills and experience, to ensure that all appointments are
made on the basis of merit against clear criteria, whilst considering gender and ethnic diversity. No external search
consultancy was used by the Company during the year ended 28 February 2025.
Remuneration Committee
Where a VCT has only non-executive directors, the UK Code principles relating to directors’ remuneration do not
apply. However, the Company does have a Remuneration Committee, which is chaired by Alison Fielding. The
Committee held one meeting during the year ended 28 February 2025 to review the policy for, and the level of,
Directors’ Remuneration.
The level of remuneration of the Directors has been set in order to attract and retain individuals of a calibre
appropriate to the future development of the Company. Details of the remuneration of each Director and of the
Company’s policy on Directors’ remuneration are provided in the Directors’ Remuneration Report on pages 49 to 52.
Risk Committee
The Risk Committee is chaired by Andrew Harrington and the role and responsibilities of the Committee are
detailed in a joint report by the Audit and Risk Committees on pages 60 to 63.
Board Diversity Policy
The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge
represented on the Board (and the Committees of the Board) in order to allow it to fulfil its obligations. The Board
also recognises the benefits and is supportive of the principle of diversity in its recruitment of new Board members.
The Board will not display any bias for age, gender, education, professional background, ethnicity, sexual orientation,
disability and socio-economic backgrounds in considering the appointment of its Directors. In view of its size, the
Board will continue to ensure that all appointments are made on the basis of merit against the specification prepared
for each appointment and the Board does not, therefore, consider it appropriate to set measurable objectives in
relation to its diversity.
At 28 February 2025, there were two male Directors, and one female Director on the Board. One of the male Directors
is Chairman of the Company and is also Chair of both the Nomination and Management Engagement Committees; one
of the male Directors is Chair of both the Audit Committee and of the Risk Committee. The female Director is Chair of
the Remuneration Committee. The Company has not appointed a Senior Independent Director (SID).
Maven Income and Growth VCT PLC I 57
In accordance with the FCA’s Listing Rule 9.8.6R (9)(a), the table below reports on gender identity or sex and ethnic
background within the Board as at 28 February 2025.
Number
of Board
Members
% of
the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
Executive
Management
% of
Executive
Management
Men 2 67.0 1 N/A N/A
Women 1 33.0 - N/A N/A
White British or other White
(including minority-white groups)
3 100.0 1 N/A N/A
Minority ethnic background - - - N/A N/A
The Company does not comply currently with the diversity target that 40% of individuals on the Board are to be
women.
Other than the position of Chair, there are no other senior positions on the Board. Therefore, as the position of Chair
is held by a male member of the Board, the Company does not comply currently with the diversity target that one of
the senior positions on the Board is to be held by a woman.
The Company does not comply currently with the diversity target that requires one individual on the Board to be from
a minority ethnic background.
External Agencies
The Board has contractually delegated to external agencies, including the Manager, certain services: the management
of the investment portfolio, the custodial services (which include the safeguarding of assets), the registration services
and the day-to-day accounting and company secretarial requirements. Each of these contracts was entered into after
full and proper consideration by the Board of the quality and cost of services offered. The Board receives and considers
reports from the Manager, and other external agencies, on a regular basis. In addition, ad hoc reports and information
are provided to the Board as requested.
Corporate Governance, Stewardship and Proxy Voting
The UK Stewardship Code 2020 sets high stewardship standards for those investing money on behalf of UK savers
and pensioners, such as asset owners and asset managers, and those that support them. Stewardship is the
responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries,
leading to sustainable benefits for the economy, the environment and society.
The Board is aware of its duty to act in the interests of the Company and the Directors believe that the exercise of
voting rights lies at the heart of regulation and the promotion of good corporate governance. The Board has
delegated responsibility for monitoring the activities of portfolio companies to the Manager and has given it
discretionary powers to vote in respect of the holdings in the Company’s investment portfolio. The Board supports
Maven’s approach to stewardship.
The Directors, through the Manager, encourage companies in which investments are made to adhere to best practice
in the area of corporate governance. The Manager believes that, where practicable, this can best be achieved by
entering into a dialogue with investee company management teams to encourage them, where necessary, to improve
their governance policies.
Socially Responsible Investment Policy
The Directors and the Manager are aware of their duty to act in the interests of the Company and acknowledge that
there are risks associated with investment in companies that fail to conduct business in a socially responsible manner.
Therefore, the Directors and the Manager take account of the social environment and ethical factors that may affect
the performance or value of the Company’s investments. Maven and the Directors believe that a company run in the
long-term interests of its shareholders should manage its relationships with its employees, suppliers and customers
and behave responsibly towards the environment and society as a whole. The effectiveness of the policy in respect of
investee companies is monitored on an ongoing basis.
58 I Maven Income and Growth VCT PLC
Communication with Shareholders
The Company places a great deal of importance on communication with its Shareholders, all of whom are welcome
to attend and participate in the AGM. The Notice of Annual General Meeting sets out the business of the AGM and
the Resolutions are explained more fully in the Explanatory Notes to the Notice of Annual General Meeting, as well
as in the Directors’ Report and the Directors’ Remuneration Report. Separate Resolutions are proposed for each
substantive issue and Shareholders have the opportunity to put questions to the Board and the Manager. The
results of proxy voting are relayed to Shareholders after the Resolutions have been voted on by a show of hands.
Nominated persons, often the beneficial owners of shares held for them by nominee companies, may attend
Shareholder meetings and are invited to contact the registered Shareholder, normally a nominee company, in the
first instance in order to be nominated to attend the Meeting and to vote in respect of the shares held for them. It
is in the nature of a venture capital trust that it generally has few major shareholders.
The Annual Report is normally published at least twenty business days before the AGM. Annual and Interim Reports
and Financial Statements are distributed to Shareholders and other parties who have an interest in the Company’s
performance.
Shareholders and potential investors may obtain up-to-date information on the Company through the Manager and
the Secretary, and the Company responds to letters from Shareholders on a wide range of issues. In order to
ensure that the Directors develop an understanding of the views of Shareholders, correspondence between
Shareholders and the Manager or the Chairman is copied to the Board. See Contact Information for details on how
to contact the Manager or Company Secretary.
The Company’s webpage is hosted on the Manager’s website at: mavencp.com/migvct, from where Annual and
Interim Reports, London Stock Exchange Announcements and other information can be viewed, printed or
downloaded. Further information about the Manager can be obtained from: mavencp.com.
Accountability and Audit
The Statement of Directors’ Responsibilities in respect of the Financial Statements is on page 59, the Statement of
Going Concern is included in the Directors’ Report on page 43 and the Viability Statement is included in the
Directors’ Report on pages 43 and 44. The Independent Auditor’s Report is on pages 64 to 70.
Authorised for issue by the Board
Maven Capital Partners UK LLP
Secretary
28 May 2025
Maven Income and Growth VCT PLC I 59
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report, Directors’ Remuneration Report and the
Financial Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law, the
Directors have elected to prepare the Financial Statements in accordance with FRS 102, the Financial Reporting
Standard applicable in the UK and Republic of Ireland. The Financial Statements are required by law to give a true
and fair view of the state of affairs of the Company and of the net return of the Company for that period.
In preparing these Financial Statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the Financial Statements; and
• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any
time the financial position of the Company and enable them to ensure that the Financial Statements comply with
the Companies Act. They are also responsible for safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration
Report (including a report on remuneration policy) and Corporate Governance Statement that comply with
applicable laws and regulations.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included
on the Company’s webpages, which are hosted on the Manager’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.
The Directors are also responsible for ensuring that 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.
Responsibility Statement of the Directors in respect of the Annual Report and Financial Statements
The Directors believe 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 28 February
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 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.
John Pocock
Director
28 May 2025
60 I Maven Income and Growth VCT PLC
REPORT OF THE AUDIT AND RISK COMMITTEES
The Audit and Risk Committees are both chaired by Andrew Harrington and comprise all Directors.
Audit Committee
The Board is satisfied that at least one member of the
Committee has recent and relevant financial experience,
and that the Committee as a whole has competence
relevant to the sector in which the Company operates.
The principal responsibilities of the Committee include:
• the integrity of the Interim and Annual Reports and
Financial Statements and the review of any significant
financial reporting judgements contained therein,
including the valuation of investments and the
recognition of income;
• the review of the terms of appointment of the
Auditor, together with its remuneration;
• the review of the scope and results of the audit and
the independence and objectivity of the Auditor;
• the review of the Auditor’s Board Report and any
required response;
• meetings with representatives of the Manager;
• providing advice on whether 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; and
• making appropriate recommendations to the Board.
The Audit Committee’s performance evaluation is carried
out by the Directors as part of the Board evaluation
review.
Activities of the Audit Committee
The Committee met five times during the year under
review. In April and October 2024, the Committee noted
that the Risk Committee had considered the key risks
detailed below and the corresponding internal control
and risk reports provided by the Manager, which included
the Company’s risk management framework. No
significant weaknesses in the control environment were
identified and it was also noted that there had not been
any adverse comment from the Auditor and that the
Auditor had not identified any significant issues in its
Audit Report. In addition, there had been no interaction
with the FRC, through their Corporate Reporting Review
or Audit Quality Review teams, during the period.
The Committee, therefore, concluded that there were no
significant issues that required to be reported to the
Board. Also in March and May 2024, the Committee held
additional three meetings to consider the valuation of the
unlisted investments in advance of other scheduled
Committee meetings.
At its scheduled meeting in April 2024, the Committee
reviewed, for recommendation to the Board, the Audit
Report from the Auditor and the draft Annual Report and
Financial Statements for the year ended 29 February 2024.
The Committee also confirmed its recommendation of
the re-appointment of Johnston Carmichael as Auditor
for the Company’s subsequent financial year, subject to
approval by Shareholders at the 2025 AGM.
At its meeting in October 2024, the Committee
reviewed and approved the Half Yearly Report and
Financial Statements for the six months ended
31 August 2024. In addition, the Committee discussed
the indication from Johnston Carmichael that it would
require to increase its fees, in line with inflation, in
respect of future audits and also considered the
independence, tenure and performance of Johnston
Carmichael as Auditor.
Subsequent to 28 February 2025, the Committee
reviewed the draft Annual Report and Financial
Statements for the year then ended, along with the
report from the independent Auditor thereon. It
recommended to the Board that it considered that the
2025 Annual Report and Financial Statements, taken as
a whole, was fair, balanced and understandable and
provided the information necessary for Shareholders to
assess the Company’s position and performance,
business model and strategy.
It is recognised that the portfolio forms a significant
element of the Company’s assets and that there are
different risks associated with listed and unlisted
investments. The primary risk that requires the
particular attention of the Committee is that unlisted
investments are not recognised and measured in line
with the Company’s stated accounting policy on the
valuation of investments as set out in Note 1(e) to the
Financial Statements on page 76.
In accordance with that policy, unlisted investments are
valued by the Manager in line with the IPEV Guidelines
and are subject to scrutiny and approval by the Directors.
Investments listed on a recognised stock exchange are
valued at their closing bid price at the year end.
The Committee has considered the assumptions and
judgements in relation to the valuation of each quoted
and unquoted investment and is satisfied that they are
appropriate.
Maven Income and Growth VCT PLC I 61
The basis of valuation across the portfolio as at 28 February 2025 was as follows:
Investment
% of net assets
by value
Valuation
basis
AIM/AQSE quoted investments 0.8 Bid price
1
Listed investment trusts 7.3 Bid price
1
Unlisted investments 65.7 Directors’ valuation
OEICs and MMFs 11.5 Published net asset value
Total investment 85.3
1
London Stock Exchange closing bid price.
The Committee recommended the investment valuations, representing 85.3% of net assets as at 28 February
2025, to the Board for approval. In addition, the revenue generated from dividend income and loan stock interest
has been considered by the Board on a quarterly basis and the Directors are satisfied that the levels of income
recognised are in line with revenue estimates.
Review of Effectiveness of Independent Auditor
As part of its annual review of audit services, the Committee
considers the performance, cost effectiveness and
general relationship with the Auditor. In addition, the
Committee reviews the independence and objectivity of
the Auditor. Key elements of these reviews include:
discussions with the Manager regarding the audit service
provided; separate meetings with the Auditor; consideration
of the completeness and accuracy of the Johnston
Carmichael reporting and a review of the relationship the
independent Auditor has with the Manager.
The Auditor’s Report is on pages 64 to 70. Johnston
Carmichael will rotate the senior statutory auditor
responsible for the audit every five years and Bryan
Shepka is the Company’s current Senior Statutory Auditor.
Details of the amounts paid to the Auditor during the
year for audit services are set out in Note 4 to the
Financial Statements. The Company has a policy in
place for governing and controlling the provision of
non-audit services by the external Auditor, so as to
safeguard their independence and objectivity.
Shareholders are asked to approve the re-appointment,
and the Directors’ authority to fix the remuneration, of
the Auditor at each AGM. Any non-audit work, other
than interim reviews, requires the specific approval of
the Audit Committee in each case. Non-audit work,
where independence may be compromised or conflicts
arise, is prohibited. There are no contractual obligations
that restrict the Committee’s choice of Auditor. The
Committee has concluded that Johnston Carmichael is
independent of the Company and recommended that a
Resolution for the re-appointment of Johnston
Carmichael as Auditor should be put to the 2025 AGM.
Risk Committee
Under the recommendation of the AIFMD, the Company
established a Risk Committee. The responsibilities of the
Committee are:
• to keep under review the adequacy and effectiveness
of the Manager’s internal financial controls and
internal control and risk management systems and
procedures in the context of the Company’s overall
risk management system;
• to consider and approve the remit of the Manager’s
internal control function and be satisfied that it has
adequate resources and appropriate access to
information to enable it to perform its role effectively
and in accordance with the relevant professional
standards;
• to identify, measure, manage and monitor the risks to
the Company as recommended by the AIFMD including,
but not limited to, investment portfolio, credit,
counterparty, liquidity, market and operational risks;
• to monitor and review all reports on the Company
from the Manager’s internal control function to
ensure ongoing compliance with the VCT regulations;
• to review the arrangements for, and effectiveness of,
the monitoring of risk parameters;
• to ensure appropriate, documented and regularly
updated due diligence processes are implemented
when appointing and reviewing service providers,
including reviewing the main contracts entered into
by the Company for such services;
• to ensure that the risk profile of the Company
corresponds to the size, portfolio structure and
investment strategies and objectives of the Company;
• to report to the Board on its conclusions and to make
recommendations in respect of any matters within its
remit, including proposals for improvement in, or
changes to, the systems, processes and procedures
that are in place;
62 I Maven Income and Growth VCT PLC
• to review and approve the statements to be included
in the Annual Report concerning risk management;
• to review and monitor the Manager’s responsiveness
to the findings and recommendations of its internal
control function;
• to meet with representatives of the Manager’s
internal control function at least once each year, to
discuss any issues arising; and
• to allow direct access to representatives of the
Manager’s internal control function.
The Committee will review these Terms of Reference at
least once each year.
Activities of the Risk Committee
The Committee met four times during the year under
review. In addition to the Committee’s ordinary activities
in that period, the Committee carried out a full and
comprehensive review of the Company’s Risk Register.
This included a reassessment of the principal and
emerging risks facing the Company, with particular
emphasis on economic risks such as the ongoing impact
of high inflation and interest rates, the ongoing .
geopolitical unrest and the impact of the failure to
prevent an identified risk occurring, together with a
review of the control measures used to address the
identified risks. The Committee also took the opportunity
to ensure that the Risk Register adequately addressed
new legislative and regulatory changes.
Internal Control and Risk Management
The Board of Directors has overall responsibility for the
Company’s system of internal control and for reviewing
its effectiveness. However, as the Directors have
delegated the investment management, company
secretarial and administrative functions of the Company
to Maven, the Board considers that it is appropriate for
the Company’s internal controls to be monitored by the
Manager, rather than by the Company itself.
The principal responsibilities of the Committee include
the ongoing review of the effectiveness of the internal
control environment of the Company and the review of
the Company’s risk management systems that allow the
Company to identify, measure, manage and monitor all
risks on a continuous basis. The Committee keeps the
effectiveness of the Company’s internal control and risk
management systems and procedures under review. The
Directors have confirmed that there is an ongoing
process for identifying, evaluating and managing the
significant risks faced by the Company, which has been
in place up to the date of approval of this Annual Report.
This process is reviewed regularly by the Board and
accords with internal control guidance issued by the FRC.
Through the Risk Committee, the Board reviews the
effectiveness of the system of internal control at least
bi-annually. In particular, it has reviewed the process
for identifying and evaluating the significant risks
affecting the Company and the policies and procedures
by which these risks are managed. The Directors have
delegated the management of the Company’s assets to
the Manager and this embraces implementation of the
system of internal control, including financial, operational
and compliance controls and risk management.
Internal control systems are monitored and supported
by the compliance function of the Manager, which
undertakes periodic examination of business processes,
including compliance with the terms of the Management
and Administration Agreement, and ensures that any
recommendations to improve controls are implemented.
Risks are identified through a risk management
framework by each function within the Manager’s
activities. Risk is considered in the context of the
guidance issued by the FRC and includes compliance,
external, people, operational and strategic risks. This
helps the Manager’s risk model identify those functions
most appropriate for review. Any errors or weaknesses
identified are reported to the Company and timetables
are agreed for implementing improvements to systems.
The implementation of any remedial action required is
monitored and feedback is provided to the Board.
The key components designed to provide effective
internal control for the year under review and up to the
date of this report are:
• the Manager prepares forecasts and management
accounts, which allow the Board to assess the
Company’s activities and review its investment
performance;
• the Board and Manager have agreed clearly defined
investment criteria, specified levels of authority and
exposure limits. Reports on these issues, including
performance statistics and investment valuations, are
submitted regularly to the Board;
• the Manager’s evaluation procedure and financial
analysis of the companies concerned include detailed
appraisal and due diligence;
• the compliance function of Maven reviews the
Manager’s operations, system and controls on an
ongoing basis;
• written agreements are in place that specifically
define the roles and responsibilities of the Manager
and other third-party service providers;
• clearly documented contractual arrangements exist in
respect of any activities that have been delegated to
external professional organisations;
• the Committee carries out a bi-annual assessment of
internal controls by considering reports from the
Manager, including oversight of Maven’s whistleblowing
policy, its internal control and compliance functions,
and taking account of events since the relevant
period end; and
Maven Income and Growth VCT PLC I 63
• the compliance function of the Manager reports bi-
annually to the Risk Committee and has direct access
to the Directors at any time.
The internal control systems are intended to meet the
Company’s particular needs and the risks to which it is
exposed. Accordingly, these systems are designed to
manage, rather than eliminate, the risk of failure to
achieve business goals and, by their nature, can provide
reasonable, but not absolute, assurance against material
misstatement or loss.
In addition, as the Company has contractually delegated
specific services to external parties, another key risk
relates to the performance of those service providers.
Assessment of Risks
In terms of the assessment of the key risks facing the
Company, it is recognised that the investment portfolio
forms a significant element of its assets. The
recognition, ownership and valuation of the investment
portfolio is, therefore, an area of particular attention for
the Committee. Specifically, the risk is that investments
are not recognised and measured in line with the
Company’s stated accounting policy on the valuation of
investments, as set out in Note 1(e) to the Financial
Statements on page 76. Another risk is that the
Company does not recognise income in line with its
stated policy on revenue recognition, as set out in Note
1(b) to the Financial Statements on page 75. The
maintenance of VCT status is another risk that the
Company has to consider and the approach to address
each of these key risks is set out below.
Valuation, Existence and Ownership of the
Investment Portfolio
The Company uses the services of an independent
Custodian (JPMorgan Chase Bank) to hold the quoted
investment assets of the Company. An annual internal
control report is received from the Custodian that
provides details of the Custodian’s control environment.
The investment portfolio is reconciled regularly by the
Manager and the reconciliation is also reviewed by the
Auditor. The portfolio is reviewed and verified by the
Manager on a regular basis and management accounts,
including a full portfolio listing, are considered at the
quarterly meetings of the Board. The portfolio is also
audited annually by the Auditor.
The valuation of investments is undertaken in
accordance with the Company’s stated accounting
policy as set out in Note 1(e) to the Financial
Statements on page 76. Unlisted investments are
valued by the Manager and are subject to scrutiny and
approval by the Directors. Investments listed on a
recognised stock exchange are valued at their closing
bid price.
The Committee considered and challenged the
assumptions and significant judgements in relation to
the valuation of each quoted and unquoted investment
and was satisfied that they were appropriate. The
Committee was also satisfied that there were no issues
associated with the existence and ownership of the
investments that required to be addressed.
Revenue Recognition
The recognition of dividend income and loan stock
interest is undertaken in accordance with the
accounting policy set out in Note 1(b) to the Financial
Statements on page 75.
Management accounts are reviewed by the Board on a
quarterly basis and discussion takes place with the
Manager at the quarterly Board Meetings regarding the
revenue generated from dividend income and loan
stock. The Committee is satisfied that the levels of
income recognised are in line with revenue estimates
and that there were no issues associated with revenue
recognition which required to be addressed.
Maintenance of VCT Status
Compliance with the VCT regulations is monitored
continually by the Manager and is reviewed by the
Committee on a quarterly basis. The Committee
concluded that there were no issues associated with the
maintenance of VCT status that required to be
addressed.
The principal and emerging risks faced by the Company,
and the Board’s strategy for managing these, are also
covered in the Business Report on pages 14 to 16.
Andrew Harrington
Director
28 May 2025
64 I Maven Income and Growth VCT PLC
INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF MAVEN INCOME AND GROWTH
VCT PLC
Opinion
We have audited the Financial Statements of Maven Income and Growth VCT PLC (the Company), for the year
ended 28 February 2025, which comprise the Income Statement, the Statement of Changes in Equity, the Balance
Sheet, the Cash Flow Statement and Notes to the Financial Statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in
the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the Financial Statements:
• give a true and fair view of the state of the Company’s affairs as at 28 February 2025 and of its return
for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit
of the financial statements section of our report. We are independent of the Company in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s
Ethical Standard, as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Our approach to the audit
We planned our audit by first obtaining an understanding of the Company and its environment, including its key
activities delegated by the Board to relevant approved third-party service providers and the controls over provision
of those services.
We conducted our audit using information maintained and provided by Maven Capital Partners UK LLP (the
Manager, the Secretary, and the Administrator) JPMorgan Chase Bank (the Custodian for level 1 and level 2
investments) and The City Partnership (UK) Limited (the Registrar) to whom the Company has delegated the
provision of services.
We tailored the scope of our audit to reflect our risk assessment, taking into account such factors as the business
model and activities, the types of investments within the Company, the involvement of the Administrator, the
accounting processes and controls, and the industry in which the Company operates.
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds
for materiality. These together with qualitative considerations, helped us to determine the scope of our audit
and the nature, timing and extent of our audit procedures on the individual financial statement line items and
disclosures and in the evaluation of the effect of misstatements, both individually and in aggregate on the Financial
Statements as a whole.
Maven Income and Growth VCT PLC I 65
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the Financial Statements of the current period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) that we identified. These matters included those which had the
greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of
the engagement team. These matters were addressed in the context of our audit of the Financial Statements as a
whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.
We summarise below the key audit matters in arriving at our audit opinion above, together with how our audit
addressed these matters and the results of our audit work in relation to these matters.
Key audit matter How our audit addressed the key audit matter
and our conclusions
Valuation and ownership of level 3
investments (as per page 63 (Report of
the Audit and Risk Committees), page 76
(Accounting Policies) and page 80 and
81 (Note 8).
The valuation of the level 3 portfolio at
28 February 2025 was £43.2m (2024:
£ 44.2m).
As this is the largest component in the
Company’s Balance Sheet, and there
is a high degree of subjectivity in the
valuation of unlisted investments, it
has been designated as a key audit
matter, being one of the most significant
assessed risks of material misstatements
due to fraud or error.
The unlisted investments are valued in
accordance with the revised International
Private Equity and Venture Capital
(IPEV) valuation guidelines. Significant
judgement is required in applying these
principles and determining certain inputs
to the valuation models.
Additionally, there is a risk that the
investments recorded as held by the
Company may not represent property of
the Company (ownership).
We performed a walkthrough of the valuation process for level 3
investments at the Administrator and Investment Manager to gain an
understanding of the design of the processes and implementation of
key controls.
We obtained evidence that the Manager’s Valuation Committee review
all valuations.
We obtained evidence of the Board’s challenge and approval of all
valuations.
As part of our risk assessment procedures, we stratified the unlisted
investments portfolio and selected a sample of investments for
detailed testing based on this risk-based stratification.
For the investments in our sample, we:
•
obtained an understanding of the sector for each investee company
for the period being audited, making enquiries of management;
•
gained an understanding of the original investment rationale and
valuation basis, along with any milestones set;
•
obtained an update on the investment, paying particular attention
to progress against pre-set milestones and/or indications that a
reduction in valuation may be appropriate;
•
assessed the appropriateness of the valuation basis used, paying
particular attention to any changes from the prior year valuation
basis;
•
agreed data used in the valuation models to independent sources;
•
where deemed appropriate, engaged our specialist corporate
finance team to review certain judgemental inputs to valuations,
such as multiples and discounts; and
•
reperformed the enterprise value calculations and waterfalls to
ensure mathematical accuracy.
We performed back-testing over investment disposals (proceeds vs.
most recent valuation) to assess for potential management bias in the
valuation process.
We ensured that accounting estimates and related disclosures were
appropriately disclosed in the Financial Statements.
We agreed the ownership of 100% of the investments sampled to
share certificates and loan notes/agreements.
We tested 100% of new investments above our clearly trivial threshold
and agreed to share certificates and loan notes/agreements.
We tested a sample of disposals in the year and agreed to sales and
purchase agreements.
We tested a sample of follow-on additions in the year to sales and
purchase agreements and VCT compliance approvals.
Additionally, we agreed follow on investments to share certificates
and loan note agreements to verify the ownership of investments
All payments and receipts have been traced and agreed to the bank
statements.
From our completion of these procedures, we identified no material
misstatements in relation to the valuation and ownership of the level 3
investments.
66 I Maven Income and Growth VCT PLC
Our application of materiality
We define materiality as the magnitude of misstatement in the Financial Statements that makes it probable that
the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality
in determining the nature and extent of our work and in evaluating the results of that work.
Materiality measure Value
Materiality for the Financial Statements as a whole
We have set materiality as 2% of net assets as we believe that net assets is the
primary performance measure used by investors and is the key driver of shareholder
value. We determined the measurement percentage to be commensurate with the
risk and complexity of the audit and the Company’s listed status.
£1.31m
(2024: £1.22m)
Performance materiality
Performance materiality represents amounts set by the auditor at less than materiality
for the Financial Statements as a whole, to reduce to an appropriately low level the
probability that the aggregate of uncorrected and undetected misstatements exceeds
materiality for the Financial Statements as a whole.
In setting this we consider the company’s overall control environment, our past
experience of the audit that indicates a lower risk of material misstatements. Based
on our judgement of these factors, we have set performance materiality at 65% of
our overall financial statement materiality.
£0.85m
(2024: £0.79m)
Specific materiality
We have also set a separate specific materiality for testing in respect of related party
transactions and Directors’ remuneration and revenue recognition from income from
investments. This is in recognition that there are transactions and balances of a lesser
amount, which could influence the understanding obtained from the Annual Report.
Specifically, given the importance of the distinction between revenue and capital for
the VCT, we applied a separate testing threshold for income from investments in the
Income Statement, which was set at the higher of 5% of the Net Return on Ordinary
Activities before Taxation and our considered trivial threshold (CTT). Based on the Net
Return balance this is below the CTT and CTT was used for the specific materiality.
£0.07m
(2024: £0.06m)
Audit Committee reporting threshold
We agreed with the Audit Committee that we would report to it all differences in
excess of 5% of overall materiality in addition to other identified misstatements that
warranted reporting on qualitative grounds, in our view. For example, an immaterial
misstatement as a result of fraud.
£0.07m
(2024: £0.06m)
During the course of the audit, we reassessed initial materiality and found no reason to alter the basis of
calculation used at year end.
Conclusions relating to going concern
In auditing the Financial Statements, we have concluded that the Directors’ use of the going concern basis
of accounting in the preparation of the Financial Statements is appropriate. Our evaluation of the Directors’
assessment of the Company’s ability to continue to adopt the going concern basis of accounting included:
• Evaluating management’s method of assessing going concern, including consideration of market conditions and
macro-economic uncertainties;
• Assessing and challenging the forecast cashflows and associated sensitivity modelling, used by the Directors in
support of their going concern assessment;
• Obtaining and recalculating management’s assessment of the Company’s ongoing maintenance of venture
capital trust status; and
• Assessing the adequacy of the Company’s going concern disclosures included in the Annual Report.
Maven Income and Growth VCT PLC I 67
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a
going concern for a period of at least twelve months from when the Financial Statements are authorised for issue.
In relation to the Company’s reporting on how it has applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the Directors’ statement in the Financial Statements about
whether the Directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the
relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the Financial Statements
and our Auditor’s Report thereon. The Directors are responsible for the other information contained within the
Annual Report. Our opinion on the Financial Statements does not cover the other information and, except to the
extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the Financial Statements or our knowledge obtained in the course of the audit, or otherwise
appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements,
we are required to determine whether this gives rise to a material misstatement in the Financial Statements
themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in
accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report for the financial year for which
the Financial Statements are prepared is consistent with the Financial Statements; and
• The Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the
audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the Company, or returns adequate for our audit have not
been received from branches not visited by us; or
• the Financial Statements and the part of the Directors’ Remuneration Report to be audited are not in agreement
with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• a corporate governance statement has not been prepared by the Company.
68 I Maven Income and Growth VCT PLC
Corporate governance statement
We have reviewed the Directors’ statement in relation to going concern, longer-term viability and that part of
the Corporate Governance Statement relating to the entity’s compliance with the provisions of the UK Corporate
Governance Code specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with the Financial Statements or our knowledge obtained
during the audit:
• the Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting
and any material uncertainties identified set out on page 43;
• the Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers
and why the period is appropriate set out on pages 43 and 44;
• the Directors’ statement on fair, balanced and understandable set out on page 59;
• the Directors’ statement on whether it has a reasonable expectation that the Company will be able to continue
in operation and meets its liabilities set out on pages 43 and 44;
• the Directors’ confirmation that it has carried out a robust assessment of the emerging and principal risks set
out on pages 14 to 16;
• the section of the Annual Report that describes the review of the effectiveness of risk management and internal
control systems set out on pages 62 and 63; and
• the section describing the work of the Audit Committee set out on pages 60 and 61.
Responsibilities of Directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 59, the Directors are responsible
for the preparation of the Financial Statements and for being satisfied that they give a true and fair view, and for
such internal control as the Directors determine is necessary to enable the preparation of Financial Statements that
are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, the
Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the Directors either intend to
liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these Financial Statements.
A further description of our responsibilities for the audit of the Financial Statements is located on the Financial
Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our
Auditor’s Report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We assessed whether the engagement team collectively had the appropriate competence and capabilities to
identify or recognise non-compliance with laws and regulations by considering their experience, past performance
and support available.
All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at
the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of
fraud or non-compliance with laws and regulations throughout the audit.
Maven Income and Growth VCT PLC I 69
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the
sector in which it operates, focusing on those provisions that had a direct effect on the determination of material
amounts and disclosures in the Financial Statements. The most relevant frameworks we identified include:
• Companies Act 2006;
• Financial Conduct Authority (FCA) listing and Disclosure Guidance and Transparency Rules (DTR);
• the General Data Protection Regulation (GDPR) 2016;
• the Alternative Investment Fund Managers Regulations 2013;
• the principles of the UK Corporate Governance Code applied by the AIC Code of Corporate Governance (the AIC
Code);
• industry practice represented by the Statement of Recommended Practice: Financial Statements of Investment
Trust Companies and Venture Capital Trusts (the SORP) issued in July 2022;
• the Company’s qualification as a VCT under section 274 of the Corporation Tax Act 2007; and
• UK Generally Accepted Accounting Practice.
We gained an understanding of how the Company is complying with these laws and regulations by making
enquiries of management and those charged with governance. We corroborated these enquiries through our review
of relevant correspondence with regulatory bodies and board meeting minutes.
We assessed the susceptibility of the Financial Statements to material misstatement, including how fraud might
occur, by meeting with management and those charged with governance to understand where it was considered
there was susceptibility to fraud. This evaluation also considered how management and those charged with
governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the
overall control environment and how management and those charged with governance oversee the implementation
and operation of controls. In areas of the Financial Statements where the risks were considered to be higher, we
performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:
• valuation of level 3 investments; and
• management override of controls.
Audit procedures performed in response to the risks relating to valuation of level 3 investments are set out in
the section on key audit matters above, and audit procedures performed in response to the risk of management
override of controls are included below.
In addition to the above, the following procedures were performed to provide reasonable assurance that the
Financial Statements were free of material fraud or error:
• reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and
regulation or for any indication of any potential litigation and claims; and events or conditions that could
indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;
• performing audit procedures over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, recalculating the investment management fee, evaluating the
business rationale of significant transactions outside the normal course of business and assessing judgements
made by management in their calculation of accounting estimates for potential management bias;
• completion of appropriate checklists and use of our experience to assess the Company’s compliance with the
Companies Act 2006 and the Listing Rules; and
• agreement of the financial statement disclosures to supporting documentation.
Our audit procedures were designed to respond to the risk of material misstatements in the Financial Statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission
or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the Financial Statements,
the less likely we would become aware of it.
70 I Maven Income and Growth VCT PLC
Other matters which we are required to address
Following the recommendation of the Audit Committee, we were appointed by the Board on 4 October 2022 to audit
the Financial Statements for the year ended 28 February 2023 and subsequent financial years. The period of our total
uninterrupted engagement is three years, covering the years ended 28 February 2023 to 28 February 2025.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Company and we remain
independent of the Company in conducting our audit.
Our audit opinion is consistent with the additional report to the Audit Committee.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members
those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the
Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Bryan Shepka (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
Statutory Auditor
Glasgow, United Kingdom
28 May 2025
Maven Income and Growth VCT PLC I 71
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
Year ended
28 February 2025
Year ended
29 February 2024
Revenue Capital Total Revenue Capital Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
Gain/(loss) on investments 8 - 3,974 3,974 - (1,483) (1,483)
Income from investments 2 1,043 - 1,043 858 - 858
Other income 2 211 - 211 183 - 183
Investment management fees 3 (253) (1,013) (1,266) (240) (962) (1,202)
Other expenses 4 (393) - (393) (488) - (488)
Net return on ordinary activities before taxation 608 2,961 3,569 313 (2,445) (2,132)
Tax on ordinary activities 5 - - - - - -
Return attributable to Equity Shareholders 7 608 2,961 3,569 313 (2,445) (2,132)
Earnings per share (pence) 7 0.38 1.84 2.22 0.21 (1.65) (1.44)
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 accompanying Notes are an integral part of the Financial Statements.
72 I Maven Income and Growth VCT PLC
FOR THE YEAR ENDED 28 FEBRUARY 2025
Non-distributable reserves Distributable reserves
Year ended
28 February 2025 Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
unrealised
£’000
Capital
reserve
realised
£’000
Special
distributable
reserve
£’000
Revenue
reserve
£’000
Total
£’000
At 29 February 2024 15,469 23,119 835 5,676 (546) 15,598 872 61,023
Net return 8 - - - (860) 4,834 (1,013) 608 3,569
Dividends paid 6 - - - - - (3,204) (481) (3,685)
Repurchase and
cancellation of shares
12 (676) - 676 - - (2,552) - (2,552)
Net proceeds of share issue 12 1,806 5,187 - - - - - 6,993
Net proceeds of DIS issue* 12 85 247 - - - - - 332
At 28 February 2025 16,684 28,553 1,511 4,816 4,288 8,829 999 65,680
Non-distributable reserves Distributable reserves
Year ended
29 February 2024 Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
unrealised
£’000
Capital
reserve
realised
£’000
Special
distributable
reserve
£’000
Revenue
reserve
£’000
Total
£’000
At 28 February 2023 13,400 15,714 569 6,767 (154) 20,785 559 57,640
Net return 8 - - - (1,091) (392) (962) 313 (2,132)
Dividends paid 6 - - - - - (3,191) - (3,191)
Repurchase and
cancellation of shares
12 (266) - 266 - - (1,034) - (1,034)
Net proceeds of share issue 12 2,261 7,179 - - - - - 9,440
Net proceeds of DIS issue* 12 74 226 - - - - - 300
At 29 February 2024 15,469 23,119 835 5,676 (546) 15,598 872 61,023
* DIS represents the Dividend Investment Scheme as detailed in the Chairman’s Statement on page 11.
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
£2,606,000 of losses (2024: £3,085,000) in relation to level 1 and level 2 investments that 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 on pages 30 and 31), 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.
The accompanying Notes are an integral part of the Financial Statements.
STATEMENT OF CHANGES IN EQUITY
Maven Income and Growth VCT PLC I 73
BALANCE SHEET
AS AT 28 FEBRUARY 2025
28 February 2025 29 February 2024
Notes £’000 £’000
Fixed assets
Investments at fair value through profit or loss 8 56,017 55,384
Current assets
Debtors 10 539 460
Cash 16 9,533 5,476
10,072 5,936
Creditors
Amounts falling due within one year 11 (409) (297)
Net current assets 9,663 5,639
Net assets 65,680 61,023
Capital and reserves
Called up share capital 12 16,684 15,469
Share premium account 13 28,553 23,119
Capital redemption reserve 13 1,511 835
Capital reserve - unrealised 13 4,816 5,676
Capital reserve - realised 13 4,288 (546)
Special distributable reserve 13 8,829 15,598
Revenue reserve 13 999 872
Net assets attributable to Ordinary Shareholders 65,680 61,023
Net asset value per Ordinary Share (pence) 14 39.37 39.45
The Financial Statements of Maven Income and Growth VCT PLC, registered number 03908220, were approved and
authorised for issue by the Board of Directors on 28 May 2025 and signed on its behalf by:
John Pocock
Director
The accompanying Notes are an integral part of the Financial Statements.
74 I Maven Income and Growth VCT PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
Year ended
28 February 2025
Year ended
29 February 2024
Notes £’000 £’000
Net cash flows from operating activities 15 (570) (706)
Cash flows from investing activities
Purchase of investments (12,452) (15,966)
Sale of investments 15,794 6,674
Net cash flows from investing activities 3,342 (9,292)
Cash flows from financing activities
Equity dividends paid 6 (3,685) (3,191)
Issue of Ordinary Shares 12 7,190 9,565
Net Proceeds of DIS issue 12 332 300
Repurchase of Ordinary Shares 12 (2,552) (1,034)
Net cash flows from financing activities 1,285 5,640
Net increase/(decrease) in cash 4,057 (4,358)
Cash at beginning of year 5,476 9,834
Cash at end of year 9,533 5,476
The accompanying Notes are an integral part of the Financial Statements.
Maven Income and Growth VCT PLC I 75
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
1. Accounting policies
The Company is a public limited company, incorporated in
England and Wales, and its registered office is shown in
the Corporate Summary.
(a) Basis of preparation
The Financial Statements have been prepared on a going
concern basis, further details can be found in the Directors’
Report on page 43. 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
(2024: £nil) was received in the year ended 28 February
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 has been allocated 20% to revenue
and 80% to the special distributable reserve to reflect
the Company’s investment policy and prospective
income and capital growth; and
• share issue 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 that 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.
76 I Maven Income and Growth VCT PLC
1. Accounting policies (continued)
(e) Investments
In valuing unlisted investments, the Directors follow the
criteria set out below. These procedures comply with the
revised International Private Equity and Venture Capital
Valuation Guidelines (IPEV) 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
and 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 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
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 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. 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 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.
5. In accordance with normal market practice, investments
listed on AIM or a recognised stock exchange are valued
at their closing bid market 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 explained in
Note 1 (e) above.
In the opinion of the Board and the Manager, there are no
other critical accounting judgements.
Maven Income and Growth VCT PLC I 77
2. Income
Year ended 28 February 2025 Year ended 29 February 2024
£’000 £’000
Income from investments:
UK franked investment income 540 408
UK unfranked investment income 503 450
1,043 858
Other income:
Deposit interest 211 183
Total income 1,254 1,041
3. Investment management fees
Year ended 28 February 2025 Year ended 29 February 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Investment management fees 253 1,013 1,266 240 962 1,202
253 1,013 1,266 240 962 1,202
Details of the fee basis are contained in the Directors’ Report on pages 46 and 47.
4. Other expenses
Year ended 28 February 2025 Year ended 29 February 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Secretarial fees 105 - 105 100 - 100
Directors’ remuneration 78 - 78 88 - 88
Fees to Auditor -
audit of Financial Statements
54 - 54 51 - 51
Miscellaneous expenses 156 - 156 249 - 249
393 - 393 488 - 488
Fees to Auditor in respect of the audit of the financial statements were £45,120 plus VAT (2024: £42,600 plus VAT).
The OCR for the year ended 28 February 2025 was 2.57% (2024: 2.77%). The OCR has been calculated using the AIC
recommended methodology.
This figure shows Shareholders the total recurring annual running expenses (including investment management fees
charged to capital reserve) as a percentage of the average net assets attributable to Shareholders.
The cap on the OCR is 3.50%. For the purposes of the cap, the NAV at the year end is used instead of the average
annual NAV. For the year ended 28 February 2025, the overall OCR for this purpose was 2.53% (2024: 2.77%).
78 I Maven Income and Growth VCT PLC
5. Tax on ordinary activities
Year ended 28 February 2025 Year ended 29 February 2024
£’000 £’000 £’000 £’000 £’000 £’000
Revenue Capital Total Revenue Capital Total
Corporation tax - - - - - -
The tax assessed for the period is at the rate of 25% (2024: 25%).
Year ended 28 February 2025 Year ended 29 February 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Net return on ordinary activities before taxation 608 2,961 3,569 313 (2,445) (2,132)
Net return on ordinary activities before taxation
multiplied by standard rate of corporation tax 152 740 892 78 (611) (533)
Non-taxable UK dividend income (135) - (135) (102) - (102)
(Gain)/loss on investments - (994) (994) - 371 371
(Decrease)/increase in excess management
expenses
(17) 254 237 24 240 264
- - - - - -
Losses with a tax value of £1,087,237 (2024: £850,757) are available to carry forward against future trading profits.
These have not been recognised as a deferred tax asset as recoverability is not sufficiently certain.
Maven Income and Growth VCT PLC I 79
6. Dividends
Year ended 28 February 2025 Year ended 29 February 2024
£’000 £’000
Amounts recognised as distributions to
equity Shareholders in the year:
Revenue dividends
Final revenue dividend for the year ended
29 February 2024 of 0.15p (2023: nil)
payable on 19 July 2024 242 -
Interim revenue dividend for the year ended
28 February 2025 of 0.15p (2024: nil)
paid on 29 November 2024 239 -
481 -
Capital dividends
Final capital dividend for the year ended
29 February 2024 of 1.00p (2023: 1.15p)
payable on 19 July 2024 1,612 1,713
Interim capital dividend for the year ended
28 February 2025 of 1.00p paid on
29 November (2024: 1.00p) 1,592 1,478
3,204 3,191
Total dividends paid in year 3,685 3,191
Proposed dividends in respect of year:
Revenue dividends
Final revenue dividend for the year ended
28 February 2025 of 0.15p (2024: 0.15p)
payable on 18 July 2025 272 242
272 242
Capital dividends
Final capital dividend for the year ended
28 February 2025 of 1.10p (2024: 1.00p)
payable on 18 July 2025 1,996 1,612
1,996 1,612
Total dividends proposed in respect of year 2,268 1,854
80 I Maven Income and Growth VCT PLC
7. Return per Ordinary Share
Year ended
28 February 2025
Year ended
29 February 2024
The returns per share have been based on the
following figures:
Weighted average number of Ordinary Shares 160,670,669 148,045,903
Revenue return £608,000 £313,000
Capital return £2,961,000 (£2,445,000)
Total return £3,569,000 (£2,132,000)
8. Investments
Listed
(quoted
prices)
£’000
Main Market
AIM/AQSE
(quoted
prices)
£’000
MMFs
& OEICs
(unquoted
prices)
£’000
Unlisted
(unobservable
inputs)
£’000
Total
£’000
Valuation at 29 February 2024 3,454 1,174 6,543 44,213 55,384
Unrealised (gain)/loss (473) 3,571 (13) (7,306) (4,221)
Element of gains on exits not received in cash
and not readily convertible to cash
- - - (104) (104)
Cost at 29 February 2024 2,981 4,745 6,530 36,803 51,059
Movements during the year:
Transfers - (190) - 190 -
Purchases 1,106 62 6,009 5,275 12,452
Sales proceeds - (306) (5,012) (10,475) (15,793)
Realised (loss)/gain - (463) 1 5,296 4,834
Element of gains on exits not received in cash
and not readily convertible to cash*
- - - 583 583
Cost at 28 February 2025 4,087 3,848 7,528 37,672 53,135
Unrealised gain/(loss) 710 (3,300) (16) 5,488 2,882
Valuation at 28 February 2025 4,797 548 7,512 43,160 56,017
Note 1(f) defines the three tier hierarchy of investments, and the significance of the information used to determine their
fair value, which is required by Financial Reporting Standard 102 Section 11 “Basic Financial Instruments”. Investment
trusts and AIM/AQSE securities are categorised as level 1, OEIC and MMF investments as level 2 and unlisted investments
as level 3.
FRS 102 requires disclosure, by class of financial instrument, if the effect of changing one or more inputs to reasonably
possible alternative assumptions would result in a significant change to the fair value measurement (see Note 16 for
sensitivity analysis).
Sales proceeds and realised gain/(loss) also includes the accrual and or release of deferred proceeds received on sales
transactions when proceeds are not all received upfront.
During the year, C4X Discovery Holdings PLC and Crossword Cybersecurity PLC delisted from AIM, moving into unlisted
investments.
*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 on pages 30 and 31), 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.
Maven Income and Growth VCT PLC I 81
8. Investments (continued)
The portfolio valuation 28 February 2025 29 February 2024
£’000 £’000
Investment trusts 4,797 3,454
AIM/AQSE quoted equities 548 1,174
Total level 1 investments 5,345 4,628
MMFs 5,500 4,500
OEICs 2,012 2,043
Total level 2 investments 7,512 6,543
Unlisted at Directors’ valuation:
Unquoted unobservable equities 35,509 36,073
Unquoted unobservable fixed income 7,651 8,140
Total level 3 investments 43,160 44,213
Total investments 56,017 55,384
Realised gain/(loss) on historical basis 4,834 (496)
Element of gains on exits not received in cash
and not readily convertible to cash *
583 104
Net decrease in value of investments (1,443) (1,091)
Gain/(loss) on investments 3,974 (1,483)
*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 on pages 30 and 31), 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.
82 I Maven Income and Growth VCT PLC
9. Participating Interests
At 28 February 2025, the Company held shares amounting to 20% or more of the share class of the following
undertakings:
Investment
% of
class
held
% of
equity
held
Total
cost
£’000
Carrying
value
£'000
Latest
accounts
period
end
Aggregate
capital &
reserves
£'000
Profit/(loss)
after tax
for period
£'000
Adverttu Limited
(trading as Drovo)
728,786 C ordinary shares 29.9 2.7 299 - 31/8/23 837 (192)
Alderley Lighthouse Labs Limited
3,933 B1 ordinary shares 24.9 6.7 249 249 31/5/24 1,251 (920)
AMufacture Limited
78,854 B ordinary shares 23.8 4.8 26 26 31/12/23 455 (35)
Automated Analytics Limited
24,900 C2 ordinary shares 50.0 2.2 150 327 30/6/24 699 (616)
Connected Data
Company Limited
8,281 E ordinary shares 24.9 3.9 423 423 31/3/24 283 (345)
CYSIAM Limited
72,862 B1 ordinary shares 26.7 6.0 373 1,145 30/11/24 1,386 63
Delio Limited
79,900 A2 ordinary shares 58.8 2.8 782 782 31/3/24 6,424 (1,875)
DiffusionData Limited
139,104 F ordinary shares 21.5 4.7 89 357 31/12/23 (732) (1,963)
Enpal Limited
(trading as Guru Systems)
65,050 C ordinary shares 34.8 7.6 697 697 31/12/23 1,768 (124)
Flow UK Holdings Limited
3,627,272 B ordinary shares 20.2 7.3 36 - 31/12/23 (5,140) (2,847)
14,181,819 C ordinary shares 21.8 142 -
Horizon Ceremonies Limited
(trading as Horizon Cremation)
362,800 B2 ordinary shares 40.0 5.6 4 173 31/12/23 (726) (961)
19,637,200 E ordinary shares 40.0 196 250
Horizon Technologies Consultants
Limited
33,114 B ordinary shares 31.8 5.5 796 828 31/12/23 1,900 (21)
Hublsoft Group Limited
5,408 A2 ordinary shares 23.0 5.5 675 844 31/12/23 6,389 (93)
Martel Instruments Holdings
Limited
65,021 B ordinary shares 33.8 15.0 83 - 31/12/23 (5,966) (419)
Maven Income and Growth VCT PLC I 83
9. Participating Interests (continued)
Investment
% of
class
held
% of
equity
held
Total
cost
£’000
Carrying
value
£'000
Latest
accounts
period
end
Aggregate
capital &
reserves
£'000
Profit/(loss)
after tax
for period
£'000
McKenzie Intelligence Services
Limited
289,907 A ordinary shares 24.9 1.6 159 403 31/3/24 1,498 (15)
Metrion Biosciences Limited
6,220 B ordinary shares 26.6 5.1 66 66 31/12/23 5,678 (717)
58,922 B preferred ordinary shares 28.0 630 630
mypura.com Group Limited
(trading as Pura)
3,428 C3 ordinary shares 33.6 2.2 448 862 31/7/24 9,945 (7)
Novatus Global Limited
205,701 series A - 2a shares 33.5 1.4 215 1,009 31/3/24 2,227 (666)
21,737 series A - 2b shares 31.8 23 107
Orcha Health Limited
812 series A ordinary shares 49.8 1.1 497 302 30/6/24 88 (3,257)
Precursive Limited
327,587 D ordinary shares 27.6 6.8 1,000 1,000 31/1/24 569 (771)
Reed Thermoformed Packaging
Limited (trading as iPac)
378,692 D1 ordinary shares 20.5 2.5 61 174 31/12/24 1,862 415
Rico Developments Limited
(trading as Adimo)
241,666 B ordinary shares 28.2 3.4 435 218 31/12/23 (1,088) (607)
Sensoteq Limited
34,501 B1 ordinary shares 25.2 6.6 630 630 31/3/24 1,628 (1,160)
3,643 B2 ordinary shares 26.6 67 67
Turnkey Group (UK)
Holdings Limited*
192,145 B1 ordinary shares 26.5 8.3 199 -
Whiterock Group Limited
1,790,898 B1 ordinary shares 30.0 8.1 90 90 31/12/23 991 (273)
283,559 B2 ordinary shares 28.5 14 14
Zinc Digital Business
Solutions Limited
141,782 B1 ordinary 2022 shares 48.0 8.0 697 1,045 31/8/24 4,365 (918)
*The company has not published accounts and is in liquidation.
Details of equity percentages held are shown in the Investment Portfolio Summary on pages 39 to 42.
84 I Maven Income and Growth VCT PLC
10. Debtors
Year ended 28 February 2025 Year ended 29 February 2024
£’000 £’000
Current taxation 6 6
Prepayments and accrued income 416 354
Other debtors 90 91
Sundry debtors 27 9
539 460
11. Creditors
Year ended 28 February 2025 Year ended 29 February 2024
£'000 £’000
Accruals 374 297
Other creditors 35 -
409 297
12. Share capital
Year ended 28 February 2025 Year ended 29 February 2024
Number £’000 Number £’000
At 28 February the authorised share
capital comprised:
Allotted, issued and fully paid
Ordinary Shares of 10p each:
Balance brought forward 154,684,497 15,469 134,000,597 13,400
Ordinary Shares repurchased and
cancelled in year
(6,758,039) (676) (2,662,562) (266)
Ordinary Shares issued during the year 18,915,290 1,891 23,346,462 2,335
Balance carried forward 166,841,748 16,684 154,684,497 15,469
During the year, 6,758,039 Ordinary Shares (2024: 2,662,562) were repurchased by the Company at a total cost of
£2,551,868 (2024: £1,034,473) and cancelled.
Subsequent to the year end, the Company bought back a further 1,666,623 Ordinary Shares for cancellation at a cost
of £623,317.
During the year, the Company issued 18,064,811 shares (2024: 22,606,937) pursuant to an Offer for Subscription at
subscription prices ranging from 39.45p to 40.49p per share (2024: subscription prices ranging from 39.59p to 45.81p
per share). The total share issue proceeds, net of fees, were £6,993,373 (2024: £9,439,404) of which £1,806,481
related to share capital (2024: £2,260,694) and £5,186,892 share premium (2024: £7,178,710).
Also during the year, the Company issued 850,479 shares (2024: 739,525) under a DIS election at prices ranging from
38.54p to 39.56p per share (2024: prices ranging from 39.87p to 41.14p). The total DIS issue proceeds were £332,080
(2024: £299,872) of which £85,048 (2024: £73,953) related to share capital and £247,032 (2024: £225,919) share
premium.
Subsequent to the year end, the Company issued 13,308,995 new Ordinary Shares on 27 March 2025, with a further
allotment of 1,580,784 new Ordinary Shares on 4 April 2025 and a final allotment of 1,376,139 new Ordinary Shares on
6 May 2025, all pursuant to an Offer for Subscription and at subscription prices ranging from 39.37p to 40.43p per share.
Maven Income and Growth VCT PLC I 85
13. Reserves
Share premium account
The share premium account represents the premium above nominal value received by the Company on issuing shares net
of issue costs, including £259,816 trail commission (2024: £125,466). 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.
14. Net asset value per Ordinary Share
The net asset value per Ordinary Share and the net asset value attributable to the Ordinary Shares at the year end,
calculated in accordance with the Articles, were as follows:
28 February 2025 29 February 2024
Net asset
value per
share
p
Net asset
value
attributable
£’000
Net asset
value per
share
p
Net asset
value
attributable
£’000
Ordinary Shares 39.37 65,680 39.45 61,023
The number of Ordinary Shares used in this calculation is set out in Note 12.
15. Reconciliation of net return to cash generated/(utilised) by operations
Year ended
28 February 2025
Year ended
29 February 2024
Net return 3,569 (2,132)
Adjustment for:
(Gain)/loss on investments (3,974) 1,483
Operating cash flow before
movement in working capital
(405) (649)
Decrease/(increase) in prepayments 1 (2)
Decrease in accruals (85) (74)
(Increase)/decrease in debtors (81) 19
Cash utilised by operations (570) (706)
86 I Maven Income and Growth VCT PLC
16. Financial instruments
The Company’s financial instruments comprise equity and fixed interest investments, cash balances and debtors and
creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, and
debtors for accrued income. The Company holds financial assets in accordance with its investment policy of investing
mainly in a portfolio of VCT qualifying unquoted and AIM quoted securities. The Company may not enter into derivative
transactions in the form of forward foreign currency contracts, futures and options without the written permission of the
Directors. No derivative transactions were entered into during the period.
The main risks the Company faces from its financial instruments are: (i) market price risk, being the risk that the value
of investment holdings will fluctuate as a result of changes in market prices caused by factors other than interest rates;
(ii) interest rate risk; (iii) liquidity risk; (iv) credit risk; and (v) price risk sensitivity.
In line with the Company’s investment objective, the portfolio comprises mainly sterling currency denominated securities
and, therefore, foreign currency risk is minimal.
The Manager’s policies for managing these risks are summarised below and have been applied throughout the year. The
numerical disclosures below exclude short-term debtors and creditors, which are included in the Balance Sheet at fair value.
Capital management
The Company’s capital management objectives are to support the Company’s investment objective and to ensure that
the Company will be able to continue as a going concern. The capital of the Company is its share capital and reserves
as set out in Notes 12 and 13. The Company has the authority to buy back its own shares and activity during the year is
detailed in Note 12. The Company does not have any externally imposed capital requirements.
(i) Market price risk
The Company’s investment portfolio is exposed to market price fluctuations, which are monitored by the Manager in
pursuance of the investment objective as set out on page 2. Adherence to investment guidelines and to investment and
borrowing powers set out in the Management Agreement mitigates the risk of excessive exposure to any particular type
of security or issuer. These powers and guidelines include the requirement to invest in a number of companies across a
range of industrial and service sectors at varying stages of development, to closely monitor the progress of the investee
companies and to appoint a non-executive director to the board of each company. Further information on the investment
portfolio (including sector analysis, concentration and deal type analysis) is set out in the Analysis of Unlisted and Quoted
Portfolio, the Investment Manager’s Review, the Summary of Investment Changes, the Investment Portfolio Summary and
the Largest Investments by Valuation.
Maven Income and Growth VCT PLC I 87
16. Financial instruments (continued)
(ii) Interest rate risk
Some of the Company’s financial assets are interest bearing, some of which are at fixed rates and some at variable. As
a result, the Company is subject to exposure to fair value interest rate risk due to fluctuations in the prevailing levels of
market interest rates on variable rate deposits.
The interest rate risk profile of financial assets at the balance sheet date was as follows:
At 28 February 2025
Fixed interest
£’000
Floating rate
£’000
Non-interest bearing
£’000
Sterling
Main Market/AIM/AQSE - - 548
Investment trusts - - 4,797
MMFs - 5,500 -
OEICs - 2,012 -
Unlisted 7,651 - 35,509
Cash - 9,533 -
7,651 17,045 40,854
At 29 February 2024
Fixed interest
£’000
Floating rate
£’000
Non-interest bearing
£’000
Sterling
Main Market/AIM/AQSE - - 1,174
Investment trusts - - 3,454
MMF - 4,500 -
OEIC - 2,043 -
Unlisted 8,140 - 36,073
Cash - 5,476 -
8,140 12,019 40,701
The unlisted fixed interest assets have a weighted average life of 0.79 years (2024: 0.57 years) and a weighted average
interest rate of 9.98% (2024: 10.47%).
The non-interest bearing assets represent the equity element of the portfolio.
The floating rate investments comprise cash held on interest bearing deposit accounts, MMFs and OEICs. These assets are
earning interest at the prevailing money market rates. The benchmark rate that determines the rate of interest receivable
on cash is the bank base rate, which was 4.50% at 28 February 2025 (2024: 5.25%), whilst MMFs and OEICs benchmark
is determined by Sterling Overnight Index Average (SONIA). A 1.00% increase or decrease in the base rate would mean
an increase or decrease of interest received in the year of £170,450 (2024: £120,190). The impact of a change of 1.00%
has been selected as this is considered reasonable, given the current level of the Bank of England base rates and market
expectations for future movement.
All assets and liabilities of the Company are included in the Balance Sheet at fair value.
88 I Maven Income and Growth VCT PLC
16. Financial instruments (continued)
Maturity profile
The maturity profile of the Company’s fixed interest financial assets at the balance sheet date was as follows:
At 28 February 2025
Within
1 year
£’000
Within
1-2 years
£’000
Within
2-3 years
£’000
Within
3-4 years
£’000
Within
4-5 years
£’000
Total
£’000
Unlisted 5,717 386 967 523 58 7,651
5,717 386 967 523 58 7,651
At 29 February 2024
Within
1 year
£’000
Within
1-2 years
£’000
Within
2-3 years
£’000
Within
3-4 years
£’000
Within
4-5 years
£’000
Total
£’000
Unlisted 6,630 - 461 1,049 - 8,140
6,630 - 461 1,049 - 8,140
(iii) Liquidity risk
Due to their nature, unlisted investments may not be readily realisable and, therefore, a portfolio of listed assets, MMFs,
OEICs and cash is held to offset this liquidity risk. Note 1(f) details the three-tier hierarchy of inputs used as at 28 February
2025 in valuing the Company’s investments carried at fair value.
Cash balances are divested amongst four reputable banks with high quality external credit ratings to maximise interest
yields on undeployed funds.
(iv) Credit risk
This is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has
entered into with the Company.
The Company’s financial assets exposed to credit risk amounted to the following:
28 February 2025 29 February 2024
£’000 £’000
Investments in unlisted debt securities 7,651 8,140
Cash 9,533 5,476
17,184 13,616
Maven Income and Growth VCT PLC I 89
16. Financial instruments (continued)
All assets that are traded on a recognised exchange, including AIM quoted securities and investment trusts, are held by
JPMorgan Chase, the Company’s Custodian, along with OEICs and certain MMF investments. Some MMF investments are
made directly. Cash balances are held by Barclays, Coutts, JPMorgan Chase and Virgin Money. Should the credit quality or
the financial position of any of these institutions deteriorate significantly, the Manager will move these assets to another
financial institution.
The Manager evaluates credit risk on unlisted debt securities and financial commitments and guarantees prior to investment,
and as part of the ongoing monitoring of investments. In doing this, it takes into account the extent and quality of any
security held. Typically, unlisted debt securities have a fixed charge over the assets of the investee company in order to
mitigate the gross credit risk. The Manager receives management accounts from investee companies, and members of the
investment management team sit on the boards of investee companies; this enables the close identification, monitoring and
management of investment specific credit risk.
The Company has indirect exposure to credit risks from the underlying securities held by the MMFs and OEICs. These
instruments are held purely for liquidity purposes and the Manager ensures that credit risk is mitigated through diversifying
the portfolio to minimise the risk of default of any one issuer.
There were no significant concentrations of credit risk to counterparties at 28 February 2025 or 29 February 2024.
(v) Price risk sensitivity
The following details the Company’s sensitivity to a 10% increase or decrease in the market prices of AIM/AQSE quoted
securities, with 10% being the Manager’s assessment of a reasonable possible change in market prices.
At 28 February 2025, if market prices of listed or AIM/AQSE quoted securities had been 10% higher or lower and with
all other variables held constant, the increase or decrease in net assets attributable to Ordinary Shareholders for the year
would have been £54,800 (2024: £117,400) due to the change in valuation of financial assets at fair value through profit
or loss.
At 28 February 2025, if prices of investment trusts had been 10% higher or lower with all other variables held constant, the
increase or decrease in net assets attributable to Shareholders for the year would have been £479,700 (2024: £345,400)
due to the change in valuation of financial assets at fair value.
At 28 February 2025, if prices of unlisted securities had been 10% higher or lower with all other variables held constant,
the increase or decrease in net assets attributable to Shareholders for the year would have been £4,316,000 (2024:
£4,421,300) due to the change on valuation of financial assets at fair value through profit or loss.
At 28 February 2025, 65.7% (2024: 72.5%) of the Company’s net assets comprised investments in unlisted securities
held at fair value. The valuation of unlisted securities reflects a number of factors, including the performance of the
investee company itself and the wider market issues such as the cost of living crisis, disruptions to the global supply chain
and implications following the UK’s exit from the EU.
17. Related party transactions
The Company has employed Maven throughout the period as Manager. The Company has been charged £1,266,424 by
Maven as a management fee in the year to 28 February 2025 (2024: £1,202,349). The management fee is payable
quarterly and is based on 2.0% of net assets at quarterly intervals.
The Company has employed Maven throughout the period as Secretary. The Company has been charged £105,000 by
Maven as a secretarial fee in the year to 28 February 2025 (2024: £100,000). The secretarial fee is payable quarterly,
based on the previous years fee and reflecting an uplift for RPI, capped at 5%.
The Company has a holding in DiffusionData Limited, in which John Pocock is executive chairman. During the year, the
Company increased its holding by 139,104 equity shares by investing a further £89,444 (2024: £nil). The decision to
invest is the responsibility of the Manager.
90 I Maven Income and Growth VCT PLC
Notice is hereby given that the Annual General Meeting (the Meeting) of Maven Income and Growth VCT PLC
(the Company; Registered in England and Wales with registered number 03908220) will be held at 12.00 noon
on Thursday 10 July 2025 at the offices of Maven Capital Partners UK LLP, Kintyre House, 205 West George
Street, Glasgow G2 2LW, for the purposes of considering and, if thought fit, passing the following Resolutions:
Ordinary Resolutions
1. To receive the Directors’ Report and audited Financial Statements for the year ended 28 February 2025.
2. To approve the Directors’ Remuneration Report for the year ended 28 February 2025.
3. To approve a final dividend of 1.25p per Ordinary Share in respect of the year ended 28 February 2025.
4. To re-elect John Pocock as a Director.
5. To re-elect Alison Fielding as a Director.
6. To re-elect Andrew Harrington as a Director.
7. To re-appoint Johnston Carmichael LLP as Auditor.
8. To authorise the Directors to fix the remuneration of the Auditor.
9. That the Directors be and are hereby generally and unconditionally authorised under Section 551 of the
Companies Act 2006 (the Act) to exercise all the powers of the Company to allot Ordinary Shares, or grant
rights to subscribe for or convert any security into Ordinary Shares, up to an aggregate nominal amount of
£1,814,410 provided that this authority shall expire at the conclusion of the next AGM of the Company or on
the expiry of 15 months from the passing of this Resolution, whichever is the first to occur, and so that the
Company may before such expiry, make an offer or agreement that would or might require relevant securities
to be allotted after such expiry and the Directors may allot relevant securities in pursuance of such offer or
agreements as if the authority conferred had not expired.
NOTICE OF ANNUAL GENERAL MEETING
Maven Income and Growth VCT PLC I 91
Special Resolutions
10. That, subject to the passing of Resolution 9, the Directors be and hereby are empowered, under Section 571
of the Act, to allot equity securities (as defined in Section 560 of the Act) under the authority conferred by
Resolution 9 for cash as if Section 561(1) of the Act did not apply to the allotment, provided that this power
shall be limited to the allotment:
a) of equity securities in connection with an offer of such securities by way of a rights issue only to holders
of Ordinary Shares in proportion (as nearly as practicable) to their respective holdings of such Ordinary
Shares, but subject to such exclusions or other arrangements as the Directors may deem necessary or
expedient in relation to fractional entitlements or any legal or practical problems under the laws of any
territory, or the requirements of any regulatory body or stock exchange;
b) (other than under paragraph (a) above) of equity securities up to an aggregate nominal amount not
exceeding £1,814,410 (equivalent to 18,144,100 Ordinary Shares); and
c) shall expire at the conclusion of the next AGM of the Company or on the expiry of 15 months from the
passing of this Resolution, whichever is the first to occur, save that the Company may, before such expiry,
make an offer or agreement that would or might require equity securities to be allotted after such expiry
and the Directors may allot equity securities in pursuance of such offer or agreement as if the power
conferred hereby had not expired.
11. That the Company be and hereby is generally and, subject as hereinafter appears, unconditionally authorised
in accordance with Section 701 of the Act to make market purchases (within the meaning of Section 693(4) of
the Act) of Ordinary Shares, provided always that:
a) the maximum number of Ordinary Shares hereby authorised to be purchased is 27,198,012;
b) the minimum price, exclusive of expenses, that may be paid for an Ordinary Share shall be 10p per share;
c) the maximum price, exclusive of expenses, that may be paid for an Ordinary Share shall be not more than
an amount equal to the higher of:
(i) 105% of the average of the closing middle market price for the Ordinary Shares as derived from the
London Stock Exchange’s Daily Official List for the five business days immediately preceding the date
on which the Ordinary Shares are purchased; and
(ii) the price stipulated by Article 5(1) of Commission Regulation (EC) No. 273/2003 (the Buy-back and
Stabilisation Regulation); and
d) unless previously renewed, varied or revoked, the authority hereby conferred shall expire at the conclusion
of the next AGM of the Company or, if earlier, on the expiry of 15 months from the passing of this
Resolution, save that the Company may before such expiry enter into a contract to purchase Ordinary
Shares that will or may be completed wholly or partly after such expiry.
12. That a general meeting, other than an annual general meeting, may be called on not less than 14 days’ clear notice.
By order of the Board
Maven Capital Partners UK LLP
Secretary
6th Floor
Saddlers House
44 Gutter Lane
London EC2V 6BR
28 May 2025
92 I Maven Income and Growth VCT PLC
NOTES:
Entitlement to attend and vote
1) To be entitled to attend and vote at the Meeting (and for the purposes of the determination by the Company
of the votes that may be cast in accordance with Regulation 41 of the Uncertified Securities Regulations 2001),
only those members registered in the Company’s register of members at close of business on 8 July 2025 (or,
if the Meeting is adjourned, close of business on the date which is two business days before the adjourned
Meeting) shall be entitled to attend and vote at the Meeting. Changes to the register of members of the
Company after the relevant deadline shall be disregarded in determining the rights of any person to attend and
vote at the Meeting.
Website giving information regarding the Meeting
2) Information regarding the Meeting, including the information required by Section 311A of the Act, is available
from: mavencp.com/migvct.
Attending in person
3) It would be normal practice for those wishing to attend the Meeting in person to bring some form of identification.
Appointment of proxies
4) If you are a member of the Company at the time set out in note 1 above, you are entitled to appoint a proxy
to exercise all or any of your rights to attend, speak and vote at the Meeting and you should have received a
Proxy Form with this Notice of Annual General Meeting. You can appoint a proxy only using the procedures set
out in these notes and the notes to the Proxy Form.
5) If you are not a member of the Company but you have been nominated by a member of the Company to
enjoy information rights, you do not have a right to appoint any proxies under the procedures set out in this
“Appointment of proxies” section. Please read the section “Nominated persons” below.
6) A proxy does not need to be a member of the Company but must attend the Meeting to represent you. Details
of how to appoint the Chairman of the Meeting or another person as your proxy using the Proxy Form are set
out in the notes to the Proxy Form. If you wish your proxy to speak on your behalf at the Meeting, you will
need to appoint your own choice of proxy (not the Chairman) and give your instructions directly to them.
7) You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different
shares. You may not appoint more than one proxy to exercise rights attached to any one share. To appoint
more than one proxy, please copy the Proxy Form, indicate on each form how many shares it relates to, and
submit them together.
8) A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes
for or against a Resolution. If no voting indication is given, your proxy will vote or abstain from voting at their
discretion. Your proxy will vote (or abstain from voting) as they think fit in relation to any other matter that is
put before the Meeting.
Appointment of proxy using hard copy Proxy Form
9) A Proxy Form is enclosed with this document. The notes to the Proxy Form explain how to direct your proxy
to vote or withhold their vote on each Resolution. To appoint a proxy using the Proxy Form, the form must
be completed, signed and sent or delivered to the Company’s Registrar, The City Partnership (UK) Limited,
The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield HD4 7BH so as to be received by City
Partnership no later than 12.00 noon on 8 July 2025 or by close of business on a date two business days
prior to that appointed for any adjourned Meeting or, in the case of a poll taken subsequent to the date of the
Meeting or adjourned Meeting, so as to be received no later than 24 hours before the time appointed for taking
the poll. In the case of a member that is a company, the Proxy Form must be executed under its common seal
or signed on its behalf by an officer of the company or an attorney for the company. Any power of attorney or
any other authority under which the Proxy Form is signed (or a duly certified copy of such power or authority)
must be included with the Proxy Form. For the purposes of determining the time for delivery of proxies, no
account has been taken of any part of a day that is not a working day.
Appointment of a proxy online
10) You may submit your proxy electronically using the Maven Proxy Voting App at: maven-agm.city-proxyvoting.uk.
Shareholders can use this service to vote or appoint a proxy online. The same voting deadline of 48 hours
(excluding non-working days) before the time of the meeting applies as if you were using your Proxy Form to
vote or appoint a proxy by post to vote for you. Shareholders will need to use their City Investor Number (CIN)
and Access Code, which are shown on your Proxy Form. You should not show this information to anyone
unless they wish to give proxy instructions on their behalf.
Maven Income and Growth VCT PLC I 93
Appointment of proxies through CREST
11) CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment
service may do so for the Meeting and any adjournment(s) of it by using the procedures described in the CREST
Manual (available from: euroclear.com/en.html). CREST Personal Members or other CREST sponsored members,
and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor
or voting service provider(s), who will be able to take the appropriate action on their behalf. In order for a proxy
appointment made by means of CREST to be valid, the appropriate CREST message (a CREST Proxy Instruction)
must be properly authenticated in accordance with Euroclear UK & Ireland Limited’s (EUI) specifications and must
contain the information required for such instructions, as described in the CREST Manual. The message must
be transmitted so as to be received by the issuer’s agent (City Partnership ID: 8RA57) by 12.00 noon on 8 July
2025. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied
to the message by the CREST Applications Host) from which the issuer’s agent is able to retrieve the message by
enquiry to CREST in the manner prescribed by CREST.
CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does
not make available special procedures in CREST for any particular messages. Normal system timings and limitations
will, therefore, apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member
concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a
voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall
be necessary to ensure that a message is transmitted by means of the CREST system by any particular time.
In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers
are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST
system and timings. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out
in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.
Appointment of proxy by joint members
12) In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the
appointment submitted by the most senior holder will be accepted. Seniority is determined by the order in
which the names of the joint holders appear in the Company’s register of members in respect of the joint
holding, the first-named being the most senior.
Changing proxy instructions
13) To change your proxy instructions, simply submit a new proxy appointment using the methods set out above.
Note that the cut-off times for receipt of proxy appointments (see above) also apply in relation to amended
instructions; any amended proxy appointment received after the relevant cut-off time will be disregarded.
Where you have appointed a proxy using the hard copy Proxy Form and would like to change the instructions
using another hard copy Proxy Form, please contact City Partnership at the address shown in note 9. If you
submit more than one valid proxy appointment, the appointment received last before the latest time for the
receipt of proxies will take precedence.
Termination of proxy appointments
14) In order to revoke a proxy instruction you will need to inform the Company by sending a signed hard copy
notice clearly stating your intention to revoke your proxy appointment to City Partnership, at the address
shown in note 9. In the case of a member that is a company, the revocation notice must be executed under its
common seal or signed on its behalf by an officer of the company or an attorney for the company. Any power
of attorney or any other authority under which the revocation notice is signed, or a duly certified copy of such
power or authority, must be included with the revocation notice. The revocation notice must be received by
City Partnership no later than 48 hours before the Meeting. If you attempt to revoke your proxy appointment
but the revocation is received after the time specified then, subject to the paragraph directly below, your proxy
appointment will remain valid. Appointment of a proxy does not preclude you from attending the Meeting and
voting in person. If you have appointed a proxy and attend the Meeting in person, your proxy appointment will
be terminated automatically.
Corporate representatives
15) A corporation that is a member can appoint one or more corporate representatives who may exercise, on its
behalf, all its powers as a member provided that no more than one corporate representative exercises powers
over the same share.
Issued shares and total voting rights
16) As at 23 May 2025, being the latest practicable date prior to the publication of the Annual Report, the
Company’s issued share capital comprised 181,441,043 Ordinary Shares of 10p each. Each Ordinary Share
carries the right to one vote at a General Meeting of the Company and, therefore, the total number of voting
rights in the Company on 23 May 2025 was 181,441,043. The website referred to in note 2 will include
information on the number of shares and voting rights.
94 I Maven Income and Growth VCT PLC
Questions at the Meeting
17) Under Section 319A of the Act, the Company must answer any question you ask relating to the business being
dealt with at the Meeting unless:
• answering the question would interfere unduly with the preparation for the Meeting or involve the disclosure
of confidential information;
• the answer has already been given on a website in the form of an answer to a question; or
• it is undesirable in the interests of the Company or the good order of the Meeting that the question be answered.
Website publication of audit concerns
18) Pursuant to Chapter 5 of Part 16 of the Act (Sections 527 to 531), where requested by a member or members
meeting the qualification criteria set out at note 19 below, the Company must publish on its website, a statement
setting out any matter that such members propose to raise at the Meeting relating to the audit of the Company’s
accounts (including the Independent Auditor’s Report and the conduct of the audit) that are to be laid before the
Meeting. The request:
• may be in hard copy form or in electronic form (see note 20 below);
• must either set out the statement in full or, if supporting a statement sent by another member, clearly
identify the statement that is being supported;
• must be authenticated by the person or persons making it (see note 20 below); and
• must be received by the Company at least one week before the Meeting.
Where the Company is required to publish such a statement on its website:
• it may not require the members making the request to pay any expenses incurred by the Company in
complying with the request;
• it must forward the statement to the Company’s Auditor no later than the time the statement is made
available on the Company’s website; and
• the statement may be dealt with as part of the business of the Meeting.
Members’ qualification criteria
19) In order to be able to exercise the members’ rights under note 18, the relevant request must be made by a
member or members having a right to vote at the Meeting and holding at least 5% of total voting rights of the
Company, or at least 100 members having a right to vote at the Meeting and holding, on average, at least £100
of paid up share capital. For information on voting rights, including the total number of voting rights, see note 16
above and the website referred to in note 2.
Submission of hard copy and electronic requests and authentication requirements
20) Where a member or members wishes to request the Company to publish audit concerns (see note 18) such
request be must be made in accordance with one of the following ways:
• a hard copy request that is signed by you, states your full name and address and is sent to The Secretary,
Maven Income and Growth VCT PLC, Kintyre House, 205 West George Street, Glasgow G2 2LW; or a
request that states your full name, address, and investor code, and is sent to enquiries@mavencp.com
stating “AGM” in the subject field.
Nominated persons
21) If you are a person who has been nominated under Section 146 of the Act to enjoy information rights (Nominated
Person):
• you may have a right under an agreement between you and the member of the Company who has
nominated you to have information rights (Relevant Member) to be appointed or to have someone else
appointed as a proxy for the Meeting;
• if you either do not have such a right or if you have such a right but do not wish to exercise it, you may have
a right under an agreement between you and the Relevant Member to give instructions to the Relevant
Member as to the exercise of voting rights; and
• your main point of contact in terms of your investment in the Company remains the Relevant Member (or,
perhaps, your custodian or broker) and you should continue to contact them (and not the Company)
regarding any changes or queries relating to your personal details and your interest in the Company (including
any administrative matters). The only exception to this is where the Company expressly requests a response
from you.
Maven Income and Growth VCT PLC I 95
Documents on display
22) Copies of the letters of appointment of the Directors of the Company and a copy of the Articles of the Company
will be available for inspection at the registered office of the Company and at Kintyre House, 205 West George
Street, Glasgow G2 2LW from the date of this notice until the end of the Meeting.
Communication
23) Except as provided above, members who have general queries about the Meeting should use the following
means of communication (no other methods of communication will be accepted):
• calling Maven Capital Partners UK LLP (the Secretary) on 0141 306 7400; or
• e-mailing enquiries@mavencp.com and stating “AGM” in the subject field.
Registered in England and Wales: Company Number 03908220
96 I Maven Income and Growth VCT PLC
An explanation of the Resolutions to be proposed at the AGM is set out below. Resolutions 1 to 9 will be
proposed as Ordinary Resolutions requiring the approval of more than 50% of the votes cast and Resolutions
10 to 12 will be proposed as Special Resolutions requiring the approval of 75% or more of the votes cast.
Resolution 1 – Directors’ Report and Financial Statements
The Directors seek approval to receive the Directors’ Report and audited Financial Statements for the year ended
28 February 2025, which are included within the Annual Report.
Resolution 2 – Directors’ Remuneration Report
The Board seeks the approval of the Directors’ Remuneration Report for the year ended 28 February 2025, which
is also included within the Annual Report.
Resolution 3 – Final Dividend
The Company’s Shareholders will be asked to approve the payment of a final dividend of 1.25p per Ordinary Share
in respect of the year ended 28 February 2025, to be paid on 18 July 2025 to Shareholders on the register at the
close of business on 20 June 2025.
Resolution 4 – Re-election of a Director
As the Board has resolved that each Director should stand for re-election on an annual basis, John Pocock will
retire at the AGM and, being eligible, is offering himself for re-election.
Resolution 5 – Re-election of a Director
As the Board has resolved that each Director should stand for re-election on an annual basis, Alison Fielding will
retire at the AGM and, being eligible, is offering herself for re-election.
Resolution 6 – Re-election of a Director
As the Board has resolved that each Director should stand for re-election on an annual basis, Andrew Harrington
will retire at the AGM and, being eligible, is offering himself for re-election.
EXPLANATORY NOTES TO THE NOTICE
OF ANNUAL GENERAL MEETING
Maven Income and Growth VCT PLC I 97
Resolution 7 – Re-appointment of Auditor
The Company must appoint an auditor at each general meeting at which accounts are presented to Shareholders,
to hold office until the conclusion of the next such meeting. Resolution 7 seeks Shareholder approval to re-appoint
Johnston Carmichael LLP as the Company’s Auditor.
Resolution 8 – Remuneration of Auditor
In accordance with normal practice, Resolution 8 seeks authority for the Directors to determine the Auditor’s
remuneration.
Resolution 9 – Authority to Allot Shares
The Directors are seeking authority pursuant to Section 551 of the Act for the Company to allot Ordinary Shares,
or rights to subscribe for Ordinary Shares, up to an aggregate nominal value of £1,814,410. This amounts to
18,144,100 Ordinary Shares, representing approximately 10% of the issued share capital as at 23 May 2025 (this
being the latest practicable date prior to the publication of this Annual Report).
The authority conferred by Resolution 9 will expire at the conclusion of the next AGM of the Company or on the
expiry of 15 months from the passing of the Resolution, whichever is the first to occur.
Resolution 10 – Waiver of Statutory Pre-emption Rights
Resolution 10, if passed, would allow the Board to allot new Shares, up to 10% of the current share capital,
without implementing pre-emption rights. This authority will expire at the conclusion of the next AGM of the
Company or, if earlier, on the expiry of 15 months from the passing of the Resolution.
The Board may use the authorities conferred under Resolutions 9 and 10 to allot further Ordinary Shares, or rights
to subscribe for them.
Resolution 11 – Purchase of Own Shares
Shareholders will be asked to authorise the Company to make market purchases of up to 27,198,012 Ordinary
Shares (representing approximately 14.99% of the issued share capital as at 23 May 2025, this being the latest
practicable date prior to the publication of this Annual Report). The Resolution sets out the minimum and
maximum prices that can be paid, exclusive of expenses, and Ordinary Shares bought back may be cancelled or
held in treasury, as determined by the Board. Once held in treasury, such Ordinary Shares may be sold for cash
or cancelled. The Board may use this authority to allow the Company to continue to operate its share buy-back
policy. The authority conferred by Resolution 11 will expire at the conclusion of the next AGM of the Company or
on the expiry of 15 months from the passing of the Resolution, whichever is the first to occur.
Resolution 12 – Notice of General Meetings
The Directors propose to preserve the Company’s ability to call general meetings (other than annual general
meetings) on 14 clear days’ notice, as approved by Shareholders at the previous AGM. Resolution 12 seeks
such approval and would be effective until the Company’s next AGM, when it would be intended that a similar
Resolution be proposed. It is anticipated that, if approved, such authority will only be used in exceptional
circumstances. The Company will also need to meet the requirements for electronic voting before it can call a
general meeting on 14 days’ notice.
98 I Maven Income and Growth VCT PLC
ALTERNATIVE PERFORMANCE MEASURES (APMS)
Measures of performance that are in addition to the earnings reported in the Financial Statements. The APMs
used by the Company are marked * in this Glossary. The table in the Financial Highlights section on page 5 shows
the movement in net asset value and NAV total return per Ordinary Share over the past three financial years and
shows the dividends declared in respect of each of the past three financial years, and on a cumulative basis since
inception.
ANNUAL YIELD*
The total dividends paid for the financial year expressed as a percentage of the NAV per Ordinary Share at the
immediately preceding year end.
Annual yield calculation 28 February 2025 29 February 2024
Dividends paid or proposed per Ordinary Share for the year (a) 2.40p 2.15p
NAV from previous year end (b) 39.45p 43.01p
Annual yield = (a/b)*100 6.08% 5.00%
CUMULATIVE DIVIDENDS PAID*
The total amount of both capital and income distributions per Ordinary Share paid since the launch of the Company.
DISCOUNT/PREMIUM TO NAV*
A discount is the percentage by which the mid-market price of an Ordinary Share is lower than the net asset value
per Ordinary Share. A premium is the percentage by which the mid-market price exceeds the net asset value per
Ordinary Share.
Discount calculation 28 February 2025 29 February 2024
NAV per Ordinary Share (a) 39.37p 39.45p
Closing mid-market share price (b) 38.00p 38.00p
Discount = (a-b)/a*100 3.48% 3.68%
DISTRIBUTABLE RESERVES
Comprises capital reserve (realised), revenue reserve and special distributable reserve. Within capital reserve
(unrealised), there is an element of distributable reserves in relation to level 1 and level 2 investments that can
readily be converted to cash and could be considered realised.
DIVIDEND PER ORDINARY SHARE
The total of all dividends per Ordinary Share paid by the Company in respect of the year.
DIVIDENDS PER ORDINARY SHARE PAID TO DATE*
The total of all dividends per Ordinary Share paid by the Company.
EARNINGS PER ORDINARY SHARE (EPS)
The net income after tax of the Company divided by the weighted average number of shares in issue during the
year. In a venture capital trust, this comprises revenue EPS and capital EPS.
GLOSSARY
Maven Income and Growth VCT PLC I 99
EX-DIVIDEND DATE (XD DATE)
The date set by the London Stock Exchange, normally being the date preceding the record date.
INDEX OR INDICES
A market index calculates the average performance of its constituents, normally on a weighted basis. It provides a
means of assessing the overall state of the economy and provides a comparison against which the performance of
individual investments can be assessed.
INVESTMENT INCOME
Income from investments as reported in the Income Statement.
NAV PER ORDINARY SHARE
Net assets divided by the number of Ordinary Shares in issue.
NAV calculation 28 February 2025 29 February 2024
NAV (a) £65,680,000 £61,023,000
Ordinary Shares in issue (b) 166,841,748 154,684,497
NAV per Ordinary Share = (a/b)*100 39.37p 39.45p
NAV TOTAL RETURN PER ORDINARY SHARE*
Net assets divided by the number of Ordinary Shares in issue, plus cumulative dividends paid per Ordinary Share
to date.
28 February 2025 29 February 2024
NAV per Ordinary Share (a) 39.37p 39.45p
Dividends paid per Ordinary Share to date (b) 108.71p 106.41p
NAV total return = a+b 148.08p 145.86p
NET ASSETS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OR SHAREHOLDERS’ FUNDS (NAV)
Total assets less current and long-term liabilities.
ONGOING CHARGES RATIO
The total recurring annual running expenses (including management fees charged to the capital reserve) as a
percentage of the average net assets attributable to Shareholders.
28 February 2025 29 February 2024
Investment management fees £1,266,000 £1,202,000
Other expenses £393,000 £488,000
Total fees/expenses (a) £1,659,000 £1,690,000
Average annual NAV (b) £64,488,669 £60,964,301
Ongoing charges ratio = (a/b)*100 2.57% 2.77%
100 I Maven Income and Growth VCT PLC
OPERATIONAL EXPENSES
The total of investment management fees and other expenses as reported in the Income Statement.
REALISED GAINS/LOSSES
The profit/loss on the sale of investments during the year.
RECORD DATE
The date on which an investor needs to be holding a share in order to qualify for a forthcoming dividend.
REVENUE RESERVES
The total of undistributed revenue earnings from prior years. This is available for distribution to Shareholders by
way of dividend payments.
SHARE PRICE TOTAL RETURN PER ORDINARY SHARE
The theoretical return including reinvesting each dividend in additional shares in the Company at the closing
mid-market price on the day that the shares go ex-dividend.
UNREALISED GAINS/LOSSES
The profit/loss on the revaluation of the investment portfolio at the end of the year.
Maven Income and Growth VCT PLC I 101
YOUR NOTES
102 I Maven Income and Growth VCT PLC
YOUR NOTES
CONTACT INFORMATION
DIRECTORS
John Pocock (Chairman)
Alison Fielding
Andrew Harrington
MANAGER, SECRETARY AND PRINCIPAL PLACE OF BUSINESS
Maven Capital Partners UK LLP
Kintyre House
205 West George Street
Glasgow G2 2LW
Telephone: 0141 306 7400
Email: enquiries@mavencp.com
REGISTERED OFFICE
6th Floor
Saddlers House
44 Gutter Lane
London EC2V 6BR
REGISTERED IN ENGLAND AND WALES
Company Registration Number: 03908220
Legal Entity Identifier: 213800VL4S7K6A2YTX94
TIDM: MIG1
ISIN: GB0004122858
WEBPAGE
mavencp.com/migvct
REGISTRAR
The City Partnership (UK) Limited
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield HD4 7BH
Email: mavencp@city.uk.com
Investor hub: maven-cp.cityhub.uk.com
Telephone: 01484 240910
(Lines are open from 9.00 am to 5.30 pm, Monday to Friday)
AUDITOR
Johnston Carmichael LLP
7-11 Melville Street
Edinburgh EH3 7PE
BANKER
JPMorgan Chase Bank
STOCKBROKER
Shore Capital Stockbrokers Limited
Telephone: 020 7647 8132
VCT ADVISER
Philip Hare & Associates LLP
Maven Income and Growth VCT PLC I 103
Maven Capital Partners
Kintyre House
205 West George Street
Glasgow G2 2LW
0141 306 7400
mavencp.com
Maven Capital Partners UK LLP (a subsidiary of Mattioli Woods Limited)
Authorised and Regulated by The Financial Conduct Authority
@maven-cp