Maven Income and Growth VCT 4 PLC I 1
MAVEN CAPITAL PARTNERS UK LLP
(a subsidiary of Mattioli Woods plc)
Kintyre House
205 West George Street
Glasgow G2 2LW
Tel: 0141 306 7400
Authorised and Regulated by The Financial Conduct Authority
MAVEN INCOME
AND GROWTH
VCT 4 PLC
Annual Report for the
year ended 31 December 2023
MAVEN INCOME AND GROWTH VCT 4 PLC 2023
02 I Maven Income and Growth VCT 4 PLC
CORPORATE SUMMARY
THE COMPANY
Maven Income and Growth VCT 4 PLC (the Company)
is a public company limited by shares. It was incorporated
in Scotland on 26 August 2004 with company registration
number SC272568. Its registered office is at Kintyre
House, 205 West George Street, Glasgow G2 2LW.
The Company is a venture capital trust (VCT) and its
shares are listed on the premium segment of 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 (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
2029 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
secondary 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.
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 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
Corporate Summary 02
Financial Highlights 04
Your Board 08
Chairman’s Statement 10
Business Report 15
Portfolio Analysis 22
Investment Manager’s Review 24
Largest Investments by Valuation 35
Investment Portfolio Summary 41
Directors’ Report 46
Directors’ Remuneration Report 53
Statement of Corporate Governance 57
Statement of Directors’ Responsibilities 63
Report of the Audit and Risk Committees 64
Independent Auditor’s Report to the Members
of Maven Income and Growth VCT 4 PLC 68
Income Statement 74
Statement of Changes in Equity 75
Balance Sheet 76
Cash Flow Statement 77
Notes to the Financial Statements 78
Notice of Annual General Meeting 95
Explanatory Notes to the
Notice of Annual General Meeting 101
Glossary 103
Your Notes 105
Contact Information 107
STRATEGIC REPORT
FINANCIAL STATEMENTS
GOVERNANCE REPORT
ANNUAL GENERAL MEETING &
ADDITIONAL INFORMATION
01
03
02
04
IN THIS REPORT
Maven Income and Growth VCT 4 PLC I 03
04 I Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2023
NAV Total Return Performance
1
*
Proposed final dividend
per Ordinary Share
1.75p
Dividends paid to date*
per Ordinary Share
91.10p
Net asset value
(NAV)
£83.92m
NAV
per Ordinary Share
61.71p
NAV total return
1
*
per Ordinary Share
152.81p
Annual yield
2
*
5.12%
FINANCIAL HIGHLIGHTS
155.90p
157.48p
148.93p
146.51p
152.81p
120 125 130 135 140 145 150 155 160
2022
2021
2020
2019
2023
(p)
NAV Total Return Performance
The above chart shows the NAV total return per Ordinary Share as at the end of December 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 4 PLC I 05
FINANCIAL HISTORY
31 December
2023
31 December
2022
31 December
2021
NAV £83,917,000 £88,644,000 £82,312,000
NAV per Ordinary Share 61.71p 68.30p 74.88p
Dividends paid or proposed per
Ordinary Share for the year
3.50p 3.75p 5.00p
Dividends paid per Ordinary Share to date* 91.10p 87.60p 82.60p
NAV total return per Ordinary Share
1
* 152.81p 155.90p 157.48p
Share price
3
60.00p 63.00p 70.00p
Discount to NAV* 2.77% 7.76% 6.52%
Annual yield
2
* 5.12% 5.01% 7.11 %
Ongoing charges ratio (OCR)* 3.26% 2.97% 3.00%
Ordinary Shares in issue 135,982,341 129,788,859 109,929,961
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 dividend policy outlined on page 11 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 103 and 104 of this
Annual Report. The principal Key Performance Indicators (KPIs) are highlighted in the Business Report on pages 17 and 18.
06 I Maven Income and Growth VCT 4 PLC
DIVIDENDS
Year ended 31 December Payment date Interim/final
Payment
(p)
Annual
payment (p)
Annual
yield (%)
2
2006-2018 73.60 `
2019 4 October 2019 Interim 2.00
22 May 2020 Final 2.00 4.00 5.57
2020 2 October 2020 Interim 1.00
21 May 2021 Final 2.00 3.00 4.23
2021 1 October 2021 Interim 2.00
11 March 2022 Second interim 2.00
20 May 2022 Final 1.00 5.00 7.1 1
2022 7 October 2022 Interim 2.00
23 May 2023 Final 1.75 3.75 5.01
2023 13 October 2023 Interim 1.75
Total dividends paid since inception 91 .10
2023 24 May 2024 Proposed final 1.75 3.50 5.12
Total dividends paid or proposed
since inception
92.85
On 25 March 2013, S Shares were re-designated as Ordinary Shares with 804,028 bonus Ordinary Shares being issued.
As a result, previous holders of S Shares held 1.1528 Ordinary Shares for every S Share held on the relevant record date,
with the resultant number of shares rounded down to the nearest whole share.
On 30 September 2014, C Ordinary Shares were consolidated into Ordinary Shares. As a result, 3,863,876 C Ordinary
Shares were re-designated as 3,077,827 Ordinary Shares, based on a conversion ratio of 0.7968 Ordinary Shares per
C Ordinary Share, with the resultant number of shares rounded down to the nearest whole share.
On 15 November 2018, the Company merged with Maven Income and Growth VCT 2 PLC (Maven VCT 2). As a result,
previous holders of Maven VCT 2 ordinary shares were issued new Ordinary Shares in the Company at a ratio of 0.4851
per Maven VCT 2 ordinary share held, with the resultant number of shares rounded down to the nearest whole share.
On 18 December 2019, the Company merged with Maven Income and Growth VCT 6 PLC (Maven VCT 6). As a result,
previous holders of Maven VCT 6 ordinary shares were issued new Ordinary Shares in the Company at a ratio of 0.687632
per Maven VCT 6 ordinary share held, with the resultant number of shares rounded down to the nearest whole share.
Maven Income and Growth VCT 4 PLC I 07
SUMMARY OF INVESTMENT CHANGES
FOR THE YEAR ENDED 31 DECEMBER 2023
Valuation
31 December 2022
Net investment/
(disinvestment)
Appreciation/
(depreciation)
Valuation
31 December 2023
£’000 % £’000 £’000 £’000 %
Unlisted investments
1
Equities 45,900 51.8 1,836 555 48,291 57.5
Loan stock 14,470 16.3 (19) (1,069) 13,382 15.9
60,370 68.1 1,817 (514) 61,673 73.4
Listed investments
2
Equities 3,988 4.4 2,601 (2,695) 3,894 4.6
Other investments
3
MMFs & OEICs - - 6,043 (8) 6,035 7.2
Investment trusts 2,500 2.8 2,907 228 5,635 6.7
Total investments 66,858 75.3 13,368 (2,989) 77,237 91.9
Other net assets
4
21,786 24.7 (15,106) - 6,680 8.1
Net assets 88,644 100.0 (1,738) (2,989) 83,917 100.0
1
These movements include the transfer of the unlisted holding in Kanabo GP Limited into shares in Kanabo Group PLC, which is
listed on the Main Market of the London Stock Exchange, alongside the delisting from the Alternative Investment Market (AIM) of
DeepMatter PLC, both of which took place during the reporting period.
2
Shares traded on AIM 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 money market funds (MMFs), open-ended investment companies (OEICs) and investment
trusts.
4
The movement predominantly relates to deploying cash as part of the investment and treasury management strategies.