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.
08 I Maven Income and Growth VCT 4 PLC
YOUR BOARD
The Board of Directors is responsible for setting and monitoring the Company’s strategy, supervising the management
of Maven Income and Growth VCT 4 PLC and looking after the interests of its Shareholders. The Board consists of
four non-executive Directors, the majority of whom are independent of the Manager. The biographies set out below
indicate the Directors’ range of investment, commercial and professional experience. Further details are also provided
in the Directors’ Report and in the Statement of Corporate Governance in this Annual Report.
Relevant experience and other directorships: Fraser was a director of Maven Income and Growth VCT 6 PLC
from 1 July 2016 until the completion of its merger with the Company. He sits on a number of advisory boards,
supporting smaller companies on growth and strategic matters. He was previously a managing director in
AlixPartners’ turnaround and restructuring practice, where he led the provision of restructuring and liquidity
improvement solutions to clients across a wide variety of industry sectors. Fraser is a chartered accountant and
an accredited mediator, and was formerly a licensed insolvency practitioner. He is a non-executive director of
Denholm Energy Services Limited and was, until 17 February 2023 when the company was sold, chairman of
Richard Irvin FM Limited.
Length of service: He was appointed as a Director on 18 December 2019 and Chairman on 14 July 2022, having
served as Interim Chairman since 17 June 2022.
Last re-elected to the Board: 11 May 2023
Committee membership: Audit, Management Engagement (Chair), Nomination (Chair) and Risk.
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in Company: 144,104 Ordinary Shares (Shareholding at 31 December 2023 was 136,001 Ordinary
Shares, with a further 8,103 Ordinary Shares allotted on 8 February 2024)
Relevant experience and other directorships: Brian is a Fellow of the Chartered Institute of Bankers in Scotland
and spent more than three decades at Clydesdale and Yorkshire Bank, working extensively with smaller companies
and management teams in supporting their growth ambitions. He held a number of senior roles and has a wide
range of experience in corporate lending, credit and relationship management with SMEs. His most recent role was
as UK Head of Commercial Banking, where he had national responsibility for customer growth and satisfaction.
Brian is also a non-executive director of Coventry and Warwickshire Growth Hub Limited.
Length of service: He was appointed as a Director on 1 August 2022.
Elected to the Board: 11 May 2023
Committee membership: Audit, Management Engagement, Nomination and Risk (Chair).
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in Company: 16,207 Ordinary Shares (allotted on 17 January 2024)
FRASER GRAY
Chairman and Independent Non-executive Director
BRIAN COLQUHOUN
Independent Non-executive Director
Maven Income and Growth VCT 4 PLC I 09
BILL NIXON
Non-executive Director
Relevant experience and other directorships: Steven is a chartered accountant. He worked in the Bank of
Scotland Structured Finance Group before becoming a director of Royal Bank Development Capital, the private
equity division of The Royal Bank of Scotland plc. In 1999, he founded Penta Capital LLP, an independent private
equity manager that specialises in buy & build investments in the UK and has over £300 million under
management.
Length of service: He was appointed as a Director on 1 September 2004.
Last re-elected to the Board: 11 May 2023
Committee membership: Audit (Chair), Management Engagement, Nomination and Risk.
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in Company: 358,164 Ordinary Shares
Relevant experience and other directorships: Bill is managing partner of Maven Capital Partners UK LLP (Maven)
and has over 40 years of experience in banking and private equity. He is a Fellow of the Chartered Institute of
Bankers in Scotland and obtained an MBA from Strathclyde University in 1996. In the 1990s, Bill was head of the
private equity business at Clydesdale Bank plc, then a subsidiary of National Australia Bank, before joining Aberdeen
Asset Management plc (Aberdeen) in 1999. In 2004, he was appointed as principal fund manager to all Aberdeen
managed VCTs. In 2009, Bill and his senior colleagues led a management buy-out from Aberdeen to form Maven.
He is also a director of Maven Income and Growth VCT 3 PLC.
Length of service: An Alternate Director since 1 November 2005, he was appointed as a Director on 6 August 2008.
Last re-elected to the Board: 11 May 2023
Committee membership: Nomination and Risk.
Employment by the Manager: Since 2009; with Aberdeen 1999-2009.
Shared directorships with other Directors: None
Shareholding in Company: 1,360,066 Ordinary Shares (Shareholding at 31 December 2023 was 1,279,029
Ordinary Shares, with a further 81,037 Ordinary Shares allotted on 8 February 2024)
STEVEN SCOTT
Independent Non-executive Director
10 I Maven Income and Growth VCT 4 PLC
On behalf of your Board, I am pleased to present the results for the 12 months
to 31 December 2023. This has been a challenging year for the UK economy
and, notwithstanding the modest reduction in NAV total return, your Board is
encouraged by the further strategic progress that has been achieved. Across the
private company portfolio, most of the earlier stage growth companies have
continued to gain commercial traction and achieve defined milestones, which
has resulted in uplifts to the value of specific portfolio holdings. The impact of
this positive progress has, however, been offset by the more general rebasing
of valuations across public and private markets. It is encouraging to report that
there has been further expansion of the portfolio, with the addition of eight new
private companies that operate across a range of dynamic and emerging markets,
adding further breadth and sector diversity. Your Board recognises the importance
of making regular Shareholder distributions and is pleased to propose a final
dividend of 1.75p per share for payment in May 2024, which brings the annual
yield to 5.12%.
The financial year was another period of economic instability for global markets
with domestic growth constrained by persistently high inflation and rising interest
rates. Against this backdrop, your Board is pleased to report on the generally resilient
performance that was achieved. For several years, your Company has been following
an investment strategy focused on constructing a large, diverse portfolio of ambitious
and emerging companies with high growth potential. During the year, many of
these businesses have continued to deliver meaningful revenue growth and achieve
commercial objectives. As the portfolio evolves, it is evident that there are a number
of high performing companies that have the capability of achieving superior returns
at exit. Given the sustained progress, the valuations of specific holdings have been
uplifted, although the impact of the movement has been moderated by the market
wide reduction in valuation multiples. This dynamic has impacted the valuations of
certain larger holdings in the private company portfolio where, despite most of the
businesses continuing to trade to plan, multiples have been adjusted to reflect the
general rebasing. This approach is consistent with industry best practice and the
requirement to ensure that private company valuations reflect market movements,
as well as a company specific progress. There are also a small number of companies
that have encountered challenges, largely due to the conditions in the wider economy
and where the business plan has not been achieved. In these cases, valuations have
been reduced. It is worthwhile noting that your Company also retains a number of
holdings in more mature companies, completed prior to the VCT rules change in
2015. Whilst the size of this later stage portfolio will naturally decrease over time as
realisations are completed, it continues to broaden exposure across the portfolio.
This has been another difficult year for AIM, as uncertain market conditions have
resulted in restricted liquidity both on the demand and supply side. AIM has also
experienced its quietest year for initial public offering (IPOs) in over 20 years as
companies with cash resources have opted to delay listing until markets stabilise and
valuations improve. As a result, investors have continued to exercise caution towards
earlier stage listed growth companies, which has resulted in reduced trading volumes
and increased share price volatility. Consequently, new AIM investment activity by
your Company has remained at low levels. Although your Company’s AIM portfolio
represents a relatively small proportion of net assets, your Board continues to believe
that a balanced portfolio of private equity and AIM quoted holdings represents the
optimal strategy for delivering consistent returns over the longer term. While markets
remain unpredictable, it is likely that there will be limited new AIM investments
until there is demonstrable evidence of a sustained recovery in this market and an
improvement in the quality of companies seeking investment on the junior market.
HIGHLIGHTS
NAV total return at
the year end of
152.81p per share
(2022: 155.90p)
NAV at the year end
of 61.71p per share
(2022: 68.30p)
Final dividend of 1.75p
per share proposed for
payment in May 2024
£7.58 million deployed
in new and follow-on
investments
Offer for Subscription
closed in May 2023,
raising a total of
£6.83 million
New Offer for
Subscription launched
in October 2023
CHAIRMAN’S STATEMENT
Maven Income and Growth VCT 4 PLC I 11
The Manager has continued to see good demand for growth capital from ambitious and entrepreneurial companies
across the UK. During the year, a total of £7.58 million was deployed, with eight new private companies added
to the portfolio and follow-on funding provided to support the growth and development of 18 existing private
company holdings, alongside three small AIM transactions. This level of investment activity highlights the benefits
of the Manager’s regional model, which enables Maven’s investment team to develop strong relationships within
their local corporate finance communities ensuring access to the widest pool of emerging companies. The ability
to provide follow-on funding is a central component of the investment strategy as it enables your Company to
progressively support growth or to fund a specific strategic initiative, such as targeted international expansion,
which should ultimately help that business achieve scale and maximise value. With good levels of liquidity, your
Company is well positioned to continue to progress this strategy.
As Shareholders will be aware, your Board is committed to supporting your Company’s future growth, and in
October 2023, was pleased to announce the launch of a new Offer for Subscription alongside Offers by the other
Maven managed VCTs. Your Company had an initial target raise of £5 million, with the ability to utilise an over-
allotment facility of up to a further £2.5 million and, as at 3 April 2024, being the latest practicable date prior to the
publication of this Annual Report, £5.61 million had been raised. The Offers closed to new applications on 5 April
2024 for the 2023/24 tax year and will close on 26 April 2024 for the 2024/25 tax year, unless fully subscribed at
an earlier date. Further information about the Offers, as well as the Securities Note and Application Form, can be
found at: mavencp.com/vctoffer. With respect to the current Offer and future fund raisings, the Board and the
Manager welcomed the announcement by the UK Government in November 2023 that tax relief for the VCT and EIS
schemes will continue until 2035. The news that the “sunset clause” will be extended provides greater clarity for VCT
Shareholders and, importantly, reassures entrepreneurial smaller UK companies that access to VCT growth capital will
continue to be available.
The Investment Manager’s Review on pages 24 to 34 of this Annual Report contains further details of the key
developments across the portfolio. The principal Key Performance Indicators (KPIs) are outlined in the Business
Report on pages 17 and 18 and a summary of the Alternative Performance Measures (APMs) is included in the
Financial Highlights on pages 4 and 5. Definitions of key terms are contained in the Glossary on pages 103 and 104.
Treasury Management
During the year, significant focus has been placed on refining your Company’s treasury management strategy,
where the objective remains to optimise the income generated from cash held prior to investment in VCT
qualifying companies, whilst meeting the requirements of the Nature of Income condition. This is a mandatory part
of the VCT legislation, which stipulates that not less than 70% of a VCT’s income must be derived from shares
or securities. In order to meet this condition, the Board had previously approved the construction of a diversified
portfolio of permitted, non-qualifying holdings in carefully selected investment trusts with strong fundamentals
and attractive income characteristics, with the remaining cash held on deposit across four Tier 1 UK banks. Given
the rise in interest rates during the year, the Board and the Manager have revised this approach and adjusted
the composition of this portfolio, whilst ensuring that your Company maintains appropriate levels of cash for new
investment. In this regard, the Board has approved a revised strategy focused on constructing a portfolio of leading
money market funds and investment trusts that will allow your Company to maximise the income receivable on
monies held prior to deployment in VCT qualifying investments, whilst also ensuring compliance with the Nature
of Income condition. The investments within this portfolio have been selected following a whole of market
review by the Manager and were approved by the Company’s VCT adviser, and further details can be found in the
Investments table on pages 30 to 32 of this Annual Report. This strategy provides your Company with a significant
new stream of income, with a blended annualised yield of 3.3% currently being achieved from the portfolio of
treasury management holdings and cash. Shareholders should, however, note that this portfolio will vary in size
depending on the rate of new VCT qualifying investment, investee company realisations and overall liquidity levels.
Dividend Policy
Decisions on distributions take into consideration a number of factors, including the realisation of capital gains, the
adequacy of distributable reserves, the availability of surplus revenue and the VCT qualifying level, all of which are
kept under close and regular review. The Board and the Manager recognise the importance of tax free distributions
to Shareholders and, subject to the considerations outlined above, will seek, as a guide, to pay an annual dividend
that represents 5% of the NAV per share at the immediately preceding year end.
The Directors would like to remind Shareholders that, as the portfolio continues to expand and the proportion of
holdings in companies with high growth potential increases, the timing of distributions will be more closely linked to
realisation activity, whilst also reflecting the Company’s requirement to maintain its VCT qualifying level.
12 I Maven Income and Growth VCT 4 PLC
Proposed Final Dividend
In keeping with the wider market, this has been a quiet year for exits. The Directors are, however, pleased to
propose that a final dividend of 1.75p per Ordinary Share, in respect of the year ended 31 December 2023, be paid
on 24 May 2024 to Shareholders who are on the register at 19 April 2024. This will bring the annual dividend to
3.50p per Ordinary Share, representing a yield of 5.12% based on the NAV at the immediately preceding year end.
Since the Company’s launch, and after receipt of the proposed final dividend, a total of 92.85p per Ordinary Share
will have been paid in tax free distributions.
Dividend Investment Scheme (DIS)
Your Company operates a DIS, through which Shareholders can, at any time, elect to have their dividend payments
utilised to subscribe for new Ordinary Shares issued by the Company under the standing authority requested from
Shareholders at Annual General Meetings. Ordinary Shares issued under the DIS should qualify for VCT tax relief
applicable for the tax year in which they are allotted, subject to an individual Shareholder’s particular circumstances.
Shareholders can elect to participate in the DIS, in respect of future dividends, by completing a DIS mandate form.
In order for the DIS to apply to the 2023 final dividend, the mandate form must be received by the Registrar (The
City Partnership) before 10 May 2024, this being the relevant dividend election date. The mandate form, terms &
conditions and full details of the scheme (including tax considerations) are available from the Company’s webpage
at: mavencp.com/migvct4. Election to participate in the DIS can also be made through the Registrar’s online
investor hub at: maven-cp.cityhub.uk.com/login.
If a Shareholder is in any doubt about the merits of participating in the DIS, or their own tax status, they should
seek advice from a suitably qualified adviser.
Fund Raising
In May 2023, your Company closed an Offer for Subscription, having raised £6.83 million across the 2022/23 and
2023/24 tax years. All shares in respect of that Offer have been allotted and Shareholders will find further details
regarding the new Ordinary Shares issued in Note 12 to the Financial Statements on page 88 of this Annual Report.
On 13 October 2023, your Company launched a new Offer for Subscription alongside Offers by the other three
Maven managed VCTs. Your Company had an initial target raise of £5 million, with the ability to utilise an over-
allotment facility of up to a further £2.5 million. The first allotment of new Ordinary Shares took place on 17
January 2024, with further allotments for the 2023/24 tax year completing on 8 February, 27 March and 5 April
2024. The Offer will close to new applications for the 2024/25 tax year on 26 April 2024, unless fully subscribed
ahead of this date, and it is intended that shares will be allotted in early May 2024.
The Directors are confident that Maven’s regional office network has the capability to continue to source attractive
investment opportunities in VCT qualifying companies across a range of sectors, and that the additional liquidity
provided by the fundraising will facilitate further expansion and development of the portfolio in line with the
investment strategy. Furthermore, the funds raised will allow your Company to maintain its share buy-back policy,
whilst also spreading costs over a wider asset base, with the objective of maintaining a competitive ongoing charges
ratio for the benefit of all Shareholders.
Share Buy-backs
The Directors acknowledge the need to maintain an orderly market in the Company’s shares and have, therefore,
delegated authority to the Manager to enable the Company to buy back its own shares in the secondary market for
cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders.
It is intended that the Company will seek to buy back shares with a view to maintaining a share price that is at a
discount of approximately 5% to the latest published NAV per share. Any purchase of the Company’s own shares
will be subject to market conditions, available liquidity and the maintenance of the VCT qualifying status. It should,
however, be noted that such transactions cannot take place whilst the Company is in a closed period, which is
the time from the end of a reporting period until the announcement of the relevant results, or the release of an
unaudited NAV. A closed period may also be introduced if the Directors and Manager are in possession of price
sensitive information.
Shareholders should note that neither the Company nor the Manager can execute a transaction in the Company’s
shares. Any instruction to buy or sell shares on the secondary market must be directed through a stockbroker. If a
Shareholder wishes to buy or sell shares on the secondary market, they, or their broker, can contact the Company’s
corporate broker, Shore Capital Stockbrokers on 020 7647 8132, to discuss a transaction.
Maven Income and Growth VCT 4 PLC I 13
VCT Regulatory Developments
During the period under review, there were no further amendments to the rules governing VCTs, and your
Company remains fully compliant with the complex conditions and requirements as set out by HMRC.
Shareholders may recall that under the VCT scheme approved by the European Commission in 2015, a “sunset
clause” was introduced, which stated that income tax relief would no longer be available on subscriptions for new
shares in VCTs made on or after 6 April 2025, unless the legislation was renewed by an HM Treasury Order. In the
Autumn Statement 2022, the Chancellor announced that the “sunset clause” would be extended, and during the
year there was a significant amount of debate regarding the mechanism required to achieve this. The Board and
the Manager were reassured by the announcement in the Autumn Statement 2023 that the “sunset clause” would
be extended until April 2035, with relevant legislation to be announced in due course.
Valuation Methodology
Consistent with industry best practice, the Board and the Manager continue to apply the International Private Equity
and Venture Capital Valuation (IPEV) Guidelines as the central methodology for all private company valuations. The
IPEV Guidelines are the prevailing framework for fair value assessment in the private equity and venture capital
industry. The most recent update (December 2022) incorporates the special guidance issued post COVID and
following the invasion of Ukraine, which expands on the concept of and impact on valuations of distressed markets,
as well as looking at how environmental, social and governance (ESG) factors impact valuations. The Directors
and the Manager continue to follow industry guidelines and adhere to the IPEV Guidelines in all private company
valuations. In accordance with normal market practice, investments quoted on AIM, or another recognised stock
exchange, are valued at their closing bid price at the period end. Further details on your Company’s approach to
valuing portfolio companies can be found in Note 1(e) to the Financial Statements on page 79 of this Annual Report.
The Consumer Duty
In July 2023, the FCA’s new Consumer Duty came into effect. This is an enhancement to the existing concept of
“treating customers fairly” and requires firms that are subject to the new rules to ensure that they are acting to
deliver good outcomes for retail consumers, and that their strategies, governance, leadership and policies all reflect
this. Although the Consumer Duty does not apply directly to your Company, the Manager, as an FCA authorised
firm, is within its scope. During the year, the Manager has been providing the Directors with regular updates on
the work that has been undertaken to ensure that good outcomes are being delivered for Shareholders, and will
continue to report to the Board on Consumer Duty related activities and ongoing obligations.
Environmental, Social and Governance (ESG) Considerations
The Board acknowledges the importance of ESG principles and considers that portfolio companies with ESG aims
integrated into their business models are likely to benefit both society and Shareholders. Whilst your Company does
not have any specific ESG targets, and Maven does not manage any funds with defined ESG criteria, the Board
and the Manager believe that a proactive approach to ESG is a driver to value creation, and can help the long term
growth and sustainability of these businesses.
During the year, the Manager has made encouraging progress in this evolving area and has introduced an ESG and
Responsible Investment Policy, which is a best practice approach that is being applied across all portfolio companies.
The Manager has also developed a robust framework for assessing and promoting ESG aims by actively engaging with
portfolio companies, taking into consideration material issues at the investment stage and, thereafter, monitoring
progress throughout the period of investment.
In May 2021, the Manager became a signatory to the internationally recognised Principles for Responsible
Investment (PRI), demonstrating its commitment to include ESG as an integral part of its investment decision
making and ownership, with the first report submitted in September 2023. Additionally, in the past year, the
Manager has actively participated in various initiatives dedicated to enhancing diversity and is also a signatory to
the Investing in Women Code, which seeks to improve and increase opportunities for female entrepreneurs.
The ESG regulatory landscape is continually evolving, and the Manager provides the Board with regular updates
on the latest developments. A key regulation, which is prominent within the asset management sector, is the
Task Force on Climate-related Financial Disclosures (TCFD). Although neither the Company nor the Manager
are currently required to disclose climate-related financial information in line with the TCFD, they recognise the
significance and importance of the TCFD recommendations in providing a foundation to improve investors’ ability
to appropriately assess climate-related risks and opportunities. Reporting in line with TCFD is, therefore, an
objective of the Manager as part of its approach to ESG. The Manager also reviews and actively engages with new
ESG regulations to understand any new responsibilities, and will continue to update the Board on any requirements
that are material to your Company.
14 I Maven Income and Growth VCT 4 PLC
Annual General Meeting (AGM)
The 2024 AGM will be held on 9 May 2024 in Maven’s London office, which is located at 6
th
Floor, Saddlers House,
44 Gutter Lane, London EC2V 6BR. The AGM will commence at 12.00 noon and the Notice of Annual General
Meeting can be found on pages 95 to 100 of this Annual Report.
The Future
Whilst the UK moved into technical recession in the final quarter of 2023, there are signs that the outlook is
improving. Inflation has sharply declined from its peak in 2023 and, assuming this trajectory continues, interest
rates are expected to gradually ease during the second half of the year. Against a more positive macroeconomic
outlook, your Company will remain focused on maintaining a steady rate of new investment to further expand and
diversify the portfolio, whilst also targeting successful exits to ensure that the 5% dividend yield can be maintained.
Fraser Gray
Chairman
5 April 2024
Maven Income and Growth VCT 4 PLC I 15
This Business Report is intended to provide an overview of the strategy and business model of the Company, as
well as the key measures used by the Directors in overseeing its management. The Company is a VCT and
invests in accordance with the investment objective set out below.
Investment Objective
Under an investment policy approved by the Directors, the Company aims to achieve long-term capital appreciation
and generate income for Shareholders.
Business Model and Investment Policy
The Company intends to achieve its objective by:
• investing the majority of its funds in a diversified portfolio of shares and securities in smaller, unquoted UK
companies and AIM quoted companies that meet the criteria for VCT qualifying investments and have strong
growth potential;
• investing no more than £1.25 million in any company in one year and no more than 15% of the Company’s assets
by cost in one business at any time; and
• borrowing up to 15% of net asset value, if required and only on a selective basis, in pursuit of its investment
strategy.
Principal and Emerging Risks and Uncertainties
The Board and the Risk Committee have an ongoing process for identifying, evaluating and monitoring the principal
and emerging risks and uncertainties facing the Company. The risk register and dashboard form key parts of the
Company’s risk management framework used to carry out a robust assessment of the risks, including a significant
focus on the controls in place to mitigate them. The current principal and emerging risks and uncertainties facing
the Company are considered to be as follows:
Principal Risk Root Cause Control 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 and regularly reviews
the investment portfolio with
the Manager.
• The Company‘s investment
portfolio is diversified across a
large number of companies and
a range of economic sectors,
and is actively and closely
monitored.
BUSINESS REPORT
16 I Maven Income and Growth VCT 4 PLC
Principal Risk Root Cause Control Measures
Operational risk • Heightened cyber security risk
and potential IT failure, which
could cause a third party to
fail to perform its duties and
responsibilities or experiences
financial difficulties such that
it is unable to carry on trading
and cannot provide services to
the Company.
• 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.
• Ability of third parties to
operate effective business
continuity plan (BCP)
arrangements has been
validated.
VCT qualifying status risk • Failure to meet VCT qualifying
status could result in
Shareholders losing the income
tax relief on initial investment
and loss of tax relief on any
tax free income or capital gains
received. Failure to meet the
qualifying requirement could
result in a loss of listing of the
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.
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 consider 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 AIC, the
British Private Equity and
Venture Capital Association
(BVCA) and the Venture Capital
Trust Association (VCTA) in
relation to any changes in
legislation.
Maven Income and Growth VCT 4 PLC I 17
Emerging Risk Root Cause Control Measures
Inflationary pressures/
cost of living crisis
• Inflationary pressures, supply
chain issues and access to
skilled workforce disrupting
business plans and creating
challenges for SMEs within the
portfolio.
• Cost of living crisis resulting in
rising costs within the portfolio
including, but not limited to,
the cost of supplies, employee
wages and utilities.
• The Board regularly reviews
the investment portfolio with
the Manager, and the Manager
works closely with portfolio
companies to identify potential
issues and support them in
the management of economic
challenges.
• The Board and the Manager
are monitoring this risk
closely and, whilst this risk
cannot be obviated entirely,
the Company’s investment
portfolio is diversified across
a large number of investee
companies operating in a
range of economic sectors, and
progress is actively and closely
monitored.
An explanation of certain economic and financial risks and how they are managed is contained in Note 16 to the
Financial Statements on pages 91 to 94 of this Annual Report.
Statement of Compliance with Investment Policy
The Company is adhering to its stated investment policy and managing the risks arising from it. This can be seen
in various tables and charts throughout this Annual Report, and from information provided in the Chairman’s
Statement and in the Investment Manager’s Review. A review of the Company’s business, its financial position as at
31 December 2023 and its performance during the year then ended is included in the Chairman’s Statement, which
also includes an overview of the Company’s business model and strategy.
The management of the investment portfolio has been delegated to Maven, which also provides company
secretarial, administrative and financial management services to the Company. The Board is satisfied with the
breadth and depth of the Manager’s resources and its nationwide network of offices, which supply new deals and
enable it to monitor the geographically widespread portfolio of companies effectively.
The Investment Portfolio Summary on pages 41 to 44 of this Annual Report discloses the investments in the
portfolio and the degree of co-investment with other clients of the Manager. The Portfolio Analysis charts on pages
22 and 23 show the profile of the portfolio by industry sector. They also show the sectoral diversity of the portfolio
and the hybrid structure, which is balanced between private growth capital companies, more mature private
company holdings, and AIM quoted investments. The level of VCT qualifying investments is monitored continually
by the Manager and reported to the Risk Committee quarterly, or as otherwise required.
Key Performance Indicators (KPIs)
During the year, the net return on ordinary activities before taxation was a loss of £4,307,000 (2022: loss of
£2,068,000); there was a net loss on investments of £2,989,000 (2022: loss of £787,000) and earnings per share
represented a deficit of 3.17p (2022: deficit of 1.64p). The Directors also use a number of APMs in order to assess
the Company’s success in achieving its objectives, which enable Shareholders and prospective investors to gain an
understanding of its business. The APMs are shown in the Financial History table on page 5 and definitions of the
APMs can be found in the Glossary on pages 103 and 104. The Board considers the following to be KPIs:
• NAV total return;
• cumulative dividends paid;
• share price discount to NAV;
• share price total return; and
• ongoing charges ratio (OCR).
18 I Maven Income and Growth VCT 4 PLC
The NAV total return is considered to be a more appropriate long-term measure of Shareholder value as it includes
both the current NAV per share and the sum of dividends paid to date. Cumulative dividends paid is the total
amount of both capital and income distributions paid since the launch of the Company. The annual yield is the total
of dividends paid per share for the financial year, expressed as a percentage of the NAV per share at the immediately
preceding year end. The Directors seek to pay dividends to provide a yield and comply with the VCT rules, taking
account of the level of distributable reserves, profitable realisations in each accounting period and the Company’s
future cash flow projections. The share price discount to NAV is the percentage by which the mid-market price of a
share is lower than its NAV per share. Share price total return is the percentage movement in the share price over
a period of time including any re-invested dividends paid over that timeframe.
The OCR is a measure of the total cost of a fund to an investor. The OCR is the total recurring annual expenses of
the Company, including management fees charged to the capital reserve, as a percentage of the average net assets
attributable to Shareholders. The Company’s OCR for the year ended 31 December 2023 was 3.26% (2022: 2.97%)
and is detailed in Note 4 to the Financial Statements on page 80. A historical record of these measures is shown in
the Financial Highlights on pages 4 to 7, and the profile of the portfolio is reflected in the Summary of Investment
Changes on page 7. The Board also reviews the Company’s operational expenses on a quarterly basis as the Directors
consider that this element is an important component in the generation of Shareholder returns. Further information
can be found in Notes 2 and 4 to the Financial Statements on page 80.
Your Board continues to believe that a blended portfolio of private equity and AIM quoted holdings provides the
optimal structure for delivering long term growth in Shareholder value. However, the Manager will remain cautious on
new AIM investments until there is clear evidence of a recovery in this market and an improvement in the quality and
range of companies seeking VCT investment.
There is no VCT index against which to compare the financial performance of the Company. However, for reporting
to the Board and Shareholders, the Manager uses comparisons with the most appropriate index, being the FTSE
AIM All-Share Index, and the graph on page 54 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 ranking of the VCT sector by independent analysts. In addition, the Directors will
consider economic, regulatory and political trends and factors that may impact on the Company’s future
development and performance.
Valuation Process
Investments held by Maven Income and Growth VCT 4 PLC in unquoted companies are valued in accordance with the
IPEV Guidelines, being the prevailing framework for fair value assessment in the private equity and venture capital
industry. The guidelines were updated in December 2022 and incorporate the special guidance issued post COVID
and following the invasion of Ukraine, and expand on the concept of and impact on valuations of distressed markets,
as well as looking at how ESG factors impact valuations. The Directors and the Manager continue to follow the IPEV
Guidelines in all private company valuations. Investments quoted or traded on a recognised stock exchange, including
AIM, are valued at their closing bid price at the year end.
Share Buy-backs
At the forthcoming AGM, the Board will seek the necessary Shareholder authority to continue to conduct a share buy-
back programme under appropriate circumstances.
The Board’s Duty and Stakeholder Engagement
The Directors recognise the importance of an effective Board and its ability to discuss, review and make decisions
to promote the long term success of the Company and protect the interests of its key stakeholders. As required by
Provision 5 of the AIC Code (and in line with the UK Code), the Board has discussed the Directors’ duty under
Section 172 of the Companies Act and how the interests of key stakeholders have been considered in the Board
discussions and decision making during the year.
Maven Income and Growth VCT 4 PLC I 19
This has been summarised in the table below:
Form of engagement Influence on Board decision making
Shareholders
Shareholders are encouraged to
attend and vote at the AGM and
have the 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 Directors and
communications received from
Shareholders are circulated to the
whole Board.
The Manager also publishes a
bi-annual newsletter 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. Further details
regarding dividends for the year under review can be found in the
Chairman’s Statement on page 12.
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 page 12, and
in the Directors’ Report on page 51.
In making the decision to launch the current Offer for Subscription, the
Directors considered that it would be in the interest of Shareholders to
continue to expand the portfolio and make investments across a diverse
range of sectors. By growing the Company, as certain costs are fixed,
these costs are spread over a wider asset base, which helps to promote a
competitive ongoing charges ratio and is in the interests of Shareholders.
In addition, the increased liquidity helps support the buy-back policy
referred to above. Further details regarding the latest Offer for
Subscription can be found in the Chairman’s Statement on page 12.
Environment and society
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 heavily
on their impact on the environment, as well as broader social themes
such as the companies’ approach to diversity and inclusion in the
workplace, and their work with charities.
Further details can be found in the Chairman’s Statement on page 13, in
the Investment Manager’s Review on page 27, and in the Statement of
Corporate Governance on page 61.
20 I Maven Income and Growth VCT 4 PLC
Form of engagement Influence on Board decision making
Portfolio companies
At quarterly Board Meetings, the
Manager reports to the Board on the
portfolio companies and the
Directors challenge the Manager
where they feel it is appropriate.
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 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 in
respect of the Company’s holdings in the investment portfolio, in a way
that reflects the concerns and key governance matters discussed by the
Directors. The Board is also mindful 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.
Meeting with the management teams of private companies gives the Board
a better understanding of the investee business.
Manager
The Manager attends the quarterly
Board Meeting, presenting a detailed
portfolio analysis and reports on
key issues such as VCT compliance,
investment pipeline, utilisation of
any new monies raised, share
liquidity and peer group performance.
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, as part of its decision on the
re-appointment of the Manager, the Board conducts a review of the
Manager‘s performance and management fee.
Information provided by the Manager supports the Board’s policies
regarding dividends and share buy-backs, and the decisions made on
fundraising.
The Board has an active treasury management policy, which has the
objective of generating income from the cash held prior to investment.
As detailed in the Chairman’s Statement on page 11 and in the
Investment Manager’s Report on page 28, during the year under review,
the treasury management strategy was refined in response to rising
interest rates and to ensure ongoing compliance with the Nature of
Income test. This resulted in an adjustment to the composition of the
portfolio, including the introduction of holdings in money market funds
and an expansion of the portfolio of investment trusts.
Registrar
Annual review meetings and control
reports.
The Directors review the performance of all third party service providers
on an annual basis, including ensuring compliance with GDPR.
Banks and Custodian
Regular statements and control
reports received, with all holdings
and balances reconciled.
The Directors review the performance of all third party providers on an
annual basis, including oversight of securing the Company’s assets.
Maven Income and Growth VCT 4 PLC I 21
Employee, Environmental and Human Rights Policy
As a VCT, the Company has no direct employee or environmental responsibilities, nor is it responsible directly for the
emission of greenhouse gases. The Board’s principal responsibility to Shareholders is to ensure that the investment
portfolio is managed and invested properly. As the Company has no employees, it has no requirement to report
separately on employment matters. The Board comprises four male Directors and delegates responsibility for diversity
to the Nomination Committee, as explained in the Statement of Corporate Governance on pages 60 and 61.
The management of the portfolio is undertaken by the Manager through members of its portfolio management
team. The Manager engages with the Company’s underlying investee companies in relation to their corporate
governance practices and in developing their policies on social, community and environmental matters. Further
information can be found in the Investment Manager’s Review on pages 27 and 28 and in the Statement of
Corporate Governance on page 61. The Manager is continuing to focus on developing its ESG framework and
oversight capabilities. Further details regarding the Manager’s approach to ESG and the progress made on
developing its ESG framework can be found in the Chairman’s Statement on page 13. The Manager will
be overseeing the collation of this information for the benefit of the Board but will also be supporting individual
companies to identify ESG risks and opportunities and, where potential improvements are identified, will work
jointly with investee businesses to make positive changes.
In light of the nature of the Company’s business, there are no relevant human rights issues and, therefore, the
Company does not have a human rights policy.
Auditor
The Company’s Auditor is required to report if there are any material inconsistencies between the content of the
Strategic Report and the Financial Statements. The Independent Auditor’s Report can be found on pages 68 to 73.
Future Strategy
The Board and the Manager intend to maintain the policies set out above for the year ending 31 December 2024,
as it is believed that these are in the best interests of Shareholders.
Approval
The Business Report, and the Strategic Report as a whole, was approved by the Board of Directors and signed on its
behalf by:
Fraser Gray
Director
5 April 2024
22 I Maven Income and Growth VCT 4 PLC
PORTFOLIO ANALYSIS
The chart below shows the profile of the portfolio by industry sector and demonstrates the broadly spread
end market exposure. This analysis excludes cash balances and treasury management holdings.
The chart below compares value against cost within the portfolio by industry sector.
AS AT 31 DECEMBER 2023
1
The end market exposure within this sector is widely diversified, including automotive, cyber security, data analytics, fintech and regtech businesses.
Sector analysis by value
4
5
6
2
3
1
1. Software & technology¹ - 38%
2. Business services - 18%
3. Pharmaceuticals, biotechnology
& healthcare - 15%
4. Industrials & engineering - 12%
5. Learning & development/
recruitment technology - 9%
6. Marketing & advertising
technology - 8%
Value vs cost by sector
Software &
technology
Business
services
Pharmaceuticals,
biotechnology
& healthcare
Industrials
& engineering
Learning &
development/
recruitment
technology
Marketing &
advertising
technology
£'000
05,000 10,000 15,000 20,000 25,000
CostValue
Maven Income and Growth VCT 4 PLC I 23
AS AT 31 DECEMBER 2023
PORTFOLIO ANALYSIS
The chart below shows the composition of the current portfolio and demonstrates that it is well balanced
between private growth capital companies (completed post November 2015
1
), later stage investments
(completed pre November 2015) and AIM quoted investments. This analysis excludes cash balances and
treasury management holdings.
The chart below provides insight into the age of investments within the portfolio
2
.
1
The Finance Act (No. 2) 2015 was enacted in November 2015 and introduced a number of changes to the legislation governing VCTs, including
restrictions on the types of transactions and companies in which a VCT could invest.
2
The age of investments is determined by the date at which the Company first invested.
Portfolio composition by value
3
1
2
1. Growth capital investments
(completed post 2015) - 79%
2. Later stage investments
(completed pre 2015) - 15%
3. AIM quoted investments - 6%
Age of investments by value
4
1
2
3
1. Less than 1 year - 5%
2. Between 1 and 3 years - 17%
3. Between 3 and 5 years - 24%
4. Greater than 5 years - 54%
24 I Maven Income and Growth VCT 4 PLC
INVESTMENT MANAGER’S REVIEW
Against a turbulent macroeconomic backdrop, your Company has delivered a
resilient performance in the year under review. Whilst the general rebasing of
valuation multiples across public and private markets has modestly impacted
headline NAV total return, the underlying performance of the private company
portfolio has been broadly positive, with most companies achieving commercial
traction and delivering revenue growth. For several years, the investment strategy
has focused on building a large and diverse portfolio of carefully selected private
and AIM quoted companies, operating in defensive or emerging markets, with the
objective of maintaining consistent returns over the long term, whilst providing
a degree of protection against an economic downturn. The performance that has
been achieved in a challenging period for markets helps to validate this approach.
The portfolio now extends to over 100 private and AIM quoted companies, many
of which are achieving scale and have the ability to create significant future
Shareholder value.
Overview
A core objective for the financial year was to protect and enhance value across the
portfolio by providing support to existing investee companies in an environment where
high energy costs, interest rates and inflation have created macroeconomic challenges.
At the same time, the investment strategy has continued to focus on selectively
expanding the portfolio through the addition of ambitious and entrepreneurial
companies that operate across a wide range of dynamic and emerging markets.
Although new investment activity was quieter in the first half of the year, Maven’s
regionally based investment team has maintained a steady pipeline of new business
introductions, demonstrating the importance of having an established local presence
and strong advisory networks. During the year, eight new private companies, operating
in growth sectors, were added to the portfolio and, although it is early in their
investment life cycle, these businesses are all performing to plan.
Maven maintains a selective approach to new investment and continues to favour
supporting companies that have established levels of recurring revenues within a
large addressable market, and where the products or services supplied are regarded
as a necessity or provide a genuinely disruptive approach to the existing market
offering. The focus remains on identifying companies that operate in attractive or
defensive sectors, such as cyber security, data analytics, healthcare, software and
training, where growth is less dependent on economic factors. Your Company now
has a broadly based portfolio with exposure to a wide range of end markets, no key
sector dependency and limited direct exposure to discretionary consumer spending. It
is also worthwhile noting that the level of external debt held by companies across the
portfolio is low, which is helpful in the current higher interest rate environment.
During the year, active portfolio management has continued to feature strongly
and our team has worked alongside investee companies to help them navigate
various economic challenges. Whilst many companies have continued to achieve
growth objectives which, in certain cases, has warranted uplifts to valuations, others
have taken longer to adjust to the macroeconomic conditions. In these cases, the
Maven appointed board representatives have worked closely with the respective
management teams to help understand the specific requirements and implement
solutions. This supportive approach enables investee companies to benefit from
Maven’s specialist knowledge and extensive experience throughout the period of
ownership. It also ensures that Maven remains engaged with each investee company
as it progresses. As may be expected with a large portfolio, there are, however, a
small number of companies that have failed to deliver their business plan, in most
cases as a result of external market factors. In response, the valuations of certain
holdings have been reduced, with a full provision taken against the cost of one holding.
HIGHLIGHTS
Deployment of
£7.58 million across a
diverse range of new
companies and through
follow-on investment
Eight new private
companies added
to the portfolio
Follow-on funding
provided to support
the growth of 18
private companies
Maven Income and Growth VCT 4 PLC I 25
Follow-on funding remains a central component of the investment strategy, and in certain cases funding can be
released in tranches, subject to the achievement of specific milestones. As part of the risk management strategy,
Maven 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. During the year,
additional funding was provided to 18 private portfolio companies that are making tangible commercial progress
and required additional funding to achieve a specific initiative, such as targeted international expansion or to
increase operational capacity. For others, where the business case remains compelling but progress is behind plan,
follow-on funding can provide a bridge to profitability and exit.
This has been another challenging year for AIM, where the number of high quality IPOs has been very limited
and investor sentiment has remained subdued, which has impacted valuations. Despite the current malaise, the
Manager will continue to review new AIM investments and, whilst maintaining a cautious approach, remains
receptive to proposals in desirable sectors such as clean energy, healthcare or medtech, where there may be a
scalable market opportunity. The Manager will also remain alert to situations where there may be a valuation
anomaly, and a new funding round could stimulate a positive share price response. This was demonstrated during
the year when your Company participated in a fundraising to support biotech specialist Oxford BioDynamics,
where the placing price of 11p per share compared to a historic share price of over 200p per share. Shortly
after the investment completed, the share price increased materially following positive newsflow on the early
launch of its prostate cancer screening blood test in the UK and US. The resulting positive momentum enabled
your Company to partially realise its holding at prices of between 23p and 40p per share. This provides a useful
illustration of the ability of listed companies to generate healthy returns in a relatively short space of time, which is
an important consideration for future dividend streams.
During the year, global M&A activity has remained subdued and, whilst there continues to be interest in several
investee companies, there were no material realisations from the portfolio. Securing profitable exits remains a key
priority, but has to be balanced against the objective of maximising value and, given current valuation dynamics,
several processes have been postponed or paused until the market stabilises and value can be optimised. Based on
the experience of previous cycles it is anticipated that M&A activity will recover as the economic outlook improves.
Portfolio Developments
Despite the uncertain economic backdrop, it is encouraging to report on the progress that has been achieved across
the private company portfolio, where most companies have continued to meet specific targets as part of their
business plans. Many companies are now achieving scale and establishing strong positions in their respective markets.
Digital graduate recruitment specialist Bright Network has achieved a 75% increase in revenue over the past
18 months, to almost £12 million for its last full financial year, and has established a leading position in the
graduate recruitment market. Its proprietary technology enables accurate matching of candidates with roles, whilst
also offering a comprehensive range of services, including supporting its members in securing their first job or
internship, and a range of in-person networking events. The business partners with over 350 graduate recruiters
including Aldi, Deloitte, Dyson, Goldman Sachs, M&S and Vodafone, and is committed to serving members from
all backgrounds (nearly 80% of members are state educated, 55% are female and 40% are from first generation
university households). During 2021, the business launched its
Technology Academy
, which seeks to address
the digital skills shortage by sponsoring selected graduates through an intensive software development training
programme, and then deploying them within client organisations. The
Technology Academy
is gaining commercial
traction and already has consultants deployed with Lloyds Bank, M&S and Sky. During the year, follow-on funding
was provided to help the business achieve further scale specifically through a targeted international expansion
strategy, where the first successful launch has been achieved in Germany.
Specialist manufacturer CB Technology has performed well this year, with sales now restored to pre-pandemic
levels and a record forward orderbook. This demonstrates the success of the customer diversification strategy that
sought to reduce the reliance on oil & gas clients, with new contracts secured in sectors such as communication,
instrumentation and medical technology where demand has been less economically sensitive. The business
continues to make strategic investments to ensure that it has the necessary infrastructure to best serve its clients.
As part of this initiative, a new enterprise resource planning (ERP) system is being implemented to help drive
operational efficiencies.
26 I Maven Income and Growth VCT 4 PLC
With growth in the prevalence and sophistication of cybercrime, organisations are increasingly aware of the need
to implement robust cyber defences. Against this backdrop, CYSIAM, a provider of cyber security advice, training
and managed services, has continued to make good progress and is trading ahead of budget. The senior team at
CYSIAM have backgrounds in military and intelligence, as well as extensive experience of incident response and
cyber security programme delivery. This expertise has enabled the business to establish a consultancy arm which
helps clients to understand their security position and build appropriate cyber resilience. CYSIAM has developed
a complementary software suite that has the potential to create significant strategic value as it scales, and the
business continues to pivot towards a Software as a Service (SaaS) model.
Data transfer specialist DiffusionData has maintained a strong growth rate, with annual recurring revenues (ARR)
now three times higher than at the time of original investment in 2020. The business provides a market leading
platform to improve the speed, security and efficiency of critical data transfer, and has focused on the financial
services, gaming and internet of things (IoT) markets, where accurate and timely data transfer is vital. During the
year, the business expanded its blue chip client base and maintains a strong pipeline of near term prospects. The
strategy for the year ahead is to achieve further revenue growth, which will be assisted by the establishment of a
new engineering and testing hub in Newcastle. This will serve as a quality and assurance centre to ensure that the
high standard of service delivery is maintained as the business scales. Over the past two years, DiffusionData has
received notable industry recognition, including 24 international awards.
In 2017 your Company invested in Horizon Ceremonies, backing a strong and experienced management team
with the vision to establish a portfolio of next generation crematoria across the UK in areas that were historically
underserved. Since investment, the business has made good progress and now has a portfolio of three facilities,
with several additional sites at various stages of the planning and approval process. The strategic objective is to
build a portfolio of modern, technologically advanced crematoria that offer a professional and compassionate
service, whilst also meeting the highest environmental standards. Horizon is delivering on this objective, and it is
encouraging to note that the original facility, Clyde Coast & Garnock Valley, recently won
Crematorium of the Year
at the Scottish Funeral Awards for the second year running, with The Hurlet in second place.
Sustainable transport technology provider Liftango has achieved a threefold increase in ARR since your Company
initially invested. The business enables clients such as corporates, universities and public transport providers to
plan, launch and scale sustainable transport solutions, including carpooling, fixed route shuttles and on-demand
buses. Liftango recently secured a five year contract with National Express to digitalise its existing
dial-a-ride
service,
adding another client to an impressive list that includes Amazon, IKEA, Qantas, Tesla and Volvo. During the year,
Liftango received additional funding from the Maven VCTs, as part of a larger funding round supported by existing
investors, to help the business accelerate its international growth plan and capitalise on emerging opportunities in
Europe and North America, whilst also broadening its product offering to existing regions and clients. Liftango is
establishing a strong position in a growing market where it has scope to significantly increase value.
Following early success in its domestic market, 2023 has been an important year of strategic development for
digital archiving specialist MirrorWeb as it seeks to build a presence in the US, which is regarded as a key long
term growth market. During the year, the business received additional funding from the Maven VCTs to support
international expansion, which is being led by the CEO who has relocated to Austin, Texas. With The US Library
of Congress already using the platform, the US strategy for growth will focus on increasing sales by targeting large
financial institutions and compliance consultancies, where the need to archive digital communications is either a
regulatory or best practice requirement, and where MirrorWeb’s solution provides a compelling SaaS alternative to
current market options. The business also continues to develop its presence in the UK, and has well established
contracts with clients, including Aegon, Baillie Gifford, the BBC, HM Treasury, Tesco Bank and The National Archives.
Despite the challenges of the pandemic, when successive lockdowns threatened the viability of many companies in
the hospitality sector, digital payments software provider QikServe has made encouraging commercial progress and
has increased monthly recurring revenues by 40% during the year. Having established a market leading product suite,
QikServe is now capitalising on the shift within the sector towards mobile ordering and
pay-at-table
technology, and
currently has more than 600 customers in over 40 countries using its system. The business is expanding its market
presence in targeted sectors, which includes restaurants, coffee shops and transportation hubs. During the year,
QikServe was awarded a new 1,000 store contract with a large European coffee house brand, as well as an extension
to a contract with another leading international coffee brand to include their South American outlets. The business
has a good pipeline of opportunities, and the outlook for the year ahead is encouraging.
Rockar a developer of a disruptive cloud-based platform for buying new and used cars, continues to make strong
commercial progress and achieve scale. During the year it signed up three new high profile customers (International
Motors (IM) Group, Toyota Motors Europe and Volvo). A key operational highlight was the successful development
and launch of Rockar’s next generation operating platform
Evolution
, with its first client IM Group now successfully
using the platform and Jaguar Land Rover (JLR) in the process of migrating across.
Maven Income and Growth VCT 4 PLC I 27
As the automotive industry moves towards fully embracing a digital solution, Rockar remains at the forefront in
terms of technological capability and know-how. Over recent years it has established a strong blue chip client
base that includes BMW, JLR and Toyota UK, and is well positioned to deliver good growth in the year ahead with
annual revenues projected to double over the next 12 months.
In the first full year post investment, contract software specialist Summize delivered an impressive performance,
generating a 107% increase in ARR. The business has developed AI-powered digital contracting software, which
simplifies the process for writing and renewing contracts. The cloud-based solution integrates with standard
applications such as DocuSign, Slack, Teams and Word, and enables users to reduce time and better manage the
contract writing and renewal process. The business has focused initially on the in-house legal sector, with an
ambition to move into the business user market which represents a significant opportunity. The objective for the
year ahead is to drive further growth and to achieve a foothold in the US, as this is viewed as an important long
term growth market.
There are a small number of companies that have not achieved commercial targets and where trading is behind
plan. Protective provisions have, therefore, been taken against the cost of certain holdings. The performance of
SaaS marketing technology provider Adimo has been affected by longer sales cycles, with customers delaying
decisions on campaigns in response to the uncertain economic outlook. Specialist IT integrator Flow has
experienced challenging trading conditions resulting from global hardware and component shortages. Turnkey,
a provider of modular risk management ESG software solutions, has faced challenges in securing new contracts
and, whilst proactive measures have been taken to address the issues, performance remains behind plan. In the
case of technology enabled third party logistics provider FodaBox, the valuation has been written down in full.
Environmental, Social and Governance (ESG) Developments
Whilst your Company’s investment policy does not incorporate specific ESG objectives, the Manager recognises
the importance of ESG considerations and, over the past year, has made significant progress in this evolving
area. Maven has a robust ESG and Responsible Investment Policy that is intended as a best practice approach.
ESG considerations are taken into account during early stage due diligence, thereby ensuring that all risks and
opportunities are assessed prior to an investment proceeding.
Although 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.
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 achieved B
Corporation status, which designates the business as meeting the highest standards of social and environmental
impact. Sustainable packaging designer and manufacturer iPac Packaging Innovations is establishing a strong
position as a leading independent manufacturer of bespoke packaging solutions and, alongside delivering good
growth, continues to demonstrate strong ESG credentials. iPac’s products are 100% recyclable and manufactured,
using over 85% recycled content, and has incorporated Prevented Ocean Plastic (POP) materials into its supply
chain, which helps to reduce plastic pollution in the ocean. iPac also uses 100% renewable energy, all of its
vehicles are hybrid or electric and less than 2% of waste ends up in landfill. iPac was recently named Sustainable/
Ethical Manufacturer of the Year at the
Made in the North East 2023
awards, whilst also being listed as a finalist in
the same category at the
Made in the UK
awards. Sustainable transport planner Liftango is focused on achieving
Net Zero through shared transport networks, providing its clients with the ability to reduce their environmental
impact whilst also achieving operational improvements and cost savings. In May 2023, Horizon Ceremonies
became the first crematorium business in the UK to publish an ESG report, which measured the company’s impact
across various metrics including carbon emissions, gas usage, miles travelled and waste produced, as well as
analysing its social impact and auditing governance. The business reported encouraging progress in many areas and
is committed to making further improvements, with the objective of ultimately achieving Net Zero. During the year,
your Company completed an investment in Manufacture 2030 (M2030), a provider of a software solution that
helps multinationals measure, manage and reduce supply chain emissions at scale. Since investment, the business
has achieved a 30% increase in ARR and has a strong pipeline of opportunities. In 2022, M2030 was named as one
of 100 global
Technology Pioneers
by the World Economic Forum, which identifies growth companies that have the
potential to use technology to create positive global change, and it was recognised for the ability of its platform to
help businesses achieve carbon reduction targets.
28 I Maven Income and Growth VCT 4 PLC
The Manager has invested additional resource into its ESG capabilities, in recognition of the growing importance
of this area and the benefits of detailed monitoring and information collation across the portfolio. Maven is an
active signatory to the UN supported Principles for Responsible Investment (PRI) and, during the year, submitted
its first PRI report to demonstrate its ESG capabilities and commitment to the Principles. Additionally, the Manager
is a signatory to the Investing in Women Code, which aims to reduce barriers to tools, resources and finance for
UK based female entrepreneurs, and has joined multiple initiatives to increase diversity within the investment
sector. The Manager will continue to monitor and adapt its approach to ESG in accordance with industry best
practice and emerging regulations.
Treasury Management
In line with the updated strategy outlined in the Chairman’s Statement, 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 30 to 32. At the year end, your Company had invested £6 million across four
money market funds and two open-ended investment companies, that provide an income return close to the Bank
of England’s base rate, currently over 5%, with low capital risk and daily liquidity. Your Company has a further
£5.6 million invested in London Stock Exchange listed investment trusts, diversified across private equity,
infrastructure and other asset classes. These investment trusts provide an average income yield of over 4% and
have a strong track record of capital growth and progressive dividends. Together these treasury management
investments seek to maximise returns from monies held prior to investment in VCT qualifying companies, whilst
providing ongoing compliance with the Nature of Income condition and ensuring that your Company retains access
to sufficient cash resources at all times.
New Investments
During the period under review, eight new private companies were added to the portfolio. These businesses
operate across a wide range of end markets and add further sectoral diversification to the portfolio.
AMufacture is a provider of bespoke 3D printing, design and manufacturing services for
the industrial, marine and renewable energy sectors. Utilising new printing technology, the
business combines its CAD capabilities with the team’s design and engineering expertise
to provide services to a wide range of corporates and SMEs from a range of sectors.
AMufacture has achieved rapid growth and is currently operating at maximum capacity.
The investment by the Maven VCTs will enable the business to move to larger premises,
hire additional staff and acquire new equipment.
Drovo is a marketing technology business that specialises in on-vehicle advertising. It
has developed a platform that uses digital roof mounted screens, alongside an integrated
software application, to give companies and marketing agencies superior insight into the
effectiveness of advertising reach. Its technology goes beyond traditional advertising, as the
digital screens can be adapted in real time, allowing products to be advertised based on the
location of the vehicle or potential customers. The funding by the Maven VCTs is being used
to capitalise on the current market opportunity, by providing the business with additional
working capital.
iAM Compliant is a software business that has established a strong position in the
eLearning market and has two divisions which operate independently.
iAM Compliant
is a cloud-based compliance management platform, covering areas such as estates
management, health and safety, status reporting and premises checks, which has achieved
a good rate of recurring revenue and maintains a high level of client retention.
iAM Learning
has developed a digital learning library that contains over 275 continuing professional
development (CPD) and Institute of Occupational Safety and Health (IOSH) approved
courses, covering a wide range of topics such as cyber security, leadership, mental health
and safeguarding. The courses are designed to be accessible and engaging, and existing
clients include Countrywide, DPD, Dunelm, Lotus Cars and Moonpig. The funding from the
Maven VCTs is being used to enhance product development, support sales and marketing
initiatives, and to provide additional working capital to assist growth.
Maven Income and Growth VCT 4 PLC I 29
Laverock Therapeutics is a specialist pre-clinical drug discovery company that has
developed a gene silencing platform for use in the creation of next generation cell
therapies, focusing on diabetes, solid tumour immunotherapy and T-Cells. Its differentiated
technology enables the development of cell therapies that are stable and programmable,
which offers scope to improve their efficacy and safety, whilst also addressing many of
the limitations of existing approaches. The funding from the Maven VCTs is being used to
validate the core technology and generate pre-clinical data across key programmes.
McKenzie Intelligence Services (MIS) is an Insurtech business that provides insurers with
geospatial data and analysis to accelerate responses to catastrophic events helping to drive
disaster relief and economic recovery. Its proprietary data-led intelligence platform,
Global
Events Observer
(GEO), uses real time information, machine learning and expert analysis to
provide detailed and actionable intelligence to help decision makers manage risk, escalate
relief and promote economic recovery in scenarios of extreme weather, natural disasters
and geopolitical conflict. Since 2017, MIS has been Lloyds of London’s catastrophic claims
partner and has provided data and assistance following several high profile catastrophes,
including the 2023 wildfires in Hawaii. The funding from the Maven VCTs is being used
to further develop the technology platform and to launch new products that offer unique
insight into future potential risks.
Manufacture 2030 (M2030) has developed a software solution to enable large corporates
with complex manufacturing supply chains to work with their suppliers to measure and
reduce carbon emissions. The platform allows companies to collate environmental impact
data and formulate reduction strategies, before tracking progress and reporting this to
their customers. M2030 has a strong client base that includes Asda, Bayer, Ford, General
Motors, Morrisons and SC Johnson. The funding from the Maven VCTs is being used to
expand its presence in key sectors (automotive, chemical, pharmaceutical and retail), and
to support further development of the platform.
Metrion Biosciences is a specialist contract research organisation (CRO) that provides drug
discovery services to pharmaceutical and bioscience customers. The business provides
a highly specialised service that is required in developing drugs that intentionally, and
unintentionally, act on an important group of protein structures within the body called ion
channels, which is one of the fastest growing areas of innovation in drug discovery. Metrion
is aiming to become the ion channel services outsourcing partner of choice for the global
pharmaceutical and bioscience industry. The funding from the Maven VCTs is being used
to invest in new equipment and to create additional laboratory space, which will enable
Metrion to achieve greater scale in this growing market.
Sensoteq is a designer and manufacturer of low powered wireless sensors that are
capable of operating in harsh industrial environments and provide a remote, real time
assessment of the “health” of field machinery. Sensoteq’s cloud-based solution uses data
driven diagnostics, which enable end users to proactively manage industrial maintenance
schedules and, thereby, avoid costly and disruptive down time on critical machines, whilst
also achieving key health, safety and environment (HSE) objectives. Sensoteq has a global
customer base and the funding from the Maven VCTs is being used to drive sales growth
of the existing product suite, whilst supporting sales and marketing initiatives and the
recruitment of additional customer service staff.
In addition, a small position was taken in AIM quoted biotechnology specialist Oxford BioDynamics, which
is developing and commercialising proprietary precision medicine tests based on its EpiSwitch® 3D genomic
biomarker platform for cancer and other life-changing diseases. Your Company participated in the £1.6 million
fundraising, with the VCT investment being used to provide working capital to support further technological
development. During the period, the holding was partially realised at a significant premium to the entry level.
30 I Maven Income and Growth VCT 4 PLC
The table below shows the investments that have been completed during the period:
Investments Date Sector
Investment cost
£’000
New unlisted
2 degrees Limited
(trading as Manufacture 2030)
March 2023 Software & technology 698
Adverttu Limited (trading as Drovo) October 2023 Marketing &
advertising technology
199
AMufacture Limited November 2023 Industrials & engineering 261
iAM Compliant Limited May 2023 Learning & development/
recruitment technology
298
Laverock Therapeutics Limited September 2023 Pharmaceuticals,
biotechnology & healthcare
398
McKenzie Intelligence Services Limited December 2023 Business services 159
Metrion Biosciences Limited December 2023 Pharmaceuticals,
biotechnology & healthcare
597
Sensoteq Limited November 2023 Software & technology 597
Total new unlisted 3,207
Follow-on unlisted
Bright Network (UK) Limited July 2023 Learning & development/
recruitment technology
323
CYSIAM Limited November 2023 Software & technology 249
Delio Limited
1
September &
November 2023
Software & technology 175
Draper & Dash Limited
(trading as RwHealth)
1
April &
November 2023
Pharmaceuticals,
biotechnology & healthcare
155
Enpal Limited (trading as Guru Systems)
1
April & December 2023 Software & technology 282
Filtered Technologies Limited July 2023 Learning & development/
recruitment technology
151
Hublsoft Group Limited August 2023 Software & technology 65
Liftango Group Limited February 2023 Software & technology 250
MirrorWeb Limited
1
February &
November 2023
Software & technology 190
NorthRow Limited July 2023 Software & technology 118
Novatus Global Limited November 2023 Software & technology 214
ORCHA Health Limited
1
August &
November 2023
Pharmaceuticals,
biotechnology & healthcare
377
Plyable Limited November 2023 Software & technology 249
Relative Insight Limited May 2023 Marketing &
advertising technology
135
Shortbite Limited (trading as Fixtuur) July 2023 Software & technology 150
Turnkey Group (UK) Holdings Limited
2
March, August, September
& December 2023
Software & technology 554
XR Games Limited December 2023 Software & technology 103
Zinc Digital Business Solutions Limited
3
April, June &
November 2023
Software & technology 429
Total follow-on unlisted 4,169
Total unlisted 7,376
Maven Income and Growth VCT 4 PLC I 31
Investments Date Sector
Investment cost
£’000
New AIM quoted
Oxford BioDynamics PLC August 2023 Pharmaceuticals,
biotechnology & healthcare
98
Total new AIM quoted 98
Follow-on AIM quoted
Eden Research PLC October 2023 Business services 78
RUA Life Sciences PLC December 2023 Pharmaceuticals,
biotechnology & healthcare
34
Total follow-on AIM quoted 112
Total AIM quoted 210
Open-ended investment companies
4
Royal London Short Term Fixed Income
Fund (Class Y Income)
February 2023 Money market fund 1,020
Royal London Short Term Money Market
Fund (Class Y Income)
March 2023 Money market fund 2,036
Total open-ended investment
companies
3,056
Money market funds
4
Aberdeen Standard Liquidity Fund (Lux)
- Sterling Fund (Class K3)
May 2023 Money market fund 1,011
Aviva Investors Sterling Government
Liquidity Fund
August 2023 Money market fund 1,000
Aviva Investors Sterling Liquidity Fund
(Class 3)
April 2023 Money market fund 1,011
BlackRock Institutional Sterling
Government Liquidity Fund (Core Dis)
August 2023 Money market fund 1,000
BlackRock Institutional Sterling Liquidity
Fund (Core)
May 2023 Money market fund 1,011
HSBC Sterling Liquidity Fund (Class A) May 2023 Money market fund 1,001
Total money market funds 6,034
Private equity investment trusts
4
abrdn Private Equity Opportunities
Trust PLC
March 2023 Investment trust 226
Apax Global Alpha Limited May 2023 Investment trust 50
HgCapital Trust PLC March 2023 Investment trust 250
ICG Enterprise Trust PLC July 2023 Investment trust 182
NB Private Equity Partners Limited March 2023 Investment trust 371
Total private equity investment trusts 1,079
Global equity investment trusts
4
Alliance Trust PLC May 2023 Investment trust 149
JPMorgan Global Growth & Income PLC May 2023 Investment trust 124
Total global equity investment trusts 273
32 I Maven Income and Growth VCT 4 PLC
Investments Date Sector
Investment cost
£’000
Real estate investment trust
4
Impact Healthcare REIT PLC June 2023 Investment trust 236
Total real estate investment trust 236
Infrastructure investment trusts
4
3i Infrastructure PLC May 2023 Investment trust 259
BBGI Global Infrastructure SA May 2023 Investment trust 280
International Public Partnerships Limited May 2023 Investment trust 270
JLEN Environmental Assets Group Limited May 2023 Investment trust 260
Pantheon Infrastructure PLC March 2023 Investment trust 250
Total infrastructure investment trusts 1,319
Total investments 19,583
1
Follow-on investment completed in two tranches.
2
Follow-on investment completed in four tranches.
3
Follow-on investment completed in three tranches.
4
Investments completed as part of the treasury management strategy.
At the period end, the portfolio stood at 133 unlisted and quoted investments, at a total cost of £71.06 million.
Realisations
In December 2023, your Company completed the exit from Glacier Energy Services through a sale to a private equity
buyer that achieved a total return, including all yield payments, of 1.05x cost over the life of the investment. The
table below gives details of all realisations completed during the reporting period:
Realisations
Year
first
invested
Complete/
partial
exit
Cost of shares
disposed of
£’000
Value at
31 December
2022
£’000
Sales
proceeds
£’000
Realised
gain/(loss)
£’000
Gain/(loss) over
31 December
2022 value
£’000
Unlisted
ADC Biotechnology Limited
1
2017 Complete - - 103 103 103
AVID Technology Group Limited
2
2019 Complete - - 3 3 3
Cardinality Limited
3
2021 Complete - - 11 11 11
Ensco 969 Limited
(trading as DPP)
4
2013 Partial 229 273 210 (19) (63)
Glacier Energy Services
Holdings Limited
2011 Complete 1,540 1,219 1,162 (378) (57)
Maven Co-invest Endeavour
Limited Partnership
5
2013 Complete 4 773 798 794 25
Optoscribe Limited
6
2018 Complete - - 196 196 196
R&M Engineering Group Limited 2013 Complete 1,087 268 187 (900) (81)
Others 1 - 1 - 1
Total unlisted 2,861 2,533 2,671 (190) 138
Maven Income and Growth VCT 4 PLC I 33
Realisations
Year
first
invested
Complete/
partial
exit
Cost of shares
disposed of
£’000
Value at
31 December
2022
£’000
Sales
proceeds
£’000
Realised
gain/(loss)
£’000
Gain/(loss) over
31 December
2022 value
£’000
AIM quoted
Avacta Group PLC 2018 Partial 17 114 143 126 29
Destiny Pharma PLC 2020 Partial 94 75 116 22 41
Osirium Technologies PLC 2019 Complete 100 7 7 (93) -
Oxford BioDynamics PLC 2023 Partial 86 - 231 145 231
Total AIM quoted 297 196 497 200 301
Open-ended investment company
7
Royal London Short Term Money
Market Fund (Class Y Income)
2023 Partial 1,024 - 1,013 (11) -
Total open-ended
investment company
1,024 - 1,013 (11) -
Money market funds
7
Aberdeen Standard Liquidity Fund
(Lux) - Sterling Fund (Class K3)
2023 Partial 12 - 12 - -
Aviva Investors Sterling Liquidity
Fund (Class 3)
2023 Complete 1,011 - 1,011 - -
BlackRock Institutional Sterling
Liquidity Fund (Core)
2023 Complete 1,011 - 1,011 - -
Total money market funds 2,034 - 2,034 - -
Total realisations 6,216 2,729 6,215 (1) 439
1
Deferred consideration following a sale in March 2021.
2
Deferred consideration following a sale in June 2021.
3
Deferred consideration following a sale in August 2022.
4
Proceeds from loan note repayment exclude yield received, which is disclosed as revenue for financial reporting purposes.
5
Release of monies following a sale of the underlying company in June 2022.
6
Deferred consideration following a sale in January 2022.
7
Realisations were completed as part of the treasury management strategy.
During the year, one AIM quoted company was struck off the Register of Companies, resulting in a total realised loss of £38,000
(cost £38,000). This had no effect on the NAV of the Company as a full provision had been taken against the value of the
holding in a previous period.
34 I Maven Income and Growth VCT 4 PLC
Outlook
Although the climate for exits was more challenging in 2023, there are early signs that market conditions are
normalising and, over recent months, there has been an increasing level of interest in private companies across
the portfolio. Against a backdrop of lower inflation, and with interest rates predicted to fall, it is anticipated that
there will be an improvement in the corporate outlook for smaller companies, which should help to improve market
sentiment. In the year ahead, the Manager will continue to focus on achieving a healthy rate of new investments
to further broaden and expand the portfolio, whilst seeking to maintain an annual dividend of 5% per annum.
Maven Capital Partners UK LLP
Manager
5 April 2024
Maven Income and Growth VCT 4 PLC I 35
Horizon Ceremonies
horizoncremation.co.uk
Business services (funeral services)
Cost (£’000) 2,463
Valuation (£’000) 4,769
Basis of valuation Discounted cash flow
Equity held 12.9%
Income received to date (£’000) 664
First invested May 2017
Year end 31 December
2022 (£’000) 2021 (£’000)
Net (liabilities)/assets (39) 753
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Horizon Ceremonies is building and operating a
portfolio of environmentally and technologically
advanced crematoria across the UK that 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 in the suburbs of Glasgow opened in
December 2021.
BioAscent Discovery
bioascent.com
Pharmaceuticals, biotechnology & healthcare
Cost (£’000) 1,532
Valuation (£’000) 4,713
Basis of valuation Earnings
Equity held 26.1%
Income received to date (£’000)
1
Nil
First invested June 2018
Year end 31 December
2022 (£’000) 2021 (£’000)
Sales 9,733 6,861
EBITDA
2
1,368 728
Net assets 4,687 3,897
BioAscent provides compound collection facilities
and drug discovery processes for pharmaceutical and
biotech organisations, testing interactions against
chemical compounds to identify potential drug
candidates for preclinical trials. The company is able
to maintain a library of over 1.5 million compounds in
optimum conditions at a state-of-the-art R&D facility,
which enables clients to avoid committing significant
financial and technical resources to undertaking these
critical processes in-house.
LARGEST INVESTMENTS BY VALUATION
AS AT 31 DECEMBER 2023
bio ascent
36 I Maven Income and Growth VCT 4 PLC
Bright Network
brightnetwork.co.uk
Learning & development/recruitment technology
Cost (£’000) 1,706
Valuation (£’000) 3,218
Basis of valuation Revenue
Equity held 9.8%
Income received to date (£’000)
1
Nil
First invested July 2018
Year end 31 March
2023 (£’000) 2022 (£’000)
Net assets 4,102 4,571
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Bright Network is a HR tech business that 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 has also launched the
Technology Academy
, which provides software
development training to graduates before placing
them with client organisations. The business recently
launched in Germany.
Rockar
rockartech.com
Software & technology (fulfilment technology)
Cost (£’000) 1,766
Valuation (£’000) 2,615
Basis of valuation Revenue
Equity held 6.2%
Income received to date (£’000) 159
First invested July 2016
Year end 31 December
2022 (£’000) 2021 (£’000)
Sales 7,496 6,237
EBITDA
2
1,656 2,034
Net assets 4,223 3,015
Rockar is leading the global 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 purchasing using a
wholly online process.
Maven Income and Growth VCT 4 PLC I 37
MirrorWeb
mirrorweb.com
Software & technology (regtech)
Cost (£’000) 990
Valuation (£’000) 2,181
Basis of valuation Revenue
Equity held 8.5%
Income received to date (£’000)
1
Nil
First invested September 2020
Year end 31 October
2022 (£’000) 2021 (£’000)
Net assets 1,074 1,199
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
MirrorWeb is a developer of digital archiving solutions
to allow public and private sector organisations
to preserve and monitor content from websites
and online channels to meet regulatory or legal
obligations. The business has premium brand clients,
including HM Treasury, the US Library of Congress,
The UK’s National Archives, Dimensional Fund
Advisors and Allianz Global Investors.
QikServe
qikserve.com
Software & technology (hospitality)
Cost (£’000) 1,674
Valuation (£’000) 2,038
Basis of valuation Revenue
Equity held 7.6%
Income received to date (£’000)
1
Nil
First invested December 2016
Year end 31 July
2023 (£’000) 2022 (£’000)
Net assets 3,997 5,147
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
QikServe has developed a patented cloud enterprise
platform for hospitality clients, allowing their
customers to order, pay and participate in loyalty
schemes on any mobile device as well as fixed
third party devices (e.g. kiosks). The business has
established itself as a leading player, having created
disruptive technology to service the travel and
hospitality sectors. QikServe plays a pivotal role
in supporting a client’s direct relationship with its
customers via the provision of its self-service guest
interface.
38 I Maven Income and Growth VCT 4 PLC
WaterBear Education
waterbear.org.uk
Business services (further education)
Cost (£’000) 987
Valuation (£’000) 2,031
Basis of valuation Revenue
Equity held 19.9%
Income received to date (£’000) 121
First invested February 2018
Year end 31 August
2023 (£’000) 2022 (£’000)
Net (liabilities)/assets (509) 91
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
WaterBear Education has established a specialist
private music college offering university accredited
Bachelor of Arts (BA) and Master of Arts (MA) courses
for the creative arts, primarily catering for musicians,
singers and songwriters, with student intake
commencing in September 2018. The business is led
by a high calibre management team with extensive
experience of both the industry and music education,
having previously founded the British and Irish Modern
Music Institute, which is a market leader in that
specialist sector. A new site was opened in Sheffield
in Autumn 2023.
DPP
dpp.ltd.uk
Industrials & engineering
Cost (£’000) 1,532
Valuation (£’000) 1,857
Basis of valuation Earnings
Equity held 7.4%
Income received to date (£’000) 982
First invested March 2013
Year end 31 October
2022 (£’000) 2021 (£’000)
Sales 13,651 10,104
EBITDA
2
998 572
Net assets 1,387 977
DPP provides planned and reactive maintenance
to businesses in the leisure, hospitality and retail
sectors throughout the south of England and south
Wales. DPP operates as a service provider across
the mechanical, electrical and HVAC sectors,
providing maintenance services under medium term
contracts alongside project work for minor and major
refurbishment programmes. The business has seen a
significant recovery following the easing of restrictions
and the re-opening of the hospitality and leisure
sectors.
Maven Income and Growth VCT 4 PLC I 39
CB Technology
cbtechnology.co.uk
Industrials & engineering
Cost (£’000) 1,097
Valuation (£’000) 1,813
Basis of valuation Earnings
Equity held 18.6%
Income received to date (£’000) 535
First invested December 2014
Year end 31 March
2023 (£’000) 2022 (£’000)
Sales 14,240 10,295
EBITDA
2
1,523 849
Net assets/(liabilities) 94 (491)
CB Technology is an established contract electronics
manufacturer with a focus on manufacturing and
testing for deployment in harsh environments. The
company predominantly assembles and tests high-
end printed circuit boards for use in the industrial and
semiconductor sectors, supplying a range of blue chip
customers with complex electronics that must function
reliably under extremes of temperature, pressure and
vibration.
Relative Insight
relativeinsight.com
Marketing & advertising technology
Cost (£’000) 1,135
Valuation (£’000) 1,619
Basis of valuation Revenue
Equity held 5.7%
Income received to date (£’000)
1
Nil
First invested August 2019
Year end 31 March
2023 (£’000) 2022 (£’000)
Net (liabilities)/assets (473) 3,959
This company produces abridged accounts as permitted
under the Companies Act 2006 relating to small
companies.
Relative Insight has developed advanced linguistic
analysis technology that is capable of processing
large quantities of content, allowing clients to gain
measurable business value from language data assets
such as customer reviews, CRM and social media.
This generates language sets and actionable insight
that can be used to create tailored content for
specific audiences. The platform is used by clients,
including Amazon, British Airways, Concentrix, Sky
and marketing agencies, to understand their audiences
in new ways and create more effective marketing and
influencing campaigns.
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 PLC, Maven Income and Growth VCT 3 PLC and Maven
Income and Growth VCT 5 PLC in the companies listed on pages 35 to 39. Maven Investor Partners are also invested in Horizon
Ceremonies, Bright Network, DPP and CB Technology.
40 I Maven Income and Growth VCT 4 PLC
NATIONAL PRESENCE REGIONAL FOCUS
A
B
C
D
E
F
G
I
J
H
1
Horizon Ceremonies
Kent
3
Bright Network
London
4
Rockar
Hull
5
MirrorWeb
Manchester
CB Technology
Livingston
9
Relative Insight
Lancaster
10
6
QikServe
Edinburgh
HCS
Glenrothes
2
BioAscent Discovery
Motherwell
bio ascent
7
WaterBear Education
Brighton
8
DPP
Southampton
11
NorthRow
London
13
12
Vodat
Communications
Stockport
13
14
Whiterock
Aberdeen
15
Filtered Technologies
London
Maven offices
A. Edinburgh
B. Glasgow
C. Newcastle
D. Durham
E. Manchester
F. Nottingham
G. Birmingham
H. London
I. Bristol
J. Reading
15 largest
investments
by valuation
Maven Income and Growth VCT 4 PLC I 41
AS AT 31 DECEMBER 2023
Investment
Valuation
£'000
Cost
£'000
% of
total
assets
% of
equity
held
% of equity
held by
other clients
1
Unlisted
Horizon Ceremonies Limited
(trading as Horizon Cremation)
4,769 2,463 5.8 12.9 39.7
BioAscent Discovery Limited 4,713 1,532 5.7 26.1 13.9
Bright Network (UK) Limited 3,218 1,706 3.9 9.8 29.3
Rockar 2016 Limited (trading as Rockar) 2,615 1,766 3.1 6.2 13.2
MirrorWeb Limited 2,181 990 2.6 8.5 41.4
QikServe Limited 2,038 1,674 2.4 7.6 8.2
WaterBear Education Limited 2,031 987 2.4 19.9 18.9
Ensco 969 Limited (trading as DPP) 1,857 1,532 2.2 7.4 2 7.1
CB Technology Group Limited 1,813 1,097 2.2 18.6 56.4
Relative Insight Limited 1,619 1,135 1.9 5.7 26.0
NorthRow Limited 1,482 1,699 1.8 12.3 20.5
Vodat Communications Group (VCG) Holding Limited 1,427 1,240 1.7 8.4 23.5
Whiterock Group Limited 1,424 1,014 1.7 11.2 26.7
HCS Control Systems Group Limited 1,201 1,201 1.4 10.7 25.8
Filtered Technologies Limited 1,184 1,100 1.4 9.7 15.8
Delio Limited 1,169 1,169 1.4 4.9 11 .1
Nano Interactive Group Limited 1,126 625 1.3 3.7 11.2
ebb3 Limited 1,125 1,307 1.3 31.4 47.5
Hublsoft Group Limited 1,082 865 1.3 7.3 16.4
Martel Instruments Holdings Limited 1,038 701 1.2 14.7 29.6
RevLifter Limited 1,000 1,000 1.2 10.2 16.4
DiffusionData Limited 995 625 1.2 3.1 14.9
Cat Tech International Limited 875 1,115 1.0 8.4 21.6
Boomerang Commerce Inc
(trading as CommerceIQ)
2
873 1,164 1.0 0.2 0.3
Bud Systems Limited 809 647 1.0 3.7 13.3
Summize Limited 792 448 0.9 2.9 29.6
Precursive Limited 750 750 0.9 5.5 29.0
Liftango Group Limited 747 747 0.9 3.1 10.9
Horizon Technologies Consultants Limited 746 448 0.9 3.1 14.1
Flow UK Holdings Limited 735 1,047 0.9 12.7 22.3
TC Communications Holdings Limited 734 958 0.9 12.6 22.7
ORCHA Health Limited 709 709 0.8 2.8 5.0
2 Degrees Limited
(trading as Manufacture 2030)
698 698 0.8 2.5 8.6
Growth Capital Ventures Limited 650 639 0.8 11.5 36.0
Maven Capital (Marlow) Limited 650 650 0.8 - 100.0
Zinc Digital Business Solutions Limited 628 628 0.7 7.6 27.2
INVESTMENT PORTFOLIO SUMMARY
Shaded line indicates that the investment was completed pre November 2015.
42 I Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2023
Investment
Valuation
£'000
Cost
£'000
% of
total
assets
% of
equity
held
% of equity
held by
other clients
1
Unlisted
CODILINK UK Limited (trading as Coniq) 600 400 0.7 1 .1 3.8
Metrion Biosciences Limited 597 597 0.7 4.3 13.9
Plyable Limited 597 597 0.7 6.8 19.8
Sensoteq Limited 597 597 0.7 5.6 18.0
CYSIAM Limited 585 448 0.7 5.8 18.2
Enpal Limited (trading as Guru Systems) 581 581 0.7 3.2 18.4
Novatus Global Limited
(formerly Novatus Advisory Limited)
562 562 0.7 3.5 15.2
The Algorithm People Limited
(trading as Optimize)
558 420 0.7 6 .1 10.2
Draper & Dash Limited (trading as RwHealth) 553 553 0.7 5.2 43.5
Shortbite Limited (trading as Fixtuur) 517 760 0.6 9.7 60.5
mypura.com Group Limited (trading as Pura) 431 216 0.5 1 .1 20.6
Project Falcon Topco Limited
(trading as Quorum Cyber)
3
419 419 0.5 1.1 1.9
Laverock Therapeutics Limited 398 398 0.5 1.9 7.5
Turnkey Group (UK) Holdings Limited 352 703 0.4 7.7 31.0
Biorelate Limited 348 348 0.4 2.0 23.7
HiveHR Limited 346 346 0.4 4.4 40.2
iAM Compliant Limited 298 298 0.4 3.9 35.0
Snappy Shopper Limited 298 298 0.4 0.4 1.3
GradTouch Limited 292 200 0.3 2.0 32.5
AMufacture Limited 261 261 0.3 4.8 15.2
XR Games Limited 252 252 0.3 1.4 21 .1
Adverttu Limited (trading as Drovo) 199 199 0.2 1.8 7.2
McKenzie Intelligence Services Limited 159 159 0.2 1.6 4.8
ISN Solutions Group Limited 143 467 0.1 7.8 47.2
Reed Thermoformed Packaging Limited
(trading as iPac Packaging Innovations)
106 100 0.1 0.5 11.8
Rico Developments Limited (trading as Adimo) 100 200 0.1 1.6 8.3
Other unlisted investments 21 2,715 -
Total unlisted 61,673 51,170 73.4
Maven Income and Growth VCT 4 PLC I 43
AS AT 31 DECEMBER 2023
Investment
Valuation
£'000
Cost
£'000
% of
total
assets
% of
equity
held
% of equity
held by
other clients
1
AIM quoted
4
Kanabo Group PLC
5
637 2,986 0.7 3.7 6.3
MaxCyte Inc 421 207 0.5 0.1 0.1
Intelligent Ultrasound Group PLC 350 400 0.4 1.2 0.8
Oxford Metrics PLC 247 80 0.3 0.2 -
Destiny Pharma PLC 216 206 0.3 0.3 0.3
Verici Dx PLC 208 438 0.3 1.3 0.3
GENinCode PLC 190 600 0.2 4.0 7.1
SkinBioTherapeutics PLC 188 208 0.2 0.7 -
Diaceutics PLC 182 161 0.2 0.3 0.3
Eden Research PLC 142 160 0.2 0.5 1.0
One Media IP Group PLC 133 186 0.2 1.2 -
KRM22 PLC 128 220 0.2 1.2 -
Creo Medical Group PLC 126 497 0.2 0.1 -
Avacta Group PLC 115 16 0.2 - -
Faron Pharmaceuticals PLC 83 70 0.2 - -
C4X Discovery Holdings PLC 75 137 0.1 0.4 0.5
AFC Energy PLC 70 57 0.1 - -
TPXimpact Holdings PLC 61 107 0.1 0.2 -
Feedback PLC 39 121 - 0.4 1.2
RUA Life Sciences PLC 37 133 - 1.7 3.9
Access Intelligence PLC 36 35 - 0.1 0.4
Spectral AI Inc 31 99 - - -
Oxford BioDynamics PLC 30 12 - 0.1 0.2
Vianet Group PLC 30 49 - 0.1 1.3
Crossword Cybersecurity PLC 24 122 - 0.4 1.7
Hardide PLC 20 122 - 0.3 0.2
Angle PLC 16 82 - 0.1 -
Oncimmune Holdings PLC 14 100 - 0.1 0.4
Polarean Imaging PLC 13 129 - 0.1 0.5
ReNeuron Group PLC 13 277 - 0.7 1.4
Seeen PLC 11 75 - 0.2 0.8
Other quoted investments 8 855 -
Total AIM quoted 3,894 8,947 4.6
44 I Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2023
Investment
Valuation
£'000
Cost
£'000
% of
total
assets
% of
equity
held
% of equity
held by
other clients
1
Private equity investment trusts
6
HgCapital Trust PLC 897 531 1.1 0.1 0.1
ICG Enterprise Trust PLC 483 381 0.6 0.1 0.1
abrdn Private Equity Opportunities Trust PLC 447 367 0.5 0.1 0.2
CT Private Equity Trust PLC 390 293 0.5 0.1 0.2
Apax Global Alpha Limited 376 344 0.4 - 0.1
NB Private Equity Partners Limited 375 371 0.4 0.1 0.2
Princess Private Equity Holding Limited 347 336 0.3 0.1 0.1
HarbourVest Global Private Equity Limited 256 153 0.3 - -
Pantheon International PLC 146 99 0.2 0.1 0.2
Total private equity investment trusts 3,717 2,875 4.3
Infrastructure investment trusts
6
BBGI Global Infrastructure SA 265 280 0.3 - 0.1
3i Infrastructure PLC 256 260 0.3 - -
International Public Partnerships Limited 256 270 0.3 - -
Pantheon Infrastructure PLC 234 250 0.3 0.1 0.2
JLEN Environmental Assets Group Limited 218 260 0.3 - 0.1
Total infrastructure investment trusts 1,229 1,320 1.5
Fixed income investment trusts
6
TwentyFour Income Fund Limited 165 195 0.2 0.1 -
Alcentra European Floating Rate
Income Fund Limited
9 11 - - -
Total fixed income investment trusts 174 206 0.2
Global equity investment trusts
6
Alliance Trust PLC 166 149 0.2 - -
JPMorgan Global Growth & Income PLC 137 124 0.2 - -
Total global equity investment trusts 303 273 0.4
Real estate investment trust
6
Impact Healthcare REIT PLC 212 236 0.3 0.1 0.1
Total real estate investment trust 212 236 0.3
Maven Income and Growth VCT 4 PLC I 45
AS AT 31 DECEMBER 2023
Investment
Valuation
£'000
Cost
£'000
% of
total
assets
% of
equity
held
% of equity
held by
other clients
1
Open-ended investment companies
6
Royal London Short Term Fixed Income Fund
(Class Y Income)
1,026 1,020 1.2 0.1 0.2
Royal London Short Term Money Market Fund
(Class Y Income)
1,009 1,012 1.2 - -
Total open-ended investment companies 2,035 2,032 2.4
Money market funds
6
Aberdeen Standard Liquidity Fund (Lux) -
Sterling Fund (Class K3)
1,000 1,000 1.2 - -
Aviva Investors Sterling Government Liquidity
Fund
1,000 1,000 1.2 - 0.1
BlackRock Institutional Sterling Government
Liquidity Fund (Core Dis)
1,000 1,000 1.2 - 0.1
HSBC Sterling Liquidity Fund (Class A) 1,000 1,000 1.2 - -
Total money market funds 4,000 4,000 4.8
Total investments 77,237 71,059 91.9
1
Other clients of Maven Capital Partners UK LLP.
2
This holding reflects the retained minority interest following the sale of e.fundamentals (Group) Limited to CommerceIQ in
July 2022.
3
Retained minority interest following the sale of Quorum Cyber Security Limited in December 2021.
4
Investments are quoted on AIM with the exception of Kanabo Group PLC, which is listed on the Main Market of The London
Stock Exchange.
5
The holding in this investment resulted from the sale of The GP Service (UK) Limited, which completed in February 2022.
During the reporting period, 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.
6
Treasury management portfolio.
46 I Maven Income and Growth VCT 4 PLC
The Directors submit their Annual Report together with the Financial Statements of the Company for the year
ended 31 December 2023. A summary of the financial results for the year can be found in the Financial
Highlights on pages 4 to 7. The investment objective, business model and investment policy are set out in the
Business Report on page 15 and the Board’s dividend policy is summarised in the Chairman’s Statement on
page 11.
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. Its Ordinary Shares are listed on the premium
segment of the Official List and traded on the Main Market of 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 uncertain economic outlook and the wider geopolitical
issues that have persisted throughout the year, including the economic impact of the ongoing conflicts in Ukraine
and the Middle East, the high level of inflation, the cost of living crisis and high interest rates that are impacting
many consumers and businesses, 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 this Annual Report. Accordingly, the Directors 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 Principle 36 of the
AIC Code of Corporate Governance, published in February 2019, (the Codes), the Board has assessed the Company’s
prospects and risks for the five-year period to 31 December 2028, which is considered appropriate for a VCT business
of its size.
In making this statement, the Board carried out a robust assessment of the principal and emerging 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 14, the Board considers the Company’s future to
be positive.
DIRECTORS’ REPORT
Maven Income and Growth VCT 4 PLC I 47
The Board focused on the major factors that affect the economic, regulatory and political environment, including the
impact of the cost of living crisis, rising interest rates and high inflation, all being experienced in the UK at present,
and the ongoing geopolitical uncertainty. The Board also reviewed the Company’s cash flow projections and
underlying assumptions for the five years to 31 December 2028 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 ending 31 December 2028.
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 57 to 62.
Directors
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 on page 48.
In accordance with the Codes, all of the Directors will stand for annual re-election. The Board confirms that, following
a formal process of evaluation, the performance of each Director continues to be effective and all Directors have
demonstrated commitment to their roles.
Fraser Gray sits on a number of advisory boards, supporting smaller companies on growth and strategic matters. He
was previously a managing director in AlixPartners’ turnaround and restructuring practice, where he led the provision
of restructuring and liquidity improvement solutions to clients across a wide variety of industry sectors. Fraser is a
chartered accountant and accredited mediator, and was formerly a licensed insolvency practitioner.
Brian Colquhoun is a Fellow of the Chartered Institute of Bankers and spent more than three decades at Clydesdale
and Yorkshire Bank, working extensively with smaller companies and management teams in supporting their growth
ambitions. He held a number of senior roles and has extensive experience of corporate lending, credit and relationship
management in the SME market.
Bill Nixon, as the managing partner of Maven and with over 40 years of experience in banking and private equity,
has a wealth of knowledge in the private equity sector in which the Company operates and is a key contributor to
all Board discussions. As a participant in various VCT forums, Bill provides the other Directors with valuable insight
to the sector.
Steven Scott is a chartered accountant. He worked in the Bank of Scotland Structured Finance Group before
becoming a director of Royal Bank Development Capital, the private equity division of The Royal Bank of Scotland
plc. He founded Penta Capital LLP, an independent UK private equity manager that specialises in buy & build
investments in the UK.
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 the key areas that are relevant to the Company. It is,
therefore, believed to be in the best interests of Shareholders that all of the Directors be re-elected and Resolutions
to this effect will be proposed at the 2024 AGM.
48 I Maven Income and Growth VCT 4 PLC
Directors’ Interests
The Directors who held office during the year, and as at the date of this Annual Report, together with their interests
in the share capital of the Company, are as follows:
31 December 2023
Ordinary Shares of 10p each
31 December 2022
Ordinary Shares of 10p each
Fraser Gray 136,001 114,448
Brian Colquhoun - -
Bill Nixon
1,279,029 1,163,523
Steven Scott
358,164 209,203
Total 1,773,194 1,487,174
There is no requirement for the Directors of the Company to hold shares in the Company and the table above
shows the Directors’ beneficial interests and the interests of those persons closely associated with them. As at
3 April 2024, being the last practicable date prior to the publication of this Annual Report, the Directors’ interests,
and those of their close associates, in the Ordinary Shares of the Company were as follows: Fraser Gray: 144,104;
Brian Colquhoun: 16,207; Bill Nixon: 1,360,066; and Steven Scott: 358,164; as some Directors, or their close
associates, acquired shares under the Company’s Offer for Subscription, after the financial year end.
Conflicts of Interest
Each Director has a statutory duty to avoid a situation where he has, or could have, a direct or indirect interest
which 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 Company’s Articles. This includes
any co-investment made by the Directors in entities in which the Company also has an interest. The Board has an
approved protocol for identifying and dealing with conflicts and has resolved to conduct a regular review of actual
or possible conflicts.
As detailed in Note 17 on page 94 of this Annual Report, Maven is deemed to be a related party of the Company,
as Bill Nixon, a director of the Company, is also managing partner of Maven. The Company has employed Maven
throughout the period as Investment Manager and Maven is entitled to receive investment management and
secretarial fees, as disclosed in Notes 3 and 4 to the Financial Statements respectively on page 80.
No Director has a service contract with the Company and no other contracts or arrangements significant to the
Company’s business, and in which any of the Directors is interested, has subsisted during the year, and no other new,
or potential, conflicts of interest were identified during the year.
Maven Income and Growth VCT 4 PLC I 49
Substantial Interests
At 31 December 2023, the only Shareholder known to the Company to be directly or indirectly interested in 3% or
more of its issued Ordinary Share capital was as follows:
Number of Ordinary Shares held % of issued share capital
Hargreaves Lansdown (Nominees)
Limited – HLNOM Account
8,131,661 5.98
At 3 April 2024, being the last practicable date prior to the publication of this Annual Report, the only Shareholder
known to the Company to be directly or indirectly interested in 3% or more of its issued Ordinary Share capital
was as follows:
Number of Ordinary Shares held % of issued share capital
Hargreaves Lansdown (Nominees)
Limited – HLNOM Account
8,502,726 6.06
Manager and Secretary
Maven acted as Manager and Secretary to the Company during the year ended 31 December 2023 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 Deed agreed with Maven are as follows:
Termination provisions
The agreement is capable of termination by the giving of 24 months’ written notice by either the Company or
the Manager. Should the Company terminate the Management and Administration Deed on shorter notice before
that date, the Manager would be entitled to receive fees which would otherwise have been due up until the date
of the end of the contractual notice period. 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 31 December 2023, and unchanged for the year ending 31 December 2024, the investment
management and secretarial fees payable to Maven were calculated and charged on the following basis:
• an investment management fee of 2.5% (2022: 2.5%) per annum of the gross assets of the Company at the
previous quarter end, which is chargeable 20% to revenue and 80% against the special distributable reserve
(unchanged from the prior year); and
• a secretarial fee of £148,432 (2022: £134,300) per annum, which is charged 100% to revenue and is subject
to an annual adjustment to reflect movement in the UK Retail Price Index (2022: UK Consumer Prices Index).
Subject to certain criteria being met, Maven is entitled to a performance incentive fee, in respect of each six
month period ended 30 June and 31 December, of an amount equal to 20% (2022: 20%) of any increase in the
total return (before applying any performance incentive fee) as at the end of the relevant six month period to
the total return (after accruing for the performance incentive fee payable for that period) as at the end of the
last six month period on which a performance incentive fee was paid. Total return for these purposes means net
asset value, adjusted for dividends, share buy-backs and share issues since the period in respect of which the last
performance incentive fee was paid. The net asset value from which the performance related fee is measured
is rebased to the higher level on each occasion that such a fee becomes payable. The investment management,
secretarial and performance incentive fees will be exclusive of VAT (if any).
50 I Maven Income and Growth VCT 4 PLC
By agreement with the Manager, the total management and administrative expenses of the Company, inclusive
of irrecoverable VAT but exclusive of transaction costs and expenses relating to the acquisition and disposal of
investments, are capped at 3.5% of the net asset value at the end of the relevant financial period, calculated
before deduction of management and administrative expenses or any exceptional items such as merger or
performance incentive fees in respect of that financial year.
Independent from the above arrangements, during the year ended 31 December 2023 the sum of £18,900 (2022:
£18,000) plus VAT was paid to the Manager in respect of Bill Nixon’s role as a Director of the Company. Maven
may also receive, from investee companies, fees in relation to arranging transactions, 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 staff are appropriately incentivised in relation to the management of the
portfolio, the Maven Executive Investment Scheme allows individuals to participate in new investments in portfolio
companies alongside the Company. Under the terms and conditions of the scheme, all investments will be made
through a nominee and under terms agreed by the Board. The terms of the Maven Executive Investment Scheme
ensure that all investments will be made on identical 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 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.
It should be noted that, as at 3 April 2024, Maven Capital Partners UK LLP, Bill Nixon and certain other executives
held, in aggregate, 2,661,509 of the Company’s Ordinary Shares, representing 1.89% of the issued Ordinary Share
capital as at that date.
Independent Auditor
The Company’s Auditor, Johnston Carmichael LLP (Johnston Carmichael), is willing to continue in office and
Resolution 8, to propose its re-appointment, will be put forward at the 2024 AGM, along with Resolution 9,
to authorise the Directors to fix its remuneration. No non-audit fees were paid to Johnston Carmichael during
the year under review (2022: Nil). The Directors have received assurances from the Auditor that it remains
independent and objective, and 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 each of the Directors has taken all the steps that he ought to have taken as a Director in order to make himself
aware of any relevant audit information and to establish that the Company’s Auditor is aware of that information.
Maven Income and Growth VCT 4 PLC I 51
Purchase of Ordinary Shares
During the year ended 31 December 2023, the Company bought back a total of 4,338,000 (2022: 2,595,755)
of its own Ordinary Shares, representing 3.17% of the Ordinary Shares in issue as at 11 April 2023, being the last
practicable date prior to publication of the previous Annual Report.
A Special Resolution, numbered 12 in the Notice of Annual General Meeting, will be put to Shareholders at
the 2024 AGM for their approval to renew the Company’s authority to purchase in the market a maximum of
21,082,956 Ordinary Shares (14.99% of the shares in issue at 3 April 2024). Such authority will expire on the date
of the AGM in 2025, or after a period of 15 months from the date of the passing of the Resolution, whichever is
the earlier.
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 FCA Listing Rules 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, and not available for reissue, or held in treasury. Once
held in treasury, such shares may be cancelled or sold for cash.
Purchases of shares by the Company will be made from distributable reserves and will be paid out of cash balances
held. 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 the full results.
Issue of New Ordinary Shares
During the year under review, 10,531,482 new Ordinary Shares were issued, of which 9,778,179 were issued under
an Offer for Subscription and 753,303 were issued under the DIS (2022: 881,587 were issued under the DIS).
Further details are provided in Note 12 to the Financial Statements on page 88. An Ordinary Resolution, numbered
10 in the Notice of Annual General Meeting, will be put to Shareholders at the 2024 AGM for their approval for the
Company to issue up to an aggregate nominal amount of £1,406,468 in respect of the Ordinary Shares (equivalent
to 14,064,680 Ordinary Shares or 10% of the total issued share capital at 3 April 2024).
Issues of new Ordinary Shares may only be made at, or at a premium to, NAV per share, thus ensuring 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 at the conclusion of the AGM in 2025 or on the expiry 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 holdings. 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 11 in the Notice of
Annual General Meeting, will, if passed, give the Directors power to allot for cash, up to an aggregate nominal
amount not exceeding £1,406,468 in respect of the Ordinary Shares (equivalent to 14,064,680 Ordinary Shares or
10% of the total issued share capital at 3 April 2024) 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 10. The authority will
also expire either at the conclusion of the AGM of the Company in 2025 or on the expiry of 15 months from the
passing of the Resolution, whichever is the first to occur.
52 I Maven Income and Growth VCT 4 PLC
Share Capital and Voting Rights
As at 31 December 2023, the Company’s share capital amounted to 135,982,341 Ordinary Shares of 10p each.
Subsequent to the year end, the Company bought back 1,036,862 Ordinary Shares for cancellation and issued and
allotted 5,701,326 Ordinary Shares under the Offer for Subscription. As a result, there were 140,646,805 Ordinary
Shares in issue as at 3 April 2024. 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
Deed, further details of which are set out on pages 49 and 50, 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 on page 94, there are no further related party
transactions that require to be disclosed.
Post Balance Sheet Events
Other than those referred to above and elsewhere in the Strategic Report, there have been no events since
31 December 2023 that require disclosure.
Future Developments
An indication of the Company’s future developments can be found in the Chairman’s Statement on page 14 and in
the Investment Manager’s Review on page 34, 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 9 May 2024, at the offices of Maven Capital Partners UK LLP, 6th Floor, Saddlers House,
44 Gutter Lane, London EC2V 6BR, and the Notice of Annual General Meeting is on pages 95 to 100 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 fourteen 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: proxy-maven4.cpip.io. Please refer to the notes to the
Notice of Annual General Meeting on pages 97 to 100 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
5 April 2024
Maven Income and Growth VCT 4 PLC I 53
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 policy for the remuneration of Directors, will be put to the members of the
Company at the forthcoming AGM. The law requires the Company’s Auditor to audit certain disclosures
provided. Where disclosures have been audited, they are indicated as such and the Auditor’s opinion is
included in their report on pages 68 to 73 of this Annual Report.
Statement by the Board
The full Board, with Fraser Gray as its Chairman, carries out the functions of a remuneration committee. As all of
the Directors are non-executive, the principles of the UK Corporate Governance Code in respect of executive
directors’ remuneration do not apply.
At 31 December 2023, and as at the date of this Annual Report, the Company had four non-executive Directors
and their biographies are shown in the Your Board section of the Strategic Report. The names of the Directors who
served during the year together with the fees paid during the year are shown in the table on page 55.
The dates of appointment of the Directors in office as at 31 December 2023 and the dates on which they will next
be proposed for re-election are as follows:
Date of original
appointment
Date of previous
election/re-election
Due date for
re-election
Fraser Gray 18 December 2019 11 May 2023 9 May 2024
Bill Nixon 6 August 2008 11 May 2023 9 May 2024
Steven Scott 1 September 2004 11 May 2023 9 May 2024
Brian Colquhoun 1 August 2022 11 May 2023 9 May 2024
During the year ended 31 December 2023, 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 Board expects, from time to time, to review the fees paid to the directors of
other venture capital trust companies for comparative purposes.
The Board met once during the year ended 31 December 2023 to review the policy for, and the level of, Directors’
remuneration. At that meeting, it was resolved that the rates of Directors’ remuneration should be increased by
£900 per annum for each Director with effect from 1 January 2024. The Board considered that the revised total
Directors’ remuneration is reasonable when compared with other similar VCTs and it was agreed that the Board
should continue to review the policy for the remuneration of Directors on a regular basis.
Remuneration Policy
The Company’s Policy is that the remuneration of the Directors should reflect the experience of the Board as a
whole and be fair and comparable to that of other VCTs with a similar capital structure and similar 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. 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 £150,000 per annum and the
approval of Shareholders in a general meeting would be required to change this limit.
DIRECTORS’ REMUNERATION REPORT
54 I Maven Income and Growth VCT 4 PLC
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.
A copy of this Remuneration Policy may be inspected by the members of the Company at its registered office.
It is the Board’s intention that the above remuneration policy will be put to Shareholders at least once every three
years and, as a Resolution was last approved at the AGM held in 2023, an Ordinary Resolution for its approval for
the three years to 31 November 2028 will be proposed at the AGM to be held in 2026.
At the AGM held on 11 May 2023, the result in respect of the Ordinary Resolution to approve the Directors’
Remuneration Policy for the period to 31 December 2025 was as follows:
% of votes
cast for
% of votes
cast against
Number of
votes withheld
Remuneration Policy 86.79 13.21 127,959
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 48. 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 (excluding tax relief) on an investment of £100 in the Ordinary Shares
of the Company, for each annual accounting period for the ten years to 31 December 2023, assuming all dividends
are reinvested, with the total shareholder return on a notional investment of £100 made up of shares of the same
kind 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.
Please note that past performance is not necessarily a guide to future performance.
(£)
0
50
100
150
200
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Maven Income and Growth
VCT 4 PLC - share price total return
Maven Income and Growth
VCT 4 PLC - NAV total return
FTSE AIM All-Share
total return
Maven Income and Growth VCT 4 PLC I 55
Directors’ Remuneration (audited)
The Company does not have any employees and Directors’ remuneration comprises solely of Directors’ fees. The
Director’s fees for the years ended 31 December 2021, 31 December 2022, 31 December 2023, and projected fees
for the year ending 31 December 2024, together with the percentage changes in those years, are as follows:
Year ending
31 December
2024
£
% change for
the year to
31 December
2024
Year ended
31 December
2023
£
% change
for year to
31 December
2023
Year ended
31 December
2022
£
% change for
the year to
31 December
2022
Year ended
31 December
2021
£
Fraser Gray
1
22,950 4.1 22,050 11.4 19,796 10.0 18,000
Brian Colquhoun
2
19,800 5.0 18,900 5.0 7,500 - -
Malcolm Graham-Wood
3
- - - - 9,000 - 18,000
Peter Linthwaite
4
- - - - 10,500 - 21,000
Bill Nixon
5
19,800 5.0 18,900 5.0 18,000 - 18,000
Steven Scott 19,800 5.0 18,900 5.0 18,000 - 18,000
Total 82,350 78,750 82,796 93,000
1
Chairman from 22 July 2022.
2
Appointed on 1 August 2022.
3
Retired on 11 May 2022.
4
Ceased to be a Director from 17 June 2022.
5
Remuneration is paid to Maven and is subject to VAT.
Percentage changes are calculated based on the 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 benefits for the year ended 31 December 2023 (2022: £nil).
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 election at the first AGM following 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 31 December 2023, no communication was received from Shareholders regarding Directors’ remuneration.
56 I Maven Income and Growth VCT 4 PLC
Relative Cost of Directors’ Remuneration
The chart below shows, for the years ended 31 December 2022 and 31 December 2023, the cost of Directors’ fees
compared with the level of dividend distribution in those years:
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.
Approval
An Ordinary Resolution to approve this Directors’ Remuneration Report for the year ended 31 December 2023 will
be put to Shareholders at the 2024 AGM.
At the AGM held on 11 May 2023, the results in respect of the Ordinary Resolution to approve the Directors’
Remuneration Report for the year ended 31 December 2022 were as follows:
% of votes
cast for
% of votes
cast against
Number of
votes withheld
Remuneration Report 87.69 12.31 49,253
The Directors’ Remuneration Report for the year ended 31 December 2023 was approved by the Board of Directors
and signed on its behalf by:
Fraser Gray
Director
5 April 2024
Directors'
fees 2022
Dividends
2022
Directors'
fees 2023
Dividends
2023
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
(£'000)
Maven Income and Growth VCT 4 PLC I 57
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 which enables it to comply with the UK Corporate Governance
Code (the UK Code). The UK Code 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 February 2019. The Board has adopted the principles of the AIC
Code and reports on compliance with them 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 of 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 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 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.
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.
STATEMENT OF CORPORATE GOVERNANCE
58 I Maven Income and Growth VCT 4 PLC
The Board
As at the date of this Annual Report, the Board consists of four Directors, all of whom are non-executive and the
majority of whom are considered to be independent of the Manager. Bill Nixon is not considered to be independent
because of his position as managing partner of Maven. The independent non-executive Directors are free of any
relationship that 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, industrial, commercial and professional experience.
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 agreement;
• 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. Steven Scott is a partner of Penta Capital LLP
which, from time to time, introduces potential investment opportunities to the Manager and which led the
syndicated investment in Maven Co-invest Endeavour Limited Partnership.
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.
Fraser Gray was independent of the Manager at the time of his appointment as a Director in December 2019
and Chairman in July 2022, and continues to be so by virtue of his lack of connection with the Manager and the
absence of cross-directorships with his fellow Directors. Fraser 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. A senior non-executive director has not been appointed, as the Board considers that each of the Directors
has different qualities and areas of expertise on which they may lead.
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 31 December 2023,
the Board held four full quarterly Board Meetings; one Committee Meeting to approve the issue of the Prospectus
for the Offer for Subscription; eight Committee Meetings to approve the issue of shares under the DIS and the
Offer for Subscription and two further Committee Meetings to approve the release of financial results. In addition,
there were four meetings of the Risk Committee, two meetings of the Audit Committee and one meeting of both
the Management Engagement Committee and the Nomination Committee.
Maven Income and Growth VCT 4 PLC I 59
Directors have attended Board and Committee Meetings during the year ended 31 December 2023
1
as follows:
Director Board
Board
Committee
Audit
Committee
Management
Engagement
Committee
Nomination
Committee
Risk
Committee
Fraser Gray 4 (4) 9 (9) 2 (2) 1 (1) 1 (1) 4 (4)
Brian Colquhoun 4 (4) 9 (9) 2 (2) 1 (1) 1 (1) 4 (4)
Bill Nixon
2
4 (4) 9 (9) n/a n/a 1 (1) 4 (4)
Steven Scott 3 (4) 9 (9) 2 (2) 1 (1) 1 (1) 3 (4)
1
The number of meetings which the Directors were eligible to attend is in brackets.
2
Not a member of the Audit Committee or the Management Engagement Committee.
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 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
Non-executive Directors are appointed for an initial period of one year and, subject to Companies Act provisions and
in accordance with the Articles, must stand for election at the first AGM following their appointment. Notwithstanding
the Articles, which state that Directors must offer themselves for re-election at least once every three years
thereafter, in accordance with the Codes, all Directors will stand for annual re-election.
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 necessarily reduces his 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 which are likely to affect the judgement
of any Director. The Board’s policy on tenure is that continuity and experience are considered to add significantly to
the strength of the Board and, as such, no limit on the overall length of service of any of the Company’s Directors,
including the Chairman, has been imposed. The policy on tenure and the independence of each Director is 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 Directors prior to doing so. The Company has no executive Directors or employees.
Committees
Each of the Committees has been established with written terms of reference, which are available on request from
the registered office of the Company and are reviewed and re-assessed for their adequacy at each Meeting.
Audit Committee
The Audit Committee is chaired by Steven Scott and comprises all of the independent Directors. The role and
responsibilities of the Committee are detailed in a joint Report of the Audit and Risk Committees on pages 64 to 67.
60 I Maven Income and Growth VCT 4 PLC
Management Engagement Committee
The Management Engagement Committee, which comprises all of the independent Directors and is chaired by Fraser
Gray, is responsible for the annual review of the contract with the Manager, details of which are shown in the Directors’
Report. One meeting was held during the year ended 31 December 2023, at which the Committee recommended the
continued appointment of Maven Capital Partners UK LLP as Manager and Secretary of the Company.
Nomination Committee
The Nomination Committee, which comprises all of the Directors and is chaired by Fraser Gray, met once during the
year ended 31 December 2023. 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;
• reviewing 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 any non-executive Director on an annual basis;
• proposals for the re-election by Shareholders of any 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 any Committee, other than to the
position of Chairman of the Company.
At a meeting held in November 2023, the Committee reviewed the knowledge, experience and skills of all Directors.
The Board noted that each of the Directors was valued and that they were all deemed to enhance the skills and
knowledge base of the Board, enabling it to carry out its functions more effectively and with each Director contributing
to the long-term success of the Company. The Committee recommended to the Board that each of the Directors be
nominated for re-election and, accordingly, Resolutions 4 to 7 will be put to the 2024 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 31 December 2023.
Remuneration Committee
Where a VCT has only non-executive directors, the UK Code principles relating to directors’ remuneration do not
apply. As noted on page 53, the full Board, chaired by Fraser Gray, carries out the functions of a remuneration
committee. The Board met once during the year ended 31 December 2023 to review the policy for, and the level
of, Directors’ Remuneration. The level of remuneration for 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 53 to 56.
Risk Committee
The Risk Committee is chaired by Brian Colquhoun and comprises all of the Directors. The role and responsibilities of
the Committee are detailed in a joint Report of the Audit and Risk Committees on pages 64 to 67.
Board Diversity Policy
At 31 December 2023, there were four male Directors on the Board. One of the Directors is Chairman of the Company,
and Chair of the Nomination and Management Engagement Committees; one is Chair of the Audit Committee; and
one is Chair of the Risk Committee. The Company has not appointed a Senior Independent Director.
Maven Income and Growth VCT 4 PLC I 61
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 31 December 2023.
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 4 100 1 N/A N/A
Women - - - N/A N/A
White British or other white
(including minority-white groups)
4 100 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.
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 future 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.
External Agencies
The Board has contracted to external agencies, including the Manager, certain services: the management of the
investment portfolio; the custodial services (which includes 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 supplied 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 Shareholders and the Directors believe that the exercise
of voting rights lies at the heart of regulation and the promotion of good corporate governance.
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. 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.
62 I Maven Income and Growth VCT 4 PLC
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 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.
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 vote in respect of the shares held for them. In general, a venture capital trust has few
major shareholders.
The Annual Report is normally posted to Shareholders 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 on page 107 for
details on how to contact the Manager or Company Secretary.
The Company’s webpage is hosted on the Manager’s website, and can be visited at: mavencp.com/migvct4 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 accessed at: mavencp.com.
Accountability and Audit
The Statement of Directors’ Responsibilities in respect of the Financial Statements is on page 63, the Statement of
Going Concern is included in the Directors’ Report on page 46, and the Viability Statement can also be found in
the Directors’ Report on pages 46 and 47. The Independent Auditor’s Report is on pages 68 to 73.
Authorised for issue by the Board
Maven Capital Partners UK LLP
Secretary
5 April 2024
Maven Income and Growth VCT 4 PLC I 63
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 the 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 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 Statement of Corporate Governance that comply with
applicable law and regulations.
The Directors are responsible for the maintenance and integrity of the corporate and financial information
included on the Company’s web pages, 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 confirm that, to the best of their knowledge:
• the Financial Statements have been prepared in accordance with the applicable accounting standards and
give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as at
31 December 2023 and for the year to that date;
• the Directors’ Report includes a fair review of the development and performance of the Company, together with
a description of the principal and emerging risks and uncertainties that it faces; and
• the Annual Report and Financial Statements taken as a whole is fair, balanced and understandable and provides
the information necessary for Shareholders to assess the Company’s position and performance, business model
and strategy.
Fraser Gray
Director
5 April 2024
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
64 I Maven Income and Growth VCT 4 PLC
The Audit and Risk Committees are chaired by Steven Scott and Brian Colquhoun respectively.
REPORT OF THE AUDIT AND RISK COMMITTEES
Audit Committee
The Audit Committee comprises all independent
Directors and the Board is satisfied that at least one
member of the Committee has recent and relevant
financial experience, and that the Audit 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;
• the review of the custody arrangements in place to
confirm ownership of investments;
• 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 twice during the year under review,
in February and August 2023. At each meeting, the
Committee noted that the Risk Committee had
considered the risks detailed below and in the Business
Report, 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. At its meeting in February 2023, 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 31 December
2022.
At its meeting in August 2023, the Committee reviewed
the Half Yearly Report and Financial Statements for the
six months ended 30 June 2023. 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 the year end, the Committee considered
the draft Annual Report and Financial Statements for the
year ended 31 December 2023 and provided advice to
the Board that it considered the 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 of investee companies
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 79. 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.
Maven Income and Growth VCT 4 PLC I 65
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. The basis of valuation across the portfolio as at
31 December 2023 was as follows:
Investment
% of net assets
by value Valuation basis
AIM quoted investments 4.6 Bid price
1
Other listed investments, investment trusts, MMFs and OIECs 13.9 Bid price
1
Unlisted investments 73.4 Directors’ valuation
Total investments 91.9
1
London Stock Exchange closing bid price.
The Committee recommended the investment valuations, representing 91.9% of net assets as at 31 December 2023,
to the main Board for approval. In addition, the revenue generated from dividend income and loan stock interest has
been considered by the Committee 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 service, the
Committee reviews the performance, effectiveness and
general relationship with the Independent Auditor (the
Auditor or Johnston Carmichael). 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 Auditor has with the Manager. 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 Independent Auditor’s Report is on pages 68 to 73.
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.
The Company reviews its approach for governing and
controlling the provision of non-audit services by the
Auditor so as to safeguard its independence and
objectivity. Shareholders are asked to approve the
appointment, and the Directors’ responsibility for 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 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 2024 AGM.
Risk Committee
Under the recommendations of the AIFMD, the Company
established a Risk Committee, which comprises all of the
Directors. The responsibilities of the Committee are:
• to keep under review the adequacy and effectiveness
of the Manager’s internal financial controls and its
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, the investment
portfolio, credit, counterparty, liquidity, market and
operational risk;
• 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,
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;
66 I Maven Income and Growth VCT 4 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 four times 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 risks facing the
Company, with particular emphasis on economic risks
such as the impact of the current cost of living crisis and
high interest rates being experienced in the UK, the
geopolitical unrest in Ukraine and the Middle East, 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 and the review of the 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.
The 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
twice each year. In particular, it has reviewed the process
for identifying and evaluating the principal and emerging
risks affecting the Company and the policies and
procedures by which these risks are managed. The Board
has 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 Deed, and ensures that recommendations
to improve controls are implemented.
Risks are identified through the 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 financial,
regulatory, market, operational and reputational risk.
This helps the Manager’s risk model to 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 provided to the
Directors.
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 that 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 which 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
• the compliance function of the Manager reports bi-
annually to the Risk Committee and has direct access
to the Directors at any time.
Maven Income and Growth VCT 4 PLC I 67
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 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 by 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 79. Another risk is that the Company does not
recognise income in line with its stated policy on
revenue recognition. The maintenance of VCT status is
another risk that the Company has to address and the
approach to address each of these 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, which
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 79. 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 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 accounting
policy set out in Note 1(b) to the Financial Statements on
page 78. 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 that 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 and uncertainties faced
by the Company and the Board’s strategy for managing
these risks are covered in the Business Report on pages
15 to 17.
Steven Scott Brian Colquhoun
Director Director
5 April 2024
68 I Maven Income and Growth VCT 4 PLC
INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF MAVEN INCOME AND GROWTH
VCT 4 PLC
Opinion
We have audited the Financial Statements of Maven Income and Growth VCT 4 PLC (the Company), for the year
ended 31 December 2023, 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 Company’s affairs as at 31 December 2023 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’s 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 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 thresholders
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 4 PLC I 69
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 67 (Report of the Audit Committee),
page 79 (Accounting Policies) and Note 8.
The valuation of the level 3 portfolio at 31 December
2023 was £61.7m (2022: £60.4m).
As this is the largest component in the Company’s
Balance Sheet, and there is a high degree of
subjectivity in the valuation of level 3 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 level 3 investments are valued in accordance with
the revised IPEV 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 with the Administrator to gain
an understanding of the design of the processes and
implementation of key controls.
We obtained evidence that the Manager’s valuation
committee reviewed 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 level 3 investments portfolio and selected
a sample of investments for detailed testing based on
this risk-based stratification.
For the investments selected in our samples, 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 in line with IPEV guidelines, paying particular
attention to any changes from the prior year
valuation basis.
• Agreed relevant 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.
• Reperformed the enterprise value calculations and
waterfalls to ensure mathematical accuracy.
We performed back-testing over investment disposals
(proceeds compared to most recent valuation) to assess
for potential management bias in the valuation process.
We agreed the ownership of 100% of the investments
sampled to share certificates and loan notes/agreements.
From our completion of these procedures, we
identified no material misstatements in relation to the
valuation and ownership of the level 3 investments.
70 I Maven Income and Growth VCT 4 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.
£1.7m
(2022: £1.8m)
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 and any
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%
(2022: 50%) of our overall Financial Statement materiality.
£1.1m
(2022: £0.9m)
Audit Committee reporting threshold – we agreed with the Audit Committee that
we would report to them 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.
£0.08m
(2022: £0.09m)
We have also set a separate specific materiality in respect of related party transactions and Directors’ remuneration
and revenue recognition from income from investments.
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
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.
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 Directors’ Report 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.
Maven Income and Growth VCT 4 PLC I 71
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.
Corporate Governance Statement
The Listing Rules require us to review the Directors’ statement in relation to going concern, longer-term viability
and that part of the Corporate Governance Statement relating to the Company’s compliance with the provisions of
the UK Corporate Governance Code specified for our review.
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 46;
• 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 page 46 and 47;
• the Directors’ statement on fair, balanced and understandable set out on page 63;
• 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 page 46;
72 I Maven Income and Growth VCT 4 PLC
• the Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out
on page 15;
• the section of the Annual Report that describes the review of the effectiveness of risk management and internal
control systems set out on pages 66 and 67; and
• the section describing the work of the Audit Committee set out on pages 64 and 65.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities statement set out on page 63, 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’s 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: frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s
Report.
Extent 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.
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;
• FCA listing and DTR rules;
• 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;
• Financial Reporting Standard 102; and
• The Company’s qualification as a VCT under section 274 of the Income Tax Act 2007.
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.
Maven Income and Growth VCT 4 PLC I 73
We assessed the susceptibility of the Company’s 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. We identified a heightened fraud risk in relation to the valuation and
ownership of level 3 investments (audit procedures performed in response to these risks are set out in the section
on key audit matters above) and management override (procedures in response to this risk 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 work 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 reviewing 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 described above 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.
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 31 December 2022 and subsequent financial periods.
The period of our total uninterrupted engagement is two years, covering the years ended 31 December 2022 and
31 December 2023.
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
5 April 2024
74 I Maven Income and Growth VCT 4 PLC
FOR THE YEAR ENDED 31 DECEMBER 2023
Year ended
31 December 2023
Year ended
31 December 2022
Revenue Capital Total Revenue Capital Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
Loss on investments 8 - (2,989) (2,989) - (787) (787)
Income from investments 2 1,262 - 1,262 1,297 - 1,297
Other income 2 299 - 299 92 - 92
Investment management fees 3 (449) (1,797) (2,246) (435) (1,738) (2,173)
Other expenses 4 (633) - (633) (497) - (497)
Net Return on ordinary activities before taxation 479 (4,786) (4,307) 457 (2,525) (2,068)
Tax on ordinary activities 5 - - - - - -
Return attributable to Equity Shareholders 7 479 (4,786) (4,307) 457 (2,525) (2,068)
Earnings per share (pence) 7 0.35 (3.52) (3.17) 0.36 (2.00) (1.64)
All gains and losses are recognised in the Income Statement.
The total column of this statement is the Profit & Loss Account of the Company. The revenue and capital return columns
are prepared in accordance with the AIC SORP. All items in the above statement derive from continuing operations. No
operations were acquired or discontinued during the year. There are no potentially dilutive capital instruments in issue
and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore,
identical.
The accompanying Notes are an integral part of the Financial Statements.
INCOME STATEMENT
Maven Income and Growth VCT 4 PLC I 75
FOR THE YEAR ENDED 31 DECEMBER 2023
Non-distributable Reserves Distributable Reserves
Year Ended
31 December 2023 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 31 December 2022 12,977 37,443 762 12,100 4,213 19,975 1,174 88,644
Net return 8 - - - (2,950) (39) (1,797) 479 (4,307)
Dividends paid 6 - - - - - (4,580) (205) (4,785)
Repurchase and
cancellation of shares
12 (434) - 434 - - (2,715) - (2,715)
Net proceeds of share issue 12 978 5,615 - - - - - 6,593
Net proceeds of DIS issue* 12 75 412 - - - - - 487
At 31 December 2023 13,596 43,470 1,196 9,150 4,174 10,883 1,448 83,917
Non-distributable Reserves Distributable Reserves
Year Ended
31 December 2022 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 31 December 2021 10,992 23,244 502 14,583 2,517 29,367 1,107 82,312
Net return 8 - - - (2,483) 1,696 (1,738) 457 (2,068)
Dividends paid 6 - - - - - (5,940) (390) (6,330)
Repurchase and
cancellation of shares
12 (260) - 260 - - (1,714) - (1,714)
Net proceeds of share issue 12 2,157 13,692 - - - - - 15,849
Net proceeds of DIS issue* 12 88 507 - - - - - 595
At 31 December 2022 12,977 37,443 762 12,100 4,213 19,975 1,174 88,644
*DIS represents the Dividend Investment Scheme as detailed in the Chairman’s Statement on page 12.
The capital reserve unrealised is generally non-distributable other than the part of the reserve relating to gains/(losses)
attributable to readily realisable quoted investments that are distributable. The capital reserve unrealised contains
£4,325,000 of losses (2022: £1,699,000) in relation to level 1 and level 2 investments which could be converted to
cash, and as such, could be deemed realised.
Where all, or an element of the proceeds of sales have not been received in cash or cash equivalent (as noted on
the realisations table on pages 32 and 33), 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
76 I Maven Income and Growth VCT 4 PLC
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes
31 December 2023
£’000
31 December 2022
£’000
Fixed assets
Investments at fair value through profit or loss 8 77,237 66,858
Current assets
Debtors 10 1,506 1,610
Cash 16 5,458 20,352
6,964 21,962
Creditors
Amounts falling due within one year 11 (284) (176)
Net current assets 6,680 21,786
Net assets 83,917 88,644
Capital and reserves
Called up share capital 12 13,596 12,977
Share premium account 13 43,470 37,443
Capital redemption reserve 13 1,196 762
Capital reserve - unrealised 13 9,150 12,100
Capital reserve - realised 13 4,174 4,213
Special distributable reserve 13 10,883 19,975
Revenue reserve 13 1,448 1,174
Net assets attributable to Ordinary Shareholders 83,917 88,644
Net asset value per Ordinary Share (pence) 14 61.71 68.30
The Financial Statements of Maven Income and Growth VCT 4 PLC, registered number SC272568, were approved by
the Board of Directors and were signed on its behalf by:
Fraser Gray
Director
5 April 2024
The accompanying Notes are an integral part of the Financial Statements.
Maven Income and Growth VCT 4 PLC I 77
FOR THE YEAR ENDED 31 DECEMBER 2023
Year ended
31 December 2023
Year ended
31 December 2022
Notes £’000 £’000
Net cash flows from operating activities 15 (1,308) (2,187)
Cash flows from investing activities
Purchase of investments (19,583) (5,471)
Sale of investments 6,320 9,068
Net cash flows from investing activities (13,263) 3,597
Cash flows from financing activities
Equity dividends paid 6 (4,785) (6,330)
Net proceeds of share issue 12 6,707 15,849
Net proceeds of DIS issue 12 470 595
Repurchase of Ordinary Shares 12 (2,715) (1,714)
Net cash flows from financing activities (323) 8,400
Net (decrease)/increase in cash (14,894) 9,810
Cash at beginning of year 20,352 10,542
Cash at end of year 5,458 20,352
The accompanying Notes are an integral part of the Financial Statements.
CASH FLOW STATEMENT
78 I Maven Income and Growth VCT 4 PLC
FOR THE YEAR ENDING 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The Company is a public limited company, incorporated in
Scotland 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 46. The Financial Statements have been
prepared under the historical cost convention, as modified
by the revaluation of investments and in accordance with
FRS 102, The Financial Reporting Standard applicable in
the UK and Republic of Ireland, and in accordance with the
Statement of Recommended Practice for Investment Trust
Companies and Venture Capital Trusts (the SORP) issued by
the AIC in July 2022.
(b) Income
Equity income
Dividends receivable on quoted equity shares are recognised
on the ex-dividend date. Dividends receivable on unquoted
equity shares are recognised when the Company’s right to
receive payment is established and there is no reasonable
doubt that payment will be received.
Unquoted loan stock and other preferred income
Fixed returns on non-equity shares and debt securities
are recognised when the Company’s right to receive
payment and expected settlement is established. Where
interest is rolled up and/or payable at redemption then it is
recognised as income unless there is reasonable doubt as
to its receipt.
Redemption premiums
When a redemption premium is designed to protect the
value of the instrument holder’s investment rather than
reflect a commercial rate of revenue return the redemption
premium should be recognised as capital. The treatment
of redemption premiums is analysed to consider if they are
revenue or capital in nature on a company by company basis.
A revenue redemption premium of £nil (2022: £141,836)
was received in the year ended 31 December 2023.
Bank interest
Deposit Interest is recognised on an accruals basis using
the rate of interest agreed with the bank. Income from
unquoted loan stock and deposit interest is included on an
effective interest rate basis.
(c) Expenses
All expenses are accounted for on an accruals basis and
charged to the Income Statement. Expenses are charged
through the revenue account except as follows:
• expenses that are incidental to the acquisition and
disposal of an investment are charged to capital;
• expenses are charged to the special distributable
reserve where a connection with the maintenance
or enhancement of the value of the investments can
be demonstrated. In this respect, the investment
management fee and performance fee has been
allocated 20% to revenue and 80% to special
distributable reserve to reflect the Company’s
investment policy and prospective income and capital
growth; and
• share issue and merger costs are charged to the share
premium account.
(d) Taxation
Deferred taxation is recognised in respect of all timing
differences that have originated but not reversed at the
balance sheet date, where transactions or events that
result in an obligation to pay more tax in the future or
right to pay less tax in the future have occurred at the
balance sheet date. This is subject to deferred tax assets
only being recognised if it is considered more likely than
not that there will be suitable profits from which the
future reversal of the underlying timing differences can
be deducted. Timing differences are differences arising
between the Company’s taxable profits and its results as
stated in the Financial Statements which are capable of
reversal in one or more subsequent periods.
Deferred tax is measured on a non-discounted basis at
the tax rates that are expected to apply in the periods in
which timing differences are expected to reverse, based on
tax rates and laws enacted or substantively enacted at the
balance sheet date.
The tax effect of different items of income/gain and
expenditure/loss is allocated between capital reserves and
revenue account on the same basis as the particular item
to which it relates using the Company’s effective rate of
tax for the period.
UK corporation tax is provided at amounts expected to
be paid/recovered using the tax rates and laws that have
been enacted or substantively enacted at the balance
sheet date.
Maven Income and Growth VCT 4 PLC I 79
1. Accounting policies (continued)
(e) Investments
In valuing unlisted investments the Directors follow the
criteria set out below. These procedures comply with
the revised IPEV Guidelines for the valuation of private
equity and venture capital investments. Investments are
recognised at their trade date and are designated by the
Directors as fair value through profit or loss. At subsequent
reporting dates, investments are valued at fair value, which
represent the Directors’ view of the amount for which
an asset could be exchanged between knowledgeable
willing parties in an arm’s length transaction. This does
not assume that the underlying business is saleable at the
reporting date or that its current shareholders have an
intention to sell their holding in the near future.
A financial asset or liability is generally derecognised when
the contract that gives rise to it is settled, sold, cancelled
or expires.
1. For early stage investments completed in the reporting
period, fair value is determined using the Price of
Recent Investment Method, calibrating for any material
change in the trading circumstances of the investee
company. Other early stage companies are valued by
applying a multiple to the investee’s revenue to derive
the enterprise value of each company. Where relevant,
an investee company may be valued on a discounted
cash flow basis.
2. Whenever practical, recent investments will be valued
by reference to a material arm’s length transaction or a
quoted price.
3. Mature companies are valued by applying a multiple to
their maintainable earnings to determine the enterprise
value of the company.
To obtain a valuation of the total ordinary share capital
held by management and the institutional investors,
the value of third party debt, institutional loan stock,
debentures and preference share capital is deducted
from the enterprise value. The effect of any performance
related mechanisms is taken into account when
determining the value of the ordinary share capital.
4. All private company unlisted investments are valued
individually by the Manager. The resultant valuations
are subject to detailed scrutiny and approval by the
Directors of the Company.
5. In accordance with normal market practice, investments
quoted on AIM or a recognised stock exchange are
valued at their bid market price.
(f) Fair value measurement
Fair value is defined as the price that the Company would
receive upon selling an investment in a timely transaction
to an independent buyer in the principal or the most
advantageous market of the investment.
A three-tier hierarchy has been established to maximise
the use of observable market data and minimise the use
of unobservable inputs and to establish classification of fair
value measurements for disclosure purposes. Inputs refer
broadly to the assumptions that market participants would
use in pricing the asset or liability, including assumptions
about risk, for example, the risk inherent in a particular
valuation technique used to measure fair value including
such a pricing model and/or the risk inherent in the inputs
to the valuation technique. Inputs may be observable or
unobservable.
Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or
liability developed based on market data obtained from
sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting
entity’s own assumptions about the assumptions market
participants would use in pricing the asset or liability
developed based on best information available in the
circumstances.
The three-tier hierarchy of inputs is summarised in the
three broad levels listed below.
• Level 1 - the unadjusted quoted price in an active
market for identical assets or liabilities that the entity
can access at the measurement date.
• Level 2 - inputs other than quoted prices included within
Level 1 that are observable (i.e. developed using market
data) for the asset or liability, either directly or indirectly.
• Level 3 - inputs are unobservable (i.e. for which market
data is unavailable) for the asset or liability.
(g) Gains and losses on investments
When the Company sells or revalues its investments during
the year, any gains or losses arising are credited/charged
to the Income Statement.
(h) Critical accounting judgements and key sources of
estimation uncertainty
Disclosure is required of judgements and estimates made
by the Board and the Manager in applying the accounting
policies that have a significant effect on the Financial
Statements. The area involving the highest degree of
judgement and estimates is the valuation of unlisted
investments recognised in Note 8 and Note 16, and
explained in Note 1 (e) above.
In the opinion of the Board and the Manager, there are no
critical accounting judgements.
80 I Maven Income and Growth VCT 4 PLC
2. Income
Year ended
31 December 2023
Year ended
31 December 2022
£’000 £’000
Income from investments:
UK franked investment income 432 153
UK unfranked investment income 830 1,144
1,262 1,297
Other Income:
Deposit interest 299 92
Total income 1,561 1,389
3. Investment management fees
Year ended 31 December 2023 Year ended 31 December 2022
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Investment management fees 449 1,797 2,246 435 1,738 2,173
449 1,797 2,246 435 1,738 2,173
Details of the fee basis are contained in the Directors’ Report on pages 49 and 50.
4. Other expenses
Year ended 31 December 2023 Year ended 31 December 2022
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Secretarial fees 148 - 148 134 - 134
Directors’ remuneration 83 - 83 86 - 86
Fees to Auditor 51 - 51 47 - 47
Trail commission* - - - 40 - 40
Miscellaneous expenses 351 - 351 190 - 190
633 - 633 497 - 497
*In prior financial years, trail commission was treated as a revenue expense and charged to the Income Statement. In the
current financial year and going forward, trail commission will be charged to the share premium account, given that it is
fundamentally a cost associated with the issuing of share capital.
Fees to Auditor in respect of the audit of the Financial Statements were £42,600 plus VAT (2022: £39,500 plus VAT).
The OCR for the year ended 31 December 2023 was 3.26% (2022: 2.97%), 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 management fee cap, the NAV at year end is used instead of the
average annual NAV. For the year ended 31 December 2023, the overall OCR was 3.43% (2022: 3.18%).
Maven Income and Growth VCT 4 PLC I 81
5. Tax on ordinary activities
Year ended 31 December 2023 Year ended 31 December 2022
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Corporation tax - - - - - -
The tax assessed for the period is at the rate of 25% (2022: 19%).
Year ended 31 December 2023 Year ended 31 December 2022
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Net return on ordinary activities before taxation 479 (4,786) (4,307) 457 (2,525) (2,068)
Net return on ordinary activities before taxation
multiplied by standard rate of corporation tax
120 (1,197) (1,077) 87 (480) (393)
Non taxable UK dividend income (108) - (108) (29) - (29)
Expenses not deductible for tax purposes - - - 7 - 7
(Decrease)/increase in excess
management expenses
(12) 450 438 (65) 330 265
Loss on investments - 747 747 - 150 150
- - - - - -
Losses with a tax value of £2,522,429 (2022: £2,096,362) 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.
82 I Maven Income and Growth VCT 4 PLC
6. Dividends
Year ended 31 December 2023
£’000
Year ended 31 December 2022
£’000
Amounts recognised as distributions to
Shareholders in the year:
Revenue dividends
Final revenue dividend for the year ended
31 December 2022 of 0.05p (2021: 0.10p)
paid on 16 May 2023
68 129
First interim revenue dividend for the year ended
31 December 2023 of 0.10p (2022: 0.20p) paid
on 6 October 2023
137 261
205 390
Capital dividends
Second interim capital dividend for the year
ended 31 December 2021 of 2.00p (2020: nil)
paid on 11 March 2022
- 2,434
Final capital dividend for the year ended
31 December 2022 of 1.70p (2021: 0.90p)
paid on 16 May 2023
2,327 1,159
First interim capital dividend for the year ended
31 December 2023 of 1.65p (2022: 1.80p)
paid on 6 October 2023
2,253 2,347
4,580 5,940
Total dividends paid in year 4,785 6,330
Proposed dividends in respect of year:
Revenue dividends
Final revenue dividend proposed for the year
ended 31 December 2023 of 0.15p
(2022: 0.05p) payable 24 May 2024
211 65
211 65
Capital dividends
Final capital dividend proposed for the year
ended 31 December 2023 of 1.60p
(2022: 1.70p) payable on 24 May 2024
2,250 2,206
2,250 2,206
Total proposed dividends in respect of year 2,461 2,271
Maven Income and Growth VCT 4 PLC I 83
7. Return per Ordinary Share
Year ended
31 December 2023
Year ended
31 December 2022
The returns per share have been based on the
following figures:
Weighted average number of Ordinary Shares 136,002,183 126,180,477
Revenue return £479,000 £457,000
Capital return (£4,786,000) (£2,525,000)
Total return (£4,307,000) (£2,068,000)
8. Investments
Year ended 31 December 2023
Investment
trusts
(quoted
prices)
£’000
AIM
1
(quoted
prices)
£’000
MMFs &
OEICs
(observable
inputs)
£’000
Unlisted
(unobservable
inputs)
£’000
Total
£’000
Valuation at 31 December 2022 2,500 3,988 - 60,370 66,858
Unrealised (gain)/loss (497) 2,196 - (10,827) (9,128)
Cost at 31 December 2022 2,003 6,184 - 49,543 57,730
Movements during the year:
Transfers during the year - 2,888 - (2,888) -
Purchases 2,907 210 9,090 7,376 19,583
Sales proceeds - (497) (3,047) (2,671) (6,215)
Realised gain/(loss) - 162 (11) (190) (39)
Cost at 31 December 2023 4,910 8,947 6,032 51,170 71,059
Unrealised gain/(loss) 725 (5,053) 3 10,503 6,178
Valuation at 31 December 2023 5,635 3,894 6,035 61,673 77,237
1
This includes the holding in Kanabo Group PLC, which resulted from the sale of The GP Service (UK) Limited. During the reporting
period, 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. In addition, the holding in
DeepMatter Group Limited delisted from AIM, moving into unlisted investments.
Note 1(f) defines the three tier hierarchy of investments, and the significance of the information used to determine their
fair value, that is required by Financial Reporting Standard 102 Section 11 “Basic Financial Instruments”. Investment trusts
and AIM (active market) quoted securities are categorised as level 1, MMFs, OEICs and AIM (inactive market) quoted
securities 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.
84 I Maven Income and Growth VCT 4 PLC
8. Investments (continued)
The Portfolio Valuation 31 December 2023 31 December 2022
£’000 £’000
Investment trusts 5,635 2,500
AIM (active market) quoted equities 3,766 3,988
Total level 1 investments 9,401 6,488
MMFs 4,000 -
OEICs 2,035 -
AIM (inactive market) quoted equities 128 -
Total level 2 investments 6,163 -
Unquoted unobservable equities 48,291 45,900
Unquoted unobservable fixed income 13,382 14,470
Total level 3 investments 61,673 60,370
Total investments 77,237 66,858
Realised (losses)/gains on historical basis (39) 1,696
Element of gains on exits not received in cash
and not readily convertible to cash*
- 2,972
Net decrease in value of investments (2,950) (5,455)
Loss on investments (2,989) (787)
*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 32 and 33), 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 4 PLC I 85
9. Participating interests
At 31 December 2023, 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
AMufacture Limited
78,854 B ordinary shares 23.8 4.8 26 26 31/12/22 (187) 40
Altra Consultants Limited
(in liquidation)
2,594 D ordinary shares 35.7 4.2 58 - 30/09/19 (1,035) (1,951)
11,665,268 E ordinary shares 35.7 117 -
BioAscent Discovery Limited
104,476 A ordinary shares 65.3 26.1 1,532 4,713 31/12/22 4,687 789
Boiler Plan (UK) Limited
(in administration)
45,517 C ordinary shares 28.5 9.9 1,152 - 31/12/20 (727) (1,053)
Bright Network (UK) Limited
37,063 B ordinary shares 28.3 9.8 1,383 2,911 31/03/23 4,102 (551)
Cat Tech International Limited
1,479,723 B ordinary shares 28.0 8.4 140 2 31/12/22 3,012 (1,541)
24,627,780 C ordinary shares 2 9.1 289 124
CB Technology Group Limited
18,647,991 B ordinary shares 24.9 18.6 221 761 31/03/22 94 585
99,489 C ordinary shares 25.5 112 170
Contego Solutions Limited
(trading as NorthRow)
85,537 A ordinary shares 24 .1 12.3 556 339 31/12/22 (2,667) (514)
Delio Limited
32,896 A5 ordinary shares 35.0 4.9 175 175 31/03/23 7,947 (3,641)
ebb3 Limited
8,311,624 B ordinary shares 45.0 31.4 598 - 30/12/22 (850) (193)
56,388,744 C ordinary shares 53.3 564 835
Ensco 969 Limited
(trading as DPP)
10,782,500 B ordinary shares 21.6 7.4 145 210 31/10/22 1,387 (290)
227,000 C ordinary shares 22.7 227 411
Filtered Technologies Limited
47,221 B ordinary shares 38.0 9.7 950 1,034 31/12/21 645 (924)
86 I Maven Income and Growth VCT 4 PLC
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
Flow UK Holdings Limited
6,347,728 B ordinary shares 36.3 12.7 63 - 31/12/21 (2,282) (1,294)
24,818,181 C ordinary shares 38.2 248 -
FodaBox Limited
15,988 A ordinary shares 26.5 1.0 398 - 31/03/23 917 (2,136)
Growth Capital Ventures Limited
36,367,911 C ordinary shares 27.3 11.5 639 650 30/11/22 2,120 57
Horizon Ceremonies Limited
(trading as Horizon Cremation)
2,813,119 B ordinary shares 24.6 12.9 28 1,710 31/12/22 235 -906
99,013,636 C ordinary shares 20.9 990 1,326
Hublsoft Group Limited
7,272 A2 ordinary shares 30.9 7.3 800 1,000 31/12/22 6,482 64
Liftango Group Limited
74,476 B ordinary shares 22.1 3.1 497 497 31/12/22 15,881 (73)
Martel Instruments Holdings
Limited
63,804 B ordinary shares 33.1 14.7 23 - 31/12/22 (5,547) (424)
McKenzie Intelligence Services
Limited
289,907 A ordinary shares 24.9 1.6 159 159 31/03/23 842 27
Metrion Biosciences Limited
5,331 B ordinary shares 22.8 4.4 57 57 31/12/22 2,974 1,169
50,505 B preferred shares 24.0 540 540
MirrorWeb Limited
1,754 E2 ordinary shares 36.1 8.5 890 2,081 31/10/22 1,074 (1,089)
Novatus Advisory Limited
4,858 C1 ordinary shares 28.3 3.5 509 509 31/03/23 1,932 59
513 C2 ordinary shares 26.8 54 54
Plyable Limited
155,889 preferred shares 24.9 6.8 249 249 31/03/23 1,164 (808)
Precursive Limited
265,477 D ordinary shares 22.4 5.5 750 750 31/01/23 807 (1,794)
Maven Income and Growth VCT 4 PLC I 87
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
Project Falcon Topco Limited
(trading as Quorum Cyber)
924,900 B ordinary shares 20.8 1 .1 419 419 31/03/23 26,771 (5,107)
RevLifter Limited
15,957 A ordinary shares 33.3 10.2 6 6 31/12/22 1,690 (1,830)
15,957 A preference shares 33.3 994 994
Rockar 2016 Limited
(trading as Rockar)
7,458 B ordinary shares 20.8 6.2 875 743 31/12/22 4 1
Rockar Retail Limited
208 B ordinary shares 20.8 2.1 21 21 31/12/22 3 -
Shortbite Limited
(trading as Fixtuur)
60,086 A3 ordinary shares 30.5 9.7 72 72 30/09/22 1,345 (580)
TC Communications
Holdings Limited
62,403 B ordinary shares 35.7 12.6 27 - 31/12/22 (5,592) 140
653,430 C ordinary shares 45.1 28 -
The Algorithm People Limited
(trading as Optimize)
1,140 A ordinary shares 37.5 6 .1 420 558 30/09/22 1,481 (758)
Traceall Global Limited
164,495 B ordinary shares 59.0 8.8 197 - 31/12/22 (299) (24)
VCG Holding Limited
(formerly Vodat)
21,573,809 B ordinary shares 26.4 8.4 433 526 31/03/23 (657) (458)
6,711,735 C ordinary shares 26.8 76 67
WaterBear Education Limited
7,883,600 B ordinary shares 51.2 19.9 79 898 31/08/22 91 274
612,800 C ordinary shares 52.4 613 786
Whiterock Group Limited
6,491,464 B ordinary shares 55.6 11.2 215 280 31/12/21 890 (10)
55,081,137 C ordinary shares 80.5 551 904
Zinc Digital Business
Solutions Limited
87,388 B1 ordinary 2023 shares 29.8 7.6 209 209 31/08/22 4,066 (303)
Details of equity percentages of all other holdings are shown in the Investment Portfolio Summary on pages 41 to 45.
88 I Maven Income and Growth VCT 4 PLC
10. Debtors
31 December 2023 31 December 2022
£’000 £’000
Prepayments and accrued income 1,010 1,028
Current taxation 37 37
Other debtors 459 545
1,506 1,610
11. Creditors
31 December 2023 31 December 2022
£’000 £’000
Accruals 284 176
284 176
12. Share capital
31 December 2023 31 December 2022
Number £’000 Number £’000
At 31 December the authorised
share capital comprised:
Allotted, issued and fully paid
Ordinary Shares of 10p each
Balance brought forward 129,788,859 12,977 109,929,961 10,992
Repurchased and cancelled in year (4,338,000) (434) (2,595,755) (260)
Ordinary Shares issued during year 10,531,482 1,053 22,454,653 2,245
135,982,341 13,596 129,788,859 12,977
During the year, 4,338,000 Ordinary Shares (2022: 2,595,755) of 10p each were repurchased by the Company at a cost of
£2,714,925 (2022: £1,714,319) and cancelled. Subsequent to the year end, the Company bought back a further 1,036,862
shares for cancellation.
During the year, the Company issued 9,778,179 (2022: 21,573,066) new Ordinary Shares pursuant to an Offer for
Subscription, at prices ranging from 67.13p to 71.88p (2022: 69.28p to 77.12p) per share. The total share issue proceeds,
net of fees, were £6,592,714 (2022: £15,849,216) of which £977,818 (2022: £2,157,307) related to share capital and
£5,614,896 (2022: £13,691,909) share premium.
The Company also issued a total of 753,303 new Ordinary Shares (2022: 881,587) under a DIS election, at prices ranging
from 63.17p to 66.46p (2022: 66.56p to 72.88p). The total DIS issue proceeds were £487,995 (2022: £594,756) of which
£75,330 (2022: £88,159) related to share capital and £412,665 (2022: £506,597) to share premium.
Subsequent to the year end, the Company issued a further 2,260,393 new Ordinary Shares on 17 January 2024, 1,830,403
new Ordinary Shares on 8 February 2024 and 1,610,530 new Ordinary Shares on 27 March 2024, all pursuant to an Offer for
Subscription and at subscription prices varying from 61.70p to 64.29p per share.
Maven Income and Growth VCT 4 PLC I 89
13. Reserves
Share premium account
The share premium account represents the premium above nominal value received by the Company on issuing shares net
of share issue costs, including £113,694 trail commission. This reserve is non-distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve. This reserve is
non-distributable.
Capital reserve - unrealised
Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred
to the capital reserve unrealised account. This reserve is generally non-distributable other than the part of the reserve
relating to gains/(losses) attributable to readily realisable quoted investments which are distributable.
Capital reserve - realised
Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to
the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are
transferred from the capital reserve unrealised account to the capital reserve realised account on disposal. This reserve is
distributable.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable
reserve account. The special distributable reserve also represents capital dividends, capital investment management fees
and the tax effect of capital items. This reserve is distributable.
Revenue reserve
The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders
as a dividend. This reserve is distributable.
90 I Maven Income and Growth VCT 4 PLC
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:
31 December 2023 31 December 2022
Net asset
value per
share
p
Net asset
value
attributable
£’000
Net asset
value per
share
p
Net asset
value
attributable
£’000
Ordinary Shares 61.71 83,917 68.30 88,644
The number of issued shares used in the above calculation is set out in Note 12.
15. Reconciliation of net return to cash utilised by operations
Year ended
31 December 2023
£’000
Year ended
31 December 2022
£’000
Net return (4,307) (2,068)
Adjustment for:
Loss on investments 2,989 787
Operating cash flow before
movement in working capital
(1,318) (1,281)
Decrease in prepayments 13 -
Decrease/(increase) in debtors 3 (155)
Decrease in accruals (6) (751)
Cash utilised by operations (1,308) (2,187)
Maven Income and Growth VCT 4 PLC I 91
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 period. 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 15. Adherence to investment guidelines and to investment
and borrowing powers set out in the Management and Administration Deed 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.
92 I Maven Income and Growth VCT 4 PLC
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 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 31 December 2023
Fixed interest
£’000
Floating rate
£’000
Non interest bearing
£’000
Sterling
AIM - - 3,894
Unlisted 13,382 - 48,291
MMFs - 4,000 -
OEICs - 2,035 -
Investment trusts - - 5,635
Cash - 5,458 -
13,382 11,493 57,820
At 31 December 2022
Fixed interest
£’000
Floating rate
£’000
Non interest bearing
£’000
Sterling
AIM - - 3,988
Unlisted 14,470 - 45,900
Investment trusts - - 2,500
Cash - 17,037 3,315
14,470 17,037 55,703
The unlisted fixed interest assets have a weighted average life of 0.66 years (2022: 0.10 years) and a weighted average
interest rate of 10.06% (2022: 10.25%). The floating rate assets consist of cash.
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 which determines the rate of interest
receivable on cash is the bank base rate which was 5.25% at 31 December 2023 (2022: 3.50%) whilst MMFs and OEICs
are determined by the 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 £114,930 (2022: £170,370). 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.
Maven Income and Growth VCT 4 PLC I 93
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 31 December 2023
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 11,524 - - 526 1,332 13,382
11,524 - - 526 1,332 13,382
At 31 December 2022
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 14,210 92 - 168 - 14,470
14,210 92 - 168 - 14,470
(iii) Liquidity risk
Due to their nature, unlisted investments may not be readily realisable and therefore a portfolio of listed assets and cash
is held to offset this liquidity risk. Note 1(f) details the three-tier hierarchy of inputs used as at 31 December 2023 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:
31 December 2023
£’000
31 December 2022
£’000
Investments in unlisted debt securities 13,382 14,470
Cash 5,458 20,352
18,840 34,822
All assets that are traded on a recognised exchange are held by JPMorgan Chase, the Company’s custodian, and include
AIM, MMF and OEIC holdings, although some MMF holdings are held directly. Cash balances are held by Barclays Bank,
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.
94 I Maven Income and Growth VCT 4 PLC
16. Financial instruments (continued)
(iv) Credit risk (continued)
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 31 December 2023 or 31 December 2022.
(v) Price risk sensitivity
The following details the Company’s sensitivity to a 10% increase or decrease in the market prices of AIM quoted
securities, investment trusts and unlisted securities, with 10% being the Manager’s assessment of a reasonable possible
change in market prices.
At 31 December 2023, if market prices of AIM quoted securities had been 10% higher or lower and with all other variables
held constant, the increase or decrease in net assets attributable to Shareholders for the year would have been £389,000
(2022: £398,000) due to the change in valuation of financial assets at fair value through profit or loss.
At 31 December 2023, if market prices of investment trusts 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
£563,500 (2022: £250,000) due to the change on valuation of financial assets at fair value through profit or loss.
At 31 December 2023, if prices of unlisted securities (excluding MMFs and OEICs) 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 £6,167,300 (2022: £6,037,000) due to the change in valuation of financial assets at fair value through profit or loss.
At 31 December 2023, 73.5% (2022: 68.1%) 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 factors 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
Maven Capital Partners UK LLP (Maven) is deemed to be a related party of the Company, as Bill Nixon, a director of the
Company, is also Managing Partner of Maven. The Company has employed Maven throughout the period as Manager.
The Company has been charged £2,246,255 by Maven as a management fee in the year to 31 December 2023 (2022:
£2,173,074). The management fee is payable quarterly and is based on 2.5% of net assets at quarterly intervals.
The Company has also been charged £nil by Maven as a performance fee in the year to 31 December 2023 (2022: £nil).
The performance fee is payable bi-annually and is based on the movement in net assets from the previous fee payment
(high water mark), also taking into consideration share capital movements and dividend payments.
The Company has employed Maven throughout the period as Secretary. The Company has been charged £148,432 by
Maven as a secretarial fee in the year to 31 December 2023 (2022: £134,300). The secretarial fee is payable quarterly
and is based on the previous year’s fee, reflecting an uplift for UK Retail Price Index.
Maven had an interest in Maven Co-invest Endeavour Limited Partnership, an investment managed by Penta Capital LLP,
of which Steven Scott, a Director of the Company, is a partner. Maven’s investment and the Company’s investment in
Maven Co-invest Endeavour Limited Partnership was sold in the prior year, with the final proceeds of £797,700 being
received during the reporting period.
Maven has an interest in Maven Capital (Marlow) Limited, in which the Company has a loan holding included in unlisted
investments at a valuation of £650,000. The interest yield is currently rolled on this holding, with accrued interest of
£460,000 (2022: £430,000) included in the Financial Statements.
Maven Income and Growth VCT 4 PLC I 95
Notice is hereby given that the Annual General Meeting of Maven Income and Growth VCT 4 PLC (the Company:
Registered in Scotland with registered number SC272568) will be held at the offices of Maven Capital Partners
UK LLP, 6th Floor, Saddlers House, 44 Gutter Lane, London EC2V 6BR at 12.00 noon on Thursday 9 May 2024
for the purposes of considering and, if thought fit, passing the following Resolutions:
Ordinary Resolutions
1. To receive the Directors’ Report and the audited Financial Statements for the year ended 31 December 2023.
2. To receive the Directors’ Remuneration Report for the year ended 31 December 2023.
3. To approve a final dividend of 1.75p per Ordinary Share in respect of the year ended 31 December 2023.
4. To re-elect Fraser Gray as a Director.
5. To re-elect Brian Colquhoun as a Director.
6. To re-elect Bill Nixon as a Director.
7. To re-elect Steven Scott as a Director.
8. To re-appoint Johnston Carmichael LLP as Auditor to the Company.
9. To authorise the Directors to fix the remuneration of the Auditor.
10. 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 in the
Company, or grant rights to subscribe for or convert any security into Ordinary Shares in the Company, up to
an aggregate nominal amount of £1,406,468 (representing 10% of the total Ordinary Share capital in issue as
at 3 April 2024) provided that this authority shall expire at the conclusion of the next AGM of the Company or,
if earlier, on the expiry of 15 months after the passing of this Resolution, and so that the Company may before
such expiry, make an offer or agreement which 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 agreement as if the
authority conferred had not expired.
NOTICE OF ANNUAL GENERAL MEETING
96 I Maven Income and Growth VCT 4 PLC
Special Resolutions
11. THAT, subject to the passing of Resolution 10, the Directors be and are hereby 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 10 for cash as if Section 561(1) of the Act did not apply to the allotment, provided that this power
shall be limited to allotment:
(a) of equity securities in connection with an offer of such securities by way of rights to holders of Ordinary
Shares in proportion (as nearly as practicable) to their respective holdings of such 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 £1,406,468, representing 10% of the total Ordinary Share capital in issue as at 3 April 2024;
and
(c) shall expire at the conclusion of the next AGM of the Company held after the passing of this resolution or,
if earlier, on the expiry of 15 months from the passing of the Resolution, and so that the Company may,
before such expiry, make an offer or agreement which 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.
12. THAT the Company be and is hereby generally and, subject as here and 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 fully paid Ordinary Shares of 10p each in the capital of the Company provided
always that:
(a) the maximum number of Ordinary Shares hereby authorised to be purchased is 21,082,956 Ordinary Shares,
representing approximately 14.99% of the Company’s Ordinary Share capital in issue as at 3 April 2024;
(b) the minimum price 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) an amount equal to 105% of the average of the closing middle market price for the Ordinary Share 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 which will or may be completed wholly or partly after such expiry.
13. 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
Kintyre House
205 West George Street
Glasgow G2 2LW
5 April 2024
Maven Income and Growth VCT 4 PLC I 97
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 7 May 2024 (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 Companies Act
2006, is available from: mavencp.com/migvct4.
Attending in person
3) If you wish to attend the Meeting in person, please bring some form of personal 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 attach
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 his or
her discretion. Your proxy will vote (or abstain from voting) as he or she thinks fit in relation to any other
matter which 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 Registrars, 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 noon on 7 May 2024 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 which 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: proxy-maven4.cpip.io.
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 personalised
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 the enclosed Proxy Form. Shareholders should not show
this information to anyone unless they wish to give proxy instructions on their behalf.
98 I Maven Income and Growth VCT 4 PLC
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 noon on 7 May 2024. 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 which 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 automatically be terminated.
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 3 April 2024, the Company’s issued share capital comprised 140,646,805 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 3 April 2024 is 140,646,805. The website referred to in note 2 will
include information on the number of shares and voting rights.
Maven Income and Growth VCT 4 PLC I 99
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 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 which 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’ right to require the Company to publish audit concerns (see 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 which is signed by you, states your full name and address and is sent to The Secretary,
Maven Income and Growth VCT 4 PLC, Kintyre House, 205 West George Street, Glasgow G2 2LW; or
• a request which 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.
100 I Maven Income and Growth VCT 4 PLC
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 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, stating “AGM” in the subject field..
Registered in Scotland: Company Number SC272568
Maven Income and Growth VCT 4 PLC I 101
Resolution 1 – Annual Report and Financial Statements
The Directors seek approval to receive the Directors’ Report and audited Financial Statements for the year ended
31 December 2023, which are included within the Annual Report.
Resolution 2 – Directors’ Remuneration Report
The Board seeks approval to receive the Directors’ Remuneration Report for the year ended 31 December 2023,
which is also included in the Annual Report.
Resolution 3 – Final Dividend
The Company’s Shareholders will be asked to approve the payment of a final dividend of 1.75p per Ordinary Share
for the year ended 31 December 2023, to be paid on 24 May 2024 to Shareholders on the register at the close of
business on 19 April 2024.
Resolution 4 – Re-election of Director
Fraser Gray will retire at the AGM and, being eligible, offers himself for re-election as a Director of the Company.
Resolution 5 – Re-election of Director
Brian Colquhoun will retire at the AGM and, being eligible, offers himself for re-election as a Director of the Company.
Resolution 6 – Re-election of Director
Bill Nixon will retire at the AGM and, being eligible, offers himself for re-election as a Director of the Company.
Resolution 7 – Re-election of Director
Steven Scott will retire at the AGM and, being eligible, offers himself for re-election as a Director of the Company.
Resolutions 8 and 9 – Re-appointment and remuneration of Auditor
The Company must appoint an auditor at each general meeting at which the accounts are presented to Shareholders,
to hold office until the conclusion of the next such meeting. Resolution 8 seeks Shareholder approval to re-appoint
Johnston Carmichael LLP as the Company’s Auditor. In accordance with normal practice, Resolution 9 seeks authority
for the Directors to determine the Auditor’s remuneration.
EXPLANATORY NOTES TO THE NOTICE
OF ANNUAL GENERAL MEETING
An explanation of the Resolutions to be proposed at the AGM is set out below. Resolutions 1 to 10 will be
proposed as Ordinary Resolutions requiring the approval of more than 50% of the votes cast and Resolutions 11
to 13 will be proposed as Special Resolutions requiring the approval of 75% or more of the votes cast.
102 I Maven Income and Growth VCT 4 PLC
Resolution 10 – Authority to allot shares
Resolution 10, if passed, will authorise the Directors to allot shares or rights to subscribe for them up to an aggregate
nominal value of £1,406,468. This amounts to 14,064,680 Ordinary Shares representing approximately 10% of the
total share capital of the Company in issue as at 3 April 2024 (this being the latest practicable date prior to
publication of this Annual Report). The Directors’ authority 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 11 – Waiver of statutory pre-emption rights
Resolution 11, 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 10 and 11 to allot further Ordinary Shares or rights to subscribe for them.
Resolution 12 – Purchase of own shares
Under Resolution 12, the Company’s Shareholders are being asked to renew the Directors’ authority to make market
purchases of up to 21,082,956 Ordinary Shares (excluding shares held in treasury) of the Company (which represents
approximately 14.99% of the issued share capital of the Company as at 3 April 2024) and the Resolution sets out the
minimum and maximum prices that can be paid, exclusive of expenses. Any Ordinary Shares in the Company
purchased pursuant to the authority sought under Resolution 12 may be either cancelled, and not be available for
reissue, or held in treasury. Once held in treasury, such shares may be cancelled or sold for cash. At the date of this
Annual Report, the Company does not hold any Ordinary Shares in the capital of the Company in treasury. The
authority conferred by Resolution 12 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.
The Board intends to use this authority to continue its share buy-back policy.
Resolution 13 – 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 13 seeks such
approval and would be effective until the Company’s next AGM, when it is intended that a similar Resolution is
proposed. If approved, it is anticipated that such authority will only be exercised under 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.
ALTERNATIVE PERFORMANCE MEASURES (APMs)
Measures of performance that are in addition to the statutory measures 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.
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.
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 to be 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 is made up of revenue EPS and capital EPS.
EX-DIVIDEND DATE (XD DATE)
The date set by the London Stock Exchange, normally being the business day 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.
GLOSSARY
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104 I Maven Income and Growth VCT 4 PLC
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 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.
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.
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
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 4 PLC I 105
YOUR NOTES
106 I Maven Income and Growth VCT 4 PLC
YOUR NOTES
DIRECTORS
Fraser Gray (Chairman)
Brian Colquhoun
Bill Nixon
Steven Scott
MANAGER AND SECRETARY
Maven Capital Partners UK LLP
Kintyre House
205 West George Street
Glasgow G2 2LW
Telephone: 0141 306 7400
Email: enquiries@mavencp.com
REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS
Kintyre House
205 West George Street
Glasgow G2 2LW
REGISTERED IN SCOTLAND
Company Registration Number: SC272568
Legal Entity Identifier: 213800WSH2TNL9NG5I06
TIDM: MAV4
ISIN: GB00B043QW84
WEBPAGE
mavencp.com/migvct4
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
BANKER
JPMorgan Chase Bank
STOCKBROKER
Shore Capital Stockbrokers Limited
Telephone: 020 7647 8132
VCT ADVISER
Philip Hare & Associates LLP
CONTACT INFORMATION
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108 I Maven Income and Growth VCT 4 PLC
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