Maven Income and Growth VCT 3 PLC I 1
Annual Report for the
year ended 30 November 2023
MAVEN INCOME
AND GROWTH
VCT 3 PLC
02 I Maven Income and Growth VCT 3 PLC
CORPORATE SUMMARY
THE COMPANY
Maven Income and Growth VCT 3 PLC (the Company)
is a public company limited by shares. It was incorporated
in England and Wales on 7 September 2001 with
company registration number 04283350. Its registered
The Company is a venture capital trust (VCT) and its
shares are listed on the premium segment of the
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’s Annual General Meeting (AGM) to be held in
anniversary of the latest allotment of new shares.
SHARE DEALING
Shares in the Company can be purchased and sold in
RECOMMENDATION OF NON-MAINSTREAM
INVESTMENT PRODUCTS
The Company currently conducts its affairs so that the
advisers to ordinary retail investors in accordance with
intends to do so for the foreseeable future. The
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
usually based overseas or using false UK addresses or
aware that their intentions are often fraudulent and
involving a request for an indemnity or a payment to be
provided in advance.
• obtain the name of the individual or organisation
• discontinue the call if you are in any doubt about the
unsolicited calls with an offer to buy or sell shares to
USEFUL CONTACT DETAILS:
Maven Income and Growth VCT 3 PLC I 03 Maven Income and Growth VCT 3 PLC I 03
Corporate Summary 02
Chairman’s Statement 10
Portfolio Analysis 22
Investment Manager’s Review 24
Largest Investments by Valuation 35
Investment Portfolio Summary 41
Directors’ Report 45
Directors’ Remuneration Report 52
Independent Auditor’s Report to the Members
Income Statement 72
Statement of Changes in Equity 73
Notice of Annual General Meeting 90
Glossary 98
Your Notes 100
Contact Information 103
STRATEGIC REPORT
FINANCIAL STATEMENTS
GOVERNANCE REPORT
ANNUAL GENERAL MEETING &
ADDITIONAL INFORMATION
01
03
02
04
IN THIS REPORT
04 I Maven Income and Growth VCT 3 PLC
AS AT 30 NOVEMBER 2023
NAV Total Return Performance
1
*
per Ordinary Share
2.15p
per Ordinary Share
97.57p
(NAV)
£59.34m
NAV
per Ordinary Share
52.48p
NAV total return
1
per Ordinary Share
150.05p
2
4.62%
The above chart shows the NAV total return per Ordinary Share as at the end of November in each year.
Dividends that have been declared but not yet paid are included in the NAV at the balance sheet date.
FINANCIAL HIGHLIGHTS
152.49p
152.97p
144.44p
144.09p
130135 140145 15
01
55
2022
150.05p
2023
2021
2020
2019
(p)
NAV Total Return Performance
Maven Income and Growth VCT 3 PLC I 05
2023
2022
2021
NAV £
NAV per Ordinary Share 52.48p 57.32p
Dividends paid or proposed per Ordinary Share
for the year
3.15p 4.75p
Dividends paid per Ordinary Share to date* 97.57p 95.17p 90.42p
1
150.05p 152.49p 152.97p
Share price
3
50.00p 53.00p 58.00p
Discount to NAV* 4.73% 7.54% 7.27%
Annual yield
2
* 5.04% 8.44%
Ongoing charges ratio (OCR) 3.25% 3.07% 3.13%
Ordinary Shares in issue
1
2
3
DIVIDENDS
Payment
date
Payment
(p)
Annual
payment (p)
Annual
2
2003 - 2018 82.17
2019 30 August 2019 Interim 2.00
17 April 2020 2.00 4.00
2020 28 August 2020 Interim 2.00
1.00 3.00 5.01
2021 10 September 2021 Interim 1.25
11 March 2022 Second interim 2.00
1.50 4.75 8.44
2022 Interim 1.25
1.90 3.15 5.04
2023 25 August 2023 Interim 0.50
97.57
2023 3 May 2024 2.15
99.72
FINANCIAL HISTORY
06 I Maven Income and Growth VCT 3 PLC
SUMMARY OF INVESTMENT CHANGES
YEAR ENDED 30 NOVEMBER 2023
£’000 % £’000 £’000 £’000 %
1
Equities 48.8 394 53.4
13.1 (594) 13.4
37,114 61.9 2,719 (200) 39,633 66.8
2
Equities 3.4 2.2
3
OEICs - - 3.4
- - - 13.5
Investment trusts 3.3 (2) 8.2
41,160 68.6 16,650 (1,985) 55,825 94.1
Other net assets
4
31.4 - 5.9
Net assets 59,943 100.0 1,379 (1,985) 59,337 100.0
1
2
.
3
These holdings represent the treasury
permitted non-qualifying holdings in open-ended investment companies (OEICs) and
4
The movement predominantly relates to deploying cash as part of the investment and treasury strategies.
Maven Income and Growth VCT 3 PLC I 07
YOUR BOARD
Atul has held a number of senior positions in software technology
was appointed as a Civil Service Commissioner to the Cabinet and in December 2022 he was appointed as a non-
the University College of North Wales.
24 April 2023.
None.
None.
24 April 2023.
None.
None.
in the Directors’ Report and in the Statement of Corporate Governance.
ATUL DEVANI
Chairman and Independent Non-executive Director
DAVID ALLAN
Independent Non-executive Director
08 I Maven Income and Growth VCT 3 PLC
24 April 2023.
Nomination.
None.
24 April 2023.
None.
None.
BILL NIXON
Non-executive Director
Independent Non-executive Director
Maven Income and Growth VCT 3 PLC I 09
None.
None.
None.
DAVID PRISEMAN
Independent Non-executive Director
10 I Maven Income and Growth VCT 3 PLC
CHAIRMAN’S STATEMENT
valuations have been reduced accordingly.
22% reduction in the value of your Company’s AIM quoted portfolio. Despite recent
private equity and AIM quoted holdings provides the optimal structure for delivering
to be limited new AIM investment activity until there is demonstrable evidence of a
HIGHLIGHTS
NAV total return at
the year end of
150.05p per share
NAV at the year end of
52.48p per share
per share proposed for
payment in May 2024
Offer for Subscription
raising a total of
New Offer for
Subscription launched
in October 2023
Maven Income and Growth VCT 3 PLC I 11
The Directors are encouraged by the rate of new investment that has been achieved during the year. After a
demand for growth capital from a wide range of entrepreneurial and ambitious SMEs operating across the UK.
is well positioned to continue to follow its investment strategy in the year ahead.
.
will be available for the foreseeable future.
that represents 5% of the NAV per share at the immediately preceding year end.
12 I Maven Income and Growth VCT 3 PLC
utilised to subscribe for new Ordinary Shares issued by the Company under the standing authority requested from
. Election to participate in the DIS can also be made through the Registrar’s online
.
Shareholders.
are in possession of price sensitive information.
Maven Income and Growth VCT 3 PLC I 13
the Manager were reassured by the announcement in the Autumn Statement 2023 that the “sunset clause” would
and Venture Capital Valuation (IPEV) Guidelines as the central methodology for all private company valuations.
Directors and the Manager continue to follow industry guidelines and adhere to the IPEV Guidelines in all private
growth and sustainability of these businesses.
Manager has actively participated in various initiatives dedicated to enhancing diversity and is also a signatory to
14 I Maven Income and Growth VCT 3 PLC
any requirements that are material to your Company.
Annual report. David will stand for election at the 2024 AGM.
6
Floor, Saddlers House, 44 Gutter Lane,
London EC2V 6BR
pages 90 to 95 of this Annual Report.
Maven Income and Growth VCT 3 PLC I 15
The Company aims to achieve long-term capital appreciation and generate income for Shareholders.
companies and AIM quoted companies that meet the criteria for VCT qualifying investments and have strong
• investing no more than £1.25 million in any company in one year and no more than 15% of the Company’s
Root Cause Control Measures
unquoted UK companies and AIM
liquidity relative to investments
in large quoted companies.
• The Company appoints an
manager with the appropriate
required to achieve the
monitoring and realisation process
is applied by the Manager and
regularly reviews the investment
portfolio with the Manager.
• The Company‘s investment
large number of companies and
is actively and closely monitored.
BUSINESS REPORT
16 I Maven Income and Growth VCT 3 PLC
Root Cause Control Measures
could cause a third party to
fail to perform its duties and
is unable to carry on trading and
cannot provide services to the
Company.
systems and controls in place
to prevent or mitigate against a
systems or data security failure.
and compliance reports from
oversight of third party cyber
ensure these adequately address
• Ability of third parties to operate
effective business continuity plan
validated.
status could result in
Shareholders losing the income
qualifying requirement could
result in a loss of listing of the
shares.
Manager to ensure compliance
with all applicable and upcoming
qualifying status is maintained.
detailed under other headings in
Guidance and Transparency
the Company could lead to a
number of detrimental outcomes
and reputational damage.
a good understanding of the
changing regulatory agenda and
consider emerging issues so
that appropriate changes can be
developed and implemented in
good time.
or through relevant industry
and the Venture Capital Trust
Association (VCTA) in relation to
any changes in legislation.
Maven Income and Growth VCT 3 PLC I 17
Root Cause Control Measures
plans and creating challenges for
SMEs within the portfolio.
• Cost of living crisis resulting in
rising costs within the portfolio
wages and utilities.
investment portfolio with the
closely with portfolio companies
to identify and support them in
the management of economic
challenges.
across a large number of
investee companies and a
progress is actively and closely
monitored.
overview of the Company’s business model and strategy.
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
and AIM quoted investments. The level of qualifying investments is monitored continually by the Manager and
• ongoing charges ratio.
18 I Maven Income and Growth VCT 3 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. The annual yield is the total dividends paid
the most recently published NAV per share. The ongoing charges ratio (OCR) is a measure of the total cost of a fund
page 78.
proposals.
Company’s future development and performance.
Investments held by Maven Income and Growth VCT 3 PLC in unquoted companies are valued in accordance with
capital industry. The guidelines were updated in December 2022 and incorporate the special guidance issued post
these industry guidelines and adhere to the IPEV Guidelines in all private company valuations. Investments quoted or
Maven Income and Growth VCT 3 PLC I 19
Shareholders are encouraged to
attend and vote at the AGM and
questions and engage with the
Directors and the Manager.
The Company reports formally to
Shareholders by publishing Annual
and Interim Reports. In the instance
Shareholders through the issue of a
Prospectus.
matters or reporting obligations are
disseminated to Shareholders by way
Announcements.
regarding dividends for the year under review can be found in the
Chairman’s Statement on page 11.
The Directors recognise the importance to Shareholders of the Company
Chairman’s Statement on pages 12 and 13 and in the Directors’ Report
on page 49.
Directors considered that it would be in the interest of Shareholders to
promote a competitive ongoing charges ratio and is in the interests of
Offers for Subscription can be found in the Chairman’s Statement on
page 12.
The Secretary acts as a point of
communications received from
Shareholders are circulated to the
The Manager also publishes its bi-
annual newsletter and provides
regular portfolio updates by email.
and ethical factors impacted by the
Company and the investments that
The Directors and the Manager are aware of their duty to act in the
associated with investment in companies that fail to conduct business in
a socially responsible manner.
The Manager’s ESG assessment of investee companies focuses on their
20 I Maven Income and Growth VCT 3 PLC
the performance of portfolio
companies and the Directors
challenge the Manager where they
feel it is appropriate.
The Manager communicates directly
normally through the Maven
representative who sits on the board
of the private investee company.
teams of investee companies give
required.
represent an important part of the Company’s investment strategy and
Meeting with the management teams of the private investee companies
liquidity and peer group
performance.
decision to re-appoint the Manager.
fundraising.
As detailed in the Chairman’s Statement on page 11 and in the
interest rates and to ensure ongoing compliance with the Nature of
Annual review meetings and control
reports.
The Directors review the performance of all third party service providers
Regular statements and control
and balances reconciled.
The Directors review the performance of all third party providers on an
Maven Income and Growth VCT 3 PLC I 21
on page 59.
The Manager engages with the Company’s underlying investee companies in relation to their corporate governance
Company does not have a human rights policy.
The Company’s Auditor is required to report if there are any material inconsistencies between the content of the
is believed that these are in the best interests of Shareholders.
22 I Maven Income and Growth VCT 3 PLC
PORTFOLIO ANALYSIS
AS AT 30 NOVEMBER 2023
Sector analysis by value
4
5
6
2
3
1
1. Software & technology¹ 42%
2. Business services 17%
3. Industrials & engineering 13%
4. Learning & development/
recruitment technology 12%
5. Pharmaceuticals, biotechnology
& healthcare 8%
6. Marketing & advertising
technology 8%
Software &
technology
Business
services
Industrials &
engineering
Learning &
development/
recruitment
technology
Pharmaceuticals,
biotechnology &
healthcare
Marketing &
advertising
technology
0 5,000
10,000
£'000
15,000 20,000
CostValue
1
Maven Income and Growth VCT 3 PLC I 23
PORTFOLIO ANALYSIS
2
.
1
3
1
2
1. Growth capital investments
(completed post 2015) 80%
2. Later stage investments
(completed pre 2015) 17%
3. AIM quoted investments 3%
Portfolio composition by value
Age of investments by value
4
1
2
3
1. Less than 1 year 6%
2. Between 1 and 3 years 22%
3. Between 3 and 5 years 27%
4. Greater than 5 years 45%
1
restrictions on the types of transactions and companies in which a VCT could invest.
2
AS AT 30 NOVEMBER 2023
24 I Maven Income and Growth VCT 3 PLC
regionally based investment team has continued to access a steady pipeline of new
Maven maintains a selective approach to new investment and continues to favour
supporting companies that have established levels of recurring revenues within a large
The focus remains on identifying companies that operate in attractive or defensive
growth is less dependent on economic factors. Your Company now has a broadly based
which is helpful in the current higher interest rate environment.
economic challenges. Whilst many companies have continued to achieve growth
HIGHLIGHTS
Deployment of
£5.1 million in a
diverse range of
new companies and
follow-on investment
companies added
with two further
investments completed
post the period end
provided to support
the growth of 15
private portfolio
companies
INVESTMENT MANAGER’S REVIEW
Maven Income and Growth VCT 3 PLC I 25
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 modest fundraising to
support biotech specialist
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
future dividend streams.
Digital graduate recruitment specialist has achieved a 75% increase in revenue over the past
Technology Academy
Technology Academy
is gaining commercial
Specialist manufacturer
instrumentation and medical technology where demand has been less economically sensitive. The business continues
26 I Maven Income and Growth VCT 3 PLC
CYSIAM
helps clients to understand their security position and build appropriate cyber resilience. CYSIAM has developed a
the business to pivot towards a Software as a Service (SaaS) model.
Data transfer specialist
new engineering and testing hub in Newcastle. This will serve as a quality and assurance centre to ensure that the
received notable industry recognition having been the recipient of 24 international awards.
Crematorium of the Year
Sustainable transport technology provider has achieved a three fold increase in ARR since your Company
dial-a-ride
digital archiving specialist
has made encouraging commercial progress and
pay-at-table
technology and
to a contract with another leading international coffee brand to include their South American outlets. The business
Maven Income and Growth VCT 3 PLC I 27
Evolution
aims to simplify and streamline the process for writing and renewing contracts. The cloud-based solution integrates
and better manage the contract writing and renewal process. The business has initially focused on the in-house
There are a small number of companies that have not achieved commercial targets and where trading is behind
has
a
technology enabled third party logistics provider
valuation has been written down in full.
Maven has a robust ESG and Responsible Investment Policy which is its best practice approach. ESG considerations
are assessed and considered prior to an investment proceeding.
Eco-friendly baby care brand Pura
is establishing a strong
manufactured using over 85% recycled content and it has incorporated Prevented Ocean Plastic (POP) materials
Made in the North East 2023
Made in the UK
awards. Sustainable transport planner is
produced as well as analysing its social impact and auditing governance. The business reported good progress in
Manufacture 2030 (M2030)
was named as one of 100 global
Technology Pioneers
ability to help businesses achieve carbon reduction targets.
28 I Maven Income and Growth VCT 3 PLC
will continue to monitor and adapt its approach to ESG in accordance with industry best practice and emerging
regulations.
AMufacture
the business combines its CAD capabilities with the team’s design and engineering
hire additional staff and acquire new equipment.
It has developed a platform that uses digital roof mounted screens alongside an
insight into the effectiveness of advertising reach. Its technology goes beyond traditional
advertised based on the location of the vehicle or potential customers. The funding by
is a software business that has established a strong position in the
iAM Compliant
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
is a specialist pre-clinical drug discovery company that has
Maven Income and Growth VCT 3 PLC I 29
Manufacture 2030 (M2030) has developed a software solution to assist large corporates
reduce carbon emissions. The platform enables companies to collate environmental
is a designer and manufacturer of low powered wireless sensors that are
customer base and the funding from the Maven VCTs is being used to drive sales growth
recruitment of additional customer service staff.
and commercialising proprietary precision medicine tests based on its EpiSwitch
®
Date Sector
cost
£’000
2 degrees Limited
(trading as Manufacture 2030)
March 2023 Software & technology 598
AMufacture Limited November 2023 Industrials & engineering
Adverttu Limited
(trading as Drovo)
October 2023
Advertising technology
249
iAM Compliant Limited May 2023
recruitment technology
149
September 2023
biotechnology & healthcare
498
Sensoteq Limited November 2023 Software & technology 597
2,352
recruitment technology
124
CYSIAM Limited November 2023 Software & technology 249
Delio Limited
1
September &
November 2023
Software & technology 175
Draper & Dash Limited
1
April &
November 2023
biotechnology & healthcare
228
Enpal Limited (trading as Guru Systems) April 2023 Software & technology 82
August 2023 Software & technology 49
Liftango Group Limited Software & technology 200
MirrorWeb Limited
1
November 2023
Software & technology 290
30 I Maven Income and Growth VCT 3 PLC
Date Sector
cost
£’000
NorthRow Limited Software & technology 118
Novatus Global Limited November 2023 Software & technology 214
November 2023
biotechnology & healthcare
100
Plyable Limited November 2023 Software & technology 249
Software & technology 100
2
September 2023
Software & technology 394
2
November 2023
Software & technology 214
2,786
5,138
August 2023
biotechnology & healthcare
99
99
3
March 2023
3,056
3
April 2023
Aviva Investors Sterling Government
August 2023
(Class 3)
April 2023
August 2023
May 2023
May 2023
Goldman Sachs Sterling Government
Liquid Reserves Ireland (Institutional)
May 2023
Goldman Sachs Sterling Liquid Reserves
(Institutional)
November 2023
May 2023
9,084
Maven Income and Growth VCT 3 PLC I 31
Date Sector
cost
£’000
3
abrdn Private Equity Opportunities
Trust PLC
March 2023 Investment trust
May 2023 Investment trust
March 2023 Investment trust 250
ICG Enterprise Trust PLC Investment trust 152
March 2023 Investment trust 371
1,097
3
Alliance Trust PLC May 2023 Investment trust 149
May 2023 Investment trust 150
299
3
Investment trust 220
220
3
3i Infrastructure PLC May 2023 Investment trust 270
SA May 2023 Investment trust
International Public Partnerships Limited May 2023 Investment trust 235
May 2023 Investment trust 270
Pantheon Infrastructure PLC March 2023 Investment trust 251
1,286
20,279
1
2
3
Investments completed as part of the treasury management strategy.
32 I Maven Income and Growth VCT 3 PLC
Year
Cost of
£’000
Value at
2022
£’000
Sales
proceeds
£’000
£’000
£’000
1
2017 Complete - - 53 53 53
AVID Technology Group Limited
2
2019 Complete - - 5 5 5
(trading as DPP)
3
2013 Partial 139 180 139 - (41)
Maven Co-invest Endeavour
Limited Partnership
4
2013 Complete 2 499 515 513
Optoscribe Limited
5
2018 Complete - -
R&M Engineering Group
Limited
2013 Complete 172 120 (52)
Others - - 12 12 12
902 851 906 4 55
Destiny Pharma PLC 2020 Complete 150 70 184 34 114
2020 Complete 250 205 204 (1)
Osirium Technologies PLC 2019 Complete 101 7 7 (94) -
2023 Partial - 231 145 -
Others 84 1 - (84) (1)
671 283 626 (45) 112
6
Royal London Short Term
Income)
2023 Partial - (11) -
company
1,024 - 1,013 (11) -
Maven Income and Growth VCT 3 PLC I 33
Year
Cost of
£’000
Value at
2022
£’000
Sales
proceeds
£’000
£’000
£’000
6
Aberdeen Standard Liquidity
(Class K3)
2023 Partial 12 - 12 - -
Aviva Investors Sterling
2023 Complete - - -
2023 Partial 11 - 11 - -
2023 Partial 25 - 25 - -
Goldman Sachs Sterling
Government Liquid Reserves
Ireland (Institutional)
2023 Partial 11 - 11 - -
(Class A)
2023 Partial 11 - 11 - -
1,084 - 1,084 - -
Total sales 3,681 1,134 3,629 (52) 167
1
Deferred consideration following the sale in March 2021.
2
3
4
5
Realisations were completed as part of the treasury management strategy.
is an Insurtech business that provides insurers with geospatial data and
Global Events Observer
the Maven VCTs is being used to further develop the technology platform and to launch new products which offer
is a specialist contract research organisation (CRO) that provides drug discovery services to
global pharmaceutical and bioscience customers. The business provides a highly specialised service required in drug
development that intentionally and unintentionally acts on an important group of protein structures within the body
become the ion channel services outsourcing partner of choice for the worldwide pharmaceutical and bioscience
industry. The funding from the Maven VCTs is being used to invest in new equipment and to create additional
34 I Maven Income and Growth VCT 3 PLC
Maven Income and Growth VCT 3 PLC I 35
LARGEST INVESTMENTS BY VALUATION
AS AT 30 NOVEMBER 2023
Cost (£’000) 1,288
Valuation (£’000) 2,798
Equity held 8.7%
Income received to date (£’000) 237
May 2017
Year end
2022 (£’000) 2021 (£’000)
(39) 753
This company produces abridged accounts as permitted
companies.
portfolio of environmentally and technologically
advanced crematoria across the UK that provide
portfolio of three operational sites. The original
crematorium in the suburbs of Glasgow opened in
December 2021.
Cost (£’000) 1,139
Valuation (£’000) 2,338
Equity held 7.1%
Income received to date (£’000)
1
July 2018
Year end
2023 (£’000) 2022 (£’000)
Net assets 4,102 4,571
This company produces abridged accounts as permitted
companies.
designed a platform which enables leading employers
to identify and recruit high quality graduates and
young professionals. Revenues are generated
from a combination of graduate focused careers
outsourcing. The business has also launched the
Technology Academy
development training to graduates before placing
them with client organisations. The business recently
36 I Maven Income and Growth VCT 3 PLC
Cost (£’000) 971
Valuation (£’000) 1,427
Equity held 4.3%
Income received to date (£’000) 78
July 2016
Year end
2022 (£’000) 2021 (£’000)
Sales 7,496 6,237
2
1,656 2,034
Net assets 4,223 3,015
wholly online process.
Software & technology (regtech)
Cost (£’000) 690
Valuation (£’000) 1,253
Equity held 3.8%
Income received to date (£’000)
1
Year end
2022 (£’000) 2021 (£’000)
Net assets 1,074 1,199
This company produces abridged accounts as permitted
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
Maven Income and Growth VCT 3 PLC I 37
DPP
Industrials & engineering
Cost (£’000) 957
Valuation (£’000) 1,211
Equity held 4.8%
Income received to date (£’000) 823
Year end
2022 (£’000) 2021 (£’000)
Sales 13,651 10,104
2
998 572
Net assets 1,387 977
DPP provides planned and reactive maintenance
sectors throughout the south of England and south
Wales. DPP operates as a service provider across
providing maintenance services under medium term
refurbishment programmes. The business has seen a
hospitality and leisure sectors.
Cost (£’000) 625
Valuation (£’000) 1,126
Equity held 3.7%
Income received to date (£’000)
1
Year end
2022 (£’000) 2021 (£’000)
439 (242)
This company produces abridged accounts as permitted
companies.
Nano Interactive is a developer of advertising
and large advertising agencies to target users at the
on multiple live intent signals such as online search
38 I Maven Income and Growth VCT 3 PLC
Software & technology (regtech)
Cost (£’000) 1,115
Valuation (£’000) 1,115
Equity held 8.9%
Income received to date (£’000) 45
July 2017
Year end
2022 (£’000) 2021
3
(£’000)
Net liabilities (2,667) (498)
This company produces abridged accounts as permitted
companies.
NorthRow develops automated compliance solutions
sectors to gain a full understanding of their customers
designed to enable clients to minimise operational
Industrials & engineering
Cost (£’000) 558
Valuation (£’000) 1,045
Equity held 10.6%
Income received to date (£’000) 368
Year end
2023 (£’000) 2022 (£’000)
Sales 14,240 10,295
2
1,523 849
94 (491)
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
vibration.
Maven Income and Growth VCT 3 PLC I 39
Cost (£’000) 700
Valuation (£’000) 958
Equity held 3.0%
Income received to date (£’000)
1
Year end
2023 (£’000) 2022 (£’000)
(473) 3,959
This company produces abridged accounts as permitted
companies.
Relative Insight has developed advanced linguistic
analysis technology that is capable of processing
measurable business value from language data assets
This generates language sets and actionable insight
that can be used to create tailored content for
Cost (£’000) 199
Valuation (£’000) 898
Equity held 5.0%
Income received to date (£’000)
1
June 2018
Year end
2022 (£’000) 2021 (£’000)
Sales 9,733 6,861
2
1,368 728
Net assets 4,687 3,897
and drug discovery processes for pharmaceutical and
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
critical processes in-house.
bio ascent
1
No interest is payable as investment has been structured as all equity.
2
3
Accounts restated.
40 I Maven Income and Growth VCT 3 PLC
A
B
C
D
E
F
G
I J
H
8
1
9
2
11
5
10
6
3
NATIONAL PRESENCE REGIONAL FOCUS
7
12
14
Motherwell
bio ascent
Martel Instruments
Durham
Lancaster
Vodat
London
Kent
London
London
London
DPP
Southampton
Livingston
Reading
Manchester
A. Edinburgh
B. Glasgow
C. Newcastle
D. Durham
E. Manchester
F. Nottingham
G.
H. London
I.
J. Reading
4
13
15
Maven Income and Growth VCT 3 PLC I 41
INVESTMENT PORTFOLIO SUMMARY
AS AT 30 NOVEMBER 2023
£'000
Cost
£'000
% of
total assets
% of
1
4.8 8.7 44.0
4.0 7.1 32.0
971 2.4 4.3 15.1
MirrorWeb Limited 2.1 3.8
957 2.0 4.8 29.7
Nano Interactive Group Limited 1.9 3.7 11.2
NorthRow Limited 1.9 8.9 23.9
558 1.8
Relative Insight Limited 958 700 3.0 28.7
898 199 1.5 5.0 35.0
879 1.5 12.4 31.8
DiffusionData Limited 855 1.4 2.9 13.7
Vodat Communications Group
852 1.4 5.0
750 1.4 17.8
811 1.4 5.5 18.2
809 1.4 3.7 13.3
801 1.3 3.0 12.8
792 448 1.3 2.9
370 1.3 7.7 31.1
Precursive Limited 750 750 1.3 5.5 29.0
1.3 30.4
448 1.3 3.1 14.1
Delio Limited 708 708 1.2 3.5 12.5
CODILINK UK Limited (trading as Coniq) 450 1.1 1.3
980 1 .1 9.8 25.5
Cat Tech International Limited 1.0 24.0
2 degrees Limited (trading as Manufacture 2030) 598 598 1.0 2.1 9.0
Plyable Limited 597 597 1.0 5.1 15.1
Sensoteq Limited 597 597 1.0 18.0
GradTouch Limited 585 400 1.0 4.0 30.5
CYSIAM Limited 585 448 1.0 5.8 18.2
2
580 773 1.0 0.1 0.3
Shaded line indicates that the investment was completed pre November 2015.
42 I Maven Income and Growth VCT 3 PLC
AS AT 30 NOVEMBER 2023
£'000
Cost
£'000
% of
total assets
% of
1
Novatus Global Limited 0.9 3.5 15.2
The Algorithm People Limited
558 420 0.9 10.2
544 0.9 25.0
528 320 0.9 5.1 24.9
Liftango Group Limited 498 498 0.8 1.8 12.1
498 498 0.8 2.3 7.0
431 431 0.7 1 .1
mypura.com Group Limited (trading as Pura) 431 0.7 1 .1
427 427 0.7
420 597 0.7 7.0 28.0
413 413 0.7 5.0 29.8
Enpal Limited (trading as Guru Systems) 381 381 3.2 18.4
ebb3 Limited 370 9.3
354 523
348 348 2.0 23.7
4.4 40.2
3
335 335 0.8 2.1
Growth Capital Ventures Limited 331 319 5.8
Snappy Shopper Limited 298 298 0.5 0.4 1.3
272 543 0.5 31.9
AMufacture Limited 0.4 4.8 15.2
Adverttu Limited (trading as Drovo) 249 249 0.4 2.2
XR Games Limited 242 149 0.4 0.8 19.4
iAM Compliant Limited 149 149 0.3 1.9
100 0.2 0.5 11.8
RevLifter Limited 100 100 0.2 1.0
Rico Developments Limited (trading as Adimo) 100 200 0.2 8.4
ISN Solutions Group Limited 84 321 0.1 4.5 50.5
Other unlisted investments 11 -
39,633 33,269 66.8
Maven Income and Growth VCT 3 PLC I 43
AS AT 30 NOVEMBER 2023
£'000
Cost
£'000
% of
total assets
% of
1
4
298 137 0.1 0.1
GENinCode PLC 203 598 0.4 3.5 7.5
Diaceutics PLC 192 0.3 0.3 0.3
Kanabo Group PLC
5
153 0.3 2.0 8.0
100 119 0.2 0.3
Eden Research PLC 83 0.1 0.3 1.7
51 57 0.1 - -
42 121 0.1 0.4 1.2
Spectral AI 99 0.1 - 0.1
29 12 - 0.1 0.2
Crossword Cybersecurity PLC 28 122 - 0.4 1.7
Vianet Group PLC 20 31 - 0.1 1.3
RUA Life Sciences PLC 17 100 - 0.4 1.3
ReNeuron Group PLC 278 - 0.7 1.4
14 100 - 0.1 0.4
Polarean Imaging PLC 11 129 - 0.1 0.5
Seeen PLC 10 75 - 0.2 0.8
Other quoted investments 3 -
1,284 4,506 2.2
6
420 1 .1 - 0.1
ICG Enterprise Trust PLC 491 380 0.8 0.1 0.1
abrdn Private Equity Opportunities Trust PLC 415 374 0.7 0.1 0.2
374 371 0.1 0.2
CT Private Equity Trust PLC 253 0.5 0.1 0.2
285 270 0.5 - 0.1
271 0.5 - -
222 219 0.4 - 0.1
Pantheon International PLC 194 138 0.3 0.1 0.2
3,239 2,592 5.4
6
157 150 0.3 - -
Alliance Trust PLC 157 149 0.3 - -
314 298 0.6
44 I Maven Income and Growth VCT 3 PLC
AS AT 30 NOVEMBER 2023
£'000
Cost
£'000
% of
total assets
% of
1
6
184 220 0.3 0.1 0.1
184 220 0.3
6
3i Infrastructure PLC 270 270 0.5 - -
230 0.4 - 0.1
Pantheon Infrastructure PLC 221 251 0.4 0.1 0.2
214 270 0.3 - 0.1
International Public Partnerships Limited 209 235 0.3 - -
1,144 1,286 1.9
6
(Class Y Income)
1.7 0.1 0.2
(Class Y Income)
1.7 - -
2,027 2,032 3.4
6
1.7 - 0.1
1.7 - -
1.7 - 0.1
1.7 - -
1.7 0.1 0.1
Goldman Sachs Sterling Government
Liquid Reserves Ireland (Institutional)
1.7 0.4 0.4
Goldman Sachs Sterling Liquid Reserves (Institutional) 1.7 0.4 -
- -
8,000 8,000 13.5
55,825 52,203 94.1
1
Other clients of Maven Capital Partners UK LLP.
2
3
4
5
Treasury management portfolio.
Maven Income and Growth VCT 3 PLC I 45
investment products do not apply to the Company.
Manager’s ability to source and secure new investment opportunities. As highlighted in the Chairman’s Statement
DIRECTORS’ REPORT
46 I Maven Income and Growth VCT 3 PLC
Regulations 2013.
which are also shown opposite. No Director has a service contract with the Company.
demonstrated commitment to the role.
to the private equity sector.
standard of quality and that the process is completed to the required level of detail. Due to the level of
to be in the best interests of Shareholders that all Directors be elected or re-elected and resolutions to this effect will
be proposed at the 2024 AGM.
Maven Income and Growth VCT 3 PLC I 47
Atul Devani (Chairman)
David Allan
David Priseman
Total 1,614,398 1,431,218
There is no requirement for the Directors to hold shares in the Company and the table above shows the Directors’
any co-investment made by the Directors in entities in which the Company also has an interest.
and approved in advance of his appointment.
5.10%
5.03%
48 I Maven Income and Growth VCT 3 PLC
Maven acted as Manager and Secretary to the Company during the year ended 30 November 2023 and details of
respectively.
• the Manager ceases to be authorised to carry out investment business.
The net asset value from which the performance related fee is measured is rebased to the higher level on each
The annual running costs of the Company are capped at 3.8% of the average net asset value for the relevant
boards.
In order to ensure that the Manager’s staff are appropriately incentivised in relation to the management of the
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
may also sell AIM holdings which the Company may retain in order to comply with VCT qualifying criteria. Given the
Maven Income and Growth VCT 3 PLC I 49
issued share capital as at that date.
aware of any relevant audit information and to establish that the Company’s Auditor is aware of that information.
being the last practicable date before the publication of the previous Annual Report.
of the Annual General Meeting in 2025 or after a period of 15 months from the date of the passing of the
Purchases of shares by the Company will be made from distributable reserves and will normally be paid out of cash
balances held by the Company from time to time. As any purchases will be made at a discount to NAV at the time
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.
50 I Maven Income and Growth VCT 3 PLC
Regulation). The Company is not aware of any agreements between Shareholders that may result in a transfer of
The rules governing the appointment of Directors are set out in the Statement of Corporate Governance on pages
a General Meeting of Shareholders.
transactions that require to be disclosed.
2023 that require disclosure.
Maven Income and Growth VCT 3 PLC I 51
. Please refer to the notes to the Notice of Annual
General Meeting on pages 92 to 95 of this Annual Report.
The Directors consider that all of the Resolutions to be put to the AGM are in the best interests of the Company
and its Shareholders as a whole. The Directors recommend that Shareholders vote in favour of each Resolution to
be put to the AGM.
Secretary
52 I Maven Income and Growth VCT 3 PLC
Date of
Due date
Atul Devani (Chairman) 5 April 2014 24 April 2023
1
David Allan 1 March 2017 24 April 2023 2 May 2024
1 November 2005 24 April 2023 2 May 2024
15 April 2015 24 April 2023 2 May 2024
David Priseman 2 May 2024
1
other venture capital trusts.
The Remuneration Committee met once during the year ended 30 November 2023 and carried out a review of the
Remuneration Policy and the level of Directors’ fees and it was recommended that the remuneration of each
whole and be fair and comparable to that of other venture capital trusts with a similar capital structure and similar
Shareholders in a general meeting would be required to change this limit.
DIRECTORS’ REMUNERATION REPORT
Maven Income and Growth VCT 3 PLC I 53
Remuneration Policy 95.74
The Directors’ interests in the share capital of the Company are shown in the Directors’ Report on page 47. There
is no requirement for Directors to hold shares in the Company.
Company Performance
management of the Company’s investment portfolio is delegated to the Manager through the Management and
was chosen for comparison purposes as it is the most relevant to the Company’s investment portfolio.
Please note that past performance is not a guide to future performance.
Maven Income and
Growth VCT 3 PLC -
NAV total return
FTSE AIM
All-Share
total return
Maven Income and
Growth VCT 3 PLC -
share price total return
Source: Maven/London Stock Exchange/IRESS.
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
54 I Maven Income and Growth VCT 3 PLC
The Company does not have any employees and Directors’ remuneration comprises solely of Directors’ fees. The
Year
2024
£
year to 30
2024
Year
ended 30
2023
£
year to 30
2023
Year
ended 30
2022
£
year to 30
2022
Year
ended 30
2021
£
Atul Devani (Chairman)
1
- 4.88
David Allan - 5.95
2
- 5.95
3
- 5.95
David Priseman
4
TOTAL 83,690 74,900 74,900 70,900
1
2
3
4
The percentage changes are calculated based on the annualised amount payable to each individual Director.
Relative Cost of Directors' Remuneration
(£'000)
(£'000)
0 1,000 1,500500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
Directors'
fees 2023
Dividends
2023
Directors'
fees 2022
Dividends
2022
Maven Income and Growth VCT 3 PLC I 55
available for inspection by members at the Company’s AGM. The terms of appointment provide that Directors
save for any arrears of fees which may be due.
Directors’ remuneration.
An Ordinary Resolution to approve this Directors’ Remuneration Report will be put to Shareholders at the 2024
Remuneration Report 97.48 2.52
56 I Maven Income and Growth VCT 3 PLC
Code and reports on compliance with these below. The AIC Code provides a comprehensive guide to best practice in
alternative approaches to those set out in the UK Code.
disclose a policy on the tenure of the Chairman.
. This Statement of Corporate Governance forms
part of the Directors’ Report.
• Provision 14 (senior independent director).
independent because of his position as the managing partner of Maven.
STATEMENT OF CORPORATE GOVERNANCE
Maven Income and Growth VCT 3 PLC I 57
• the appointment and removal of the Manager and the terms and conditions of any management and
The Directors have access to the advice and services of the Secretary through its appointed representatives who
• advising on corporate governance matters.
Atul Devani is Chairman of the Company and Chair of the Nomination Committee. Atul was independent of the
Remuneration Committee.
contact with the Manager and has access to senior members of the management team and to the company
Nomination Committee and one meeting of both the Remuneration and Management Engagement Committees.
58 I Maven Income and Growth VCT 3 PLC
1
Board
Board
Atul Devani 4 (4) 8 (8) 7 (7) 3 (3) 1 (1) 1 (1)
David Allan 4 (4) 9 (9) 7 (7) 3 (3) 1 (1) 1 (1)
2
4 (4) 9 (9) 3 (3)
4 (4) 9 (9) 7 (7) 3 (3) 1 (1) 1 (1)
1
2
further enquiries when necessary.
all Directors will stand for annual re-election.
shown in the Directors’ Report. One meeting of the Committee was held during the year ended 30 November
Maven Income and Growth VCT 3 PLC I 59
Chairman will not chair the Committee when it is dealing with the appointment of his successor. The Committee
the position of Chairman.
information about Directors’ remuneration can be found in the Directors’ Remuneration Report on pages 52 to 55.
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.
relation to its diversity.
60 I Maven Income and Growth VCT 3 PLC
of Board
% of
Board
1
Board (CEO, CFO,
SID and
2
% of
Men 4 100 1
Women 0 0 0
(including minority-white groups)
3 75 0
3
1 25 1
1
2
3
will not stand for re-election.
portfolio management responsibilities to the Manager. Each of these contracts was entered into after full and
Maven Income and Growth VCT 3 PLC I 61
The UK Stewardship Code 2020 sets high stewardship standards for those investing money on behalf of UK savers
delegated responsibility for monitoring the activities of the portfolio companies to the Manager and has given it
Maven’s approach to stewardship.
may affect the performance or value of the Company’s investments. Maven and the Directors believe that a
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.
to attend and participate in the AGM. The Notice of Annual General Meeting sets out the business of the AGM and
as in the Directors’ Report and in the Directors’ Remuneration Report. Separate Resolutions are proposed for each
The Annual Report is normally posted to Shareholders at least twenty business days before the AGM. Annual and
the Company’s performance.
Shareholders and potential investors may obtain up-to-date information on the Company through the Manager and
to contact the Manager or Company Secretary.
from
.
62 I Maven Income and Growth VCT 3 PLC
true and fair view of the state of affairs of the Company and of the net return of the Company for that period.
Company will continue in business.
and detection of fraud and other irregularities.
Report (including a report on remuneration policy) and Statement of Corporate Governance that comply with
applicable law and regulations.
and strategy.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
Maven Income and Growth VCT 3 PLC I 63
relevant to the sector in which the Company operates.
• the integrity of the Interim and Annual Reports and
• the review of the terms of appointment of the
• the review of the scope and results of the audit and
• the review of the custody arrangements in place to
• the provision of advice on whether the Annual
the information necessary for Shareholders to assess
• the review of the adequacy and effectiveness of the
• the review and monitoring of all reports on the
Company from the Manager’s internal control
function ensuring compliance with all VCT
updated due diligence processes are implemented
including the main contracts entered into by the
procedures that are in place.
administrative functions of the Company to the
the Company’s internal controls to be monitored by the
The principal responsibilities of the Committee include
the ongoing review of the effectiveness of the internal
management systems that allow the Company to
management systems and procedures under review.
process has been in place up to the date of approval of
this Annual Report and is reviewed regularly by the
the effectiveness of the system of internal control at
identifying and evaluating the principal and emerging
has delegated the portfolio management of the
64 I Maven Income and Growth VCT 3 PLC
Company’s assets to the Manager. Such delegation is in
accordance with the delegation requirements of the
management. Internal control systems are monitored
and supported by the compliance function of the
ensures that recommendations to improve controls are
implemented.
This helps the Manager’s model identify those functions
are agreed for implementing improvements to systems.
The implementation of any remedial action required is
• the Manager prepares forecasts and management
Company’s activities and review its investment
analysis of the companies concerned include detailed
• the compliance function of the Manager reviews the
in respect of any activities that have been delegated
• the Committee carries out a bi-annual assessment
of internal controls by considering reports from the
• the compliance function of the Manager reports
bi-annually to the Committee and has direct access
to the Directors at any time.
The internal control systems are intended to meet the
misstatement or loss.
ownership and valuation of the investment portfolio
not recognised and measured in line with the Company’s
stated accounting policy on the valuation of investments
page 77.
income in line with its stated policy on revenue
recognition. The maintenance of VCT status is another
The Company uses the services of an independent
investment assets of the Company. An annual internal
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
Independent Auditor. The portfolio is reviewed and
are prepared quarterly and considered at the quarterly
annually by the Independent Auditor.
accordance with the Company’s stated accounting policy
page 77. Unquoted investments are valued by the
The Committee considered and challenged the
the valuation of each unquoted investment and was
that required to be addressed.
Maven Income and Growth VCT 3 PLC I 65
regarding the revenue generated from dividend income
levels of income recognised are in line with revenue
estimates. The Committee concluded that there were
no issues associated with revenue recognition that
required to be addressed.
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.
15 to 17.
It was also noted that there had not been any adverse
comment from the Auditor and that the Auditor had not
through their Corporate Reporting Review or the Audit
Report from the Independent Auditor and the draft
ended 30 November 2022. The Committee concluded
Carmichael LLP and recommended its appointment.
provided the information necessary for Shareholders to
business model and strategy.
and general relationship with the Independent Auditor
the Independent Auditor. Key elements of these reviews
review of the relationship that the Auditor has with the
Manager.
an audit tender process. The Senior Statutory Auditor
for the year ended 30 November 2022 was David
will rotate the Senior Statutory Auditor responsible for
Details of the amounts paid to the Auditor during the
year for audit services are set out in Note 4 to the
approach for governing and controlling the provision of
are currently no contractual obligations that restrict the
Committee’s choice of Auditor. The Committee has
the Company and recommended that a Resolution for
should be put to the 2024 AGM.
66 I Maven Income and Growth VCT 3 PLC
INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF MAVEN INCOME AND GROWTH
VCT 3 PLC
policies.
the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
• give a true and fair view of the state of Company’s affairs as at 30 November 2023 and of its net return
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
•
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
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of
of those services.
We conducted our audit using information maintained and provided by Maven Capital Partners UK LLP (the
level 1 and level 2 investments) and The City Partnership (UK) Limited (the “Registrar”) to whom the Company has
delegated the provision of services.
the industry in which the Company operates.
Statements as a whole.
Maven Income and Growth VCT 3 PLC I 67
These matters included those which had the
and pages 81 and 82 (Note 8). The valuation of the
As this is the largest component in the Company’s
misstatements due to fraud or error.
The level 3 investments are valued in accordance with
required in applying these principles and determining
certain inputs to the valuation models.
recorded as held by the Company may not represent
property of the Company (ownership).
for level 3 investments with the Administrator to gain
an understanding of the design of the processes and
We obtained evidence that the Manager’s Valuation
Committee reviewed all valuations.
approval of all valuations.
basis. We then selected a sample of investments for
the portfolio.
•
Obtained an understanding of the sector for each
•
Gained an understanding of the original investment
milestones set.
•
particular attention to progress against pre-set
valuation may be appropriate.
•
Assessed the appropriateness of the valuation basis
changes from the prior year valuation basis.
•
Agreed relevant data used in the valuation models to
independent sources.
•
•
Reperformed the enterprise value calculations and
waterfalls to ensure mathematical accuracy.
(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
agreements.
no material misstatements in relation to the valuation
and ownership of the level 3 investments.
68 I Maven Income and Growth VCT 3 PLC
Value
– we have set materiality as
2% of net assets as we believe that net assets is the primary performance measure
audit and the Company’s listed status.
£1.19m
– performance materiality represents amounts set by the
to an appropriately low level the probability that the aggregate of uncorrected and
whole.
In setting this we consider the Company’s overall control environment and any
£0.77m
of fraud.
and revenue recognition from income from investments.
used at the year end.
Our evaluation of the Directors’ assessment of the Company’s
•
•
• Obtaining and recalculating management’s assessment of the Company’s ongoing maintenance of venture
• Assessing the adequacy of the Company’s going concern disclosures included in the Annual Report.
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 3 PLC I 69
and our Auditor’s Report thereon. The Directors are responsible for the other information contained within the
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
Statements themselves.
We have nothing to report in this regard.
•
• The Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal
requirements.
•
•
•
•
• A corporate governance statement has not been prepared by the Company.
and that part of the Corporate Governance Statement relating to the Company’s compliance with the provisions of
• the Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting
•
•
•
70 I Maven Income and Growth VCT 3 PLC
•
•
•
alternative but to do so.
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
. This description forms part of our Auditor’s Report.
We design procedures in
fraud.
We assessed whether the engagement team collectively had the appropriate competence and capabilities to
and support available.
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.
•
•
• The principles of the UK Corporate Governance Code applied by the AIC Code of Corporate Governance (the
•
•
•
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 3 PLC I 71
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
ownership of
•
•
•
•
or misrepresentation. There are inherent limitations in the audit procedures described above and the further
30 November 2023.
independent of the Company in conducting our audit.
Use of our report
those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest
72 I Maven Income and Growth VCT 3 PLC
FOR THE YEAR ENDED 30 NOVEMBER 2023
Year ended
Year ended
Total Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
on investments 8 - -
Income from investments 2 917 - 917 730 - 730
Other income 2 240 - 240 55 - 55
Investment management fees 3 (307) (277)
4 (452) - (452) (479) - (479)
398 (3,213) (2,815) 29 (485) (456)
5 - - - - - -
7 398 (3,213) (2,815) 29 (485) (456)
7 0.36 (2.87) (2.51) 0.03 (0.50) (0.47)
All gains and losses are recognised in the Income Statement.
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
identical.
INCOME STATEMENT
Maven Income and Growth VCT 3 PLC I 73
FOR THE YEAR ENDED 30 NOVEMBER 2023
Year ended
Notes
£’000
account
£’000
£’000
£’000
£’000
£’000
£’000
Total
£’000
10,457 19,920 346 7,422 1,050 19,974 774 59,943
Net return - - - (52) 398
Dividends paid - - - - - -
Repurchase and
cancellation of shares
12 (373) - 373 - - -
Net proceeds of share issue 12 - - - - -
Net proceeds of DIS issue* 12 54 245 - - - - - 299
11,307 25,518 719 5,489 998 14,134 1,172 59,337
Year ended
Notes
£’000
account
£’000
£’000
£’000
£’000
£’000
£’000
Total
£’000
7,866 6,436 287 9,669 (1,823) 26,020 745 49,200
Net return - - - 29
Dividends paid - - - - - -
Repurchase and cancellation
of shares
12 (59) - 59 - - (328) - (328)
Net proceeds of share issue 12 - - - - -
Net proceeds of DIS issue* 12 88 410 - - - - - 498
10,457 19,920 346 7,422 1,050 19,974 774 59,943
*DIS represents the Dividend Investment Scheme as detailed in the Chairman’s Statement on page 12.
attributable to readily realisable quoted investments which are distributable. The capital reserve unrealised contains
realisations table on page 32
purposes of distributable reserves calculations and therefore do not form part of distributable reserves. The split of
STATEMENT OF CHANGES IN EQUITY
74 I Maven Income and Growth VCT 3 PLC
BALANCE SHEET
AS AT 30 NOVEMBER 2023
Notes £’000 £’000
8
Current assets
Debtors 10 703
Cash
3,777 18,964
Amounts falling due within one year 11 (181)
Net current assets 3,512 18,783
Net assets 59,337 59,943
Called up share capital 12
Share premium account 13
Capital redemption reserve 13 719
Capital reserve - unrealised 13
Capital reserve - realised 13 998
Special distributable reserve 13
Revenue reserve 13 774
59,337 59,943
14 52.48 57.32
15
Maven Income and Growth VCT 3 PLC I 75
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
Year ended
Year ended
Notes £’000 £’000
15 (923) (1,329)
Purchase of investments
Sale of investments
(16,537) 2,743
Equity dividends paid
Issue of Ordinary Shares
Repurchase of Ordinary Shares (328)
2,316 11,199
Net (15,144) 12,613
18,261 5,648
3,117 18,261
76 I Maven Income and Growth VCT 3 PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Corporate Summary.
Report on
by the revaluation of investments and in accordance with
Statement of Recommended Practice for Investment Trust
Companies and Venture Capital Trusts (the SORP) issued by
the AIC
Dividends receivable on quoted equity shares are
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.
are recognised when the Company’s right to receive
recognised as income unless there is reasonable doubt as
to its receipt.
When a redemption premium is designed to protect the
value of the instrument holder’s investment rather than
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 was received
Deposit Interest is recognised on an accruals basis using
effective interest rate basis.
reserve where a connection with the maintenance
or enhancement of the value of the investments can
management fee and performance fee have been
allocated 20% to revenue and 80% to the special
policy and prospective income and capital growth.
differences that have originated but not reversed at the
future reversal of the underlying timing differences can
be deducted. Timing differences are differences arising
its results
reversal in one or more subsequent periods.
balance sheet date.
revenue account on the same basis as the particular item
been enacted or substantively enacted at the balance
sheet date.
Maven Income and Growth VCT 3 PLC I 77
criteria set out below. These procedures comply with the
revised International Private Equity and Venture Capital
Valuation (IPEV) Guidelines for the valuation of private
equity and venture capital investments. Investments
are recognised at their trade date and are designated
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.
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
basis.
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
debentures and preference share capital is deducted
from the enterprise value. The effect of any performance
determining the value of the ordinary share capital.
4. All private unlisted investments are valued individually
by Maven’s portfolio management team and the
portfolio as a whole is discussed by Maven’s valuation
committee
detailed scrutiny and approval by the Directors of the
Company.
quoted
valued at their closing bid price.
would receive upon selling an investment in a timely
transaction to an independent buyer in the principal or
value measurements for disclosure purposes. Inputs refer
valuation technique used to measure fair value including
to the valuation technique. Inputs may be observable or
unobservable.
sources independent of the reporting entity.
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
entity
• Level 2 - inputs other than quoted prices included
within Level 1 that are observable (i.e. developed using
• Level 3 - inputs are unobservable (i.e. for which
When the Company sells or revalues its investments during
to the Income Statement.
Statements. The area involving the highest degree of
78 I Maven Income and Growth VCT 3 PLC
2. Income
£’000 £’000
459 85
458
917 730
Deposit interest 240 55
1,157 785
Total Total
£’000 £’000 £’000 £’000 £’000 £’000
Investment management fees 307 277
307 1,228 1,535 277 1,111 1,388
Details of the fee basis are contained in the Directors’ Report on page 48.
Total Total
£’000 £’000 £’000 £’000 £’000 £’000
Secretarial fees 122 - 122 107 - 107
Directors’ remuneration 78 - 78 78 - 78
51 - 51 47 - 47
Trail commission* - - - 81 - 81
201 - 201 -
452 - 452 479 - 479
fundamentally a cost associated with the issuing of share capital.
AIC recommended methodology.
charged to capital reserve) as a percentage of the average net assets attributable to Shareholders.
The cap on the OCR is 3.80%.
Maven Income and Growth VCT 3 PLC I 79
Total Total
£’000 £’000 £’000 £’000 £’000 £’000
- - - - - -
Total Total
£’000 £’000 £’000 £’000 £’000 £’000
398 29 (485)
100 (803) (703) (92)
(115) - (115) -
15 307 322 10 211 221
- - (119) (119)
- - - - - -
80 I Maven Income and Growth VCT 3 PLC
Year ended
Year ended
£’000 £’000
Amounts recognised as distributions to
Second interim capital dividend for the year
-
30 November 2023 of 0.50p paid on 25 August
572
2,685 4,607
ended 30 November 2023 of 0.25p payable
292
-
292 -
ended 30 November 2023 of 1.90p payable on
3 May
2,220 1,987
respect of year 2,512 1,987
Maven Income and Growth VCT 3 PLC I 81
Year ended
Year ended
The returns per share have been based on the
Weighted average number of
Ordinary Shares
Revenue return
Capital return
Total return (£2,815,000) (£456,000)
AIM
1
MMFs & OEICs
(
)
Total
£’000 £’000 £’000 £’000 £’000
1,981 2,065 - 37,114 41,160
(487) -
1,494 3,565 - 30,546 35,605
Transfers during the year - - -
Purchases 99
Sales proceeds -
- (45) (11) 4 (52)
4,396 4,506 10,032 33,269 52,203
485 (5)
4,881 1,284 10,027 39,633 55,825
1
whichInvestment trusts and
AIM securities are categorised as l investments as level 2 and unlisted investments as level 3.
sensitivity analysis).
transactions when proceeds are not all received upfront.
82 I Maven Income and Growth VCT 3 PLC
£’000 £’000
Investment trusts
AIM quoted equities
Total l 6,165 4,046
-
OEICs -
Total l 10,027 -
Unquoted unobservable equities
Total l 39,633 37,114
Total 55,825 41,160
(52)
and not readily convertible to cash*
-
Net decrease in value of investments
(1,985) 626
the realisations table on page 32
purposes of distributable reserves calculations and therefore do not form part of distributable reserves.
% of
class
% of
Total
cost
£’000
£’000
Latest
accounts
end
£’000
for year
£’000
D ordinary shares 35.7 4.8 58 - (135)
E ordinary shares 35.7 117 -
ordinary shares 23.8 4.8 (187) 40
ordinary shares 7.1 (551)
ordinary shares 20.7 175 88
Maven Income and Growth VCT 3 PLC I 83
% of
class
% of
Total
cost
£’000
£’000
Latest
accounts
end
£’000
for year
£’000
ordinary shares 35.0 3.5 175 175
ordinary shares 30.0 750 (924)
ordinary shares 20.1 7.0 35 - (988) (547)
ordinary shares 21.8 142 -
ordinary shares 4.0 400 585 (839)
ordinary shares 23.2 5.5 750
ordinary shares 28.1 12.4 - (424)
ordinary shares 28.3 3.5 509 509 59
513 C2 ordinary shares 54 54
ordinary shares 22.4 5.5 750 750 807
ordinary shares 24.0 540 540 (312) (34)
ordinary shares 22.8 57 57
ordinary shares 21.1 50 50 (580)
ordinary shares 27.8 9.8 48 - 140
ordinary shares 35.1 50 -
ordinary shares 37.5 420 558 (758)
ordinary shares 21.7 5.1 31 110 890 (10)
ordinary shares 29.4 201 330
Details of the equity percentages of all other holdings are shown in the Investment Portfolio Summary on pages 41 to 44.
84 I Maven Income and Growth VCT 3 PLC
£’000 £’000
21 22
Other debtors 230 343
Sundry debtors -
Prepayments and accrued income 383 338
660 703
£’000
£’000
Trade creditors 15 -
Accruals 250 181
265 181
£’000 £’000
Ordinary Shares repurchased during the year (373) (59)
Ordinary Shares issued during year
113,070,327 11,307 104,569,876 10,457
subscription prices
of which £
a further allotment
on 5 April 2023. An allotment
53.12p
related
Maven Income and Growth VCT 3 PLC I 85
The share premium account represents the premium above nominal value received by the Company on issuing shares net
The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve. This reserve
is non-distributable.
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
Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred
investments are transferred from the capital reserve unrealised account to the capital reserve realised account on
disposal. This reserve is distributable.
The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable
Shareholders as a dividend. This reserve is distributable.
86 I Maven Income and Growth VCT 3 PLC
The net asset value per Ordinary Share and the net asset value attributable to the Ordinary
Net asset
p
Net asset
£’000
Net asset
p
Net asset
£’000
52.48 59,337 57.32 59,943
The number of shares used in the above calculation is set out in Note 12.
Year ended
£’000
Year ended
£’000
Net return
(830) (1,082)
9 (4)
Decrease in accruals (38) (185)
Increase in debtors (79) (58)
Increase in creditors 15 -
(923) (1,329)
Maven Income and Growth VCT 3 PLC I 87
portfolio of VCT qualifying unquoted and AIM quoted securities. The Company may not enter into derivative transactions
derivative transactions were entered into during the period.
Company will be able to continue as a going concern. The capital of the Company is its share capital and reserves as set
15. Adherence to investment guidelines and to investment
any particular type of security or issuer. These powers and guidelines include the requirement to invest in a number
Investment Portfolio Summary and the Largest Investments by Valuation.
interest rates on variable rate deposits.
£’000
£’000
£’000
AIM - -
Investment trusts - -
- -
OEICs - -
Unlisted -
Cash -
7,930 12,388 38,624
88 I Maven Income and Growth VCT 3 PLC
nued)
£’000
£’000
£’000
AIM - -
Investment trusts - -
Unlisted -
Cash -
7,861 15,364 36,196
0.11 years) and a weighted average
10.53%).
The non-interest bearing assets represent the equity element of the portfolio.
. A 1.00% increase or decrease in the base rate
would mean an increase or decrease of interest received in the year of £ £). The impact of a
1 year
£’000
1-2 years
£’000
2-3 years
£’000
3-4 years
£’000
4-5 years
£’000
Total
£’000
Unlisted - - 253
6,912 - - 253 765 7,930
1 year
£’000
1-2 years
£’000
2-3 years
£’000
3-4 years
£’000
4-5 years
£’000
Total
£’000
Unlisted 43 - - 135
7,683 43 - - 135 7,861
valuing the Company’s investments carried at fair value.
yields on undeployed funds.
Maven Income and Growth VCT 3 PLC I 89
entered into with the Company.
£’000 £’000
Investments in unlisted debt securities
Cash
11,047 26,122
which includes
AIM quoted securities had been 10% higher or lower with all other variables
Maven Capital Partners UK LLP (Maven)
managing partner of Maven. The Company has employed Maven throughout the period as Investment
The performance fee is payable bi-annually and is based on the movement in net assets from the previous fee payment
The Company has employed Maven throughout the period as Company Secretary. The Company has been charged
quarterly and is .
90 I Maven Income and Growth VCT 3 PLC
2. To approve the Directors’ Remuneration Report for the year ended 30 November 2023.
Shares) for payment on 3 May 2024 to Shareholders on the register at the close of business on 22 March 2024.
4. To re-elect David Allan as a Director.
7. To elect David Priseman as a Director.
grant rights to subscribe for or convert any security into shares in the Company up to an aggregate nominal
NOTICE OF ANNUAL GENERAL MEETING
Maven Income and Growth VCT 3 PLC I 91
(a) of equity securities in connection with an offer of such securities by way of a rights issue only to holders of
Ordinary Shares in proportion (as nearly as practicable) to their respective holdings of such Ordinary Shares
(b) (other than under paragraph (a) above) of equity securities up to an aggregate nominal amount not
notice.
Secretary
Saddlers House
44 Gutter Lane
London EC2V 6BR
92 I Maven Income and Growth VCT 3 PLC
NOTES:
1) To be entitled to attend and vote at the Meeting (and for the purposes of the determination by the Company
only those members registered in the Company’s register of members at close of business on 30 April 2024
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.
from .
attach them together.
matter that is put before the Meeting.
Partnership no later than 11.30 am on 30 April 2024 or by close of business on a date two business days prior
Maven Income and Growth VCT 3 PLC I 93
.
CREST Manual (available from ). CREST Personal Members or other CREST sponsored
8RA57) by 11.30 am on 30 April 2024.
for any particular messages. Normal system timings and limitations will therefore apply in relation to the input
ensure that a message is transmitted by means of the CREST system by any particular time.
appointment submitted by the most senior holder will be accepted. Seniority is determined by the order in
94 I Maven Income and Growth VCT 3 PLC
The revocation notice must be received by City Partnership no later than 48 hours before the Meeting. If you
over the same share.
note 2 will include information on the number of shares and voting rights.
• answering the question would interfere unduly with the preparation for the Meeting or involve the
• it is undesirable in the interests of the Company or the good order of the Meeting that the question be
answered.
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
• it must forward the statement to the Company’s Auditor no later than the time the statement is made
• the statement may be dealt with as part of the business of the Meeting.
Maven Income and Growth VCT 3 PLC I 95
20) Where a member or members wishes to request the Company to publish audit concerns (see note 18) such
2LW
• 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
have a right under an agreement between you and the Relevant Member to give instructions to the
regarding any changes or queries relating to your personal details and your interest in the Company
a response from you.
22) Copies of the letters of appointment of the Directors of the Company and a copy of the Articles of the
• emailing
96 I Maven Income and Growth VCT 3 PLC
which is also included within the Annual Report.
business on 22 March 2024.
David Allan will retire at the AGM and is proposed for re-election by the Company’s Shareholders.
authority for the Directors to determine the Auditor’s remuneration.
EXPLANATORY NOTES TO THE NOTICE
OF ANNUAL GENERAL MEETING
Maven Income and Growth VCT 3 PLC I 97
10% of the issued share capital of the Company in issue as at 13 March 2024 (this being the latest practicable date
occur.
to subscribe for them.
may be sold for cash or cancelled. At the date of this notice the Company does not hold any Ordinary Shares in
voting before it can call a general meeting on 14 days’ notice.
98 I Maven Income and Growth VCT 3 PLC
GLOSSARY
ALTERNATIVE PERFORMANCE MEASURES (APMs)
basis since inception.
preceding year end.
DISTRIBUTABLE RESERVES
readily be converted to cash and could be considered realised.
DIVIDEND PER ORDINARY SHARE
The total of all dividends per Ordinary Share paid to date by the Company.
EARNINGS PER ORDINARY SHARE (EPS)
EX-DIVIDEND DATE (XD DATE)
INDEX OR INDICES
means of assessing the overall state of the economy and provides a comparison against which the performance of
individual investments can be assessed.
Maven Income and Growth VCT 3 PLC I 99 Maven Income and Growth VCT 3 PLC I 99
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.
to date.
NET ASSETS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OR SHAREHOLDERS’ FUNDS (NAV)
Total assets less current and long-term liabilities.
ONGOING CHARGES RATIO
percentage of the average net assets attributable to Shareholders.
OPERATIONAL EXPENSES
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
100 I Maven Income and Growth VCT 3 PLC
YOUR NOTES
Maven Income and Growth VCT 3 PLC I 101
YOUR NOTES
102 I Maven Income and Growth VCT 3 PLC
YOUR NOTES
Maven Income and Growth VCT 3 PLC I 103 Maven Income and Growth VCT 3 PLC I 103
DIRECTORS
Atul Devani (Chairman)
David Allan
David Priseman
MANAGER AND SECRETARY AND PRINCIPAL PLACE OF BUSINESS
Maven Capital Partners UK LLP
205 West George Street
Glasgow G2 2LW
REGISTERED OFFICE
44 Gutter Lane
REGISTERED IN ENGLAND AND WALES
WEBPAGE
REGISTRAR
The City Partnership (UK) Limited
The Mending Rooms
Meltham Road
AUDITOR
VCT ADVISER
CONTACT INFORMATION
104 I Maven Income and Growth VCT 3 PLC
(a subsidiary of Mattioli Woods plc)
205 West George Street
Glasgow G2 2LW