Maven Income
And Growth
VCT 4 PLC
Annual Report for the year
ended 31 December 2025
02 / 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 Official List and traded on the
Main Market of the London Stock Exchange.
Investment Objective
The Company aims to achieve long-term capital
appreciation and generate income for Shareholders.
Continuation Date
The Articles of Association (the Articles) require the
Directors to put a proposal for the continuation of the
Company, in its then form, to Shareholders at the
Company’s Annual General Meeting (AGM) to be held in
2031 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, so there
may not be available buyers and the shares may be
valued at a discount to NAV per share.
The Stockbroker to the Company is Shore Capital
Stockbrokers Limited (020 7647 8132).
Recommendation of Non-mainstream
Investment Products
The Company currently conducts its affairs so that the
shares issued by it can be recommended by 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
02 / Corporate Summary
04 / Financial Highlights
08 / Your Board
10 / Chairman’s Statement
16 / Business Report
24 / Portfolio Analysis
25 / Investment Manager’s Review
36 / Largest Investments by Valuation
42 / Investment Portfolio Summary
47 / Directors’ Report
54 / Directors’ Remuneration Report
58 / Statement of Corporate Governance
64 / Statement of Directors’ Responsibilities
65 / Report of the Audit and Risk Committees
69 / Independent Auditor’s Report to the Members
of Maven Income and Growth VCT 4 PLC
76 / Income Statement
77 / Statement of Changes in Equity
78 / Balance Sheet
79 / Cash Flow Statement
80 / Notes to the Financial Statements
99 / Notice of Annual General Meeting
105 / Explanatory Notes to the
Notice of Annual General Meeting
107 / Glossary
110 / Your Notes
111 / Contact Information
STRATEGIC REPORT
FINANCIAL STATEMENTS
GOVERNANCE REPORT
ANNUAL GENERAL MEETING &
ADDITIONAL INFORMATION
01
03
02
04
IN THIS REPORT
03 / Maven Income and Growth VCT 4 PLC
04 / Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2025
NAV Total Return Performance
1
*
FINANCIAL HIGHLIGHTS
Proposed final dividend
per Ordinary Share
0.60p
Dividends paid*
per Ordinary Share
99.35p
Net asset value
(NAV)
£84.68m
NAV
per Ordinary Share
55.28p
NAV total return
1
*
per Ordinary Share
154.63p
Annual yield
2
*
7.31%
The above chart shows the NAV total return per Ordinary Share and dividends paid as at 31 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(e) to the Financial Statements on page 81 of this Annual Report.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0
20
40
60
80
100
120
140
160
180
(p)
Dividends paid as at the year end NAV total return
NAV Total Return Performance1*
05 / Maven Income and Growth VCT 4 PLC
FINANCIAL HISTORY
31 December
2025
31 December
2024
31 December
2023
NAV £84,676,000 £84,232,000 £83,917,000
NAV per Ordinary Share 55.28p 59.47p 61.71p
Dividends paid or proposed per Ordinary
Share for the year
4.35p 3.75p 3.50p
Dividends paid per Ordinary Share* 99.35p 94.85p 91.10p
NAV total return per Ordinary Share
1
* 154.63p 154.32p 152.81p
Share price
3
50.55p 57.50p 60.00p
Discount to NAV* 8.56% 3.31% 2.77%
Annual yield
2
* 7.3 1% 6.08% 5.12%
Ongoing charges ratio (OCR)* 3.13% 3.00% 3.26%
Ordinary Shares in issue 153,188,606 141,626,927 135,982,341
1
Sum of current NAV per Ordinary Share and dividends paid per Ordinary Share as at the year end (excluding initial tax relief).
2
In line with the dividend policy outlined on page 12 of this Annual Report, this is based on the dividends paid or proposed per
Ordinary Share for the financial year expressed as a percentage of 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 page 107 to 109 of this
Annual Report. The principal Key Performance Indicators (KPIs) are highlighted in the Business Report on pages 19 and 20.
06 / Maven Income and Growth VCT 4 PLC
DIVIDENDS
Year ended 31 December
Payment
date
Interim/
final
Payment
(p)
Annual
payment
(p)
Annual
yield (%)
2*
2006-2020 80.60
2021 1 October 2021 Interim 2.00
11 March 2022 Second
interim
2.00
20 May 2022 Final 1.00 5.00 7.11
2022 7 October 2022 Interim 2.00
23 May 2023 Final 1.75 3.75 5.01
2023 13 October 2023 Interim 1.75
24 May 2024 Final 1.75 3.50 5.12
2024 18 October 2024 Interim 2.00
16 May 2025 Final 1.75 3.75 6.08
2025 29 August 2025 Interim 2.75
Total dividends paid as at the year end 99.35
2025 16 January 2026 Second
interim
1.00
15 May 2026 Proposed
final
0.60 4.35 7.3 1
Total dividends paid or proposed
since inception
100.95
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 shares 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 shares held, with the resultant number of shares rounded down to the nearest whole share.
07 / Maven Income and Growth VCT 4 PLC
SUMMARY OF INVESTMENT CHANGES
FOR THE YEAR ENDED 31 DECEMBER 2025
Valuation
31 December 2024
Restated*
Net investment/
(disinvestment)
Appreciation/
(depreciation)
Valuation
31 December 2025
£’000 % £’000 £’000 £’000 %
Unlisted investments
1
Equities 46,720 55.5 2,138 1,849 50,707 59.9
Loan stocks 11,830 14.0 (2,035) (1,203) 8,592 10.1
58,550 69.5 103 646 59,299 70.0
AIM investments
2
Equities 2,699 3.2 (1,408) 250 1,541 1.8
Liquidity investments
3
Investment trusts 5,882 7.0 (530) 459 5,811 6.9
OEICs 1,999 2.4 - 1 2,000 2.4
Total Portfolio 69,130 82.1 (1,835) 1,356 68,651 81.1
Cash and cash equivalents
4
14,670 17.4 915 - 15,585 18.4
Other assets 432 0.5 8 - 440 0.5
Net assets 84,232 100.0 (912) 1,356 84,676 100.0
*
Further details of the restatement can be found in Note 19 on page 98.
1
These movements include £978,582 of transfers from Alternative Investment Market (AIM) quoted into unlisted equity holdings
following the delisting of investee companies as listed in Note 8 on pages 85 and 86 on the Annual Report.
2
Shares traded on AIM.
3
These holdings represent part of the treasury management portfolio, which include permitted non-qualifying holdings in
investment trusts, open-ended investment companies (OEICs) and Money Market Funds (MMFs), which as detailed below,
are included in cash and cash equivalents.
4
The opening cash and cash equivalents balance of £14,670,000 is restated to now include £5,000,000 of MMFs which were
previously classified within investments. Given the liquidity nature of this instrument type, it has been deemed more appropriate
to classify as a cash and cash equivalent.
08 / Maven Income and Growth VCT 4 PLC
YOUR BOARD
The Board of Directors (the Board) is responsible for setting and monitoring
the Company’s strategy, supervising its management 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.
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 Amcomri Group plc, Denholm Energy
Services Limited, Blue Mountain Investments Limited, HSSCI Limited, and was previously
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: 8 May 2025
Committee membership: Audit, Management Engagement (Chair), Nomination (Chair)
and Risk.
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in Company: 187,557 Ordinary Shares (Shareholding at 31 December 2025
was 175,078 Ordinary Shares, with a further 9,243 Ordinary Shares allotted on 15 January
2026 and 3,236 Ordinary Shares allotted on 16 January 2026).
Relevant experience and other directorships: Daniel has an MBA from the University
of St Gallen and worked in the financial sector with JP Morgan, Morgan Stanley and
Goldman Sachs before founding the Rhino Partners Real Estate Group in Germany, and
acting as a board advisor to Alpha Credit, a Geneva based private debt specialist. In 2002,
he founded Arsago Capital Partners AG, of which he is chief executive, where he has
managed direct and portfolio investments, including a global macro hedge fund, equity
funds, a fixed income arbitrage fund, private equity investments, debt financing and
venture capital mining companies.
Length of service: He was appointed as a Director on 1 April 2025.
Elected to the Board: 8 May 2025
Committee membership: Audit, Management Engagement, Nomination and Risk (Chair).
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in Company: None
Fraser Gray
Chairman and Independent Non-executive Director
Daniel Bittner
Independent Non-executive Director
09 / Maven Income and Growth VCT 4 PLC
Bill Nixon
Non-executive Director
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 there 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. Until recently, Brian was interim Chief
Commercial Officer at Unity Trust Bank. 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.
Last re-elected to the Board: 8 May 2025
Committee membership: Audit (Chair), Management Engagement, Nomination and Risk.
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in Company: 51,927 Ordinary Shares (Shareholding at 31 December 2025 was
28,818 Ordinary Shares, with a further 23,109 Ordinary Shares allotted on 15 January 2026).
Relevant experience and other directorships: Bill was previously the Fund Manager of
your Company and retired from that role at the end of 2025. On 1 March 2026, he was
appointed Chair of Maven Capital Partners UK LLP (Maven), having previously been
Managing Partner since inception. He has over 45 years of experience in banking and
private equity, 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: 8 May 2025
Committee membership: Nomination and Risk.
Employment by the Manager: Since 2009; with Aberdeen 1999-2009.
Shared directorships with other Directors: None
Shareholding in Company: 2,022,560 Ordinary Shares (Shareholding as at 31 December
2025 was 1,652,806 Ordinary Shares, with a further 369,754 Ordinary Shares allotted on
17 February 2026).
Brian Colquhoun
Independent Non-executive Director
10 / Maven Income and Growth VCT 4 PLC
On behalf of your Board, I am pleased to present the Annual Report for the
year ended 31 December 2025. Notwithstanding the unsettled economic
backdrop, your Company has made further positive progress and it is
pleasing to report a modest increase in NAV total return. This resilient
performance reflects the maturing profile of the private equity portfolio,
where an increasing number of companies are delivering sustained revenue
growth and achieving scale, which has resulted in the valuations of certain
holdings being uplifted. The success of the 2024 fundraising provided good
levels of liquidity to progress the investment strategy and it is encouraging
to report that, during the year, five new private companies were added to
the portfolio. There continues to be a healthy level of M&A interest in the
private equity portfolio with two material exits completing during the year.
The majority of the cash proceeds received from these exits were distributed
to Shareholders through two interim dividends, reinforcing the Board’s
commitment to maintain a programme of regular Shareholder payments.
The partial exit from Summize, which completed shortly after the period end,
has supported the proposed final dividend of 0.60p per Ordinary Share. This
takes the annual dividend to 4.35p per Ordinary Share, representing a yield
of 7.3%, which comfortably exceeds the 6% target.
Overview
During the year, the macroeconomic landscape has continued to be dominated by
geopolitical tension with UK growth remaining subdued. Although inflation stabilised
towards the end of the year, enabling interest rates to gradually reduce, the 2025
Autumn Budget Statement has added further fiscal pressure, and it will take time for
the full extent of the measures announced to filter through the economy.
As Shareholders may be aware, the Autumn Statement also introduced specific
changes to the rules governing VCTs. Positively, and consistent with industry
campaigning, the Chancellor announced that the annual and lifetime investment
limits, and the gross assets test, for VCT qualifying companies would be doubled. The
Board welcomes these changes, as the new limits more accurately reflect the funding
requirements of ambitious and entrepreneurial SMEs. Increasing the investment limits
provides your Company with greater flexibility to support VCT qualifying companies
as they scale, while the expansion of the gross assets test enlarges the pool of VCT
qualifying companies in which your Company can potentially invest. However, the
Statement also announced that the initial income tax relief available for investment in
new VCT shares, issued on or after 6 April 2026, would be reduced from 30% to 20%.
The reduction in tax relief for investors is disappointing, and the Manager is actively
involved in discussions with policy makers and industry bodies making the case for this
change to be reversed.
Your Company has delivered a resilient performance in the financial year, reflecting
the strength of the investment strategy and its ability to continue to deliver growth
in Shareholder value. It is particularly encouraging to note the progress that has
been achieved across the private company portfolio, where a growing proportion
of businesses are maturing and achieving scale, with 22 companies now profitable.
While the growth path for earlier stage businesses can take longer and may be less
predictable than for established companies, which has resulted in a small number of
failures this year, this has been offset by those portfolio companies that are scaling
rapidly and increasing market share, and where valuations have been uplifted. Further
details on the key developments across the portfolio can be found in the Investment
Manager’s Review on pages 25 to 35 of this Annual Report.
HIGHLIGHTS
NAV total return at the
year end of 154.63p
per Ordinary Share
(2024: 154.32p)
NAV at the year end
of 55.28p per Ordinary
Share (2024: 59.47p)
Over £6.6 million
deployed in new and
follow-on investments
Two profitable
private company
exits completed
with a further partial
realisation completing
shortly after the
period end
Enhanced interim
dividend of 2.75p per
Ordinary Share paid
on 29 August 2025
Second interim
dividend of 1.00p per
Ordinary Share paid
on 16 January 2026
Final dividend of
0.60p per Ordinary
Share proposed for
payment on 15 May
2026, taking the
annual yield to 7.3%
Offer for Subscription
launched in
September 2024
closed early, fully
subscribed, raising £10
million
New Offer for
Subscription launched
in October 2025
CHAIRMAN’S
STATEMENT
11 / Maven Income and Growth VCT 4 PLC
In line with the long term growth strategy, the core focus remains on steadily expanding the portfolio through the
selective addition of private companies with high growth potential, that operate across a diverse range of sectors.
The Manager continues to see good demand for growth capital across its network of regional offices and, during
the year, invested £2.6 million, into five new private companies. The portfolio now extends to over 80 growth
focused companies, operating across a wide range of dynamic and emerging sectors such as Software-as-a-
Service (SaaS), cyber security, data analytics, regtech and advanced manufacturing, with limited direct exposure to
sectors that are more likely to be impacted by a reduction in discretionary consumer spending.
The provision of additional capital to support existing portfolio companies is an increasingly important element
of the investment strategy and, during the year, £4.1 million of follow-on funding was provided to 19 portfolio
companies. In most cases this was where businesses were making commercial progress and additional funding was
required to help accelerate growth. For others, where progress was behind plan, funding was structured in tranches
and released subject to the achievement of specific milestones, to help protect value.
During the year, market conditions within AIM have continued to be challenging, with investor appetite for smaller
listed companies remaining subdued and limited new VCT qualifying investment opportunities. The AIM quoted
portfolio now accounts for 1.8% of NAV, compared to 3.2% at the end of the previous financial year. The Manager
will retain a cautious approach to AIM and it is unlikely that there will be any further new AIM investments except
in situations where there is a convincing and capital light business case, or where the Manager believes there is an
opportunity for early share price arbitrage.
During the year, there were two material and highly cash generative realisations from the private company portfolio.
In early July 2025, the realisation of crematoria operator Horizon Ceremonies completed, generating an initial
return of 2.3x cost and cash proceeds of over £5 million, with potential for a further deferred element, contingent
on the receipt of planning approval at two identified sites. In November 2025, the exit from specialist mechanical
and electrical maintenance contractor DPP also completed, generating a total return of 2.1x cost and cash proceeds
of over £2.4 million. In both cases, the majority of the cash proceeds received from these exits were paid out to
Shareholders through two interim dividends, demonstrating the Board’s commitment to make regular Shareholder
payments, particularly following significant profitable exits.
Shortly after the period end, a partial realisation of artificial intelligence (AI) enabled contract software specialist
Summize was achieved, with a syndicate of UK private equity investors providing £40 million of funding to support
the business through its next phase of growth. The transaction included a substantial commitment from Maven’s
Regional Buyout Fund II alongside two new institutional investors with your Company also participating as part of
this funding round. This transaction enabled the Manager to negotiate a partial exit which generated an initial return
for your Company of 3.6x cost, comprising cash alongside a substantial retained equity stake. Since your Company
first invested in Summize in 2022 it has quickly become a high performing portfolio asset with annual recurring
revenue (ARR) increasing by 100% year on year over the past five consecutive years. Having gained significant
scale in the UK, the business successfully launched in the US and subsequently attracted acquisition interest which
resulted in this transaction completing in early January 2026.
The ability to achieve a partial exit from high performing companies, such as Summize, is a strategy that the
Manager has recently successfully utilised with MirrorWeb, Novatus Global and Quorum Cyber, all of which
achieved rapid growth post investment and secured significant third party funding to help accelerate their business
plans. In each case, this enabled your Company to achieve a partial exit which generated an initial cash return
alongside a retained equity stake. The Directors endorse this approach, as it provides the opportunity to create
liquidity to help support Shareholder distributions, while enabling your Company to remain invested in those
companies that have the ability to become larger and more valuable assets.
Treasury Management Strategy
The Board and the Manager maintain a proactive 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, as opposed to bank interest income.
Your Company has a well established approach to treasury management, which focuses on maintaining a diversified
portfolio of permitted non-qualifying holdings that have strong fundamentals and attractive income characteristics.
The core holdings include carefully selected money market funds (MMFs), open-ended investment companies
(OEICs) and London Stock Exchange listed investment trusts, with the remaining cash held on deposit across
several UK banks to minimise counterparty risk. This approach ensures ongoing compliance with the Nature of
Income condition, whilst also providing your Company with a healthy stream of incomethat currently generates a
blended annualised yieldof over 3% across the combined treasury management portfolio and uninvested cash.
12 / Maven Income and Growth VCT 4 PLC
It is worth highlighting thatthis is a dynamic portfolio, which remains under close and regular review. Over time,
the size and structure of this portfolio may vary depending on your Company’s rate of investment, the quantum of
cash proceeds realised through exits and the overall liquidity level, whilst also taking into consideration relevant
macroeconomic or market factors. Full details of the treasury management holdings at the year end can be found in
the Investment Portfolio Summary on pages 42 to 46 of this Annual Report.
Dividend Policy
The Directors understand the importance of regular tax free distributions to Shareholders and, as announced in the
2024 Annual Report, enhanced the dividend policy by increasing the target annual yield from 5% to 6% of NAV per
Ordinary Share at the immediately preceding year end.
Shareholders should be aware that this remains a target and that decisions on distributions take into consideration
various factors including the realisation of capital gains, the adequacy of distributable reserves, the availability of
surplus revenue and the VCT qualifying level, all of which are kept under close and regular review. As the portfolio
continues to expand and the proportion of younger, high growth companies increases, the timing of distributions will
be closely linked to realisation activity, whilst also reflecting the requirement to maintain the VCT qualifying level.
Interim Dividends and Proposed Final Dividend
In line with the dividend policy and following the realisation of Horizon Ceremonies in early July 2025, the Directors
were pleased to announce an enhanced interim dividend, for the year ended 31 December 2025, of 2.75p per
Ordinary Share, which was paid on 29 August 2025 to those Shareholders on the register at 25 July 2025. In addition,
following the sale of DPP in November 2025, a second interim dividend, for the year ended 31 December 2025, of
1.00p per Ordinary Share was paid on 16 January 2026 to Shareholders on the register at 12 December 2025.
The proposed final dividend of 0.60p per Ordinary Share, in respect of the year ended 31 December 2025, will be
paid on 15 May 2026 to Shareholders who are on the register at 17 April 2026. This will bring the annual dividend
to 4.35p per Ordinary Share, representing a yield of 7.3% based on the NAV per Ordinary Share at the immediately
preceding year end. Since the Company’s launch, and after receipt of the proposed final dividend, a total of 100.95p
per Ordinary Share will have been paid in tax free distributions. It should be noted that payment of a dividend
reduces the NAV by the total amount of the distribution.
The Board is aware that there are a number of unclaimed dividends and wishes to remind Shareholders that it is
their responsibility to ensure that the Company’s Registrar (The City Partnership) has the correct contact and bank
account details to allow for the timely payment of dividends. Shareholders are advised to check that they have
received dividends and to contact the Registrar if they have not.
Dividend tax vouchers are available to download from the Registrar’s investor hub at maven-cp.cityhub.uk.com,
with hard copies being posted to those Shareholders who have not opted to receive communications from the
Company electronically.
Dividend Investment Scheme (DIS)
Your Company operates a DIS, through which Shareholders can, at any time, elect to have their dividend payments
utilised to subscribe for new Ordinary Shares issued under the standing authority requested from Shareholders at
Annual General Meetings. Ordinary Shares issued under the DIS are free from dealing costs and should benefit from
the tax reliefs available on new Ordinary Shares issued by a VCT in the tax year in which they are allotted, subject
to each individual Shareholder’s particular circumstances.
Shareholders can elect to participate in the DIS in respect of future dividends by completing a DIS mandate form
and returning it to The City Partnership. In order for the DIS to apply to the 2025 final dividend, due to be paid on 15
May 2026, the mandate form must be received by the Registrar before 1 May 2026, this being the relevant dividend
election date. The mandate form, terms and conditions and full details of the scheme (including tax considerations)
are available on the Company’s webpage at mavencp.com/migvct4. Shareholders can also elect to participate in
the DIS 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.
Distributable Reserves
At a general meeting of the Company, held on 13 November 2025, Shareholders approved special resolutions
to cancel the share premium account and the capital redemption reserve, pursuant to the Companies Act 2006,
to create a further pool of distributable reserves that could be used for future dividends or any other applicable
purpose. On 20 February 2026, the Court of Session in Scotland confirmed the cancellation of the share premium
account and the capital redemption reserve. The Court Order was registered by the Registrar of Companies on
26 February 2026.
13 / Maven Income and Growth VCT 4 PLC
Whilst the level of distributable reserves has increased, the quantum and timing of dividend payments will continue
to be closely linked to realisation activity while also reflecting the requirement to maintain the Company’s VCT
qualifying level.
Fund Raising and Offer for Subscription
On 1 April 2025, the Offer for Subscription, which was launched in September 2024, closed early, fully subscribed,
raising a total of £10 million for the 2024/25 and 2025/26 tax years. All new Ordinary Shares in relation to that Offer
have now been allotted and further details can be found in Note 12 to the Financial Statements on page 90 of this
Annual Report.
On 2 October 2025, a new Offer for Subscription was launched, alongside Offers by the other Maven Income and
Growth VCTs, accepting applications for the 2025/26 and 2026/27 tax years. Your Company has a target raise of
£12.5 million, including the ability to utilise an over-allotment facility of up to £5 million, which was opened in early
February 2026. As at the date of this Annual Report, your Company has attracted subscriptions of £8.7 million
across both tax years. Further details about the Offer can be found atmavencp.com/vctoffer.
The Board is committed to making regular allotments of new Ordinary Shares. The first allotment for the 2025/26
tax year completed on 15 January 2026, with further allotments taking place on 17 February and 24 March 2026.
Applications for the 2025/26 tax year will close on 2 April 2026, with an allotment completing later that day.
Applications for the 2026/27 tax year will close on 24 April 2026, unless fully subscribed ahead of this date, with an
allotment completing shortly thereafter.
The Directors are confident that Maven’s regionally based team of investment executives has the resource and
capability to continue sourcing attractive VCT qualifying companies across a range of dynamic sectors throughout
the UK, and that this additional liquidity will facilitate the further expansion and development of the portfolio in
line with the investment strategy. In addition, the funds raised will allow your Company to maintain its active share
buyback policy, whilst also spreading costs over a wider asset base, with the objective of maintaining a competitive
OCR for the benefit of all Shareholders.
Share Buy-backs
The Directors acknowledge the need to maintain an orderly market in the Company’s shares and have delegated
authority to the Manager to enable the Company to buy back its own shares in the secondary market for cancellation
or to be held in treasury, subject always to such transactions being in the best interests of Shareholders.
It is intended that the Company will seek to buy back shares with a view to maintaining a share price that is at a
discount of approximately 5% to the latest published NAV per Ordinary Share. Any purchase of the Company’s own
shares will be subject to various factors including market conditions, available liquidity and the maintenance of
the Company’s VCT qualifying status. It should be noted that the Company cannot buy back shares whilst it is in a
closed period, which is the time from the end of a reporting period until either the announcement of the relevant
results or the release of an unaudited NAV. Additionally, a closed period may be introduced if the Directors or the
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. If a Shareholder wishes to buy or sell shares on the secondary market, they should direct their instruction
through a stockbroker of their choice. To discuss a transaction, the Shareholder’s stockbroker should contact the
Company’s stockbroker, Shore Capital Stockbrokers, on 020 7647 8132.
VCT Regulatory Developments
During the year, your Company has remained fully compliant with the complex conditions and requirements of the
VCT scheme.
As outlined earlier, the 2025 Autumn Budget Statement included amendments to the rules governing the VCT
scheme with respect to investment limits and the tax relief available for VCT shares issued on or after 6 April 2026.
During the year, the VCT Association (VCTA), of which the Manager is a founding member, launched the Growth
Beyond Limits campaign specifically focused on promoting the benefits of increasing the investment limits for
VCT qualifying companies, which have been frozen for almost a decade. The VCTA, which represents 14 of the
largest VCT fund managers, highlighted the case for increasing the limits to assist certain younger and higher
growth companies. This is particularly relevant for those businesses that operate in sectors that have an extended
investment cycle, such as life sciences, technology and other knowledge intensive sectors. The Board welcomed
the announcement that, from 6 April 2026, the investment limits would be doubled. The annual amount that a VCT
can invest in a qualifying company will increase to £10 million (£20 million for knowledge intensive companies) while
14 / Maven Income and Growth VCT 4 PLC
the lifetime allowance for a VCT qualifying company will increase to £24 million (£40 million for knowledge intensive
companies). In addition, the gross assets test will also double, which means that larger companies can now
potentially qualify for VCT investment. These changes are welcome and should help to ensure that your Company,
and the VCT industry more widely, can continue to provide funding to the UK’s most innovative SMEs as they scale.
The Autumn Statement also announced that the initial income tax relief available for VCT shares, issued on or after
6 April 2026, would be reduced from 30% to 20%. The reduction in tax relief for investors is disappointing, and
through the VCTA, the Manager will continue to provide evidence to reinforce the importance of VCT investment as
part of the wider funding ecosystem. This will focus on highlighting specific cases where Maven has supported high
growth businesses across the regions as they grow and create local, highly skilled employment opportunities.
Valuation Methodology
The Board and the Manager continue to apply the International Private Equity and Venture Capital Valuation (IPEV)
Guidelines as the central methodology for all private company valuations. The IPEV Guidelines are the prevailing
framework for fair value assessment in the private equity and venture capital industry. The IPEV Guidelines
are updated periodically to ensure that they continue to reflect best practice and remain aligned with evolving
accountancy standards and regulatory guidance, as well as reflecting developments within the wider market.
The most recent update (December 2025) provided limited changes to the existing valuation framework, adding
specific points for clarification on the impact of ESG and sustainability on valuation methodologies, and the use of
AI enabled valuation models. With respect to the use of AI models for valuing unlisted investments, IPEV concluded
that while they can be a useful tool to augment the valuation process, they do not replace human professional
judgement and scepticism. It should be noted that the Manager does not currently utilise any such AI tools when
valuing the unlisted portfolio.
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 the Business Report
on page 20 of this Annual Report and in Note 1(e) to the Financial Statements on page 81. The principal Key
Performance Indicators (KPIs) are outlined in the Business Report on pages 19 and 20 and a summary of the
Alternative Performance Measures (APMs) is included in the Financial Highlights on pages 4 to 6, with definitions of
terms contained in the Glossary on pages 107 to 109.
Environmental, Social and Governance (ESG) Considerations
While your Company’s investment policy does not incorporate specific ESG objectives, and portfolio companies are
not required to meet any related targets, the Board and the Manager recognise the importance of considering ESG
matters as an integral part of the investment process. Maven’s ESG and Responsible Investment Policy ensures
that ESG related risks and opportunities are identified during pre-investment due diligence and can be carefully
considered as part of the investment process. Maven’s post investment ESG framework provides a structure for
regular engagement with companies to ensure that ESG metrics are monitored throughout the period of investment.
The Manager continues to be an active member of The United Nations Principles for Responsible Investment and
submitted its second public investor report in July 2025. The Board is aware of the proactive work that Maven
is doing to support social initiatives that promote diversity in the investment sector, such as Future Asset, the
Investing in Women Code, the Lifted Project and Maven’s own Female Founders Programme. Further details on
Maven’s approach to ESG and developments across the portfolio can be found in the Investment Manager’s Review
on pages 28 and 29 of this Annual Report.
Maven Capital Partners UK LLP
In early 2026, Maven announced that its long standing Fund Manager Bill Nixon would be stepping back from his
role as Investment Manager of the Maven VCTs and retiring as Maven’s Managing Partner, moving to a new role as
Chair of Maven. Alongside senior colleagues, Bill founded Maven in 2009 and as its Managing Partner for over 17
years has grown Maven’s business, particularly its VCT focus, establishing its position as a leading Manager in the
sector. Bill has been the Investment Manager of your Company since inception and has been instrumental in driving
growth and constructing the broad and well diversified portfolio that your Company holds today.
15 / Maven Income and Growth VCT 4 PLC
As part of a carefully planned succession, the role of Investment Manager of the Maven managed VCTs and Managing
Partner at Maven have transitioned to Ewan MacKinnon, who has been co-managing Maven’s VCT portfolio, alongside
Bill, for several years. Ewan has more than 20 years of private equity and corporate finance experience and has
been with Maven since 2009, initially originating and completing VCT investments in Scotland before becoming joint
Investment Manager. Ewan is chair of Maven’s valuation committee and, for the past few years, has been leading
Maven’s VCT fundraising programme. The Board has a well established and positive relationship with Ewan and looks
forward to building on this in the future.
On behalf of my fellow Directors, I would like to take this opportunity to extend sincere gratitude to Bill for the
pivotal role that he has played in developing and delivering the investment strategy, and enhancing Shareholder
value, whilst navigating an evolving and increasingly complex VCT regulatory landscape. I am pleased to confirm
that Bill has agreed to remain on the Board as a non-executive Director and we look forward to continuing to benefit
from his valuable sector insight and detailed portfolio knowledge.
Annual General Meeting (AGM)
The 2026 AGM will be held on Thursday, 7 May 2026 in Maven’s London office, which is located at 6th Floor,
Saddlers House, 44 Gutter Lane, London, EC2V 6BR. The AGM will commence at 12 noon and the Notice of Annual
General Meeting can be found on pages 99 to 104 of this Annual Report.
The Future
With a proven investment strategy and strong liquidity, your Company is well placed to deliver further growth in
Shareholder value. In the year ahead, the Board and the Manager will remain focused on expanding the portfolio in
size and scale through the addition of carefully selected growth businesses that have the potential to achieve scale
and attract premium valuations at exit. In tandem, exit opportunities, which provide the opportunity to optimise
Shareholder value, will also be progressed to support the dividend policy.
Fraser Gray
Chairman
2 April 2026
16 / Maven Income and Growth VCT 4 PLC
This Business Report is intended to provide an overview of the strategy and business model of the
Company, as well as the key measures used by the Directors in overseeing its management. The 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
The Board maintains an ongoing process for identifying, evaluating, and monitoring both principal and emerging
risks facing the Company. The risk register and risk dashboard are integral components of the Company’s risk
management framework and support a robust assessment of these risks, with particular emphasis on the
effectiveness of mitigating controls.
The Board reviews the Company’s risk profile on a regular basis, and risk ratings are updated throughout the year to
reflect any changes. Given the dynamic nature of these updates, the Board, in agreement with the Manager, has
determined that including a direction of travel indicator would not provide meaningful benefit. Any material changes
to principal and emerging risks will be clearly disclosed in this report.
In 2025, the Board focused on ensuring compliance with the enhanced requirements of the 2024 UK Corporate
Governance Code regarding internal controls. The Board has been working with the Manager in the period to identify
material controls as they apply to the Company’s principal risks and are confident that the material controls are
operating effectively. The current principal and emerging risks 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 to all investments,
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
17 / Maven Income and Growth VCT 4 PLC
Principal risk Root cause Control measures
Operational risk • Failure of a significant
outsourcer to perform
duties and responsibilities in
accordance with service level
agreements.
• All outsourcers are selected
following the completion of
appropriate due diligence,
with the Manager carrying
out an annual review of
key outsourcers.
• The Manager and Custodian
are FCA authorised and subject
to FCA Rules requiring the
maintenance of adequate
financial resources, including
enabling an orderly wind-down.
VCT Qualifying Status risk • Failure to meet VCT qualifying
status could result in
Shareholders losing the income
tax relief on initial investment
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
Company’s shares.
• The Board works closely
with the Manager to ensure
compliance with all applicable
and upcoming legislation, such
that VCT qualifying status is
maintained.
• Further information on the
management of this risk is
detailed under other headings
in this Business Report.
IT and Cyber Security risk • Heightened cyber security risk
and potential IT failure, which
could cause a third party to
fail to perform its duties and
responsibilities or experience
financial difficulties such that
it is unable to carry on trading
and cannot provide services to
the Company.
• The Manager, on behalf of the
Board, closely monitors the
systems and controls in place
to prevent or mitigate against a
systems or data security failure.
• The Board reviews control
and compliance reports from
the Manager, which includes
oversight of third party cyber
security arrangements, to
ensure these adequately
address systems and data
security risks.
• The ability of third parties to
operate effective business
continuity plan (BCP)
arrangements has been
validated.
Legislative and Regulatory risk • Breaches of regulations
including, but not limited to,
the Companies Act 2006,
the FCA Listing Rules, the
FCA Disclosure Guidance
and Transparency Rules,
the General Data Protection
Regulation (GDPR), or the
Alternative Investment Fund
Managers Directive (AIFMD)
by the Company could lead
to a number of detrimental
outcomes and reputational
damage.
• The Board maintains a good
understanding of the changing
regulatory landscape and
considers emerging issues so
that appropriate changes can
be developed and implemented
in good time.
• The Manager is responsible
for monitoring compliance
with applicable legislation
and regulatory requirements.
Where changes to legislation
or regulation are proposed that
may affect the Company, the
Manager ensures that the Board
is informed and that appropriate
measures are taken to maintain
ongoing compliance.
18 / Maven Income and Growth VCT 4 PLC
Principal risk Root cause Control measures
Legislative and Regulatory risk
(continued)
• The Board and the
Manager continue to make
representations where
appropriate, either directly
or through relevant industry
bodies such as the AIC, UK
Private Capital and the VCTA
in relation to any changes in
legislation.
Political risk • Political changes leading
to uncertainty in markets,
legislation and the economy.
• The Board regularly reviews
the political situation, together
with any associated changes to
the economic, regulatory and
legislative environment.
Emerging risk Root cause Control measures
Global Conflict and
Political Instability
• Escalating global conflict and
political instability resulting
in the potential for escalating
prices, disruption to supply
chains and general market
uncertainty.
• The Board regularly reviews
the investment portfolio with
the Manager. Maven works
closely with portfolio companies
to identify, and support, the
management of any challenges
resulting from global conflict
and political instability.
• The Board and the Manager
are monitoring this risk closely
and, whilst this risk cannot
be obviated entirely, the
Company’s investment portfolio
is diversified across a large
number of companies and a
range of economic sectors
and the Manager actively and
closely monitors the progress
of portfolio companies.
Geopolitical risk and uncertainty • Broader global macro-
economic risks have escalated
following the change of
government in the US, in
particular the introduction of
trade tariffs.
• The Manager has assessed the
current impact of trade tariffs
on portfolio companies and
is working with management
teams to consider potential
future impacts, where these
may arise.
• The types of companies in
which the VCT invests, together
with the diversification of the
portfolio, reduces the overall
impact of tariffs.
Artificial Intelligence (AI) • Increase in the use of AI by
the Manager or portfolio
companies without proper
consideration of the risks
involved, with no mitigating
controls being established.
• The Manager has embarked on
a series of risk assessments,
governance and oversight
arrangements with respect
to AI risk, whilst also
acknowledging the potential
benefits of AI.
19 / Maven Income and Growth VCT 4 PLC
In addition, an explanation of certain economic and financial risks and how they are managed is contained in Note
16 to the Financial Statements on pages 93 to 97 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 2025 and its performance during the year then ended is included in the Chairman’s Statement, which
also includes an overview of the Company’s 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 42 to 46 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 page
24 show the profile of the investee companies by industry sector, demonstrate the broad market exposure across
the portfolio, and provide insight into the age of the investments within the portfolio. 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 £489,000 (2024: £2,235,000); there was a
net gain on investments of £1,356,000 (2024: £3,107,000) and earnings per share of 0.32p (2024: 1.58p). 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 107 to 109.
The Board considers the following to be KPIs:
• NAV total return;
• annual yield;
• cumulative dividends paid;
• share price discount to NAV;
• share price total return; and
• ongoing charges ratio (OCR).
The NAV total return is considered to be a more appropriate long term measure of Shareholder value as it includes
both the current NAV per share and the sum of dividends paid to 31 December 2025. 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 or proposed per share for the financial year, expressed as a percentage of the NAV per share
at the immediately preceding year end. In the year to 31 December 2024, the Directors revised the Company’s
dividend policy and now target a dividend that provides an annual yield of 6% of the NAV per share at the immediately
preceding year end, subject to always complying with the VCT rules, and taking into consideration the level of
distributable reserves, profitable realisations in each accounting period and the Company’s future cash flow
projections. The 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 to an investor
and is the total recurring annual expenses of the Company, including management fees charged to the capital reserve,
expressed as a percentage of the average net assets attributable to Shareholders. The Company’s OCR for the year
ended 31 December 2025 was 3.13% (2024: 3.00%) and is detailed in Note 4 to the Financial Statements on page 82.
A historical record of these measures is shown in the Financial Highlights on pages 4 to 6, 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 82.
Your Board continues to believe that a portfolio of private equity and selected AIM quoted holdings provides the
optimal structure for delivering long term growth in Shareholder value. However, as detailed in the Chairman’s
Statement, the Manager will remain cautious on any new AIM investments.
20 / Maven Income and Growth VCT 4 PLC
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 55 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 the Company in unquoted companies are valued in accordance with the IPEV Guidelines, being
the prevailing framework for fair value assessment in the private equity and venture capital industry. The most recent
update (December 2025) provided limited changes to the existing valuation framework adding points for clarification
on specific items, on the impact of ESG and sustainability on valuation methodologies, and the use of AI enabled
valuation models. The Directors and the Manager continue to follow these industry guidelines and adhere to 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 share buy-
backs in accordance with the Company’s share buy back policy as outlined in the Chairman’s Statement on page 13.
The Board’s Duty and Stakeholder Engagement
The Directors’ Section 172 statement should be read alongside the other contents of the Strategic Report and in
the context of the Company’s regulatory status as a small registered, internally managed, alternative investment
fund under the Alternative Investment Fund Managers Directive (AIFMD). Under the Companies Act, the Directors
have a duty to promote the success of the Company for the benefit of its members as a whole and in doing so, to
have regard to several matters including, for example, the likely consequences of any decision in the long term,
the need to foster business relationships and maintain a reputation for high standards of business conduct when
dealing with third parties and the need to act fairly between Company members.
Given the nature of the Company, its day-to-day management and administration are outsourced to third party
service providers, the most significant of which is the Manager. The Company does not have any customers in
the traditional sense, nor does it appoint executive directors or employ staff. The Board, therefore, identifies the
Company’s key stakeholders as: its Shareholders, the Manager, portfolio companies, other service providers,
regulatory and industry bodies, and the environment and wider society. In discharging the Section 172 duty and
in line with Provision 5 of the AIC Corporate Governance Code, the Directors acknowledge the importance of
achieving positive outcomes for, and engaging effectively with each of these stakeholder groups as an integral
part of the Board’s decision making processes, aligned to the Company’s purpose and investment policy and in
the promotion of the long-term success of the Company. An illustration of how the Board approaches stakeholder
engagement and how it continues to seek positive outcomes for its stakeholders is set out in the table below.
Stakeholder
group
Why Board engagement matters Board engagement outcomes
Shareholders Board engagement with Shareholders
is vital to the success of the Company
and the achievement of its strategic
objectives. Aligning interests in respect
of key matters such as investment
policy and objectives, income
generation and returns and fundraising,
and ensuring fee transparency are
essential in promoting the Company
to Shareholders and also in facilitating
trust and confidence in the Company
and its performance in the long term.
The Board communicates with Shareholders
at its AGM and through the Company’s regular
reporting, disclosures and handling of enquiries.
The Company’s 2025 AGM was held on 8 May
2025 and all resolutions were passed. The
Manager and Company Secretary also act as
points of contact for the Board and Shareholders
and engagement logs are included in Board
Meeting materials.
21 / Maven Income and Growth VCT 4 PLC
Stakeholder
group
Why Board engagement matters Board engagement outcomes
Shareholders
(continued)
The Board has adopted a dividend policy,
targeting an annual dividend yield of 6% of the
NAV per Ordinary Share at the immediately
preceding year end, as well as an active treasury
management strategy, and a share buy back
policy. Details of which can be found in both the
Chairman’s Statement on pages 11, 12, and 13 and
in the Directors’ Report on page 52. Two interim
dividends were paid in the period and a final
dividend is proposed for Shareholder approval at
the 2026 AGM, which, if approved, will exceed the
annual target yield.
During the year, the Company launched a further
fundraising through an Offer for Subscription,
the Prospectus for which was published on 2
October 2025 with a target raise of £12.5 million,
including an over-allotment facility of £5 million,
which the Directors have resolved to utilise. As
at the date of this Annual Report, the Company
has attracted subscriptions of £8.7 million across
both tax years. Following the success of the 2024
fundraising and aligned to Shareholder interests,
the Board’s decision to launch the current
Offer for Subscription was to champion further
growth and retain a competitive OCR, spreading
certain fixed costs over a wider asset base and
increasing liquidity. Further details regarding the
current Offer for Subscription can be found in the
Chairman’s Statement on page 13.
Manager (and
its employees)
The day-to-day management and
administration of the Company is
outsourced to the Manager and thus
Board engagement and oversight is
crucial in ensuring effective execution
of the Company’s investment policy,
as well as ensuring compliance with
relevant legislation and regulation and
to promote governance best practice.
The Board maintains a constructive, open and
transparent relationship with the Manager through
regular dialogue, reporting and oversight. To
further hold the Manager to account, the Board
has established a Management Engagement
Committee to annually review the terms and
execution of the Management and Administration
Deed which, details the nature of the Manager’s
relationship with the Company, inclusive of fees,
and provides for a clear delegation of authority
and responsibility.
In addition to providing regular reporting to the
Board, the Manager also publishes a bi-annual
newsletter, Creating Value, which is available on
the Manager’s website, mavencp.com.
Portfolio
companies
The successful execution of the
Company’s investment policy and its
ability to generate positive returns for
Shareholders is directly linked to the
performance of its underlying portfolio
companies and approach to managing
investment risk. Board oversight,
through the reporting of the Manager,
is key to ensuring a comprehensive
understanding of individual portfolio
company purpose and strategy, good
governance and ongoing alignment of
interests.
In addition to the review of the Manager’s
Report, risk register and portfolio analysis at
its quarterly meetings, the Board supports the
Manager’s approach of securing, where possible,
representation on the boards of the unlisted
portfolio companies. This promotes deeper
Manager engagement and oversight of this part
of the portfolio which in turn, can be reviewed
and challenged by the Board for the benefit of the
Company and its members as a whole. From time
to time, the Board also receives presentations
from the management of portfolio companies.
22 / Maven Income and Growth VCT 4 PLC
Stakeholder
group
Why Board engagement matters Board engagement outcomes
Other service
providers
(excluding the
Manager)
In order for the Company to meet its
obligations as a VCT with a premium
listing on the London Stock Exchange,
it is supported by several other third
parties as well as the Manager. Each
third party service provider brings the
necessary level of expertise to ensure
the Company remains compliant and
operates responsibly.
The Board endorses access to an extensive, and
broad base of resource and expertise to assist
the Company in fulfilling all relevant obligations
and to ensure the effective management and
administration of the Company. The Board
oversees and monitors the Company’s relationship
with third party service providers either directly
or indirectly through the Manager to ensure
third party engagements continue to be fit for
purpose and also oversees operational risk as a
principal risk within the Company’s broader risk
management framework.
Regulatory and
industry bodies
Given the nature of the Company, it is
subject to relevant rules, regulation,
policy and guidance. In order to
ensure VCT scheme compliance and
best practice and to advocate in the
Company’s interests, engagement
with regulatory and industry bodies
is important to retain awareness of
existing and future requirements and
trends.
The Board has identified VCT qualifying status risk
and legislative and regulatory risk as Company
principal risks and details of how the Company
manages and mitigates these risks can be seen
in the Business Report on pages 16 to 18. The
Board keeps informed and monitors VCT scheme
compliance, relevant statutory and regulatory
change and market impact through the reporting
of the Manager and its support functions and
external advisers. The Board endorses the
Company’s commitment to the AIC Corporate
Governance Code in terms of promoting good
governance, and supports the Manager’s
membership of the AIC and of the VCTA in terms
of proactive industry engagement.
Environment
and wider
society
The Board is committed to ensuring
that the Company’s business and,
to the extent possible, that of the
Company’s portfolio companies is
conducted in a socially responsible
manner.
While the Company’s investment policy does
not include explicit ESG aims, the Manager
has implemented its own ESG and Responsible
Investment Policy, part of which facilitates due
diligence and ongoing monitoring of portfolio
companies from an ESG perspective. The Board
reviews and challenges the Manager’s ESG
assessment of portfolio companies to facilitate its
oversight of the environmental and social impact
of its activities. Further details on the Manager’s
approach to ESG can be found in the Investment
Manager’s Review on pages 28 and 29.
23 / Maven Income and Growth VCT 4 PLC
Employee, Environmental and Human Rights Policy
As a VCT, the Company has no direct employee or environmental responsibilities, nor is it responsible directly for the
emission of greenhouse gases. The Board’s principal responsibility to Shareholders is to ensure that the investment
portfolio is managed and invested properly. As the Company has no employees, it has no requirement to report
separately on employment matters. The Board comprises four male Directors and delegates responsibility for diversity
to the Nomination Committee, as explained in the Statement of Corporate Governance on page 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 28 and 29 and in the Statement of
Corporate Governance on page 63. 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 14. 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 69 to 75.
Future Strategy
The Board and the Manager intend to maintain the policies set out above for the year ending 31 December 2026, as
it is believed that these are in the best interests of Shareholders.
Approval
The Business Report, and the Strategic Report as a whole, was approved by the Board of Directors and signed on its
behalf by:
Fraser Gray
Director
2 April 2026
24 / Maven Income and Growth VCT 4 PLC
PORTFOLIO ANALYSIS
The chart below shows the profile of investee companies by industry sector, and demonstrates the
broad market exposure across the portfolio. This analysis excludes cash balances and treasury
management holdings.
The chart below provides insight into the age of investments within the portfolio
2
. This analysis
excludes cash balances and treasury management holdings.
AS AT 31 DECEMBER 2025
1
The end market exposure within this sector is widely diversified, including automotive, cyber security, data analytics, fintech and
regtech businesses.
2
The age of investments is determined by the date at which the Company first invested.
Sector analysis by value
51% Software and technology
1
12% Business services
12% Pharmaceuticals, biotechnology & healthcare
10% Learning & development/recruitment
8% Marketing and advertising technology
7% Industrials & engineering
Age of investments by value
5% Less than 1 year
17% Between 1 and 3 years
25% Between 3 and 5 years
53% Greater than 5 years
25 / Maven Income and Growth VCT 4 PLC
INVESTMENT MANAGER’S
REVIEW
Notwithstanding the mixed economic backdrop, this has been another year
of positive progress for your Company. The modest increase in NAV total
return primarily reflects the strength of the private equity portfolio, where
the valuations of certain companies have been uplifted in recognition of the
revenue growth and commercial progress that has been achieved. Many
of the earlier stage growth companies in the portfolio are achieving scale
and establishing strong positions in their respective markets, which should
help to drive further value creation. During the year, the exits from Horizon
Ceremonies and DPP completed, each generating returns in excess of 2x
cost and significant cash proceeds, the majority of which were distributed
to Shareholders through two interim dividends. There continues to be a
good level of M&A interest in the more dynamic and disruptive companies in
the unlisted portfolio and, shortly after the period end, the partial exit from
contract software specialist Summize completed, generating an initial return
of 3.6x cost comprising a mixture of cash and a retained equity stake. The
cash element of this exit has helped support the proposed final dividend,
while the ongoing equity stake provides your Company with a meaningful
economic interest in this ambitious and fast growing business, with the
potential of generating a further return.
Overview
During the reporting period your Company has made encouraging progress in line
with its long term investment objective. Although economic conditions have remained
unsettled for most of the year, many SME businesses have displayed resilience, and
the Manager has continued to see a healthy pipeline of VCT qualifying opportunities
across the UK, which has resulted in a good level of investment activity. Having an
established nationwide team of experienced investment executives located in key
corporate finance regions has ensured that Maven gains access to a wide pool of
potential investment opportunities. This has resulted in five new private companies
being added to the portfolio during the year.
Maven retains a selective approach to new investment, focusing on identifying those
businesses that have established commercial traction in an emerging or disruptive
market and which are led by management teams with a proven track record of
success. The focus remains on gradually expanding the portfolio through the addition
of innovative businesses that are capable of achieving scale in the medium term and
attracting a premium valuation at exit. The Manager continues to favour investing
in companies that have a growing presence in a dynamic sector such as speciality
software, cyber security, fintech, regtech and advanced manufacturing, where
growth is less sensitive to consumer or discretionary spending and revenue tends to
be contracted or recurring in nature. Investing in a business that has an established
level of recurring revenue provides the Manager with a key benchmark against which
progress and commercial traction can be measured. It is also an important metric
that potential acquirers will review when evaluating a business, with ARR of £5 million
generally considered to be an inflexion point for attracting increased acquisition
interest, particularly from US acquirers.
There are a growing number of high performing companies within the private equity
portfolio, with nine businesses, as at the date of this Annual Report, recording ARR of
£5 million or more, and a further three on track to achieve this threshold in the near
term. Many of these businesses have expanded their customer bases, secured new
contracts and delivered impressive commercial progress over a relatively short period
of time with valuations uplifted accordingly.
HIGHLIGHTS
Five new private
companies added
to the portfolio
Follow-on funding
provided to support
the growth and
development of 19
portfolio companies
Exit from Horizon
Ceremonies
completed, generating
an initial return of
2.3x cost and over
£5 million in cash
proceeds
Exit from DPP
completed, generating
a total return of
2.1x cost and over
£2.4 million in cash
proceeds
Post the period end,
partial realisation of
Summize completed
generating an initial
return of 3.6x cost
comprising cash and
a significant retained
equity stake, alongside
a new VCT qualifying
investment
26 / Maven Income and Growth VCT 4 PLC
As an active investment partner, Maven’s team of portfolio executives continues to work closely with the
management teams of all private investee companies. Having an appointed board representative ensures that
the Manager is involved in key decisions such as helping to shape strategy, delivering operational objectives, and
identifying and progressing exit opportunities. This positive working relationship is particularly important when
considering the provision of follow-on funding, which is an increasingly important element of the investment
strategy. During the year, additional capital was provided to support 19 existing portfolio companies. In most
cases, this was where businesses were making measurable commercial progress and required additional
funding to expedite growth. For others, where progress was behind plan, further funding can provide a bridge
to profitability and exit. As part of the risk mitigation strategy, an investment can also be structured in tranches
subject to the achievement of agreed milestones. This helps to ensure that progress is closely monitored and
that the management team’s ambition and the company’s performance remain aligned with institutional investors’
expectations. In specific cases, Maven will also invest alongside another VCT house or equity partner, which
enables your Company to support the growth of portfolio companies as part of a syndicate of institutional investors.
Following the high level of exit activity in 2024, it is pleasing to report on the completion of two profitable exits
in the financial year. In early July 2025, Maven completed the exit from Horizon Ceremonies, the owner and
operator of three established crematoria. Your Company first invested in Horizon Ceremonies in 2017, backing
an experienced team with a clear strategic objective to build, own and operate a portfolio of next generation
crematoria located across the UK, in areas that were historically underserved or where the existing facilities were
outdated. Horizon’s crematoria have quickly become important community facilities and have consistently received
industry recognition and awards for their exceptional service standards. After a competitive process, the sale to UK
pension fund, Railpen, completed generating an initial return of 2.3x cost and cash proceeds of over £5 million, with
the potential for a further deferred element, contingent on the receipt of planning approval at two identified sites.
In November 2025, the exit from specialist mechanical and electrical maintenance contractor DPP completed with
a sale to a trade buyer. DPP was one of the more mature companies in the portfolio, with your Company investing
in 2013 as part of a replacement capital transaction under the previous VCT rules. During the period of investment,
the business faced several challenges, notably the loss of a major customer, shortly after the investment
completed, along with the impact of COVID, when the enforced closure of retail and leisure establishments
significantly affected trading. With Maven’s support, the business rationalised costs, strengthened its operational
infrastructure, broadened its customer base and enhanced its service delivery model to better support clients.
The exit generated cash proceeds of over £2.4 million and a total return of 2.1x cost over the life of the investment
inclusive of all yield payments received.
A notable development post the period end was the partial realisation of AI enabled contract software specialist
Summize. Since investment in 2022, Manchester based Summize has consistently delivered impressive growth,
initially in the UK and more recently in the US. Its award winning proprietary software simplifies the process
for writing and reviewing legal contracts and its ease of integration with standard office applications is a key
attraction for clients. Following an unsolicited acquisition approach, a formal exit process commenced with a sale
completing in January 2026 to a consortium of UK private equity buyers. Given Summize’s strong growth record
and its large addressable market opportunity, the Manager negotiated a partial exit generating an initial return of
3.6x cost comprising cash and a retained equity stake, providing your Company with an ongoing interest in this
high performing business. In addition, your Company completed a new investment as part of the larger third party
funding round, which provides Summize with capital to support it through the next phase of growth.
The ability to achieve a partial exit enables the Manager to balance the objective of maximising Shareholder
returns and distributions, with the risk of selling a business too early and before value has been optimised. Where
an investee company is performing strongly and achieving scale and a large secondary funding round will help it
to accelerate growth, the Manager will, in certain circumstances, seek to secure a partial exit to provide a healthy
initial cash return, alongside a retained equity stake in the business. This model was utilised in the 2024 partial exits
from MirrorWeb and Novatus Global which, like Summize, had achieved rapid commercial progress. In each of these
cases, your Company received significant cash proceeds while retaining an equity interest which has the potential
to deliver further returns.
Portfolio Developments
This has been another year of progress and development across the private equity portfolio, with most companies
continuing to deliver revenue growth and meet the operational and financial targets set out in their business plans.
Many of the earlier stage growth companies are now establishing strong positions in their respective markets and it
is pleasing to report that the valuations of certain companies have been uplifted to reflect the progress that has been
achieved. The following summary provides an update on key developments across the private company portfolio.
27 / Maven Income and Growth VCT 4 PLC
During the year, automotive ecommerce specialist Rockar has made further tangible commercial progress, with
several large digital transformation projects underway for key clients. Rockar’s market presence continues to grow
as its technological know-how and extensive sector expertise enables it to offer a market leading client solution,
which consistently outperforms the competition. Rockar’s disruptive platform for buying and selling cars online
can be tailored to suit a client’s needs and integrated within an existing network without the need for additional
investment. The business continues to work directly with high profile automotive manufacturers such as BMW,
Toyota and Volvo, several of which are undertaking projects to roll out the technology into new geographic markets,
which expands Rockar’s network and reach. The business continues to deliver profitable growth and with a strong
pipeline of new opportunities, the outlook for the year ahead is encouraging.
Graduate education technology specialist Bright Network continues to deliver revenue growth and maintain its
position as a market leader. With its membership base now in excess of 1.2 million, it is firmly embedded within the
undergraduate recruitment ecosystem. The business was recently named most used graduate platform by final
year students, for the second year running, in the UK Graduate Careers Survey 2025, conducted by High Fliers.
Bright Network maintains an active programme of student engagement, both virtual and in-person, offering a
comprehensive range of services and events to support graduates in finding their first professional position. The
business continues to develop its partner network and is engaged with over 300 key graduate employers, including
Amazon, Barclays, Deloitte, Morgan Stanley and Vodafone. It also maintains a focus on diversity and inclusion and is
committed to serving members from all socioeconomic backgrounds. The increasing use of AI in job searches and
recruitment has created an opportunity for the business to leverage its deep sector knowledge and technological
capabilities to develop a new product. SaaS solution Bright Apply utilises AI to help clients identify the most relevant
candidates for a position, addressing the impact of AI generated applications and creating a fairer backdrop for
recruiters and applicants. Initial feedback has been positive, and Bright Apply should represent a new revenue
stream in the year ahead.
Carbon reduction and supply chain software specialist Secaro (formerly Manufacture 2030) continues to make
progress expanding its presence in the ESG technology sector where its platform supports the global commitment
by manufacturers to reduce Scope 3 carbon emissions within their supply chains. Secaro’s technology offers
large corporates the ability to accurately measure, monitor and record the impact of emission reduction strategies
throughout their supply chains, helping them to meet the targets set out in the Sustainable Development Goals,
whilst also aligning with key initiatives such as the Task Force on Climate-Related Financial Disclosures and Carbon
Disclosure Project. During the year, the business has continued to increase its market coverage, with the addition of
several new blue chip global corporate clients. The business continues to focus on the pharmaceutical, automotive,
consumer and retail sectors, and currently has over 8,000 customers in 89 countries. In December 2025, the
business rebranded as Secaro to reflect its broader data management and insight capabilities.
Demand responsive transport software provider Liftango has made positive commercial progress this year, with
a near doubling in ARR over the past year. A notable recent development was the launch of a landmark strategic
partnership with São Paulo Transport (SPTrans) which has the objective of modernising one of the world’s largest
surface transportation networks supporting a population of over 12 million people, including a fleet of over 13,000
public buses and 4,200 dedicated school and paratransit vehicles. The project has focused on implementing a
comprehensive suite of cloud-based Intelligent Transportation Systems (ITS) with the aim of significantly expanding
service reach and improving passenger capacity without increasing fleet size. In addition, the scope of the
programme includes digitalising services for people with disabilities and enhancing tracking and routing for school
transportation networks. Liftango is establishing a strong market position as a provider of disruptive transport
solutions which offer cost savings alongside core ESG benefits, and it is well positioned to deliver further growth as
it secures new contracts and expands its market position in new geographic regions.
In its first year post investment, risk management software specialist RiskSmart made impressive progress, with
ARR more than doubling driven by a significant expansion of its customer base, which now includes blue chip
clients from the legal, financial services, retail and energy sectors. The business has developed a risk management
platform that leverages data insight and machine learning to provide real time information to help transform how
businesses manage governance, risk and compliance. RiskSmart is led by an ambitious and experienced senior
team and has received numerous industry awards recognising the strength of its technology including being named
High Growth Company of the Year at the Barclays Annual Entrepreneur Awards in November 2025. The business
has a clearly defined growth plan and its healthy forward looking pipeline should enable it to maintain momentum in
the year ahead.
28 / Maven Income and Growth VCT 4 PLC
Specialist training management software providerBudSystems continues to grow strongly, with ARR increasing
by more than 140% since your Company first invested in 2022, supported by a doubling in learner numbers and
a steady increase in partner organisations using the platform. Bud’s technology provides an end-to-end solution
that supports independent training providers, universities, colleges and employers to deliver all aspects of
apprenticeships and vocational training courses through a single portal. The platform streamlines the full process,
helping to reduce administrative tasks, whilst ensuring compliance with specific funding requirements to minimise
the risk of fee clawback. The market outlook for Bud remains positive, supported by the introduction of the Growth
and Skills Levy, which replaced the Apprenticeship Levy and provides employers with greater flexibility in training,
as well as the ability to support a wider range of courses and programmes.
In November 2023, your Company invested in Belfast based Sensoteq, an established designer and manufacturer
of a range of low powered wireless sensors for the remote monitoring of equipment health in industrial settings to
ensure a safer working environment. The sensors monitor and analyse variables such as vibration and temperature
on high wear components to assist in scheduling maintenance, reducing energy wastage and minimising unscheduled
downtime. Since investment, the business has made good progress, growing revenues, expanding its global footprint
and developing its product roadmap. During the year, your Company provided additional capital to enable the
business to invest in its technology to enhance existing products and develop new sensors. Sensoteq operates in a
large and growing global market and has the potential to deliver scalable growth as it secures new contracts.
The need for robust cyber security defences continues to be a critical business requirement and has been further
emphasised in recent years following the high profile cyber attacks experienced by several major UK corporates.
Against this backdrop, cyber security and resilience specialist CYSIAM has experienced another year of strong
growth. The business provides cyber security and managed security services to organisations ranging from
international governments to SMEs, helping them to build resilience that can withstand the rapidly evolving threat
landscape. Having achieved multiple accreditations, CYSIAM is able to work with high security clearance clients. In
February 2025, it announced a partnership with Nasdaq listed CrowdStrike, to strengthen cyber resilience across the
UK Defence sector supply chain to enable contributing organisations to identify vulnerabilities, respond to incidents
and reinforce operations to protect against future attacks. CYSIAM has established a defendable position in a high
growth market and is well placed to continue to achieve the financial and strategic objectives within its business plan.
As expected with a large portfolio of earlier stage businesses, there are a small number of investee companies
that have not achieved their commercial targets and are trading behind plan. In certain cases, this has resulted in
valuations being reduced. In addition, the Manager elected not to provide further funding toAdimo, NorthRow
andReal World Health. In each of these cases, the businesses experienced specific operational challenges and
failed to achieve the necessary commercial progress. Despite the best efforts of Maven’s portfolio management
team to secure solvent sales, these businesses entered administration and the valuations have been written down
in full. Whilst this is disappointing, it is a salient reminder of the higher risk nature of early stage investment. It also
reinforces the importance of the Manager’s chosen strategy to build a large and diversified portfolio in order to
spread risk across a broad base of holdings and help protect Shareholder value.
Environmental, Social and Governance (ESG) Developments
Although your Company’s investment policy does not incorporate ESG aims, and portfolio companies are not
required to meet any specific targets, Maven recognises the importance of identifying and monitoring ESG matters
as part of the investment process. Maven’s ESG and Responsible Investment Policy, ensures that ESG risks and
opportunities are identified and assessed during early stage due diligence, and can be monitored throughout the
period of investment.
All potential investee companies are required to complete an ESG assessment, which provides a comprehensive
pre-investment evaluation of the governance of the business, focusing on board composition and culture alongside
environmental and social considerations. The assessment also provides the investee company with an opportunity
to set targets based on relevant KPIs, which they are encouraged to monitor on an ongoing basis and are also
subject to annual review by the Manager.
29 / Maven Income and Growth VCT 4 PLC
Whilst good governance has always been a prerequisite for any potential Maven investee company, an increasing
number of portfolio holdings are also highly focused on making improvements to the environment, society and
local communities. It is encouraging to note the positivity with which many portfolio companies are embracing their
corporate responsibility, alongside achieving core commercial objectives.
Guru Systems supplies hardware, software and data analytics to improve the performance and cost effectiveness
of heat networks. Working with local authorities, housing associations and private developers, both residential and
commercial, Guru’s technology aligns with the government’s decarbonisation strategy whilst also providing valuable
cost savings for residents, landlords and tenants. Guru is achieving traction in this emerging market and is well
placed to deliver its growth objectives, whilst also having a positive environmental impact.
Sustainable plastic packaging designer and manufacturer iPac Packaging Innovations continues to build a strong
position as a leading independent supplier of bespoke packaging solutions, whilst also demonstrating strong ESG
credentials. iPac’s rPET products are 100% recyclable and manufactured using over 85% recycled content with
Prevented Ocean Plastic (POP) materials incorporated into its supply chain, which helps to reduce plastic pollution
in the oceans. In November 2025, iPac was named Trailblazer for 2025 by WIRED Consulting and HSBC Commercial
Bank. This award recognises growth businesses that are redefining industry standards through innovation and
positive change, which validates iPac’s success as a pioneer of sustainable plastic packaging solutions.
Award winning eco-friendly baby care brand Pura continues to increase its sales reach and, during the year,
secured new listings for its plastic free nappies and wipes. The business is making good progress in the US
where it sells into Walmart, and its online presence continues to build with both Amazon UK and US. The business
recently recertified its B Corporation status, which designates it as meeting the highest standards of social and
environmental impact. Pura’s commitment to wider societal and environmental concerns is also demonstrated
through its nappy recycling initiative, Pura NappiCycle, which has been recycling nappies in Wales for over a
decade, recognising the significant impact that disposable nappies have on the environment.
Regtech specialist Novatus Global provides advice and solutions to financial services firms, helping them
navigate complex regulatory landscapes and fulfil their compliance obligations. Alongside its risk management and
compliance expertise, Novatus specialises in ESG integration and due diligence, helping them to embed responsible
investment practices and meet sustainability related disclosure requirements. Committed to promoting sustainable
business practices, Novatus is also a member of the UK Sustainable Investment and Finance Association. The
business continues to deliver good growth and strengthen its market position, and in September 2025 was named
Regulatory Solutions Provider of the Year at the Global Derivatives Awards.
Maven’s ESG steering group includes representatives from all areas of the business and has the core objective of
developing and embedding effective ESG practices throughout Maven. The group focuses on setting the strategy
for the collation and assessment of ESG data, monitoring regulatory reporting requirements, promoting ESG aims
amongst Maven employees and portfolio companies, and overseeing reporting to stakeholders.
Maven continues to prepare for upcoming regulations and monitor compliance with the Sustainability Disclosure
Requirements implemented in 2024. The Manager is aware of the Task Force on Climate-Related Financial
Disclosures, the International Financial Reporting Standards regulations and the upcoming UK Sustainability
Reporting Standards and is actively preparing for compliance given the increasing likelihood that your Company
may be required to report under these regulatory regimes.
Treasury Management
During the year, several new permitted non-qualifying investments were completed for treasury management
purposes, the details of which can be found in the Investments table on pages 31 and 32 of this Annual Report.
At the year end, your Company had £8.5 million invested across nine OEICs and MMFs, which provide an income
return close to the Bank of England’s base rate with low capital risk and daily liquidity. In addition, your Company
had a further £5.8 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
3.5% and have a strong track record of capital growth. The composition of the treasury management portfolio is
under close and regular review by the Manager, adapting to the changes in your Company’s liquidity position and
reflecting changes in the wider market. Maven’s approach to treasury management is well established and ensures
that your Company remains fully compliant with the Nature of Income condition, whilst also generating a healthy
stream of income from the portfolio of treasury management holdings and uninvested cash.
30 / Maven Income and Growth VCT 4 PLC
New Investments
During the period under review, five new private companies were added to the portfolio. These businesses operate
in dynamic market sectors across the UK and add further sectoral diversity to the portfolio.
Blackdot Solutions is a developer of an advanced intelligence and investigations software
solution that supports risk, compliance and client onboarding teams across a variety of
industries, including government, criminal law and financial services. Blackdot’s proprietary
platform Videris aggregates and analyses open source intelligence (OSINT) from a wide range
of public sources, including the internet, social media and the dark web, alongside more
conventional routes such as Moody’s and Dun & Bradstreet. This capability provides clients
with comprehensive, up to date information to identify threats, mitigate risks and ensure
ongoing compliance with complex regulatory standards. The OSINT market is experiencing
rapid growth and, as an early entrant, Blackdot is well positioned to capitalise on rising demand
for advanced data analytics and risk management tools. The funding from the Maven VCTs is
being used to increase headcount, with a focus on expanding technical expertise, enhancing
product development and driving growth in both new and existing markets.
Digilytics is a provider of an AI enabled solution that automates loan application processing.
The platform uses machine learning and large language models to read and extract data from
key documents such as payslips, bank statements and utility bills, ensuring consistency and
completeness. It then evaluates the application against eligibility criteria and affordability
metrics, while also screening for potential fraud.Digilytics helps lenders reduce costs and
error rates, whilst improving the response time for applicants. The funding from the Maven
VCTs is being used to support the sales and marketing function and invest in product
development. The near term objective is to launch in the US, where there is an identified
market opportunity.
FITR is a developer of remote fitness coaching software that helps personal trainers to
manage and scale their business through a fully customisable white label app. The platform
allows trainers to manage their business through a simple portal with applications to cover
all aspects of their business from setting tailored programmes, monitoring client progress,
handling enquiries, managing social media and marketing, making bookings and collecting
payments. The online remote coaching market continues to experience good growth, driven
by the increasing popularity of international fitness events such as Hyrox, CrossFit and
IronMan, coupled with a client’s preference to train at home or at a time that suits them.
FITR is achieving traction in this growth market with over 100,000 users. It is also the official
software coach for Hyrox trainers and gyms. The funding from the Maven VCTs is being used
to invest in technology to help expedite the product roadmap, whilst also increasing sales
and marketing resource to enhance the social media presence in order to help drive sales.
Kani Payments is a developer of a SaaS based financial reporting and reconciliation platform,
serving fintechs, challenger banks, and payment processors. As well as providing instant
reconciliation of large data sets, Kani’s solution facilitates the automation of transaction
payments, regulatory and financial reporting, which remains largely a manual or spreadsheet
based process, even for sizeable financial institutions. The business is led by an experienced
team with a track record of scaling a similar cloud based payment processing business
from start-up through to profitable exit. The funding from the Maven VCTs is being used to
accelerate product development, appoint a number of sales and marketing executives, and to
support expansion into Europe and North America where there is significant growth potential.
PowerPhotonic is an established designer and manufacturer of a wide range of precision
micro-optics products for use within lasers. Using proprietary manufacturing processes
and equipment, the company designs and manufactures high quality wafer-scale freeform
optics with advanced properties that are designed for application in three core markets, the
largest of which is the defence sector. The business is also expanding its presence in the life
sciences sector, with applications in precision medical devices and instrumentation as well
as advanced manufacturing where it focuses on beam shapers to make industrial processes
more efficient. With strong levels of intellectual property PowerPhotonic has a defendable
market position and the funding from the Maven VCTs is being used to support growth by
facilitating the expansion of the sales and marketing team to help increase revenues and
extend its UK and US presence.
31 / Maven Income and Growth VCT 4 PLC
In addition, your Company gained a small equity stake in specialist IT managed services provider Kube Networks
following an all-share transaction to acquire the legacy holding in ISN Solutions. This was the first transaction Kube
completed as part of its buy and build strategy, and it provides ISN with the opportunity to grow as part of a larger
business.
The table below shows the investments that have been completed during the period:
Investments Date Sector
Investment cost
£’000
New unlisted
Arimon Limited
(trading as Digilytics)
1
March & June 2025 Software & technology 504
Blackdot Solutions Limited January 2025 Software & technology 995
FITR. Holdings Limited October 2025 Software & technology 398
Kani Payments Holdings Limited February 2025 Software & technology 348
Kerrera TopCo Limited
(trading as Kube Networks Limited)
2
April 2025 Software & technology 129
PowerPhotonic Limited June 2025 Industrials & engineering 325
Total new unlisted 2,699
Follow-on unlisted
Alderley Lighthouse Labs Limited
3
May, October
& December 2025
Pharmaceuticals,
biotechnology & healthcare
469
AMufacture Limited May 2025 Industrials & engineering 124
Automated Analytics Limited August 2025 Marketing &
advertising technology
104
DiffusionData Limited
4
February & March 2025 Software & technology 155
Filtered Technologies Limited
4
February & May 2025 Learning & development/
recruitment technology
122
Fixtuur Limited
4
May & October 2025 Software & technology 297
Laverock Therapeutics Limited June 2025 Pharmaceuticals,
biotechnology & healthcare
348
Liftango Group Limited February 2025 Software & technology 250
mypura.com Group Limited
(trading as Pura)
4
June & November 2025 Business services 285
Nano Interactive Group Limited January 2025 Marketing &
advertising technology
102
Plyable Limited
5
March, August, September,
October, November &
December 2025
Software & technology 379
Relative Insight Limited June 2025 Marketing &
advertising technology
100
RevLifter Limited March 2025 Marketing &
advertising technology
159
RiskSmart Limited November 2025 Software & technology 312
Sensoteq Limited
4
March & October 2025 Software & technology 419
The Algorithm People Limited
(trading as Optimize)
April 2025 Software & technology 66
XR Games Limited February 2025 Software & technology 12
Zinc Digital Business Solutions
Limited
4
March & December 2025 Software & technology 222
Total follow-on unlisted 3,925
Total unlisted 6,624
32 / Maven Income and Growth VCT 4 PLC
Investments Date Sector
Investment cost
£’000
Follow-on AIM quoted
GENinCode PLC March 2025 Pharmaceuticals,
biotechnology & healthcare
126
Total follow-on AIM quoted 126
Total AIM quoted 126
Infrastructure investment trust
6
Foresight Solar Fund Limited May 2025 Investment trust 125
Total infrastructure investment trust 125
Real estate investment trusts
6
Land Securities Group PLC May 2025 Investment trust 107
Tritax BigBox REIT PLC May 2025 Investment trust 153
Total real estate investment trusts 260
Total investments completed during the year 7,135
Money market funds
6
Aviva Investors Sterling
Government Liquidity Fund (Class 3)
February 2025 Money market fund 1,000
Aviva Investors Sterling Liquidity
Fund (Class 3)
March 2025 Money market fund 1,000
BlackRock Institutional Sterling
Liquidity Fund (Core)
April 2025 Money market fund 1,000
Fidelity Institutional Liquidity
Sterling Fund (Class F)
May 2025 Money market fund 500
Goldman Sachs Sterling Government
Liquid Reserves Ireland (Institutional)
March 2025 Money market fund 1,000
Total money market funds
7
4,500
Total investments completed during the year
including cash equivalents
11,635
1
Investment completed in two tranches.
2
Your Company gained an equity holding in Kerrera TopCo Limited (trading as Kube Networks Limited) as a result of an all share
transaction to acquire ISN Solutions Group Limited.
3
Follow-on investment completed in three tranches.
4
Follow-on investment completed in two tranches.
5
Follow-on investment completed in six tranches.
6
Investments completed as part of the treasury management strategy.
7
Money Market Funds have been reclassified as a cash equivalent.
At the period end, the portfolio comprised of 121 unlisted and quoted investments at a total cost of £65.3 million
excluding cash equivalents.
33 / Maven Income and Growth VCT 4 PLC
Realisations
The table below provides details of all the realisations that have completed during the reporting period including the
exits from Horizon Ceremonies and DPP, which provided a meaningful increase in cash resources and supported
the payment of the two, previously announced, interim dividends.
In addition, in April 2025, the legacy holding in ISN Solutions was realised through an all-share transaction by
specialist IT managed services provider Kube Networks, as part of its buy and build strategy. This provides the
opportunity for ISN to grow as part of a larger business and, as a result of this transaction, your Company received
an equity holding in Kube Networks.
Realisations
Year
first
invested
Complete/
partial
exit
Cost of
shares
disposed of
£’000
Value at
31 December
2024
£’000
Sales
proceeds
£’000
Realised
gain/
(loss)
£’000
Gain/(loss)
over
31 December
2024 value
£’000
Unlisted
Ensco 969 Limited
(trading as DPP)
1
2013 Complete 1,531 1,857 2,355 824 498
Horizon Ceremonies Limited
(trading as Horizon Cremation)
2
2017 Complete 2,463 4,769 4,863 2,400 94
ISN Solutions Group Limited
3
2014 Complete 467 143 130 (337) (13)
QikServe Limited
4
2016 Complete - - 153 153 153
Others 98 2 - (98) (2)
Total unlisted 4,559 6,771 7,501 2,942 730
AIM quoted
GENinCode PLC 2020 Partial 99 47 52 (47) 5
Intelligent Ultrasound Group PLC 2020 Complete 400 476 495 95 19
Others 23 4 7 (16) 3
Total AIM quoted 522 527 554 32 27
Private equity investment trust
5
Apax Global Alpha Limited 2016 Complete 344 333 387 43 54
Total private equity
investment trust
344 333 387 43 54
Infrastructure investment trust
5
BBGI Global Infrastructure SA 2023 Complete 280 233 268 (12) 35
Total infrastructure
investment trust
280 233 268 (12) 35
34 / Maven Income and Growth VCT 4 PLC
Realisations
Year
first
invested
Complete/
partial
exit
Cost of
shares
disposed of
£’000
Value at
31 December
2024
£’000
Sales
proceeds
£’000
Realised
gain/
(loss)
£’000
Gain/(loss)
over
31 December
2024 value
£’000
Real estate investment trust
5
Care REIT PLC 2023 Complete 236 196 260 24 64
Total real estate
investment trust
236 196 260 24 64
Total realisations completed
during the year
5,941 8,060 8,970 3,029 910
Money market funds
5
abrdn Liquidity Fund (Lux) -
Sterling Fund K-1 Inc GBP
2023 Complete 1,000 1,000 1,000 - -
BlackRock Institutional Sterling
Liquidity Fund (Core)
2024 Partial 1,000 1,000 1,000 - -
Fidelity Institutional Liquidity
Sterling Fund (Class F)
2024 Partial 1,000 1,000 1,000 - -
Total money market funds
6
3,000 3,000 3,000 - -
Total realisations completed during the year
including cash equivalents
8,941 11,060 11,970 3,029 910
1
Redemption of loan notes excludes further redemption premiums and yield received of £95,581, which is disclosed as revenue
for financial reporting purposes.
2
Redemption of loan notes excludes further redemption premiums and yield received of £470,139, which is disclosed as revenue
for financial reporting purposes.
3
ISN Solutions Group Limited was acquired by Kerrera TopCo Limited (trading as Kube Networks Limited) in an all share
transaction. As a result, your Company gained an equity holding in Kube Networks Limited.
4
Deferred consideration following the sale in September 2024.
5
Realisations were completed as part of the treasury management strategy.
6
Money Market Funds have been reclassified as a cash equivalent.
During the year, one private company and one AIM company were struck off the Register of Companies, resulting in
a total realised loss of £303,000 (cost £303,000). This had no effect on the NAV of the Company as full provisions
had previously been taken against the cost of the investments in a previous period.
35 / Maven Income and Growth VCT 4 PLC
Outlook
Following the success of the most recent fundraising, your Company is well placed to continue to progress its
investment strategy. In the year ahead, the Manager will focus on further expanding the portfolio in size and scale
through the selective addition of entrepreneurial and ambitious growth businesses, that have the ability to achieve
scale in the medium term and attract a premium valuation at exit. The current pipeline of new opportunities is
encouraging, and the Manager is optimistic that there will be a good level of new investment in the first half of
the year. There continues to be a high level of M&A activity across the private equity portfolio, and the Manager
will progress those exits that provide the opportunity to optimise Shareholder value and maintain a programme of
regular dividend payments.
Maven Capital Partners UK LLP
Manager
2 April 2026
36 / Maven Income and Growth VCT 4 PLC
LARGEST INVESTMENTS BY VALUATION
AS AT 31 DECEMBER 2025
bio ascent
BioAscent Discovery
bioascent.com
Pharmaceuticals, biotechnology & healthcare
Cost (£’000) 1,532
Valuation (£’000) 4,338
Basis of valuation Earnings
Equity held 26.1%
Income received to date (£’000)
1
Nil
First invested June 2018
Year end 31 December
2024 (£’000) 2023 (£’000)
Sales 9,531 10,072
EBITDA
2
424 799
Net assets 6,329 4,545
BioAscent provides compound collection facilities and
integrated drug discovery services 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.
Rockar
rockartech.com
Software & technology (fulfilment technology)
Cost (£’000) 1,766
Valuation (£’000) 3,355
Basis of valuation Earnings
Equity held 6.2%
Income received to date (£’000) 215
First invested July 2016
Year end 31 December
2024 (£’000) 2023 (£’000)
Sales 9,617 8,081
EBITDA
2
2,824 2,072
Net assets 4,665 4,102
Rockar is leading the worldwide adoption of a digital
sales journey for the automotive sector, using a
sophisticated proprietary software platform based
on microservices architectural technology. It is
working with global automotive Original Equipment
Manufacturers (OEMs) to develop a digital,
omnichannel and immersive solution that enables end
users to select, configure, and finance the purchase of
their car via a seamless online journey. The platform
also allows OEM clients to exercise more control over
the marketing and sale of their products.
37 / Maven Income and Growth VCT 4 PLC
Bright Network
brightnetwork.co.uk
Learning & development/recruitment technology
Cost (£’000) 1,706
Valuation (£’000) 2,711
Basis of valuation Revenue
Equity held 9.8%
Income received to date (£’000)
1
Nil
First invested July 2018
Year end 31 March
2025 (£’000) 2024 (£’000)
Net assets 6,760 7,871
This company produces abridged accounts as
permitted under the Companies Act 2006 relating to
small companies.
Bright Network is an HR technology business which
operates 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 is investing in new product opportunities
designed to expand the total addressable market and
drive further revenue growth. Chief among these is the
new Bright Apply platform, a new SaaS product that
aims to help clients efficiently identify the most relevant
candidates and provide protection from the impact of
excessive AI driven applications, providing a smarter
and fairer foundation for hiring efficiently and at scale.
Summize
summize.com
Software & technology (legal)
Cost (£’000) 796
Valuation (£’000) 2,640
Basis of valuation Offer
Equity held 3.9%
Income received to date (£’000)
1
Nil
First invested October 2022
Year end 30 June
2025 (£’000) 2024
3
(£’000)
Net assets 1,362 3,551
This company produces abridged accounts as
permitted under the Companies Act 2006 relating to
small companies.
Summize is a provider of digital contracting software
for legal firms and corporate departments that uses AI-
powered technology to address the increasing need to
digitalise the contract lifecycle, aiming to streamline the
process of creating and reviewing contracts. The cloud-
based product integrates with Microsoft Word, Teams,
Slack and DocuSign to improve collaboration between
legal and business users and better manage contracts
and commercial risks.
38 / Maven Income and Growth VCT 4 PLC
WaterBear Education
waterbear.org.uk
Business services (further education)
Cost (£’000) 987
Valuation (£’000) 2,376
Basis of valuation Revenue
Equity held 20.1%
Income received to date (£’000) 176
First invested February 2018
Year end 31 August
2024 (£’000) 2023 (£’000)
Net liabilities (1,374) (509)
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), Master of Arts (MA) and other
courses for the creative arts, primarily catering for
musicians, singers and songwriters from sites in
Brighton and Sheffield. The business is led by a high
calibre management team with extensive experience of
both the industry and music education, creating one of
the market leading companies in the sector.
Secaro (formerly Manufacture 2030)
secaro.io
Software & technology (data analytics)
Cost (£’000) 922
Valuation (£’000) 1,993
Basis of valuation Revenue
Equity held 5.9%
Income received to date (£’000)
1
Nil
First invested March 2023
Year end 31 December
2024 (£’000) 2023 (£’000)
Net liabilities (2,104) (104)
This company produces abridged accounts as
permitted under the Companies Act 2006 relating to
small companies.
Secaro is a developer of a specialist software reporting
platform that works with some of the world’s largest
manufacturing businesses to help them achieve a
reduction in the environmental footprint within their
global supply chains. Secaro provides software
reporting tools that enable companies to measure,
manage and reduce carbon emissions. In December
2025, the business rebranded as Secaro.
39 / Maven Income and Growth VCT 4 PLC
Liftango
liftango.com
Software & technology (transport)
Cost (£’000) 1,504
Valuation (£’000) 1,900
Basis of valuation Revenue
Equity held 7.0%
Income received to date (£’000)
1
Nil
First invested December 2021
Year end 31 December
2024 (£’000) 2023 (£’000)
Net assets 19,816 15,993
This company produces abridged accounts as
permitted under the Companies Act 2006 relating to
small companies.
Liftango is a developer of a cloud-based technology
platform, which enables public and corporate transport
operators to optimise route planning based on
passenger demand. Its on-demand bus and shuttle
solutions provide more environmentally friendly
services and help large employers and academic
institutions operate shared services that match drivers
with passengers to provide operational efficiencies.
HCS
hcs-control-systems.com
Industrials & engineering
Cost (£’000) 1,201
Valuation (£’000) 1,942
Basis of valuation Earnings
Equity held 10.7%
Income received to date (£’000) 292
First invested December 2012
Year end 31 December
2024 (£’000) 2023 (£’000)
Sales 24,895 27,665
EBITDA
2
4,334 6,030
Net liabilities (10,572) (12,239)
HCS is a provider of mechanical, hydraulic and
electrical systems for the global energy industry.
The company manufactures, assembles and services
control systems, and provides offshore manpower,
equipment rental, maintenance and storage to oil
& gas operators. HCS operates from facilities in
Glenrothes, Aberdeen and Perth, Australia. It has
a reputation for delivering fast track design and
manufacture, in addition to supporting the full asset
lifecycle of maintenance, servicing and testing of
high-quality topside and subsea control systems
for a global blue-chip customer base that includes
Oceaneering, OneSubsea and TechnipFMC.
40 / Maven Income and Growth VCT 4 PLC
RiskSmart
risksmart.co.uk
Software and technology (regtech)
Cost (£’000) 630
Valuation (£’000) 1,883
Basis of valuation Revenue
Equity held 5.1%
Income received to date (£’000)
1
Nil
First invested November 2024
Year end 31 December
2024 (£’000) 2023 (£’000)
Net assets 1,510 498
This company produces abridged accounts as
permitted under the Companies Act 2006 relating to
small companies.
RiskSmart is a developer of a governance, risk
and compliance platform that targets mid-market
organisations that have typically been underserved as
other market solutions tend to be overly complicated
and expensive compared to the needs of smaller
enterprise businesses. The platform leverages
data insight and machine learning to provide real
time information to help transform how businesses
manage governance, risk and compliance, and it is
integrated with other business systems which simplifies
installation.
Bud Systems
bud.co.uk
Learning & development/recruitment technology
Cost (£’000) 762
Valuation (£’000) 1,867
Basis of valuation Revenue
Equity held 4.1%
Income received to date (£’000)
1
Nil
First invested September 2022
Year end 31 December
2024 (£’000) 2023 (£’000)
Net assets 4,183 4,410
This company produces abridged accounts as
permitted under the Companies Act 2006 relating to
small companies.
Bud Systems is a provider of a comprehensive
learning management solution for apprenticeship
training providers, capable of managing their entire
process from initial enrolment to final assessment. Its
SaaS offering helps organisations deliver high quality
training whilst improving the visibility of progress and
performance. Key to the offering is Bud’s end to end
approach designed to bring together learners, training
providers and employers and support the process,
while ensuring reporting and regulatory compliance.
1
No interest is payable as the investment has been structured as all equity.
2
Earnings before interest, tax, depreciation and amortisation.
3
Accounts restated.
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 42 to 45.
Maven Renovar VCT PLC is also invested in Secaro and Liftango.
Maven Investor Partners are invested in Secaro, Bright Network, HCS, Summize, and RiskSmart.
41 / Maven Income and Growth VCT 4 PLC
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
NATIONAL PRESENCE
I
REGIONAL FOCUS
MAVEN OFFICES
1
2
6
12
7
5
14
13
8
4 9
10 3
Glasgow
Edinburgh
Newcastle
Durham
Middlesbrough
Nottingham
Birmingham
Bristol
Reading
London
Manchester
15 LARGEST INVESTMENTS
BY VALUATION
bio a scent
1
15
11
42 / Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2025
Investment
Valuation
£'000
Cost
£'000
% of
total assets
% of
equity held
% of equity
held by other
clients
1
Unlisted
BioAscent Discovery Limited 4,338 1,532 5.1 26.1 13.9
Rockar 2016 Limited (trading as Rockar) 3,355 1,766 4.0 6.2 13.2
Bright Network (UK) Limited 2,711 1,706 3.2 9.8 29.3
Summize Limited 2,640 796 3.1 3.9 31.9
WaterBear Education Limited 2,376 987 2.8 20.1 19.1
2 Degrees Limited (trading as Secaro)
2
1,993 922 2.4 5.9 45.6
HCS Control Systems Group Limited 1,942 1,201 2.3 10.7 25.8
Liftango Group Limited 1,900 1,504 2.2 7.0 28.7
RiskSmart Limited 1,883 630 2.2 5.1 45.5
Bud Systems Limited 1,867 762 2.2 4.1 13.5
Zinc Digital Business Solutions Limited 1,522 1,089 1.8 16.6 33.3
Sensoteq Limited 1,407 1,016 1.7 7.9 23.7
Relative Insight Limited 1,406 1,406 1.7 7.8 23.0
mypura.com Group Limited (trading as Pura) 1,271 801 1.5 2.8 22.2
Vodat Communications Group (VCG)
Holding Limited
1,256 1,240 1.5 8.4 23.5
Blackdot Solutions Limited 1,244 995 1.5 3.1 9.2
CYSIAM Limited 1,166 448 1.4 5.8 22.0
RevLifter Limited 1,159 1,159 1.4 14.7 29.5
Hublsoft Group Limited 1,138 922 1.3 7.3 16.4
Plyable Limited 1,076 1,076 1.3 11.5 46.3
Martel Instruments Holdings Limited 1,038 701 1.2 14.7 29.6
Whiterock Group Limited 1,014 1,014 1.2 11.2 26.7
The Algorithm People Limited
(trading as Optimize)
961 486 1.1 5.7 9.5
MirrorWeb Holdings LLC
3
929 929 1.1 1.3 3.3
ebb3 Limited 927 1,307 1.1 22.1 48.4
Delio Limited 903 1,294 1.1 5.2 10.0
Automated Analytics Limited 878 352 1.0 2.3 34.5
Nano Interactive Group Limited 842 727 1.0 4.0 11.9
Biorelate Limited 841 547 1.0 2.5 25.1
Precursive Limited 750 750 0.9 5.5 29.0
Laverock Therapeutics Limited 746 746 0.9 2.6 6.9
Flow UK Holdings Limited 735 1,047 0.9 12.7 22.3
Alderley Lighthouse Labs Limited 718 718 0.8 8.4 59.1
Growth Capital Ventures Limited 650 639 0.8 11.5 36.0
INVESTMENT PORTFOLIO SUMMARY
43 / Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2025
Investment
Valuation
£'000
Cost
£'000
% of
total assets
% of
equity held
% of equity
held by other
clients
1
Unlisted
Arimon Limited (trading as Digilytics) 630 504 0.7 3.6 14.3
Novatus Global Limited
4
627 134 0.7 0.8 3.4
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
Enpal Limited (trading as Guru Systems) 581 581 0.7 3.2 18.4
iAM Compliant Limited 492 298 0.6 3.9 45.3
McKenzie Intelligence Services Limited 481 159 0.6 1.6 14.0
Horizon Technologies Consultants Limited 466 448 0.6 3.1 14.1
Boomerang Commerce Inc
(trading as CommerceIQ)
5
456 1,164 0.5 0.2 0.3
Connected Data Company Limited 423 423 0.5 3.9 11.8
FITR. Holdings Limited 398 398 0.5 3.4 9.4
AMufacture Limited 385 385 0.5 6.8 21.8
Filtered Technologies Limited 382 1,248 0.5 9.7 15.8
Fixtuur Limited 358 1,295 0.4 9.4 57.7
Kani Payments Holdings Limited 348 348 0.4 2.1 12.7
HiveHR Limited 346 346 0.4 4.4 40.2
PowerPhotonic Limited 325 325 0.4 2.7 19.0
Cat Tech International Limited 314 314 0.4 - -
Snappy Shopper Limited 309 309 0.4 0.4 1.3
TC Communications Holdings Limited 233 958 0.3 12.6 22.7
DiffusionData Limited 201 780 0.2 4.1 17.3
Zing TopCo Limited (trading as Zing) 185 185 0.2 4.9 42.8
XR Games Limited 167 355 0.2 5.2 55.8
Reed Thermoformed Packaging Limited
(trading as iPac Packaging Innovations)
140 100 0.1 0.5 11.8
Kerrera TopCo Limited
(trading as Kube Networks Limited)
6
129 129 0.1 3.2 29.1
C4X Discovery Holdings PLC
7
96 137 - 0.4 0.5
Rockar Retail Limited 21 21 - 2.1 2.9
ReNeuron Group PLC
7
13 277 - 0.7 1.4
Other unlisted investments 14 6,327 -
Total unlisted 59,299 52,160 70.0
Shaded line indicates that the investment was completed pre November 2015.
44 / Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2025
Investment
Valuation
£'000
Cost
£'000
% of
total assets
% of
equity held
% of equity
held by other
clients
1
AIM quoted
Diaceutics PLC 264 161 0.3 0.2 2.6
GENinCode PLC 208 786 0.2 3.2 8.3
SkinBio Therapeutics PLC 201 208 0.2 0.6 -
KRM22 PLC 167 220 0.2 1.2 1.4
MaxCyte Inc
8
141 207 0.2 0.1 1.0
Oxford Metrics PLC 115 80 0.1 0.2 -
One Media IP Group PLC 93 186 0.1 1.1 7.4
Eden Research PLC 64 160 0.1 0.5 4.0
Avacta Group PLC 56 16 0.1 - -
Cambridge Cognition Holdings PLC 42 62 0.1 0.4 3.5
Hardide PLC 37 122 0.1 0.2 5.6
TPXimpact Holdings PLC 32 107 0.1 0.2 -
Creo Medical Group PLC 27 497 - 0.1 0.4
Pulsar Group PLC 26 35 - 0.1 0.4
Vianet Group PLC 26 49 - 0.1 1.3
Spectral AI Inc
9
17 99 - - -
Other quoted investments 25 3,658 -
Total AIM quoted 1,541 6,653 1.8
Private equity investment trusts
10
HgCapital Trust PLC 1,063 530 1.3 - 0.1
ICG Enterprise Trust PLC 589 381 0.7 0.1 0.2
Patria Private Equity Trust PLC 587 367 0.6 0.1 0.2
CT Private Equity Trust PLC 456 293 0.5 0.1 0.3
NB Private Equity Partners Limited 364 371 0.5 - 0.2
Partners Group Private Equity Limited 351 336 0.4 0.1 0.1
HarbourVest Global Private Equity Limited 337 153 0.4 - -
Pantheon International PLC 178 99 0.2 - 0.1
Total private equity investment trusts 3,925 2,530 4.6
45 / Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2025
Investment
Valuation
£'000
Cost
£'000
% of
total assets
% of
equity held
% of equity
held by other
clients
1
Infrastructure investment trusts
10
Pantheon Infrastructure PLC 307 250 0.4 0.1 0.2
3i Infrastructure PLC 298 260 0.4 - -
International Public Partnerships Limited 235 270 0.3 - -
Foresight Environmental Infrastructure
Limited
141 260 0.2 - 0.1
Foresight Solar Fund Limited 104 125 0.1 - 0.1
Total infrastructure investment trusts 1,085 1,165 1.4
Fixed income investment trust
10
TwentyFour Select Monthly Income
Fund Limited
182 196 0.2 0.1 -
Total fixed income investment trust 182 196 0.2
Global equity investment trusts
10
Alliance Witan PLC 192 149 0.2 - -
JPMorgan Global Growth & Income PLC 156 125 0.2 - -
Total global equity investment trusts 348 274 0.4
Real estate investment trusts
10
Tritax BigBox REIT PLC 161 153 0.2 - -
Land Securities Group PLC 110 107 0.1 - -
Total real estate investment trusts 271 260 0.3
Open-ended investment companies
10
Royal London Short Term Money Market
Fund (Class Y Income)
1,003 1,026 1.2 - -
Royal London Short Term Fixed Income Fund
(Class Y Income)
997 1,000 1.2 0.1 0.2
Total open-ended investment companies 2,000 2,026 2.4
Total investments 68,651 65,264 81.1
46 / Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2025
Investment
Valuation
£'000
Cost
£'000
% of
total assets
% of
equity held
% of equity
held by other
clients
1
Money market funds
10
Aviva Investors Sterling Government Liquidity
Fund (Class 3)
1,000 1,000 1.2 - 0.1
Aviva Investors Sterling Liquidity Fund
(Class 3)
1,000 1,000 1.2 - -
BlackRock Institutional Sterling Government
Liquidity Fund (Core Dis)
1,000 1,000 1.2 - 0.1
BlackRock Institutional Sterling Liquidity
Fund (Core)
1,000 1,000 1.2 - -
Goldman Sachs Sterling Government Liquid
Reserves Ireland (Institutional)
1,000 1,000 1.2 0.4 0.9
HSBC Sterling Liquidity Fund (Class A) 1,000 1,000 1.2 - -
Fidelity Institutional Liquidity Sterling Fund
(Class F)
500 500 0.5 - 0.2
Total money market funds
11
6,500 6,500 7.7
Total investments including cash equivalents 75,151 71,764 88.8
1
Other clients of Maven Capital Partners UK LLP.
2
Formerly trading as Manufacture 2030.
3
This holding represents the retained minority interest following the partial sale of the holding in MirrorWeb Limited in August
2024, with a proportion of the proceeds being re-invested in the new entity, MirrorWeb Holdings LLC.
4
This holding reflects the retained minority interest following the sale in September 2024.
5
This holding reflects the retained minority interest following the sale of e.fundamentals (Group) Limited to CommerceIQ in July 2022.
6
Your Company gained an equity holding in Kerrera TopCo Limited (trading as Kube Networks Limited) as a result of an all share
transaction to acquire ISN Solutions Group Limited.
7
This company delisted from AIM during a previous period.
8
This company delisted from AIM during the period and retains a listing on Nasdaq.
9
This company delisted from AIM during a previous period and retains a listing on Nasdaq.
10
Treasury management portfolio.
11
Money Market Funds have been reclassified as a cash equivalent.
47 / Maven Income and Growth VCT 4 PLC
The Directors submit their Annual Report together with the audited Financial Statements of the
Company for the year ended 31 December 2025. A summary of the financial results for the year can be
found in the Financial Highlights on pages 4 to 6. The Investment Objective, and Investment Policy are
set out in the Business Report on page 16 and the Board’s approach to dividends is summarised in the
Chairman’s Statement on page 12.
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 period under review, the Company maintained its membership of the AIC and its Ordinary Shares are
listed on the London Stock Exchange. Further details are provided in the Corporate Summary on page 2.
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.
The Directors regularly consider political and economic factors that could impact the VCT scheme, including
potential changes in government policy and VCT regulatory developments, as highlighted in the Chairman’s
Statement on pages 13 and 14 of this Annual Report. While the reduction in tax relief is disappointing, the Directors
believe that VCTs will continue to attract new investors. They have also assessed macroeconomic conditions such
as high inflation, fluctuating interest rates and the availability of growth capital, alongside geopolitical factors such
as ongoing conflicts affecting energy prices, trade tensions influencing supply chain reliability and heightened
global security risk impacting market sentiment. Following a detailed review, the Directors have a reasonable
expectation that the Company has adequate financial resources to enable it to continue in operational existence for
the foreseeable future, and at least for the next 12 months from the date of the approval 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 January 2024 and Provision 36
of the AIC Corporate Governance Code, published in August 2024, (the Codes), the Board has assessed the
Company’s prospects and risks for the five-year period to 31 December 2030, 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 15, the Board considers the Company’s future to
be positive.
DIRECTORS’ REPORT
48 / Maven Income and Growth VCT 4 PLC
The Board concentrated its efforts on the major factors that affect the economic, regulatory and political environment,
including fluctuating inflation and interest rates, ongoing geopolitical uncertainty, and heightened global security risk.
The Board also considered the Company’s cash flow projections and underlying assumptions for the five years to 31
December 2030 and considered them to be realistic and fair.
Based on the Company’s processes for monitoring income and expenses, share price discount, ongoing review of the
investment objective and policy, asset allocation, sector weightings and portfolio risk profile, the Board has concluded
that there is a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as
they fall due over the five years ending 31 December 2030.
Financial Instruments
The Company’s financial instruments comprise its investment portfolio, treasury management portfolio, cash
balances, debtors and creditors that arise directly from its operations, including accrued income and purchases and
sales awaiting settlement. The main risks that the Company faces arising from its financial instruments are
disclosed in Note 16 to the Financial Statements on pages 93 to 97 of this Annual Report.
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 58 to 63.
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 49.
It was announced on 1 April 2025 that, after over 20 years of service, Steven Scott had decided to retire from the
Board with effect from the conclusion of the 2025 AGM. Also on 1 April 2025, it was announced that Daniel Bittner
would be appointed as an independent non-executive Director, with effect from that date. Daniel stood for election
by Shareholders at the 2025 AGM, being the first AGM following his appointment and at which his election was duly
confirmed.
In accordance with the Codes, all of the current Directors will stand for annual re-election at the 2026 AGM. 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.
Daniel Bittner was head of Eurobonds and Investment Grade Credit Trading with JP Morgan and worked in debt
capital markets at Morgan Stanley and Goldman Sachs, before founding Arsago Capital Partners AG. During his career,
Daniel has gained experience in business development, deal sourcing, investment valuation and oversight, and the
structuring and risk assessment of investment portfolios. Daniel has a broad and extensive range of capital markets
experience covering various sectors including technology.
49 / Maven Income and Growth VCT 4 PLC
Brian Colquhoun is a Fellow of the Chartered Banker Institute and spent more than three decades at Clydesdale and
Yorkshire Bank in the UK, 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 Chair of Maven and with over 45 years’ of experience in banking and private equity, has a wealth
of knowledge in the sector in which the Company operates and is a key contributor to all Board discussions.
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 standing be re-elected and
Resolutions to this effect will be proposed at the 2026 AGM.
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 2025
Ordinary Shares of 10p each
31 December 2024
Ordinary Shares of 10p each
Fraser Gray 175,078 153,228
Daniel Bittner
1
- N/A
Brian Colquhoun 28,818 16,207
Bill Nixon
1,652,806 1,400,578
Steven Scott
2
N/A 358,164
Total 1,856,702 1,928,177
1
Appointed on 1 April 2025.
2
Retired on 8 May 2025.
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
1 April 2026, 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: 187,557;
Daniel Bittner: nil; Brian Colquhoun: 51,927; and Bill Nixon: 2,022,560; as some Directors, or their close associates,
acquired shares under the Company’s Dividend Investment Scheme and under the 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.
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.
50 / Maven Income and Growth VCT 4 PLC
Substantial Interests
At 31 December 2025, 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
9,317,156 6.08
At 1 April 2026, 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
9,094,684 5.57
Manager and Secretary
Maven acted as Manager and Secretary to the Company during the year ended 31 December 2025 and details
of the investment management and secretarial fees are disclosed in Notes 3 and 4 to the Financial Statements
respectively.
The principal terms of the Management and Administration 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 2025, and unchanged for the year ending 31 December 2026, the investment
management and secretarial fees payable to Maven were calculated and charged on the following basis:
• an investment management fee of 2.5% (2024: 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 £146,000 (2024: £126,000) per annum, which is charged 100% to revenue and is subject to
an annual adjustment to reflect movement in the UK Retail Price 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% (2024: 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. In the year under review, no performance fee was payable (2024:
nil). 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).
51 / 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 2025 the sum of £21,000 (2024:
£19,800) 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 the year under review, Maven received arrangement
fees of £183,151 (2024: £140,834) and Monitoring and Directors’ fees of £487,827 (2024: £536,940) attributable to
the investments of the Company.
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 1 April 2026, Maven Capital Partners UK LLP, Bill Nixon and certain other executives
held, in aggregate, 2,927,765 of the Company’s Ordinary Shares, representing 1.79% 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 9, to propose its re-appointment, will be put forward at the 2026 AGM, along with Resolution 10, to
authorise the Directors to fix its remuneration. No non-audit fees were paid to Johnston Carmichael during the year
under review (2024: 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.
52 / Maven Income and Growth VCT 4 PLC
Purchase of Ordinary Shares
During the year ended 31 December 2025, the Company bought back a total of 6,218,027 (2024: 4,381,510) of
its own Ordinary Shares, representing 4.10% of the Ordinary Shares in issue as at 1 April 2025, being the last
practicable date prior to publication of the previous Annual Report.
A Special Resolution, numbered 13 in the Notice of Annual General Meeting, will be put to Shareholders at the 2026
AGM for their approval to renew the Company’s authority to purchase in the market a maximum of 24,479,707
Ordinary Shares (14.99% of the shares in issue at 1 April 2026). Such authority will expire on the date of the AGM in
2027, 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.
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, 17,779,706 new Ordinary Shares were issued, of which 16,559,323 were issued under
an Offer for Subscription and 1,220,383 were issued under the DIS (2024: 9,160,016 under an Offer for Subscription
and 866,080 under the DIS). Further details are provided in Note 12 to the Financial Statements on page 90. An
Ordinary Resolution, numbered 11 in the Notice of Annual General Meeting, will be put to Shareholders at the 2026
AGM for their approval for the Company to issue up to an aggregate nominal amount of £1,633,069 in respect of the
Ordinary Shares (equivalent to 16,330,690 Ordinary Shares or 10% of the total issued share capital at 1 April 2026).
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 2027 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 12 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 £1,633,069 in respect of the Ordinary Shares (equivalent to 16,330,690 Ordinary Shares or
10% of the total issued share capital at 1 April 2026) 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 11. The authority will also
expire either at the conclusion of the AGM of the Company in 2027 or on the expiry of 15 months from the passing
of the Resolution, whichever is the first to occur.
53 / Maven Income and Growth VCT 4 PLC
Share Capital and Voting Rights
As at 31 December 2025, the Company’s share capital amounted to 153,188,606 Ordinary Shares of 10p each.
Subsequent to the year end, the Company bought back 1,981,251 Ordinary Shares for cancellation and issued and
allotted 11,835,702 Ordinary Shares under the Offer for Subscription and a further 263,863 under the DIS. As a result,
there were 163,306,920 Ordinary Shares in issue as at 1 April 2026. 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 50 and 51, 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 98, there are no further related party
transactions that require to be disclosed.
Post Balance Sheet Events
As referred to in the Chairman’s Statement on pages 12 and 13, on 20 February 2026, it was confirmed by an Order
of the Court of Session that the share premium account and the capital redemption reserve had been cancelled.
The Court Order was registered by the Registrar of Companies on 26 February 2026.
The Directors have proposed a final dividend of 0.60p per Ordinary Share, in respect of the year ended 31 December
2025. The final dividend will be paid on 15 May 2026 to Shareholders on the register at 17 April 2026.
Other than those referred to above and elsewhere in the Strategic Report, there have been no events since
31 December 2025 that require disclosure.
Future Developments
An indication of the Company’s future developments can be found in the Chairman’s Statement on page 15 and in
the Investment Manager’s Review on page 35, 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 Thursday, 7 May 2026, 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 99 to
104 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 using a hard copy proxy form, via CREST, or electronically
using the Registrar’s proxy voting app at: https://maven4-agm.city-proxyvoting.uk. Please refer to the notes to
the Notice of Annual General Meeting on pages 101 to 104 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.
Authorised for issue by the Board
Maven Capital Partners UK LLP
Secretary
2 April 2026
54 / Maven Income and Growth VCT 4 PLC
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 69 to 75 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 2025, 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 56.
The dates of appointment of the Directors in office as at 31 December 2025 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 8 May 2025 7 May 2026
Daniel Bittner 1 April 2025 8 May 2025 7 May 2026
Brian Colquhoun 1 August 2022 8 May 2025 7 May 2026
Bill Nixon 6 August 2008 8 May 2025 7 May 2026
During the year ended 31 December 2025, the Board was not provided with advice or services in respect of its
consideration of the Directors’ remuneration. However, in the application of the Board’s policy on Directors’
remuneration, as defined below, the 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 2025, 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 to
£24,850 per annum for the Chairman and to £21,500 for each other Director with effect from 1 January 2026. 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 them. 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.
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.
DIRECTORS’ REMUNERATION
REPORT
55 / Maven Income and Growth VCT 4 PLC
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 December 2028 will be proposed at the 2026 AGM.
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 49. 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 the ten years to 31 December 2025, 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 reliable guide to future performance.
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0
50
100(£)
150
200
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 Index
total return
56 / Maven Income and Growth VCT 4 PLC
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, 31 December 2024,
31 December 2025, and projected fees for the year ending 31 December 2026, together with the percentage
changes in those years, are as follows:
Year to
31 Dec
2026
£
Change
to 31 Dec
2026
%
Year to
31 Dec
2025
£
Change
to 31 Dec
2025
%
Year to
31 Dec
2024
£
Change
to 31 Dec
2024
%
Year to
31 Dec
2023
£
Change
to 31 Dec
2023
%
Year to
31 Dec
2022
£
Change
to 31 Dec
2022
%
Year to
31 Dec
2021
£
Fraser Gray
1
24,850 2.1 24,350 6.1 22,950 4.1 22,050 11.4 19,796 10.0 18,000
Daniel Bittner
2
21,500 2.4 15,822 N/A - - - - - - -
Brian Colquhoun
3
21,500 2.4 21,000 6.1 19,800 4.8 18,900 5.0 7,500 N/A -
Malcolm
Graham-Wood
4
- - - - - - - - 9,000 N/A 18,000
Peter Linthwaite
5
- - - - - - - - 10,500 N/A 21,000
Bill Nixon
6
21,500 2.4 21,000 6.1 19,800 4.8 18,900 5.0 18,000 - 18,000
Steven Scott
7
- - 7,364 N/A 19,800 4.8 18,900 5.0 18,000 - 18,000
Total 89,350 89,536 82,350 78,750 82,796 93,000
1
Chairman from 22 July 2022.
2
Appointed on 1 April 2025.
3
Appointed on 1 August 2022.
4
Retired on 11 May 2022.
5
Ceased to be a Director from 17 June 2022.
6
Remuneration was paid to Maven and subject to VAT.
7
Retired on 8 May 2025.
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 2025 (2024: £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 2025, no communication was received from Shareholders regarding Directors’ remuneration.
57 / Maven Income and Growth VCT 4 PLC
Relative Cost of Directors’ Remuneration
The chart below shows, for the years ended 31 December 2024 and 31 December 2025, 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 2025 will
be put to Shareholders at the 2026 AGM.
At the AGM held on 8 May 2025, the results in respect of the Ordinary Resolution to approve the Directors’
Remuneration Report for the year ended 31 December 2024 were as follows:
% of votes
cast for
% of votes
cast against
Number of
votes withheld
Remuneration Report 87.88 12.12 101,887
The Directors’ Remuneration Report for the year ended 31 December 2025 was approved by the Board of Directors
and signed on its behalf by:
Fraser Gray
Director
2 April 2026
0
1,000 2,000 4,000 3,000 5,000 6,000 7,000 8,000
(£'000)
Directors'
fees 2024
Dividends
2024
Directors'
fees 2025
Dividends
2025
Relative Cost of Directors' Remuneration
(£'000)
58 / Maven Income and Growth VCT 4 PLC
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 Corporate Governance Code (the AIC Code) in August 2024. 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); and
• Provision 37 (establishment of a remuneration committee).
A senior independent non-executive Director has not been appointed as the Board considers that each Director
has different qualities and areas of expertise on which they may lead. The Board has decided that the entire Board
will fulfil the role of a remuneration committee. The Board considers this decision to be the most effective way of
operating due to the nature and size of the Company.
STATEMENT OF CORPORATE GOVERNANCE
59 / 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 Chair of Maven and, therefore, does not sit on the Audit or Management Engagement
Committees, and would be excluded, as appropriate, from any Board decision on which a conflict of interest would
be considered to exist. 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 reserved matters, 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 and actual 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.
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 Chair of the Management Engagement and Nomination
Committees as the other Directors consider that he has the skills and experience relevant to these roles.
60 / Maven Income and Growth VCT 4 PLC
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 2025, the Board
held four full quarterly Board Meetings; one further Board Meeting to approve the issue of the Prospectus for the
Offer for Subscription; and ten Board Committee Meetings to approve the issue of shares under the DIS and under
the Offer for Subscription; the pre-allotment NAV; and the release of financial results. In addition, there were four
meetings of the Risk Committee, two meetings of the Audit Committee, two meetings of the Nomination Committee
and one meeting of the Management Engagement Committee.
Directors have attended Board and Committee Meetings during the year ended 31 December 2025
1
as follows:
Director Board
Board
Committee
Audit
Committee
Management
Engagement
Committee
Nomination
Committee
Risk
Committee
Fraser Gray 5 (5) 10 (10) 2 (2) 1 (1) 2 (2) 4 (4)
Daniel Bittner
2
4 (4) 6 (6) 1 (1) 0 (0) 1 (1) 3 (3)
Brian Colquhoun 5 (5) 10 (10) 2 (2) 1 (1) 2 (2) 4 (4)
Bill Nixon
3
5 (5) 10 (10) n/a n/a 2 (2) 4 (4)
Steven Scott
4
0 (2) 7 (7) 0 (1) 0 (1) 0 (1) 0 (2)
1
The number of meetings which the Directors were eligible to attend is in brackets.
2
Appointed to the Board on 1 April 2025.
3
Not a member of the Audit Committee or the Management Engagement Committee.
4
Retired from the Board on 8 May 2025.
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 the annual Board evaluation, using questionnaires
and discussion to ensure that Directors have considered performance, composition, diversity and how effectively
the Directors work together to achieve objectives, and whether they each continue to contribute effectively and
devote sufficient time to Company matters. The independence of each Director is also considered to be important.
The annual review seeks the Directors’ views on the issues that are most fundamental to the Company’s strategy,
for example, its performance, its investment objectives, and shareholding structure. In addition, the Board assesses
and monitors its culture and behaviour, by ensuring Board Meetings are conducted in such a way as to ensure open
communication, meaningful participation by all members, and allows for critical questioning and civil disagreement.
The Chairman is subject to evaluation by his fellow Directors, and this includes ensuring that the Chairman
encourages openness and transparency and that the work of the Board is aligned with the Company’s purpose,
value and investment strategy and promotes a positive culture and a transparent way of working. The Board
discussed having an externally facilitated board evaluation, however, after consideration, agreed that the current
process works 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.
61 / Maven Income and Growth VCT 4 PLC
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
their ability to act independently and, following formal performance evaluations, believes that each Director is
independent in character and judgement and that there are no relationships or circumstances 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 Brian Colquhoun 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 65 to 68.
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 2025, 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 twice during the
year ended 31 December 2025. The Committee makes recommendations to the Board on the following matters:
• the evaluation of the performance of the Board (including its Chairman) and its Committees, and supports the
Chairman of the Board in acting on the results of the evaluation process;
• 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 Chair of any Committee, other than to the position of
Chairman of the Company.
At a meeting held in March 2025, the Committee recommended the appointment of Daniel Bittner as a Director. At a
meeting held in November 2025, 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 standing be
nominated for re-election as appropriate and, accordingly, Resolutions 5 to 8 will be put to the 2026 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 2025.
62 / Maven Income and Growth VCT 4 PLC
Remuneration Committee
Where a VCT has only non-executive directors, the UK Code principles relating to directors’ remuneration do not
apply. As highlighted on page 54, 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 2025 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 54 to 57.
Risk Committee
The Risk Committee is chaired by Daniel Bittner 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 65 to 68.
Board Diversity Policy
At 31 December 2025, there were four male Directors on the Board. One of the independent Directors is Chairman of
the Company, and Chair of the Nomination and Management Engagement Committees; one is Chair of the
Audit Committee and another is Chair of the Risk Committee. The Company has not appointed a Senior Independent
Director (SID).
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 2025.
Number
of Board
members
% of
the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
executive
management
% of
executive
management
Men 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.
63 / Maven Income and Growth VCT 4 PLC
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 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.
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 VCT has few
major shareholders.
The Annual Report is normally published at least twenty business days before the AGM. Annual and Interim Reports
and Financial Statements are distributed to Shareholders and other parties who have an interest in the Company’s
performance.
Shareholders and potential investors may obtain up-to-date information on the Company through the Manager
and the Secretary, and the Company responds to letters from Shareholders on a wide range of issues. In order
to ensure that the Directors develop an understanding of the views of Shareholders, correspondence between
Shareholders and the Manager or the Chairman is copied to the Board. See Contact Information on page 111 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 64, the Statement of
Going Concern is included in the Directors’ Report on page 47, and the Viability Statement can also be found in the
Directors’ Report on pages 47 and 48. The Independent Auditor’s Report is on pages 69 to 75.
Authorised for issue by the Board
Maven Capital Partners UK LLP
Secretary
2 April 2026
64 / Maven Income and Growth VCT 4 PLC
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 webpage, which is 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 2025 and for the year to that date;
• the Directors’ Report includes a fair review of the development and performance of the Company, together with
a description of the principal and emerging risks 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
2 April 2026
STATEMENT OF
DIRECTORS’ RESPONSIBILITIES
65 / Maven Income and Growth VCT 4 PLC
The Audit and Risk Committees are chaired respectively by Brian Colquhoun and Daniel Bittner.
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 Committee’s performance evaluation is carried out
by the Directors as part of the annual Board evaluation
review.
Activities of the Audit Committee
The Committee met twice during the year under review.
At meetings in March and August 2025, 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. Also at the
meeting in March 2025, 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 2024.
At its meeting in August 2025, the Committee reviewed
the Half Yearly Report and Financial Statements for the
six months ended 30 June 2025. 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 2025 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 81. 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.
66 / Maven Income and Growth VCT 4 PLC
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 2025 was as follows:
Investment
% of net assets
by value Valuation basis
Unlisted investments 70.0 Directors’ valuation
Liquidity investments, investment trusts and OEICs 9.3 Bid price
1
AIM quoted investments 1.8 Bid price
1
Total investments 81.1
1
London Stock Exchange closing bid price.
The Committee recommended the investment valuations, representing 81.1% of net assets as at 31 December 2025, 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.
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 69 to 75.
Johnston Carmichael will rotate the Senior Statutory
Auditor responsible for the audit at least every five
years. Bryan Shepka is the Company’s current senior
statutory auditor and has performed that role for the
last three years.
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
re-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 2026 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;
67 / 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 economic uncertainty being
experienced in the UK, the world-wide geopolitical
unrest, and the impact of the failure to prevent an
identified risk occurring, together with a review of the
control measures used to address the identified risks.
The Committee also took the opportunity to ensure that
the Risk Register adequately addressed new legislative
and regulatory changes.
Internal Control and Risk Management
The Board of Directors has overall responsibility for the
Company’s system of internal control and for reviewing
its effectiveness. However, as the Directors have
delegated the investment management, company
secretarial and administrative functions of the Company
to Maven, the Board considers that it is appropriate for
the Company’s internal controls to be monitored by the
Manager, rather than by the Company itself.
The principal responsibilities of the Committee include
the ongoing review of the effectiveness of the internal
control environment 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.
68 / Maven Income and Growth VCT 4 PLC
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 81. 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 (JPMorganChase 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
policies, as set out in Note 1(e) to the Financial
Statements on page 81. 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 80. 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 faced by the Company
and the Board’s strategy for managing these risks are
covered in the Business Report on pages 16 to 19.
Brian Colquhoun Daniel Bittner
Director Director
2 April 2026
69 / 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 2025, which comprise the Income Statement, the Statement of Changes in Equity, the Balance
Sheet, the Cash Flow Statement and Notes to the Financial Statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in
the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• Give a true and fair view of the state of the company’s affairs as at 31 December 2025 and of its return for
the year then ended;
• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
• Have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit
of the financial statements section of our report. We are independent of the company in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s
Ethical Standard, as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Our approach to the audit
We planned our audit by first obtaining an understanding of the company and its environment, including its key
activities delegated by the Board to relevant approved third-party service providers and the controls over provision
of those services.
We conducted our audit using information maintained and provided by Maven Capital Partners UK LLP (the
“Investment Manager”, the “Company Secretary”, and the “Administrator”), JPMorganChase Bank (the “Custodian”
for level 1, level 2 and some level 3 investments) and The City Partnership (UK) Limited (the “Registrar”) to whom
the Company has delegated the provision of services.
We tailored the scope of our audit to reflect our risk assessment, taking into account such factors as the business
model and activities, the types of investments within the company, the involvement of the Administrator, the
accounting processes and controls, and the industry in which the company operates.
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for
materiality. These together with qualitative considerations, helped us to determine the scope of our audit and the
nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures
and in the evaluation of the effect of misstatements, both individually and in aggregate on the financial statements
as a whole.
70 / Maven Income and Growth VCT 4 PLC
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 matter in arriving at our audit opinion above, together with how our audit
addressed the matter and the results of our audit work in relation to the matter.
Key audit matter How our audit addressed the key audit matter and our conclusions
Valuation and ownership of
level 3 investments
(as per page 68 (Report of the
Audit and Risk Committees),
page 81 (Accounting Policies)
pages 85 and 86 (Note 8)).
The valuation of the level 3
portfolio at 31 December 2025
was £59.3m (2024: £58.6m).
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 International 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 and ownership process for
level 3 investments at the Administrator and Investment Manager to evaluate
the design of the processes and implementation of key controls.
We obtained evidence that the Investment Manager’s Valuation Committee
reviewed all level 3 valuations.
We obtained evidence of the Board’s challenge and approval of the level 3
valuations.
As part of our risk assessment procedures, we stratified the level 3
investment portfolio and selected a sample of investments for detailed
testing based on this risk-based stratification.
For the level 3 investments selected in our sample, we:
• Obtained an understanding of the sector for each investee company for
the period being audited, making enquiries of management;
• Gained an understanding of the original investment rationale and valuation
basis, along with any milestones set;
• Obtained an update on the investment, paying particular attention to
progress against pre-set milestones and/or indications that a reduction in
value may be appropriate;
• Assessed the appropriateness of the valuation basis used, paying
particular attention to any changes from the prior year valuation basis;
• Agreed data used in the valuation models to independent sources and
assessed how management get comfortable with the accuracy and
reliability of investee company information;
• Where deemed appropriate, engaged our specialist corporate finance team
to review certain judgemental inputs to valuation such as multiples and
discounts; and
• Reperformed the enterprise value calculations and waterfalls to ensure
mathematical accuracy.
We performed back-testing over investment disposals (proceeds vs. most
recent valuation) to assess for potential management bias in the valuation
process.
We ensured that accounting estimates and related disclosures were
appropriately disclosed in the financial statements.
We agreed the ownership of 100% of the investments to either the
independently obtained custodian confirmation, original share certificates,
direct confirmation from the underlying investee company or confirmation
statements.
We tested 100% of new investments above our clearly trivial threshold and
agreed these to share certificates and loan notes/agreements and payments
to bank statements.
We tested a sample of disposals in the year and agreed to sales and
purchase agreements and traced and agreed to bank statements.
We tested a sample of follow on investments to sales and purchase
agreements and traced payments to bank statements.
From our completion of these procedures, we identified no material
misstatements in relation to the valuation and ownership of the level 3
investments.
71 / 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.
£1.69m
(2024: £1.68m)
Performance materiality
Performance materiality represents amounts set by the auditor at less than
materiality for the financial statements as a whole, to reduce to an appropriately
low level the probability that the aggregate of uncorrected and undetected
misstatements exceeds materiality for the financial statements as a whole.
In setting this we consider the company’s overall control environment, our past
experience of the audit that indicates a lower risk of material misstatements. Based
on our judgement of these factors, we have set performance materiality at 65% of
our overall financial statement materiality.
£1.10m
(2024: £1.09m)
Specific materiality
We have set a lower level of materiality for testing materiality in respect of related
party transactions and Directors’ remuneration and revenue recognition from
income from investments. This is in recognition that there are transactions and
balances of a lesser amount which could influence the understanding obtained from
the Annual Report. Specifically given the importance of the distinction between
revenue and capital for the VCT, we applied a separate testing threshold for Income
from Investments in the Income Statement, which is set at the higher of 5% of the
Net return on Ordinary Activities before Taxation and our Audit Committee reporting
threshold. As the 5% of the Net return on Ordinary Activities before Taxation figure
is below the Audit Committee reporting threshold, the Audit Committee reporting
threshold has been used for the specific materiality.
£0.08m
(2024: £0.08m)
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
(2024: £0.08m)
During the course of the audit, we reassessed initial materiality and found no reason to alter the basis of calculation
used at year end.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of
accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment
of the company’s ability to continue to adopt the going concern basis of accounting included:
• Evaluating management’s method of assessing going concern, including consideration of market conditions and
macro-economic uncertainties;
• Assessing and challenging the forecast cashflows and associated sensitivity modelling, used by the Directors in
support of their going concern assessment;
• Obtaining and recalculating management’s assessment of the company’s ongoing maintenance of venture capital
trust status; and
• Assessing the adequacy of the company’s going concern disclosures included in the Annual Report.
72 / Maven Income and Growth VCT 4 PLC
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a
going concern for a period of at least twelve months from when the financial statements are authorised for issue.
In relation to the company’s reporting on how it has applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether
the Directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the
relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements
and our auditor’s report thereon. The Directors are responsible for the other information contained within the
Annual Report. Our opinion on the financial statements does not cover the other information and, except to the
extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise
appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements,
we are required to determine whether this gives rise to a material misstatement in the financial statements
themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in
accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• The information given in the Strategic Report and the Directors’ Report for the financial year for which the
financial statements are prepared is consistent with the financial statements; and
• The Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the
audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion:
• Adequate accounting records have not been kept by the company, or returns adequate for our audit have not
been received from branches not visited by us; or
• The financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement
with the accounting records and returns; or
• Certain disclosures of Directors’ remuneration specified by law are not made; or
• We have not received all the information and explanations we require for our audit; or
• A corporate governance statement has not been prepared by the company.
73 / Maven Income and Growth VCT 4 PLC
Corporate governance statement
We have reviewed the Directors’ statement in relation to going concern, longer-term viability and that part of
the Corporate Governance Statement relating to the entity’s compliance with the provisions of the UK Corporate
Governance Code specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained
during the audit:
• The Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting
and any material uncertainties identified set out on page 47;
• The Directors’ explanation as to its assessment of the company’s prospects, the period this assessment covers
and why the period is appropriate set out on pages 47 and 48;
• The Directors’ statement on fair, balanced and understandable set out on page 64;
• 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 47;
• The Directors’ confirmation that it has carried out a robust assessment of the emerging and principal risks set out
on page 47;
• The section of the Annual Report that describes the review of the effectiveness of risk management and internal
control systems set out on pages 67 and 68; and
• The section describing the work of the Audit Committee set out on pages 65 and 66.
Responsibilities of Directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 64, the Directors are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the Directors determine is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors
are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Directors either intend to
liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We assessed whether the engagement team collectively had the appropriate competence and capabilities to
identify or recognise non-compliance with laws and regulations by considering their experience, past performance
and support available.
All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks
at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of
fraud or non-compliance with laws and regulations throughout the audit.
74 / Maven Income and Growth VCT 4 PLC
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the
sector in which it operates, focusing on those provisions that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The most relevant frameworks we identified include:
• Companies Act 2006;
• Financial Conduct Authority (FCA) listing and Disclosure Guidance and Transparency Rules (DTR);
• The General Data Protection Regulation (GDPR) 2016;
• The Alternative Investment Fund Managers Regulations 2013;
• The principles of the UK Corporate Governance Code applied by the AIC Code of Corporate Governance (the
“AIC Code”);
• Industry practice represented by the Statement of Recommended Practice: Financial Statements of Investment
Trust Companies and Venture Capital Trusts (“the SORP”) issued in July 2022;
• The Company’s qualification as a VCT under section 274 of the Corporation Tax Act 2007; and
• UK Generally Accepted Accounting Practice.
We gained an understanding of how the company is complying with these laws and regulations by making enquiries
of management and those charged with governance. We corroborated these enquiries through our review of
relevant correspondence with regulatory bodies and board meeting minutes.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might
occur, by meeting with management and those charged with governance to understand where it was considered
there was susceptibility to fraud. This evaluation also considered how management and those charged with
governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the
overall control environment and how management and those charged with governance oversee the implementation
and operation of controls. In areas of the financial statements where the risks were considered to be higher, we
performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:
• Valuation of level 3 investments; and
• Management override of controls
Audit procedures performed in response to the risks relating to valuation of level 3 investments are set out in
the section on key audit matters above, and audit procedures performed in response to the risk of management
override of controls are included below.
In addition to the above, the following procedures were performed to provide reasonable assurance that the
financial statements were free of material fraud or error:
• Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and
regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate
an incentive or pressure to commit fraud or provide an opportunity to commit fraud;
• Performing audit procedures over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, recalculating the investment management fee, evaluating the
business rationale of significant transactions outside the normal course of business and assessing judgements
made by management in their calculation of accounting estimates for potential management bias;
• Completion of appropriate checklists and use of our experience to assess the company’s compliance with the
Companies Act 2006 and the Listing Rules; and
• Agreement of the financial statement disclosures to supporting documentation.
Our audit procedures were designed to respond to the risk of material misstatements in the financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or
misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial statements, the
less likely we would become aware of it.
75 / Maven Income and Growth VCT 4 PLC
Other matters which we are required to address
Following the recommendation of the Audit Committee, we were appointed by the Board on 4 October 2022 to audit
the financial statements for the year ended 31 December 2022 and subsequent financial years. The period of our
total uninterrupted engagement is four years, covering the years ended 31 December 2022 to 31 December 2025.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the company and we remain
independent of the company in conducting our audit.
Our audit opinion is consistent with the additional report to the Audit Committee.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members
those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s
members as a body, for our audit work, for this report, or for the opinions we have formed.
Bryan Shepka (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
Statutory Auditor
Glasgow, United Kingdom
2 April 2026
76 / Maven Income and Growth VCT 4 PLC
FOR THE YEAR ENDED 31 DECEMBER 2025
Year ended
31 December 2025
Year ended
31 December 2024
Restated*
Notes
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Gain on investments 8 - 1,356 1,356 - 3,107 3,107
Income from investments 2 1,291 - 1,291 1,262 - 1,262
Other income 2 555 - 555 487 - 487
Investment management fees 3 (432) (1,728) (2,160) (437) (1,746) (2,183)
Other expenses 4 (553) - (553) (438) - (438)
Net return on ordinary activities before
taxation
861 (372) 489 874 1,361 2,235
Tax on ordinary activities 5 - - - - - -
Return attributable to Equity
Shareholders
7 861 (372) 489 874 1,361 2,235
Earnings per share (pence) 7 0.56 (0.24) 0.32 0.62 0.96 1.58
*
Further details of the restatement can be found in Note 19 on page 98.
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 on pages 80 to 98 are an integral part of the Financial Statements.
INCOME STATEMENT
77 / Maven Income and Growth VCT 4 PLC
FOR THE YEAR ENDED 31 DECEMBER 2025
Non-distributable Reserves
1
Distributable Reserves
1
Year Ended
31 December 2025 Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
unrealised
£’000
Capital
reserve
realised
£’000
Special
distributable
reserve
£’000
Revenue
reserve
£’000
Total
£’000
At 31 December 2024 14,161 48,455 1,634 8,239 8,192 1,799 1,752 84,232
Net return - - - 4,159 (2,803) (1,728) 861 489
Dividends paid 6 - - - - - (6,209) (776) (6,985)
Repurchase and
cancellation of shares
12 (622) - 622 - - (3,354) - (3,354)
Net proceeds of
share issue
12 1,656 8,006 - - - - - 9,662
Net proceeds of DIS issue
2
12 122 510 - - - - - 632
At 31 December 2025 15,317 56,971 2,256 12,398 5,389 (9,492) 1,837 84,676
Non-distributable Reserves Distributable Reserves
Year Ended
31 December 2024 Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
unrealised
£’000
Capital
reserve
realised
£’000
Special
distributable
reserve
£’000
Revenue
reserve
£’000
Total
£’000
At 31 December 2023 13,596 43,470 1,196 9,150 4,174 10,883 1,448 83,917
Net return - - - (911) 4,018 (1,746) 874 2,235
Dividends paid 6 - - - - - (4,782) (570) (5,352)
Repurchase and
cancellation of shares
12 (438) - 438 - - (2,556) - (2,556)
Net proceeds of
share issue
12 916 4,589 - - - - - 5,505
Net proceeds of DIS issue
2
12 87 396 - - - - - 483
At 31 December 2024 14,161 48,455 1,634 8,239 8,192 1,799 1,752 84,232
1
As per Note 19 on page 98, the share premium account and the capital redemption reserve were cancelled, and reduced by
£56,800,000 and £2,254,411 respectively, with the equivalent quantum moving to special distributable reserves.
2
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 which are distributable. The capital reserve unrealised
contains £766,000 (2024: £4,547,000) of losses in relation to level 1 and level 2 investments, which could be
crystallised, and as such, could be deemed realised losses.
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 33 and 34), 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
78 / Maven Income and Growth VCT 4 PLC
AS AT 31 DECEMBER 2025
31 December 2025
31 December 2024
Restated*
Notes £’000 £’000
Fixed assets
Investments at fair value through profit or loss 8 68,651 69,130
Current assets
Debtors 10 888 763
Cash and cash equivalents 16 15,585 14,670
16,473 15,433
Creditors
Amounts falling due within one year 11 (448) (331)
Net current assets 16,025 15,102
Net assets 84,676 84,232
Capital and reserves
Called up share capital 12 15,317 14,161
Share premium account 13 56,971 48,455
Capital redemption reserve 13 2,256 1,634
Capital reserve - unrealised 13 12,398 8,239
Capital reserve - realised 13 5,389 8,192
Special distributable reserve 13 (9,492) 1,799
Revenue reserve 13 1,837 1,752
Net assets attributable to Ordinary Shareholders 84,676 84,232
Net asset value per Ordinary Share (pence) 14 55.28 59.47
*
Further details of the restatement can be found in Note 19 on page 98.
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
2 April 2026
The accompanying Notes are an integral part of the Financial Statements.
BALANCE SHEET
79 / Maven Income and Growth VCT 4 PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
Year ended
31 December 2025
Year ended
31 December 2024
Restated*
Notes £’000 £’000
Net cash flows from operating activities 15 (764) (597)
Cash flows from investing activities
Purchase of investments (7,135) (7,830)
Sale of investments 8,761 15,432
Net cash flows from investing activities 1,626 7,602
Cash flows from financing activities
Equity dividends paid 6 (6,985) (5,352)
Net proceeds of share issue 12 9,760 5,615
Net proceeds of DIS issue 12 632 500
Repurchase of Ordinary Shares 12 (3,354) (2,556)
Net cash flows from financing activities 53 (1,793)
Net increase in cash and cash equivalents 915 5,212
Cash and cash equivalents at
beginning of year
14,670 9,458
Cash and cash equivalents at end of year 15,585 14,670
*
Further details of the restatement can be found in Note 19 on page 98.
The prior year investment purchases have been reduced by £6,000,000, and investment sales £5,000,000 as a
result of the reclassification of MMFs from investments to cash and cash equivalents.
The accompanying Notes are an integral part of the Financial Statements.
80 / Maven Income and Growth VCT 4 PLC
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31 DECEMBER 2025
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 and further details can be found
in the Directors’ Report on page 47. 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, 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 £311,590 (2024: £nil) was received in the
year ended 31 December 2025.
Bank interest
Deposit Interest is recognised on an accruals basis
using the rate of interest agreed with the bank. Income
from unquoted loan stock and deposit interest is
included on an effective interest rate basis.
(c) Expenses
All expenses are accounted for on an accruals basis and
charged to the Income Statement. Expenses are charged
through the revenue account, except as follows:
• expenses that are incidental to the acquisition and
disposal of an investment are charged to capital;
• expenses are charged to the special distributable
reserve where a connection with the maintenance
or enhancement of the value of the investments can
be demonstrated. In this respect, the investment
management fee 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.
81 / Maven Income and Growth VCT 4 PLC
1. Accounting policies (continued)
(e) Investments
In valuing unlisted investments the Directors follow the
criteria set out below. These procedures comply with
the revised 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 and willing parties in an arm’s
length transaction. This does not assume that the
underlying business is saleable at the reporting date or
that its current shareholders have an intention to sell
their holding in the near future.
A financial asset or liability is generally derecognised
when the contract that gives rise to it is settled, sold,
cancelled or expires.
1. For early stage investments completed during the
reporting period, fair value is determined using
the price of recent investment, calibrating for any
material change in the trading circumstances of
the investee company. Other investments are
valued on a multiples basis by applying a multiple
to the investee’s revenue or, for companies with
sustainable earnings, to their maintainable earnings
to derive the enterprise value of each company.
Where relevant, an investee may be valued on a
discounted cashflow basis.
2. Whenever practical, recent investments will be
valued by reference to a material arm’s length
transaction or a quoted price.
3. All unlisted investments are valued individually by
Maven’s portfolio management team and discussed
by Maven’s valuation committee. The resultant
valuations are subject to detailed scrutiny and
approval by the Directors of the Company.
4. In accordance with normal market practice,
investments quoted on AIM or a recognised stock
exchange are valued at their closing bid price at the
year end.
(f) Fair value measurement
Fair value is defined as the price that the Company
would receive upon selling an investment in a timely
transaction to an independent buyer in the principal or
the most advantageous market of the investment.
A three-tier hierarchy has been established to maximise
the use of observable market data and minimise the use
of unobservable inputs and to establish classification of
fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market
participants would use in pricing the asset or liability,
including assumptions about risk, for example, the
risk inherent in a particular valuation technique used
to measure fair value including such a pricing model
and/or the risk inherent in the inputs to the valuation
technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or
liability developed based on market data obtained from
sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the
reporting entity’s own assumptions about the
assumptions market participants would use in
pricing the asset or liability developed based on best
information available in the circumstances.
The three-tier hierarchy of inputs is summarised in the
three broad levels listed below:
• Level 1 - the unadjusted quoted price in an active
market for identical assets or liabilities that the
entity can access at the measurement date;
• Level 2 - inputs other than quoted prices included
within Level 1 that are observable (i.e. developed
using market data) for the asset or liability, either
directly or indirectly; and
• Level 3 - inputs are unobservable (i.e. for which
market data is unavailable) for the asset or liability.
(g) Gains and losses on investments
When the Company sells or revalues its investments
during the year, any gains or losses arising are credited/
charged to the Income Statement.
(h) Critical accounting judgements and key
sources of estimation uncertainty
Disclosure is required of judgements and estimates
made by the Board and the Manager in applying the
accounting policies that have a significant effect on the
Financial Statements. The area involving the highest
degree of judgement and estimates is the valuation of
unlisted investments recognised in Note 8 and Note
16, and explained in Note 1 (e) above. Contingent
consideration is valued based on the expected
proceeds recoverable.
In the opinion of the Board and the Manager, there are
no critical accounting judgements.
82 / Maven Income and Growth VCT 4 PLC
2. Income
Year ended 31 December 2025
Year ended 31 December 2024
Restated*
£’000 £’000
Income from investments:
UK franked investment income 312 396
UK unfranked investment income 979 866
1,291 1,262
Other income:
Deposit interest 275 227
Income from MMFs 280 260
Total income 1,846 1,749
*
Further details of the restatement can be found in Note 19 on page 98.
3. Investment management fees
Year ended 31 December 2025 Year ended 31 December 2024
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Investment management fees 432 1,728 2,160 437 1,746 2,183
432 1,728 2,160 437 1,746 2,183
Details of the fee basis are contained in the Directors’ Report on pages 50 and 51.
4. Other expenses
Year ended 31 December 2025 Year ended 31 December 2024
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Secretarial fees 146 - 146 126 - 126
Directors’ remuneration 98 - 98 83 - 83
Fees to Auditor 64 - 64 54 - 54
Miscellaneous expenses 245 - 245 175 - 175
553 - 553 438 - 438
Directors’ remuneration includes Bill Nixon’s fee, which was payable to the Manager and subject to VAT.
Fees to Auditor in respect of the audit of the Financial Statements were £53,450 plus VAT (2024: £45,120 plus VAT).
The ongoing charges ratio (OCR) for the year ended 31 December 2025 was 3.13% (2024: 3.00%), 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 on
the average annual NAV.
For the year ended 31 December 2025, the overall OCR was 3.20% (2024: 3.11%).
83 / Maven Income and Growth VCT 4 PLC
5. Tax on ordinary activities
Year ended 31 December 2025 Year ended 31 December 2024
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Corporation tax - - - - - -
The tax assessed for the period is at the rate of 25% (2024: 25%).
Year ended 31 December 2025 Year ended 31 December 2024
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Net return on ordinary activities before
taxation
861 (372) 489 874 1,361 2,235
Net return on ordinary activities before
taxation multiplied by standard rate of
corporation tax
215 (93) 122 219 340 559
Non taxable UK dividend income (148) - (148) (164) - (164)
Excess management expenses (67) 432 365 (55) 437 382
Gain on investments - (339) (339) - (777) (777)
- - - - - -
Losses with a tax value of £3,213,150 (2024: £2,861,526) 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.
84 / Maven Income and Growth VCT 4 PLC
6. Dividends
Year ended 31 December 2025
£’000
Year ended 31 December 2024
£’000
Amounts recognised as distributions to
Shareholders in the year:
Revenue dividends
Final revenue dividend for the year ended
31 December 2024 of 0.25p (2023: 0.15p)
paid on 16 May 2025
387 215
First interim revenue dividend for the year
ended 31 December 2025 of 0.25p
(2024: 0.25p) paid on 29 August 2025
389 355
776 570
Capital dividends
Final capital dividend for the year ended
31 December 2024 of 1.50p
(2023: 1.60p) paid on 16 May 2025
2,325 2,295
First interim capital dividend for the year
ended 31 December 2025 of 2.50p
(2024: 1.75p) paid on 29 August 2025
3,884 2,487
6,209 4,782
Total dividends paid in year 6,985 5,352
Proposed dividends in respect of year:
Revenue dividends
Second interim revenue dividend for the
year ended 31 December 2025 of 0.20p
(2024: nil) payable 16 January 2026
278 -
Final revenue dividend proposed for the
year ended 31 December 2025 of nil
(2024: 0.25p) payable 15 May 2026
- 379
278 379
Capital dividends
Second interim capital dividend for the
year ended 31 December 2025 of 0.80p
(2024: nil) payable 16 January 2026
1,111 -
Final capital dividend proposed for the
year ended 31 December 2025 of 0.60p
(2024: 1.50p) payable on 15 May 2026
980 2,275
2,091 2,275
Total proposed dividends in respect of year 2,369 2,654
85 / Maven Income and Growth VCT 4 PLC
7. Return per ordinary share
Year ended
31 December 2025
Year ended
31 December 2024
The returns per share have been based on
the following figures:
Weighted average number of
Ordinary Shares
152,609,716 141,840,449
Revenue return £861,000 £874,000
Capital return (£372,000) £1,361,000
Total return £489,000 £2,235,000
8. Investments
Year ended 31 December 2025
Listed
(quoted
prices)
£’000
AIM
(quoted
prices)
£’000
OEICs
(observable
inputs)
£’000
Unlisted
(unobservable
inputs)
£’000
Total
£’000
Valuation at 31 December 2024
Restated*
5,882 2,699 1,999 58,550 69,130
Unrealised (gain)/loss (982) 5,502 27 (9,304) (4,757)
Cost at 31 December 2024 4,900 8,201 2,026 49,246 64,373
Movements during the year:
Transfers during the year
1
- (980) - 980 -
Purchases 385 126 - 6,624 7,135
Sales proceeds (915) (554) - (7,501) (8,970)
Realised gain/(loss) 55 (140) - 2,811 2,726
Cost at 31 December 2025 4,425 6,653 2,026 52,160 65,264
Element of gains on exits not received in cash
and not readily convertible to cash
2
- - - 1,389 1,389
Investments permanently impaired - (2,986) - (3,932) (6,918)
Unrealised gain/(loss) 1,386 (2,126) (26) 9,682 8,916
Valuation at 31 December 2025 5,811 1,541 2,000 59,299 68,651
*
Further details of the restatement can be found in Note 19 on page 98.
Opening investments have been restated to remove MMFs of £5,000,000 which have been reclassified as cash and
cash equivalents. This was deemed an appropriate reclassification given the liquid nature of these investments.
Note 1(f) defines the three-tier hierarchy of investments, and the significance of the information used to determine
their fair value, which is required by Financial Reporting Standard 102 Section 11 “Basic Financial Instruments”.
Investment trusts & active market AIM quoted securities are categorised as level 1, OEIC investments & inactive
market & inactive market AIM 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.
1
Transfers during the year include the delisting of Chichester Terminus (£33,188), Pelatro (£496,318), Polarean Imaging (£129,484),
ReNeuron Group (£277,500) and Trackwise Designs (£42,092) from AIM to unlisted equity holdings.
2
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 33 and 34), 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.
86 / Maven Income and Growth VCT 4 PLC
8. Investments (continued)
The Portfolio Valuation
31 December 2025
£’000
31 December 2024
Restated*
£’000
Investment trusts 5,811 5,882
AIM quoted equities 1,541 2,699
Total level 1 investments 7,352 8,581
OEICs 2,000 1,999
Total level 2 investments 2,000 1,999
Unquoted unobservable equities 50,707 46,720
Unquoted unobservable fixed income 8,592 11,830
Total level 3 investments 59,299 58,550
Total 68,651 69,130
Realised gains on historical basis 2,726 4,018
Investments permanently impaired (6,918) -
Element of gains on exits not received in cash
and not readily convertible to cash
1
1,389 510
Net increase/(decrease) in value
of investments
4,159 (1,421)
Gain on investments 1,356 3,107
*
Further details of the restatement can be found in Note 19 on page 98.
1
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 33 and 34), 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.
87 / Maven Income and Growth VCT 4 PLC
9. Participating interests
At 31 December 2025, the Company held shares amounting to 20% or more of the share class of the following
undertakings.
Investment
% of
class
held
% of
equity
held
Total
cost
£’000
Carrying
value
£’000
Latest
accounts
period
end
Aggregate
capital &
reserves
£’000
Profit/
(loss)
after tax
for period
£’000
Alderley Lighthouse Labs Limited
3,932 B1 Ordinary Shares 24.9 8.4 249 249 31/05/25 1,422 (850)
2,846 B2 Ordinary Shares 25.0 8.4 180 180
300 B3 Ordinary Shares 23.7 8.4 19 19
AMufacture Limited
140,459 B Ordinary Shares 23.8 6.8 39 39 31/12/24 408 (48)
Arimon Limited
109,635 C1 Ordinary Shares 20.2 3.6 456 569 31/03/25 782 (119)
Automated Analytics Limited
34,555 Preferred 2 Ord Shares 50.3 2.4 352 878 30/06/25 125 (1,574)
BioAscent Discovery Limited
104,476 A Ordinary Shares 65.3 26.1 1,532 4,338 31/12/24 6,329 1,785
Blackdot Solutions Limited
2,727 B1 Ordinary Shares 27.0 3.1 900 1,125 31/08/25 757 (1,117)
288 B2 Ordinary Shares 25.7 3.1 95 119
Bright Network (UK) Limited
37,063 B Ordinary Shares 28.3 9.8 1,383 2,453 31/03/25 6,760 (1,153)
Connected Data Company
Limited
8,280 E Ordinary Shares 24.9 3.9 423 423 31/03/25 1,394 (752)
CYSIAM Limited
30,860 B2 Ordinary Shares 49.8 5.8 249 516 30/11/25 2,350 964
ebb3 Limited
8,311,624 B Ordinary Shares 45.0 22.1 598 - 30/12/24 (922) 38
56,388,744 C Ordinary Shares 53.3 22.1 564 637
Filtered Technologies Limited
47,221 B Ordinary Shares 38.0 9.7 950 - 31/12/24 (367) (1,378)
FITR. Holdings Limited
70,752 C1 Ordinary Shares 26.7 3.4 360 360 30/09/24 1,025 (464)
7,468 C2 Ordinary Shares 25.3 3.4 38 38
Flow UK Holdings Limited
6,347,728 B Ordinary Shares 36.3 12.7 63 - 31/12/24 (5,884) (724)
24,818,181 C Ordinary Shares 38.2 12.7 248 -
FodaBox Limited
13,323 Deferred Shares 26.5 0.1 - - 31/03/25 304 (667)
Growth Capital Ventures Limited
36,367,911 C Ordinary Shares 2 7.3 11.5 639 650 30/11/24 2,405 (184)
88 / 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
Hublsoft Group Limited
7,272 A2 Ordinary Shares 30.9 7.3 800 1,000 31/12/24 5,862 (375)
iAM Compliant Limited
4,484 C Ordinary Shares 21.2 3.9 270 445 31/12/24 1,579 (885)
38,341 D Ordinary Shares 20.1 3.9 29 47
Laverock Therapeutics Limited
97,826 C3 Ordinary Shares 46.7 2.6 315 315 31/12/24 5,030 (4,296)
10,326 C4 Ordinary Shares 44.3 2.6 33 33
Liftango Group Limited
74,476 B Ordinary Shares 22.1 7.0 497 497 31/12/24 19,816 (256)
Martel Instruments Holdings
Limited
63,804 B Ordinary Shares 33.1 14.7 23 - 31/12/24 (6,390) (424)
8,722 Preference Shares 34.9 14.7 3 -
McKenzie Intelligence Services
Limited
289,907 A Ordinary Shares 24.9 1.6 159 481 31/03/25 1,302 (262)
Metrion Biosciences Ltd
5,331 B Ordinary Shares 22.8 4.4 57 57 31/12/24 5,810 (122)
50,505 B Preferred Shares 24.0 4.4 540 540
mypura.com Group Limited
(trading as Pura)
2,700 C2 Ordinary Shares 21.9 3.1 408 653 31/07/24 9,945 (7)
Northrow Limited
(in administration)
85,537 A Ordinary Shares 24.1 12.3 556 - 31/12/24 (6,109) (2,344)
Orcha Health Limited
99,500 A4 Preference Shares 49.8 2.8 100 - 30/06/25 (2,172) (2,397)
Precursive Limited
265,477 D Ordinary Shares 22.4 5.5 750 750 31/01/25 407 (162)
RevLifter Ltd
15,957 A Ordinary Shares 33.3 14.7 6 6 31/12/24 (1,693) (1,854)
15,957 A Preference Shares 33.3 14.7 994 994
68,613 A2 Ordinary Shares 22.7 14.7 1 1
68,613 A2 Preference Shares 22.0 14.7 159 159
Risk Smart Limited
62,793 Pref A1 Ordinary Shares 49.1 5.1 569 1,700 31/12/24 1,510 (738)
6,750 Pref A2 Ordinary Shares 47.5 5.1 62 183
Rockar 2016 Limited
(trading as Rockar)
7,458 B Ordinary Shares 20.7 6.2 875 1,169 31/12/24 5 1
Rockar Retail Limited
208 B Ordinary Shares 20.8 2.1 21 21 31/12/24 681 (1,989)
89 / 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
Sensoteq Limited
50,308 B Ordinary Shares 36.7 7.9 919 1,272 31/03/25 1,356 (1,472)
5,310 B2 Ordinary Shares 23.9 7.9 97 134
TC Communications Holdings
Limited
62,403 B Ordinary Shares 35.7 12.6 27 - 31/12/24 (5,999) (107)
653,430 C Ordinary Shares 45.1 12.6 28 -
The Algorithm People Limited
(trading as Optimize)
1,217 A Ordinary Shares 40.0 5.7 486 961 30/09/24 (585) (2,052)
Traceall Global Limited
164,495 B Ordinary Shares 59.0 8.8 197 - 31/12/25 (99) (77)
VCG Holding Limited
21,573,809 B Ordinary Shares 26.4 8.4 433 302 31/03/25 (707) (99)
6,711,735 C Ordinary Shares 26.8 8.4 76 119
WaterBear Education Limited
7,883,600 B Ordinary Shares 51.2 20.1 79 1,172 31/08/24 (1,374) (866)
612,800 C Ordinary Shares 52.4 20.1 613 855
Whiterock Group Limited
6,491,464 B Ordinary Shares 43.3 11.2 215 215 31/12/23 991 (273)
55,081,137 C Ordinary Shares 47.7 11.2 551 551
Zinc Digital Business Solutions
Limited
87,388 B1 Ordinary 2023 Shares 29.8 16.6 209 313 31/08/25 4,465 (815)
234,453 B1 Ordinary 2024 Shares 36.9 16.6 459 689
Details of equity percentages of all other holdings are shown in the Investment Portfolio Summary on pages
42 to 46.
90 / Maven Income and Growth VCT 4 PLC
10. Debtors
31 December 2025
£’000
31 December 2024
£’000
Prepayments and accrued income 585 648
Current taxation 8 37
Other debtors 295 78
888 763
11. Creditors
31 December 2025
£’000
31 December 2024
£’000
Accruals 448 331
448 331
12. Share capital
31 December 2025 31 December 2024
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 141,626,927 14,161 135,982,341 13,596
Ordinary Shares repurchased during the year (6,218,027) (622) (4,381,510) (438)
Ordinary Shares issued during year 17,779,706 1,778 10,026,096 1,003
153,188,606 15,317 141,626,927 14,161
During the year, 6,218,027 Ordinary Shares (2024: 4,381,510) of 10p each were repurchased by the Company at a
cost of £3,353,549 (2024: £2,555,757) and cancelled.
Subsequent to the year end, the Company bought back 1,981,251 shares for cancellation at a cost of £1,020,344.
During the year, the Company issued 16,559,323 (2024: 9,160,016) new Ordinary Shares pursuant to an Offer for
Subscription, at subscription prices ranging from 58.30p to 61.12p (2024: 59.96p to 65.30p) per share. The total
share issue proceeds, net of fees, were £9,661,620 (2024: £5,504,899) of which £1,655,932 (2024: £916,002)
related to share capital and £8,005,688 (2024: £4,588,897) share premium.
Subsequent to the year end, the Company issued 11,835,702 shares pursuant to an Offer of Subscription at
subscription prices ranging from 54.09p to 56.05p per share.
During the year, the Company issued a total of 1,220,383 Ordinary Shares (2024: 866,080) under a DIS election at
prices ranging from 53.97p to 57.10p (2024: 60.09p to 60.19p). The total DIS issue proceeds were £631,800 (2024:
£483,032) of which £122,038 (2024: £86,608) related to share capital and £509,762 (2024: £396,424) share
premium.
Subsequent to the year end, the Company issued 263,863 Ordinary Shares under DIS election at 54.09p per share.
91 / Maven Income and Growth VCT 4 PLC
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 cost, including £418,156 (2024: £249,455) of 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.
92 / 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 Article were as follows:
31 December 2025 31 December 2024
Net asset
value per
share
p
Net asset
value
attributable
£’000
Net asset
value per
share
p
Net asset
value
attributable
£’000
Ordinary Shares 55.28 84,676 59.47 84,232
The number of 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 2025
£’000
Year ended
31 December 2024
£’000
Net return 489 2,235
Adjustment for:
Gain on Investments (1,356) (3,107)
Operating cash flow before movement in
working capital
(867) (872)
Increase in prepayments (1) (8)
(Increase)/decrease in debtors (13) 346
Increase/(decrease) in accruals 117 (63)
Cash utilised by operations (764) (597)
93 / Maven Income and Growth VCT 4 PLC
16. Financial instruments
The Company’s financial instruments comprise equity and fixed interest investments, cash balances, 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.
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 16. 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.
(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 2025
Fixed interest
£’000
Floating rate
£’000
Non interest bearing
£’000
Sterling
AIM - - 1,541
Unlisted 8,592 - 50,707
OEICs - 2,000 -
Investment trusts - - 5,811
Cash and cash equivalents - 15,585 -
8,592 17,585 58,059
94 / Maven Income and Growth VCT 4 PLC
16. Financial instruments (continued)
(ii) Interest rate risk (continued)
At 31 December 2024
Fixed interest
£’000
Floating rate
Restated*
£’000
Non interest bearing
£’000
Sterling
AIM - - 2,699
Unlisted 11,830 - 46,720
OEICs - 1,999 -
Investment trusts - - 5,882
Cash and cash equivalents - 14,670 -
11,830 16,669 55,301
*
Further details of the restatement can be found in Note 19 on page 98.
The unlisted fixed interest assets have a weighted average life of 1.05 years (2024: 0.64 years) and a weighted
average interest rate of 10.48% (2024: 9.98%).
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 3.75% at 31 December 2025 (2024: 4.75%) 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 £175,850 (2024: £166,690).
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.
95 / Maven Income and Growth VCT 4 PLC
16. Financial instruments (continued)
Maturity profile
The maturity profile of the Company’s fixed interest financial assets at the balance sheet date was as follows:
At 31 December 2025
Within
1 year
£’000
Within
1-2 years
£’000
Within
2-3 years
£’000
Within
3-4 years
£’000
Within
4-5 years
£’000
Total
£’000
Unlisted 6,286 106 839 537 824 8,592
6,286 106 839 537 824 8,592
At 31 December 2024
Within
1 year
£’000
Within
1-2 years
£’000
Within
2-3 years
£’000
Within
3-4 years
£’000
Within
4-5 years
£’000
Total
£’000
Unlisted 9,873 - 547 1,077 333 11,830
9,873 - 547 1,077 333 11,830
(iii) Liquidity risk
Due to their nature, unlisted investments may not be readily realisable and, therefore, a portfolio of listed assets,
MMFs, OEICs and cash is held to offset this liquidity risk. Note 1(f) details the three-tier hierarchy of inputs used as
at 31 December 2025 in valuing the Company’s investments carried at fair value.
Cash balances are divested amongst four reputable banks with high quality external credit ratings to maximise
interest yields on undeployed funds.
(iv) Credit risk
This is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it
has entered into with the Company.
The Company’s financial assets exposed to direct credit risk amounted to the following:
31 December 2025
£’000
31 December 2024
Restated*
£’000
Investments in unlisted debt securities 8,592 11,830
Cash and cash equivalents 15,585 14,670
24,177 26,500
*
Further details of the restatement can be found in Note 19 on page 98.
All assets that are traded on a recognised exchanged, including AIM quoted securities and investment trusts, are
held by JPMorganChase, the Company’s Custodian, along with OEICs and certain MMF investments. Some MMF
investments are made directly. Cash balances are held by Barclays Bank, Coutts, JPMorganChase 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.
96 / 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 2025 or 31 December 2024.
(v) Price risk sensitivity
Valuation Sensitivity Disclosure
Unlisted investments are valued at fair value in accordance with the IPEV Guidelines as follows:
31 December 2025
£’000
31 December 2024
£’000
Revenue multiple 34,837 34,230
Offers based on revenues 10,032 3,271
Earnings multiple 10,412 12,496
Price of Recent Investment (PORI) 3,661 3,207
Other 357 577
Discounted cash flow 0 4,769
59,299 58,550
The Board reviews the valuations of each investee company throughout the year, reviewing progress against the
set commercial objectives, assessing if there are any significant events or milestones that would indicate the value
of the investment has changed.
The background of the investment transaction is also considered when the initial price of investment may not be
an appropriate measure of fair value. For example, the contractual return of each security held should be a true
reflection of fair value if supported by measurable revenue growth.
Fair value investments had the following movements between valuation methodologies:
Change in valuation methodology
(2024 to 2025)
Valuation at
31 December 2025
£’000
Cost/PORI to revenue multiple 1,900
Revenue multiple to cost/PORI None
Cost/PORI to discounted offer price 7,656
Cost and PORI to net assets None
Discounted offer price to PORI 961
The valuation will be the most appropriate valuation methodology for an investment within its sector, with regard to
the financial health of the investee and the IPEV Guidelines.
FRS 102 and SORP requires the Company to disclose the inputs to the valuation methods applied to its investments.
97 / Maven Income and Growth VCT 4 PLC
16. Financial instruments (continued)
(v) Price risk sensitivity (continued)
Under FRS 102 S.2A the fair value hierarchy definitions are as follows:
Unlisted equity, preference shares and loan stock are all valued according to Level 3 methods.
See Note 8 on pages 85 and 86 for analysis of investments held at fair value through profit and loss.
The Directors are required to consider the impact of changing one or more of the inputs as part of the valuation
process to reasonable alternative assumptions.
50.5% of the combined portfolio of investments is equity based on recent investment price, discounted offer
price, other net assets or on a multiple of revenue or earnings basis which have contractual rights attached. As
these investment valuations are not particularly sensitive to changes in assumptions, they are excluded from the
sensitivity analysis.
An additional 14.5% of the portfolio is loan stock which typically has a fixed or floating charge on the assets of the
portfolio investee and has, therefore also not been sensitised.
For the remainder of the portfolio the Board has considered the reasonable possible alternative input assumptions
when valuing each investee. In all cases a level of marketability discount has been considered.
The Board has reviewed the Manager’s adjusted inputs for a number of the largest portfolio companies (by value)
which covers 26.8% of the portfolio, as shown in the table below.
This has resulted in a total coverage of 92.0% of all the combined portfolio of investments.
The main inputs considered for each type of valuation are as follows:
Sector Input
Base
case*
Change
to input
Change in fair value
of investments
£’000 £’000
Software
(learning & development/ recruitment)
Revenue Multiple 3.5 +/-0.4 -171 431
Software (learning & development) Revenue Multiple 5 +/-0.5 -144 144
Pharmaceuticals, biotechnology & healthcare Revenue Multiple 2 +/-0.2 -386 534
Business services (security) Revenue Multiple 5.4 +/-0.5 -426 153
Business services (baby products) Revenue Multiple 2 +/-0.2 -119 31
Automotive software technology Earnings Multiple 15 +/-1.5 -194 189
Industrials & engineering Earnings Multiple 4.5 +/-0.5 -312 172
Business services (IT) Earnings Multiple 8 +/-0.8 -52 20
Total -1,804 1,674
*As detailed in the accounting policies on pages 80 and 81, the base case is derived from sector analysis and/or market
comparables, discounted where appropriate for marketability in accordance with IPEV Guidelines.
Total unlisted investments per Note 8 are valued at £59,299,000 split Equity £50,707,000 and loan notes
£8,592,000.
The impact of these changes could result in an overall increase in the valuation of the combined unquoted equity
investments by £1,674,000 (2.8%) or a decrease in the valuation of equity investments by £1,804,000 (3.0%).
In terms of NAV, the increase in equity valuation would increase the NAV at 31 December 2025 by 1.09p per share
(1.98%) or decrease the NAV by 1.18p per share (2.13%) based on the shares in issue at 31 December 2025.
98 / Maven Income and Growth VCT 4 PLC
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 Chair of Maven. The Company has employed Maven throughout the period as Investment
Manager. The Company has been charged £2,160,585 by Maven as a management fee in the year to 31 December
2025 (2024: £2,183,133). 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 2025 (2024:
£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 Company Secretary. The Company has been charged
£145,565 by Maven as a secretarial fee in the year to 31 December 2025 (2024: £126,269). The secretarial fee is
payable quarterly and is based on the previous year’s fee and reflecting an uplift for UK Retail Price Index.
Independent of these arrangements, 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.
During the year under review, Maven received arrangement fees of £183,151 (2024: £140,835) and Monitoring and
Directors’ fees of £487,827 (2024: £536,940) attributable to the investments of the Company.
During the year, Maven also received the sum of £21,000 (plus VAT) (2024: £19,800 (plus VAT)) per annum in
respect of Bill Nixon’s role as Director of the Company.
18. Post Balance Sheet Events
At a general meeting of the Company held on 13 November 2025, Shareholders approved special resolutions to
cancel the share premium account and the capital redemption reserves. This was confirmed by an Order of the
Court of Session in Scotland on 20 February 2026 and registered at Companies House on 26 February 2026. The
share premium account was reduced by £56,800,000 and the capital redemption reserve by £2,254,411 with the
equivalent quantum moving to special distributable reserves.
19. Prior year restatement
The Summary of Investment Changes, the Balance Sheet, the Cash Flow Statement and Note 8 and 16 for the year
ended 31 December 2024 have been restated to reclassify investments in AAA-rated money market funds as a
cash and cash equivalent. This restatement was made due to the fact that AAA-rated money market funds meet the
definitions of cash equivalents rather than financial assets measured at fair value through profit or loss in accordance
with FRS 102.
Consequently, within the Summary of Investment Changes for the year ended 31 December 2024 and the Balance
Sheet for the year ended 31 December 2024, cash at bank and in hand of £9,670,000 and investments in AAA-rated
money market funds of £5,000,000, which had previously been presented within investments, are now shown in
aggregate as cash and cash equivalents in the amount of £14,670,000. In Note 2, ‘UK franked investment income’ for
2024 has been decreased by £260,000, with income from money market funds now shown separately.
In the Cash Flow Statement for the year ended 31 December 2024, the opening and closing balances of cash and
equivalents now include investments in AAA-rated money market funds as well as cash and bank and in hand, and
purchases and sales of investments in AAA-rated money market funds have been excluded as they do not meet
the definition of a long-term asset. As a result, “Net cash inflow from investing activities” and “Net increase in cash
and cash equivalents” have been increased by £1,000,000, being the movement in AAA-rated money market funds
during the prior period.
In Note 8, investments valuation and cost have been decreased by £5,000,000 at 31 December 2024, with AAA-rated
money market funds no longer shown as an investment and recognised as cash and cash equivalents. In turn, AAA
rated money market funds were also removed from level 2 investments at the year ended 31 December 2024, with
“Total level 2 investments” and “total” portfolio valuation decreased by £5,000,000.
In the interest rate risk table in Note 16 for 2024, cash of £9,670,000 and investments in AAA-rated money market
funds of £5,000,000, which had previously been separately presented are now shown in aggregate as cash and cash
equivalents in the amount of £14,670,000. Also in Note 16, the Credit risk table for the year ended 30 November 2024
increased by £5,000,000, as AAA-rated money market funds were previously recognised in investment.
99 / Maven Income and Growth VCT 4 PLC
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, 7 May 2026 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 2025.
2. To approve the Directors’ Remuneration Report for the year ended 31 December 2025.
3. To approve the Directors’ Remuneration Policy for the three-year period ending 31 December 2028.
4. To approve a final dividend of 0.60p per Ordinary Share in respect of the year ended 31 December 2025.
5. To re-elect Fraser Gray as a Director.
6. To re-elect Daniel Bittner as a Director.
7. To re-elect Brian Colquhoun as a Director.
8. To re-elect Bill Nixon as a Director.
9. To re-appoint Johnston Carmichael LLP as Auditor to the Company.
10. To authorise the Directors to fix the remuneration of the Auditor.
11. 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 £1,633,069 (equivalent to 16,330,690 Ordinary Shares or 10% of the total Ordinary
Share capital in issue as at 1 April 2026) 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
100 / Maven Income and Growth VCT 4 PLC
Special Resolutions
12. That, subject to the passing of Resolution 11, 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 11 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 £1,633,069 (equivalent to 16,330,690 Ordinary Shares or 10% of the total Ordinary Share capital
in issue as at 1 April 2026); 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.
13. 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 24,479,707 Ordinary Shares,
representing approximately 14.99% of the Company’s Ordinary Share capital in issue as at 1 April 2026;
(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.
14. 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
2 April 2026
101 / Maven Income and Growth VCT 4 PLC
NOTES:
Entitlement to attend and vote
1) To be entitled to attend and vote at the Meeting (and for the purposes of the determination by the Company of
the votes that may be cast in accordance with Regulation 41 of the Uncertified Securities Regulations 2001),
only those members registered in the Company’s register of members at close of business on 5 May 2026 (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 5 May 2026 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.
102 / Maven Income and Growth VCT 4 PLC
Appointment of a proxy online
10) You may submit your proxy electronically using the Maven Proxy Voting App at: https://maven4-agm.city-
proxyvoting.uk. Shareholders can use this service to vote or appoint a proxy online. The same voting deadline
of 48 hours (excluding non-working days) before the time of the Meeting applies as if you were using your
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.
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 5 May 2026. 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.
103 / Maven Income and Growth VCT 4 PLC
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 1 April 2026, the Company’s issued share capital comprised 163,306,920 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 1 April 2026 is 163,306,920. The website referred to in note 2 will
include information on the number of shares and voting rights.
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.
Webpage 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 webpage, 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 webpage:
• 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 webpage; 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.
104 / Maven Income and Growth VCT 4 PLC
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.
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
105 / Maven Income and Growth VCT 4 PLC
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 2025, which are included within the Annual Report.
Resolution 2 – Directors’ Remuneration Report
The Directors seek approval of the Directors’ Remuneration Report for the year ended 31 December 2025, which is
also included in the Annual Report.
Resolution 3 - Directors’ Remuneration Policy
The Directors seek approval of the Directors’ Remuneration Policy for the three-year period ending 31 December
2028.
Resolution 4 – Final Dividend
The Company’s Shareholders will be asked to approve the payment of a final dividend of 0.60p per Ordinary Share
for the year ended 31 December 2025, to be paid on 15 May 2026 to Shareholders on the register at the close of
business on 17 April 2026.
Resolution 5 – 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 6 – Re-election of Director
Daniel Bittner 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
Brian Colquhoun will retire at the AGM and, being eligible, offers himself for re-election as a Director of the Company.
Resolution 8 – 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.
Resolutions 9 and 10 – 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 9 seeks Shareholder approval to re-appoint
Johnston Carmichael LLP as the Company’s Auditor. In accordance with normal practice, Resolution 10 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 11 will be
proposed as Ordinary Resolutions requiring the approval of more than 50% of the votes cast and
Resolutions 12 to 14 will be proposed as Special Resolutions requiring the approval of 75% or more of the
votes cast.
106 / Maven Income and Growth VCT 4 PLC
Resolution 11 – Authority to allot shares
Resolution 11, if passed, will authorise the Directors to allot shares or rights to subscribe for them up to an aggregate
nominal value of £1,633,069. This amounts to 16,330,690 Ordinary Shares representing approximately 10% of the total
share capital of the Company in issue as at 1 April 2026 (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 12 – Waiver of statutory pre-emption rights
Resolution 12, 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 11 and 12 to allot further Ordinary Shares or rights to subscribe for them.
Resolution 13 – Purchase of own shares
Under Resolution 13, the Company’s Shareholders are being asked to renew the Directors’ authority to make market
purchases of up to 24,479,707 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 1 April 2026) 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 13 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 13 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 14 – 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 14 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.
107 / Maven Income and Growth VCT 4 PLC
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.
Annual yield calculation 31 December 2025 31 December 2024
Dividends paid or proposed per Ordinary Share for the year (a) 4.35p 3.75p
NAV from immediately preceding year end (b) 59.47p 61.71p
Annual yield = (a/b)*100 7.31% 6.08%
Discount/premium to NAV*
A discount is the percentage by which the mid-market price of an Ordinary Share is lower than the net asset value
per Ordinary Share. A premium is the percentage by which the mid-market price exceeds the net asset value per
Ordinary Share.
Discount calculation 31 December 2025 31 December 2024
NAV per Ordinary Share (a) 55.28p 59.47p
Closing mid-market share price (b) 50.55p 57.50p
Discount = ((a-b)/a)*100 8.56% 3.31%
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.
GLOSSARY
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.
Investment income
Income from investments as reported in the Income Statement.
NAV per Ordinary Share
Net assets divided by the number of Ordinary Shares in issue.
NAV calculation 31 December 2025 31 December 2024
NAV (a) £84,676,000 £84,232,000
Ordinary Shares in issue (b) 153,188,606 141,626,927
NAV per Ordinary Share = (a/b)*100 55.28p 59.47p
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.
31 December 2025 31 December 2024
NAV per Ordinary Share (a) 55.28p 59.47p
Dividends paid per Ordinary Share as at the year end (b) 99.35p 94.85p
NAV total return = a+b 154.63p 154.32p
Net assets attributable to Ordinary Shareholders or Shareholders’ funds (NAV)
Total assets less current and long-term liabilities.
Ongoing charges ratio (OCR)
The total recurring annual running expenses (including management fees, but excluding performance fees, charged
to the capital reserve) as a percentage of the average net assets attributable to Shareholders.
31 December 2025 31 December 2024
Investment management fees £2,160,000 £2,183,000
Other expenses £553,000 £438,000
Total fees/expenses (a) £2,713,000 £2,621,000
Average annual NAV (b) £86,530,000 £87,487,000
Ongoing charges ratio = (a/b)*100 3.13% 3.00%
108 / Maven Income and Growth VCT 4 PLC
Operational expenses
The total of investment management fees and other expenses as reported in the Income Statement.
Realised gains/losses
The profit/loss on the sale of investments during the year.
Record date
The date on which an investor needs to be holding a share in order to qualify for a forthcoming dividend.
Revenue reserves
The total of undistributed revenue earnings from prior years. This is available for distribution to Shareholders by
way of dividend payments.
Share Price Total Return
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.
109 / Maven Income and Growth VCT 4 PLC
110 / Maven Income and Growth VCT 4 PLC
YOUR NOTES
111 / Maven Income and Growth VCT 4 PLC
Directors
Fraser Gray (Chairman)
Daniel Bittner
Brian Colquhoun
Bill Nixon
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
JPMorganChase Bank
Stockbroker
Shore Capital Stockbrokers Limited
Telephone: 020 7647 8132
VCT Adviser
Philip Hare & Associates LLP
CONTACT
INFORMATION
Maven Capital Partners UK LLP (a subsidiary of Mattioli Woods Limited)
Authorised and regulated by the Financial Conduct Authority
Maven Capital Partners
Kintyre House
205 West George Street
Glasgow G2 2LW
0141 306 7400
mavencp.com