Maven Renovar
VCT PLC
Annual Report for the year
ended 31 January 2026
02 / Maven Renovar VCT PLC
CORPORATE
SUMMARY
The Company
Maven Renovar VCT PLC (formerly known as Amati AIM
VCT plc) (the Company) is a public company limited by
shares. It was incorporated in England and Wales on
10 January 2001 with company registration number
04138683. Its registered office is at 6th Floor, Saddlers
House, 44 Gutter Lane, London EC2V 6BR.
The Company is a Venture Capital Trust (VCT) and its
shares are listed on the Official List and traded on the
Main Market of the London Stock Exchange.
Investment Objectives
The investment objectives of the Company are to
generate tax free capital gains and regular dividend
income for its Shareholders, while complying with
the requirements of the rules and regulations applicable
to VCTs.
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 to be held in 2029 or,
if later, at the Annual General Meeting following the fifth
anniversary of the latest allotment of new shares.
Share Dealing
Shares in the Company can be purchased and sold in
the market through a stockbroker. For qualifying
investors buying shares on the open market:
• dividends are free of income tax;
• no capital gains tax is payable on a disposal of
shares;
• there is no minimum holding period;
• the value of shares, and income from them, can fall
as well as rise;
• tax regulations and rates of tax may be subject to
change; 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.
Recommendation of Non-mainstream
Investment Products
The Company currently conducts its affairs so that the
shares issued by it can be recommended by authorised
financial advisers to ordinary retail investors in
accordance with the rules of the Financial Conduct
Authority (FCA) in relation to non-mainstream
investment products, and intends to continue to do so
for the foreseeable future. The Company’s shares are
excluded from the FCA’s restrictions that apply to
non-mainstream investment products because they are
shares in a VCT and the returns to investors are based
predominantly 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
07 / Your Board
09 / Chairman’s Statement
15 / Summary of Investment Changes
16 / Business Report
26 / Portfolio Analysis
27 / Investment Manager’s Review
36 / Largest Investments by Valuation
41 / Investment Portfolio Summary
44 / Directors’ Report
51 / Directors’ Remuneration Report
55 / Statement of Corporate Governance
62 / Statement of Directors’ Responsibilities
63 / Report of the Audit Committee
67 / Independent Auditor’s Report to the Members
of Maven Renovar VCT PLC
75 / Income Statement
76 / Statement of Changes in Equity
77 / Balance Sheet
78 / Cash Flow Statement
79 / Notes to the Financial Statements
95 / Glossary
98 / Your Notes
99 / Contact Information
STRATEGIC REPORT
FINANCIAL STATEMENTS
GOVERNANCE REPORT
ADDITIONAL INFORMATION
01
03
02
04
IN THIS REPORT
03 / Maven Renovar VCT PLC
04 / Maven Renovar VCT PLC
Special dividend
2
per Ordinary Share
3.50p
Cumulative dividends paid*
per Ordinary Share
152.34p
Net asset value
(NAV)
£86.25m
NAV
per Ordinary Share
60.92p
NAV total return
1
*
per Ordinary Share
213.26p
Annual yield
3
*
19.64%
AS AT 31 JANUARY 2026
FINANCIAL HIGHLIGHTS
The above chart shows the NAV total return per Ordinary Share and dividends paid as at 31 January 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 80 of this Annual Report.
NAV Total Return Performance1*
(p)
0
80
160
240
320
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Dividends paid as at the year end NAV total return
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Dividends paid as at the year end NAV total return
NAV Total Return Performance
1
*
05 / Maven Renovar VCT PLC
FINANCIAL HISTORY
31 January
2026
31 January
2025
31 January
2024
NAV £86,245,000 £111,538,000 £143,078,000
NAV per Ordinary Share 60.92p 76.39p 94.70p
Dividends paid or proposed per Ordinary
Share for the year
15.00p 16.50p 5.00p
Cumulative dividends paid per Ordinary Share
to date as at the year end
*
152.34p 137.34p 120.84p
NAV total return per Ordinary Share
1
*
213.26p 213.73p 215.54p
NAV 12 month return
4
-0.64% -1.91% -23.06%
Share price
5
59.00p 71.50p 88.50p
Discount to NAV
*
3.15% 6.41% 6.55%
Share price total return 12 month
6
5.21% -0.79% -22.18%
Deutsche Numis Alternative Markets
Total Return Index benchmark return*
15.79% -2.98% -11.33%
Annual yield
3
*
19.64% 17.42% 3.77%
Ongoing charges ratio (OCR)
*
1.08% 2.12% 2.00%
Ordinary Shares in issue 141,562,628 146,009,780 151,069,824
1
Sum of current NAV per Ordinary Share and cumulative dividends paid per Ordinary Share to date as at the year end (excluding
initial tax relief).
2
In respect of the year ending 31 January 2027.
3
In line with the updated dividend policy, the Board aims to pay annual dividends amounting to 6% of the Company’s NAV per
Ordinary Share at the immediately preceding year end.
4
Sum of current NAV per Ordinary Share and dividends paid during the year, divided by the NAV per Ordinary Share at the
preceding year end.
5
Closing mid-market price at the year end (Source: Bloomberg L.P.).
6
Share price total return is the theoretical return, including reinvesting each dividend in additional shares in the Company at the
closing mid-market price on the day the shares trade ex-dividend.
*
Definitions of these Alternative Performance Measures (APMs) can be found in the Glossary on pages 95 to 97 of this
Annual Report. The principal Key Performance Indicators (KPIs) are highlighted in the Business Report on pages 20 and 21.
06 / Maven Renovar VCT PLC
DIVIDENDS
Year ended 31 January Payment date
Interim/final/
special
Payment
(p)
Annual
payment
(p)
Annual
yield (%)
3
*
2002 - 2021 99.84
2022 26 November 2021 Interim 4.50
22 July 2022 Final 4.50 9.00 4.37
2023 25 November 2022 Interim 3.50
21 July 2023 Final 3.50 7.0 0 3.87
2024 25 November 2023 Interim 2.50
12 January 2024 Second interim 2.50 5.00 3.77
2025 10 June 2024 Special 10.00
25 October 2024 Interim 2.50
17 January 2025 Second interim 1.50
17 January 2025 Special 2.50 16.50 17.42
2026 30 May 2025 Special 10.00
14 November 2025 Interim 2.50
14 November 2025 Special 2.50 15.00 19.64
Total cumulative dividends paid
to date as at the year end
152.34
2027 8 May 2026 Special 3.50
Total cumulative dividends paid
or proposed since inception
155.84
* Prior year annual yield figures have been recalculated in accordance with the dividend policy and are based on the NAV per
Ordinary Share at the immediately preceding year end.
07 / Maven Renovar VCT PLC
Fiona Wollocombe
Chairman and Independent Non-executive Director
Relevant experience and other directorships: Fiona began her career in equity
capital markets at NatWest Markets and Deutsche Bank and was, until June 2025,
a non-executive director of Albion Technology & General VCT PLC following the mergers
of the Albion managed VCTs in December 2024. She has previously held non-executive
chair and director roles for a number of other companies in the VCT sector, including
Artemis VCT PLC, Maven Income and Growth VCT PLC, and Kings Arms Yard VCT plc.
Length of service: Fiona was appointed as a Director on 10 June 2021 and as Chairman in
June 2022.
Last re-elected to the Board: 13 August 2025
Committee membership: Audit, Nomination, Remuneration, and Risk.
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in the Company: 35,763 Ordinary Shares.
The Board of four Directors, all of whom are non-executive and considered by
the Board to be independent of the Manager, supervises the management of
Maven Renovar VCT PLC and looks after the interests of its Shareholders. The
Board is responsible for setting and monitoring the Company’s strategy, and
the biographies set out below indicate the Directors’ range of investment,
commercial and professional experience. Further details are also provided in the
Directors’ Report and in the Statement of Corporate Governance.
YOUR BOARD
Relevant experience and other directorships: Robert is a seasoned financial professional
with over two decades of industry experience. He co-founded Progressive Value
Management Limited (PVML) in 2000 serving as Chairman of PVML until stepping down
in 2023. Robert has held several prominent directorships, including roles at Quayle Munro
Holdings plc, Sureserve Group plc, Trian Investors 1 Limited, CT Private Equity Trust plc,
R & Q Insurance Holdings Limited, and Downing Strategic Micro-Cap Investment Trust plc.
Robert is a member of the Institute of Chartered Accountants of Scotland.
Appointed to the Board: 24 June 2025
Committee membership: Audit, Nomination (Chair), Remuneration, and Risk.
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in the Company: 23,701 Ordinary Shares.
Robert Legget
Independent Non-executive Director
08 / Maven Renovar VCT PLC
Relevant experience and other directorships: Brian is a Chartered Accountant and joined
the Board in May 2018. Prior to this he was a non-executive director of Amati VCT plc,
which merged with the Company in May 2018. He spent 30 years in private equity in senior
roles with Charterhouse, Royal Bank of Scotland, and Dunedin. He has wide experience
of buying and selling private companies and investment portfolio management, sitting on
numerous investee company boards. He was formerly manager of a quoted investment
trust and a member of the steering committee of LPEQ, the listed private equity group.
Length of service: Brian was appointed as a Director on 4 May 2018.
Last re-elected to the Board: 13 August 2025
Committee membership: Audit (Chair), Nomination, Remuneration, and Risk (Chair).
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in the Company: 69,341 Ordinary Shares.
Brian Scouler
Independent Non-executive Director
Relevant experience and other directorships: Neeta is currently a non-executive director
of Pembroke VCT plc, Allianz Technology Trust PLC and European Opportunities Trust
PLC and was, until recently, a director of Albion Venture Capital Trust PLC. Neeta brings
over 35 years’ experience in technology, media, insurance and education sectors, as well
as in start-ups and scaling companies. Her experience includes senior leadership roles at
Legal & General Group PLC, ft.com (the Financial Times’ website) and the British Council,
the government’s international education and cultural agency. More recently, she was the
founding CEO of the Centre for Entrepreneurs, a board adviser at Tech London Advocates,
a member of the advisory board at City University Ventures and an entrepreneur mentor-
in-residence at London Business School. Neeta was awarded a CBE in the Queen’s
Honours List in October 2020 for services to entrepreneurship and technology.
Length of service: Neeta was appointed as a Director on 1 May 2025.
Elected to the Board: 13 August 2025
Committee membership: Audit, Nomination, Remuneration (Chair), and Risk.
Employment by the Manager: None
Shared directorships with other Directors: None
Shareholding in the Company: None
Neeta Patel CBE
Independent Non-executive Director
09 / Maven Renovar VCT PLC
HIGHLIGHTS
Appointment of
Maven Capital
Partners UK
LLP (Maven) as
Investment Manager
NAV total return
at 31 January 2026
of 213.26p per
Ordinary Share
(2025: 213.73p)
NAV at 31 January
2026 of 60.92p
per Ordinary Share
(2025: 76.39p)
Special dividend of
10.00p per Ordinary
Share paid on
30 May 2025
Interim dividend
of 2.50p per Ordinary
Share paid on
14 November 2025
Special dividend
of 2.50p per
Ordinary Share paid
on 14 November 2025
Special dividend of
3.50p per Ordinary
Share, for the year
ending 31 January
2027, paid on
8 May 20
26
CHAIRMAN’S
STATEMENT
On behalf of your Board, I am pleased to present the 2026 Annual Report
and to provide Shareholders with an update on the progress that has been
achieved during a pivotal year for your Company.
On 1 May 2025, Maven was appointed as the new Investment Manager. Your
Board and Maven have quickly established an effective partnership and are
working together to address the performance issues your Company has
faced and implement a strategy that improves the number of investment
opportunities available, with the aim of delivering a sustained increase in
Shareholder value.
Significant progress has been made and performance has stabilised, with
NAV total return broadly unchanged over the year. Having completed a
detailed review of the AIM portfolio, Maven’s dedicated, London based AIM
team has commenced the phased rationalisation of the portfolio realising
£5.3 million through a combination of sales of underperforming holdings
and profit taking in overweight positions to crystallise gains. In addition,
consistent with the strategy outlined at the time of Maven’s appointment,
three new private companies with high growth potential have been added as
part of a gradual process to diversify the portfolio.
The Board’s commitment to return capital to Shareholders has been
strengthened by the increase in the annual dividend target yield from 5%
to 6%, whilst the share buyback policy has also been improved to a targeted
discount of 5%. Your Board is encouraged by the positive progress that has
been achieved in a relatively short space of time and, notwithstanding the
current geopolitical unrest, is optimistic that the correct actions are being
taken to reposition your Company for future growth.
Over the last 18 months, Shareholders have received detailed communications regarding
the Company’s Strategic Review, the proposed changes to the Investment Policy, and
the related AGM and General Meeting resolutions. All the related documentation is
available on the Company’s webpage, which can be found at mavencp.com/renovarvct.
During the period under review, the Board has been strengthened by the appointment
of two new, highly experienced non-executive Directors, neither of whom were
involved in the Strategic Review. The new Directors bring a fresh perspective and
impartial viewpoint, which has proved to be extremely valuable. The Board is grateful
for Shareholders’ recent engagement with the Company. The feedback received has
helped the Board to determine the best path forward, with a commitment to offering
fair alternatives to those Shareholders who do not support the proposed changes,
which the Board has determined are right for the Company as a whole.
Following the January Shareholder survey, which indicated majority support for an
“AIM Plus” strategy, the Board is proposing an amendment to the Investment Policy
to enable the adoption of this approach. Before Shareholders vote on this proposal
at the 2026 AGM, the Board has proposed a Tender Offer for up to 12% of the
Company’s share capital, which provides an opportunity for Shareholders who prefer
to realise their investments to do so in the fairest way the Company can provide.
The Tender Offer Circular was published on 27 April 2026 and was approved by
Shareholders at the General Meeting held on 20 May 2026.
10 / Maven Renovar VCT PLC
Investment Policy
A key conclusion from the Strategic Review was to recommend that your Company move to an “AIM Plus”
investment strategy, by broadening the Investment Policy to permit a greater allocation to private companies,
alongside continued investment in AIM. The Board remains firmly of the view that AIM continues to face structural
challenges and that adopting an “AIM Plus” approach would materially enhance the investment opportunities
available to your Company.
Whilst this proposal did not receive the requisite majority of votes when proposed at the 2025 AGM held in June,
which the Board believes was impacted by a low level of turnout, common with voting at AGMs, the Shareholder
survey found that a majority of Shareholders who responded were minded to support this proposal going forward.
The Board is grateful for the strong support provided at the 2025 General Meetings held in August, and is
encouraged by the survey results. The 2026 Notice of AGM will include a resolution to approve the proposed
changes to the Investment Policy. The details of the proposed amendments will be unchanged from those put
forward at the 2025 AGM. The Directors firmly believe that extending the investment objectives and policy to
enable a greater degree of investment in unquoted UK companies with strong growth potential, alongside continued
investment in companies quoted on AIM or AQSE, will help to improve your Company’s performance.
Changing the Investment Policy will allow your Company to move forward with the strategy that has attracted the
broadest level of Shareholder support and can be delivered effectively by Maven, enabling the Board to focus on
generating long term growth in Shareholder value.
Maven’s appointment was not contingent on changes to the Investment Policy. The new Investment Manager has
a dedicated AIM and Listed Markets team with significant experience of sourcing, executing and managing AIM
quoted investments. While market conditions on AIM remain challenging, Maven’s team will continue to review new
investment opportunities where appropriate, while placing particular emphasis on actively managing the existing
AIM portfolio to protect and enhance Shareholder value.
The existing Investment Policy does permit investment in private companies that are likely to seek a quotation on
AIM or AQSE and, on this basis, during the year three new unlisted investments were completed, sourced through
Maven’s nationwide team of investment executives. The Board is confident that Maven has the resource and
expertise to support the management of your Company’s portfolio, whether under the existing Investment Policy or
under an “AIM Plus” strategy. However, in order for Shareholders to realise the full benefit of Maven’s appointment,
including full access to Maven’s broader VCT investment pipeline, I would encourage Shareholders to vote in favour
of the resolution to change the Company’s Investment Policy to be proposed at the 2026 AGM.
Tender Offer
The Board recognises that some Shareholders may prefer not to remain invested in the Company following the
change of Investment Manager and ahead of the proposed changes to the Investment Policy may, therefore, wish
to realise some or all of their shareholding. In line with the commitment made in the Circular for the 2025 General
Meetings, the Board undertook further consultation with Shareholders, including direct engagement and a survey
of a large, representative proportion of the register.
Based on the feedback received, the Board concluded that there was sufficient support and demand to justify a
Tender Offer. The Tender Offer Circular published on 27 April 2026 set out a proposal for a Tender Offer of up to
16,847,339 Shares, representing 12% of the Company’s shares in issue, at a 3.5% discount to the NAV per share as
at the Calculation Date, as defined in the Circular.
As explained in the Circular, this discount was set with reference to the expected costs of the Tender Offer, at
a level designed to ensure that tendering Shareholders are paying only the costs of the Tender Offer and, if it is
taken up in full, the economic impact on remaining Shareholders will be minimal. The Board believes this approach
provides the fairest and most balanced exit mechanism available, offering liquidity to those who wish to realise
their shareholding, while safeguarding the interests of those who remain. The Tender Offer was approved by
Shareholders at the General Meeting held on 20 May 2026 and will close on 21 May 2026, with the results and
tender price to be announced shortly thereafter.
11 / Maven Renovar VCT PLC
Increased Dividend Policy
Recognising the importance of tax free distributions to Shareholders, and following approval by Shareholders at
the 2025 AGM, the Board has improved the dividend policy by increasing the target annual yield from 5% to 6%
of the Company’s NAV per Ordinary Share at its immediately preceding financial year end, subject to distributable
reserves, cash resources and other relevant factors such as realisations and VCT qualifying levels, and with the
authority to increase or decrease this level at the Directors’ discretion. This improvement brings your Company’s
dividend policy in line with the other Maven managed VCTs.
Dividends will continue to be paid in cash while the Dividend Reinvestment Scheme remains suspended.
Dividends
Given your Company’s high level of distributable cash, ongoing realisations within the AIM portfolio, and with the
quality of new AIM investment opportunities remaining sub-optimal, the Directors were pleased to announce in the
2025 Annual Report a special dividend of 10.00p per Ordinary Share, which was paid on 30 May 2025. An interim
dividend of 2.50p per Ordinary Share and a further special dividend of 2.50p per Ordinary Share were subsequently
paid on 14 November 2025. This brought the annual dividend, for the year to 31 January 2026, to 15.00p per
Ordinary Share, representing a yield of 19.64% based on the NAV at the preceding year end. It should be noted that
the payment of a dividend reduces the NAV of the Company by the total amount of the distribution.
In line with the increased dividend policy, and the commitment to make regular Shareholder distributions following
ongoing realisation activity from the AIM portfolio, the Board was pleased to announce a special dividend of 3.50p
per Ordinary Share, in respect of the year ending 31 January 2027, which was paid on 8 May 2026. Together with
the Tender Offer, which will return up to approximately £9 million to Shareholders, this again demonstrates the
Company’s renewed focus on generating and returning capital to Shareholders.
The Board would like to remind Shareholders that the Company has moved to paying all cash dividends by bank
transfer, rather than by cheque. Shareholders are encouraged to complete a bank mandate form by contacting the
Company’s Registrar (The City Partnership) on 01484 240910 or by emailing registrars@city.uk.com. The Board
is also aware that there are a number of unclaimed dividends. Please ensure that the Registrar has the correct
contact and bank account details to allow for the timely payment of dividends. Please check that you have received
your dividends and contact the Registrar if you have not. Whilst we will make every effort to ensure that dividends
are received correctly by Shareholders, unpaid dividends are only kept by the Registrar for a period of 12 years
after the payment date.
Share Buyback Policy
The Directors acknowledge the need to maintain an orderly market in the Company’s shares and have delegated
authority to the Investment Manager to enable the Company to buy back its own shares in the secondary market for
cancellation, subject always to such transactions being in the best interests of Shareholders. As announced in the
2025 Interim Report, the Board has revised its policy 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, taking into consideration
market conditions, available liquidity (both for making new and follow-on investments and the continued payment
of dividends to Shareholders) and the maintenance of the Company’s VCT qualifying status. Narrowing the targeted
discount from 7% to 5% brings the Company in line with the other Maven managed VCTs.
The Board is pleased to confirm that the Company has continued to buy back shares on a regular basis and, subject
to the factors outlined above, will continue to support this approach. During the year under review, 4,447,152
Ordinary Shares were bought back at a total cost of £2.8 million.
Shareholders should note that neither the Company nor the Manager can execute a transaction in the Company’s
shares. Any instruction by a Shareholder to buy or sell shares on the secondary market must be directed through a
stockbroker of their choice.
12 / Maven Renovar VCT PLC
Treasury Management Policy
In order to benefit from Maven’s established approach to treasury management, the strategy with respect to
permitted, non-qualifying holdings was amended to align with the other Maven managed VCTs. The objective of
this strategy is to optimise returns generated from liquidity held prior to investment in VCT qualifying companies,
whilst also meeting the requirements of the Nature of Income condition, a mandatory part of VCT legislation, which
states that not less than 70% of a VCT’s income must be derived from shares or securities.
Maven seeks to always maintain a healthy cash balance, while meeting the Nature of Income condition, with cash
now held on deposit across several banks to reduce counterparty risk. Further liquidity is invested in a diversified
portfolio of treasury management investments with strong fundamentals and attractive income characteristics,
comprising money market funds (MMFs), open-ended investment companies (OEICs), and London Stock Exchange
listed investment trusts.
The Company’s holding in WS Amati UK Listed Smaller Companies Fund was fully exited in the period.
Fund Raising
As announced in the 2025 Interim Report, given the ongoing challenges within the AIM market, and the decision by
a small majority of Shareholders to vote against a change to the Company’s Investment Policy at the 2025 AGM, the
Board decided that your Company would not raise funds in respect of the 2025/2026 tax year.
VCT Regulatory Developments
During the year, your Company has remained fully compliant with the complex conditions and requirements of the
VCT scheme.
Shareholders may be aware that the Autumn Budget Statement 2025 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 had 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 companies 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 have doubled. The annual amount that VCTs
can invest in a qualifying company has increased to £10 million (£20 million for knowledge intensive companies),
while the lifetime allowance for a VCT qualifying company has increased to £24 million (£40 million for knowledge
intensive companies). In addition, the gross asset test has also been amended, 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 ambitious and
entrepreneurial SMEs as they scale and create highly skilled employment opportunities in the regions.
The Autumn Statement also announced that the initial income tax relief available for VCT shares, issued on or after
6 April 2026, has reduced from 30% to 20%. The reduction in tax relief 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, highlighting specific cases where Maven has supported high growth businesses across the
regions as they scale.
Valuation Methodology
In accordance with normal market practice, investments quoted on AIM, AQSE, or the Main Market of the London
Stock Exchange are valued at their closing bid price at the period end.
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. Further information can be found in the
Business Report on page 21 and in Note 1(e) to the Financial Statements on page 80.
The principal Key Performance Indicators (KPIs) are outlined in the Business Report on pages 20 and 21 and a
summary of the Alternative Performance Measures (APMs) is included in the Financial Highlights on pages 4 and 5,
with definitions of terms contained in the Glossary on pages 95 to 97.
13 / Maven Renovar VCT PLC
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 Manager recognise the importance of considering
ESG matters as an integral part of the investment process. In respect of the unlisted portfolio, 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 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 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 on pages 30 and 31 of this Annual Report.
Company Secretary
On 1 February 2026, Maven Capital Partners UK LLP was appointed as Company Secretary following the resignation of
Law Debenture, who had been Company Secretary for a number of years. Maven’s ability to provide onsite Company
Secretarial services as part of its broader VCT support team, which includes fund accounting, compliance and client
reporting, was a consideration when appointing Maven as Investment Manager as the ability to have streamlined
support and service was viewed favourably by the Board.
At this time, on behalf of the Board, I would like to extend sincere thanks to the team at Law Debenture for all their
hard work and commitment, especially over the past couple of years during the Strategic Review and the 2025
General Meetings. The team has consistently provided us with an exemplary service, and the Board is very grateful
for all their support and guidance. The Board wishes the Law Debenture team all the very best for the future.
Shareholder Communications
If you would like to receive shareholder communications from Maven relating to your Company, including the
quarterly factsheet, the biannual Maven VCT newsletter, Creating Value, details of new VCT investments,
realisations and portfolio updates, and information on future VCT offers, please register your email address with
the Registrar, The City Partnership, at registrars@city.uk.com, requesting to be included in future marketing
communications.
General Meetings
As Shareholders will be aware, your Company held two General Meetings on 13 August 2025. The resolutions to
re-elect your Independent Board were passed by a majority of those voting and the requisitioned resolutions were
decisively defeated. As previously noted, all relevant documentation published in connection with those meetings is
available on the Company’s webpage.
Owing to the legal obligations imposed by the Requisition and the efforts the Board made to ensure that as many
Shareholders as possible were able to have their say, costs have been incurred by the Company, which have,
unfortunately, been borne by Shareholders through the Company’s NAV. These are in addition to the costs already
borne by the Company in conducting the full Strategic Review.
Annual General Meeting (AGM)
The Company’s AGM will be held on Wednesday, 24 June 2026 at 12.00 noon, at Butchers’ Hall, 87 Bartholomew
Close, London EC1A 7EB and all Shareholders are invited to attend. The details of the business to be put to the
AGM, as well as information on how to vote, will be included in the Notice of AGM, which will be available on the
Company’s webpage at mavencp.com/renovarvct.
The Board is of the opinion that the passing of all resolutions being put to the AGM would be in the best interests of
the Company and its Shareholders. The Directors recommend that Shareholders vote in favour of all resolutions, as
set out in the Notice of AGM, as they intend to do in respect of their own shareholdings.
14 / Maven Renovar VCT PLC
The Future
On behalf of the Board, I would like to thank the many Shareholders who have engaged constructively with the
Company in recent months. The Board remains committed to restoring your Company to a position of sustainable
growth and improved long-term performance. Achieving this has required meaningful changes to both management
and strategy, and we are grateful for the support and patience Shareholders have shown as these steps have been
carefully developed and implemented.
With the outcomes of last year’s General Meetings now settled, the Company is well positioned to focus on
stabilising returns and laying the foundations for consistent future growth in Shareholder value. Maven’s
appointment, together with enhancements to the dividend and share buyback policies, the treasury management
strategy, and the first new investments sourced from Maven’s pipeline, demonstrate clear progress in this
turnaround.
Looking ahead, the final element of the Strategic Review is the proposed adoption of an “AIM Plus” investment
strategy. This change is important as it will unlock the full benefit of Maven’s appointment and enable your Company
to access a broader and higher quality range of opportunities through their generalist VCT investment pipeline.
I strongly encourage Shareholders to vote in favour of the resolution to be proposed at the AGM to change the
Company’s investment policy. Your support is essential in allowing your Company to move forward with a strategy
that commands broad backing, is deliverable in practice, and positions the Company to focus on long-term value
creation again.
I remain keen to hear from Shareholders and can be contacted at MavenRenovarVCTChair@mavencp.com.
Fiona Wollocombe
Chairman
20 May 2026
15 / Maven Renovar VCT PLC
SUMMARY OF INVESTMENT CHANGES
YEAR ENDED 31 JANUARY 2026
Valuation
31 January 2025
Net investment/
(disinvestment)
Appreciation/
(depreciation)
Valuation
31 January 2026
£’000 % £’000 £’000 £’000 %
Listed investments
1
Equities 70,093 62.8 (23,855)
2
2,445 48,683 56.4
Unlisted investments
2
Equities 3,900 3.5 5,389
2
(2,062) 7,227 8.3
Loan stock 4,507 4.0 - 21 4,528 5.3
Liquidity investments
3
OEICs Restated* 15,736 14.1 (13,621) 453 2,568 3.0
Investment trusts - - 1,371 (33) 1,338 1.6
Total investments 94,236 84.4 (30,716) 824 64,344 74.6
Cash at bank 8,963 8.0 (831) - 8,132 9.4
Money market funds
Restated*
8,796 8.0 4,911 - 13,707 15.9
Other net liabilities/assets (457) (0.4) 519 - 62 0.1
Net assets 111,538 100.0 (26,117) 824 86,245 100.0
*
Further details of the restatement can be found in Note 20 on pages 93 and 94.
1
Shares traded on the Alternative Investment Market (AIM), Nasdaq Stock Exchange, and Main Market of the London Stock
Exchange.
2
These movements include £3,839,211 of transfers from AIM quoted into unlisted equity holdings following the delisting of the
companies detailed in Note 8 to the Financial Statements on pages 84 and 85.
3
These holdings represent the treasury management portfolio, which has been constructed from a range of permitted
non-qualifying holdings in investment trusts and open-ended investment companies (OEICs), as well as the money market funds
(MMFs) which are held as current assets in the Balance Sheet.
16 / Maven Renovar VCT PLC
This Business Report is intended to provide an overview of the strategy and business model of the
Company, as well as the key measures used by the Directors in overseeing its management. The
Company is a VCT and invests in accordance with the investment objective set out below.
Investment Objectives and Investment Policy
The investment objectives of the Company are to generate tax free capital gains and regular dividend income for its
Shareholders while complying with the requirements of the rules and regulations applicable to VCTs.
The Company’s investment policy is to hold a diversified portfolio across a broad range of sectors to mitigate risk. It
makes Qualifying Investments (as defined in the Income Tax Act 2007 (as amended)) primarily in companies traded
on AIM or on the Aquis Stock Exchange (AQSE) and non-qualifying Investments as allowed by the VCT legislation.
The Company manages its portfolio to comply with the requirements of the rules and regulations applicable to VCTs.
Investment Parameters
Whilst the investment policy is to make Qualifying Investments primarily in companies traded on AIM or on AQSE,
the Company may also make Qualifying Investments in companies likely to seek a quotation on AIM or AQSE. With
regard to the non-qualifying portfolio the Company makes investments which are permitted under the VCT legislation,
including shares or units in an Alternative Investment Fund (AIF) or an Undertaking for Collective Investment in
Transferable Securities (UCITS) fund, and shares in other companies which are listed on a regulated market such as
the Main Market of the London Stock Exchange. Any investments by the Company in shares or securities of another
company must not represent more than 15% of the Company’s net asset value at the time of purchase.
Borrowing
The Company has the flexibility to borrow money up to an amount equal to its adjusted capital and reserves but the
Board’s policy is not to enter into borrowings.
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
Business Report. In 2025, the Board focused on ensuring its ability to comply in the future with the enhanced
requirements of the 2024 UK Corporate Governance Code regarding internal controls, which will be applicable for
the year ending 31 January 2027 and will be reported in next year’s Annual Report. 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.
BUSINESS REPORT
17 / Maven Renovar VCT PLC
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 companies quoted
on AIM. The Company also
invests in small and medium
sized unquoted UK companies,
which carry a higher level of
risk and lower liquidity relative
to investments in large 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 investee
companies and a range of
economic sectors, and is actively
and closely monitored.
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.
• The Board receives and reviews
internal control and assurance
reports provided by the Manager
in respect of key third party
service providers, enabling the
Board to oversee and assess
the ongoing effectiveness of
outsourced arrangements.
VCT Qualifying Status risk • Failure to meet VCT qualifying
status could result in
Shareholders losing the income
tax relief obtained 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
appointed VCT Adviser and 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.
18 / Maven Renovar VCT PLC
Principal Risk Root Cause Control Measures
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 include
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.
• 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 (formerly known
as the British Private Equity and
Venture Capital Association
(BVCA)) and the VCTA in relation
to any changes in legislation.
19 / Maven Renovar VCT PLC
Emerging Risk Root Cause Control Measures
Global Conflict and
Political Instability
• Escalating global conflict and
political instability resulting in the
potential for escalating prices,
disruption to supply chains and
general market uncertainty.
• The Board regularly reviews the
investment portfolio with the
Manager to identify challenges for
portfolio companies resulting from
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 and potential future
impact of trade tariffs on
portfolio companies.
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.
Reputational risk • There may still be investors who
are not aligned with the Board’s
view for the future strategy for
the Company. This could result
in further disruption, including
voting against any future
proposal to move to an AIM Plus
strategy. This may restrict the
Manager’s ability to turnaround
fund performance in the long
term.
• The Board is aware that there
are Shareholders who may not
wish to remain invested in the
Company following the defeat
of the requisitioned resolutions
in August 2025. The Directors
have sought open dialogue
with Shareholders and have
also undertaken a survey to
gather feedback with regards
to a tender offer as well as the
proposed adoption of an AIM
Plus strategy. Further information
on the Tender Offer and the
proposal to seek Shareholder
approval to change the
Investment Policy can be found
in the Chairman’s Statement on
page 10 of this Annual Report;
in the Tender Offer Circular
published on 27 April 2026 and in
the Notice of AGM.
• The Chairman and the Board
will continue to actively engage
with Shareholders and will
consider their views, and at all
times act in the best interests of
Shareholders as a whole.
20 / Maven Renovar VCT PLC
In addition, an explanation of certain economic and financial risks and how they are managed can be found in Note 16
to the Financial Statements on pages 89 to 92.
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, 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 January 2026 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 investment
opportunities and enable it to monitor the geographically widespread portfolio of companies effectively.
The Investment Portfolio Summary on pages 41 to 43 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
26 show the profile of investee companies by industry sector and demonstrate the Company’s policy to hold a
diversified portfolio spread across a broad range of sectors to mitigate risk, and provide insight into the age of
the investments within the portfolio. Philip Hare & Associates LLP are formally engaged by the Company as VCT
Advisers and the level of VCT qualifying investment is monitored continually by the Manager and reported to the
Board quarterly or as otherwise required.
Key Performance Indicators (KPIs)
The Board expects the Manager to deliver a performance that meets the objectives of the Company. A review of
the Company’s performance during the financial year, the position of the Company at the year end, and the outlook
for the coming year is contained in the Chairman’s Statement and in the Investment Manager’s Review.
During the year, the net return on ordinary activities before taxation was a loss of £881,000 (2025: a loss of
£2,942,000), the gain on investments was £824,000 (2025: a loss of £3,051,000) and the earnings per share were a
loss of 0.61p (2025: a loss of 1.98p).
The Board monitors on a regular basis a number of key performance indicators, which are typical for VCTs, the main
ones being:
• Compliance with HMRC VCT regulations to maintain the Company’s VCT status. A further explanation is detailed
below.
• NAV and NAV total return to Shareholders (the aggregate of net asset value and cumulative dividends paid to
Shareholders, assuming dividends reinvested at the ex-dividend date). See Financial History table on page 5.
• Comparison against the Deutsche Numis Alternative Markets Total Return Index. See Financial History table on
page 5 and the further explanation below.
• Dividend distributions. See Dividends table on page 6.
• Share price. See Financial History table on page 5.
• Ongoing charges ratio (OCR). See Financial History table on page 5 and a further explanation below.
Given the importance of maintaining the Company’s VCT status, qualifying criteria is regarded as a KPI, and the
Board works closely with the Manager and the VCT Adviser to ensure ongoing compliance.
There is no market standard VCT index against which to compare the financial performance of the Company.
However, for reporting to the Board and Shareholders, the Manager uses comparisons with the most appropriate
index, being the Deutsche Numis Alternative Markets Total Return Index, and the Financial History table on page 5
of this Annual Report compares the Company’s performance against that Index. The Directors, on a quarterly basis,
carry out a review of peer group NAV total return numbers to assess the relative performance against the most
appropriate peer group VCT competitors.
21 / Maven Renovar VCT PLC
The Company’s OCR for the year ended 31 January 2026 was 1.08% (2025: 2.12%) and is detailed in the Glossary
on page 96. As Shareholders will be aware, Maven is waiving its management fee for the first two years post
appointment. Accordingly, the Board expects that the OCR will increase from 1 May 2027, when the management
fee reverts to 1.75% of NAV per annum. The Board reviews the Company’s operational expenses on a quarterly
basis as the Directors consider that this is an important component in the generation of Shareholder returns.
The Directors also consider a number of APMs in order to assess the Company’s success in achieving its objectives,
and these also enable Shareholders and prospective investors to gain an understanding of its business. The APMs
are shown in the Financial Highlights on page 4 and in the Financial History table on page 5 and definitions of the
APMs can be found in the Glossary on pages 95 to 97.
In addition, the Directors consider non-financial performance measures such as the flow of investment proposals,
the Company’s ranking within the VCT sector and economic, regulatory and political trends and factors that may
impact on the Company’s future development and performance. The Board continues to believe that, in light of the
ongoing structural challenges within the AIM market, moving to an “AIM Plus” strategy would provide an opportunity
to enhance performance by allowing a greater degree of investment in private companies, alongside continued
investment in the AIM and AQSE markets. As outlined in the Chairman’s Statement, a resolution will be put to the
2026 AGM proposing Shareholders approve the adoption of a new investment objective and policy.
Valuation Policy
Investments quoted on AIM, AQSE, or the Main Market of the London Stock Exchange are valued at their closing bid
price at the period end. Investments held by the Company in unquoted companies are valued in accordance with
the IPEV Guidelines, being 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. It added
points for clarification on specific items, alongside guidance 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.
Share Buybacks
At the forthcoming AGM, the Board will seek the necessary Shareholder authority to continue to conduct share
buybacks in accordance with the Company’s share buyback policy as outlined on page 11.
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 and designation as a small, registered UK Alternative Investment
Fund Manager on the Financial Services Register at the FCA. 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.
22 / Maven Renovar VCT PLC
The period under review depicts a particularly active phase of Shareholder engagement following the conclusion
of the Company’s Strategic Review in December 2024 and the Board’s response to the 2025 AGM results.
The Board places considerable importance on clear and constructive communication with Shareholders. An
illustration of how the Board has approached stakeholder engagement during the period 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, 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 main avenues for Board engagement with
the Company’s Shareholders are the AGM and
the Company’s regular reporting, disclosures
and handling of enquiries. The Board has taken
proactive steps following the conclusion of the
Company’s Strategic Review in December 2024
and the result of the 2025 AGM, focussing its
engagement efforts on increased dialogue with
its Shareholder base. Details of the General
Meetings held in 2025 and Shareholder
communications are available on the Company’s
webpage at: mavencp.com/renovarvct.
Following the 2025 AGM and General Meetings,
a dedicated Shareholder consultation, broader
outreach exercise and subsequent Shareholder
survey were undertaken. Direct engagement with
the Company’s Chairman was also encouraged
via MavenRenovarVCTChair@mavencp.com to
support a clearer understanding of Shareholder
sentiment. Furthermore, the Board reviewed
its composition, appointing an additional Non-
executive Director, with particular experience
of shareholder engagement, Robert Legget
on 19 June 2025. Further details on Robert’s
background and experience can be found in the
Your Board section on page 7 and in the Notice of
AGM. Further details on the recent Shareholder
survey is provided within the Chairman’s
Statement on pages 9 to 14 of this Annual Report.
The Manager and Company Secretary continue
to act as alternative points of contact for
Shareholders and where appropriate for
the Board, in relation to any queries and to
facilitate further dialogue between the Board
and Shareholders. The Board oversees its
engagement activity through Shareholder
engagement logs and summaries, which
are included within Board papers for review
as appropriate.
At the 2025 AGM, the Board proposed an
increased dividend policy, which was
subsequently approved by Shareholders, and
which increased the target annual yield from 5%
to 6% of the Company’s NAV at its immediately
preceding financial year end. The Board also
actively reviews the effectiveness of the
Company’s share buyback policy and,
acknowledging the need to maintain an orderly
market in the Company’s shares, took the
decision to adopt a revised policy in the period,
narrowing the targeted discount from 7% to 5%.
23 / Maven Renovar VCT PLC
Stakeholder group Why Board engagement matters Board engagement outcomes
Shareholders
(continued)
Details in respect of both of these policies can
be found in the Chairman’s Statement on page 11
and in the Directors’ Report on pages 48 and 49.
The Board recognises the importance
to Shareholders of tax free dividends to
Shareholders and takes this into consideration
when making decisions to pay interim, special
and propose final dividends for each year.
One interim dividend and two special dividends
were paid in the year to 31 January 2026 and a
special dividend in respect of the year ending
31 January 2027 was paid on 8 May 2026.
Following the Shareholder survey, the Directors
proposed a tender offer for up to 12% of the
Company’s share capital and will propose
changing the Company’s investment policy at
the 2026 AGM. These measures were supported
by the majority of responses to the Shareholder
survey.
Manager
(and its employees)
The day-to-day management and
administration of the Company are
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.
One of the key elements of the Company’s
Strategic Review was an assessment of
the Company’s investment management
arrangements. As announced during the year,
Maven was appointed as the Company’s new
Investment Manager on 1 May 2025, which also
aligned to the review and implementation of the
Company’s investment policy and objectives.
Following Maven’s appointment, a ‘Meet the
Manager’ event was held on 12 June 2025,
providing Shareholders with an opportunity to
meet some of the Maven team and hear about
its plan for the Company. The Board maintains a
constructive, open and transparent relationship
with the Manager through regular dialogue,
reporting and oversight.
To further ensure appropriate accountability,
the Board oversees ongoing execution of the
Investment Management and Administration
Deed, which sets out the terms of the
Manager’s relationship with the Company,
including fee structure and the agreed
delegation of authority and responsibility.
The Company publishes a quarterly factsheet
which is available on the Company’s webpage
at: mavencp.com/renovarvct.
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.
24 / Maven Renovar VCT PLC
Stakeholder group Why Board engagement matters Board engagement outcomes
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.
A review of the Company’s investment policy
and objectives formed a key part of its
Strategic Review and continues to feature
heavily in the Company’s dialogue with its
Shareholder base, as reported elsewhere in this
Annual Report.
Alongside its consideration of the Manager’s
Report, risk register and portfolio analysis at
its quarterly meetings, the Board also seeks to
challenge the Manager’s insights on portfolio
performance.
Other service
providers
In order for the Company to
meet its obligations as a VCT
listed on the Main Market of 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 primary 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
principal risks and details of how the Company
manages and mitigates these risks can be seen
in the Business Report on pages 16 to 19.
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.
The Manager has implemented an 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 30 to 31.
25 / Maven Renovar VCT PLC
Employee, Environmental and Human Rights Policy
The Company has no direct employee or environmental responsibilities, nor is it directly responsible 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. The Company has no employees and, accordingly, has no requirement
to report separately on employment matters. The Board comprises two male Directors and two female Directors
and delegates responsibility for diversity to the Nomination Committee, as explained in the Statement of Corporate
Governance on page 58.
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 and further information can
be found in the Investment Manager’s Review on pages 30 and 31 and in the Statement of Corporate Governance on
pages 60 and 61. The Manager is focussed on developing its ESG framework and oversight capabilities and further
details can be found in the Chairman’s Statement on page 13. The Manager oversees the collation of the information
received from the investee companies for the benefit of the Board and helps support individual companies to identify
ESG risks and opportunities and, where potential improvements are identified, will work jointly with investee
businesses to make positive changes.
In light of the nature of the Company’s business, the Board has decided that the direct impact of its activities is
minimal, therefore it has no policies relating to social, community and human rights issues.
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 67 to 74.
Future Strategy
The Board and Manager intend to maintain the policies set out above for the year ending 31 January 2027, subject
to the outcome of the 2026 AGM and the proposed resolution to adopt a new Investment Policy, 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:
Fiona Wollocombe
Director
20 May 2026
26 / Maven Renovar VCT PLC
PORTFOLIO ANALYSIS
AS AT 31 JANUARY 2026
The chart below demonstrates the Company’s policy to hold a diversified portfolio spread across a broad range of
sectors to mitigate risk. This analysis excludes cash balances and treasury management holdings.
1
The end market exposure within this sector is widely diversified including data analytics, enterprise software, electronics and
fintech businesses.
2
The age of investments is determined by the date at which the Company first invested.
The chart below provides insight into the age of investments within the portfolio
2
. This analysis excludes cash
balances and treasury management holdings.
Sector analysis by value
53% Software & technology
1
16% Industrials & engineering
13% Business services
11% Pharmaceuticals, biotechnology & healthcare
7% Other
Age of investments by value
3% Less than 1 year
24% Between 1 and 3 years
15% Between 3 and 5 years
58% Greater than 5 years
27 / Maven Renovar VCT PLC
INVESTMENT MANAGER’S
REVIEW
HIGHLIGHTS
£14.7 million of cash
proceeds generated
following M&A activity
across the AIM
portfolio
A further £5.3 million
of cash proceeds
generated as part of
the phased
rationalisation of the
AIM portfolio
Three new private
companies added to
the portfolio, in line
with the existing
Investment Policy
Overview
The year to 31 January 2026 has been a period of transition for your Company
and, as the new Investment Manager, we are pleased to provide Shareholders
with an update on the positive progress that has been achieved following
our appointment. Importantly, performance has stabilised with NAV total
return broadly unchanged over the prior year. Maven is in the early stages
of implementing the turnaround strategy to help protect Shareholder
value and reposition your Company for sustainable growth. Central to
this is the detailed evaluation exercise that has been completed across
the AIM portfolio, where each holding has been assessed according to its
value proposition and growth potential. This review has enabled Maven to
commence the phased rationalisation of the AIM portfolio, where the core
objective remains to actively reduce exposure to the more challenging,
loss making businesses, whilst retaining a core, high conviction portfolio
of companies that provide the opportunity to deliver near term growth in
Shareholder value. During the second half of the year, £5.3 million in cash
proceeds were realised through the careful disposal of underperforming
assets and the top slicing of specific overweight positions, where market
conditions provided the opportunity to crystallise gains and rebalance
exposures. The liquidity generated from these sales has helped to support
Shareholder distributions in line with the enhanced dividend policy.
In addition, three carefully selected dynamic and high growth private
companies, sourced through our nationwide network, which meet the
criteria of the existing Investment Policy, have been added to the portfolio.
AIM continues to be a challenging market, with a shortage of high quality new VCT
qualifying investment opportunities and valuations of smaller growth focused, loss
making quoted companies remaining depressed. Maven’s initial focus has been to
complete its review of your Company’s existing AIM portfolio, which has been led
by Maven’s dedicated London based AIM team, who gained familiarity with your
Company’s portfolio in the period leading up to our appointment. Further to this review,
it is evident that, across the portfolio, the older, more mature and well established
businesses have continued to perform relatively well, whereas the AIM investments
completed in more recent years are generally underperforming and have lost significant
value. These holdings have been the focus of the targeted portfolio rationalisation
which commenced in the second half of the year and we intend to reduce exposure
to those companies that have a weak business case and where the share price has
underperformed over a prolonged period of time, with little near term prospect of a
recovery in value. In addition, profits have been taken in those positions that were
overweight or where performance had been strong and there was an opportunity to
actively trade and crystallise gains. The objective remains to concentrate the portfolio
towards those businesses that have strong underlying growth potential. In the second
half of the year, cash proceeds of £5.3 million were realised through targeted sales
from the AIM portfolio. The Manager intends to continue to actively manage the
AIM portfolio to generate liquidity to support Shareholder distributions, including the
recently enhanced dividend policy and the Tender Offer, subject always to market
conditions and maintaining the VCT qualifying level.
28 / Maven Renovar VCT PLC
In line with the strategy outlined at the time of our appointment, Maven has also started to introduce selective
new private company investments to the portfolio. The existing Investment Policy permits investment in qualifying
private companies that are likely to seek a quotation on AIM or AQSE and, in compliance with this requirement,
three fast growing businesses have been added to the portfolio during the year. These companies have been
sourced through Maven’s nationwide network, located in the key corporate finance regions across the UK, with
access to a wide pool of potential VCT qualifying opportunities. Since the VCT rule changes in November 2015,
Maven has been one of the most active managers in the industry, completing 83 new unlisted investments in
UK based growth businesses that operate across a range of dynamic sectors such as software, cyber security,
data analytics, fintech, regtech and specialist engineering. We continue to see good demand for VCT eligible
growth capital across our network of regional offices. During the last 18 months we have seen an acceleration in
exit activity, notably to US private equity buyers which, in some cases, has resulted in strategic valuations being
achieved. The Manager will continue to gradually expand the private company portfolio, under the parameters of
the existing Investment Policy, and is well positioned to broaden this exposure should Shareholders support a move
to an “AIM Plus” investment strategy at the 2026 AGM.
Performance Review
The year to 31 January 2026 was volatile but generally positive for global stock markets. Listed equities declined
sharply in April 2025 as President Trump announced aggressive tariff policies. However, concessions and subsequent
trade deals quickly improved investor sentiment, and the market rebounded sharply in May. Consumer and business
confidence remained fragile, and this was exacerbated by fiscal policy uncertainty ahead of the 2025 Autumn Budget
Statement, with the UK market displaying a higher degree of volatility in October and November. Market tensions
were partially alleviated after the Budget, when the announced tax rises were ultimately less significant than feared.
Notwithstanding the recent escalation in the Middle East, the period ended positively as inflation eased in major
economies, providing a sign of stability with the prospect of further interest rate cuts in 2026, although recent
geopolitical events have now reversed these expectations.
During the twelve month period, AIM recorded a total return gain of 16%. This was, however, primarily driven by the
mining industry, which is outside the scope of VCT investment, and your Company’s AIM portfolio recorded a 0.1%
decrease. Despite a difficult market for valuations, your Company benefited from an increased level of M&A activity
during the first six months of the year with cash offers for five portfolio companies completing and generating cash
proceeds of £14.7 million. Unfortunately, the market continues to favour profitable companies, and it remained
a challenging period for the valuations of younger, pre-profitable businesses. While the level of IPO activity has
increased across the wider market, Maven has not determined any recent VCT qualifying IPOs to be of investable
quality, and both share price performance and trading volumes remain weak.
Portfolio Developments
In the year to 31 January 2026, there were a significant number of realisations from the AIM portfolio. In the first half
of the year, the previously announced bids for Learning Technologies, Intelligent Ultrasound and Equals completed,
generating total cash proceeds of £11.8 million. Furthermore, Kinovo received a bid that resulted in an exit which
generated cash proceeds of £1.9 million, and the takeover of Science in Sport also completed generating cash
proceeds of £1.0 million, with gains of 41% and 31% recorded respectively during the period. The proceeds from these
exits underpinned the payment of the special dividend at the end of May 2025, and it is intended that proceeds for
future AIM realisations will generally be redistributed to Shareholders by way of dividends.
The largest positive contributor during the twelve month period was Aurrigo, the designer and manufacturer of
smart airside solutions for the aviation industry, which recorded a 97% share price rise over the year. The company
announced a narrow loss for 2024 and a strong level of commercial interest including a strategic partnership with
Swissport, the world’s largest ground handler, for a pilot of its autonomous airport solutions. The shares dropped
sharply mid-way through the period as Aurrigo announced tariff related weaknesses in its automotive division and
revised full year expectations. The share price, however, rebounded strongly in Q4 as the company announced the
launch of a new licensing and hub programme seeking to accelerate its global commercialisation strategy. In August,
the company announced a £14 million fundraise to accelerate growth, which was largely sponsored by non VCT
investors. Although this was dilutive, it was a positive development providing the opportunity to de-risk the position
given the company’s early stage. Profits were taken on a significant 42% of the holding, generating £1.5 million,
ensuring that the exposure remains aligned with the company’s stage of development and underlying risk profile.
29 / Maven Renovar VCT PLC
Following its merger with Belvoir, The Property Franchise Group, theUK’slargest multi-brand property franchisor,
reported positive interim results for the first half of the year to 30 June 2025 that were in line with market
expectations. The larger scale of the business continued to attract investor appetite, and the group announced a
positive trading update for the full year to 31 December 2025 in January 2026. The group delivered a return of 31%
over the period. Profits were taken on approximately 10% of the holding before the 2025 UK Budget Statement
caused a modest reduction in the share price.
Maritime electronics specialist, SRT Marine, provided a detailed trading update for the year ended 30 June 2025,
reporting revenue up 426% across five separate sovereign customers, and a maiden profit before tax of £4.4
million. This positive momentum continued into the new financial year, with the first half trading update to 31
December 2025 reporting revenue growth of 95% year on year. The business has made encouraging progress
with a validated sales pipeline of up to £1.8 billion as at the end of December. The share price has continued to
steadily climb as the company matures, growing 52% during the period. After the significant gain made in the last
18 months, about 30% of the position was sold, generating £1 million in cash proceeds.
In November, Tan Delta Systems, a real time oil analytics technology provider, announced the commencement of a
paid for trial with a leading multinational online retailer. This strategic development materially increased the year end
revenue to 20% ahead of management’s expectations for the year to 31 December 2025. The share price recorded a
significant gain following this announcement, and the company delivered a return of 90% during the period.
In June, healthcare financial performance solutions provider, Craneware rejected a proposed takeover from Bain
Capital at £26.50 per share, on the basis that the bid fundamentally undervalued the company. Despite releasing
positive results for the year to 30 June 2025, and an upbeat trading update for the first half of the year to 31
December 2025, volatility across the wider US healthcare market and weakness in software stocks resulted in the
shares falling in the latter half of the year, delivering a return of -10%.
Also in June, MaxCyte delisted from AIM, retaining a sole Nasdaq listing. The delisting caused selling by UK
investors which, coupled with weak demand for biotech in the US, led to the share price declining 80%, with the
market capitalisation at the period end less than the company’s cash balance. Although MaxCyte has numerous
strategic licences for its technology, which could deliver meaningful long term royalties, current biotech spending is
lower than expected and the company has continued to see weakness in core revenue during 2025.
Identity verification and fraud prevention software provider, GB Group, had earnings forecasts reduced following
the release of its year end trading update in April 2025. In November, the company moved from AIM to the Main
Market of the London Stock Exchange and announced its results for the half year to 30 September 2025, which
were in line with revised expectations as revenue and profit before tax slipped year on year. Further to this, the
company delivered a return of -30% across the period. Operationally, the business highlighted that its priority
remains to deliver a turnaround in performance in the Americas and believes that it can deliver results which are in
line with market expectations for the full year to 30 March 2026.
During the period under review, Northcoders’ share price declined by 81% after the technology training provider
announced that its key contract with the UK Department for Education would not be extended. Management
anticipates that they can secure replacement regionally devolved funding, but this rollout has been slower than
expected and forecasts for the full year have been materially impacted. The trading update for the year to 31
December 2025 reported that the company has implemented £1.1 million of cost-saving measures in FY25 and now
has improved visibility and momentum for FY26.
As well as the partial sales noted above, the holdings in Fusion Antibodies and Sosander were exited in full, taking
advantage of liquidity in shares where we were not confident of seeing a near term recovery in value.
Within the unlisted portfolio, carbon reduction and supply chain software specialist Secaro (formerly Manufacture
2030) continues to expand 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 analytics capabilities.
30 / Maven Renovar VCT PLC
Treasury Management
Since appointment as Manager, Maven has made significant progress in rebalancing your Company’s treasury
management portfolio to align with our well established approach. As outlined in the Chairman’s Statement, this
focuses on constructing a diversified portfolio of permitted non-qualifying treasury management holdings to ensure
that your Company remains fully compliant with the Nature of Income condition, whilst generating a healthy stream
of income from the portfolio of treasury management holdings and uninvested cash. The portfolio that has been
constructed is based on the approach that has been developed by Maven and applied across its other managed
VCTs for several years.
As a result of Maven’s approach, your Company’s exposure to Money Market Funds (MMFs) has been broadened with
£16.3 million invested across eight funds including, for the first time, a class of government money market funds which
provide income returns close to the Bank of England’s base rate, with low capital risk and daily liquidity. This high level
of diversification is a characteristic of Maven’s treasury management portfolios selected to reduce counterparty risk.
In addition, your Company now has £1.3 million invested across six London Stock Exchange listed investment trusts,
including private equity and infrastructure trusts, to diversify risk. The investment trust holdings will be expected to
provide an average annual income yield of over 3% and additionally have a strong track record of capital growth. The
remaining cash of £8.1 million, as at the year end, is held across four banks to minimise counterparty risk. As part of
the treasury management strategy, the holding in WS Amati UK Listed Smaller Companies Fund has been exited in
full for cash proceeds of £12.0 million. The total treasury position of £25.7 million was particularly high at the year end
following recent AIM sales and in anticipation of the proposed Tender Offer.
Shareholders should be aware that 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. Further details of the treasury management holdings at the year end can be found in the
Investment Portfolio Summary on pages 42 and 43 of this Annual Report.
Environmental, Social and Governance (ESG) Considerations
Although your Company’s investment policy does not incorporate specific ESG objectives, and portfolio companies
are not required to meet defined ESG 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 related risks and opportunities are identified
and assessed during early stage due diligence and can be monitored throughout the period of investment. Under
this policy, all potential unlisted investee companies are required to complete an ESG assessment, which provides
a comprehensive pre-investment evaluation 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. For publicly listed investee companies, the Investment Manager holds regular meetings
with management teams providing an important forum for dialogue, monitoring and appraisal of company strategy,
financial and operational performance, and governance matters.
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. Within the AIM portfolio, Certified B Corporation Xeros Technology designs innovative technologies
to reduce the environmental impact of producing and washing textiles, while also helping to prolong the life of
garments. The company’s solutions address key environmental challenges within the global apparel and laundry
industries, including the release of microplastic pollution and the high resource intensity of textile processing.
Windar Photonics is a developer of a monitoring and optimisation technology that helps wind farm operators
increase the efficiency by improving how turbines respond to real time wind conditions without the need for
additional infrastructure or increased turbine numbers. Eden Research develops and commercialises sustainable
biopesticides and plastic free formulation technologies for use in crop protection, animal health, and consumer
products. The company’s products are designed to provide effective alternatives to conventional chemical
pesticides, supporting more sustainable agricultural practices. Eden has been awarded the London Stock Exchange
Green Economy Mark, which recognises businesses that generate revenues from environmentally sustainable
activities. In the private company portfolio, Secaro and new investee company Liftango both provide software
solutions with strong ESG credentials at the core of their business propositions.
31 / Maven Renovar VCT PLC
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.
New Investments
During the first half of the financial year, three new private companies, sourced through Maven’s regional network
of offices, were added to the portfolio. These companies operate in dynamic or emerging markets and have the
potential to achieve scale over the medium term. In all cases, your Company has invested alongside the other four
Maven managed VCTs:
Digilytics is a provider of an artificial intelligence (AI) enabled solution that automates
loan application processing. The platform uses machine learning and large language
models to read and extract data from key documents such as payslips, bank statements
and utility bills, ensuring both consistency and completeness. It then evaluates the
application against eligibility criteria and affordability metrics, while also screening for
potential fraud.Digilytics helps lenders to reduce costs and error rates, whilst improving
the response time for applicants. The VCT funding is being used to support the sales and
marketing function and invest in product development. The company has a near term
objective of launching in the US, where there is an identified market opportunity.
Liftango is a provider of a demand responsive transport (DRT) solution, which enables
users to plan, launch and scale shared mobility projects that reduce costs by optimising
routes, whilst simultaneously addressing sustainability goals such as reducing carbon
emissions and combating localised congestion. Having achieved success in Australia
and the UK, Liftango is now focused on expanding in the Middle East and the Americas,
which are identified as key growth territories. Liftango works with many Fortune 500
companies, as well as large global bus operators and government transport agencies, and
is well positioned to deliver further growth as it secures new contracts and expands its
market position. In Autumn 2025, Liftango commenced a landmark strategic partnership
with São Paulo Transport, aimed at modernising one of the world’s largest urban surface
transportation networks serving a population of over 12 million people. The programme
supports a fleet of more than 13,000 public buses and 4,200 school and paratransit
vehicles and is focused on deploying cloud-based intelligent transportation systems
to expand service reach and improve passenger capacity without increasing fleet size,
contributing to more efficient use of existing transport infrastructure. The Maven managed
VCTs first invested in Liftango in 2021, backing an ambitious management team with a
clear business plan and since investment the business has consistently delivered, with
the Maven managed VCTs providing follow-on funding to support this development. The
VCT investment is being used to support international expansion and further product
development.
Summize is a provider of an AI-powered contract lifecycle management software that
simplifies the process for creating, managing and reviewing any type of legal contract.
The SaaS solution seamlessly integrates with existing software applications such as
Microsoft Word, Outlook, HubSpot and SharePoint enabling in-house legal teams to
manage contracts directly, helping to increase efficiency, accuracy and speed. Summize
has a growing list of blue chip clients including Revolut, Schroders and Matillion as well as
numerous US professional sports teams in the NBA, MLB and NFL. Maven managed VCTs
first invested in Summize in 2022, backing an ambitious management team with a clear
growth plan. Since investment, the business has consistently delivered strong growth
initially in the UK and more recently in the US where it successfully launched in 2023. Over
the past five financial years, Summize has achieved a 100% increase in annual recurring
revenue (ARR), with substantial opportunity for further growth as the business continues
to scale. Your Company completed a VCT qualifying investment into Summize as part
of a larger funding round alongside a syndicate of UK private equity investors, including
Maven’s regional Buyout Fund II and two new institutional investors, providing £40 million
to support the business as it progresses through its next phase of growth.
32 / Maven Renovar VCT PLC
The following investments were completed during the reporting period:
Investments Date Sector
Investment cost
£’000
Unlisted
Arimon Limited (trading as Digilytics)
1
July 2025 Software & technology 500
Liftango Group Limited
2
May 2025 Software & technology 250
Summize Limited
3
January 2026 Software & technology 800
Total unlisted 1,550
Open-ended investment companies
4
Royal London Short Term Money Market
Fund (Class Y Income)
February 2025 Open-ended
investment company
2,741
WS Amati UK Listed Smaller
Companies Fund
January 2026 Open-ended
investment company
210
Total open-ended investment companies 2,951
Infrastructure investment trust
4
3i Infrastructure PLC January 2026 Investment trust 295
Total infrastructure investment trusts 295
Private equity investment trusts
4
HarbourVest Global Private Equity Limited January 2026 Investment trust 100
HgCapital Trust PLC January 2026 Investment trust 299
ICG Enterprise Trust PLC January 2026 Investment trust 301
NB Private Equity Partners Limited January 2026 Investment trust 76
Patria Private Equity Trust PLC January 2026 Investment trust 300
Total private equity investment trusts 1,076
Total investments completed during the year 5,872
33 / Maven Renovar VCT PLC
Investments Date Sector
Investment cost
£’000
Money market funds
4
BlackRock Institutional Sterling Government
Liquidity Fund (Core Dis)
January 2026 Money market fund 2,000
BlackRock Institutional Sterling Liquidity
Fund (Core)
January 2026 Money market fund 2,000
Fidelity Institutional Liquidity Fund -
The Sterling Fund (G-FLEX-DIST-GBP) (Inc)
January 2026 Money market fund 2,000
Goldman Sachs Sterling Government Liquid
Reserves (Institutional)
February 2025 Money market fund 18,618
HSBC Sterling Liquidity Fund (Class A) January 2026 Money market fund 1,706
Northern Trust Global Funds PLC - The
Sterling Fund Class D
February 2025 Money market fund 18,619
State Street GBP Liquidity LVNAV Fund
(Distributor)
January 2026 Money market fund 2,000
Total money market funds 46,943
Total investments completed during
the year including money market funds
52,815
1
Maven managed VCTs first invested in Arimon Limited (trading as Digilytics) in March 2025.
2
Maven managed VCTs first invested in Liftango Group Limited in December 2021, and have subsequently provided follow-on
funding.
3
Maven managed VCTs first invested in Summize Limited in October 2022, and have subsequently provided follow-on funding.
4
Investments completed as part of the treasury management strategy.
At the period end, the portfolio comprised of 62 unquoted and quoted investments, at a total cost of £87.5 million,
excluding money market funds.
Realisations
During the period under review, £20.0 million of cash proceeds were generated through AIM realisations. In certain
cases, this was the result of recommended cash offers to acquire businesses, whilst in other cases it was the result
of proactive profit taking. For others, realisations were completed where Maven’s analysis concluded that there was
limited prospect of a recovery in value and exiting was viewed as the best way to preserve Shareholder value.
34 / Maven Renovar VCT PLC
The table below provides details of the realisations completed during the reporting period:
Realisations
Year first
invested
Complete/
partial exit
Cost of
shares
disposed
of
£’000
Value at
31 January
2025
£’000
Sales
proceeds
£’000
Realised
gain/
(loss)
£’000
Gain/(loss)
over
31 January
2025 value
£’000
AIM quoted
Arecor Therapeutics PLC 2021 Partial 113 29 24 (89) (5)
Aurrigo International PLC 2022 Partial 955 814 1,480 525 666
Diaceutics PLC 2019 Partial 19 34 42 23 8
Equals Group PLC 2014 Complete 1,137 2,038 2,008 871 (30)
Fusion Antibodies PLC 2017 Complete 2,449 363 621 (1,828) 258
Intelligent Ultrasound Group PLC 2019 Complete 2,194 2,808 2,863 669 55
Kinovo PLC 2014 Complete 1,681 1,336 1,886 205 550
Learning Technologies Group PLC 2015 Complete 4,551 6,307 6,900 2,349 593
Polarean Imaging PLC 2020 Complete 1,055 426 55 (1,000) (371)
Science in Sport PLC 2015 Complete 1,940 773 1,011 (929) 238
Sosandar PLC 2019 Complete 1,872 811 676 (1,196) (135)
SRT Marine Systems PLC 2007 Partial 336 660 995 659 335
The Property Franchise Group PLC 2013 Partial 107 369 522 415 153
Water Intelligence PLC 2014 Partial 223 590 478 255 (112)
Windar Photonics PLC 2024 Partial 156 237 246 90 9
Xeros Technology Group PLC 2024 Partial 174 57 209 35 152
Total AIM quoted 18,962 17,652 20,016 1,054 2,364
Open-ended investment companies
1
Royal London Short Term Money Market
Fund (Class Y Accumulation)
2023 Complete 4,589 4,380 4,567 (22) 187
WS Amati UK Listed Smaller Companies Fund 2014 Complete 10,517 11,356 12,005 1,488 649
Total open-ended investment companies 15,106 15,736 16,572 1,466 836
Total realisations completed during the year 34,068 33,388 36,588 2,520 3,200
Money market funds
1
Goldman Sachs Sterling Government Liquid
Reserves (Institutional)
2023 Partial 21,016 21,016 21,016 - -
Northern Trust Global Funds PLC -
The Sterling Fund Class D
2023 Partial 21,016 21,016 21,016 - -
Total money market funds 42,032 42,032 42,032 - -
Total realisations completed during
the year including money market funds
76,100 75,420 78,620 2,520 3,200
1
Realisations were completed as part of the treasury management strategy.
35 / Maven Renovar VCT PLC
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Outlook
As the new Manager, we have made encouraging early progress in stabilising and repositioning the portfolio, with
the objective of returning your Company to a steady growth path. As a sign of our commitment, we are waiving our
management fee for the first two years post appointment.
We are pleased to have introduced three new private company investments to the portfolio and strongly believe
that improving the quality of new VCT qualifying investments is critical to returning your Company to growth and
increasing Shareholder returns. It is encouraging that the recent Shareholder survey indicated strong support for
the proposed changes to the Investment Policy, to an “AIM Plus” strategy, which would enable your Company to
gradually broaden its portfolio of private company investments. We firmly believe that unconstrained access to
Maven’s active pipeline of VCT qualifying private company investments will be beneficial for Shareholder returns.
Nevertheless, and irrespective of Shareholders’ decision on the Investment Policy of the Company, we are
confident that we have the breadth of skill and range of experience to continue to reposition the portfolio and
return your Company to a steady growth path whilst meeting the enhanced dividend policy.
Maven Capital Partners UK LLP
Manager
20 May 2026
36 / Maven Renovar VCT PLC
LARGEST INVESTMENTS BY VALUATION
AS AT 31 JANUARY 2026
Secaro (formerly Manufacture 2030)
secaro.io
Software & technology (data analytics)
Cost (£’000) 2,702
Valuation (£’000) 4,050
Basis of valuation Revenue
Equity held 17.4%
Income received to date (£’000)
3
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.
The Property Franchise Group
thepropertyfranchisegroup.co.uk
Business services (real estate)
Cost (£’000) 1,028
Valuation (£’000) 4,353
Basis of valuation Bid Price
Equity held 1.3%
Income received to date (£’000) Nil
First invested December 2013
Year end 31 December
2024 (£’000) 2023 (£’000)
Sales 67,310 27,278
EBITDA
1 2
24,100 12,100
Net assets 203,984 57,679
The Property Franchise Group is the UK’s largest
multi-brand property franchisor, with a network of
over 1,946 outlets delivering high quality services
to residential clients, combined with an established
Financial Services business. The Company has
strategically grown to a diverse portfolio of 18 brands
operating throughout the UK, comprising longstanding
high-street focused brands and two hybrid brands
including Belvoir, Ellis & Co, and Hunters.
37 / Maven Renovar VCT PLC
Craneware
thecranewaregroup.com
Software & technology (enterprise software)
Cost (£’000) 3,899
Valuation (£’000) 3,609
Basis of valuation Bid Price
Equity held 0.4%
Income received to date (£’000) Nil
First invested July 2007
Year end 30 June
2025
4
(£’000) 2024
4
(£’000)
Sales 205,657 189,268
EBITDA
1 2
65,258 58,279
Net assets 551,060 543,655
Craneware is a leading provider in healthcare
financial performance solutions in the US healthcare
market. The Company provides their Trisus solutions
platform, a cloud-based software solution that delivers
actionable insights for medical professionals and
practices.
Diaceutics
diaceutics.com
Pharmaceuticals, biotechnology & healthcare
(diagnostics)
Cost (£’000) 1,538
Valuation (£’000) 3,400
Basis of valuation Bid Price
Equity held 2.3%
Income received to date (£’000)
3
Nil
First invested January 2019
Year end 31 December
2024
4
(£’000) 2023
4
(£’000)
Sales 32,158 23,699
(LBITDA)
5
(2,259) (1,754)
Net assets 48,620 46,344
Diaceutics is a leading technology and solutions
provider to pharma and biotech companies. It provides
an end to end commercial solution for precision
medicines through data analytics, scientific and
advisory services enabled by its DXRX platform.
38 / Maven Renovar VCT PLC
Chorus Intelligence
chorusintel.com
Software & technology (reg tech)
Cost (£’000) 3,000
Valuation (£’000) 2,849
Basis of valuation Revenue
Equity held 0.6%
Income received to date (£’000) Nil
First invested March 2022
Year end 31 March
2025 (£’000) 2024 (£’000)
Net assets 11,029 9,438
This company produces abridged accounts as
permitted under the Companies Act 2006 relating to
small companies.
Chorus Intelligence is a developer of a data collection
and interpretation software solution for intelligence
purposes and court evidence. The platform is capable
of collating, analysing, securely storing and sharing data
from a multitude of sources within its encrypted
workspace. Data from the platform has been used
successfully in prosecutions by clients including, but
not limited to, the British Transport Police.
GB Group
gbgplc.com
Software & technology (data analytics)
Cost (£’000) 3,203
Valuation (£’000) 2,705
Basis of valuation Bid Price
Equity held 0.5%
Income received to date (£’000) Nil
First invested November 2011
Year end 31 March
2025
4
(£’000) 2024
4
(£’000)
Sales 282,717 277,325
EBITDA
1 2
68,991 63,823
Net assets 805,148 852,904
GB Group provides identity data intelligence products
and services globally, operating in three segments:
location, identity, and fraud. These cover ID
verification services, including the use of AI, ID tracing
and investigation software services. The solutions
include: Instinct, a fraud risk management platform;
ID3global, an identity verification solution and mobile
verification solution; and Investigate, which offers
subject search analysis. The technology supports
customers in traditional banking, government,
nightclubs, casinos, cryptocurrency, and mobile
payment platforms.
39 / Maven Renovar VCT PLC
SRT Marine Systems
srt-marine.com
Software & technology (security)
Cost (£’000) 839
Valuation (£’000) 2,530
Basis of valuation Bid Price
Equity held 1.1%
Income received to date (£’000)
3
Nil
First invested March 2007
Year end 30 June
2025
4
(£’000) 2024
4 6
(£’000)
Sales 78,021 14,815
EBITDA
1
/(LBITDA
5
)
2
9,900 (9,000)
Net assets 26,851 12,053
SRT Marine Systems is an established leader in the
growing global market for maritime domain awareness.
The Company provides technology driven solutions
for coastal and EEZ surveillance, fisheries
management and monitoring and navigation safety
and efficiency. Customers range from government
agencies such as Coast Guards, Fishery Authorities
and Ports & Waterway authorities to commercial and
leisure vessel owners.
Tan Delta Systems
tandeltasystems.com
Industrials & engineering (specialist engineering)
Cost (£’000) 1,875
Valuation (£’000) 2,452
Basis of valuation Bid Price
Equity held 9.8%
Income received to date (£’000)
3
Nil
First invested August 2023
Year end 31 December
2024 (£’000) 2023 (£’000)
Sales 1,215 1,457
(LBITDA)
2 5
(1,200) (1,000)
Net assets 3,792 4,923
Tan Delta Systems develops real-time oil analysis and
analytic technologies and products with capabilities
that enable equipment operators to significantly reduce
operating costs, improve efficiency, and reduce carbon
footprint. Its products include sensors, kits, display
solutions, gateways & modems, accessories and
services. Geographically, its solutions are in use across
the UK, Europe, North and South America, Asia and the
Middle East.
40 / Maven Renovar VCT PLC
EnSilica
ensilica.com
Software & technology (semiconductors)
Cost (£’000) 2,450
Valuation (£’000) 2,401
Basis of valuation Bid Price
Equity held 5.1%
Income received to date (£’000)
3
Nil
First invested May 2022
Year end 31 May
2025
4
(£’000) 2024
4
(£’000)
Sales 18,183 25,266
EBITDA
1
- 1,700
Net assets 20,900 22,403
EnSilica is an Oxford-based fabless computer chip
designer that specialises in mixed signal application
specific integrated circuits (ASIC). These are produced
for Original Equipment Manufacturers (OEMs) and
system houses, as well as also providing IC design
services for companies with their own design team.
The company supplies custom RF, mmWave, mixed
signal and digital ASICs to international customers
in the automotive, industrial, healthcare and
communications markets.
Aurrigo International
aurrigo.com
Industrials & engineering (specialist manufacturing)
Cost (£’000) 1,325
Valuation (£’000) 2,311
Basis of valuation Bid Price
Equity held 4.6%
Income received to date (£’000)
3
Nil
First invested September 2021
Year end 31 December
2024
4
(£’000) 2023
4
(£’000)
Sales 8,855 6,628
(LBITDA)
2 5
(1,599) (3,223)
Net assets 9,774 8,864
Aurrigo designs, engineers, manufactures, and
supplies Original Equipment Manufacturers (OEMs)
products and autonomous vehicles to the automotive
and aviation industries. The aviation technology
manufactures and supplies smart airside solutions
to airports and airlines internationally, whilst the
automotive technology supplies a range of designs,
product solutions, and other services to premium
OEMs and global Tier 1 manufacturers. In the
aviation industry, the Company provides a range of
autonomous engineering solutions for passenger
transport, as well as data visualisation platforms for a
range of autonomous vehicles.
1
Earnings before interest, tax, depreciation, and amortisation.
2
Adjusted EBITDA/(LBITDA).
3
No interest is payable as the investment has been structured as all equity.
4
Accounts restated.
5
Losses before interest, tax, depreciation, and amortisation.
6
15-month reporting period.
Maven Investor Partners are also invested in Secaro.
Maven Renovar VCT has invested alongside Maven Income and Growth VCT, Maven Income and Growth VCT 3, Maven Income and Growth VCT 4 and
Maven Income and Growth VCT 5 in Secaro.
Maven Renovar VCT has invested alongside Maven Income and Growth VCT 3 and Maven Income and Growth VCT 4 in Diaceutics.
Post year end, Maven UK Regional Buyout Fund has invested in Chorus Intelligence.
41 / Maven Renovar VCT PLC
INVESTMENT PORTFOLIO SUMMARY
AS AT 31 JANUARY 2026
Investment
Valuation
£’000
Cost
£’000
% of
total assets
% of
equity held
% of
equity held by
other clients
1
Unlisted
2 Degrees Limited (trading as Secaro)
2
4,050 2,702 4.8 17.4 34.1
Chorus Intelligence Limited 2,849 3,000 3.3 0.6 -
Zelim Limited 1,200 1,200 1.4 5.2 -
Rosslyn Data Technologies PLC
Convertible Loan Notes
800 800 0.9 - -
Summize Limited 800 800 0.9 1.1 27.8
Arimon Limited (trading as Digilytics) 625 500 0.7 3.6 14.3
Strip Tinning Holdings PLC
Convertible Loan Notes
500 500 0.6 - -
Liftango Group Limited 419 250 0.5 1.3 34.4
Byotrol PLC
3
388 1,209 0.4 5.5 -
LifeSafe Holdings PLC
4
80 800 0.1 16.7 -
The Brighton Pier Group PLC
4
30 489 - 1.0 -
Merit Group PLC
4
14 596 - 0.3 0.2
Other unlisted - 7,499 -
Total unlisted 11,755 20,345 13.6
AIM quoted
5
The Property Franchise Group PLC 4,353 1,028 5.0 1.3 -
Craneware PLC 3,609 3,899 4.2 0.4 -
Diaceutics PLC 3,400 1,538 3.9 2.3 0.5
GB Group PLC 2,705 3,203 3.1 0.5 -
SRT Marine Systems PLC 2,530 839 2.9 1.1 -
Tan Delta Systems PLC 2,452 1,875 2.8 9.8 -
EnSilica PLC 2,401 2,450 2.8 5.1 -
Aurrigo International PLC 2,311 1,325 2.7 4.6 -
Water Intelligence PLC 2,089 995 2.4 3.3 1.2
Frontier Developments PLC 1,700 2,706 2.0 0.9 -
Solid State PLC 1,654 520 1.9 1.8 -
Windar Photonics PLC 1,607 1,374 1.9 3.8 -
Brooks Macdonald Group PLC 1,442 1,154 1.7 0.6 -
AB Dynamics PLC 1,407 631 1.6 0.5 -
Nexteq PLC 1,290 4,196 1.5 2.6 -
Fadel Partners Inc 1,146 3,000 1.3 10.3 -
Velocity Composites PLC 1,017 2,603 1.2 10.3 -
42 / Maven Renovar VCT PLC
AS AT 31 JANUARY 2026
Investment
Valuation
£’000
Cost
£’000
% of
total assets
% of
equity held
% of
equity held by
other clients
1
AIM quoted
5
(continued)
Ixico PLC 904 1,670 1.0 9.3 -
Itaconix PLC 863 2,000 1.0 5.8 -
Xeros Technology Group PLC 855 828 1.0 10.6 -
Cordel Group PLC 822 992 1.0 7.6 -
Netcall PLC 795 110 0.9 0.4 0.2
Hardide PLC 701 2,361 0.8 5.4 0.4
MaxCyte Inc
6
667 1,984 0.8 0.9 0.2
Eden Research PLC 636 1,057 0.7 3.0 1.5
PCI-Pal PLC 627 650 0.7 1.6 -
Accesso Technology Group PLC 624 221 0.7 0.6 -
One Media IP Group PLC 620 1,240 0.7 7.4 1.1
Block Energy PLC 562 3,000 0.7 6.6 -
Feedback PLC 550 1,000 0.6 26.9 1.2
Arecor Therapeutics PLC 530 1,537 0.6 2.2 0.5
Cambridge Cognition Holdings PLC 368 420 0.4 2.4 1.5
Northcoders Group PLC 319 2,111 0.4 13.8 -
Synectics PLC 314 342 0.4 0.8 0.8
Creo Medical Group PLC 181 1,613 0.3 0.4 0.1
MyCelx Technologies Corporation 158 645 0.2 1.7 -
Strip Tinning Holdings PLC 114 1,054 0.2 3.0 -
RUA Life Sciences PLC 109 931 0.2 1.2 0.1
Getech Group PLC 90 1,040 0.1 3.1 -
Verici Dx PLC 85 1,449 0.1 4.8 0.7
Aptamer Group PLC 27 3,672 - 0.1 -
Rosslyn Data Technologies PLC 21 1,921 - 1.0 -
Zenova PLC 15 899 - 4.7 -
Trellus Health PLC 13 699 - 1.1 -
Total AIM quoted 48,683 68,782 56.4
Private equity investment trusts
7
ICG Enterprise Trust PLC 301 301 0.3 - 0.2
Patria Private Equity Trust PLC 295 300 0.3 - 0.2
HgCapital Trust PLC 271 299 0.3 - 0.1
HarbourVest Global Private Equity Limited 100 100 0.2 - -
NB Private Equity Partners Limited 76 76 0.2 - 0.2
Total private equity investment trusts 1,043 1,076 1.3
43 / Maven Renovar VCT PLC
AS AT 31 JANUARY 2026
Investment
Valuation
£’000
Cost
£’000
% of
total assets
% of
equity held
% of
equity held by
other clients
1
Infrastructure investment trust
7
3i Infrastructure PLC 295 295 0.3 - -
Total infrastructure investment trust 295 295 0.3
Open-ended investment company
7
Royal London Short Term Money Market Fund
(Class Y Income)
2,568 2,567 3.0 - 0.1
Total open-ended investment company 2,568 2,567 3.0
Total investments 64,344 93,065 74.6
Money market funds
7
BlackRock Institutional Sterling Government
Liquidity Fund (Core Dis)
2,000 2,000 2.3 - 0.1
BlackRock Institutional Sterling Liquidity Fund
(Core)
2,000 2,000 2.3 - -
Fidelity Institutional Liquidity Fund -
The Sterling Fund (G-FLEX-DIST-GBP) (Inc)
2,000 2,000 2.3 0.1 -
Northern Trust Global Funds PLC -
The Sterling Fund Class D
2,000 2,000 2.3 0.1 -
Goldman Sachs Sterling Liquid Reserves
(Institutional)
2,000 2,000 2.3 - -
State Street GBP Liquidity LVNAV Fund
(Distributor)
2,000 2,000 2.3 0.1 -
HSBC Sterling Liquidity Fund (Class A) 1,707 1,706 2.1 - -
Total money market funds 13,707 13,706 15.9
Total investments including
money market funds
78,051 106,771 90.5
1
Other clients of Maven Capital Partners UK LLP.
2
Formerly trading as Manufacture 2030.
3
This company delisted from AIM during a previous period.
4
This company delisted from AIM during the period.
5
Investments are quoted on AIM with the exception of Brooks Macdonald Group PLC and GB Group PLC, which are listed on the
Main Market of the London Stock Exchange.
6
This company delisted from AIM during the period and retains a listing on Nasdaq.
7
Treasury management holdings.
44 / Maven Renovar VCT PLC
The Directors submit their report together with the Financial Statements of the Company for the year
ended 31 January 2026. A summary of the financial results for the year can be found in the Financial
Highlights on pages 4 to 6. The Investment Objectives and Investment Policy are disclosed in the
Business Report on page 16 and the Board’s approach to dividends is summarised in the Chairman’s
Statement on page 11.
Principal Activity and Status
The Company’s affairs have been conducted, and will continue to be conducted, in a manner to satisfy the
conditions to enable it to continue to obtain approval as a VCT under Section 274 of the Income Tax Act 2007.
During the 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.
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 page
12 of this Annual Report. They have also considered 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 and in making this assessment, the Directors took into account factors such as
the nature of the Company’s business, financial health, investment policy, risk management framework and its
investment portfolio, together with the issues which might influence its future performance. In considering the
preparation of the Financial Statements on a going concern basis, the Directors noted the Company holds a portfolio
of liquid investments and cash balances, the value of which exceeds the Company’s liabilities and the Directors are,
therefore, of the view that the Company can meet its obligations as and when they fall due. The cash available
enables the Company to meet any funding requirements and finance future additional investments. The Company is a
closed end fund, where assets are not required to be liquidated to meet day-to-day redemptions. The Board has
reviewed stress testing and scenario analysis prepared by the Investment Manager to assist it in assessing the impact
of changes in market value and income with associated cash flows. In making this assessment, the Investment
Manager has considered plausible downside scenarios. These tests included the modelling of a reduction in income,
together with an increase in costs; an assumption that a future fundraise is unsuccessful and no further funds are
raised and a reduction in anticipated exit proceeds. It was concluded that in a plausible downside scenario, the
Company could continue to meet its liabilities. Accordingly, the Directors have continued to adopt the going concern
basis when preparing the Annual Report and Financial Statements and are satisfied 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 approval of this Annual Report.
DIRECTORS’ REPORT
45 / Maven Renovar VCT PLC
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, having considered the
principal and emerging risks facing the Company, together with the legislative environment within which it has to
operate, assessed the Company’s prospects and risks for the five-year period to 31 January 2031. This five-year
period is considered appropriate due to its consistency with the UK Government’s tax relief minimum holding period
for an investment in a VCT.
In considering and making this statement, the Board carried out a robust assessment of the principal and emerging
risks facing the Company as highlighted in the Business Report on pages 16 to 19, 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 and is satisfied that identified mitigating actions provide
adequate assurance in respect of safeguarding the Company’s performance for the stated period. As reported
elsewhere in this Annual Report, the Board also considered and continues to actively consider through its review of
the Company’s investment policy, the quality and liquidity of the current portfolio of investee companies, its cash
holdings and the liquidity of the non-qualifying investments, the Company’s ability to raise new funds and the
Manager’s ability to source and secure new investment opportunities. As highlighted in the Chairman’s Statement
on page 14, the Board believes the Company’s future to be positive.
Furthermore, the Board focused on the major factors that affect the economic, regulatory and political environment,
including fluctuating inflation and interest rates, ongoing geopolitical uncertainty, and the heightened global
security risk.
The Board also reviewed the Company’s cash flow projections and underlying assumptions such as projected levels of
new investment and ability to realise existing investments, for the five years to 31 January 2031 and considered them
to be realistic and fair.
Based on the aforementioned factors and the Company’s processes for monitoring income and expenses, share
price discount, investment objective and policy, asset allocation, sector weightings and portfolio risk profile, the
Board is confident in its conclusion, at the time of preparing the Financial Statements, that there is a reasonable
expectation that the Company will be able to continue in operation and meet its liabilities as they fall due for the five
year period to 31 January 2031.
Financial Instruments
The Company’s financial instruments comprise its investment portfolio, treasury management portfolio, cash balances,
and 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 89 to 92 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 forms part of this Directors’ Report, is shown on pages 55 to 61.
Directors
Other than Julia Henderson, who served as a Director during the Company’s financial year and who retired from the
Board following the conclusion of the AGM held on 19 June 2025, the biographies of the Directors who held office
during the Company’s financial year and at the year end 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 46. No Director has a service
contract with the Company and no contract or arrangement significant to the Company’s business and in which any of
the Directors is interested has subsisted during the year.
46 / Maven Renovar VCT PLC
As referred to in the Directors’ Remuneration Report on page 51, the Company has in place Directors’ and Officers’
liability insurance. In addition, the Company has entered into deeds of indemnity in favour of each of the Directors.
The deeds of indemnity give each Director the benefit of an indemnity, out of the assets and profits of the
Company, to the extent permitted by the Companies Act 2006 and subject to certain limitations against liabilities
incurred by each of them in the execution of their duties and exercise of the powers as Directors of the Company.
A copy of each deed of indemnity is available for inspection at the Company’s principal place of business during
normal working hours and will be available for inspection at the AGM.
As explained in more detail in the Statement of Corporate Governance, the Board has agreed that all Directors will retire
annually and seek re-election. Therefore, each Director, in accordance with the Codes, will retire at the 2026 AGM
and, being eligible, offer themselves for re-election. The Board confirms that, following a formal process of
evaluation, the performance of each Director continues to be effective and all Directors have demonstrated
commitment to the role.
Fiona brings strong banking, financial and investment trust skills to the Board. Her extensive knowledge and
experience within the VCT industry help facilitate open conversation and constructive challenge of the Manager, and
contribute to strategic discussions in her role as Chairman of the Board. Following a comprehensive Board Evaluation
process, the Board agreed that Fiona continues to be an effective Chairman and member of the Board.
Robert is a seasoned financial professional with over two decades of industry experience and is a member of the
Institute of Chartered Accountants of Scotland. He co-founded Progressive Value Management Limited (PVML) in
2000, a firm dedicated to unlocking value and liquidity for institutional investors in underperforming companies. He
served as Chairman of PVML until stepping down in 2023 and has held several prominent directorships, including
roles at Quayle Munro Holdings plc, Sureserve Group plc, Trian Investors 1 Limited, CT Private Equity Trust plc, R & Q
Insurance Holdings Limited, and Downing Strategic Micro-Cap Investment Trust plc. In addition to the vast financial
and strategic skills that he brings to the Board, his previous experience of shareholder engagement is regarded as
being of particular benefit to the Board. Following a comprehensive Board Evaluation process, the Board agreed that
Robert continues to be an effective member of the Board.
Neeta’s extensive experience in technology, media, insurance and educational sectors, including experience advising
start-ups and scaling companies, as well as her experience in leadership and non-executive roles, is expected to be
invaluable to the Company in light of the appointment of Maven as the Company’s investment manager and the
proposed changes to the Company’s investment objectives and investment policy. Following a comprehensive Board
Evaluation process, the Board agreed that Neeta continues to be an effective member of the Board.
Brian’s experience in company and investment portfolio management brings valuable business and financial skills to
the Board. This enables him to assess the financial position of the Company and its projections, and to lead
discussions regarding the Company’s risk management framework and risk appetite. Furthermore, Brian’s experience
of managing audit relationships helps inform his role as Chair of the Audit Committee and of the more recently
established Risk Committee. Following a comprehensive Board Evaluation process, the Board agreed that Brian
continues to be an effective member of the Board.
The Board believes that, for these 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 Directors be elected/re-elected and resolutions
to this effect will be proposed at the 2026 AGM.
Directors’ Interests (audited)
The Directors who held office during the year and who were in office as at the date of this Annual Report, together
with their interests in the share capital of the Company, are as follows:
31 January 2026
Ordinary Shares of 5p each
31 January 2025
Ordinary Shares of 5p each
Fiona Wollocombe (Chairman) 35,763 19,763
Julia Henderson
1
N/A 22,376
Robert Legget
2
23,701 N/A
Neeta Patel
3
- N/A
Brian Scouler 69,341 69,341
Total 128,805 111,480
1
Julia Henderson retired as a Director following conclusion of the AGM held on 19 June 2025.
2
Robert Legget was appointed as a Director on 19 June 2025.
3
Neeta Patel was appointed as a Director on 1 May 2025.
47 / Maven Renovar VCT PLC
There is no requirement for Directors to hold shares in the Company and the table above shows the beneficial
interests of the Directors and their close associates as at 31 January 2026 and 31 January 2025. As at 18 May
2026, being the last practicable date prior to the publication of this Annual Report, the interests of the Directors in
office in the Ordinary Shares of the Company were unchanged.
Conflicts of Interest
Each Director has a statutory duty to avoid a situation where he or she 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 and this
includes any co-investment made by the Directors in entities in which the Company also has an interest.
The Board has approved a protocol for identifying and dealing with conflicts and has resolved to conduct a regular
review of actual or possible conflicts. No new material, or potential conflicts were identified during the year.
Substantial Interests
At 31 January 2026, the only holders known to the Company who, directly or indirectly, were interested in 3% or
more of the Company’s issued share capital were as follows:
Number of
Ordinary Shares held
% of issued
share capital
Hargreaves Lansdown (Nominees) Limited 6,782,409 4.79
Interactive Investor Services Nominees Limited 5,764,751 4.07
At 18 May 2026, being the last practicable date prior to the publication of this Annual Report, the only holders
known to the Company who, directly or indirectly, were interested in 3% or more of the Company’s issued share
capital were as follows:
Number of
Ordinary Shares held
% of issued
share capital
Hargreaves Lansdown (Nominees) Limited 6,563,704 4.68
Interactive Investor Services Nominees Limited 5,254,166 3.75
Manager and Secretary
Amati Global Investors Limited (Amati) acted as manager to the Company in the period from 1 February 2025 to 30 April
2025. LDC Nominees Limited acted as Secretary to the Company during the year to 31 January 2026. Maven Capital
Partners UK LLP (Maven) acted as Manager to the Company from 1 May 2025 and was appointed as Company
Secretary from 1 February 2026. Details of the investment management, administrative and secretarial fees, together
with the termination fees payable to Amati, are detailed in Notes 3 and 4 to the Financial Statements respectively.
The principal terms of the Investment Management and Administration Deed agreed with Maven are as follows:
Termination provisions
After an initial 24 month period from the date of appointment, the agreement is capable of termination during the
next 12 months by the giving of 18 months’ notice by either the Company or the Manager, and thereafter by the
giving of 12 months’ notice. Furthermore, either the Company or the Manager may terminate the agreement without
liability for compensation if:
• either party is subject to a winding up order or a liquidator, receiver, or administrator is appointed;
• either party is unable to pay its debts; or
• in the event serious misconduct, wilful default or fraud by the Directors and Officers of either party under the
agreement or either party commits any material breach of the provisions of the agreement.
In addition, the Company may terminate the agreement without compensation due if the Manager ceases to be
authorised to manage the assets of the Company.
48 / Maven Renovar VCT PLC
Management and administration fees
Under the Investment Management and Administration Deed, the investment management and secretarial fees are
chargeable on the following basis:
• a base investment management fee of 1.75% of net asset value, payable quarterly in arrears. Maven was appointed
on 1 May 2025 on the same terms as the previous manager, however, management fees are being waived for two
years commencing on the date of appointment in order to contribute towards the costs of implementing the
change of investment manager;
• from 1 May 2025, an annual administration fee of £82,000 excluding VAT, per annum payable quarterly in arrears
and subject to an annual adjustment, calculated on 1 February each year, to reflect any change in the UK Retail
Prices Index;
• from 1 May 2025, an annual secretarial fee of £56,000, excluding VAT, payable in quarterly instalments and subject
to an annual adjustment, calculated on 1 February each year, to reflect any change in the UK Retail Prices Index;
• a cap on total expenses of 3.5% of net assets per annum, adjusted annually and excluding performance fees and
exceptional costs, such as regulatory and compliance costs, and excluding the termination fee of £1,142,000 paid
to Amati as detailed in Note 3 to the Financial Statements on page 81; and
• an entitlement for Maven to receive an incentive fee of 15% of realised gains generated by the Company’s future
investments in unquoted companies, payable only if the Company’s Net Asset Value (after adjustment to take
account of share issuances, share buybacks, dividends and the performance of unquoted investments made prior
to Maven’s appointment) has increased since the date an incentive fee was last paid.
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.
In light of the Manager’s investment and dealflow track record, together with the standard of company secretarial
and administrative services provided, the Board considers that the continued appointment of Maven as Manager,
and the appointment of Maven as Secretary from 1 February 2026 on the stated terms is in the best interests of the
Company and its Shareholders.
Maven and Maven Executive Holdings
As at 18 May 2026, Maven Capital Partners UK LLP and certain of its executives held, in aggregate, 2,349,299 of the
Company’s Ordinary Shares of 5p each (1.68% of the Ordinary Shares in issue).
Independent Auditor
BDO LLP (BDO) is the Company’s current Auditor. A Resolution to propose the re-appointment of BDO at the 2026
AGM is included in the Notice of AGM, along with a Resolution authorising the Directors to determine its
remuneration. The Directors have received confirmation from BDO that it is independent and objective and the
Directors are satisfied that objectivity and independence is being safeguarded by BDO.
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 or herself aware of any relevant audit information and to establish that the Company’s Auditor is
aware of that information.
Purchase of Ordinary Shares
During the year ended 31 January 2026, the Company bought back a total of 4,447,152 Ordinary Shares
(2025: 5,060,044) for cancellation, being 3.1% of the issued share capital as at 19 June 2025, being the date
of the 2025 AGM when the resolution was passed. Subsequent to the year end, a further 1,334,653 Ordinary
Shares were bought back for cancellation.
A Special Resolution will be put to Shareholders at the 2026 AGM for their approval to renew the Company’s authority
to purchase in the market up to 14.99% of the total issued share capital. Further information can be found in the
Notice of AGM. 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.
49 / Maven Renovar VCT PLC
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. It is intended that, subject to market conditions, available liquidity and the maintenance of the Company’s
VCT status, shares will be bought back in the market at prices that will maintain a discount that is approximately 5%
below the latest published NAV per share, adjusted where appropriate for any dividends in respect of which the
Company’s shares are trading ex-dividend. 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 5p
per share. In making purchases, the Company will deal only with member firms of the London Stock Exchange. Any
shares which are purchased shall be either cancelled or held in treasury. As outlined in the Chairman’s Statement on
page 11, neither the Company nor the Manager can execute a transaction in the Company’s shares and any
instruction to buy or sell shares on the secondary market must be directed through a stockbroker.
Purchases of shares by the Company will be made from distributable reserves and will normally be paid out of cash
balances held by the Company from time to time. As any purchases will be made at a discount to NAV per share at
the time of purchase, the NAV per share 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, and as at the date of this Annual Report, no new Ordinary Shares were allotted. An
Ordinary Resolution will be put to Shareholders at the 2026 AGM for their approval for the Company to issue up to
10% of the total issued share capital. Further details can be found in the Notice of AGM.
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 shareholdings. However, Shareholders can, by special resolution, authorise the Directors to allot
shares otherwise than by a pro rata issue to existing Shareholders.
A Special Resolution is included in the Notice of AGM, which will, if passed, give the Directors power to allot for
cash, Ordinary Shares up to 10% of the total issued share capital as if Section 561(1) does not apply. The authority
will 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. Further details can be found in the Notice of AGM.
Share Capital and Voting Rights
As at 31 January 2026, the Company’s share capital amounted to 141,562,628 Ordinary Shares of 5p each. Further
details are included in Note 12 to the Financial Statements. Subsequent to the year end, the Company bought back
1,334,653 Ordinary Shares for cancellation. As a result, as at 18 May 2026, being the latest practicable date before the
publication of this Annual Report, the Company’s share capital amounted to 140,227,975 Ordinary Shares.
There are no restrictions on the transfer of Ordinary Shares in the Company, or their related voting rights, other
than certain restrictions which 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 Investment Management and
Administration Deed, further details of which are set out on pages 47 and 48, the Company is not aware of any
contractual or other agreements which are essential to its business and that could reasonably be expected to be
disclosed in the Directors’ Report.
Other than those set out in this Directors’ Report there are no further related party transactions that require to
be disclosed.
50 / Maven Renovar VCT PLC
Post Balance Sheet Events
The Directors declared a special dividend of 3.50p per Ordinary Share, in respect of the year ending 31 January 2027,
which was paid on 8 May 2026 to Shareholders on the register at 10 April 2026.
On 27 April 2026, the Board announced a Tender Offer for up to 12% of the issued share capital (excluding shares held
in treasury) of the Company as at the Record Date at 6pm on 21 May 2026.
Other than those referred to above and in the Strategic Report, there have been no events since 31 January 2026 that
require disclosure.
Future Developments
An indication of the Company’s future developments can be found in the Chairman’s Statement on page 14 and in
the Investment Manager’s Review on page 35, which highlights the Board and the Manager’s commitment to
providing returns to Shareholders and delivering the Company’s investment strategy.
Annual General Meeting and Directors’ Recommendation
The AGM will be held on 24 June 2026, at Butchers’ Hall, 87 Bartholomew Close, London EC1A 7EB. The Notice of
AGM 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://maven-renovar-agm.city-proxyvoting.uk.
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
20 May 2026
51 / Maven Renovar VCT PLC
This report has been prepared in accordance with the requirements of Section 420 of the Companies
Act 2006 and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations
2008 (as amended from time to time). 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 of the
disclosures provided. Where disclosures have been audited, they are indicated as such and the Auditor’s
opinion is included in its report on pages 67 to 74 of this Annual Report.
Statement by the Remuneration Committee
The Board has established a Remuneration Committee comprising all the Directors, with Neeta Patel as its Chair. 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 January 2026, 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 this Annual 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 53.
The dates of appointment of the Directors in office as at 31 January 2026 and as the date of this Annual Report,
and the dates on which they will next be proposed for election/re-election, are as follows:
Date of original
appointment
Due date for
election/re-election
Fiona Wollocombe (Chairman) 10 June 2021 24 June 2026
Robert Legget 19 June 2025 24 June 2026
Neeta Patel 1 May 2025 24 June 2026
Brian Scouler 4 May 2018 24 June 2026
During the year to 31 January 2026, the Board was not provided with advice or services by any person in respect
of its consideration of the Directors’ remuneration. However, in the application of the Board’s policy on Directors’
remuneration, as defined below, the Committee expects, from time to time, to review the fees paid to the directors
of other venture capital trust companies for comparative purposes.
The Remuneration Committee met once during the year to 31 January 2026 and carried out a review of the
Remuneration Policy and the level of Directors’ fees. It was noted that, in previous years the Remuneration Committee
had recommended that Directors’ fees should be increased in line with the Consumer Prices Index including owner
occupiers’ housing costs (CPIH). The Remuneration Committee agreed to adopt the same approach in respect of the
review of Directors’ Fees for the year to 31 January 2026. Accordingly, it was agreed that, with effect from 1 May
2025, the levels of remuneration should be increased by 4.1%, in line with CPIH, to: £33,520 (from £32,200) for the
Chairman; £31,209 (from £29,980) for the Chair of the Audit Committee; and £28,896 (from £27,758) for each other
Director. The Committee considered that the revised total Directors’ remuneration was reasonable when compared
with other similar VCTs within the Company’s peer group.
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 46. There is
no requirement for Directors to hold shares in the Company.
DIRECTORS’ REMUNERATION
REPORT
52 / Maven Renovar VCT PLC
Remuneration Policy
The Board’s policy is that the remuneration of Directors should reflect the experience of the Board as a whole,
be fair and comparable with that of other companies that are similar in size and nature to the Company and have
similar objectives and structures. Directors’ fees are set with a view to attracting and retaining the Directors
required to oversee the Company effectively and to reflect the specific circumstances of the Company, the duties
and responsibilities of the Directors and the value and amount of time committed to the Company’s affairs. It is the
intention of the Board that, unless any revision to this policy is deemed necessary, this policy will continue to apply
in the forthcoming and subsequent financial years. The Board has not received any views from the Company’s
Shareholders in respect of the levels of Directors’ remuneration.
The Directors are not eligible for bonuses, pension benefits, share options, long-term incentive schemes or other
benefits. No arrangements have been entered into between the Company and the Directors to entitle any of the
Directors to compensation for loss of office.
A copy of this Remuneration Policy may be inspected by the members of the Company at its registered office.
It is the Board’s intention that the above Remuneration Policy will be put to Shareholders for approval at least once
every three years and, as a Resolution in respect of the approval of the Remuneration Policy for the three years to
31 January 2027 was approved at the 2024 AGM, an Ordinary Resolution for its approval for the three years to
30 November 2030 will be proposed at the 2027 AGM.
At the 2024 AGM, the result in respect of the Ordinary Resolution to approve the Directors’ Remuneration Policy for
the three-year period to 30 November 2027 was as follows:
% of
votes cast for
% of
votes cast against
Number of
votes withheld
Remuneration Policy 92.10 7.90 529,949
Company Performance
The Board is responsible for the Company’s investment strategy and performance, although the day-to-day
management of the Company’s investment portfolio is delegated to the Manager through the Investment
Management and Administration Deed, as referred to in the Directors’ Report.
The graph below compares the total returns (excluding tax relief) on an investment of £100 in the Ordinary Shares
of the Company, for each annual accounting period for the 10 years to 31 January 2026, 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 Deutsche Numis Alternative Markets Total Return 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/Bloomberg L.P.
Please note that past performance is not necessarily a reliable guide to future performance.
COMPARATIVE PERFORMANCE
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
50
75
100
125
150(£)
175
200
225
250
Maven Renovar VCT -
Share Price Total Return
Maven Renovar VCT -
NAV Total Return
Deutsche Numis Alternative Markets
Index Total Return
53 / Maven Renovar VCT PLC
Directors’ Remuneration (audited)*
As the Company does not have any employees, Directors’ remuneration comprises solely of Directors’ fees.
The Directors’ fees for the years to 31 January 2022, 31 January 2023, 31 January 2024, 31 January 2025, and
31 January 2026, together with the percentage changes in those years, respectively are as follows:
Year to
31 Jan
2026*
£
Change
to 31 Jan
2026
%
Year to
31 Jan
2025*
£
Change
to 31 Jan
2025
%
Year to
31 Jan
2024*
£
Change
to 31 Jan
2024
%
Year to
31 Jan
2023*
£
Change
to 31 Jan
2023
%
Year to
31 Jan
2022*
£
Fiona Wollocombe
(Chairman)
33,190 3.8
4
31,965 4.1 30,697 13.6 27,019 83.3 14,744
Robert Legget
1
17,806 N/A N/A N/A N/A N/A N/A N/A N/A
Neeta Patel
2
21,672 N/A N/A N/A N/A N/A N/A N/A N/A
Brian Scouler
(Chair of the Audit and
Risk Committees)
30,902 3.8
4
29,761 4.1 28,579 9.9 26,000 13.5 22,905
Julia Henderson
3
10,873 -60.5 27,556 4.1 26,462 8.0 24,500 7.0 22,905
Total 114,443 89,282 85,738 77,519 60,554
*
Audited information.
1
Robert Legget was appointed as a Director on 19 June 2025.
2
Neeta Patel was appointed as a Director on 1 May 2025.
3
Julia Henderson retired as a Director following the conclusion of the 2025 AGM on 19 June 2025.
4
This represents the blended rate increase in salary as the increase of 4.1% was implemented from 1 May 2025, being nine
months of the financial year.
The above amounts exclude any employers’ national insurance contributions, if applicable. No other forms of
remuneration were received by the Directors and no Director received any taxable expenses, compensation for loss
of office or non-cash benefit for the year to 31 January 2026 (2025: £986).
Directors do not have service contracts, but new Directors are provided with a letter of appointment. The terms of
appointment provide that Directors should retire and be subject to election at the first AGM after their appointment.
Copies of the Directors’ letters of appointment will be available for inspection at the Company’s AGM. The Company’s
Articles require all Directors to retire by rotation at least every three years and that any Director who has served on
the Board for more than nine years will offer himself or herself for re-election annually. However, the Board has agreed
that all Directors will retire annually and, if appropriate, seek re-election.
There is no provision for compensation upon early termination of appointment, save for any arrears of fees which
may be due.
During the year to 31 January 2026, no communication was received from Shareholders regarding Directors’
remuneration. The Remuneration Policy and the level of fees payable is reviewed annually by the Remuneration
Committee.
54 / Maven Renovar VCT PLC
Relative Cost of Directors’ Remuneration
The chart below shows, for the years to 31 January 2025 and 31 January 2026, the cost of Directors’ fees
compared with the level of distributions to Shareholders by way of dividends and share buybacks 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 the Directors’ Remuneration Report for the year to 31 January 2026 will be
proposed at this years’ AGM.
At the 2025 AGM, the result in respect of the Ordinary Resolution to approve the Directors’ Remuneration Report for
the year to 31 January 2025 was as follows:
% of votes
cast for
% of votes
cast against
Number of
votes withheld
Remuneration Report 83.92 16.08 364,726
The Directors’ Remuneration Report for the year to 31 January 2026 was approved by the Board of Directors and
signed on its behalf by:
Neeta Patel
Director
20 May 2026
Directors' fees
2025
Distributions
2025
Directors' fees
2026
Distributions
2026
05,000 10,000 15,000 20,000
25,000 30,000 35,000
(£'000)
55 / Maven Renovar VCT 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 VCT 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 these below. The AIC Code provides a comprehensive guide to best practice in
certain areas of governance where the specific characteristics of investment trusts or VCTs 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 the 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 can 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 forms
part of the Directors’ Report.
Application of the Main Principles of the AIC Code
This statement describes how the main principles identified in the AIC Code have been applied by the Company
throughout the year, as is required by the Listing Rules of the FCA. The Board has considered the Principles and
Provisions of the AIC Code, which address the Principles and Provisions set out in the UK Code, as well as setting
out additional Provisions on issues that are of specific relevance to the Company. The Board considers that reporting
against the Principles and Provisions of the AIC Code, which has been endorsed by the FRC, provides more relevant
information to Shareholders. The endorsement by the FRC means that by reporting against the AIC Code, the
Company is meeting its obligations under the UK Code and the associated disclosure requirements of the Listing
Rules, and as such does not need to report further on issues contained in the UK Code which are irrelevant to them.
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 (SID)).
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 acknowledges Provisions 22 and 29 of the AIC Code in relation to its decision for the full Board to fulfil the role
of a Nomination Committee and for Fiona Wollocombe as Chairman of the Board to be a member of the Audit Committee.
As permitted by the AIC Code, further detail as to the rationale behind these decisions is provided in this statement on
page 58.
STATEMENT OF CORPORATE GOVERNANCE
56 / Maven Renovar VCT PLC
The Board also acknowledges Provision 17 of the AIC Code in relation to its decision not to establish a separate
management engagement committee and for the whole Board to undertake the annual review of the Investment
Management Agreement. Given its size, changing composition and re-appointment of Manager, the Board considered
it unnecessarily burdensome to establish such a committee for the period under review. Further detail on the decision
to appoint a new Manager can be found in the Chairman’s Statement on page 10 of this Annual Report.
The Board
As at the date of this Annual Report, the Board consists of two female and two male Directors, all of whom are
non-executive and considered to be independent of the investment manager (Maven or the Manager) and free of any
relationship that could materially interfere with the exercise of their independent judgement. The biographies of the
current 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 agreements;
• the maintenance of clear investment objectives and risk management policies;
• the monitoring of the business activities of the Company;
• Companies Act requirements, such as the approval of the 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 actual and potential conflicts of interest for Directors is reviewed
regularly by the Board and the Directors notify the Company whenever there is a change in the nature of a
registered conflict, or whenever a new conflict situation arises.
Following the 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.
Fiona Wollocombe is Chairman of the Company. Fiona was independent of the Manager at the time of her
appointment as a Director on 10 June 2021 and as Chairman in June 2022 and continues to be so by virtue of her
lack of connection with the Manager and the absence of cross-directorships with her fellow Directors. Brian Scouler
is Chair of the Audit Committee as the other Directors believe he has recent and relevant experience to fulfil that
role. Neeta Patel is Chair of the Remuneration Committee and Robert Legget is Chair of the Nomination Committee
as the other Directors believe that they have recent and relevant experience to fulfil those roles.
57 / Maven Renovar VCT PLC
The Board meets at least four times each year and, between meetings, maintains regular contact with the Manager
and has access to senior members of its VCT management team and to the company secretarial team. 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 January 2026, the Board held eight
Board Meetings and three meetings of a Committee of the Board. In addition, there were three meetings of each of
the Audit, Nomination and Remuneration Committees.
Directors have attended Board and Committee Meetings during the year ended 31 January 2026
1
as follows:
Board
Board
Committee
Audit
Committee
Nomination
Committee
Remuneration
Committee
Fiona Wollocombe 8 (8) 1 (3) 3 (3) 3 (3) 3 (3)
Julia Henderson
2
4 (4) 1 (1) 1 (1) 2 (2) 2 (2)
Robert Legget
3
3 (4) 1 (2) 2 (2) 1 (1) 0 (0)
Neeta Patel
4
5 (6) 2 (2) 2 (2) 2 (2) 1 (1)
Brian Scouler 7 (8) 3 (3) 3 (3) 2 (3) 2 (3)
1
The number of meetings which the Directors were eligible to attend is in brackets.
2
Julia Henderson retired as a Director following the conclusion of the AGM held on 19 June 2025.
3
Robert Legget was appointed to the Board on 19 June 2025.
4
Neeta Patel was appointed to the Board on 1 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 their 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 her 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 has
discussed having an externally facilitated board evaluation, however, after consideration, agreed that the current
process worked well based on the size of the Board.
Directors’ Terms of Appointment
The Company’s Articles require all Directors to retire by rotation at least every three years and that any Director
who has served on the Board for more than nine years will offer himself or herself for re-election annually. However,
in accordance with the Codes, the Board has agreed that all Directors will retire annually and, if appropriate, seek
re-election.
Policy on Tenure
The Board is of the view that long-serving Directors should not be prevented from forming part of an independent
majority. It does not consider that a Director’s tenure necessarily reduces his or her 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.
58 / Maven Renovar VCT PLC
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 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 and comprises the full Board, the
members of which are all independent and free from any relationship that would interfere with important judgement in
carrying out their responsibilities. The terms of reference of each of the Committees, which are available on request
from the Registered Office of the Company, are reviewed and re-assessed for their adequacy at each meeting.
Audit Committee
The Audit Committee is chaired by Brian Scouler and comprises all independent Directors. Fiona Wollocombe as
Chairman of the Board is also a member of this Committee for reasons relating to the nature of your Company, the size
of the Board and the skills and experience she is able to bring to the work of the Committee. Further details on Fiona’s
background can be found in the Your Board section on page 7 of this Annual Report. The role and responsibilities of
the Committee are detailed in the report by the Audit Committee.
Nomination Committee
The Nomination Committee comprises all of the independent Directors and is, since his appointment in June 2025,
chaired by Robert Legget. It is the decision of the Board that all Directors are members of the Committee for
reasons relating to the size of the Board and the insight each Director is able to bring to the work of the Committee.
In line with the requirements of the AIC Code, the terms of reference state that the Chairman of the Board will not
chair the Committee when it is dealing with the appointment of a successor. The Committee held three meetings
during the year ended 31 January 2026 and makes recommendations to the Board on the following matters:
• the evaluation of the performance of the Board (including its Chairman) and its Committees, and supports the
Chairman of the Board in acting on the results of the evaluation process;
• the review of the composition, skills, knowledge, experience and diversity of the Board;
• succession planning;
• the identification and nomination of candidates to fill Board vacancies, as and when they arise, considering
candidates from a wide range of backgrounds in order to promote diversity of gender, social and ethnic
background, cognitive and personal strengths, for the approval of the Board;
• the tenure and re-appointment of any non-executive Director on an annual basis;
• 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 the 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 the Audit Committee, other than to the
position of Chairman of the Company.
During the year under review, the Committee reviewed the knowledge, experience and skills of all Directors. The
Committee noted that each of the Directors were valued and that they were deemed to enhance the skills and
knowledge base of the Board, enabling it to carry out its functions more effectively with each Director contributing
to the long-term success of the Company. The Committee recommended to the Board that all Directors be
nominated for re-election and accordingly, resolutions to this effect will be put to the 2026 AGM. The Committee
also considered the matter of succession planning and the composition of the Board and agreed that the current
composition of the Board was satisfactory and that none of the current Directors had any immediate plans to retire.
The Committee considered the importance of stability on the Board and agreed that the Board worked well. It was
agreed that no additional appointments to the Board required to be considered at this time, however the matter of
succession planning would be kept under review.
59 / Maven Renovar VCT PLC
The performance of the Board, Committees and individual Directors was evaluated through an assessment process,
led by the Chairman and the performance of the Chairman was evaluated by the other Directors. 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 January 2026.
Remuneration Committee
Where a VCT has only non-executive directors, the UK Code principles relating to directors’ remuneration do not
apply. However, in line with the requirements of the AIC Code, the Company does have a Remuneration Committee,
comprising the full Board, which is chaired by Neeta Patel. The Committee held three meetings during the year
ended 31 January 2026 to review the policy for, and the level of, Directors’ remuneration.
The level of remuneration of the Directors has been set in order to attract and retain individuals of a calibre appropriate
to the future development of the Company. Details of the remuneration of each Director and the Company’s policy on
Directors’ remuneration are provided in the Directors’ Remuneration Report on pages 51 to 54.
Risk Committee
During the year under review, the Board agreed to form a Risk Committee and agreed that all risk related matters
previously considered by the Audit Committee would be moved to the new Risk Committee. The Risk Committee is
chaired by Brian Scouler and comprises all independent Directors and it held its first meeting in March 2026. The role
and responsibilities of the Committee are:
• to keep under review the adequacy and effectiveness of the Manager’s internal financial controls and internal
control and risk management systems and procedures in the context of the Company’s overall risk management
system;
• to consider and approve the remit of the Manager’s internal control function and be satisfied that it has adequate
resources and appropriate access to information to enable it to perform its role effectively and in accordance with
the relevant professional standards;
• to identify, measure, manage and monitor the risks to the Company as recommended by the AIFMD including, but
not limited to, the investment portfolio, credit, counterparty, liquidity, market and operational risk;
• to review and monitor all reports on the Company from the Manager’s internal control function, ensuring
compliance with all VCT regulations;
• to review the arrangements for, and effectiveness of, the monitoring of risk parameters; to ensure appropriate,
documented and regularly updated due diligence processes are implemented when appointing and reviewing
service providers, including reviewing the main contracts entered into by the Company for such services;
• to ensure that the risk profile of the Company corresponds to the size, portfolio structure and investment
strategies and objectives of the Company;
• to report to the Board on its conclusions and to make recommendations in respect of any matters within its remit
including proposals for improvement in, or changes to, the systems, processes and procedures that are in place;
• 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.
A report by the Risk Committee will be included in the Annual Report for the year to 31 January 2027.
60 / Maven Renovar VCT PLC
Board Diversity Policy
The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge
represented on the Board (and on the Committees of the Board) in order to allow it to fulfil its obligations. The Board
also recognises the benefits and is supportive of the principle of diversity in its recruitment of new Board members.
The Board will not display any bias for age, gender, education, professional background, ethnicity, sexual orientation,
disability and socio-economic backgrounds in considering the appointment of its Directors. In view of its size, the
Board will continue to ensure that all appointments are made on the basis of merit against the specification prepared
for each appointment and the Board does not, therefore, consider it appropriate to set measurable objectives in
relation to its diversity.
At 31 January 2026, there were two female and two male Directors on the Board. One of the female Directors is the
Chairman of the Company; the other female Director chairs the Remuneration Committee; one of the male Directors
chairs the Audit Committee; and the other male Director chairs the Nomination Committee. Other than the senior
position of Chairman, the Company has not appointed a Chief Executive Officer, Chief Financial Officer or Senior
Independent Director and as there are no employees, there is nothing to report in respect of executive management.
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 January 2026.
Number
of Board
Members
% of
the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chairman)
Number in
Executive
Management
% of
Executive
Management
Men 2 50 - N/A N/A
Women 2 50 1 N/A N/A
White British or other White
(including minority-white groups)
3 75 1 N/A N/A
Minority ethnic background 1 25 - N/A N/A
The Company complies with the FCA’s diversity target that 40% of individuals on the Board are to be women.
As the position of Chairman is held by a female member of the Board, the Company complies currently with the diversity target
that one of the senior positions on the Board is to be held by a woman.
The Company complies with the FCA’s diversity target that requires one individual on the Board to be from a minority ethnic
background.
External Agencies
The Board has contractually delegated to external agencies, including the Manager, certain services: the management
of the investment portfolio; the custodial services (which include the safeguarding of assets); the registration services;
and the day-to-day accounting and company secretarial requirements. Each of these contracts was entered into
after full and proper consideration by the Board of the quality and cost of services offered. The Board receives and
considers reports from the Manager and other external agencies on a regular basis. In addition, ad hoc reports and
information are supplied to the Board as requested.
Corporate Governance, Stewardship and Proxy Voting
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 best 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 Board has delegated responsibility
for monitoring the activities of the portfolio companies to the Manager and has given it discretionary powers to vote in
respect of the holdings in the Company’s investment portfolio. The Board supports Maven’s approach to stewardship.
The Directors, through the Manager, encourage investee companies 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.
61 / Maven Renovar VCT PLC
Socially Responsible Investment Policy
The Directors and the Manager are aware of their duty to act in the interests of the Company and acknowledge
that there are risks associated with investment in companies that fail to conduct business in a socially responsible
manner. Therefore, the Directors and the Manager take account of the social environment and ethical factors that
may affect the performance or value of the Company’s investments. Maven and the Directors believe that a company
run in the long-term interests of its Shareholders should manage its relationships with its employees, suppliers and
customers and behave responsibly towards the environment and society as a whole. The effectiveness of the policy
in respect of investee companies is monitored on an ongoing basis.
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 AGM sets out the business of the AGM and the resolutions are
explained more fully in the separate Circular containing the Notice of AGM as well as in the Directors’ Report and in
the Directors’ Remuneration Report. Separate resolutions are proposed for each substantive issue and Shareholders
have the opportunity to put questions to the Board and to the Manager. An announcement of the result of the proxy
voting at the AGM is released to the market shortly after the conclusion of the AGM. Nominated persons, often the
beneficial owners of shares held for them by nominee companies, may attend Shareholder meetings and are invited
to contact the registered Shareholder, normally a nominee company, in the first instance in order to be nominated
to attend the meeting and to vote in respect of the shares held for them. 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. In order to ensure that the Directors develop an understanding of the views of Shareholders,
correspondence between Shareholders and the Manager or the Chairman is copied to the Board. See Contact
Information for details on how to contact the Manager or Company Secretary.
The Company’s webpage is hosted on the Manager’s website, and can be visited at: mavencp.com/renovarvct from
where Annual and Interim Reports, London Stock Exchange announcements and other information can be viewed,
printed or downloaded. Further information about the Manager can be obtained from: mavencp.com.
Accountability and Audit
The Statement of Directors’ Responsibilities in respect of the Financial Statements is on page 62. The Statement of
Going Concern, the Viability Statement, and the Directors’ disclosure of information to the Auditor are included in the
Directors’ Report on pages 44, 45 and 48 respectively. The Independent Auditor’s Report is on pages 67 to 74.
Authorised for issue by the Board
Maven Capital Partners UK LLP
Secretary
20 May 2026
62 / Maven Renovar VCT PLC
The Directors are responsible for preparing the Annual Report, the Directors’ Remuneration Report and
the Financial Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors
have elected to prepare the Financial Statements in accordance with FRS 102, the Financial Reporting Standard
applicable in the UK and Republic of Ireland. The Financial Statements are required by law to give a true and fair view of
the state of affairs of the Company and of the net return of the Company for that period.
In preparing these Financial Statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the Financial Statements; and
• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
Company’s transactions and 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 2006. They are also
responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
The Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration
Report (including a report on remuneration policy) and Corporate Governance Statement that comply with
applicable laws and regulations.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on
the Company’s 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 January
2026 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 risks and uncertainties that it faces; and
• the Annual Report and Financial Statements taken as a whole is fair, balanced and understandable and provides
the information necessary for Shareholders to assess the Company’s position and performance, business model
and strategy.
Fiona Wollocombe
Director
20 May 2026
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
63 / Maven Renovar VCT PLC
Audit Committee
The Board is satisfied that at least one member of the
Committee has recent and relevant financial experience
and that the Committee as a whole has competence
relevant to the sector in which the Company operates.
The principal responsibilities of the Committee include:
• the integrity of the Interim and Annual Reports and
Financial Statements and reviewing any significant
financial reporting judgements contained therein;
• the review of the terms of appointment of the Auditor,
together with its remuneration;
• monitoring the effectiveness of the system of internal
controls and risk management, including a detailed
review of the Company’s risk register;
• receiving bi-annual compliance reports from the
Manager;
• the review of the scope and results of the audit and
the independence and objectivity of the Auditor;
• the review of the Auditor’s Reports and any required
response;
• meetings with representatives of the Manager;
• the review of the custody arrangements in place to
confirm ownership of investments;
• the provision of 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.
Activities of the Audit Committee
In the year under review, the Committee met three times.
At its meeting in March 2025, the Committee reviewed,
for recommendation to the Board, the Audit Report from
the Independent Auditor and the draft Annual Report and
Financial Statements for the year ended 31 January 2025.
The Committee concluded that it was satisfied with the
performance of BDO LLP (BDO) and recommended its
re-appointment.
At its meeting in September 2025, the Committee
reviewed the valuations of the investee companies and
the Half Yearly Report and Financial Statements for the
six months ended 31 July 2025.
At its meeting in November 2025, the Committee
considered the key risks detailed below and as detailed in
the Business Report, alongside 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. At this meeting, the Committee also agreed that
all risk related matters would be moved to a new Risk
Committee that the Board had agreed to establish. The
Committee also considered the Auditor’s planning report
for the year ending 31 January 2026.
Subsequent to 31 January 2026, at its meeting in March
2026, the Committee reviewed, for recommendation to
the Board, the draft Annual Report and Financial
Statements for the year ended 31 January 2026.
Following that review, the Committee provided advice
to the Board that it considered that 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 80. In accordance with
that policy, unlisted investments are valued by the
Manager in line with the IPEV Guidelines and are subject
to scrutiny and approval by the Directors. Investments
listed on a recognised stock exchange are valued at their
closing bid price at the year end.
The Audit Committee is chaired by Brian Scouler and comprises all independent Directors.
REPORT OF THE AUDIT COMMITTEE
64 / Maven Renovar VCT PLC
The Audit 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 January 2026 was as follows:
Investment
% of net assets
by value
Valuation
basis
Listed investments and Investment Trusts 58.0 Bid price
1
Unlisted investments 13.6 Directors’ valuation
OEICs and MMFs 18.9 Published NAV
Total investments including money market funds 90.5
1
London Stock Exchange closing bid price.
The Committee recommended the investment valuations, representing 90.5% of net assets as at 31 January 2026, to
the Board for approval. In addition, the revenue generated from dividend income and loan stock interest has been
considered by the Committee on a quarterly basis and the Directors are satisfied that the levels of income recognised
are in line with revenue estimates.
Review of Effectiveness
of Independent Auditor
As part of its annual review of audit service, the
Committee reviews the performance, effectiveness
and general relationship with the Independent Auditor
(the Auditor or BDO), including its independence and
objectivity. 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
BDO 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 Company appointed BDO as Auditor on 14 June
2011, following the completion of an audit tender
process. Under mandatory rotation rules, the Company is
required to put the external audit out to tender at least
every ten years. A tender and evaluation process was
undertaken in April 2021 and the decision was made for
the audit to remain with BDO LLP. The Committee
expects to repeat a tender process no later than 2030,
with a new auditor to be appointed in respect of the audit
for the year ending 31 January 2031, in line with the
current audit regulations. The Auditor’s Report is on
pages 67 to 74. BDO will rotate the senior statutory
auditor responsible for the audit at least every five years.
Gary Fensom is the Company’s current senior statutory
auditor, with the former senior statutory auditor, Peter
Smith, having completed his five year tenure in the year
to 31 January 2025.
The Company reviews its approach for governing and
controlling the provision of non-audit services by the
Auditor so as to safeguard its independence and
objectivity. Shareholders are asked to approve the
appointment/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 which restrict the Committee’s
choice of auditor. The Committee concluded that BDO is
independent of the Company and was satisfied with its
performance and recommended that a Resolution for the
re-appointment of BDO as Auditor should be put to the
2026 AGM.
The Audit Committee’s performance evaluation is carried
out by the Directors as part of the Board evaluation review.
In addition to the Board’s ordinary activities in the
period, the Audit Committee and the Board carried out a
full and comprehensive review of the Company’s risk
register. This included a reassessment of the principal
and emerging risks facing the Company, with particular
emphasis on economic risks, such as ongoing impact
of fluctuating inflation and interest rates, ongoing
geopolitical unrest, and the impact of the failure to
prevent an identified risk occurring, together with a
review of the control measures used to address the
identified risks. The Board also took the opportunity to
ensure that the risk register adequately addressed new
legislative and regulatory changes.
Internal Control and Risk Management
The Directors have overall responsibility for the
Company’s system of internal control and risk
management and procedures, and for reviewing its
effectiveness. However, as the Directors have delegated
the investment management, company secretarial and
administrative functions of the Company to the Manager,
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 Board include the ongoing review
65 / Maven Renovar VCT PLC
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 Directors
have confirmed that there is an ongoing process for
identifying, evaluating and managing the principal and
emerging risks faced by the Company, which has been in
place up to the date of approval of this Annual Report.
This process is reviewed regularly by the Board and
accords with internal control guidance issued by the FRC.
The Board reviews the effectiveness, at least bi-annually,
of the system of internal control and, 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 Directors have delegated the
management of the Company’s assets to the Manager
and this embraces implementation of the system of
internal control, including financial, operational and
compliance controls and risk management. Internal
control systems are monitored and supported by the
compliance function of the Manager, which undertakes
periodic examination of business processes, including
compliance with the terms of the Investment
Management and Administration Deed, and ensures that
recommendations to improve controls are implemented.
Risks are identified through the Company’s 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 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 Board.
The key components designed to provide effective
internal control for the year under review and up to the
date of this report are:
• the Manager prepares forecasts and management
accounts 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 areas, 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 the Manager reviews the
Manager’s operations, systems and controls on a
regular 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 Board 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 Board and has direct access to the
Directors at any time.
The internal control systems are intended to meet the
Company’s particular needs and the risks to which it is
exposed. Accordingly, these systems are designed to
manage, rather than eliminate, the risk of failure to
achieve business goals and, by their nature, can provide
reasonable, but not absolute, assurance against material
misstatement or loss.
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 and a key issue
that requires the particular attention of the Committee is
that unlisted holdings are recognised and measured in
line with the Company’s stated accounting policy.
Another risk is that the Company does not recognise
income in line with its stated policy on revenue
recognition and/or incorrectly allocates dividend income
between capital and revenue. The maintenance of the
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 - how the risk was
addressed
The Company uses the services of an independent
custodian (The Bank of New York Mellon SA/NV) 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. The portfolio is
reviewed and verified by the Manager on a regular basis
and management accounts, including a full portfolio
listing, are prepared quarterly and considered at the
quarterly meetings of the Board.
66 / Maven Renovar VCT PLC
The valuation of investments is undertaken in accordance
with the Company’s stated accounting policy, as set out
in Note 1(e) to the Financial Statements on page 80.
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 bid price.
The Board 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 Board also satisfied itself that
there were no issues associated with the existence and
ownership of the investments that required to be
addressed.
Revenue recognition –
how the risk was addressed
The recognition of dividend income and loan stock
interest is undertaken in accordance with the
accounting policy as set out in Note 1(b) to the Financial
Statements on page 79. The 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
Directors are satisfied that the levels of income
recognised are in line with revenue estimates. The
Board concluded that there were no issues associated
with revenue recognition that required to be addressed.
Maintenance of VCT status –
how the risk was addressed
Compliance with the VCT regulations is monitored
continually by the Manager and is reviewed by the
Board on a quarterly basis. The Board 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 Scouler
Director
20 May 2026
67 / Maven Renovar VCT PLC
INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF MAVEN RENOVAR VCT PLC
Opinion
In our opinion the financial statements:
• give a true and fair view of the state of the Company’s affairs as at 31 January 2026 and of its loss and
cash flows 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.
We have audited the financial statements of Maven Renovar VCT PLC (the ‘Company’) for the year ended 31
January 2026 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 a summary of 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).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the
financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remain 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. 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.
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 the appropriateness of the Directors’ method of assessing going concern in light of economic and
market conditions by reviewing the information used by the Directors in completing their assessment;
• Evaluating the sensitivity analysis applied by the Directors in their going concern assessment including the
impact of a significant reduction in the fair value of investments;
• Assessing the appropriateness of the Directors’ assumptions and judgements made in their base case and
stress tested forecasts including consideration of the available cash and liquid assets relative to forecast
expenditure and other commitments;
• Challenging the Directors’ assumptions and judgements made in their forecasts by performing an independent
analysis of the liquidity of the portfolio; and
• Reviewing the disclosures in the financial statements relating to going concern to assess whether they are
consistent with the Company’s circumstances.
68 / Maven Renovar VCT 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.
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the
Company’s ability to continue as a going concern.
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 in preparing the financial
statements.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the
relevant sections of this report.
Overview
Key audit matters 2026 2025
Valuation and ownership of investments
Materiality Company financial statements as a whole
£860,000 (2025: £1,120,000) based on 1% (2025: 1%) of net assets
An overview of the scope of our audit
Our audit was scoped by obtaining an understanding of the Company and its environment, the applicable
financial reporting framework and the system of internal control. We identified and assessed the risks of material
misstatement of the financial statements. We then applied professional judgement to focus our audit procedures
on the areas that posed the greatest risk of material misstatement to the financial statements. We continually
assessed risks throughout our audit, revising the risks where necessary, with the aim of reducing the risk of
material misstatement to an acceptable level, to provide a basis for our opinion.
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, including 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, and we do not provide a separate opinion on these matters.
Key audit matter How the scope of our audit addressed the key audit matter
Valuation and
ownership of
investments
(Note 1 and 8
to the financial
statements)
The investment portfolio at the
year-end comprised of quoted
and unquoted investments
held at fair value through profit
or loss.
We considered the valuation
and ownership of investments
to be a significant audit area
as investments represent the
most significant balance in
the financial statements and
underpins the principal activity
of the Company.
We responded to these matters by performing the following
procedures:
In respect of 100% of the quoted investment valuations
(£52.6m being 82% of the total portfolio by value) we have:
• Checked that the year-end bid price has been used by
agreeing to externally quoted prices.
• Recalculated the valuation by multiplying the number of
shares held (as per the statement independently obtained
from the custodian), by the price per share.
• Assessed whether there were any contra indicators, such
as liquidity considerations, that could suggest bid price
was not the most appropriate measure of fair value by
considering the realisation period for individual holdings;
and
• Obtained direct confirmation of the number of shares held
from the custodian.
69 / Maven Renovar VCT PLC
Key audit matter
(continued)
How the scope of our audit addressed the key audit matter
(continued)
While we do not consider
the valuation of quoted
investments to involve
a significant degree of
estimation or judgement, there
is a risk that the prices used
for the quoted investments
held by the Company may not
reflect their fair value at the
year end.
The valuation of unquoted
investments is subject to a
significant level of estimation
uncertainty as well as
judgement in the selection of
certain unobservable inputs.
There is an inherent risk of
management override arising
from the unquoted investment
valuations being prepared
by the Investment Manager
and the link to the overall
performance of the Company.
Additionally, in relation to
ownership and recording,
there is a risk of error in
the recording of quoted
and unquoted investment
holdings which could result
in the incorrect recognition of
investments by the Company.
For these reasons, and due to
the materiality of the balances
in the context of the financial
statements as a whole, we
considered the valuation and
ownership of quoted and
unquoted investments to be a
Key Audit Matter.
Our unquoted investments valuation testing was risk based
where 100% of the unquoted investments (£11.8m being
18% of the total portfolio by value) were assessed based
on the value of the individual investment in the context of
materiality, the subjectivity of the inputs to the valuations,
the nature of the investment and the quantum of the fair
value movement in the year. In respect of the sample of
unquoted investments valuations, we have:
• Considered whether the valuation methodology was
the most appropriate in the circumstances under the
International Private Equity and Venture Capital Valuation
(“IPEV”) Guidelines and the applicable financial reporting
framework.
• Obtained confirmation directly from the investee company
to confirm ownership at year end and recalculated the
value attributable to the Company, having regard to
the application of enterprise value across the capital
structures of the investee companies.
For investments that are valued based on Price of Recent
Investment, we have:
• Verified the Price of Recent Investment to supporting
documentation.
• Considered whether the investment was an arm’s length
transaction through inspecting the parties involved in the
transactions and considering whether or not they were
already investors of the investee company.
• Considered whether there were any indications that the
Price of Recent Investment was no longer representative
of fair value, including the current performance of the
investee company compared to forecasts and expectations
at the date of the investment.
For investments that are valued based on a written offer, we
have:
• Verified the valuation to the written offer including the
terms regarding cash consideration and future earn out.
• Challenged management’s assessment of the investee
company achieving future earn out milestones with
reference to the current financial performance and
forecasts of the investee company and reperformed the
valuation calculation across a range of plausible outcomes.
70 / Maven Renovar VCT PLC
Key audit matter
(continued)
How the scope of our audit addressed the key audit matter
(continued)
For investments that are valued based on revenue multiples,
we have:
• Challenged and corroborated the inputs to the valuation
with reference to management information of the investee
companies, market data and our own understanding and
assessed the impact of estimation uncertainty concerning
these assumptions.
• Inspected the historical and any recent management
information available to support assumptions regarding
maintainable revenues used in the valuations.
• Considered the revenue multiples and discounts applied
by reference to observable quoted company data.
Key observations
Based on the procedures performed we did not identify
any matters to suggest the valuation or ownership of
investments was not appropriate and we are satisfied
that the estimates and judgements made in the unquoted
investment valuations are appropriate considering the level
of estimation uncertainty.
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of
misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could
influence the economic decisions of reasonable users that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we
use a lower materiality level, performance materiality, to determine the extent of testing needed. Importantly,
misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the
nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their
effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole and
performance materiality as follows:
Company financial statements
2026
£
2025
£
Materiality 860,000 1,120,000
Basis for determining
materiality
1% of net assets
Rationale for the benchmark
applied
Net asset value is the primary measure used by the users in assessing the
performance of the Company as an investment entity. In setting materiality,
we have regard to the nature and disposition of the investment portfolio.
Given that the Company’s portfolio is comprised primarily of quoted
investments, we have applied a percentage of 1% of net asset value.
Performance materiality 645,000 840,000
Basis for determining
performance materiality
75% of materiality
Rationale for the percentage
applied for performance
materiality
The level of performance materiality applied was set after having considered
a number of factors including the expected total value of known and likely
misstatements and the level of transactions in the year.
71 / Maven Renovar VCT PLC
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in excess of
£43,000 (2025: £56,000). We also agreed to report differences below this threshold that, in our view, warranted
reporting on qualitative grounds.
Other information
The Directors are responsible for the other information. The other information comprises the information included in
the Annual Report other than the financial statements and our auditor’s report thereon. 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.
Corporate governance statement
The UK Listing Rules sourcebook requires us to review the Directors’ statement in relation to going concern, longer-
term viability and that part of the Corporate Governance Statement relating to the Company’s compliance with the
provisions of the UK Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained
during the audit.
Going concern and longer-term
viability
• 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 44;
• The Directors’ explanation as to their assessment of the Company’s
prospects, the period this assessment covers and why the period is
appropriate set out on pages 44 and 45; and
• The Directors’ statement on whether they have a reasonable expectation
that the Company will be able to continue in operation and meet its
liabilities set out on page 45.
Other Code provisions • Directors’ statement on fair, balanced and understandable set out on
page 62;
• Board’s confirmation that it has carried out a robust assessment of the
emerging and principal risks set out on pages 16 to 19;
• The section of the Annual Report that describes the review of
effectiveness of risk management and internal control systems set out on
pages 64 to 66; and
• The section describing the work of the Audit Committee set out on pages
63 and 64.
72 / Maven Renovar VCT PLC
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are
required by the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below.
Strategic report and Directors’
report
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.
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.
Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited
has been properly prepared in accordance with the Companies Act 2006.
Matters on which we are
required to report by exception
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, 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.
Responsibilities of Directors
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the Directors determine is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the Company and management.
73 / Maven Renovar VCT PLC
Extent to which the audit was 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:
Non-compliance with laws and regulations
Based on:
• Our understanding of the Company and the industry in which it operates;
• Discussion with the Investment Manager and those charged with governance and the Audit Committee; and
• Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and
regulations
We considered the significant laws and regulations to be the Companies Act 2006, the FCA listing and Disclosure
Guidance and Transparency Rules (DTR), the principles of the UK Corporate Governance Code, industry practice
represented by the Statement of Recommended Practice: Financial Statements of Investment Trust Companies
and Venture Capital Trusts and the applicable financial reporting framework. We also considered the Company’s
qualification as a VCT under UK tax legislation.
Our procedures in respect of the above included:
• Agreement of the financial statement disclosures to underlying supporting documentation;
• Enquiries of the Investment Manager and those charged with governance relating to the existence of any non-
compliance with laws and regulations;
• Obtaining the VCT compliance reports prepared by management’s expert during the year and as at year end and
reviewing their calculations to check that the Company was meeting its requirements to retain VCT status; and
• Reviewing minutes of meeting of those charged with governance throughout the period for instances of non-
compliance with laws and regulations.
Fraud
We assessed the susceptibility of the financial statements to material misstatement including fraud.
Our risk assessment procedures included:
• Enquiry with the Investment Manager and those charged with governance regarding any known or suspected
instances of fraud;
• Obtaining an understanding of the Company’s policies and procedures relating to:
• Detecting and responding to the risks of fraud; and
• Internal controls established to mitigate risks related to fraud.
• Review of minutes of meetings of those charged with governance for any known or suspected instances of
fraud; and
• Discussion amongst the engagement team as to how and where fraud might occur in the financial statements.
Based on our risk assessment, we considered the areas most susceptible to fraud to be the valuation of unquoted
investments and management override of controls.
Our procedures in respect of the above included:
• In addressing the risk of valuation of unquoted investments, the procedures set out in the key audit matter
section in our report were performed;
• In addressing the risk of management override of controls, we:
• Performed a review of estimates and judgements applied by the Directors in the financial statements to
assess their appropriateness and the existence of any systematic bias;
• Considered the opportunity and incentive to manipulate accounting entries and assessed the
appropriateness of any post-closing adjustments made in the period end financial reporting process;
• Reviewed for significant transactions outside the normal course of business; and
• Performed a review of unadjusted audit differences, if any, for indications of bias or deliberate misstatement.
74 / Maven Renovar VCT PLC
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members who were all deemed to have appropriate competence and capabilities and remained alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement 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 deliberate concealment by, for example, forgery,
misrepresentations or collusion. 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 are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.
org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters which we are required to address
Following the conclusion of a formal tender process in 2021, we were re-appointed by the Shareholders at the AGM
on 9 June 2021 subsequent to our original appointment by Shareholders at the AGM on 14 June 2011 to audit the
financial statements for the year ended 31 January 2021.
Our total uninterrupted period of engagement including retenders and appointments is 16 years, covering the years
ended 31 January 2011 to 31 January 2026.
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.
In due course, as required by the Financial Conduct Authority Disclosure Guidance and Transparency Rule 4.1.15R
- 4.1.18R, these financial statements will form part of the Electronic Format Annual Financial Report filed on the
National Storage Mechanism of the FCA in accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides
no assurance over whether the Electronic Format Annual Financial Report has been prepared in compliance with
DTR 4.1.15R – DTR 4.1.18R.
Gary Fensom (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, UK
20 May 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
75 / Maven Renovar VCT PLC
INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2026
Year ended
31 January 2026
Year ended
31 January 2025
Restated*
Notes
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Gain/(loss) on investments 8 - 824 824 - (3,051) (3,051)
Income from investments 2 1,060 - 1,060 1,803 - 1,803
Other income 2 586 - 586 1,107 - 1,107
Investment management fees 3 (393) (1,180) (1,573) (524) (1,570) (2,094)
Other expenses** 4 (1,778) - (1,778) (693) (14) (707)
Net return on ordinary activities
before taxation
(525) (356) (881) 1,693 (4,635) (2,942)
Tax on ordinary activities 5 - - - - - -
Return attributable to Equity
Shareholders
(525) (356) (881) 1,693 (4,635) (2,942)
Earnings and Diluted earnings
per share (pence)
7 (0.36) (0.25) (0.61) 1.14 (3.12) (1.98)
*
Further details of the restatement can be found in Note 20 on pages 93 and 94.
**
Other expenses in the year ended 31 January 2026 include non-recurring costs in relation to the requisition of a General
Meeting held on 13 August 2025 of £555,095 and £482,060 in relation to the Strategic Review.
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 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 79 to 94 are an integral part of the Financial Statements.
76 / Maven Renovar VCT PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
Non Distributable Reserves Distributable Reserves
Year ended
31 January 2026 Notes
Share
capital
£’000
Share
premium
account
£’000
Merger
Reserve
£’000
Capital
redemption
reserve
£’000
Capital
reserve
unrealised
£’000
Capital
reserve
realised
£’000
Special
distributable
reserve
£’000
Revenue
reserve
£’000
Total
£’000
At 31 January 2025 7,300 3,137 425 1,303 (21,251) (14,158) 134,779 3 111,538
Net return - - - - 9,689 (8,865) (1,180) (525) (881)
Transfer between
non-distributable and
distributable reserves*
13 - - (320) - - 320 - - -
Dividends paid 6 - - - - - - (21,599) - (21,599)
Repurchase and
cancellation of shares
12 (222) - - 222 - - (2,813) - (2,813)
At 31 January 2026 7,078 3,137 105 1,525 (11,562) (22,703) 109,187 (522) 86,245
Non Distributable Reserves Distributable Reserves
Year ended
31 January 2025 Notes
Share
capital
£’000
Share
premium
account
£’000
Merger
Reserve
£’000
Capital
redemption
reserve
£’000
Capital
reserve
unrealised
£’000
Capital
reserve
realised
£’000
Special
distributable
reserve
£’000
Revenue
reserve
£’000
Total
£’000
At 31 January 2024 7,553 3,137 425 1,050 (24,643) (6,131) 161,685 2 143,078
Net return* - - - - 3,392 (8,027) - 1,693 (2,942)
Dividends paid 6 - - - - - - (22,791) (1,692) (24,483)
Repurchase and
cancellation of shares
12 (253) - - 253 - - (4,115) - (4,115)
At 31 January 2025 7,300 3,137 425 1,303 (21,251) (14,158) 134,779 3 111,538
*
The Board approved the write-off of LeisureJobs.com (formerly Sportsweb), this reserve movement reflects this full asset
impairment leaving one remaining asset (Synectics PLC) in the merger reserve.
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.
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 page 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. The split of
unrealised gains/(losses) for the year is detailed within the portfolio valuation section of Note 8.
The accompanying Notes on pages 79 to 94 are an integral part of the Financial Statements.
77 / Maven Renovar VCT PLC
BALANCE SHEET
AS AT 31 JANUARY 2026
Notes
31 January 2026
£’000
31 January 2025
Restated*
£’000
Fixed assets
Investments at fair value through profit or loss 8 64,344 94,236
Current assets
Debtors 10 263 228
Money market funds 10 13,707 8,796
Cash at bank 16 8,132 8,963
22,102 17,987
Creditors
Amounts falling due within one year 11 (201) (685)
Net current assets 21,901 17,302
Net assets 86,245 111,538
Capital and reserves
Called up share capital 12 7,078 7,300
Share premium account 13 3,137 3,137
Merger reserve 13 105 425
Capital redemption reserve 13 1,525 1,303
Capital reserve - unrealised 13 (11,562) (21,251)
Capital reserve - realised 13 (22,703) (14,158)
Special distributable reserve 13 109,187 134,779
Revenue reserve 13 (522) 3
Net assets attributable to Ordinary Shareholders 86,245 111,538
Net asset value per Ordinary Share (pence) 14 60.92 76.39
*
Further details of the restatement can be found in Note 20 on pages 93 and 94.
The Financial Statements of Maven Renovar VCT PLC, registered number 04138683, were approved and authorised
for issue by the Board of Directors and were signed on its behalf by:
Fiona Wollocombe
Director
20 May 2026
The accompanying Notes on pages 79 to 94 are an integral part of the Financial Statements.
78 / Maven Renovar VCT PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2026
Year ended
31 January 2026
Year ended
31 January 2025
Restated*
Notes £’000 £’000
Cash flows from operating activities
Investment income 589 987
Other income 610 1,131
Investment management fees (897) (2,233)
Management termination fees (1,142) -
Other expenses (1,768) (627)
Net cash flows from operating activities 15 (2,608) (742)
Cash flows from investing activities
Purchase of investments (5,488) (10,013)
Sale of investments 36,588 26,208
Purchase of money market funds (46,943) (23,297)
Sale of money market funds 42,032 30,632
Net cash flows from investing activities 26,189 23,530
Cash flows from financing activities
Equity dividends paid 6 (21,599) (24,483)
Repurchase of Ordinary Shares (2,813) (4,345)
Net cash flows from financing activities (24,412) (28,828)
Decrease in cash (831) (6,040)
Cash at bank at beginning of year 8,963 15,003
Cash at bank at end of year 8,132 8,963
*
Further details of the restatement can be found in Note 20 on pages 93 and 94.
The accompanying Notes on pages 79 to 94 are an integral part of the Financial Statements.
79 / Maven Renovar VCT PLC
1. Accounting Policies
The Company is a public limited company, incorporated
in England and Wales and its registered office is shown
in the Corporate Summary on page 2.
(a) Basis of preparation
The Financial Statements have been prepared on a
going concern basis, further details can be found
in the Directors’ Report on page 44. 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 on a time apportionment basis so as to
reflect the effective yield. Where interest is rolled up and/
or payable at redemption then it is recognised as income
unless there is reasonable doubt as to its receipt.
Redemption Premiums
When a redemption premium is designed to protect
the value of the instrument holder’s investment rather
than reflect a commercial rate of revenue return the
redemption premium should be recognised as capital.
The treatment of redemption premiums is analysed
to consider if they are revenue or capital in nature on
a company by company basis. A revenue redemption
premium of £nil (2025: £nil) was received in the year
ended 31 January 2026.
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 which 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 have been
allocated 25% to revenue and 75% to the special
distributable reserve to reflect the Company’s
investment policy, prospective income and capital
growth and the boards expectation of the long term
income and capital returns; and
• share issue costs are charged to the share premium
account.
(d) Taxation
Deferred taxation is recognised in respect of all timing
differences that have originated but not reversed at
the balance sheet date, where transactions or events
that result in an obligation to pay more tax in the future
or right to pay less tax in the future have occurred at
the balance sheet date. This is subject to deferred tax
assets only being recognised if it is considered more
likely than not that there will be suitable profits from
which the future reversal of the underlying timing
differences can be deducted. Timing differences are
differences arising between the Company’s taxable
profits and its results as stated in the Financial
Statements 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.
FOR THE YEAR ENDED 31 JANUARY 2026
NOTES TO THE
FINANCIAL STATEMENTS
80 / Maven Renovar VCT PLC
(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
and loss. At subsequent reporting dates, investments
are valued at fair value, which represents the Directors’
view of the amount for which an asset could be
exchanged between knowledgeable and willing parties
in an arm’s length transaction. This does not assume
that the underlying business is saleable at the reporting
date or that its current shareholders have an intention
to sell their holding in the near future.
A financial asset or liability is generally derecognised
when the contract that gives rise to it is settled, sold,
cancelled or expires.
1. For early stage investments completed 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
the portfolio management team of Maven. The
resultant valuations are subject to detailed scrutiny
and approval by the Directors of the Company.
4. In accordance with normal market practice,
investments listed on the AIM or a recognised stock
exchange are valued at their closing bid market price
at the year end.
(f) Fair value measurement
Fair value is defined as the price that the Company
would receive upon selling an investment in a timely
transaction to an independent buyer in the principal or
the most advantageous market of the investment. A
three-tier hierarchy has been established to maximise
the use of observable market data and minimise the use
of unobservable inputs and to establish classification of
fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market
participants would use in pricing the asset or liability,
including assumptions about risk, for example, the
risk inherent in a particular valuation technique used
to measure fair value including such a pricing model
and/or the risk inherent in the inputs to the valuation
technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or
liability developed based on market data obtained from
sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting
entity’s own assumptions about the assumptions market
participants would use in pricing the asset or liability
developed based on best information available in the
circumstances.
The three-tier hierarchy of inputs is summarised in the
three broad levels listed below.
• Level 1 - the unadjusted quoted price in an active
market for identical assets or liabilities that the
entity can access at the measurement date;
• Level 2 - inputs other than quoted prices included
within Level 1 that are observable (i.e. developed
using market data) for the asset or liability, either
directly or indirectly; and
• Level 3 - inputs are unobservable (i.e. for which
market data is unavailable) for the asset or liability.
(g) Gains and losses on investments
When the Company sells or revalues its investments
during the year, any gains or losses arising are credited/
charged to the Income Statement.
The Board reviews changes in the fair value of
investments held for any reductions that it considers to
be permanent and will give consideration to whether
these fair value losses on investments held should be
transferred to the capital reserve realised.
(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 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 other critical accounting judgements.
1. Accounting policies (continued)
81 / Maven Renovar VCT PLC
2. Income
Year ended 31 January 2026 Year ended 31 January 2025
£’000 £’000
Income from investments:
UK franked investment income 941 1,427
UK unfranked investment income 119 376
1,060 1,803
Other income:
Income from MMFs 342 685
Deposit interest 244 422
Total income 1,646 2,910
3. Investment management fees
Year ended 31 January 2026 Year ended 31 January 2025
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Investment management fees 108 323 431 524 1,570 2,094
Management termination fees* 285 857 1,142 - - -
393 1,180 1,573 524 1,570 2,094
*
During the year, Amati Global Investors Limited (AGI) charged the Company £1,142,000 upon termination of their position as
manager, which was determined by the Investment Management and Administration Deed (IMA). Maven was appointed on 1 May
2025 and has agreed not to charge a management fee for the first 2 years as determined in the IMA.
Details of the fee basis are contained in the Directors’ Report on page 48.
4. Other expenses
Year ended 31 January 2026 Year ended 31 January 2025
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Secretarial fees 158 - 158 67 - 67
Administration fee 83 - 83 98 - 98
Administration termination fees 50 - 50 - - -
Directors’ remuneration 114 - 114 98 - 98
Fees to Auditor - audit of financial
statements
69 - 69 60 - 60
Miscellaneous expenses 1,304 - 1,304 370 14 384
1,778 - 1,778 693 14 707
Termination costs of £50,000 for administrative fees were charged by AGI, the former investment manager.
Fees to Auditor in respect of the audit of the Financial Statements were £57,450 plus VAT (2025: £50,000 plus VAT).
Included within miscellaneous expenses for the year ended 31 January 2026 are non-recurring costs of £555,000
for the requisition general meeting; £482,000 for the strategic review of the transfer of manager as well as £89,000
relating to tender offer costs.
The expenses are shown inclusive of VAT.
82 / Maven Renovar VCT PLC
5. Tax on ordinary activities
Year ended 31 January 2026 Year ended 31 January 2025
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% (2025: 25%).
Year ended 31 January 2026 Year ended 31 January 2025
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Net return on ordinary activities before
taxation
(525) (356) (881) 1,693 (4,635) (2,942)
Net return on ordinary activities before
taxation multiplied by standard rate of
corporation tax
(131) (89) (220) 423 (1,159) (736)
Non taxable UK dividend income (321) - (321) (205) - (205)
(Gain)/Loss on investments - (206) (206) - 722 722
Movement in excess management
expenses
452 295 747 (222) 437 215
Non-deductible expenses - - - 4 - 4
- - - - - -
Losses with a tax value of £7,999,035 (2025: £7,252,033) 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.
83 / Maven Renovar VCT PLC
6. Dividends
Year ended 31 January 2026 Year ended 31 January 2025
£’000 £’000
Amounts recognised as distributions to
Shareholders in the year
Revenue dividends
First interim dividend for the year ended
31 January 2026 of nil (2025: 1.15p)
- 1,692
- 1,692
Capital dividends
Special capital dividend for the year
ended 31 January 2026 of 10.00p paid
on 30 May 2025 (2025: 10.00p)
14,417 14,918
First interim dividend for the year
ended 31 January 2026 of 2.50p paid
14 November 2025 (2025: 1.35p)
3,591 2,003
Second special dividend for the year
ended 31 January 2026 of 2.50p paid
on 14 November 2025 (2025: 2.50p)
3,591 3,669
Second interim capital dividend for the year
ended 31 January 2026 of nil (2025: 1.50p)
- 2,201
21,599 22,791
Total dividends paid in year 21,599 24,483
7. Earnings per share – Basic and diluted
Year ended
31 January 2026
Year ended
31 January 2025
The returns per share have been based on the
following figures:
Weighted average number of Ordinary Shares 143,804,998 148,415,333
Revenue return (£525,000) £1,693,000
Capital return (£356,000) (£4,635,000)
Total return (£881,000) (£2,942,000)
84 / Maven Renovar VCT PLC
8. Investments
Year ended 31 January 2026
Listed
(quoted
prices)
£’000
AIM /
Nasdaq
(quoted
prices)
£’000
OEICs
(observable
inputs)
£’000
Unlisted
equities and
Unquoted
fixed income
£’000
Total
£’000
Valuation at 31 January 2025 - Restated* - 70,093 15,736 8,407 94,236
Unrealised loss/(gain) - Restated* - 21,490 (1,014) 1,004 21,480
Investments -
permanent reductions in fair value
- - - 5,545 5,545
Cost at 31 January 2025 - Restated* - 91,583 14,722 14,956 121,261
Movements during the year:
Transfers during the year
1
- (3,839) - 3,839 -
Purchases 1,371 - 2,951 1,550 5,872
Sales proceeds - (20,016) (16,572) - (36,588)
Realised gain - 1,054 1,466 - 2,520
Cost at 31 January 2026 1,371 68,782 2,567 20,345 93,065
Investments -
permanent reductions in fair value
- (9,430) - (7,500) (16,930)
Unrealised (loss)/gain (33) (10,669) 1 (1,090) (11,791)
Valuation at 31 January 2026 1,338 48,683 2,568 11,755 64,344
1
Transfers during the year include the delisting of Eneraqua Technologies PLC (£1,954,925), Lifesafe Holdings PLC (£799,800), Merit
Group PLC (£595,868), and The Brighton Pier Group PLC (£488,618) from AIM to unlisted equity holdings.
* The opening unrealised loss on investments in OEICs has been restated to include £162,000 unrealised loss on the Royal London
OEIC which was previously included in unrealised gains/(losses) on current asset investments. Further details of the restatement
can be found in Note 20 on pages 93 and 94.
**
While the fair value of the unlisted investments was correctly recorded in the prior year, the unlisted investments with fair value
reductions in the prior year that were deemed to be permanent (“permanently impaired”) were reflected as if permanently
disposed. As these unlisted investments remain held by the Company, the cost of these unlisted investments and the
associated permanent impairment (£5,545,000) has been presented separately in line with the Company’s policy.
Note 1(f) defines the three-tier hierarchy of investments, and the significance of the information used to determine
their fair value, which is required by Financial Reporting Standard 102 Section 11 “Basic Financial Instruments”.
Investment trusts and AIM securities are categorised as level 1, OEIC investments and money market funds 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 any accrual for or any release of deferred proceeds received on
sales transactions when proceeds are not all received upfront.
Included within purchases are £384,000 (2025: £846,000) of OEIC dividends reinvested.
85 / Maven Renovar VCT PLC
8. Investments (continued)
The Portfolio Valuation
31 January 2026
£’000
31 January 2025
Restated*
£’000
Investment trusts 1,338 -
AIM and Nasdaq quoted equities 48,683 70,093
Total level 1 investments 50,021 70,093
OEICs 2,568 15,736
Total level 2 investments 2,568 15,736
Unquoted unobservable equities 7,227 3,900
Unquoted unobservable fixed income 4,528 4,507
Total level 3 investments 11,755 8,407
Total investments 64,344 94,236
Realised loss on a historical basis (8,865) (2,869)
Net increase/(decrease) in value of
investments
9,689 (182)
Gain/(loss) on investments 824 (3,051)
*
Further details of the investment can be found in Note 20 on pages 93 and 94.
9. Participating interests
At 31 January 2026, the Company held shares amounting to 20% or more of the relevant class of equity capital for
the following undertakings.
Investment
% of
class
held
% of
equity
held
Total
cost
£’000
Carrying
value
£’000
Latest
accounts
period
end
Aggregate
capital &
reserves
£’000
Loss
after tax
for year
£’000
2 Degrees Limited
(trading as Secaro)
811,424 A2 Ordinary Shares 40.0 17.4 133,334 1,384,444 31/12/24 (2,104) (3,958)
2,375,300 A3 Ordinary Shares 40.0 1,866,665 3,662,404
Arimon Limited
(trading as Digilytics)
108,297 C1 Ordinary Shares 20.0 3.6 450,007 450,007 31/03/25 782 (119)
12,031 C2 Ordinary Shares 20.0 49,992 49,992
Details of equity percentages held are shown in the Investment Portfolio Summary on pages 41 to 43.
86 / Maven Renovar VCT PLC
10. Current assets: Debtors and money market funds
31 January 2026
31 January 2025
Restated*
£’000 £’000
Prepayments and accrued income 263 228
Money market funds 13,707 8,796
13,970 9,024
11. Creditors
31 January 2026 31 January 2025
£’000 £’000
Accruals 201 685
201 685
12. Share capital
31 January 2026 31 January 2025
Number £’000 Number £’000
At 31 January 2026 the authorised share
capital comprised:
Allotted, issued and fully paid
Ordinary Shares of 5p each:
Balance brought forward 146,009,780 7,300 151,069,824 7,553
Ordinary Shares repurchased during the year (4,447,152) (222) (5,060,044) (253)
Balance carried forward 141,562,628 7,078 146,009,780 7,300
During the year, 4,447,152 Ordinary Shares (2025: 5,060,044) were bought back in the market by the Company at a
total cost of £2,812,508 (2025: £4,345,000) and cancelled.
87 / Maven Renovar VCT 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 issue costs. 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.
Merger reserve
This reserve originally represented the share premium on shares issued when the Company merged with Singer &
Friedlander AIM VCT and Singer & Friedlander AIM 2 VCT in February 2006. The merger reserve is released to the
realised capital reserve as the assets acquired as a consequence of the merger are subsequently disposed of or
permanently impaired. The impairment of LeisureJobs.com Limited of £320,108 was reflected during the year. 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.
88 / Maven Renovar VCT PLC
14. Net asset value per Ordinary Share
The net asset value per Ordinary Share and the net asset value attributable to the Ordinary Shares at the year end,
calculated in accordance with the Articles of Association were as follows:
31 January 2026 31 January 2025
Net asset
value per
share
p
Net asset
value
attributable
£’000
Net asset
value per
share
p
Net asset
value
attributable
£’000
Ordinary Shares 60.92 86,245 76.39 111,538
The number of Ordinary Shares used in this calculation is set out in Note 12.
15. Reconciliation of net return to cash utilised by operations
Year ended
31 January 2026
Year ended
31 January 2025
£’000 £’000
Net return (881) (2,942)
Adjustment for:
(Gain)/loss on Investments (824) 3,051
Operating cash flow before movement in
working capital
(1,705) 109
Decrease in accruals (484) (37)
(Increase)/decrease in debtors (35) 32
Less dividends reinvested (384) (846)
Cash utilised by operations (2,608) (742)
89 / Maven Renovar VCT PLC
16. Financial instruments
The Company’s financial instruments comprise equity and fixed interest investments, cash balances and debtors
and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting
settlement, and debtors for accrued income. The Company holds financial assets in accordance with its investment
policy of investing mainly in a portfolio of VCT qualifying unquoted and AIM quoted securities. The Company may
not enter into derivative transactions in the form of forward foreign currency contracts, futures and options without
the written permission of the Directors. No derivative transactions were entered into during the period.
The main risks the Company faces from its financial instruments are (i) market price risk, being the risk that the
value of investment holdings will fluctuate as a result of changes in market prices caused by factors other than
interest rates, (ii) interest rate risk, (iii) liquidity risk, (iv) credit risk and (v) price risk sensitivity.
In line with the Company’s investment objective, the portfolio comprises mainly sterling currency denominated
securities and therefore foreign currency risk is minimal.
The Manager’s policies for managing these risks are summarised below and have been applied throughout the year.
All the Company’s financial assets and liabilities as at 31 January 2026 are stated at fair value, with the exception
of short-term debtors, creditors and cash which are carried at amortised cost, in accordance with FRS 102. The
Company’s financial liabilities are all non-interest bearing. The book value of the financial liabilities is not materially
different to the fair value and all are payable within one year.
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 Agreement mitigates the risk of excessive exposure to any
particular type of security or issuer. These powers and guidelines include the requirement to invest in a number of
companies across a range of industrial and service sectors at varying stages of development, to closely monitor the
progress of the investee companies and to appoint a non-executive director to the board of each company. Further
information on the investment portfolio (including sector analysis, concentration and deal type analysis) is set out
in the Analysis of Unlisted and Quoted Portfolio, the Investment Manager’s Review, the Summary of Investment
Changes, the Investment Portfolio Summary and the Largest Investments by Valuation.
(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.
90 / Maven Renovar VCT PLC
16. Financial instruments (continued)
(ii) Interest rate risk (continued)
The interest rate risk profile of financial assets at the Balance Sheet date was as follows:
At 31 January 2026
Fixed interest
£’000
Floating rate
£’000
Non-interest bearing
£’000
Sterling:
AIM and Nasdaq quoted equities - - 48,683
Investment trusts - - 1,338
OEICs - 2,568 -
Unlisted 4,528 - 7,227
Money market funds - 13,707 -
Cash at bank - 8,132 -
4,528 24,407 57,248
At 31 January 2025
Fixed interest
£’000
Floating rate
£’000
Non-interest bearing
£’000
Sterling:
AIM and Nasdaq quoted equities - - 70,093
OEICs - 15,736 -
Unlisted 4,507 - 3,900
Money market funds - 8,796 -
Cash at bank - 8,963 -
4,507 33,495 73,993
The unlisted fixed interest assets have a weighted average life of 1.65 years (2025: 2.65 years) and a weighted
average interest rate of 10.0% (2025: 10.0%).
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. The
benchmark rate which determines the rate of interest receivable on cash is the bank base rate which was 3.75% at 31
January 2026 (2025: 4.75%) while the MMFs and OEICs benchmark is determined by Sterling Overnight Index Average
(SONIA). A 1.00% increase or decrease in the base rate would mean an increase or decrease of interest received in
the year of £244,070 (2025: £334,950). 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.
91 / Maven Renovar VCT PLC
16. Financial instruments (continued)
Maturity profile
The maturity profile of the Company’s fixed interest financial assets at the balance sheet date was as follows:
At 31 January 2026
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 - 3,048 - 1,480 4,528
- 3,048 - 1,480 - 4,528
At 31 January 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 - - 3,034 - 1,472 4,506
- - 3,034 - 1,472 4,506
(iii) Liquidity risk
Due to their nature, unlisted investments may not be readily realisable and, therefore, a portfolio of listed assets
and cash is held to offset this liquidity risk. Note 1(f) details the three-tier hierarchy of inputs used as at 31 January
2026 in valuing the Company’s investments carried at fair value.
Cash balances are divested amongst four reputable banks with high quality external credit ratings to maximise
interest yields on undeployed funds.
(iv) Credit risk
This is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it
has entered into with the Company.
The Company’s financial assets exposed to credit risk amounted to the following:
31 January 2026 31 January 2025
£’000 £’000
Investments in unlisted debt
securities
4,528 4,507
Money market funds 13,707 8,796
Accrued income 231 158
Cash at bank 8,132 8,963
26,598 22,424
MMFs and all assets traded on a recognised exchange are held by The Bank of New York Mellon, the Company’s
Custodian. The Company is a direct shareholder on the register of the OEIC. Cash balances are held by The Bank
Of New York Mellon, Landesbank Baden Wuerttemberg, Virgin Money, and Coutts. Should the credit quality or
the financial position of any of these institutions deteriorate significantly, the Manager will move these assets to
another financial institution.
The Manager evaluates credit risk on unlisted debt securities and financial commitments and guarantees prior to
investment, and as part of the ongoing monitoring of investments. In doing this, it takes into account the extent and
quality of any security held. Typically, unlisted debt securities have a fixed charge over the assets of the investee
company in order to mitigate the gross credit risk. The Manager receives management accounts from investee
companies, and members of the investment management team sit on the boards of investee companies; this
enables the close identification, monitoring and management of investment specific credit risk.
The Company has indirect exposure to credit risks from the underlying securities held by the MMFs and OEICs.
These instruments are held purely for liquidity purposes and the Manager ensures that credit risk is mitigated
through diversifying the portfolio to minimise the risk of default of any one issuer.
There were no significant concentrations of credit risk to counterparties at 31 January 2026 or 31 January 2025.
92 / Maven Renovar VCT PLC
16. Financial instruments (continued)
(v) Price risk sensitivity
FRS 102 and SORP requires the Company to disclose the inputs to the valuation methods applied to its investments.
The valuation methodology can be found in Note 1(e) on page 80.
Under FRS 102 s.2A the fair value hierarchy definitions can be found in Note 8 on page 84.
AIM securities and Investment Trusts are categorised as level 1, OEIC investments as level 2 and unlisted
investments as level 3. Total investments per Note 8 are valued at £64,344,000.
The Board and Manager have carried out an assessment of the market price risk based on the Company’s portfolio as
at 31 January 2026. The assessment uses the AIM All Share Price index, their potential change in value as a proxy for
the AIM Investments and illustrates, based on historical price movements, their potential change in value. The Board
has considered a 20% movement in AIM quoted and Listed Investment Trust prices as at 31 January 2026.
The Royal London Short Term Money Market Fund held at 31 January 2026 is not subject to significant market
volatility through predominantly holding cash with regulated institutions.
Unlisted Investments are valued at fair value in accordance with the IPEV guidelines.
The Board review the valuations of each investee 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
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.
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 Valuation guidelines.
The Directors are required to consider the impact of changing one or more of the inputs as part of the unlisted
valuation process to reasonable alternative assumptions.
No sensitivity is applied to any unlisted investments where the equity is valued based on recent investment price,
discounted offer price or agreed contractual returns and net assets.
The review also looks at the potential impact of convertible loan notes whose values will vary according to the
underlying security into which the instrument has the option to convert to.
For the remainder of the portfolio the Board has considered the reasonable possible alternative input assumptions
on the valuation of each unlisted investee.
The impact of these valuation changes could result in an overall increase in the valuation of the combined unquoted
equity investments by £11,743,000 (13.6%) or a decrease in the valuation of equity investments of £10,868,000
(12.7%).
In terms of NAV, the increase in equity valuation would increase the NAV at 31 January 2026 by 8.30 pence per
share or decrease the NAV by 7.67 pence per share based on the shares in issue at 31 January 2026.
93 / Maven Renovar VCT PLC
17. Post balance sheet events
On 27 March 2026, the Board announced a special dividend in respect of the year ending 31 January 2027 of
3.50 pence per share. This special dividend was paid on 8 May 2026 to all Shareholders on the register as at
10 April 2026.
On 27 April 2026, the Board announced a Tender Offer for up to 12% of the issued share capital (excluding shares
held in treasury) of the Company as at the Record Date at 6pm on 21 May 2026.
18. Related Party Transactions
There were no related party transactions during the financial year. Fees payable during the year to the Directors
are disclosed within the Directors’ Remuneration Report on page 53. The Directors’ interests in the shares of the
Company are disclosed in the Directors’ Report on page 46.
19. Transactions with the Manager
Amati Global Investors Limited (AGI) were investment manager up to the date of termination of the fund
management contract on 30 April 2025. During this period the Company was charged £431,087 in management
fees, £21,202 in administration fees and a termination fee of £1,192,473.
Following the termination of AGI’s appointment, the Company has employed Maven Capital Partners UK LLP
(Maven) as Investment Manager. The Company will not be charged a management fee for the initial two years post
appointment by Maven.
From 1 May 2025, the Company appointed Maven as Company Administrator. The Company has been charged
£61,500 in administration fees for the year to 31 January 2026.
From 1 May 2025, Maven performed company secretarial duties and charged the Company £42,000. The Company
appointed Maven as Company Secretary on 1 February 2026.
20. Prior year adjustments
The comparative figures in the Financial Statements reflect the reclassification of the following:
Within the 2025 Financial Statements, the investment in Royal London Short-Term Money Market Funds Y Account
(Royal London) with a fair value of £4,380,380, was held as a current asset within money market funds. Royal
London is held on a continuing basis to generate economic benefits to support the Company’s principal activities
and, therefore, should have been disclosed within fixed assets as an OEIC. As a consequence investments were
understated, while current assets were overstated. This has been corrected to disclose Royal London within fixed
assets as an OEIC. The associated loss on investment of £162,000 has been corrected to disclose within ‘gain/(loss)
on investments’ and the associated cash flows from sales of Royal London of £10,500,000 has been corrected to
disclose within ‘sale of investments’ in the cash flow statement.
The adjustment does not impact Net Return, Net Assets nor Net decrease in cash.
Balance Sheet
As previously
reported Adjustments As restated
Fixed assets £’000 £’000 £’000
Investments at fair value through profit or loss 89,856 4,380 94,236
Current assets
Debtors 228 - 228
Money market funds 13,176 (4,380) 8,796
Cash at bank 8,963 - 8,963
22,367 - 17,987
Creditors
Amounts falling due within one year (685) - (685)
Net current assets 21,682 - 17,302
Net assets 111,538 - 111,538
94 / Maven Renovar VCT PLC
20. Prior year adjustments (continued)
As previously
reported Adjustments As restated
Income Statement £’000 £’000 £’000
Loss on investments (2,889) (162) (3,051)
Loss on current asset investments (162) 162 -
Income from investments and other income 2,910 - 2,910
Investment management fees and other expenses (2,801) - (2,801)
Return attributable to Equity Shareholders (2,942) - (2,942)
Earnings per share (pence) (1.98) - (1.98)
As previously
reported Adjustments As restated
Cashflow statement £’000 £’000 £’000
Net cash flows from operating activities (742) - (742)
Cash flows from investing activities
Purchase of investments (10,013) - (10,013)
Sale of investments 15,708 10,500 26,208
Purchase of money market funds (23,297) - (23,297)
Sale of money market funds 41,132 (10,500) 30,632
Net cash flows from investing activities 23,530 - 23,530
Net cash flows from financing activities (28,828) - (28,828)
Net increase/(decrease) in cash (6,040) - (6,040)
There has been no impact on the basic or diluted earnings per share.
95 / Maven Renovar VCT PLC
GLOSSARY
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
periods, and shows the dividends declared in respect of each of the past three financial periods 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 January 2026 31 January 2025
Dividends paid or proposed per Ordinary Share for the year (a) 15.00p 16.50p
NAV from immediately preceding year end (b) 76.39p 94.70p
Annual yield = (a/b)*100 19.64% 17.42%
Discount/premium to NAV*
A discount is the percentage by which the mid-market price of an Ordinary Share is lower than the NAV per
Ordinary Share. A premium is the percentage by which the mid-market price exceeds the NAV per Ordinary Share.
Discount calculation 31 January 2026 31 January 2025
NAV per Ordinary Share (a) 60.92p 76.39p
Closing mid-market share price (b) 59.00p 71.50p
Discount = ((a-b)/a)*100 3.15% 6.41%
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 which can
readily be converted to cash and could be considered realised.
Dividend per Ordinary Share
The total of all dividends per Ordinary Share paid or proposed by the Company in respect of the financial year.
Cumulative dividends paid per Ordinary Share to date*
The total of all dividends per Ordinary Share paid to date by the Company.
Earnings per Ordinary Share (EPS)
The net income after tax of the Company divided by the weighted average number of shares in issue during the
year. In a venture capital trust, this is made up of revenue EPS and capital EPS.
Ex-dividend date (XD date)
The date set by the London Stock Exchange, normally being the business day preceding the record date.
`
96 / Maven Renovar VCT PLC
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 January 2026 31 January 2025
NAV (a) £86,245,000 £111,538,000
Ordinary Shares in issue (b) 141,562,628 146,009,780
NAV per Ordinary Share = (a/b)*100 60.92p 76.39p
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 January 2026 31 January 2025
NAV per Ordinary Share (a) 60.92p 76.39p
Cumulative dividends paid per Ordinary Share as at the year end (b) 152.34p 137.34p
NAV total return = a+b 213.26p 213.73p
Net assets attributable to Ordinary Shareholders or Shareholders’ funds (NAV)
Total assets less current and long-term liabilities.
Ongoing Charges Ratio*
The total recurring annual running expenses (including management fees, but excluding performance fees, charged
to the capital reserve) as a percentage of the average net assets attributable to Shareholders.
31 January 2026 31 January 2025
Investment management fees £431,000 £2,094,000
Other expenses £602,000 £626,000
Total fees/expenses (a) £1,033,000 £2,720,000
Average annual NAV (b) £95,656,144 £128,404,905
Ongoing charges ratio = (a/b)*100 1.08% 2.12%
Operational expenses
The total of investment management fees and other expenses as reported in the Income Statement.
`
97 / Maven Renovar VCT PLC
Other expenses
The ongoing charges ratio (OCR) excludes non-recurring costs, resulting in an OCR for the year ended 31 January
2026 of 1.08% (2025: 2.12%). This is 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.
Expense Cost % of Average NAV
Total expenses FY26 3,351 3.50%
Termination fees 1,192 -1.25%
General meeting costs 555 -0.58%
Transfer of manager costs 482 -0.50%
Tender offer costs 89 -0.09%
Ratio for ongoing charges 1.08%
The cap on the ongoing charges ratio is 3.50%.
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 trade ex-dividend.
Unrealised gains/losses
The profit/loss on the revaluation of the investment portfolio at the end of the year.
98 / Maven Renovar VCT PLC
YOUR NOTES
99 / Maven Renovar VCT PLC
CONTACT
INFORMATION
Directors
Fiona Wollocombe (Chairman)
Robert Legget
Neeta Patel
Brian Scouler
Manager, Secretary and Principal place of business
Maven Capital Partners UK LLP
Kintyre House
205 West George Street
Glasgow G2 2LW
Telephone: 0141 306 7400
Email: enquiries@mavencp.com
Registered Office
6th Floor
Saddlers House
44 Gutter Lane
London EC2V 6BR
Registered in England and Wales
Company Registration Number: 04138683
Legal Entity Identifier: 213800HAEDBBK9RWCD25
ISIN: GB00B641BB82
TIDM: MRV
Webpage
www.mavencp.com/renovarvct
Registrar
The City Partnership (UK) Limited
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
Email: registrars@city.uk.com
Investor hub: maven-renovar-vct.cityhub.uk.com/login
Telephone: 01484 240910
(Lines are open from 9.00 am to 5.30 pm, Monday to Friday)
Auditor
BDO LLP
Legal advisers
Dickson Minto LLP
Custodian
The Bank of New York Mellon SA/NV
VCT Adviser
Philip Hare & Associates LLP
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