Half-year Financial Report

Maven Income and Growth VCT 5 PLC

15 July 2026

 

Maven Income and Growth VCT 5 PLC

Interim Results for the Six Months Ended 31 May 2026 (Unaudited)

The Directors announce the Interim Review and the unaudited Financial Statements for the six months ended 31 May 2026.

Highlights

·      NAV total return at 31 May 2026 of 85.58p per Ordinary Share

·      NAV at 31 May 2026 of 29.53p per Ordinary Share

·      Interim dividend of 0.75p per Ordinary Share

·      Offer for Subscription closed early, fully subscribed, raising £12.5 million

·      One new private company added to the portfolio, with a further two investments completed post the period end

·      Over £1.6 million in follow-on funding provided to support 12 private portfolio companies

·      Partial realisation of Summize completed, generating an initial return of 3.8x cost comprising cash of £1.3 million alongside a substantial retained equity stake

·      Exit from CYSIAM completed, generating a total return of 3.6x cost and over £1.3 million in cash proceeds

·      Post the period end, the exit from Secaro (formerly Manufacture 2030) completed

Interim Review

Overview

Your Company has delivered a resilient performance in the first half of the financial year. The modest reduction in NAV total return since the year end largely reflects challenging conditions in the wider economy, where markets have been impacted by geopolitical events as well as some artificial intelligence (AI) related valuation recalibrations. Whilst these factors have not directly impacted the performance of most companies in the unlisted portfolio, they have created a more challenging environment and, in accordance with industry best practice, valuation multiples have been reviewed to reflect broader market conditions. The stable performance that has been achieved reflects the strength of the underlying investment strategy where the focus remains on expanding the unlisted portfolio through the selective addition of ambitious and entrepreneurial businesses with high growth potential. The success of the most recent fundraising, which closed early, fully subscribed, provides liquidity to support further new and follow-on investment and, encouragingly, since the year end three new private company investments have completed. There continues to be a good level of acquisition interest in the private equity portfolio with three material realisations completing since the year end. The cash proceeds generated from these exits has supported the Directors' decision to declare an interim dividend of 0.75p per Ordinary Share, which will be paid on 28 August 2026.

During the reporting period, the macroeconomic backdrop has been dominated by the unsettled geopolitical landscape and, as a result, UK economic growth remains subdued. Whilst inflation has eased, it continues to be above the Bank of England's target, driven in part by the surge in energy prices, which may in turn influence future interest rate decisions. Consequently, business and consumer confidence levels are muted.

Against this market backdrop, it is encouraging to report that the majority of companies in the portfolio are demonstrating resilience and continuing to deliver against their business plans. The strategy remains to selectively invest in dynamic or disruptive companies with high growth potential, sourced through Maven's nationwide network of investment executives, to ensure that Shareholders continue to benefit from a well diversified portfolio that helps to mitigate risk and preserve value. Based on the current pipeline of opportunities and supported by strong liquidity, it is anticipated that there will be a healthy rate of new investment through the second half of the financial year.

The provision of additional funding to support portfolio businesses that are making demonstrable progress remains a key component of the investment strategy. The agile nature of smaller companies means that they are often better placed to adjust to prevailing market conditions. As an active investment partner, Maven's portfolio team continues to work closely with portfolio companies, helping them navigate the evolving environment, ensuring that their business models are appropriately positioned to maintain growth. As previously noted, there has been a general derating across the listed software sector driven by the perceived impact of AI. This has resulted in valuation multiples across the portfolio being reviewed to reflect this rebasing. The net impact of this realignment has been relatively modest.

In January 2026, the partial realisation of Manchester based AI-enabled legal software specialist Summize was achieved with a syndicate of UK private equity investors, including Maven's Regional Buyout Fund II, providing £40 million to support the business through its next phase of growth. Given the strong growth rate that Summize has achieved and its large addressable market opportunity, the Manager negotiated a partial exit, which generated an initial return of 3.8x cost comprising cash alongside a significant retained equity stake, providing your Company with a meaningful ongoing interest in this high performing business. In addition, your Company completed a new VCT qualifying investment as part of the larger third party funding round. It is encouraging to report that post this transaction, Summize has maintained a strong rate of revenue growth, particularly in North America, which is a core growth market. The additional funding provided by the new investment syndicate will support the business and help it to achieve further scale.

In April 2026, the exit from cyber security and resilience specialist CYSIAM completed generating a total return of 3.6x cost and over £1.3 million in cash proceeds. Since investment in 2021, CYSIAM has consistently demonstrated steady growth, establishing a strong position as a leading provider of cyber security and managed services to clients ranging from international governments to SMEs, with specialist clearance to provide services to UK Government departments.

Post the period end, the exit from carbon reduction software specialist Secaro (formerly trading as Manufacture 2030) completed with a sale to a trade buyer, marginally ahead of the cost of the investment with the potential for future contingent proceeds.

This has been another challenging period for AIM, with investor appetite for smaller quoted equities remaining subdued. The Manager retains a highly selective approach to supporting new AIM opportunities and did not complete any AIM investments during the period under review.

Dividend Policy

The Directors understand the importance of tax free distributions to Shareholders and will seek, as a guide, to pay an annual dividend that represents 6% of the NAV per Ordinary Share at the immediately preceding year end.

Shareholders should be aware that this remains a target and that decisions on distributions take into consideration a number of factors including realisation activity, the adequacy of distributable reserves, the availability of surplus revenue and the VCT qualifying level, all of which are kept under close and regular review.

Interim Dividend

Following the recent realisation activity, and consistent with the objective of making regular Shareholder distributions, the Directors are pleased to announce that an interim dividend of 0.75p per Ordinary Share, in respect of the year ending 30 November 2026, will be paid on 28 August 2026 to Shareholders who are on the register at 31 July 2026. Since the Company's launch, and after receipt of this interim dividend, a total of 56.80p per Ordinary Share will have been paid in tax free distributions. It should be noted that the payment of a dividend reduces the NAV by the total amount of the distribution.

The Board would like to remind Shareholders that it is their responsibility to ensure that the Company's Registrar (The City Partnership) has the correct contact and bank account details to allow for the timely payment of dividends. Shareholders are advised to check that they have received dividends and to contact the Registrar if they have not.

Dividend tax vouchers are available to download from the Registrar's investor hub at: maven-cp.cityhub.uk.com, with hard copies being posted to those Shareholders who have not opted to receive communications from the Company electronically.

Dividend Investment Scheme (DIS)

Your Company operates a DIS, through which Shareholders can, at any time, elect to have their dividend payments utilised to subscribe for new Ordinary Shares issued under the standing authority requested from Shareholders at Annual General Meetings. Ordinary Shares issued under the DIS are free from dealing costs and should benefit from the tax reliefs available on new Ordinary Shares issued by a VCT in the tax year in which they are allotted, subject to an individual Shareholder's particular circumstances.

Shareholders can elect to participate in the DIS in respect of future dividends by completing a DIS mandate form and returning it to the Registrar (The City Partnership). In order for the DIS to apply to the 2026 interim dividend, the mandate form must be received by the Registrar before 14 August 2026, this being the relevant dividend election date. The mandate form, terms & conditions and full details of the scheme (including tax considerations) are available from the Company's webpage at: mavencp.com/migvct5. Election to participate in the DIS can also be made through the Registrar's online investor hub at: maven-cp.cityhub.uk.com/login.

If a Shareholder is in any doubt about the merits of participating in the DIS, or their own tax status, they should seek advice from a suitably qualified adviser.

Offer for Subscription

On 27 March 2026, your Company's most recent Offer for Subscription closed early, fully subscribed, having raised a total of £12.5 million, including the £5 million over-allotment facility, for the 2025/26 and 2026/27 tax years. All new Ordinary Shares in relation to this Offer have now been allotted with four allotments completed for the 2025/26 tax year and one allotment for the 2026/27 tax year.

This additional liquidity will facilitate the further development of the portfolio in line with the investment and liquidity strategy. The funds raised will also allow your Company to maintain its share buy-back policy, whilst also spreading costs over a wider asset base, with the objective of maintaining a competitive ongoing charges ratio for the benefit of all Shareholders.

Portfolio Developments

Against a mixed economic backdrop, it is encouraging to report that most companies in the private equity portfolio continue to deliver the operational and financial targets set out in their business plans. The following summary provides an update on the key developments across the portfolio.

This has been another period of positive progress for governance, risk and compliance software provider RiskSmart. The business continues to grow sales and increase its client base, with both annual recurring revenue (ARR) and client numbers more than doubling over the 12 months. RiskSmart continues to experience strong demand from regulated businesses that are seeking to implement a more structured and efficient approach to risk management. The platform replaces fragmented, manual workflows with an AI-enabled, integrated and data driven solution, that can be easily integrated with existing frameworks. The solution is gaining commercial traction across sectors such as financial services, retail, energy and legal, with clients including Allica Bank, Funding Circle, Octopus Energy, Rightmove and Maven. RiskSmart was recently named a winner in both the regional and national early stage categories of the UK Private Capital Vision Awards. The business is led by an ambitious and experienced management team that is successfully executing the growth plan to achieve further scale.

During the period under review, education compliance software provider iAM Compliant has continued to build momentum within the schools and academy trust market. Since investment in 2023, iAM Compliant has achieved strong revenue growth with ARR more than doubling, driven by increasing demand for the company's integrated compliance, training and reporting solutions. Recent product development has focused on enhancing its sustainability functionality, which helps schools respond to evolving environmental requirements and reporting standards. The business was recognised as a Sector Winner at the Learning Excellence Awards in April 2026, highlighting the relevance of its sustainability offering. With good sector dynamics, it is anticipated that the business will continue to build sales momentum and achieve the ambitious financial and operational targets set out in its business plan.

Automated Analytics, a provider of AI-powered analytics for marketing, compliance and recruitment professionals continues to deliver impressive revenue growth. Since your Company first invested in 2024, ARR and customer numbers have increased significantly. The business recently established a physical presence in North America, where it is gaining strong commercial traction. The company's proprietary technology analyses all customer interactions enabling clients to identify the campaigns, keywords or channels that are driving sales. Automated Analytics can demonstrate tangible returns with key client Dyno-Rod doubling its online revenue after refining its marketing spend based on the platform's insights. The system is designed for straightforward integration within existing frameworks, and the growing customer base includes British Gas, Hamptons and KFC. In August 2025, the business strengthened its governance, through the appointment of Lord Kulveer Ranger to the board. His expertise extends across technology, infrastructure and public policy and will provide valuable strategic support to the company as it continues to expand.

Following the acquisition by MainSail in August 2024, which facilitated a profitable partial exit for your Company, digital archiving specialist MirrorWeb has continued to deliver strong growth, with ARR more than doubling over the period. The business is now operating at scale and continues to focus on product innovation and development to enhance its market position, ensuring that its technology remains disruptive to incumbents.

Over the past year, a number of new senior appointments have been made, particularly in North America, reflecting the increasing focus on this core growth market where regulatory requirements remain a key driver of demand. The business continues to receive external recognition and was recently named a finalist at the 2025 SaaS Awards in the Most Innovative SaaS Solution category. With increasing scrutiny surrounding electronic communications across financial services and other regulated sectors, MirrorWeb is well positioned to benefit from these ongoing positive market dynamics, and it is anticipated that the business will deliver further revenue growth in the year ahead.

Since your Company first invested in sustainable packaging designer and manufacturer iPac, it has consistently delivered good revenue growth and enhanced its market footprint. The business, which focuses on the efficient manufacture of sustainable packaging solutions primarily for the food sector, continues to deliver positive year on year growth, and with an increasing pipeline of near term opportunities it is well positioned to achieve its ambitious sales targets this year. During the period, your Company provided follow-on funding to support iPac as it invests in expansion and extrusion (the manufacture of its raw material). This vertical integration will enable the business to realise significant operational and cost synergies and, importantly, exercise greater control over its supply chain. The project is expected to be fully operational before the end of the calendar year with benefits starting to feed through shortly thereafter.

Geospatial intelligence provider McKenzie Intelligence Services continues to strengthen its position within the insurance sector where its platform, Global Events Observation (GEO), delivers real time data and insights to support underwriting and claims decisions following catastrophic events such as natural disasters or geopolitical unrest. Demand for GEO is supported by the increasing reliance on timely, data led decision making, particularly as the frequency and severity of such events continue to increase and become more costly. During the reporting period, the business has focused on expanding internationally, particularly into North America, which is an identified growth market, while also continuing to enhance its data and analytics capabilities. The development of strategic partnerships is anticipated to further strengthen the platform and support future growth in the year ahead.

As may be expected with a large portfolio of earlier stage businesses, there are a small number of investee companies that have not achieved their commercial targets and are trading behind plan. In certain cases, this has resulted in valuations being reduced. In addition, the Manager elected, or was unable, to provide further funding to support DiffusionData, Flow, Fixtuur and XR Games and the valuations were written down in full. In each of these cases, the businesses experienced specific operational challenges and Maven's portfolio management team worked closely with the respective management teams to implement a turnaround strategy or secure a solvent sale. Whilst these examples are disappointing, they highlight the higher risk nature of early stage investment and reinforces the importance of the Manager's chosen strategy of building a large and diversified portfolio to spread risk across a broad base of holdings and help protect Shareholder value.

Quoted Holdings

During the period under review, markets have been impacted by geopolitical and macroeconomic uncertainty. Although the FTSE AIM All-Share Index increased by 9.6%, this was mainly due to the outperformance of certain sectors outside of the VCT qualifying remit. The value of your Company's AIM quoted portfolio increased by 1.3% in the six month period. Given the ongoing uncertainty, the Manager has maintained a cautious approach to AIM and no new investments were completed during the period.

In the year to 31 December 2025, Concurrent Technologies, the designer and manufacturer of leading edge computer products, systems and mission critical solutions for high performance markets, delivered a positive performance. Revenue grew 14% to £45.9 million with defence and aerospace accounting for 90% of total revenue. Profit before tax (PBT) was up 25% to £6.5 million and the cash position, at the end of the year, increased to £14.4 million. The business entered 2026 with positive momentum supported by a record order intake, a growing pipeline of design wins and increased operational capacity. Underlying market dynamics remain supportive, and the board is confident of delivering results that are in line with market expectations in the full year to 31 December 2026.

Avingtrans, a designer, manufacturer and supplier of critical components, modules, systems and associated services to the energy, medical and industrial sectors, released interim results for the six month period ended 30 November 2025. Whilst revenue was flat at £78.1 million, this was in line with management's expectations. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) improved by over 10% to £9.6 million, driven by reduced losses in the Medical and Industrial Imaging division. The board anticipates meeting expectations for the full year to 31 May 2026 driven by nuclear projects, power for AI and data centres, and critical national UK infrastructure.

Water Intelligence, a provider of water leak detection and remediation solutions, released its results for the year to 31 December 2025. Revenue was ahead 9% at $90.4 million with adjusted EBITDA up 15% to $16.5 million. In the outlook statement, the company noted it remained on track to meet expectations for 10% revenue growth for the full year to 31 December 2026 driven by ongoing customer momentum for its technology enabled solutions platform in reducing the cost of water and damage caused by water leaks.

In the full year to 31 December 2025, Anpario, an independent manufacturer of natural, sustainable feed additives for animal health, nutrition and biosecurity delivered a strong set of results. Revenue increased by 24% to £47.2 million, benefitting from a full year contribution from US based Bio-Vet and good organic growth. Adjusted EBITDA grew 38% to £9.6 million with PBT up 54% to £7.9 million. Cash generation was strong, resulting in a year end cash position of £12.4 million. The outlook statement noted positive trading in Q1, supported by its strong geographic, product and species diversification. The company subsequently announced a share buyback programme of up to £3.0 million, reflecting the board's continued confidence in its prospects.

Treasury Management

The Board and the Manager maintain a proactive treasury management strategy. The objective remains to optimise the income generated from cash reserves prior to investment in VCT qualifying companies, while ensuring ongoing compliance with the Nature of Income condition. This requirement i​s a mandatory part of the VCT legislation, which stipulates that not less than 70% of a VCT's income must be derived from shares or securities, as opposed to bank interest income.

Your Company has a portfolio of diversified, permitted non-qualifying treasury management holdings that have strong fundamentals and attractive income characteristics. The core holdings include carefully selected money market funds (MMFs), open-ended investment companies (OEICs) and London Stock Exchange listed investment trusts, with the remaining cash held on deposit across several UK banks to minimise counterparty risk. This approach ensures ongoing compliance with the Nature of Income condition, whilst also providing a healthy stream of income that currently generates a blended annualised yield of 3.1% across the combined treasury management portfolio and uninvested cash.

This is a dynamic portfolio, which remains under close and regular review. Over time, the size and structure of the portfolio may vary depending on your Company's rate of investment, proceeds from realisations and overall liquidity levels, whilst also taking into consideration relevant macroeconomic and market factors. Full details of the treasury management holdings can be found in the Investment Portfolio Summary in the Interim Report.

New Investments

During the reporting period, one new private company was added to the portfolio:

·   Esk Film Services (Esk) is a B2B provider of technology enabled entertainment services that focus on producing high-end live experiences for blue chip brands such as Netflix, Paramount and BAFTA. The business specialises in licensing IP from rights holders and transforming it into high impact live entertainment formats including theatre, film in concert, and gaming related performances. Since inception in 2022, Esk has delivered over 550 shows worldwide and is gaining a strong reputation for successfully executing large scale live productions. The funding from the Maven VCTs is being used to develop Esk's marketing function to help the business expand its market presence, as growth to date has been achieved without any significant external funding. It will also be used to further develop the company's IP, to ensure it continues to differentiate itself from the competition.

The table below provides details of all the investments that were completed during the reporting period:

Investments	Date	Sector	£'000
New unlisted
ESK Film Services Limited	April 2026	Business Services	209
Total new unlisted			209
Follow-on unlisted
Alderley Lighthouse Labs Limited	December 2025	Pharmaceuticals, biotechnology & healthcare	180
Plyable Limited	December 2025	AI & data	50
Zinc Digital Business Solutions Limited1	December 2025 & May 2026	AI & data	85
Summize Limited	January 2026	AI & data	398
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations)	February 2026	Business services	75
Automated Analytics Limited	March 2026	Software	208
Kani Payments Holdings Limited	March 2026	AI & data	74
Fixtuur Limited	March 2026	Software	13
Liftango Group Limited	April 2026	Software	229
iAM Compliant Limited	April 2026	AI & data	18
Connected Data Company Limited	May 2026	Business services	124
Sensoteq Limited	May 2026	Software	187
Total follow-on unlisted			1,641
Total unlisted			1,850
Open-ended investment company2
Royal London Short Term Money Market Fund (Class Y Income)	May 2026	Open-ended investment company	1,000
Total open-ended investment company			1,000
Flexible investment trust2
Ruffer Investment Company Limited	May 2026	Investment trust	200
Total flexible investment trust			200
Fixed income investment trust2
Twentyfour Select Monthly Income Fund Limited	May 2026	Investment trust	127
Total fixed income investment trust			127
Real estate investment trust2
Primary Health Properties PLC	May 2026	Investment trust	100
Total real estate investment trust			100
Infrastructure investment trusts2
GCP Infrastructure Investments Limited	May 2026	Investment trust	70
Gore Street Energy Storage Fund PLC	May 2026	Investment trust	101
HICL Infrastructure PLC	May 2026	Investment trust	78
Total infrastructure investment trusts			249
Total investments completed during the period			3,526
Money market funds2
Aviva Investors Sterling Government Liquidity Fund (Class 3)	December 2025	Money market fund	1,500
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional)	December 2025	Money market fund	1,000
Fidelity Institutional Liquidity Sterling Fund (Class F)	March 2026	Money market fund	1,000
HSBC Sterling Liquidity Fund (Class A)	March 2026	Money market fund	1,000
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis)	May 2026	Money market fund	500
Northern Trust Sterling Cash Fund (Class B)	May 2026	Money market fund	1,000
Total money market funds3			6,000
Total investments completed during the period including cash equivalents			9,526

1Follow-on investment completed in two tranches. 2Investments completed as part of the treasury management strategy. 3Money market funds have been reclassified as a cash equivalent.

At the period end, the portfolio comprised of 133 unlisted and quoted investments, at a total cost of £58.9 million excluding cash equivalents.

Realisations

During the period, the partial exit from Summize and the full exit from CYSIAM generated a meaningful increase in cash resources.

While the exit from fintech Delio only achieved a partial recovery, this represents a significant effort from Maven's portfolio team to achieve a return from this challenging investment.

The table below gives details of all the realisations that were completed during the reporting period:

Realisations	Year first invested	Complete/ partial exit	Cost of shares disposed of £'000	Value at 30 November 2025 £'000	Sales proceeds £'000	Realised gain/(loss) £'000	Gain/(loss) over 30 November 2025 value £'000
Unlisted
CYSIAM Limited	2021	Complete	373	1,218	1,332	959	114
Delio Limited	2019	Complete	998	625	702	(296)	77
DiffusionData Limited	2020	Complete	901	228	26	(875)	(202)
QikServe Limited1	2016	Complete	-	-	22	22	22
Summize Limited	2022	Partial	337	1,164	1,277	940	113
Others			203	2	14	(189)	12
Total unlisted			2,812	3,237	3,373	561	136
AIM quoted
GENinCode PLC	2020	Partial	60	15	27	(33)	12
Total AIM quoted			60	15	27	(33)	12
Open-ended investment company2
Royal London Short Term Money Market Fund (Class Y Income)	2023	Partial	1,026	1,003	1,002	(24)	(1)
Total open-ended investment company			1,026	1,003	1,002	(24)	(1)
Private equity investment trust2
HgCapital Trust PLC	2016	Partial	100	144	110	10	(34)
Total private equity investment trust			100	144	110	10	(34)
Total realisations completed during the period			3,998	4,399	4,512	514	113

1Deferred consideration following the sale in December 2024. 2Realisations completed as part of the treasury management strategy.

Material Developments Since the Period End

Since 31 May 2026, two new private companies have been added to the portfolio:

Applied AGI is a developer of advanced AI software that enables computers and autonomous systems to identify, analyse and interpret visual information in complex, real world environments. The company's technology is used primarily in defence and security applications, where it helps clients process imagery and sensor data quickly and accurately, even in challenging conditions. Through partnerships with leading defence organisations and government bodies, Applied AGI is developing software solutions that support surveillance, target recognition and autonomous decision making while maintaining a strong focus on secure and independent AI solutions for use in mission critical applications. The funding from the Maven VCTs is being used to scale the engineering team, enhance the computing infrastructure to expedite the process of moving new products from prototype to deployment.

Xentra is a provider of managed cybersecurity and safeguarding services that is focused on supporting SMEs and education organisations across the UK. The company delivers subscription based solutions which help customers protect their digital infrastructure, manage cyber risk and meet increasingly stringent regulatory and safeguarding requirements. Through a combination of cybersecurity software, managed services and specialist support, Xentra offers smaller organisations access to enterprise grade protection without the need for extensive in-house expertise or significant capital outlay. The business generates the majority of its revenues from recurring subscriptions and has established a growing customer base with over 90 active clients operating in attractive and expanding end markets. Over the past two years, the business has achieved a fourfold increase in ARR and is well placed to continue delivering strong growth. The funding from the Maven VCTs is being used to expand the sales and customer success teams to accelerate growth.

Principal and Emerging Risks and Uncertainties

The principal and emerging risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2025 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in larger quoted companies. The valuation of investee companies may be affected by economic conditions, the credit environment and other risks including legislation, regulation, adherence to VCT qualifying rules and the effectiveness of the internal controls operated by the Company and the Manager. Political changes leading to uncertainty in markets, legislation and the economy are also considered by the Directors to be a principal risk, and the Board keeps the political situation, together with any associated changes to the economic, regulatory and legislative environment, under regular review. These risks and procedures are reviewed regularly by the Audit and Risk Committees and reported to your Board. The Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.

Global conflict and political instability continue to be considered as emerging risks. The Directors are mindful of these heightened and evolving security risks and the impact that uncertainty, as well as changes in underlying economic conditions, could have on the valuation of investee companies. During the period under review, the Directors have also recognised the broader macroeconomic risks related to changes in US domestic and foreign policy, and in particular the uncertainty in relation to trade tariffs. The Manager has undertaken an exercise to assess the impact of trade tariffs on portfolio companies and is working with management teams to consider potential future impacts where they may arise.

The Directors also recognise the rapid development and sophistication of AI, which creates both challenges and opportunities for the Manager and portfolio companies, as well as intensifying the cyber security threat landscape. The Manager has now progressed beyond initial recognition of this risk and has embarked on implementing a series of assessments and governance and oversight arrangements across the portfolio, whilst also acknowledging the potential benefits that AI may bring to portfolio companies where it can be strategically and astutely deployed.

The reduction in the initial income tax relief available for VCT shares, issued on or after 6 April 2026, as announced in the Autumn 2025 Budget, has been considered an emerging risk. Further details on this change are set out in the VCT Regulatory Update section of the Interim Report.

Share Buy-backs

The Directors acknowledge the need to maintain an orderly market in the Company's shares and have delegated authority to the Manager to enable the Company to buy back its own shares in the secondary market for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders.

It is intended that the Company will seek to buy back shares with a view to maintaining a share price that is at a discount of approximately 5% to the latest published NAV per Ordinary Share, subject to various factors including market conditions, available liquidity and the maintenance of the Company's VCT qualifying status. During the period under review, 5,492,262 Ordinary Shares were bought back at a total cost of £1.59 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. To discuss a transaction, a Shareholder's stockbroker should contact the Company's stockbroker, Shore Capital Stockbrokers, on 020 7647 8132. It should also be noted that the Company cannot buy back shares when it is in a closed period, which is the time from the end of a reporting period until either the announcement of the relevant results or the release of an unaudited NAV. Additionally, a closed period may be introduced if the Directors or the Manager are in possession of price sensitive information.

VCT Regulatory Update

During the period under review, your Company has remained fully compliant with the complex conditions and requirements of the VCT scheme.

As Shareholders may be aware, the 2025 Autumn Budget Statement introduced specific changes to the rules governing VCTs, which came into effect on 6 April 2026. Positively, and consistent with industry campaigning, the annual and lifetime investment limits and the gross assets test for VCT qualifying companies have doubled. The Board welcomed these upward revisions, as the new limits more accurately reflect the funding requirements of ambitious and entrepreneurial SMEs. Increasing the investment limits provides your Company with greater flexibility to support VCT qualifying companies as they scale, while the expansion of the gross assets test enlarges the pool of VCT qualifying companies in which your Company can invest.

However, the initial income tax relief available for VCT shares issued on or after 6 April 2026 has been reduced from 30% to 20%. The Manager remains actively involved in discussions with policymakers and industry bodies, providing evidence to support the important role VCT funding plays in financing fast growing SMEs across the UK, as a fundamental contributor to the Government's growth objective.

Valuation Methodology

Consistent with industry best practice, the Board and the Manager continue to apply the IPEV Guidelines as the central methodology for all private company valuations. The IPEV Guidelines are the prevailing framework for fair value assessment in the private equity and venture capital industry. In accordance with normal market practice, investments quoted on AIM or another recognised stock exchange are valued at their closing bid price at the period end.

Environmental, Social and Governance (ESG)

Although the Company's investment policy does not incorporate ESG objectives, and portfolio companies are not required to meet specific targets, Maven recognises the importance of maintaining a robust ESG framework when making new investments. Through its ESG and Responsible Investment Policy, ESG considerations are embedded within early stage due diligence, ensuring that risks and opportunities are assessed prior to investment and monitored on an ongoing basis thereafter.

The Manager remains an active signatory to the Principles for Responsible Investment and the Investing in Women Code, and continues to build on these commitments through targeted initiatives. In 2024, Maven launched its Female Founder Funding Programme to support female founded businesses, and this year joined the seventh cohort of the Pathways Forward programme, an initiative aimed at addressing the gender imbalance in entrepreneurship. As part of this commitment, Maven has pledged to conduct a survey of female founders to better understand their fundraising experience and will publish the findings within a digital brochure showcasing female entrepreneurship and leadership across Maven.

The Manager continues to prepare for upcoming regulation and monitor compliance with the Sustainability Disclosure Requirements, which were introduced in 2024. The Manager remains cognisant of the Task Force on Climate-related Financial Disclosures, International Financial Reporting Standards developments, and the forthcoming UK Sustainability Reporting Standards, and is actively preparing for potential reporting obligations.

Outlook

Following the success of the most recent fund raising, your Company has good levels of liquidity and is well positioned to progress its investment strategy. The portfolio that has been constructed provides Shareholders with exposure to a wide range of growth focused companies diversified across dynamic and emerging sectors where demand is less sensitive to consumer or discretionary spending. With a healthy pipeline of investment opportunities currently under review across Maven's nationwide network, it is anticipated that there will be a steady rate of deployment through the second half of the year. In addition, the Manager will pursue those exits that maximise Shareholder value and support the annual dividend target yield of 6%.

Graham Miller

Chairman

15 July 2026

Summary of Investment Changes

For the Six Months Ended 31 May 2026

	Valuation 30 November 2025		Net Investment/ (disinvestment)	Appreciation/ (depreciation)			Valuation 31 May 2026
Portfolio	£'000	%	£'000	£'000			£'000	%
Unlisted investments1
Equities	42,195	59.4	(1,745)	(1,463)			38,987	49.8
Loan stocks	4,880	6.9	468	21			5,369	6.9
	47,075	66.3	(1,277)	(1,442)			44,356	56.7
AIM/AQSE investments2
Equities	4,272	6.0	(273)	289			4,288	5.5
Liquidity investments3
OEICs	1,997	2.8	(2)	(1)			1,994	2.5
Investment trusts	4,716	6.6	566	(97)			5,185	6.6
Total investments	58,060	81.7	(986)	(1,251)			55,823	71.3
Cash and cash equivalents	12,716	17.9	9,407	-			22,123	28.3
Other assets	272	0.4	8	-			280	0.4
Net assets	71,048	100.0	8,429	(1,251)			78,226	100.0
Ordinary Shares in issue	229,455,909					264,875,572
NAV per Ordinary Share	30.96p					29.53p
Mid-market price	28.80p					28.80p
Discount to NAV	6.98%					2.47%

¹ These movements include the transfer of shares of Polarean Imaging PLC (£246,250) from AIM quoted into unlisted equity holdings.

² Shares traded on the Alternative Investment Market (AIM), the Aquis Stock Exchange (AQSE) and the Main

  Market of the London Stock Exchange.

³ These holdings represent the treasury management portfolio, which includes permitted non-qualifying holdings in investment trusts, open-ended investment companies (OEICs) and money market funds (MMFs) which are included in cash and cash equivalents.

Investment Portfolio Summary

As at 31 May 2026

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted
Summize Limited	2,312	906	3.1	3.2	25.7
Bud Systems Limited	2,208	846	2.9	4.7	13.0
Rockar 2016 Limited (trading as Rockar)	2,018	1,023	2.6	4.7	14.8
2 Degrees Limited (trading as Secaro)2	1,784	1,298	2.3	8.4	43.1
Bright Network (UK) Limited	1,732	1,264	2.2	7.2	31.9
Sensoteq Limited	1,594	1,203	2.0	7.9	23.7
Liftango Group Limited	1,585	1,424	2.0	6.9	29.8
RiskSmart Limited	1,575	525	2.0	4.3	46.3
iAM Compliant Limited	1,435	506	1.8	6.8	50.1
Horizon Technologies Consultants Limited	1,328	1,296	1.7	5.5	11.7
Blackdot Solutions Limited	1,244	995	1.6	3.1	9.2
Zinc Digital Business Solutions Limited	1,205	891	1.5	11.1	40.6
mypura.com Group Limited (trading as Pura)	1,203	678	1.5	3.0	23.6
Automated Analytics Limited	1,097	562	1.4	3.9	36.0
Filtered Technologies Limited	1,075	825	1.4	4.1	23.1
Plyable Limited	1,071	1,071	1.4	19.4	38.4
MirrorWeb Holdings LLC3	1,002	1,002	1.3	1.4	3.2
Precursive Limited	1,000	1,000	1.3	6.8	27.7
Hublsoft Group Limited	969	786	1.2	5.5	18.3
Novatus Global Limited4	958	205	1.2	1.2	3.0
Biorelate Limited	943	597	1.2	3.0	24.6
Enpal Limited (trading as Guru Systems)	891	891	1.1	7.5	14.1
Nano Interactive Group Limited	842	727	1.1	4.0	11.9
BioAscent Discovery Limited	734	174	0.9	4.4	35.6
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations)	734	522	0.9	2.6	26.2
WaterBear Education Limited	704	245	0.9	5.1	34.1
Relative Insight Limited	695	1,054	0.9	6.2	27.6
HCS Control Systems Group Limited	677	373	0.9	3.8	41.6
CODILINK UK Limited (trading as Coniq)	675	450	0.9	1.3	3.6
Laverock Therapeutics Limited	647	647	0.8	2.2	7.2
Arimon Limited (trading as Digilytics)	630	504	0.8	3.6	14.3
Alderley Lighthouse Labs Limited	628	628	0.8	8.4	59.1
Metrion Biosciences Limited	597	597	0.8	4.3	13.9
Connected Data Company Limited	547	547	0.7	3.9	11.8
Whiterock Group Limited	520	520	0.7	9.3	28.6
Servoca PLC5	483	136	0.6	1.2	-
McKenzie Intelligence Services Limited	481	159	0.6	1.6	14.0
AMufacture Limited	385	385	0.5	6.8	21.8
Kani Payments Holdings Limited	385	385	0.5	2.0	14.9
FITR. Holdings Limited	383	383	0.5	3.3	9.5
RevLifter Limited	348	348	0.4	2.3	29.6
Vodat Communications Group (VCG) Holding Limited	348	264	0.4	4.4	39.8
HiveHR Limited	338	413	0.4	6.0	38.6
PowerPhotonic Limited	325	325	0.4	2.7	19.0
Snappy Shopper Limited	307	307	0.4	0.4	1.3
ebb3 Limited	291	206	0.4	4.6	65.9
Growth Capital Ventures Limited	275	264	0.4	4.8	42.6
Boomerang Commerce IQ (trading as CommerceIQ)6	253	646	0.3	0.1	0.4
Esk Film Services Limited	209	209	0.3	3.2	19.9
Zing TopCo Limited (trading as Zing)	185	185	0.2	4.9	42.8
The Algorithm People Limited (trading as Optimize)	163	163	0.2	1.9	13.3
Cat Tech International Limited	114	98	0.1	-	-
BiVictriX Therapeutics PLC5	64	99	0.1	0.9	-
Kerrera TopCo Limited (trading as Kube Networks Limited)7	59	59	0.1	1.4	30.8
C4X Discovery Holdings Limited (formerly C4X Discovery Holdings PLC)5	28	40	-	0.1	0.8
K3 Business Technology Group PLC5	18	59	-	0.1	-
VSA Capital Group PLC5	14	510	-	0.5
Other unlisted investments	41	13,035	0.1
Total unlisted	44,356	45,460	56.7
Shaded line indicates that the investment was completed pre November 2015.
AIM/AQSE quoted
Concurrent Technologies PLC	1,268	161	1.7	0.6	-
Avingtrans PLC	607	54	0.9	0.3	-
Water Intelligence PLC	579	163	0.8	1.2	3.3
Netcall PLC	424	26	0.5	0.2	0.4
Anpario PLC	267	57	0.3	0.2	-
Synectics PLC	261	308	0.3	0.8	0.8
Vianet Group PLC	214	405	0.3	1.1	0.3
Pulsar Group PLC	169	224	0.2	0.4	0.1
Eden Research PLC	105	199	0.1	0.6	3.9
Croma Security Solutions Group PLC	100	433	0.1	1.1	-
GENinCode PLC	72	605	0.1	2.5	15.8
Cambridge Cognition Holdings PLC	54	62	0.1	0.4	3.5
Arecor Therapeutics PLC	46	167	0.1	0.2	2.4
Avacta Group PLC	34	7	-	-	-
Transense Technologies PLC	20	1,188	-	0.3	-
XP Factory PLC	15	27	-	-	0.1
Gelion PLC	14	121	-	0.1	0.1
RUA Life Sciences PLC	13	229	-	0.1	1.2
Other quoted investments	26	2,230	-
Total AIM/AQSE quoted	4,288	6,666	5.5
Private equity investment trusts8
Patria Private Equity Trust PLC	515	376	0.7	0.1	0.2
HgCapital Trust PLC	428	400	0.5	-	0.1
ICG Enterprise Trust PLC	374	305	0.5	-	0.2
NB Private Equity Partners Limited9	358	412	0.5	0.1	0.2
CT Private Equity Trust PLC	313	300	0.4	0.1	0.3
Pantheon International PLC	309	252	0.4	-	-
Total private equity investment trusts	2,297	2,045	3.0
Flexible investment trusts8
Ruffer Investment Company Limited	199	200	0.3	-	0.1
Caledonia Investments PLC	114	112	0.1	0.1	0.1
Total flexible investment trusts	313	312	0.4
Fixed income investment trusts8
Twentyfour Select Monthly Income Fund Limited	127	127	-	0.1	0.2
Total fixed income investment trust	127	127	-
Global equity investment trusts8
Alliance Witan PLC	198	149	0.3	-	-
JPMorgan Global Growth & Income PLC	195	150	0.3	-	-
Total global equity investment trusts	393	299	0.6
Real estate investment trusts8
Tritax BigBox REIT PLC	160	153	0.2	-	-
Land Securities Group PLC	110	107	0.1	-	-
Primary Health Properties PLC	100	100	0.1	-	-
Total real estate investment trusts	370	360	0.4
Infrastructure investment trusts8
Pantheon Infrastructure PLC	460	350	0.6	0.1	0.2
3i Infrastructure PLC	363	320	0.5	-	-
International Public Partnerships Limited	282	300	0.4	-	-
Foresight Environmental Infrastructure Limited	218	320	0.3	-	0.1
Foresight Solar Fund Limited	110	125	0.1	-	0.1
Gore Street Energy Storage Fund PLC	97	101	0.1	-	0.1
HICL Infrastructure PLC	84	78	0.1	-	-
GCP Infrastructure Investments Limited	71	70	0.1	-	-
Total infrastructure investment trusts	1,685	1,664	2.2
Open-ended investment companies8
Royal London Short Term Money Market Fund (Class Y Income)	1,002	1,000	1.3	-	0.1
Royal London Short Term Fixed Income Fund (Class Y Income)	992	1,000	1.2	0.1	0.2
Total open-ended investment companies	1,994	2,000	2.5
Total investments	55,823	58,933	71.3
Money market funds8
Aviva Investors Sterling Government Liquidity Fund (Class 3)	1,500	1,500	1.9	-	0.1
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis)	1,500	1,500	1.9	-	0.1
abrdn Liquidity Fund (Lux) - Sterling Fund K-1 Inc GBP	1,000	1,000	1.3	-	-
Aviva Investors Sterling Liquidity Fund (Class 3)	1,000	1,000	1.3	-	-
BlackRock Institutional Sterling Liquidity Fund (Core)	1,000	1,000	1.3	-	-
Fidelity Institutional Liquidity Sterling Fund (Class F)	1,000	1,000	1.3	0.1	0.2
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional)	1,000	1,000	1.3	0.4	1.3
HSBC Sterling Liquidity Fund (Class A)	1,000	1,000	1.3	-	-
Northern Trust Sterling Cash Fund (Class B)	1,000	1,000	1.3	6.1	12.2
State Street GBP Liquidity LVNAV Fund (Institutional)	1,000	1,000	1.3	-	-
Total money market funds10	11,000	11,000	14.2
Total investments including cash equivalents	66,823	69,933	85.5

¹ Other clients of Maven Capital Partners UK LLP.

² Formerly trading as Manufacture 2030.

³ This holding represents the retained minority interest following the partial sale of the holding in MirrorWeb Limited in August 2024, with a proportion of the proceeds being re-invested in the new entity, MirrorWeb Holdings LLC.

⁴ This holding reflects the retained minority interest following the sale in September 2024.

⁵ This company delisted from AIM during a previous period.

⁶ This holding reflects the retained minority interest following the sale of e.fundamentals (Group) Limited to CommerceIQ in July 2022.

⁷ Your Company gained an equity holding in Kerrera TopCo Limited (trading as Kube Networks Limited) as a result of an all share transaction to acquire ISN Solutions Group Limited.

⁸ Treasury management portfolio.

⁹ Trading as Neuberger Private Equity Partners Limited effective 12 June 2026.

¹⁰ Money market funds have been reclassified as a cash equivalent.

Income Statement

For the Six Months Ended 31 May 2026

	Six months ended 31 May 2026 (unaudited)			Six months ended 31 May 2025 (unaudited) Restated*				Year ended 30 November 2025 (audited)
	Revenue £'000	Capital £'000	Total  £'000		Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total  £'000
(Loss)/gain on investments	-	(1,251)	(1,251)		-	369	369	-	2,330	2,330
Income from investments	282	-	282		320	-	320	726	-	726
Other income	283	-	283		273	-	273	519	-	519
Investment management fees	(161)	(484)	(645)		(152)	(456)	(608)	(309)	(928)	(1,237)
Other expenses	(284)	-	(284)		(224)	-	(224)	(457)	-	(457)
Net return on ordinary activities before taxation	120	(1,735)	(1,615)		217	(87)	130	479	1,402	1,881
Tax on ordinary activities	-	-	-		-	-	-	-	-	-
Return attributable to Equity Shareholders	120	(1,735)	(1,615)		217	(87)	130	479	1,402	1,881
Earnings per share (pence)	0.05	(0.68)	(0.63)		0.10	(0.04)	0.06	0.21	0.62	0.83

*Further details of the restatement can be found in Note 4 in the Interim Report.

All gains and losses are recognised in the Income Statement.

The total column of this statement is the Profit & Loss Account of the Company. The revenue and capital return columns are prepared in accordance with the AIC SORP. All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year.

There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.

The accompanying Notes are an integral part of the Financial Statements.

Statement Of Changes In Equity

Six Months Ended 31 May 2026

Six months ended 31 May 2026 (unaudited)	Non-distributable reserves				Distributable reserves
	Share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Capital reserve unrealised £'000	Capital reserve realised £'000	Special distributable reserve £'000	Revenue reserve £'000	Total £'000
At 30 November 2025	22,945	31,780	2,854	5,293	8,283	1,233	(1,340)	71,048
Net return	-	-	-	1,987	(3,238)	(484)	120	(1,615)
Dividends paid	-	-	-	-	-	(1,835)	(115)	(1,950)
Repurchase and cancellation of shares	(549)	-	549	-	-	(1,590)	-	(1,590)
Net proceeds of share issue	4,033	8,142	-	-	-	-	-	12,175
Net proceeds of DIS issue*	59	120	-	-	-	-	-	179
Cancellation of share premium account	-	(31,700)	-	-	-	(31,700)	-	-
Cancellation of capital redemption reserve	-	-	(2,854)	-	-	(2,854)	-	-
Share premium cancellation costs	-	(21)	-	-	-	-	-	(21)
At 31 May 2026	26,488	8,321	549	7,280	5,045	31,878	(1,335)	78,226

Six months ended 31 May 2025 (unaudited)	Non-distributable reserves				Distributable reserves
	Share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Capital reserve unrealised £'000	Capital reserve realised £'000	Special distributable reserve £'000	Revenue reserve £'000	Total £'000
At 30 November 2024	20,807	24,814	1,789	(652)	13,898	8,321	(1,588)	67,389
Net return	-	-	-	498	(129)	(456)	217	130
Dividends paid	-	-	-	-	-	(2,299)	-	(2,299)
Repurchase and cancellation of shares	(669)	-	669	-	-	(2,047)	-	(2,047)
Net proceeds of share issue	3,048	6,737	-	-	-	-	-	9,785
Net proceeds of DIS issue*	67	145	-	-	-	-	-	212
At 31 May 2025	23,253	31,696	2,458	(154)	13,769	3,519	(1,371)	73,170

Year ended 30 November 2025 (audited)	Non-distributable reserves				Distributable reserves
	Share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Capital reserve unrealised £'000	Capital reserve realised £'000	Special distributable reserve £'000	Revenue reserve £'000	Total £'000
At 30 November 2024	20,807	24,814	1,789	(652)	13,898	8,321	(1,588)	67,389
Net return	-	-	-	5,945	(3,615)	(928)	479	1,881
Dividends paid	-	-	-	-	-	(4,953)	(231)	(5,184)
Repurchase and cancellation of shares	(1,065)	-	1,065	-	-	(3,207)	-	(3,207)
Net proceeds of share issue	3,048	6,684	-	-	-	-	-	9,732
Net proceeds of DIS issue*	155	282	-	-	-	-	-	437
Transfer between distributable reserves	-	-	-	-	(2,000)	2,000	-	-
At 30 November 2025	22,945	31,780	2,854	5,293	8,283	1,233	(1,340)	71,048

*DIS represents the Dividend Investment Scheme as detailed in the Interim Review.

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, 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 accompanying Notes are an integral part of the Financial Statements.

Balance Sheet

As at 31 May 2026

	31 May 2026 (unaudited) £'000	31 May 2025 (unaudited) Restated* £'000	30 November 2025 (audited) £'000
Fixed assets
Investments at fair value through profit or loss	55,823	56,832	58,060
Current assets
Debtors	772	666	734
Cash and cash equivalents	22,123	16,051	12,716
	22,895	16,717	13,450
Creditors
Amounts falling due within one year	(492)	(379)	(462)
Net current assets	22,403	16,338	12,988
Net assets	78,226	73,170	71,048
Capital and reserves
Called up share capital	26,488	23,253	22,945
Share premium account	8,321	31,696	31,780
Capital redemption reserve	549	2,458	2,854
Capital reserve - unrealised	7,280	(154)	5,293
Capital reserve - realised	5,045	13,769	8,283
Special distributable reserve	31,878	3,519	1,233
Revenue reserve	(1,335)	(1,371)	(1,340)
Net assets attributable to Ordinary Shareholders	78,226	73,170	71,048
Net asset value per Ordinary Share (pence)	29.53	31.47	30.96

*Further details of the restatement can be found in Note 4 in the Interim Report.

The Financial Statements of Maven Income and Growth VCT 5 PLC, registered number 04084875, were approved and authorised for issue by the Board of Directors and were signed on its behalf by:

Graham Miller

Director

15 July 2026

The accompanying Notes are an integral part of the Financial Statements.

Cash Flow Statement

For the Six Months Ended 31 May 2026

	Six months ended 31 May 2026 (unaudited) £'000	Six months ended 31 May 2025 (unaudited) Restated* £'000	Year ended 30 November 2025 (audited) £'000
Net cash flows from operating activities	(439)	(1,102)	(1,339)
Cash flows from investing activities
Purchase of investments	(3,526)	(3,447)	(5,902)
Sale of investments	4,526	718	3,894
Net cash flows from investing activities	1,000	(2,729)	(2,008)
Cash flows from financing activities
Equity dividends paid	(1,950)	(2,299)	(5,184)
Issue of Ordinary Shares	12,407	9,994	10,220
Share premium cancellation costs	(21)	-	-
Repurchase of Ordinary Shares	(1,590)	(2,047)	(3,207)
Net cash flows from financing activities	8,846	5,648	1,829
Net increase/(decrease) in cash and cash equivalents	9,407	1,817	(1,518)
Cash and cash equivalents at beginning of period	12,716	14,234	14,234
Cash and cash equivalents at end of period	22,123	16,051	12,716

The accompanying Notes are an integral part of the Financial Statements.

Notes to the Financial Statements

1.  Accounting policies

The financial information for the six months ended 31 May 2026 and the six months ended 31 May 2025 comprises non-statutory accounts within the meaning of S435 of the Companies Act 2006. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 30 November 2025, which have been filed at Companies House and which contained an Auditor's Report that was not qualified and did not contain a statement under S498 (2) or S498 (3) of the Companies Act 2006.

2.   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, including £130,973 current period (£486,177 cumulative) trail commission. This reserve is non-distributable.

Capital redemption reserve

The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve. This reserve is non-distributable.

Capital reserve - unrealised

Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. This reserve is generally non-distributable other than the part of the reserve relating to gains/(losses) attributable to readily realisable quoted investments which are distributable.

Capital reserve - realised

Gains or losses on investments realised in the year that have been recognised in the Income Statement are

transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal. This reserve is distributable.

Special distributable reserve

The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve account. The special distributable reserve also represents capital dividends, capital investment management fees and the tax effect of capital items. This reserve is distributable.

Revenue reserve

The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders as a dividend. This reserve is distributable.

3.   Return per Ordinary Share

	Six months ended 31 May 2026
The returns per share have been based on the following figures: Weighted average number of Ordinary Shares Revenue return Capital return	253,815,483 £120,000 (£1,735,000)
Total return	(£1,615,000)

4.   Prior Year Restatement

The Income Statement, the Balance Sheet and the Cash Flow Statement for the six months ended 31 May 2025 have been restated to classify investments in AAA-rated money market funds as cash and cash equivalents, together with the associated income. This treatment was changed to align to the presentation in accordance with guidance provided in FRS 102.

Consequently, within the Income Statement for the six months ended 31 May 2025, £150,000 of income associated with MMFs, which was classified as investment income, has now been reclassified to other income.

Also, within the Balance Sheet for the six months ended 31 May 2025, cash at bank and in hand of £9,051,000 and investments in AAA-rated money market funds of £7,000,000, which had previously been separately presented are now shown in aggregate as cash and cash equivalents in the amount of £16,051,000.

In the Cash Flow Statement for the period ended 31 May 2025, the opening and closing balances of cash and equivalents now include investments in AAA-rated money market funds as well as cash and bank and in hand, and purchases and sales of investments in AAA-rated money market funds have been excluded as they do not meet the definition of a long-term asset. As a result, "Net cash flows from investing activities" and "Net increase in cash and cash equivalents" have been decreased by £2,000,000, being the movement in AAA-rated money market funds during the prior period.

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

•    the Financial Statements for the six months ended 31 May 2026 have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland;

•    the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months and of the principal and emerging risks and uncertainties facing the Company during the second six months, of the year ending 30 November 2026; and

•   the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.

Graham Miller

Director

15 July 2026

Other information

The NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 May 2026, which was 264,875,572. A summary of investment changes for the six months under review and an investment portfolio summary as at 31 May 2026 are included above. A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders in due course. Copies of this announcement will be available to the public at the office of Maven Capital Partners UK LLP, Kintyre House, 205 West George Street, Glasgow, G2 2LW; at the registered office of the Company at 6th Floor, Saddlers House, 44 Gutter Lane, London EC2V 6BR; and on the Company's website at: mavencp.com/migvct5.

Neither the content of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

By order of the Board

Maven Capital Partners UK LLP

Secretary

15 July 2026

 

END