Annual Financial Report

Maven Income & Growth VCT 4 PLC

02 April 2026

 

Maven Income and Growth VCT 4 PLC

Final results for the year ended 31 December 2025

The Directors report the Company's financial results for the year ended 31 December 2025.

Highlights

•    NAV total return at the year end of 154.63p per Ordinary Share (2024: 154.32p)

•    NAV at the year end of 55.28p per Ordinary Share (2024: 59.47p)

•    Over £6.6 million deployed in new and follow-on investments

•    Two profitable private company exits completed with a further partial realisation completing shortly after the period end

•    Enhanced interim dividend of 2.75p per Ordinary Share paid on 29 August 2025

•    Second interim dividend of 1.00p per Ordinary Share paid on 16 January 2026

•    Final dividend of 0.60p per Ordinary Share proposed for payment on 15 May 2026, taking the annual yield to 7.3%

•    Offer for Subscription launched in September 2024 closed early, fully subscribed, raising £10 million

•    New Offer for Subscription launched in October 2025

Strategic Report

Chairman's Statement

On behalf of your Board, I am pleased to present the Annual Report for the year ended 31 December 2025. Notwithstanding the unsettled economic backdrop, your Company has made further positive progress and it is pleasing to report a modest increase in NAV total return. This resilient performance reflects the maturing profile of the private equity portfolio, where an increasing number of companies are delivering sustained revenue growth and achieving scale, which has resulted in the valuations of certain holdings being uplifted. The success of the 2024 fundraising provided good levels of liquidity to progress the investment strategy and it is encouraging to report that, during the year, five new private companies were added to the portfolio. There continues to be a healthy level of M&A interest in the private equity portfolio with two material exits completing during the year. The majority of the cash proceeds received from these exits were distributed to Shareholders through two interim dividends, reinforcing the Board's commitment to maintain a programme of regular Shareholder payments. The partial exit from Summize, which completed shortly after the period end, has supported the proposed final dividend of 0.60p per Ordinary Share. This takes the annual dividend to 4.35p per Ordinary Share, representing a yield of 7.3%, which comfortably exceeds the 6% target.

Overview

During the year, the macroeconomic landscape has continued to be dominated by geopolitical tension with UK growth remaining subdued. Although inflation stabilised towards the end of the year, enabling interest rates to gradually reduce, the 2025 Autumn Budget Statement has added further fiscal pressure, and it will take time for the full extent of the measures announced to filter through the economy.

As Shareholders may be aware, the Autumn Statement also introduced specific changes to the rules governing VCTs. Positively, and consistent with industry campaigning, the Chancellor announced that the annual and lifetime investment limits, and the gross assets test, for VCT qualifying companies would be doubled. The Board welcomes these changes, as the new limits more accurately reflect the funding requirements of ambitious and entrepreneurial SMEs. Increasing the investment limits provides your Company with greater flexibility to support VCT qualifying companies as they scale, while the expansion of the gross assets test enlarges the pool of VCT qualifying companies in which your Company can potentially invest. However, the Statement also announced that the initial income tax relief available for investment in new VCT shares, issued on or after 6 April 2026, would be reduced from 30% to 20%. The reduction in tax relief for investors is disappointing, and the Manager is actively involved in discussions with policy makers and industry bodies making the case for this change to be reversed.

Your Company has delivered a resilient performance in the financial year, reflecting the strength of the investment strategy and its ability to continue to deliver growth in Shareholder value. It is particularly encouraging to note the progress that has been achieved across the private company portfolio, where a growing proportion of businesses are maturing and achieving scale, with 22 companies now profitable. While the growth path for earlier stage businesses can take longer and may be less predictable than for established companies, which has resulted in a small number of failures this year, this has been offset by those portfolio companies that are scaling rapidly and increasing market share, and where valuations have been uplifted. Further details on the key developments across the portfolio can be found in the Investment Manager's Review in the Annual Report.

In line with the long term growth strategy, the core focus remains on steadily expanding the portfolio through the selective addition of private companies with high growth potential, that operate across a diverse range of sectors. The Manager continues to see good demand for growth capital across its network of regional offices and, during the year, invested £2.6 million into five new private companies. The portfolio now extends to over 80 growth focused companies, operating across a wide range of dynamic and emerging sectors such as Software-as-a-Service (SaaS), cyber security, data analytics, regtech and advanced manufacturing, with limited direct exposure to sectors that are more likely to be impacted by a reduction in discretionary consumer spending.

The provision of additional capital to support existing portfolio companies is an increasingly important element of the investment strategy and, during the year, £4.1 million of follow-on funding was provided to 19 portfolio companies. In most cases this was where businesses were making commercial progress and additional funding was required to help accelerate growth. For others, where progress was behind plan, funding was structured in tranches and released subject to the achievement of specific milestones, to help protect value.

During the year, market conditions within AIM have continued to be challenging, with investor appetite for smaller listed companies remaining subdued and limited new VCT qualifying investment opportunities. The AIM quoted portfolio now accounts for 1.8% of NAV, compared to 3.2% at the end of the previous financial year. The Manager will retain a cautious approach to AIM and it is unlikely that there will be any further new AIM investments except in situations where there is a convincing and capital light business case, or where the Manager believes there is an opportunity for early share price arbitrage.

During the year, there were two material and highly cash generative realisations from the private company portfolio. In early July 2025, the realisation of crematoria operator Horizon Ceremonies completed, generating an initial return of 2.3x cost and cash proceeds of over £5 million, with potential for a further deferred element, contingent on the receipt of planning approval at two identified sites. In November 2025, the exit from specialist mechanical and electrical maintenance contractor DPP also completed, generating a total return of 2.1x cost and cash proceeds of over £2.4 million. In both cases, the majority of the cash proceeds received from these exits were paid out to Shareholders through two interim dividends, demonstrating the Board's commitment to make regular Shareholder payments, particularly following significant profitable exits.

Shortly after the period end, a partial realisation of artificial intelligence (AI) enabled contract software specialist Summize was achieved, with a syndicate of UK private equity investors providing £40 million of funding to support the business through its next phase of growth. The transaction included a substantial commitment from Maven's Regional Buyout Fund II alongside two new institutional investors with your Company also participating as part of this funding round. This transaction enabled the Manager to negotiate a partial exit which generated an initial return for your Company of 3.6x cost, comprising cash alongside a substantial retained equity stake. Since your Company first invested in Summize in 2022 it has quickly become a high performing portfolio asset with annual recurring revenue (ARR) increasing by 100% year on year over the past five consecutive years. Having gained significant scale in the UK, the business successfully launched in the US and subsequently attracted acquisition interest which resulted in this transaction completing in early January 2026.

The ability to achieve a partial exit from high performing companies, such as Summize, is a strategy that the Manager has recently successfully utilised with MirrorWeb, Novatus Global and Quorum Cyber, all of which achieved rapid growth post investment and secured significant third party funding to help accelerate their business plans. In each case, this enabled your Company to achieve a partial exit which generated an initial cash return alongside a retained equity stake. The Directors endorse this approach, as it provides the opportunity to create liquidity to help support Shareholder distributions, while enabling your Company to remain invested in those companies that have the ability to become larger and more valuable assets.

Treasury Management

The Board and the Manager maintain a proactive treasury management strategy, where the objective remains to optimise the income generated from cash held prior to investment in VCT qualifying companies, whilst meeting the requirements of the Nature of Income condition. This is a mandatory part of the VCT legislation which stipulates that not less than 70% of a VCT's income must be derived from shares or securities, as opposed to bank interest income.

Your Company has a well established approach to treasury management, which focuses on maintaining a diversified portfolio of permitted non-qualifying holdings that have strong fundamentals and attractive income characteristics. The core holdings include carefully selected money market funds (MMFs), open-ended investment companies (OEICs) and London Stock Exchange listed investment trusts, with the remaining cash held on deposit across several UK banks to minimise counterparty risk. This approach ensures ongoing compliance with the Nature of Income condition, whilst also providing your Company with a healthy stream of income that currently generates a blended annualised yield of over 3% across the combined treasury management portfolio and uninvested cash.

It is worth highlighting that this is a dynamic portfolio, which remains under close and regular review. Over time, the size and structure of this portfolio may vary depending on your Company's rate of investment, the quantum of cash proceeds realised through exits and the overall liquidity level, whilst also taking into consideration relevant macroeconomic or market factors. Full details of the treasury management holdings at the year end can be found in the Investment Portfolio Summary in the Annual Report.

Dividend Policy

The Directors understand the importance of regular tax free distributions to Shareholders and, as announced in the 2024 Annual Report, enhanced the dividend policy by increasing the target annual yield from 5% to 6% of NAV per Ordinary Share at the immediately preceding year end.

Shareholders should be aware that this remains a target and that decisions on distributions take into consideration various factors including the realisation of capital gains, the adequacy of distributable reserves, the availability of surplus revenue and the VCT qualifying level, all of which are kept under close and regular review. As the portfolio continues to expand and the proportion of younger, high growth companies increases, the timing of distributions will be closely linked to realisation activity, whilst also reflecting the requirement to maintain the VCT qualifying level.

Interim Dividends and Proposed Final Dividend

In line with the dividend policy and following the realisation of Horizon Ceremonies in early July 2025, the Directors were pleased to announce an enhanced interim dividend, for the year ended 31 December 2025, of 2.75p per Ordinary Share, which was paid on 29 August 2025 to those Shareholders on the register at 25 July 2025. In addition, following the sale of DPP in November 2025, a second interim dividend, for the year ended 31 December 2025, of 1.00p per Ordinary Share was paid on 16 January 2026 to Shareholders on the register at 12 December 2025.

The proposed final dividend of 0.60p per Ordinary Share, in respect of the year ended 31 December 2025, will be paid on 15 May 2026 to Shareholders who are on the register at 17 April 2026. This will bring the annual dividend to 4.35p per Ordinary Share, representing a yield of 7.3% based on the NAV per Ordinary Share at the immediately preceding year end. Since the Company's launch, and after receipt of the proposed final dividend, a total of 100.95p per Ordinary Share will have been paid in tax free distributions. It should be noted that payment of a dividend reduces the NAV by the total amount of the distribution.

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

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

Dividend Investment Scheme (DIS)

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

Shareholders can elect to participate in the DIS in respect of future dividends by completing a DIS mandate form and returning it to The City Partnership. In order for the DIS to apply to the 2025 final dividend, due to be paid on 15 May 2026, the mandate form must be received by the Registrar before 1 May 2026, this being the relevant dividend election date. The mandate form, terms and conditions and full details of the scheme (including tax considerations) are available on the Company's webpage at mavencp.com/migvct4. Shareholders can also elect to participate in the DIS through the Registrar's online investor hub at maven-cp.cityhub.uk.com/login.

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

Distributable Reserves

At a general meeting of the Company, held on 13 November 2025, Shareholders approved special resolutions to cancel the share premium account and the capital redemption reserve, pursuant to the Companies Act 2006, to create a further pool of distributable reserves that could be used for future dividends or any other applicable purpose. On 20 February 2026, the Court of Session in Scotland confirmed the cancellation of the share premium account and the capital redemption reserve. The Court Order was registered by the Registrar of Companies on 26 February 2026.

Whilst the level of distributable reserves has increased, the quantum and timing of dividend payments will continue to be closely linked to realisation activity while also reflecting the requirement to maintain the Company's VCT qualifying level.

Fund Raising and Offer for Subscription

On 1 April 2025, the Offer for Subscription, which was launched in September 2024, closed early, fully subscribed, raising a total of £10 million for the 2024/25 and 2025/26 tax years. All new Ordinary Shares in relation to that Offer have now been allotted and further details can be found in Note 12 to the Financial Statements in the Annual Report.

On 2 October 2025, a new Offer for Subscription was launched, alongside Offers by the other Maven Income and Growth VCTs, accepting applications for the 2025/26 and 2026/27 tax years. Your Company has a target raise of £12.5 million, including the ability to utilise an over-allotment facility of up to £5 million, which was opened in early February 2026. As at the date of the Annual Report, your Company has attracted subscriptions of £8.7 million across both tax years. Further details about the Offer can be found at mavencp.com/vctoffer.

The Board is committed to making regular allotments of new Ordinary Shares. The first allotment for the 2025/26 tax year completed on 15 January 2026, with further allotments taking place on 17 February and 24 March 2026. Applications for the 2025/26 tax year will close on 2 April 2026, with an allotment completing later that day. Applications for the 2026/27 tax year will close on 24 April 2026, unless fully subscribed ahead of this date, with an allotment completing shortly thereafter.

The Directors are confident that Maven's regionally based team of investment executives has the resource and capability to continue sourcing attractive VCT qualifying companies across a range of dynamic sectors throughout the UK, and that this additional liquidity will facilitate the further expansion and development of the portfolio in line with the investment strategy. In addition, the funds raised will allow your Company to maintain its active share buyback policy, whilst also spreading costs over a wider asset base, with the objective of maintaining a competitive OCR for the benefit of all Shareholders.

Share Buy-backs

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

It is intended that the Company will seek to buy back shares with a view to maintaining a share price that is at a discount of approximately 5% to the latest published NAV per Ordinary Share. Any purchase of the Company's own shares will be subject to various factors including market conditions, available liquidity and the maintenance of the Company's VCT qualifying status. It should be noted that the Company cannot buy back shares whilst it is in a closed period, which is the time from the end of a reporting period until either the announcement of the relevant results or the release of an unaudited NAV. Additionally, a closed period may be introduced if the Directors or the Manager are in possession of price sensitive information.

Shareholders should note that neither the Company nor the Manager can execute a transaction in the Company's shares. If a Shareholder wishes to buy or sell shares on the secondary market, they should direct their instruction through a stockbroker of their choice. To discuss a transaction, the Shareholder's stockbroker should contact the Company's stockbroker, Shore Capital Stockbrokers, on 020 7647 8132.

VCT Regulatory Developments

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

As outlined earlier, the 2025 Autumn Budget Statement included amendments to the rules governing the VCT scheme with respect to investment limits and the tax relief available for VCT shares issued on or after 6 April 2026.

During the year, the VCT Association (VCTA), of which the Manager is a founding member, launched the Growth Beyond Limits campaign specifically focused on promoting the benefits of increasing the investment limits for VCT qualifying companies, which have been frozen for almost a decade. The VCTA, which represents 14 of the largest VCT fund managers, highlighted the case for increasing the limits to assist certain younger and higher growth companies. This is particularly relevant for those businesses that operate in sectors that have an extended investment cycle, such as life sciences, technology and other knowledge intensive sectors. The Board welcomed the announcement that, from 6 April 2026, the investment limits would be doubled. The annual amount that a VCT can invest in a qualifying company will increase to £10 million (£20 million for knowledge intensive companies) while the lifetime allowance for a VCT qualifying company will increase to £24 million (£40 million for knowledge intensive companies). In addition, the gross assets test will also double, which means that larger companies can now potentially qualify for VCT investment. These changes are welcome and should help to ensure that your Company, and the VCT industry more widely, can continue to provide funding to the UK's most innovative SMEs as they scale.

The Autumn Statement also announced that the initial income tax relief available for VCT shares, issued on or after 6 April 2026, would be reduced from 30% to 20%. The reduction in tax relief for investors is disappointing, and through the VCTA, the Manager will continue to provide evidence to reinforce the importance of VCT investment as part of the wider funding ecosystem. This will focus on highlighting specific cases where Maven has supported high growth businesses across the regions as they grow and create local, highly skilled employment opportunities.

Valuation Methodology

The Board and the Manager continue to apply the International Private Equity and Venture Capital Valuation (IPEV) Guidelines as the central methodology for all private company valuations. The IPEV Guidelines are the prevailing framework for fair value assessment in the private equity and venture capital industry. The IPEV Guidelines are updated periodically to ensure that they continue to reflect best practice and remain aligned with evolving accountancy standards and regulatory guidance, as well as reflecting developments within the wider market. The most recent update (December 2025) provided limited changes to the existing valuation framework, adding specific points for clarification on the impact of ESG and sustainability on valuation methodologies, and the use of AI enabled valuation models. With respect to the use of AI models for valuing unlisted investments, IPEV concluded that while they can be a useful tool to augment the valuation process, they do not replace human professional judgement and scepticism. It should be noted that the Manager does not currently utilise any such AI tools when valuing the unlisted portfolio.

In accordance with normal market practice, investments quoted on AIM, or another recognised stock exchange, are valued at their closing bid price at the period end.

Further details on your Company's approach to valuing portfolio companies can be found in the Business Report on and in Note 1(e) to the Financial Statements in the Annual Report. The principal Key Performance Indicators (KPIs) are outlined in the Business Report and a summary of the Alternative Performance Measures (APMs) is included in the Financial Highlights, with definitions of terms contained in the Glossary in the Annual Report.

Environmental, Social and Governance (ESG) Considerations

While your Company's investment policy does not incorporate specific ESG objectives, and portfolio companies are not required to meet any related targets, the Board and the Manager recognise the importance of considering ESG matters as an integral part of the investment process. Maven's ESG and Responsible Investment Policy ensures that ESG related risks and opportunities are identified during pre-investment due diligence and can be carefully considered as part of the investment process. Maven's post investment ESG framework provides a structure for regular engagement with companies to ensure that ESG metrics are monitored throughout the period of investment.

The Manager continues to be an active member of The United Nations Principles for Responsible Investment and submitted its second public investor report in July 2025. The Board is aware of the proactive work that Maven is doing to support social initiatives that promote diversity in the investment sector, such as Future Asset, the Investing in Women Code, the Lifted Project and Maven's own Female Founders Programme. Further details on Maven's approach to ESG and developments across the portfolio can be found in the Investment Manager's Review in the Annual Report.

Maven Capital Partners UK LLP

In early 2026, Maven announced that its long standing Fund Manager Bill Nixon would be stepping back from his role as Investment Manager of the Maven VCTs and retiring as Maven's Managing Partner, moving to a new role as Chair of Maven. Alongside senior colleagues, Bill founded Maven in 2009 and as its Managing Partner for over 17 years has grown Maven's business, particularly its VCT focus, establishing its position as a leading Manager in the sector. Bill has been the Investment Manager of your Company since inception and has been instrumental in driving growth and constructing the broad and well diversified portfolio that your Company holds today.

As part of a carefully planned succession, the role of Investment Manager of the Maven managed VCTs and Managing Partner at Maven have transitioned to Ewan MacKinnon, who has been co-managing Maven's VCT portfolio, alongside Bill, for several years. Ewan has more than 20 years of private equity and corporate finance experience and has been with Maven since 2009, initially originating and completing VCT investments in Scotland before becoming joint Investment Manager. Ewan is chair of Maven's valuation committee and, for the past few years, has been leading Maven's VCT fundraising programme. The Board has a well established and positive relationship with Ewan and looks forward to building on this in the future.

On behalf of my fellow Directors, I would like to take this opportunity to extend sincere gratitude to Bill for the pivotal role that he has played in developing and delivering the investment strategy, and enhancing Shareholder value, whilst navigating an evolving and increasingly complex VCT regulatory landscape. I am pleased to confirm that Bill has agreed to remain on the Board as a non-executive Director and we look forward to continuing to benefit from his valuable sector insight and detailed portfolio knowledge.

Annual General Meeting (AGM)

The 2026 AGM will be held on Thursday, 7 May 2026 in Maven's London office, which is located at 6th Floor, Saddlers House, 44 Gutter Lane, London, EC2V 6BR. The AGM will commence at 12 noon and the Notice of Annual General Meeting can be found in the Annual Report.

The Future

With a proven investment strategy and strong liquidity, your Company is well placed to deliver further growth in Shareholder value. In the year ahead, the Board and the Manager will remain focused on expanding the portfolio in size and scale through the addition of carefully selected growth businesses that have the potential to achieve scale and attract premium valuations at exit. In tandem, exit opportunities, which provide the opportunity to optimise Shareholder value, will also be progressed to support the dividend policy.

Fraser Gray

Chairman

2 April 2026

Business Report

This Business Report is intended to provide an overview of the strategy and business model of the Company, as well as the key measures used by the Directors in overseeing its management. The Company is a VCT and invests in accordance with the investment objective set out below.

Investment Objective

Under an investment policy approved by the Directors, the Company aims to achieve long-term capital appreciation and generate income for Shareholders.

Business Model and Investment Policy

The Company intends to achieve its objective by:

•     investing the majority of its funds in a diversified portfolio of shares and securities in smaller, unquoted UK companies and AIM quoted companies that meet the criteria for VCT qualifying investments and have strong growth potential;

•     investing no more than £1.25 million in any company in one year and no more than 15% of the Company's assets by cost in one business at any time; and

•     borrowing up to 15% of net asset value, if required and only on a selective basis, in pursuit of its investment strategy.

Principal and Emerging Risks

The Board maintains an ongoing process for identifying, evaluating, and monitoring both principal and emerging risks facing the Company. The risk register and risk dashboard are integral components of the Company's risk management framework and support a robust assessment of these risks, with particular emphasis on the effectiveness of mitigating controls.

The Board reviews the Company's risk profile on a regular basis, and risk ratings are updated throughout the year to reflect any changes. Given the dynamic nature of these updates, the Board, in agreement with the Manager, has determined that including a direction of travel indicator would not provide meaningful benefit. Any material changes to principal and emerging risks will be clearly disclosed in this report.

In 2025, the Board focused on ensuring compliance with the enhanced requirements of the 2024 UK Corporate Governance Code regarding internal controls. The Board has been working with the Manager in the period to identify material controls as they apply to the Company's principal risks and are confident that the material controls are operating effectively. The current principal and emerging risks facing the Company are considered to be as follows:

Principal risk	Root cause	Control measures
Investment risk	·  The majority of investments are in small and medium sized unquoted UK companies and AIM quoted companies, which carry a higher level of risk and lower liquidity relative to investments in larger quoted companies.	·  The Company appoints an FCA authorised investment manager with the appropriate skills, experience and resources required to achieve the Investment Objective. ·  The Board ensures that a robust and structured selection, monitoring and realisation process is applied by the Manager to all investments, and regularly reviews the investment portfolio with the Manager. ·  The Company's investment portfolio is diversified across a large number of companies and a range of economic sectors, and is actively and closely monitored.
Operational risk	·  Failure of a significant outsourcer to perform duties and responsibilities in accordance with service level agreements.	·  All outsourcers are selected following the completion of appropriate due diligence, with the Manager carrying out an annual review of key outsourcers. ·  The Manager and Custodian are FCA authorised and subject to FCA Rules requiring the maintenance of adequate financial resources, including enabling an orderly wind-down.
VCT Qualifying Status risk	·  Failure to meet VCT qualifying status could result in Shareholders losing the income tax relief on initial investment and loss of tax relief on any tax free income or capital gains received. Failure to meet the qualifying requirement could result in a loss of listing of the Company's shares.	·  The Board works closely with the Manager to ensure compliance with all applicable and upcoming legislation, such that VCT qualifying status is maintained. ·  Further information on the management of this risk is detailed under other headings in this Business Report.
IT and Cyber Security risk	·  Heightened cyber security risk and potential IT failure, which could cause a third party to fail to perform its duties and responsibilities or experience financial difficulties such that it is unable to carry on trading and cannot provide services to the Company.	·  The Manager, on behalf of the Board, closely monitors the systems and controls in place to prevent or mitigate against a systems or data security failure. ·  The Board reviews control and compliance reports from the Manager, which includes oversight of third party cyber security arrangements, to ensure these adequately address systems and data security risks. ·  The ability of third parties to operate effective business continuity plan (BCP) arrangements has been validated.
Legislative and Regulatory risk	·  Breaches of regulations including, but not limited to, the Companies Act 2006, the FCA Listing Rules, the FCA Disclosure Guidance and Transparency Rules, the General Data Protection Regulation (GDPR), or the Alternative Investment Fund Managers Directive (AIFMD) by the Company could lead to a number of detrimental outcomes and reputational damage.	·  The Board maintains a good understanding of the changing regulatory landscape and considers emerging issues so that appropriate changes can be developed and implemented in good time. ·  The Manager is responsible for monitoring compliance with applicable legislation and regulatory requirements. Where changes to legislation or regulation are proposed that may affect the Company, the Manager ensures that the Board is informed and that appropriate measures are taken to maintain ongoing compliance. ·  The Board and the Manager continue to make representations where appropriate, either directly or through relevant industry bodies such as the AIC, UK Private Capital and the VCTA in relation to any changes in legislation.
Political risk	·  Political changes leading to uncertainty in markets, legislation and the economy.	·  The Board regularly reviews the political situation, together with any associated changes to the economic, regulatory and legislative environment.
Emerging risk	Root cause	Control measures
Global Conflict and Political Instability	·  Escalating global conflict and political instability resulting in the potential for escalating prices, disruption to supply chains and general market uncertainty.	·  The Board regularly reviews the investment portfolio with the Manager. Maven works closely with portfolio companies to identify, and support, the management of any challenges resulting from global conflict and political instability. ·  The Board and the Manager are monitoring this risk closely and, whilst this risk cannot be obviated entirely, the Company's investment portfolio is diversified across a large number of companies and a range of economic sectors and the Manager actively and closely monitors the progress of portfolio companies.
Geopolitical risk and uncertainty	·  Broader global macroeconomic risks have escalated following the change of government in the US, in particular the introduction of trade tariffs.	·  The Manager has assessed the current impact of trade tariffs on portfolio companies and is working with management teams to consider potential future impacts, where these may arise. ·  The types of companies in which the VCT invests, together with the diversification of the portfolio, reduces the overall impact of tariffs.
Artificial Intelligence (AI)	·  Increase in the use of AI by the Manager or portfolio companies without proper consideration of the risks involved, with no mitigating controls being established.	·  The Manager has embarked on a series of risk assessments, governance and oversight arrangements with respect to AI risk, whilst also acknowledging the potential benefits of AI.

In addition, an explanation of certain economic and financial risks and how they are managed is contained in Note 16 to the Financial Statements in the Annual Report.

Statement of Compliance with Investment Policy

The Company is adhering to its stated investment policy and managing the risks arising from it. This can be seen in various tables and charts throughout the Annual Report, and from information provided in the Chairman's Statement and in the Investment Manager's Review. A review of the Company's business, its financial position as at 31 December 2025 and its performance during the year then ended is included in the Chairman's Statement, which also includes an overview of the Company's business model and strategy.

The management of the investment portfolio has been delegated to Maven, which also provides company secretarial, administrative and financial management services to the Company. The Board is satisfied with the breadth and depth of the Manager's resources and its nationwide network of offices, which supply new deals and enable it to monitor the geographically widespread portfolio of companies effectively.

The Investment Portfolio Summary in the Annual Report discloses the investments in the portfolio and the degree of co-investment with other clients of the Manager. The Portfolio Analysis charts show the profile of the investee companies by industry sector, demonstrate the broad market exposure across the portfolio, and provide insight into the age of the investments within the portfolio. The level of VCT qualifying investments is monitored continually by the Manager and reported to the Risk Committee quarterly, or as otherwise required.

Key Performance Indicators (KPIs)

During the year, the net return on ordinary activities before taxation was £489,000 (2024: £2,235,000); there was a net gain on investments of £1,356,000 (2024: £3,107,000) and earnings per share of 0.32p (2024: 1.58p). The Directors also use a number of APMs in order to assess the Company's success in achieving its objectives, which enable Shareholders and prospective investors to gain an understanding of its business. The APMs are shown in the Financial History table and definitions of the APMs can be found in the Glossary in the Annual Report.

•    NAV total return;

•    annual yield;

•    cumulative dividends paid;

•    share price discount to NAV;

•    share price total return; and

•    ongoing charges ratio (OCR).

The NAV total return is considered to be a more appropriate long term measure of Shareholder value as it includes both the current NAV per share and the sum of dividends paid to 31 December 2025. Cumulative dividends paid is the total amount of both capital and income distributions paid since the launch of the Company. The annual yield is the total of dividends paid or proposed per share for the financial year, expressed as a percentage of the NAV per share at the immediately preceding year end. In the year to 31 December 2024, the Directors revised the Company's dividend policy and now target a dividend that provides an annual yield of 6% of the NAV per share at the immediately preceding year end, subject to always complying with the VCT rules, and taking into consideration the level of distributable reserves, profitable realisations in each accounting period and the Company's future cash flow projections. The share price discount to NAV is the percentage by which the mid-market price of a share is lower than its NAV per share. Share price total return is the percentage movement in the share price over a period of time including any re-invested dividends paid over that timeframe. The OCR is a measure of the total cost to an investor and is the total recurring annual expenses of the Company, including management fees charged to the capital reserve, expressed as a percentage of the average net assets attributable to Shareholders. The Company's OCR for the year ended 31 December 2025 was 3.13% (2024: 3.00%) and is detailed in Note 4 to the Financial Statements in the Annual Report. A historical record of these measures is shown in the Financial Highlights, and the profile of the portfolio is reflected in the Summary of Investment Changes in the Annual Report. The Board also reviews the Company's operational expenses on a quarterly basis as the Directors consider that this element is an important component in the generation of Shareholder returns. Further information can be found in Notes 2 and 4 to the Financial Statements in the Annual Report.

Your Board continues to believe that a portfolio of private equity and selected AIM quoted holdings provides the optimal structure for delivering long term growth in Shareholder value. However, as detailed in the Chairman's Statement, the Manager will remain cautious on any new AIM investments.

There is no VCT index against which to compare the financial performance of the Company. However, for reporting to the Board and Shareholders, the Manager uses comparisons with the most appropriate index, being the FTSE AIM All-Share Index, and the graph in the Annual Report compares the Company's performance against the FTSE AIM All-Share Index. The Directors also consider non-financial performance measures, such as the flow of investment proposals, and ranking of the VCT sector by independent analysts.

In addition, the Directors will consider economic, regulatory and political trends and factors that may impact on the Company's future development and performance.

Valuation Process

Investments held by the Company in unquoted companies are valued in accordance with the IPEV Guidelines, being the prevailing framework for fair value assessment in the private equity and venture capital industry. The most recent update (December 2025) provided limited changes to the existing valuation framework adding points for clarification on specific items, on the impact of ESG and sustainability on valuation methodologies, and the use of AI enabled valuation models. The Directors and the Manager continue to follow these industry guidelines and adhere to the IPEV Guidelines in all private company valuations. Investments quoted or traded on a recognised stock exchange, including AIM, are valued at their closing bid price at the year end.

Share Buy-backs

At the forthcoming AGM, the Board will seek the necessary Shareholder authority to continue to conduct share buybacks in accordance with the Company's share buy back policy as outlined in the Chairman's Statement.

The Board's Duty and Stakeholder Engagement

The Directors' Section 172 statement should be read alongside the other contents of the Strategic Report and in the context of the Company's regulatory status as a small registered, internally managed, alternative investment fund under the Alternative Investment Fund Managers Directive (AIFMD). Under the Companies Act, the Directors have a duty to promote the success of the Company for the benefit of its members as a whole and in doing so, to have regard to several matters including, for example, the likely consequences of any decision in the long term, the need to foster business relationships and maintain a reputation for high standards of business conduct when dealing with third parties and the need to act fairly between Company members.

Given the nature of the Company, its day-to-day management and administration are outsourced to third party service providers, the most significant of which is the Manager. The Company does not have any customers in the traditional sense, nor does it appoint executive directors or employ staff. The Board, therefore, identifies the Company's key stakeholders as: its Shareholders, the Manager, portfolio companies, other service providers, regulatory and industry bodies, and the environment and wider society. In discharging the Section 172 duty and in line with Provision 5 of the AIC Corporate Governance Code, the Directors acknowledge the importance of achieving positive outcomes for, and engaging effectively with each of these stakeholder groups as an integral part of the Board's decision making processes, aligned to the Company's purpose and investment policy and in the promotion of the long-term success of the Company. An illustration of how the Board approaches stakeholder engagement and how it continues to seek positive outcomes for its stakeholders is set out in the table below.

Stakeholder group	Why Board engagement matters	Board engagement outcomes
Shareholders	Board engagement with Shareholders is vital to the success of the Company and the achievement of its strategic objectives. Aligning interests in respect of key matters such as investment policy and objectives, income generation and returns and fundraising, and ensuring fee transparency are essential in promoting the Company to Shareholders and also in facilitating trust and confidence in the Company and its performance in the long term.	The Board communicates with Shareholders at its AGM and through the Company's regular reporting, disclosures and handling of enquiries. The Company's 2025 AGM was held on 8 May 2025 and all resolutions were passed. The Manager and Company Secretary also act as points of contact for the Board and Shareholders and engagement logs are included in Board Meeting materials. The Board has adopted a dividend policy, targeting an annual dividend yield of 6% of the NAV per Ordinary Share at the immediately preceding year end, as well as an active treasury management strategy, and a share buy back policy. Details of which can be found in both the Chairman's Statement, and in the Directors' Report in the Annual Report. Two interim dividends were paid in the period and a final dividend is proposed for Shareholder approval at the 2026 AGM, which, if approved, will exceed the annual target yield. During the year, the Company launched a further fundraising through an Offer for Subscription, the Prospectus for which was published on 2 October 2025 with a target raise of £12.5 million, including an over-allotment facility of £5 million, which the Directors have resolved to utilise. As at the date of the Annual Report, the Company has attracted subscriptions of £8.7 million across both tax years. Following the success of the 2024 fundraising and aligned to Shareholder interests, the Board's decision to launch the current Offer for Subscription was to champion further growth and retain a competitive OCR, spreading certain fixed costs over a wider asset base and increasing liquidity. Further details regarding the current Offer for Subscription can be found in the Chairman's Statement in the Annual Report.
Manager (and its employees)	The day-to-day management and administration of the Company is outsourced to the Manager and thus Board engagement and oversight is crucial in ensuring effective execution of the Company's investment policy, as well as ensuring compliance with relevant legislation and regulation and to promote governance best practice.	The Board maintains a constructive, open and transparent relationship with the Manager through regular dialogue, reporting and oversight. To further hold the Manager to account, the Board has established a Management Engagement Committee to annually review the terms and execution of the Management and Administration Deed which, details the nature of the Manager's relationship with the Company, inclusive of fees, and provides for a clear delegation of authority and responsibility. In addition to providing regular reporting to the Board, the Manager also publishes a bi-annual newsletter, Creating Value, which is available on the Manager's website, mavencp.com.
Portfolio companies .	The successful execution of the Company's investment policy and its ability to generate positive returns for Shareholders is directly linked to the performance of its underlying portfolio companies and approach to managing investment risk. Board oversight, through the reporting of the Manager, is key to ensuring a comprehensive understanding of individual portfolio company purpose and strategy, good governance and ongoing alignment of interests.	In addition to the review of the Manager's Report, risk register and portfolio analysis at its quarterly meetings, the Board supports the Manager's approach of securing, where possible, representation on the boards of the unlisted portfolio companies. This promotes deeper Manager engagement and oversight of this part of the portfolio which in turn, can be reviewed and challenged by the Board for the benefit of the Company and its members as a whole. From time to time, the Board also receives presentations from the management of portfolio companies.
Other service providers (excluding the Manager) .	In order for the Company to meet its obligations as a VCT with a premium listing on the London Stock Exchange, it is supported by several other third parties as well as the Manager. Each third party service provider brings the necessary level of expertise to ensure the Company remains compliant and operates responsibly.	The Board endorses access to an extensive, and broad base of resource and expertise to assist the Company in fulfilling all relevant obligations and to ensure the effective management and administration of the Company. The Board oversees and monitors the Company's relationship with third party service providers either directly or indirectly through the Manager to ensure third party engagements continue to be fit for purpose and also oversees operational risk as a principal risk within the Company's broader risk management framework.
Regulatory and industry bodies.	Given the nature of the Company, it is subject to relevant rules, regulation, policy and guidance. In order to ensure VCT scheme compliance and best practice and to advocate in the Company's interests, engagement with regulatory and industry bodies is important to retain awareness of existing and future requirements and trends.	The Board has identified VCT qualifying status risk and legislative and regulatory risk as Company principal risks and details of how the Company manages and mitigates these risks can be seen in the Business Report in the Annual Report. The Board keeps informed and monitors VCT scheme compliance, relevant statutory and regulatory change and market impact through the reporting of the Manager and its support functions and external advisers. The Board endorses the Company's commitment to the AIC Corporate Governance Code in terms of promoting good governance, and supports the Manager's membership of the AIC and of the VCTA in terms of proactive industry engagement.
Environment and wider society	The Board is committed to ensuring that the Company's business and, to the extent possible, that of the Company's portfolio companies is conducted in a socially responsible manner.	While the Company's investment policy does not include explicit ESG aims, the Manager has implemented its own ESG and Responsible Investment Policy, part of which facilitates due diligence and ongoing monitoring of portfolio companies from an ESG perspective. The Board reviews and challenges the Manager's ESG assessment of portfolio companies to facilitate its oversight of the environmental and social impact of its activities. Further details on the Manager's approach to ESG can be found in the Investment Manager's Review in the Annual Report.

Employee, Environmental and Human Rights Policy

As a VCT, the Company has no direct employee or environmental responsibilities, nor is it responsible directly for the emission of greenhouse gases. The Board's principal responsibility to Shareholders is to ensure that the investment portfolio is managed and invested properly. As the Company has no employees, it has no requirement to report separately on employment matters. The Board comprises four male Directors and delegates responsibility for diversity to the Nomination Committee, as explained in the Statement of Corporate Governance in the Annual Report.

The management of the portfolio is undertaken by the Manager through members of its portfolio management team. The Manager engages with the Company's underlying investee companies in relation to their corporate governance practices and in developing their policies on social, community and environmental matters. Further information can be found in the Investment Manager's Review and in the Statement of Corporate Governance in the Annual Report. The Manager is continuing to focus on developing its ESG framework and oversight capabilities. Further details regarding the Manager's approach to ESG and the progress made on developing its ESG framework can be found in the Chairman's Statement in the Annual Report. The Manager will be overseeing the collation of this information for the benefit of the Board but will also be supporting individual companies to identify ESG risks and opportunities and, where potential improvements are identified, will work jointly with investee businesses to make positive changes.

In light of the nature of the Company's business, there are no relevant human rights issues and, therefore, the Company does not have a human rights policy.

Auditor

The Company's Auditor is required to report if there are any material inconsistencies between the content of the Strategic Report and the Financial Statements. The Independent Auditor's Report can be found in the Annual Report.

Future Strategy

The Board and the Manager intend to maintain the policies set out above for the year ending 31 December 2026, as it is believed that these are in the best interests of Shareholders.

Approval

The Business Report, and the Strategic Report as a whole, was approved by the Board of Directors and signed on its behalf by:

Fraser Gray

Director

2 April 2026

Income Statement

For the year ended 31 December 2025

	Year ended 31 December 2025			Year ended 31 December 2024 Restated*
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Gain on investments	-	1,356	1,356	-	3,107	3,107
Income from investments	1,291	-	1,291	1,262	-	1,262
Other income	555	-	555	487	-	487
Investment management fees	(432)	(1,728)	(2,160)	(437)	(1,746)	(2,183)
Other expenses	(553)	-	(553)	(438)	-	(438)
Net return on ordinary activities before taxation	861	(372)	489	874	1,361	2,235
Tax on ordinary activities	-	-	-	-	-	-
Return attributable to Equity Shareholders	861	(372)	489	874	1,361	2,235
Earnings per share (pence)	0.56	(0.24)	0.32	0.62	0.96	1.58

*Further details of the restatement can be found in Note 19 in the Annual 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 Notes are an integral part of the Financial Statements and can be found in full in the Annual Report.

Statement of Changes in Equity

For the year ended 31 December 2025

Year Ended 31 December 2025	Non-distributable Reserves1				Distributable Reserves1
	Share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Capital reserve unrealised £'000	Capital reserve realised £'000	Special distributable reserve £'000	Revenue reserve £'000	Total £'000
At 31 December 2024	14,161	48,455	1,634	8,239	8,192	1,799	1,752	84,232
Net return	-	-	-	4,159	(2,803)	(1,728)	861	489
Dividends paid	-	-	-	-	-	(6,209)	(776)	(6,985)
Repurchase and cancellation of shares	(622)	-	622	-	-	(3,354)	-	(3,354)
Net proceeds of share issue	1,656	8,006	-	-	-	-	-	9,662
Net proceeds of DIS issue2	122	510	-	-	-	-	-	632
At 31 December 2025	15,317	56,971	2,256	12,398	5,389	(9,492)	1,837	84,676

Year Ended 31 December 2024	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 31 December 2023	13,596	43,470	1,196	9,150	4,174	10,883	1,448	83,917
Net return	-	-	-	(911)	4,018	(1,746)	874	2,235
Dividends paid	-	-	-	-	-	(4,782)	(570)	(5,352)
Repurchase and cancellation of shares	(438)	-	438	-	-	(2,556)	-	(2,556)
Net proceeds of share issue	916	4,589	-	-	-	-	-	5,505
Net proceeds of DIS issue2	87	396	-	-	-	-	-	483
At 31 December 2024	14,161	48,455	1,634	8,239	8,192	1,799	1,752	84,232

¹As per Note 19 in the Annual Report, the share premium account and the capital redemption reserve were cancelled, and reduced by £56,800,000 and £2,254,411 respectively, with the equivalent quantum moving to special distributable reserves.

²DIS represents the Dividend Investment Scheme as detailed in the Chairman's Statement.

The capital reserve unrealised is generally non-distributable other than the part of the reserve relating to gains/(losses) attributable to readily realisable quoted investments which are distributable. The capital reserve unrealised contains £766,000 (2024: £4,547,000) of losses in relation to level 1 and level 2 investments, which could be crystallised, and as such, could be deemed realised losses.

Where all, or an element of the proceeds of sales have not been received in cash or cash equivalent (as noted on the Realisations table in the Annual Report), 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 in the Annual Report.

The Notes are an integral part of the Financial Statements and can be found in full in the Annual Report.

Balance Sheet

As at 31 December 2025

		31 December 2025 £'000	31 December 2024 £'000
Fixed assets
Investments at fair value through profit or loss		68,651	69,130
Current assets
Debtors		888	763
Cash and cash equivalents		15,585	15,670
		16,473	10,433
Creditors
Amounts falling due within one year		(448)	(331)
Net current assets		16,025	15,102
Net assets		84,676	84,232
Capital and reserves
Called up share capital		15,317	14,161
Share premium account		56,971	48,455
Capital redemption reserve		2,256	1,634
Capital reserve - unrealised		12,398	8,239
Capital reserve - realised		5,389	8,192
Special distributable reserve		(9,492)	1,799
Revenue reserve		1,837	1,752
Net assets attributable to Ordinary Shareholders		84,676	84,232
Net asset value per Ordinary Share (pence)		55.28	59.47

*Further details of the restatement can be found in Note 19 in the Annual Report.

The Financial Statements of Maven Income and Growth VCT 4 PLC, registered number SC272568, were approved by the Board of Directors and were signed on its behalf by:

Fraser Gray

Director

2 April 2026

The Notes are an integral part of the Financial Statements and can be found in full in the Annual Report.

Cash Flow Statement

For the Year Ended 31 December 2025

		Year ended 31 December 2025 £'000	Year ended 31 December 2024 Restated*  £'000
Net cash flows from operating activities		(764)	(597)
Cash flows from investing activities
Purchase of investments		(7,135)	(7,830)
Sale of investments		8,761	15,432
Net cash flows from investing activities		1,626	7,602
Cash flows from financing activities
Equity dividends paid		(6,985)	(5,352)
Net proceeds of share issue		9,760	5,615
Net proceeds of DIS issue		632	500
Repurchase of Ordinary Shares		(3,354)	(2,556)
Net cash flows from financing activities		53	(1,793)
Net increase in cash and cash equivalents		915	5,212
Cash and cash equivalents at beginning of year		14,670	9,458
Cash and cash equivalents at end of year		15,585	14,670

*Further details of the restatement can be found in Note 19 in the Annual Report.

The prior year investment purchases have been reduced by £6,000,000, and investment sales £5,000,000 as a result of the reclassification of MMFs from investments to cash and cash equivalents.

The Notes are an integral part of the Financial Statements and can be found in full in the Annual Report.

Notes to the Financial Statements

For the Year Ended 31 December 2025

1.  Accounting policies

The Company is a public limited company, incorporated in Scotland and its registered office is shown in the Corporate Summary in the Annual Report.

(a) Basis of preparation

The Financial Statements have been prepared on a going concern basis, further details can be found in the Directors' Report in the Annual Report. The Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of investments and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, and in accordance with the Statement of Recommended Practice for Investment Trust Companies and Venture Capital Trusts (the SORP) issued by the AIC in July 2022.

(b) Income

Equity income

Dividends receivable on quoted equity shares are recognised on the ex-dividend date. Dividends receivable on unquoted equity shares are recognised when the Company's right to receive payment is established and there is no reasonable doubt that payment will be received.

Unquoted loan stock and other preferred income

Fixed returns on non-equity shares and debt securities are recognised when the Company's right to receive payment and expected settlement is established. Where interest is rolled up and/or payable at redemption, it is recognised as income unless there is reasonable doubt as to its receipt.

Redemption premiums

When a redemption premium is designed to protect the value of the instrument holder's investment rather than reflect a commercial rate of revenue return the redemption premium should be recognised as capital. The treatment of redemption premiums is analysed to consider if they are revenue or capital in nature on a company by company basis. A revenue redemption premium of £311,590 (2024: £nil) was received in the year ended 31 December 2025.

Bank interest

Deposit Interest is recognised on an accruals basis using the rate of interest agreed with the bank. Income from unquoted loan stock and deposit interest is included on an effective interest rate basis.

(c) Expenses

All expenses are accounted for on an accruals basis and charged to the Income Statement. Expenses are charged through the revenue account, except as follows:

•      expenses that are incidental to the acquisition and disposal of an investment are charged to capital;

•      expenses are charged to the special distributable reserve where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In this respect, the investment management fee and performance fee has been allocated 20% to revenue and 80% to special distributable reserve to reflect the Company's investment policy and prospective income and capital growth; and

•      share issue and merger costs are charged to the share premium account.

(d) Taxation

Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or right to pay less tax in the future have occurred at the balance sheet date. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the Financial Statements which are capable of reversal in one or more subsequent periods.

Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

The tax effect of different items of income/gain and expenditure/loss is allocated between capital reserves and revenue account on the same basis as the particular item to which it relates, using the Company's effective rate of tax for the period.

UK corporation tax is provided at amounts expected to be paid/recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

(e) Investments

In valuing unlisted investments the Directors follow the criteria set out below. These procedures comply with the revised IPEV Guidelines for the valuation of private equity and venture capital investments.

Investments are recognised at their trade date and are designated by the Directors as fair value through profit or loss. At subsequent reporting dates, investments are valued at fair value, which represent the Directors' view of the amount for which an asset could be exchanged between knowledgeable and willing parties in an arm's length transaction. This does not assume that the underlying business is saleable at the reporting date or that its current shareholders have an intention to sell their holding in the near future.

A financial asset or liability is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.

1.    For early stage investments completed in the reporting period, fair value is determined using the price of recent investment, calibrating for any material change in the trading circumstances of the investee company. Other investments are valued on a multiples basis by applying a multiple to the investee's revenue or, for companies with sustainable earnings, to their maintainable earnings to derive the enterprise value of each company. Where relevant, an investee may be valued on a discounted cashflow basis.

2.    Whenever practical, recent investments will be valued by reference to a material arm's length transaction or a quoted price.

3.    All unlisted investments are valued individually by Maven's portfolio management team and discussed by Maven's valuation committee. The resultant valuations are subject to detailed scrutiny and approval by the Directors of the Company.

4.    In accordance with normal market practice, investments quoted on AIM or a recognised stock exchange are valued at their closing bid price at the year end.

(f) Fair value measurement

Fair value is defined as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or the most advantageous market of the investment.

A three-tier hierarchy has been established to maximise the use of observable market data and minimise the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.

Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on best information available in the circumstances.

The three-tier hierarchy of inputs is summarised in the three broad levels listed below:

•      Level 1 - the unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date;

•      Level 2 - inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly; and

•      Level 3 - inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

(g) Gains and losses on investments

When the Company sells or revalues its investments during the year, any gains or losses arising are credited/charged to the Income Statement.

(h) Critical accounting judgements and key sources of estimation uncertainty

Disclosure is required of judgements and estimates made by the Board and the Manager in applying the accounting policies that have a significant effect on the Financial Statements. The area involving the highest degree of judgement and estimates is the valuation of unlisted investments recognised in Note 8 and 16 in the Annual Report and explained in Note 1(e) above. Contingent consideration is valued based on the expected proceeds recoverable.

In the opinion of the Board and the Manager, there are no critical accounting judgements.

Reserves

Share premium account

The share premium account represents the premium above nominal value received by the Company on issuing shares net of share issue cost, including £418,156 (2024: £249,455) of trail commission. This reserve is non-distributable.

Capital redemption reserve

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

Capital reserve - unrealised

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

Capital reserve - realised

Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal. This reserve is distributable.

Special distributable reserve

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

Revenue reserve

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

Return per ordinary share

	Year ended 31 December 2025	Year ended 31 December 2024
The returns per share have been based on the following figures: Weighted average number of Ordinary Shares Revenue return Capital return	152,609,716 £861,000 (£372,000)	141,840,449 £874,000 £1,361,000
Total return	£489,000	£2,235,000

Net asset value per Ordinary Share

The net asset value per Ordinary Share as at 31 December 2025 has been calculated using the number of Ordinary Shares in issue at that date of: 153,188,606 (2024: 141,626,927).

Directors' Responsibility Statement

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

•    the Financial Statements have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as at 31 December 2025 and for the year to that date;

•    the Directors' Report includes a fair review of the development and performance of the Company, together with a description of the principal and emerging risks that it faces; and

•    the Annual Report and Financial Statements taken as a whole is fair, balanced and understandable and provides the information necessary for Shareholders to assess the Company's position and performance, business model and strategy.

Other Information

The Annual General Meeting will be held on Thursday 7 May 2026, commencing at 12.00 noon at the offices of Maven Capital Partners UK LLP, 6th Floor, Saddlers House, 44 Gutter Lane, London EC2V 6BR.

The Annual Report and Financial Statements for the year ended 31 December 2025 will be issued to Shareholders and filed with the Registrar of Companies in due course.

The financial information contained within this announcement does not constitute the Company's statutory Financial Statements as defined in the Companies Act 2006. The statutory Financial Statements for the year ended 31 December 2024 have been delivered to the Registrar of Companies and contained an audit report that was unqualified and did not constitute statements under S498(2) or S498(3) of the Companies Act 2006.

Copies of this announcement, and of the Annual Report and Financial Statements for the year ended 31 December 2025, will be available, in due course, to the public at the registered office of the Company, Kintyre House, 205 West George Street, Glasgow, G2 2LW and on the Company's webpage: mavencp.com/migvct4.

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

The Annual Report will shortly be submitted to the National Storage Mechanism and will be available for inspection at: www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.

By Order of the Board

Maven Capital Partners UK LLP

Secretary

2 April 2026

 

END