MAVEN INCOME & GROWTH VCT 4 PLC

Interim Report • Sep 2, 2025

MAVEN INCOME AND GROWTH VCT 4 PLC

Interim Report for the six months ended 30 June 2025

CORPORATE SUMMARY

THE COMPANY

Maven Income and Growth VCT 4 PLC (the Company) is a public company limited by shares. It was incorporated in Scotland on 26 August 2004 with company registration number SC272568. Its registered office is at Kintyre House, 205 West George Street, Glasgow G2 2LW.

The Company is a venture capital trust (VCT) and its shares are listed and traded on the Main Market of the London Stock Exchange.

INVESTMENT OBJECTIVE

The Company aims to achieve long-term capital appreciation and generate income for Shareholders.

CONTINUATION DATE

The Articles of Association (the Articles) require the Directors to put a proposal for the continuation of the Company, in its then form, to Shareholders at the Company's Annual General Meeting (AGM) to be held in 2031 or, if later, at the AGM following the fifth anniversary of the latest allotment of new shares.

SHARE DEALING

Shares in the Company can be purchased and sold in the market through a stockbroker. For qualifying investors buying shares on the open market:

• dividends are free of income tax;
• no capital gains tax is payable on a disposal of shares;
• there is no minimum holding period;
• the value of shares, and income from them, can fall as well as rise;
• tax regulations and rates of tax may be subject to change;
• VCTs tend to be invested in smaller, unlisted companies with a higher risk profile; and
• the market for VCT shares can be illiquid, so there may not be available buyers and the shares may be valued at a discount to NAV per share.

The Stockbroker to the Company is Shore Capital Stockbrokers Limited (020 7647 8132).

RECOMMENDATION OF NON-MAINSTREAM INVESTMENT PRODUCTS

The Company currently conducts its affairs so that the shares issued by it can be recommended by financial advisers to ordinary retail investors in accordance with the rules of the Financial Conduct Authority (FCA) in relation to non-mainstream investment products, and intends to continue to do so for the foreseeable future. The Company's shares are excluded from the FCA's restrictions that apply to non-mainstream investment products because they are shares in a VCT and the returns to investors are predominantly based on investments in private companies or publicly quoted securities.

UNSOLICITED OFFERS FOR SHARES (BOILER ROOM SCAMS)

Shareholders in a number of UK registered companies have received unsolicited calls from organisations, usually based overseas or using false UK addresses or phone lines routed abroad, offering to buy shares at prices much higher than their current market values or to sell non-tradeable, overpriced, high risk or even non-existent securities. Whilst the callers may sound credible and professional, Shareholders should be aware that their intentions are often fraudulent and high-pressure sales techniques may be applied, often involving a request for an indemnity or a payment to be provided in advance.

If you receive such a call, you should exercise caution and, based on advice from the FCA, the following precautions are suggested:

• obtain the name of the individual or organisation calling;
• check the FCA register to confirm if the caller is authorised;
• call back using the details on the FCA register to verify the caller's identity;
• discontinue the call if you are in any doubt about the intentions of the caller, or if calls persist; and
• report any individual or organisation that makes unsolicited calls with an offer to buy or sell shares to the FCA and Action Fraud, the UK's national reporting centre for fraud and cyber crime.

USEFUL CONTACT DETAILS:

Action Fraud

Telephone: 0300 123 2040

Website: actionfraud.police.uk

FCA

Telephone: 0800 111 6768 (freephone)

Website: fca.org.uk/scamsmart

IN THIS REPORT

01

INTERIM MANAGEMENT REPORT

Corporate Summary	02
Financial Highlights	05
Interim Review	08
Investment Portfolio Summary	22
Portfolio Analysis	28

02

FINANCIAL STATEMENTS

Income Statement	29
Statement of Changes in Equity	30
Balance Sheet	32
Cash Flow Statement	33
Notes to the Financial Statements	34

03

GENERAL INFORMATION

Directors' Responsibility Statement	36
Glossary	37
Your Notes	40
Contact Information	43

FINANCIAL HIGHLIGHTS

AS AT 30 JUNE 2025

NAV Total Return Performance1 * NAV Total Return Performance1*

The above chart shows the NAV total return per Ordinary Share as at 31 December in each year, except in 2025, which is at 30 June. Dividends that have been declared but not yet paid are included in the NAV at the balance sheet date.

FINANCIAL HISTORY

	30 June 2025	31 December 2024	30 June 2024
NAV	£88,137,000	£84,232,000	£89,150,000
NAV per Ordinary Share	56.72p	59.47p	62.19p
Dividends paid per Ordinary Share to date*	96.60p	94.85p	92.85p
NAV total return per Ordinary Share1 *	153.32p	154.32p	155.04p
Share price2	55.00p	57.50p	57.00p
Discount to NAV*	3.03%	3.31%	8.35%
Ordinary Shares in issue	155,386,926	141,626,927	143,341,152

DIVIDENDS

Year ended 31 December	Payment date	Interim/ final	Payment (p)	Annual payment (p)	Annual yield (%)3*
2006-2020			80.60
2021	1 October 2021	Interim	2.00
	11 March 2022	Second interim	2.00
	20 May 2022	Final	1.00	5.00	7.11
2022	7 October 2022	Interim	2.00
	23 May 2023	Final	1.75	3.75	5.01
2023	13 October 2023	Interim	1.75
	24 May 2024	Final	1.75	3.50	5.12
2024	18 October 2024	Interim	2.00
	16 May 2025	Final	1.75	3.75	6.08
Total dividends paid since inception			96.60
2025	29 August 2025	Interim	2.75
Total dividends paid or declared since inception			99.35

¹ Sum of current NAV per Ordinary Share and dividends paid to date per Ordinary Share (excluding initial tax relief).

² Closing mid-market price at the period end (Source: IRESS).

³ In line with the enhanced dividend policy outlined on page 10 of this Interim Report, this is based on the total dividends paid for the financial year, expressed as a percentage of the NAV per Ordinary Share at the immediately preceding year end.

* Definitions of these Alternative Performance Measures (APMs) can be found in the Glossary on page 37 to 39 of this Interim Report.

SUMMARY OF INVESTMENT CHANGES FOR THE PERIOD ENDED 30 JUNE 2025

	Valuation 31 December 2024		Net investment/ (disinvestment)	Appreciation/ (depreciation)	Valuation 30 June 2025
	£'000	%	£'000	£'000	£'000	%
Unlisted investments1
Equities	46,720	55.5	4,712	(294)	51,138	58.0
Loan stock	11,830	14.0	24	(122)	11,732	13.3
	58,550	69.5	4,736	(416)	62,870	71.3
AIM investments2
Equities	2,699	3.2	(584)	(648)	1,467	1.7
Listed investments3
Investment trusts	5,882	7.0	(143)	32	5,771	6.5
OEICs	1,999	2.4	-	1	2,000	2.3
MMFs	5,000	5.9	2,500	-	7,500	8.5
Total investments	74,130	88.0	6,509	(1,031)	79,608	90.3
Cash	9,670	11.5	(1,541)	-	8,129	9.2
Other net assets	432	0.5	(32)	-	400	0.5
Net assets	84,232	100.0	4,936	(1,031)	88,137	100.0

¹ These movements include the delisting during the period of MaxCyte Inc from the Alternative Investment Market (AIM) to unlisted equity holdings.

² Shares traded on AIM.

³ These holdings represent the treasury management portfolio, which has been constructed from a range of carefully selected, permitted non-qualifying holdings in investment trusts, open-ended investment companies (OEICs) and money market funds (MMFs).

INTERIM REVIEW

HIGHLIGHTS

• NAV total return at 30 June 2025 of 153.32p per Ordinary Share
• NAV at 30 June 2025 of 56.72p per Ordinary Share
• Increased interim dividend of 2.75p per Ordinary Share paid on 29 August 2025
• Offer for Subscription closed early, fully subscribed, raising £10 million
• Four new private companies added to the portfolio
• In early July 2025, the material realisation of Horizon Ceremonies completed, generating an initial return of 2.33x cost and over £5 million in cash, with the potential for further deferred proceeds
• New Offer for Subscription to be launched in early Autumn 2025

Overview

Your Company has delivered a resilient performance during the first half of the financial year. Most of the companies in the private equity portfolio have continued to make positive progress and achieve scale, which has resulted in the valuations of certain holdings being uplifted. Conversely, AIM continues to be a challenging market, and the value of your Company's AIM quoted portfolio has declined further, which has modestly impacted performance. Over recent years, your Company's exposure to AIM has been reducing and now represents less than 2% of NAV. The Manager will continue to focus on narrowing this portfolio to a small number of conviction holdings where there is scope for M&A activity, with new investment activity concentrated on expanding the private equity portfolio where the Manager continues to see good demand for growth capital. It is, therefore, encouraging that, on 1 April 2025, the most recent Offer for Subscription closed early, fully subscribed, having raised £10 million. With good levels of liquidity, your Company is well positioned to continue to progress its investment strategy, which is focused on expanding the unlisted portfolio in size and scale through the selective addition of ambitious and entrepreneurial businesses with high growth potential. In the year to date, four new private companies have been added to the portfolio and, shortly after the period end, the exit from Horizon Ceremonies, the largest holding in the portfolio, completed. Further to this material realisation, the Directors were pleased to declare an increased interim dividend of 2.75p per Ordinary Share, which was paid to Shareholders on 29 August 2025.

During the period under review, the macroeconomic outlook has been dominated by ongoing geopolitical tensions, with domestic growth prospects remaining subdued as the full impact of the Autumn 2024 budget filters through the economy. Against this backdrop, it is encouraging to report that your Company has delivered a resilient performance, which helps to demonstrate the strength of the investment strategy and its ability to support long term growth in Shareholder value.

The previous financial year was your Company's most successful period for realisations from the growth portfolio, with the completion of seven profitable private company exits to a range of private equity and trade buyers. Following this high level of M&A activity, a key priority for the new financial year has been to maintain a steady rate of investment to replenish the portfolio through the addition of high growth companies, whilst also providing follow-on funding to support those portfolio companies that are making commercial progress and where additional growth capital can help to expedite their expansion plans. It is pleasing to report that, during the period under review, £4.8 million was deployed, with four new private companies added to the portfolio alongside the provision of follow-on funding to support the growth and progression of 17 existing portfolio holdings.

The Manager continues to see good demand for growth capital across its network of regional offices and maintains a focus on identifying entrepreneurial companies, with strong management teams, that operate in disruptive or high growth sectors such as cyber security, data analytics, regtech, speciality software and training, where growth is less sensitive to consumer or discretionary spending and where revenues tend to be contracted and recurring in nature. Having an established level of recurring revenues provides the Manager with a key metric against which progress and commercial traction can be monitored and measured. It is also an important benchmark that potential acquirers will review when evaluating the rate of progression of a business and its growth potential. Notably, several of the earlier stage businesses in the portfolio are now achieving scale, with annual recurring revenues (ARR) reaching, or exceeding, the important milestone of £5 million, which is generally regarded as a key inflexion point in order to attract potential buyers. There are a number of high performing companies in the portfolio that are establishing strong positions in their respective markets, both in the UK and internationally, and which have the potential to deliver superior returns at exit.

A notable development, shortly after the period end, was the material realisation of Horizon Ceremonies, the owner and operator of three established crematoria. Your Company first invested in Horizon Ceremonies in 2017, backing an experienced team with a clear strategic objective to build, own and operate a portfolio of next generation crematoria located across the UK, in areas that were historically underserved or where the existing facility was outdated. Horizon's crematoria have quickly become important community facilities and have consistently received industry recognition and awards for their exceptional service and support to families. Having received several unsolicited acquisition approaches, a competitive exit process was initiated in 2024, with the sale to UK pension fund, Railpen, completing in early July 2025. The exit generated an initial return of 2.33x cost and over £5 million in cash, with potential for further deferred proceeds, contingent on planning approval being granted at two well progressed sites.

Enhanced Dividend Policy

The Directors understand the importance of tax free distributions to Shareholders and, as announced in the 2024 Annual Report, have 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 a number of 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, growth companies increases, the timing of distributions will be more closely linked to realisation activity, whilst also reflecting the requirement to maintain the VCT qualifying level.

Increased Interim Dividend

In line with the new policy and following the successful realisation of Horizon Ceremonies, an increased interim dividend of 2.75p per Ordinary Share, in respect of the year ending 31 December 2025, was paid on 29 August 2025 to Shareholders who were on the register at 25 July 2025. Since the Company's launch, and including this interim dividend, a total of 99.35p per Ordinary Share has been paid in tax free distributions. It should be noted that the payment of a dividend reduces the NAV of the Company by the total amount of the distribution.

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). The mandate form, terms & conditions and full details of the scheme (including tax considerations) are available from the Company's webpage at: mavencp.com/migvct4. 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 1 April 2025, your Company's most recent Offer for Subscription closed early, fully subscribed, having raised a total of £10 million, including the £5 million over-allotment facility, for the 2024/25 and 2025/26 tax years. All new Ordinary Shares in relation to this Offer have now been allotted, with four allotments completed for the 2024/25 tax year and one allotment for the 2025/26 tax year.

This additional liquidity will facilitate the further expansion and development of the portfolio in line with the investment 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.

As announced on 16 July 2025, the Directors have elected to launch a new Offer later this year, alongside Offers by the other Maven managed VCTs. Full details will be included in a Prospectus, which is expected to be published in early Autumn 2025.

Portfolio Developments

During the first half of the financial year, most of the companies in the private equity portfolio have continued to meet operational and financial targets, as set out in their business plans. It is pleasing to report that the valuations of certain private companies have been uplifted in line with the progress achieved.

Since your Company first invested, carbon reduction software specialist Manufacture 2030 (M2030) has consistently delivered strong revenue growth, with ARR more than doubling in two years and projected to increase further throughout the current year. M2030 operates in a rapidly growing sector, where it provides a disruptive software solution that allows large corporates and multinationals to achieve Scope 3 carbon reduction targets by measuring, managing and reducing carbon emissions across their supply chain, with the objective of achieving the targets set out in the United Nations' Sustainable Development Goals. The business continues to expand its blue chip client base and has added six new large corporate customers to the platform so far this year. M2030 maintains a strong pipeline of opportunities and a near term objective is to expand its presence in North America, which is a key growth market.

Contract software specialist Summize continues to deliver impressive growth and trade ahead of budget. In the past two years, the business has achieved over 100% growth in ARR and is on track to outperform its targets again this year. Summize has developed an artificial intelligence (AI) powered digital contracting software solution that simplifies and streamlines the process for writing and renewing contracts, helping to drive operational efficiencies for customers, and continues to see strong demand both in the UK and US. In Autumn 2023, the business opened its first international office in Boston to launch its US expansion strategy, and has subsequently experienced rapid growth in that market, with more than half of total sales now generated from US clients with significant future growth potential. In April 2025, Summize was awarded 5th place in the Top 100 League Table at the GP Bullhound 2025 Northern Tech Awards, whilst also winning the Judge's Innovation Award. The management team is highly ambitious and remain focused on growing the client base and increasing ARR, both in the UK and US.

In the two years post investment, specialist training software provider Bud has made significant progress, growing its client base and has achieved a near doubling in both ARR and learner numbers. Bud's integrated platform provides an end-to-end solution for training providers, universities and colleges and employers delivering apprenticeships, covering enrolment, training delivery, learner management, and compliance through one portal. A core benefit of the solution is that it streamlines processes and reduces administrative tasks, whilst also ensuring ongoing compliance with specific funding requirements to minimise the risk of clawback. The business has a healthy pipeline of

prospective opportunities and the outlook for the remainder of the year is encouraging, supported by the forthcoming changes to the Growth and Skills Levy, which were outlined in the Autumn 2024 Budget.

Demand responsive transport software provider Liftango also continues to make encouraging progress and is expanding its market presence and global footprint, with live projects currently operating in six continents. The business provides the technology to support on-demand transport programmes, which enable users to plan, launch and scale shared mobility projects that reduce costs by optimising routes, whilst simultaneously addressing sustainability goals such as lower vehicle usage, which helps to decrease carbon emissions and combat localised congestion. Having achieved success in Australia and the UK, Liftango is now focused on expanding into international markets, with the Middle East and the Americas identified as key growth territories. The business works with many Fortune 500 companies, as well as large global bus operators and government transport agencies, and is well positioned to deliver further growth as it secures new contracts and expands its market position.

Against a backdrop of ongoing geopolitical tension and with several recent high profile cyber attacks causing significant operational disruption to mainstream UK retailers, cyber security specialist CYSIAM continues to experience strong demand for its products and services as clients seek to bolster their cyber defences. The business continues to expand its Managed Detection and Response (MDR) service, which provides protection against, detection of and response to cyber attacks within a software as a service (SaaS) wrapper, with a valuable recurring revenue stream. In May 2025, CYSIAM was named European Rising Star Partner of the Year at the Crowdstrike Europe Partner Symposium. Crowdstrike are a NASDAQ listed global cyber security leader and this award recognises the contribution of its partners to help customers to prevent breaches and enhance cyber security. The cyber security market remains a high growth area and CYSIAM is well placed to continue to scale and achieve the financial and strategic objectives within the business plan.

In November 2024, your Company invested in RiskSmart, an early stage regtech business operating in the risk management sector. The business has developed a risk management platform that leverages data insights and machine learning to provide real time information to help transform how businesses manage governance, risk and compliance. Since investment, RiskSmart has delivered strong growth in ARR and currently has over 60 clients, which is an increase of almost 100% over a 12 month period. RiskSmart has a strong pipeline of new opportunities and is on track to further increase ARR through the remainder of the current year. The business is run by an ambitious and experienced team and was recently named one of Prolific North's Tech Scale ups to Watch 2025, which spotlights the most dynamic, ambitious and high growth technology businesses across the North of England.

As may be expected with a large portfolio of growth focused businesses, there are a small number of investee companies that have not achieved their commercial targets and are trading behind plan. In certain cases, valuations have been reduced to reflect the slower than anticipated progress, with provisions taken against the cost of a small number of specific holdings. In addition, the Manager elected not to provide further funding to Real World Health and the valuation was written down in full. The company entered administration in February 2025.

As previously noted, this has been another challenging period for AIM, with investor appetite for smaller quoted equities remaining subdued. Low levels of liquidity have also resulted in high volatility with share prices responding disproportionately to limited news flow or trading activity. The Manager retains a highly selective approach to supporting new AIM investment opportunities and, during the period, only completed one small follow-on transaction.

Treasury Management

The Board and the Manager maintain a proactive approach to treasury management, 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.

Your Company has a diversified portfolio of treasury management investments with strong fundamentals and attractive income characteristics, comprising of 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 in order to minimise counterparty risk. This strategy 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 over 3% across the combined treasury management portfolio and uninvested cash. It is worthwhile highlighting that this is a dynamic portfolio, which will vary in size depending on your Company's rate of investment, realisations and overall liquidity levels. Full details of the treasury management holdings can be found in the Investment Portfolio Summary on pages 25 to 27 of this Interim Report.

New Investments

During the reporting period, four new private companies were added to the portfolio:

• Blackdot Solutions is a developer of an advanced intelligence and investigations software solution that supports risk, compliance and client onboarding teams across a variety of industries, including Government, criminal law and financial services. Blackdot's propriety platform Videris aggregates and analyses open source intelligence (OSINT) from a wide range of public sources including the internet, social media and the dark web, alongside more conventional routes such as Moody's and Dun & Bradstreet. This capability provides clients with the most comprehensive and up to date information to identify threats, mitigate risks and ensure ongoing compliance with complex regulatory standards. The OSINT market is experiencing rapid growth and, as an early entrant, Blackdot is well positioned to capitalise on rising demand for advanced data analytics and risk management tools. The funding from the Maven VCTs is being used to increase headcount, with a focus on technical expertise, enhancing product development and driving growth in both new and existing markets.
• Digilytics is a provider of an AI enabled solution that automates loan application processing. The platform uses machine learning and large language models to read and extract data from key documents such as payslips, bank statements and utility bills, ensuring both consistency and completeness. It then evaluates the application against eligibility criteria and affordability metrics, while also screening for potential fraud.

Digilytics helps lenders to reduce costs and error rates, whilst improving the response time for applicants. The funding from the Maven VCTs is being used to support the sales and marketing function and invest in product development. The near term objective is to launch in the US, where there is an identified market opportunity.

• Kani Payments is a developer of a SaaS based financial reporting and reconciliation platform, serving fintechs, challenger banks, and payment processors. As well as providing instant reconciliation of large data sets, Kani's solution facilitates the automation of transaction payments, regulatory and financial reporting, which remains a largely manual and spreadsheet based process, even for sizeable financial institutions. The business is led by an experienced team with a successful track record of scaling a similar cloud based payment processing business from startup through to profitable exit. The funding from the Maven VCTs is being used to accelerate product development, including adding new features that are due to launch later in 2025, make a number of strategic sales and marketing hires to widen the business's reach, and to support expansion into Europe and North America, where there is significant growth potential.
• PowerPhotonic is an established designer and manufacturer of a wide range of precision micro-optics products for use within lasers. Using proprietary manufacturing processes and equipment the company designs and manufactures high quality wafer scale freeform optics with advanced properties that are designed for application in three core markets, the largest of which is the defence sector. The business is also expanding its presence in the life sciences sector, with applications in precision medical devices and instrumentation. It also has a presence in the advanced manufacturing sector where it focuses on beam shapers to make industrial processes more efficient. With strong levels of IP, PowerPhotonic has a defendable market position and the funding from the Maven VCTs is being used to support growth by facilitating the expansion of the sales and marketing team to help the business increase its revenue base, and extend its presence in the UK and US.

Investments	Date	Sector	£'000
New unlisted
Arimon Limited (trading as Digilytics)1	March & June 2025	Software & technology	504
Blackdot Solutions Limited	January 2025	Software & technology	995
Kani Payments Holdings Limited	February 2025	Software & technology	348
Kerrera TopCo Limited (trading as Kube Networks)2	April 2025	Software & technology	129
PowerPhotonic Limited	June 2025	Industrials & engineering	325
Total new unlisted			2,301

The following investments were completed during the reporting period:

Follow-on unlisted Alderley Lighthouse Labs Limited May 2025 Pharmaceuticals, 137 biotechnology & healthcare AMufacture Limited May 2025 Industrials & engineering 124 DiffusionData Limited3 February & March Software & technology 155 2025 Filtered Technologies Limited3 February & May Learning & development/ 122 2025 recruitment technology Fixtuur Limited (formerly May 2025 Software & technology 200 Shortbite Limited) Laverock Therapeutics Limited June 2025 Pharmaceuticals, 348 biotechnology & healthcare Liftango Group Limited February 2025 Software & technology 250 mypura.com Group Limited June 2025 Business services 105 (trading as Pura) Nano Interactive Group Limited January 2025 Marketing & 102 advertising technology Plyable Limited March 2025 Software & technology 130 Relative Insight Limited June 2025 Marketing & 100 advertising technology RevLifter Limited March 2025 Marketing & 159 advertising technology Sensoteq Limited March 2025 Software & technology 185 The Algorithm People Limited April 2025 Software & technology 66 (trading as Optimize) XR Games Limited February 2025 Software & technology 12 Zinc Digital Business Solutions March 2025 Software & technology 162 Limited Total follow-on unlisted 2,357	Investments	Date	Sector	£'000

4,658

Investments	Date	Sector	£'000
Follow-on AIM quoted
GENinCode PLC	March 2025	Pharmaceuticals, biotechnology & healthcare	126
Total follow-on AIM quoted			126
Total AIM quoted			126
Infrastructure investment trust4
Foresight Solar Fund Limited	May 2025	Investment trust	125
Total infrastructure investment trust			125
Real estate investment trusts4
Land Securities Group PLC	May 2025	Investment trust	107
Tritax BigBox REIT PLC	May 2025	Investment trust	152
Total real estate investment trusts			259
Money market funds4
Aviva Investors Sterling Government Liquidity Fund (Class 3)	February 2025	Money market fund	1,000
Aviva Investors Sterling Liquidity Fund (Class 3)	March 2025	Money market fund	1,000
BlackRock Institutional Sterling Liquidity Fund (Core)	April 2025	Money market fund	1,000
Fidelity Institutional Liquidity Sterling Fund (Class F)	May 2025	Money market fund	500
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional)	March 2025	Money market fund	1,000
Total money market funds			4,500
Total investments			9,668

¹ Investment completed in two tranches.

² Your Company gained an equity holding in Kerrera TopCo Limited (trading as Kube Networks Limited) as a result of an all share transaction involving the acquisition of ISN Solutions Group Limited.

³ Follow-on investment completed in two tranches.

⁴ Investments completed as part of the treasury management strategy.

At the period end, the portfolio comprised of 134 unlisted and quoted investments, at a total cost of £75.63 million.

Realisations

In April 2025, ISN Solutions was acquired through an all share transaction by Glasgow based specialist IT managed service provider Kube Networks as part of a buy and build strategy. As a legacy portfolio holding, the acquisition provides ISN with the opportunity to grow as part of a larger business and, as part of the transaction, your Company has acquired an equity holding in Kube Networks.

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

Realisations	Year first invested	Complete/ partial exit	Cost of shares disposed of £'000	Value at 31 December 2024 £'000	Sales proceeds £'000	Realised gain/ (loss) £'000	Gain/(loss) over 31 December 2024 value £'000
Unlisted
ISN Solutions Group Limited1	2014	Complete	467	143	129	(338)	(14)
Total unlisted			467	143	129	(338)	(14)
AIM quoted
Intelligent Ultrasound Group PLC	2020	Complete	400	476	495	95	19
Others			25	4	8	(17)	4
Total AIM quoted			425	480	503	78	23
Infrastructure investment trust2
BBGI Global Infrastructure SA	2023	Complete	280	233	267	(13)	34
Total infrastructure investment trust		280	233	267	(13)	34
Real estate investment trust2
Care REIT PLC	2023	Complete	236	196	260	24	64
Total real estate investment trust			236	196	260	24	64

Realisations	Year first invested	Complete/ partial exit	Cost of shares disposed of £'000	Value at 31 December 2024 £'000	Sales proceeds £'000	Realised gain/ (loss) £'000	Gain/(loss) over 31 December 2024 value £'000
Money market funds2
BlackRock Institutional Sterling Liquidity Fund (Core)	2024	Partial	1,000	1,000	1,000	-	-
Fidelity Institutional Liquidity Sterling Fund (Class F)	2024	Partial	1,000	1,000	1,000	-	-
Total money market funds			2,000	2,000	2,000	-	-
Total realisations completed during the period			3,408	3,052	3,159	(249)	107

¹ ISN Solutions Group Limited was acquired by Kerrera TopCo Limited (trading as Kube Networks Limited) in an all share transaction. As a result, your Company gained an equity holding in Kube Networks Limited.

² Realisations were completed as part of the treasury management strategy.

Material Developments Since the Period End

As highlighted earlier in this Interim Review, an exit was achieved from Horizon Ceremonies following the period end. The sale generated an initial return of 2.33x cost, with the potential for further deferred consideration if planning consent is approved at two well progressed sites.

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 2024 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. During the period under review, the Directors evaluated the potential impact of political change on market stability, legislative developments, and economic conditions. Following that review, the Directors determined that this should be considered a principal risk. 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 your Company and the Manager. These risks and procedures are reviewed regularly by the Risk Committee 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 was added to the Risk Register as an emerging risk during a previous period, as the Directors were not only aware of the heightened cyber security risk but were mindful of the impact that any change in the underlying economic conditions could have on the valuation of investee companies. These included fluctuating interest rates, increased fuel and energy costs, and the availability of bank finance, all of which could be impacted during times of geopolitical uncertainty and volatile markets. The Board and the Manager continue to monitor the impact of geopolitical issues, and wider market conditions, on portfolio companies.

During the period under review, AI was added to the Risk Register as an emerging risk to reflect the increased use of AI by either the Manager or portfolio companies, which could lead to increased exposure to risks relating to data protection, cyber security and intellectual property.

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 should 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.

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, 3,253,441 Ordinary Shares were bought back at a total cost of £1.82 million.

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

VCT Regulatory Update

During the period under review, there were no further amendments to the rules governing VCTs, and your Company remains fully compliant with the complex conditions and requirements of the scheme.

In the 2025 Spring Statement, the Chancellor confirmed that the UK Government will continue to work with leading entrepreneurs and venture capital firms to ensure that its policy supports the UK business environment, including the role of tax relief schemes such as VCTs and the EIS. Through the VCT Association (VCTA), of which the Manager is a founding member, and the Association of Investment Companies (AIC), of which the Company is a member, the Manager will remain actively involved in discussions with policy makers to promote and reinforce the important role that VCTs play in supporting some of Britain's brightest and most entrepreneurial smaller companies, and creating regional employment opportunities.

Valuation Methodology

Consistent with industry best practice, 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 Directors and the Manager continue to adhere to the IPEV Guidelines in all private company valuations. 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. The Board and the Manager are cognisant of the FCA Review of Private Market Valuations and will continue to prioritise governance as the fundamental building block for robust valuation reviews, ensuring ongoing accountability.

Environmental, Social and Governance (ESG)

Although your Company's investment policy does not incorporate ESG aims, and portfolio companies are not required to meet any specific targets, Maven recognises the importance of having a robust ESG framework and policy in place when making new investments. Through its ESG and Responsible Investment Policy, ESG considerations are taken into account during early stage due diligence, thereby ensuring that all risks and opportunities are assessed prior to an investment completing and can be monitored regularly thereafter.

The Manager continues to be an active signatory to the Principles for Responsible Investment and the Investing in Women Code and, alongside these external commitments, in 2024 formally launched a Female Founder Funding Programme designed to support female founded businesses. During the period, Maven has hosted eight workshops and funding clinics in key corporate finance regions, engaging with over 60 businesses.

The Manager maintains awareness of forthcoming ESG regulations. In 2024, the FCA introduced the Sustainability Disclosure Requirements, which apply to all firms and include a labelling and naming regime alongside a new anti-greenwashing rule. The Manager has ensured adherence with these new requirements. Additionally, the Manager is aware of the Task Force for climate-related Financial Disclosures (TCFD) and International Financial Reporting Standards (IFRS) regulations and is actively preparing for compliance.

Outlook

Although the economic outlook remains mixed, with good levels of liquidity and a proven investment strategy, your Company is well placed to continue to deliver growth in Shareholder value. In the second half of the year, a key objective will be to maintain a healthy rate of new investment. Maven's regionally based team of investment executives is currently assessing an extensive pipeline of opportunities, which should result in several new companies being added to the portfolio over the coming months. In addition, the Manager will continue to assess exit opportunities which help to maximise Shareholder value and support your Company's annual target dividend of 6% of NAV at the immediately preceding year end.

Fraser Gray Chair 29 August 2025

INVESTMENT PORTFOLIO SUMMARY

AS AT 30 JUNE 2025

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted
Horizon Ceremonies Limited (trading as Horizon Cremation)	4,712	2,463	5.3	12.4	42.1
BioAscent Discovery Limited	4,338	1,532	4.9	26.1	13.9
Rockar 2016 Limited (trading as Rockar)	3,355	1,766	3.8	6.2	13.2
Bright Network (UK) Limited	2,709	1,706	3.1	9.8	29.3
WaterBear Education Limited	2,376	987	2.7	20.1	19.1
Ensco 969 Limited (trading as DPP)	2,147	1,532	2.4	7.4	27.1
2degrees Limited (trading as Manufacture 2030)	2,024	922	2.3	5.0	32.7
Summize Limited	1,994	796	2.3	4.0	32.3
HCS Control Systems Group Limited	1,942	1,201	2.2	10.7	25.8
Bud Systems Limited	1,593	762	1.8	4.1	13.5
Liftango Group Limited	1,504	1,504	1.7	7.0	28.7
Zinc Digital Business Solutions Limited	1,462	1,029	1.7	16.4	32.4
Vodat Communications Group (VCG) Holding Limited	1,427	1,240	1.6	8.4	23.5
Relative Insight Limited	1,406	1,406	1.6	7.8	23.0
RevLifter Limited	1,159	1,159	1.3	16.3	21.8
Hublsoft Group Limited	1,138	922	1.3	7.3	16.4
CYSIAM Limited	1,095	448	1.2	5.8	22.0
Martel Instruments Holdings Limited	1,038	701	1.2	14.7	29.6
mypura.com Group Limited (trading as Pura)	1,023	621	1.2	2.3	22.4
Whiterock Group Limited	1,014	1,014	1.2	11.2	26.7
Blackdot Solutions Limited	995	995	1.1	3.1	9.2
The Algorithm People Limited (trading as Optimize)	961	486	1.1	5.7	9.5

Shaded line indicates that the investment was completed pre November 2015.

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted (continued)
MirrorWeb Holdings LLC2	929	929	1.1	1.5	3.5
ebb3 Limited	927	1,307	1.1	22.1	48.4
DiffusionData Limited	919	780	1.0	4.1	17.3
Biorelate Limited	909	547	1.0	2.5	25.1
Delio Limited	903	1,294	1.0	5.2	10.0
Plyable Limited	826	826	0.9	11.8	47.3
Nano Interactive Group Limited	819	727	0.9	4.0	11.9
RiskSmart Limited	795	318	0.9	3.8	41.8
Sensoteq Limited	782	782	0.9	6.6	21.1
Precursive Limited	750	750	0.9	5.5	29.0
Laverock Therapeutics Limited	746	746	0.8	2.5	10.9
Flow UK Holdings Limited	735	1,047	0.8	12.7	22.3
Growth Capital Ventures Limited	650	639	0.7	11.5	36.0
Novatus Global Limited3	627	134	0.7	0.8	3.4
CODILINK UK Limited (trading as Coniq)	600	400	0.7	1.1	3.8
Metrion Biosciences Limited	597	597	0.7	4.3	13.9
Enpal Limited (trading as Guru Systems)	581	581	0.7	3.2	18.4
NorthRow Limited	535	1,699	0.6	12.3	20.5
Arimon Limited (trading as Digilytics)	504	504	0.6	3.7	11.1
iAM Compliant Limited	492	298	0.6	3.9	45.3
Automated Analytics Limited	477	247	0.5	1.6	30.4
Fixtuur Limited (formerly Shortbite Limited)	470	1,198	0.5	8.1	49.3
Horizon Technologies Consultants Limited	466	448	0.5	3.1	14.1
Boomerang Commerce Inc (trading as CommerceIQ)4	456	1,164	0.5	0.2	0.3
Connected Data Company Limited	423	423	0.5	3.9	11.8
TC Communications Holdings Limited	413	958	0.5	12.6	22.7

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted (continued)
McKenzie Intelligence Services Limited	403	159	0.5	1.6	4.8
Alderley Lighthouse Labs Limited	386	386	0.4	8.0	56.1
AMufacture Limited	385	385	0.4	6.8	21.8
Filtered Technologies Limited	382	1,248	0.4	9.7	15.8
Kani Payments Holdings Limited	348	348	0.4	2.1	12.7
HiveHR Limited	346	346	0.4	4.4	40.2
PowerPhotonic Limited	325	325	0.4	2.7	19.0
Cat Tech International Limited	314	314	0.4	-	-
Snappy Shopper Limited	309	309	0.4	0.4	1.3
Zing TopCo Limited (trading as Zing)	185	185	0.2	4.9	42.8
MaxCyte Inc5	183	207	0.2	0.1	1.0
XR Games Limited	167	355	0.2	5.2	55.8
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations)	140	100	0.2	0.5	11.8
Kerrera TopCo Limited (trading as Kube Networks Limited)6	129	129	0.1	0.1	39.6
C4X Discovery Holdings PLC7	96	137	0.1	0.4	0.5
Other unlisted investments	29	4,175	-
Total unlisted	62,870	53,643	71.3
AIM quoted8
Diaceutics PLC	243	161	0.3	0.2	2.6
SkinBio Therapeutics PLC	211	208	0.2	0.6	-
GENinCode PLC	208	886	0.2	3.6	9.4
KRM22 PLC	145	220	0.2	1.2	-
Oxford Metrics PLC	117	80	0.1	0.2	-
One Media IP Group PLC	93	186	0.1	1.1	7.4
Eden Research PLC	90	160	0.1	0.5	4.0
Cambridge Cognition Holdings PLC	48	62	0.1	0.4	3.5

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
AIM quoted8 (continued)
Kanabo Group PLC9	47	2,986	0.1	3.7	6.3
Creo Medical Group PLC	36	497	0.1	0.1	0.4
Vianet Group PLC	35	49	0.1	0.1	1.3
TPXimpact Holdings PLC	31	107	0.1	0.2	-
Avacta Group PLC	30	16	-	-	-
Spectral AI Inc	29	99	-	-	-
Pulsar Group PLC	26	35	-	0.1	0.4
Hardide PLC	16	122	-	0.2	5.6
Verici Dx PLC	14	271	-	0.5	4.9
ReNeuron Group PLC	13	277	-	0.7	1.4
Angle PLC	10	82	-	-	-
Other quoted investments	25	1,191	-
Total AIM quoted	1,467	7,695	1.7
Private equity investment trusts10
HgCapital Trust PLC	1,079	530	1.2	-	0.1
ICG Enterprise Trust PLC	547	381	0.6	0.1	0.2
Patria Private Equity Trust PLC (formerly abrdn Private Equity Opportunities Trust PLC)	537	367	0.6	0.1	0.2
CT Private Equity Trust PLC	401	293	0.5	0.1	0.3
Partners Group Private Equity Limited	323	336	0.4	0.1	0.1
NB Private Equity Partners Limited	320	371	0.4	-	0.2
Apax Global Alpha Limited	291	344	0.3	-	0.1
HarbourVest Global Private Equity Limited	271	153	0.3	-	-
Pantheon International PLC	148	99	0.1	-	0.1
Total private equity investment trusts	3,917	2,874	4.4

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Infrastructure investment trusts10
Pantheon Infrastructure PLC	284	250	0.3	0.1	0.2
3i Infrastructure PLC	273	260	0.3	-	-
International Public Partnerships Limited	223	270	0.3	-	-
Foresight Environmental Infrastructure Limited (formerly JLEN Environmental Assets Group Limited)	172	260	0.2	-	0.1
Foresight Solar Fund Limited	123	125	0.1	-	0.1
Total infrastructure investment trusts	1,075	1,165	1.2
Fixed income investment trust10
TwentyFour Select Monthly Income Fund Limited	180	196	0.2	0.1	-
Total fixed income investment trust	180	196	0.2
Global equity investment trusts10 Alliance Witan PLC	183	149	0.2	-	-
(formerly Alliance Trust PLC)
JPMorgan Global Growth & Income PLC	149	125	0.2	-	-
Total global equity investment trusts	332	274	0.4
Real estate investment trusts10
Tritax BigBox REIT PLC	156	153	0.2	-	-
Land Securities Group PLC	111	107	0.1	-	-
Total real estate investment trusts	267	260	0.3
Open-ended investment companies10
Royal London Short Term Money Market Fund (Class Y Income)	1,004	1,026	1.2	-	-
Royal London Short Term Fixed Income Fund (Class Y Income)	996	1,000	1.1	0.1	0.2
Total open-ended investment companies	2,000	2,026	2.3

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Money market funds10
abrdn Liquidity Fund (Lux) - Sterling Fund K-1 Inc GBP	1,000	1,000	1.2	-	-
Aviva Investors Sterling Government Liquidity Fund (Class 3)	1,000	1,000	1.2	-	-
Aviva Investors Sterling Liquidity Fund (Class 3)	1,000	1,000	1.1	-	-
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis)	1,000	1,000	1.1	-	-
BlackRock Institutional Sterling Liquidity Fund (Core)	1,000	1,000	1.1	-	-
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional)	1,000	1,000	1.1	0.4	0.9
HSBC Sterling Liquidity Fund (Class A)	1,000	1,000	1.1	-	-
Fidelity Institutional Liquidity Sterling Fund (Class F)	500	500	0.6	-	0.2
Total money market funds	7,500	7,500	8.5
Total investments	79,608	75,633	90.3

¹ Other clients of Maven Capital Partners UK LLP.

• ² 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.
• ³ This holding reflects the retained minority interest following the sale in September 2024.
• ⁴ This holding reflects the retained minority interest following the sale of e.fundamentals (Group) Limited to CommerceIQ in July 2022.
• ⁵ This company delisted from AIM during the period.
• ⁶ Your Company gained an equity holding in Kerrera TopCo Limited (trading as Kube Networks Limited) as a result of an all share transaction to acquire ISN Solutions Group Limited.
• ⁷ This company delisted from AIM during a previous period.
• ⁸ Investments are quoted on AIM with the exception of Kanabo Group PLC, which is listed on the Main Market of the London Stock Exchange.
• ⁹ The holding in this investment resulted from the sale of The GP Service (UK) Limited, which completed in February 2022. The unlisted shares in Kanabo GP Limited were, in accordance with the terms of the original transaction, exchanged for shares in Kanabo Group PLC, which is listed on the Main Market of the London Stock Exchange.
• ¹⁰ Treasury management portfolio.

PORTFOLIO ANALYSIS

The chart below shows the profile of investee companies by industry sector, and demonstrates the broad market exposure across the portfolio. This analysis excludes cash balances and treasury management holdings.

Sector analysis by value

• 1. Software & technology¹ 43%
• 1. Business services 20%
• 1. Pharmaceuticals, biotechnology & healthcare - 11%
• 1. Industrials & engineering 10%
• 1. Learning & development/ recruitment technology - 9%
• 1. Marketing & advertising technology 7%

The chart below provides insight into the age of investments within the portfolio2. This analysis excludes cash balances and treasury management holdings.

Age of investments by value

• 1. Less than 1 year 6%
• 1. Between 1 and 3 years 20%
• 1. Between 3 and 5 years 14%
• 1. Greater than 5 years 60%

• ¹ The end market exposure within this sector is widely diversified, including automotive, cyber security, data analytics, fintech and regtech businesses.
• ² The age of investments is determined by the date at which the Company first invested.

INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2025

	Six months ended 30 June 2025 (unaudited)			Six months ended 30 June 2024 (unaudited)			Year ended 31 December 2024 (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
(Loss)/gain on investments	-	(1,031)	(1,031)	-	3,630	3,630	-	3,107	3,107
Income from investments	672	-	672	792	-	792	1,522	-	1,522
Other income	135	-	135	87	-	87	227	-	227
Investment management fees	(215)	(860)	(1,075)	(212)	(850)	(1,062)	(437)	(1,746)	(2,183)
Other expenses	(244)	-	(244)	(222)	-	(222)	(438)	-	(438)
Net return on ordinary activities before taxation	348	(1,891)	(1,543)	445	2,780	3,225	874	1,361	2,235
Tax on ordinary activities	-	-	-	-	-	-	-	-	-
Return attributable to Equity Shareholders	348	(1,891)	(1,543)	445	2,780	3,225	874	1,361	2,235
Earnings per share (pence)	0.23	(1.25)	(1.02)	0.32	1.97	2.29	0.62	0.96	1.58

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 period.

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.

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2025

Six months ended 30 June 2025 (unaudited)	Share capital £'000	Share premium account £'000	Non-distributable reserves Capital redemption reserve £'000	Capital reserve unrealised £'000	Capital reserve realised £'000	Distributable reserves 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	-	-	-	(782)	(249)	(860)	348	(1,543)
Dividends paid	-	-	-	-	-	(2,325)	(387)	(2,712)
Repurchase and cancellation of shares	(325)	-	325	-	-	(1,824)	-	(1,824)
Net proceeds of share issue	1,656	8,090	-	-	-	-	-	9,746
Net proceeds of DIS issue*	45	193	-	-	-	-	-	238
Transfer between distributable reserves	-	-	-	-	(5,000)	5,000	-	-
At 30 June 2025	15,537	56,738	1,959	7,457	2,943	1,790	1,713	88,137

Six months ended 30 June 2024 (unaudited)	Share capital £'000	Share premium account £'000	Non-distributable reserves Capital redemption reserve £'000	Capital reserve unrealised £'000	Capital reserve realised £'000	Distributable reserves 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	-	-	-	2,739	891	(850)	445	3,225
Dividends paid	-	-	-	-	-	(2,295)	(215)	(2,510)
Repurchase and cancellation of shares	(221)	-	221	-	-	(1,285)	-	(1,285)
Net proceeds of share issue	916	4,657	-	-	-	-	-	5,573
Net proceeds of DIS issue*	42	188	-	-	-	-	-	230
At 30 June 2024	14,333	48,315	1,417	11,889	5,065	6,453	1,678	89,150

Year ended 31 December 2024	Share capital	Share premium account	Non-distributable reserves Capital redemption reserve	Capital reserve unrealised	Capital reserve realised	Distributable reserves Special distributable reserve	Revenue reserve	Total
(audited)	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'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 issue*	87	396	-	-	-	-	-	483
At 31 December 2024	14,161	48,455	1,634	8,239	8,192	1,799	1,752	84,232

*DIS represents the Dividend Investment Scheme as detailed in the Interim Review on page 10.

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.

BALANCE SHEET

AS AT 30 JUNE 2025

	30 June 2025 (unaudited) £'000	30 June 2024 (unaudited) £'000	31 December 2024 (audited) £'000
Fixed assets
Investments at fair value through profit or loss	79,608	82,736	74,130
Current assets
Debtors	798	1,486	763
Cash	8,129	5,243	9,670
	8,927	6,729	10,433
Creditors
Amounts falling due within one year	(398)	(315)	(331)
Net current assets	8,529	6,414	10,102
Net assets	88,137	89,150	84,232
Capital and reserves
Called up share capital	15,537	14,333	14,161
Share premium account	56,738	48,315	48,455
Capital redemption reserve	1,959	1,417	1,634
Capital reserve - unrealised	7,457	11,889	8,239
Capital reserve - realised	2,943	5,065	8,192
Special distributable reserve	1,790	6,453	1,799
Revenue reserve	1,713	1,678	1,752
Net assets attributable to Ordinary Shareholders	88,137	89,150	84,232
Net asset value per Ordinary Share (pence)	56.72	62.19	59.47

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

Fraser Gray Director

29 August 2025

CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2025

	Six months ended 30 June 2025 (unaudited) £'000	Six months ended 30 June 2024 (unaudited) £'000	Year ended 31 December 2024 (audited) £'000
Net cash flows from operating activities	(604)	(612)	(597)
Cash flows from investing activities
Purchase of investments	(9,668)	(7,567)	(13,830)
Sale of investments	3,201	5,861	20,432
Net cash flows from investing activities	(6,467)	(1,706)	6,602
Cash flows from financing activities
Equity dividends paid	(2,712)	(2,510)	(5,352)
Net proceeds of DIS issue	9,828	234	5,615
Issue of Ordinary Shares	238	5,664	500
Repurchase of Ordinary Shares	(1,824)	(1,285)	(2,556)
Net cash flows from financing activities	5,530	2,103	(1,793)
Net (decrease)/increase in cash	(1,541)	(215)	4,212
Cash at beginning of period	9,670	5,458	5,458
Cash at end of period	8,129	5,243	9,670

NOTES TO THE FINANCIAL STATEMENTS

1. Accounting policies

The financial information for the six months ended 30 June 2025 and the six months ended 30 June 2024 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 31 December 2024, which have been filed at Companies House and 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 £84,264 current period (cumulative £333,719) 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. This reserve is distributable.

3. Return per Ordinary Share

	Six months ended 30 June 2025
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares	150,897,274
Revenue return	£348,000
Capital return	(£1,891,000)
Total return	(£1,543,000)

DIRECTORS' RESPONSIBILITY STATEMENT

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

• the Financial Statements for the six months ended 30 June 2025 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 risks and uncertainties facing the Company during the second six months, of the year ending 31 December 2025; 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.

By order of the Board Maven Capital Partners UK LLP Secretary

29 August 2025

GLOSSARY

ALTERNATIVE PERFORMANCE MEASURES (APMs)

Measures of performance that are in addition to the statutory measures reported in the Financial Statements. The APMs used by the Company are marked * in this Glossary. The Financial History table on page 6 shows the movement in net asset value and NAV total return per Ordinary Share over the past three financial periods, and shows the dividends paid on a cumulative basis since inception.

ANNUAL YIELD*

The total dividends paid for the financial year expressed as a percentage of the NAV per Ordinary Share at the preceding year end.

Annual yield calculation	31 December 2024	31 December 2023
Dividends paid or proposed per Ordinary Share for the year (a)	3.75p	3.50p
NAV from previous year end (b)	61.71p	68.30p
Annual yield=(a/b)*100	6.08%	5.12%

DISCOUNT/PREMIUM TO NAV*

A discount is the percentage by which the mid-market price of an Ordinary Share is lower than the NAV per Ordinary Share. A premium is the percentage by which the midmarket price exceeds the NAV per Ordinary Share.

Discount calculation	30 June 2025	31 December 2024
NAV per Ordinary Share (a)	56.72p	59.47p
Closing mid-market share price (b)	55.00p	57.50p
Discount=((a-b)/a)*100	3.03%	3.31%

DISTRIBUTABLE RESERVES

Comprises capital reserve (realised), revenue reserve and special distributable reserve. Within capital reserve (unrealised), there is an element of distributable reserves in relation to level 1 and level 2 investments, which can be converted readily to cash and could be considered realised.

DIVIDENDS PER ORDINARY SHARE

The total of all dividends per Ordinary Share paid or proposed by the Company in respect of the financial year.

DIVIDENDS PER ORDINARY SHARE PAID TO DATE*

The total of all dividends per Ordinary Share paid by the Company.

EARNINGS PER ORDINARY SHARE (EPS)

The net income after tax of the Company divided by the weighted average number of shares in issue during the period. In a venture capital trust, this is made up of revenue EPS and capital EPS.

EX-DIVIDEND DATE (XD DATE)

The date set by the London Stock Exchange, normally being the business day preceding the record date.

INDEX OR INDICES

A market index calculates the average performance of its constituents, normally on a weighted basis. It provides a means of assessing the overall state of the economy and provides a comparison against which the performance of individual investments can be assessed.

INVESTMENT INCOME

Income from investments as reported in the Income Statement.

NAV PER ORDINARY SHARE

Net assets divided by the number of Ordinary Shares in issue.

NAV calculation	30 June 2025	31 December 2024
NAV (a)	£88,137,000	£84,232,000
Ordinary Shares in issue (b)	155,386,926	141,626,927
NAV per Ordinary Share=(a/b)*100	56.72p	59.47p

NAV TOTAL RETURN PER ORDINARY SHARE*

Net assets divided by the number of Ordinary Shares in issue, plus cumulative dividends paid per Ordinary Share to date.

	30 June 2025	31 December 2024
NAV per Ordinary Share (a)	56.72p	59.47p
Dividends paid per Ordinary Share to date (b)	96.60p	94.85p
NAV total return=a+b	153.32p	154.32p

NET ASSETS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OR SHAREHOLDERS' FUNDS (NAV)

Total assets less current and long-term liabilities.

OPERATIONAL EXPENSES

The total of investment management fees and other expenses as reported in the Income Statement.

REALISED GAINS/LOSSES

The profit/loss on the sale of investments during the period.

RECORD DATE

The date on which an investor needs to be holding a share in order to qualify for a forthcoming dividend.

REVENUE RESERVES

The total of undistributed revenue earnings from prior periods. This is available for distribution to Shareholders by way of dividend payments.

SHARE PRICE TOTAL RETURN

The theoretical return, including reinvesting each dividend in additional shares in the Company at the closing mid-market price on the day that the shares go ex-dividend.

UNREALISED GAINS/LOSSES

The profit/loss on the revaluation of the investment portfolio at the end of the period.

YOUR NOTES

YOUR NOTES

YOUR NOTES

CONTACT INFORMATION

DIRECTORS

Fraser Gray (Chairman) Daniel Bittner Brian Colquhoun Bill Nixon

MANAGER AND SECRETARY

Maven Capital Partners UK LLP Kintyre House 205 West George Street Glasgow G2 2LW Telephone: 0141 306 7400 Email: enquiries@mavencp.com

REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS

Kintyre House 205 West George Street Glasgow G2 2LW

REGISTERED IN SCOTLAND

Company Registration Number: SC272568 Legal Entity Identifier: 213800WSH2TNL9NG5I06 TIDM: MAV4 ISIN: GB00B043QW84

WEBPAGE

mavencp.com/migvct4

REGISTRAR

The City Partnership (UK) Limited The Mending Rooms Park Valley Mills Meltham Road Huddersfield HD4 7BH Email: mavencp@city.uk.com

Investor hub: maven-cp.cityhub.uk.com

Telephone: 01484 240910 (Lines are open from 9.00 am to 5.30 pm, Monday to Friday)

AUDITOR

Johnston Carmichael LLP

BANKER

JPMorgan Chase Bank

STOCKBROKER

Shore Capital Stockbrokers Limited Telephone: 020 7647 8132

VCT ADVISER

Philip Hare & Associates LLP

Maven Capital Partners Kintyre House 205 West George Street Glasgow G2 2LW

0141 306 7400 mavencp.com

Maven Capital Partners UK LLP (a subsidiary of Mattioli Woods Limited) Authorised and Regulated by The Financial Conduct Authority