MAVEN INCOME & GROWTH VCT PLC

Interim Report • Oct 30, 2025

MAVEN INCOME AND GROWTH VCT PLC

Interim Report for the six months ended 31 August 2025

CORPORATE SUMMARY

THE COMPANY

Maven Income and Growth VCT PLC (the Company) is a public company limited by shares. It was incorporated in England and Wales on 12 January 2000 with company registration number 03908220. Its registered office is at 6th Floor, Saddlers House, 44 Gutter Lane, London EC2V 6BR.

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

INVESTMENT 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.

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 it intends to do so for the foreseeable future.

The Company's shares are excluded from the FCA's restrictions that apply to nonmainstream investment products because they are shares in a VCT and the returns to investors are predominantly based on investments in private companies or publicly quoted securities.

UNSOLICITED OFFERS FOR SHARES (BOILER ROOM SCAMS)

Shareholders in a number of UK registered companies have received unsolicited calls from organisations, usually based overseas or using false UK addresses or phone lines routed abroad, offering to buy shares at prices much higher than their current market values or to sell non-tradeable, overpriced, high-risk or even non-existent securities.

Whilst the callers may sound credible and professional, Shareholders should be aware that their intentions are often fraudulent and high-pressure sales techniques may be applied, often involving a request for an indemnity or a payment to be provided in advance.

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

• obtain the name of the individual or organisation calling;
• check the FCA register to confirm if the caller is authorised;
• call back using the details on the FCA register to verify the caller's identity;
• discontinue the call if you are in any doubt about the intentions of the caller, or if calls persist; and
• report any individual or organisation that makes unsolicited calls with an offer to buy or sell shares to the FCA and the City of London Police.

USEFUL CONTACT DETAILS:

Action Fraud

Telephone: 0300 123 2040 Website: actionfraud.police.uk

FCA

Telephone: 0800 111 6768 (freephone)

Website: fca.org.uk/scamsmart

IN THIS REPORT

01

INTERIM MANAGEMENT REPORT

Corporate Summary	02
Financial Highlights	05
Interim Review	08
Investment Portfolio Summary	20
Portfolio Analysis	26

02

FINANCIAL STATEMENTS

Income Statement	27
Statement of Changes in Equity	28
Balance Sheet	30
Cash Flow Statement	31
Notes to the Financial Statements	32

03

GENERAL INFORMATION

Directors' Responsibility Statement	34
Glossary	35
Your Notes	38
Contact Information	39

FINANCIAL HIGHLIGHTS

AS AT 31 AUGUST 2025

NAV Total Return Performance1 *

The above chart shows the NAV total return per Ordinary Share as at 28 February in each year, except in 2026, which is at 31 August 2025. Dividends that have been declared but not yet paid are included in the NAV at the balance sheet date.

FINANCIAL HISTORY

	31 August 2025	28 February 2025	31 August 2024
NAV	£65,738,000	£65,680,000	£65,406,000
NAV per Ordinary Share	36.36p	39.37p	40.71p
Dividends paid per Ordinary Share to date*	111.46p	108.71p	107.56p
NAV total return per Ordinary Share1 *	147.82p	148.08p	148.27p
Share price2	34.40p	38.00p	37.00p
Discount to NAV*	5.39%	3.48%	9.11%
Ordinary Shares in issue	180,799,329	166,841,748	160,679,275

DIVIDENDS

Year ended 28/29 February	Payment date	Interim/ final	Payment (p)	Annual payment (p)	Annual yield (%)3*
2001 - 2021			100.91
2022	3 December 2021	Interim	1.00
	15 July 2022	Final	1.25	2.25	5.07
2023	2 December 2022	Interim	1.10
	14 July 2023	Final	1.15	2.25	5.07
2024	1 December 2023	Interim	1.00
	19 July 2024	Final	1.15	2.15	5.00
2025	29 November 2024	Interim	1.15
	18 July 2025	Final	1.25	2.40	6.08
2026	29 August 2025	Interim	1.50
Total dividends paid since inception			111.46

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 pages 9 and 10 of this Interim Report, this is based on the total dividends paid for the financial year, expressed as 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 pages 35 to 37 of this Interim Report.

SUMMARY OF INVESTMENT CHANGES FOR THE SIX MONTHS ENDED 31 AUGUST 2025

	28 February 2025 £'000	Valuation %	Net investment/ (disinvestment) £'000	Appreciation/ (depreciation) £'000	£'000	Valuation 31 August 2025 %
Unlisted investments
Equities	35,509	54.1	960	32	36,501	55.5
Loan stock	7,651	11.6	(441)	(64)	7,146	10.9
	43,160	65.7	519	(32)	43,647	66.4
AIM/AQSE investments1
Equities	548	0.8	126	(274)	400	0.6
Other investments2
Investment trusts	4,797	7.3	40	78	4,915	7.5
OEICs	2,012	3.1	-	2	2,014	3.1
MMFs	5,500	8.4	1,500	-	7,000	10.6
Total investments	56,017	85.3	2,185	(226)	57,976	88.2
Cash	9,533	14.5	(1,794)	-	7,739	11.8
Net current assets	130	0.2	(107)	-	23	-
Net assets	65,680	100.0	284		(226) 65,738	100.0

¹Shares traded on the Alternative Investment Market (AIM), Aquis Stock Exchange (AQSE) and the Main Market of the London Stock Exchange.

²These holdings represent the treasury management portfolio, which consists of permitted non-qualifying holdings in investment trusts, open-ended investment companies (OEICs) and money market funds (MMFs).

INTERIM REVIEW

HIGHLIGHTS

• NAV total return at 31 August 2025 of 147.82p per Ordinary Share
• NAV at 31 August 2025 of 36.36p per Ordinary Share
• Increased interim dividend of 1.50p per Ordinary Share paid on 29 August 2025
• Offer for Subscription closed early, fully subscribed, raising £10 million
• New fund raising for 2025/26 and 2026/27 tax years launched in early October 2025
• Two new private companies added to the portfolio
• Exit from Horizon Ceremonies completed, generating an initial return of 2.1x cost and over £1.8 million in cash, with the potential for further deferred proceeds

Overview

Against a mixed economic backdrop, your Company has delivered a resilient performance in the first half of the financial year. Most of the companies in the private equity portfolio continue to make positive commercial progress and achieve revenue growth, which has resulted in the valuations of certain holdings being uplifted. Conversely, AIM continues to be a challenging market and, although it represents a small proportion of NAV, the value of your Company's AIM quoted portfolio has declined further, which has modestly impacted overall performance. A significant development during the period under review was the realisation of Horizon Ceremonies, one of the largest holdings in the portfolio, which generated an initial return of 2.1x cost and over £1.8 million in cash. Further to this material realisation, the Directors were pleased to declare an increased interim dividend of 1.50p 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. Whilst this created a challenging backdrop for the economy and financial markets, 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 six profitable private company exits to a range of private equity and trade buyers. 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, £2.4 million was deployed, with two new VCT qualifying private companies added to the portfolio alongside the provision of follow-on funding to support the growth and progression of 15 existing portfolio companies.

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. A trend of growth in recurring revenues provides the Manager with a key metric against which progress, and commercial traction, can be monitored and measured. The rate of revenue growth is also an important benchmark that potential acquirers will review when evaluating the rate of progression of a business and its 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 often 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 key development during the period under review was the 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 2.1x cost and cash proceeds of over £1.8 million for your Company, with potential for further deferred proceeds, contingent on the receipt of planning approval at two further sites.

Enhanced Dividend Policy

The Directors understand the importance of tax free distributions to Shareholders and, as announced in the 2025 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 realisation of Horizon Ceremonies, an increased interim dividend of 1.50p per Ordinary Share, in respect of the year ending 28 February 2026, was paid on 29 August 2025 to Shareholders who were on the register at 25 July 2025. Since the Company's launch, and after receipt of this interim dividend, a total of 111.46p per Ordinary Share will have 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/migvct. Election to participate in the DIS can also be made through the Registrar's online investor hub at: maven-cp.cityhub.uk.com/login.

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

Offer for Subscription

On 27 March 2025, your Company's Offer for Subscription, which had opened in September 2024, closed early, fully subscribed, having raised a total of £10 million, including the £5 million over-allotment facility. All new Ordinary Shares in relation to this Offer have now been allotted, with three allotments 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, spreading costs over a wider asset base, with the objective of maintaining a competitive ongoing charges ratio for the benefit of all Shareholders.

On 2 October 2025, your Company launched a new Offer for Subscription alongside offers by three other Maven managed VCTs. Your Company has a target raise of £12.5 million, including a £5 million over-allotment facility. The Offers remain open until 1 May 2026, unless fully subscribed ahead of this date and further details, including the Prospectus can be found at: mavencp.com/vctoffer.

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 viewed as 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 remains focused on growing the client base and increasing ARR in both the UK and US.

Since initial investment in September 2022, specialist training software provider Bud has made encouraging commercial progress, with ARR and learner numbers both doubling. Bud's integrated platform provides an end-to-end solution for training providers, universities, 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 is encouraging, supported by the recent changes to the Growth and Skills Levy.

Against a backdrop of ongoing geopolitical tension and with several recent high profile cyber attacks causing significant operational disruption to mainstream UK companies, 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 is 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 its business plan.

Demand responsive transport software provider Liftango also continues to make encouraging commercial 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 extends its market position.

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 70 clients, which is an increase of over 100% in 12 months. 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.

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, 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 23 to 25 of this Interim Report.

New Investments

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

• 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.
• 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 waferscale freeform optics with advanced properties that are designed for application in three core markets, the largest of which is the defence sector. The business is also expanding its presence in the life sciences sector, with applications in precision medical devices and instrumentation as well as advanced manufacturing where the business 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 broaden its presence in the UK and US.

The following investments were completed during the reporting period:

Investments	Date	Sector	£'000
New unlisted
Arimon Limited (trading as Digilytics)1	March & June 2025	Software & technology	484
Kerrera TopCo Limited (trading as Kube Networks)2	April 2025	Software & technology	76
PowerPhotonic Limited	June 2025	Industrials & engineering	325
Total new unlisted			885
Follow-on unlisted
Alderley Lighthouse Labs Limited	May 2025	Pharmaceuticals, biotechnology & healthcare	137
AMufacture Limited	May 2025	Industrials & engineering	124
Automated Analytics Limited	August 2025	Marketing & advertising technology	104
DiffusionData Limited	March 2025	Software & technology	36
Fixtuur Limited (formerly Shortbite Limited)	May 2025	Software & technology	100
Laverock Therapeutics Limited	June 2025	Pharmaceuticals, biotechnology & healthcare	124
Liftango Group Limited	April 2025	Software & technology	6
mypura.com Group Limited (trading as Pura)	June 2025	Business services	90
Plyable Limited3	March & August 2025	Software & technology	226
Relative Insight Limited	June 2025	Marketing & advertising technology	60
RevLifter Limited	March 2025	Marketing & advertising technology	16
Sensoteq Limited	March 2025	Software & technology	216
The Algorithm People Limited (trading as Optimize)	April 2025	Software & technology	22
Zinc Digital Business Solutions Limited	March 2025	Software & technology	154
Total follow-on unlisted			1,415
Total unlisted			2,300

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
Money market funds4
Aviva Investors Sterling Government Liquidity Fund (Class 3)	April 2025	Money market fund	1,000
Fidelity Institutional Liquidity Sterling Fund (Class F)	March 2025	Money market fund	500
Total money market funds			1,500
Real estate investment trusts4
Land Securities Group PLC	May 2025	Investment trust	107
Tritax BigBox REIT PLC	May 2025	Investment trust	153
Total real estate investment trusts			260
Infrastructure investment trust4
Foresight Solar Fund Limited	May 2025	Investment trust	125
Total infrastructure investment trust			125
Total investments completed during the period			4,311

¹ Investment completed in two tranches.

At the period end, the portfolio comprised of 123 unlisted and quoted investments, at a total cost of £55.8 million.

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

³ Follow-on investment completed in two tranches.

⁴ Investments completed as part of the treasury management strategy.

Realisations

In addition to the material realisation of Horizon Ceremonies, which generated over £1.8 million in cash proceeds, the Manager also completed an exit from legacy holding ISN Solutions, which 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. The acquisition provides ISN with the opportunity to grow as part of a larger business and, as part of the transaction, your Company has gained 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 28 February 2025 £'000	Sales proceeds £'000	Realised gain/ (loss) £'000	Gain/(loss) over 28 February 2025 value £'000
Unlisted
Horizon Ceremonies Limited (trading as Horizon Cremation)1	2017	Complete	988	1,928	1,705	717	(223)
ISN Solutions Group Limited2	2014	Complete	323	84	76	(247)	(8)
Total unlisted			1,311	2,012	1,781	470	(231)
Infrastructure investment trust3 BBGI Global Infrastructure SA	2023	Complete	220	218	219	(1)	1
Total infrastructure investment trust			220	218	219	(1)	1
Real estate investment trust3
Care REIT PLC	2023	Complete	114	91	126	12	35
Total real estate investment trust			114	91	126	12	35
Total realisations completed during the period			1,645	2,321	2,126	481	(195)

¹ Redemption of loan notes excludes further redemption premium and yield received of £156,808, which is disclosed as revenue for financial reporting purposes.

² 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.

³ Realisations completed as part of the treasury management strategy.

Principal and Emerging Risks and Uncertainties

The principal and emerging risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2025 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in larger quoted companies. The valuation of investee companies is influenced by economic conditions including, interest rates, investor sentiment, and market liquidity. The Company and the Manager also continuously assess other key risks, including compliance with applicable laws and regulations, adherence to VCT qualifying rules, and the robustness of internal controls maintained by the Manager and relevant third parties. 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 investment 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, 3,485,586 Ordinary Shares were bought back at a total cost of £1.28 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 would 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.

The Manager maintains awareness of forthcoming ESG regulations. In 2024, the FCA introduced the Sustainability Disclosure Requirements, which applies to all firms and includes new anti-greenwashing rule. The Manager has ensured adherence with these new requirements. Additionally, the Manager is aware of 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 are 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 that help to maximise Shareholder value and support your Company's increased target dividend of 6% of NAV per Ordinary Share at the immediately preceding year end.

John Pocock Chair 29 October 2025

INVESTMENT PORTFOLIO SUMMARY

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted
2 Degrees Limited (trading as Manufacture 2030)	2,075	922	3.2	5.9	45.6
Summize Limited	1,994	796	3.0	3.9	31.9
Bright Network (UK) Limited	1,978	1,164	3.0	6.9	32.2
Bud Systems Limited	1,799	846	2.7	4.7	13.0
Rockar 2016 Limited (trading as Rockar)	1,750	948	2.7	4.2	15.3
Zinc Digital Business Solutions Limited	1,356	955	2.1	10.1	38.7
HCS Control Systems Group Limited	1,246	846	1.9	6.9	29.6
CYSIAM Limited	1,145	373	1.7	6.0	21.7
Novatus Global Limited2	1,115	238	1.7	1.4	2.8
Martel Instruments Holdings Limited	1,058	807	1.6	14.9	29.3
mypura.com Group Limited (trading as Pura)	1,003	588	1.5	2.4	22.2
Precursive Limited	1,000	1,000	1.5	6.8	27.7
Ensco 969 Limited (trading as DPP)	993	557	1.5	4.9	29.6
Hublsoft Group Limited	969	786	1.5	5.5	18.3
Biorelate Limited	937	555	1.4	2.7	24.9
DiffusionData Limited	919	1,000	1.4	4.8	16.5
Sensoteq Limited	912	912	1.4	7.7	20.0
Liftango Group Limited	895	895	1.4	4.1	31.6
Enpal Limited (trading as Guru Systems)	888	888	1.4	7.5	14.1
Plyable Limited	873	873	1.3	15.6	43.5
Vodat Communications Group (VCG) Holding Limited	852	567	1.3	5.0	26.9
Horizon Technologies Consultants Limited	828	796	1.3	5.5	11.7
Relative Insight Limited	820	820	1.2	4.2	26.6

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted (continued)
Nano Interactive Group Limited	819	727	1.2	4.0	11.9
BioAscent Discovery Limited	734	174	1.1	4.4	35.6
Laverock Therapeutics Limited	721	721	1.1	2.4	10.7
MirrorWeb Holdings LLC3	708	708	1.1	1.1	3.9
Blackdot Solutions Limited	696	696	1.1	2.1	10.1
Metrion Biosciences Limited	696	696	1.1	5.1	13.1
CODILINK UK Limited (trading as Coniq)	675	450	1.0	1.3	3.6
WaterBear Education Limited	649	245	1.0	5.1	34.1
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations)	631	448	1.0	2.5	9.9
Filtered Technologies Limited	621	725	0.9	4.1	21.3
Delio Limited	574	882	0.9	2.8	12.4
Automated Analytics Limited	531	354	0.8	2.8	31.2
RiskSmart Limited	497	199	0.8	2.4	43.2
Arimon Limited (trading as Digilytics)	484	484	0.7	3.5	14.4
Whiterock Group Limited	470	470	0.7	8.1	29.8
Connected Data Company Limited	423	423	0.6	3.9	11.8
Flow UK Holdings Limited	420	598	0.6	7.3	27.7
McKenzie Intelligence Services Limited	403	159	0.6	1.6	4.8
AMufacture Limited	394	385	0.6	6.8	21.8
Alderley Lighthouse Labs Limited	386	386	0.6	8.0	56.1
NorthRow Limited	365	1,179	0.6	6.6	26.2
ebb3 Limited	356	252	0.5	5.7	64.9
The Algorithm People Limited (trading as Optimize)	348	163	0.5	1.9	13.3
HiveHR Limited	346	346	0.5	4.4	40.2
Fixtuur Limited (formerly Shortbite Limited)	339	984	0.5	6.9	50.5
Kani Payments Holdings Limited	336	336	0.5	2.0	12.8

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted (continued)
Rico Developments Limited (trading as Adimo)	325	760	0.5	3.4	6.5
PowerPhotonic Limited	325	325	0.5	2.7	19.0
Snappy Shopper Limited	309	309	0.5	0.4	1.3
Growth Capital Ventures Limited	300	288	0.5	5.3	42.1
iAM Compliant Limited	246	149	0.4	1.9	47.2
Cat Tech International Limited	238	206	0.4	-	-
Zing TopCo Limited (trading as Zing)	185	185	0.3	4.9	42.8
Boomerang Commerce Inc (trading as CommerceIQ)4	177	451	0.3	0.1	0.4
XR Games Limited	174	515	0.3	1.7	59.3
RevLifter Limited	116	116	0.2	1.5	42.8
TC Communications Holdings Limited	102	413	0.2	4.1	31.2
Kerrera TopCo Limited (trading as Kube Networks)5	76	76	-	0.1	39.7
C4X Discovery Holdings PLC6	27	40	-	0.1	0.8
Other unlisted investments	20	3,507	-
Total unlisted	43,647	38,662	66.4
AIM/AQSE quoted7
GENinCode PLC	108	683	0.2	2.9	10.1
Cambridge Cognition Holdings PLC	48	62	0.1	0.4	3.5
Arecor Therapeutics PLC	46	167	0.1	0.2	2.4
Eden Research PLC	30	59	0.1	0.2	4.3
Kanabo Group PLC8	26	1,639	-	-	-
Avacta Group PLC	26	7	-	2.0	7.9
Vianet Group PLC	24	37	-	0.1	1.3
Gelion PLC	17	121	-	0.1	0.1
Incanthera PLC	15	46	-	0.5	0.5
Other AIM/AQSE investments	60	1,153	0.1
Total AIM/AQSE quoted	400	3,974	0.6

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Private equity investment trusts9
HgCapital Trust PLC	670	434	1.0	-	0.1
Patria Private Equity Trust PLC (formerly abrdn Private Equity Opportunities Trust PLC)	490	349	0.7	0.1	0.2
ICG Enterprise Trust PLC	473	343	0.7	0.1	0.2
HarbourVest Global Private Equity Limited	372	194	0.6	-	-
NB Private Equity Partners Limited	366	430	0.6	0.1	0.2
Pantheon International PLC	362	307	0.6	-	-
CT Private Equity Trust PLC	344	276	0.5	0.1	0.3
Apax Global Alpha Limited	130	121	0.2	-	0.1
Partners Group Private Equity Limited	120	110	0.2	-	0.1
Caledonia Investments PLC	102	100	0.2	0.1	0.1
Total private equity investment trusts	3,429	2,664	5.3
Global equity investment trust9
Alliance Witan PLC (formerly Alliance Trust PLC)	302	280	0.5	-	-
Total global equity investment trust	302	280	0.5
Real estate investment trusts9
Tritax BigBox REIT PLC	147	153	0.2	-	-
Land Securities Group PLC	97	107	0.1	-	-
Total real estate investment trusts	244	260	0.3

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Infrastructure investment trusts9
Pantheon Infrastructure PLC	335	270	0.5	0.1	0.2
3i Infrastructure PLC	258	249	0.4	-	-
Foresight Solar Fund Limited	133	125	0.2	-	0.1
International Public Partnerships Limited	116	140	0.2	-	-
Foresight Environmental Infrastructure Limited (formerly JLEN Environmental Assets Group Limited)	98	150	0.1	-	0.1
Total infrastructure investment trusts	940	934	1.4
Open-ended investment companies9
Royal London Short Term Fixed Income Fund (Class Y Income)	1,010	1,018	1.6	0.1	0.2
Royal London Short Term Money Market Fund (Class Y Income)	1,004	1,009	1.5	-	-
Total open-ended investment companies	2,014	2,027	3.1

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Money market funds9
abrdn Liquidity Fund (Lux) - Sterling Fund K-1 Inc GBP	1,000	1,000	1.6	-	-
Aviva Investors Sterling Government Liquidity Fund (Class 3)	1,000	1,000	1.5	-	-
BlackRock Institutional Sterling Liquidity Fund (Core)	1,000	1,000	1.5	-	-
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis)	1,000	1,000	1.5	-	-
Fidelity Institutional Liquidity Sterling Fund (Class F)	1,000	1,000	1.5	0.1	0.1
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional)	1,000	1,000	1.5	0.4	0.9
HSBC Sterling Liquidity Fund (Class A)	1,000	1,000	1.5	-	-
Total money market funds	7,000	7,000	10.6
Total investments	57,976	55,801	88.2

¹ Other clients of Maven Capital Partners UK LLP.

² This holding reflects the retained minority interest following the sale in September 2024.

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

⁴ This holding reflects the retained minority interest following the sale of e.fundamentals (Group) Limited to CommerceIQ in July 2022.

⁵ 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.

⁶ This company delisted from AIM during a previous period.

⁷ Investments are quoted on AIM/AQSE with the exception of Kanabo Group PLC, which is listed on the Main Market of The London Stock Exchange.

⁸ 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.

⁹ 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 - 52%
• 1. Business services 12%
• 1. Industrials & engineering 12%
• 1. Learning & development/ recruitment technology - 11%
• 1. Pharmaceuticals, biotechnology & healthcare - 7%
• 1. Marketing & advertising technology 6%

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 26%
• 1. Between 3 and 5 years 24%
• 1. Greater than 5 years 44%

¹ The 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 31 AUGUST 2025

	Revenue £'000	Six months ended 31 August 2025 (unaudited) Capital £'000	Total £'000	Revenue £'000	Six months ended 31 August 2024 (unaudited) Capital £'000	Total £'000	Revenue £'000	Year ended 28 February 2025 (audited) Capital £'000	Total £'000
(Loss)/gain on investments	-	(226)	(226)	-	4,064	4,064	-	3,974	3,974
Income from investments	575	-	575	536	-	536	1,043	-	1,043
Other income	139	-	139	90	-	90	211	-	211
Investment management fees	(138)	(552)	(690)	(126)	(504)	(630)	(253)	(1,013)	(1,266)
Other expenses	(198)	-	(198)	(200)	-	(200)	(393)	-	(393)
Net return on ordinary activities before taxation	378	(778)	(400)	300	3,560	3,860	608	2,961	3,569
Tax on ordinary activities	-	-	-	-	-	-	-	-	-
Return attributable to Equity Shareholders	378	(778)	(400)	300	3,560	3,860	608	2,961	3,569
Earnings per share (pence)	0.21	(0.43)	(0.22)	0.19	2.22	2.41	0.38	1.84	2.22

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.

28 I Maven Income and Growth VCT PLC Maven Income and Growth VCT PLC I 29

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 31 AUGUST 2025

			Non-distributable reserves			Distributable reserves
Six months ended 31 August 2025 (unaudited)	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 28 February 2025	16,684	28,553	1,511	4,816	4,288	8,829	999	65,680
Net return	-	-	-	(707)	481	(552)	378	(400)
Dividends paid	-	-	-	-	-	(4,473)	(549)	(5,022)
Repurchase and cancellation of shares	(349)	-	349	-	-	(1,285)	-	(1,285)
Net proceeds of share issue	1,627	4,649	-	-	-	-	-	6,276
Net proceeds of DIS issue*	118	371	-	-	-	-	-	489
At 31 August 2025	18,080	33,573	1,860	4,109	4,769	2,519	828	65,738

Six months ended 31 August 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 29 February 2024	15,469	23,119	835	5,676	(546)	15,598	872	61,023
Net return	-	-	-	2,046	2,018	(504)	300	3,860
Dividends paid	-	-	-	-	-	(1,612)	(242)	(1,854)
Repurchase and cancellation of shares	(381)	-	381	-	-	(1,425)	-	(1,425)
Net proceeds of share issue	938	2,699	-	-	-	-	-	3,637
Net proceeds of DIS issue*	43	122	-	-	-	-	-	165
At 31 August 2024	16,069	25,940	1,216	7,722	1,472	12,057	930	65,406

Year ended 28 February 2025 (audited)	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 29 February 2024	15,469	23,119	835	5,676	(546)	15,598	872	61,023
Net return	-	-	-	(860)	4,834	(1,013)	608	3,569
Dividends paid	-	-	-	-	-	(3,204)	(481)	(3,685)
Repurchase and cancellation of shares	(676)	-	676	-	-	(2,552)	-	(2,552)
Net proceeds of share issue	1,806	5,187	-	-	-	-	-	6,993
Net proceeds of DIS issue*	85	247	-	-	-	-	-	332
At 28 February 2025	16,684	28,553	1,511	4,816	4,288	8,829	999	65,680

^*DIS represents the Dividend Investment Scheme as detailed on page 10 of this Interim Report.

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 that 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

FOR THE SIX MONTHS ENDED 31 AUGUST 2025

	31 August 2025 (unaudited) £'000	31 August 2024 (unaudited) £'000	28 February 2025 (audited) £'000
Fixed assets Investments at fair value through profit or loss	57,976	59,207	56,017
Current assets
Debtors	472	607	539
Cash	7,739	5,935	9,533
	8,211	6,542	10,072
Creditors
Amounts falling due within one year	(449)	(343)	(409)
Net current assets	7,762	6,199	9,663
Net assets	65,738	65,406	65,680
Capital and reserves
Called up share capital	18,080	16,069	16,684
Share premium account	33,573	25,940	28,553
Capital redemption reserve Capital reserve - unrealised	1,860 4,109	1,216 7,722	1,511 4,816
Capital reserve - realised	4,769	1,472	4,288
Special distributable reserve	2,519	12,057	8,829
Revenue reserve	828	930	999
Net assets attributable to Ordinary Shareholders	65,738	65,406	65,680
Net asset value per Ordinary Share (pence)	36.36	40.71	39.37

The Financial Statements of Maven Income and Growth VCT PLC, registered number 03908220, were approved by the Board of Directors and were signed on its behalf by:

John Pocock Director 29 October 2025

CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 31 AUGUST 2025

	Six months ended 31 August 2025 (unaudited) £'000	Six months ended 31 August 2024 (unaudited) £'000	Year ended 28 February 2025 (audited) £'000
Net cash flows from operating activities	(205)	(280)	(570)
Cash flows from investing activities
Purchase of investments	(4,311)	(7,686)	(12,452)
Sale of investments	2,208	7,845	15,794
Net cash flows from investing activities	(2,103)	159	3,342
Cash flows from financing activities
Equity dividends paid	(5,022)	(1,854)	(3,685)
Issue of Ordinary Shares	6,332	3,694	7,190
Net proceeds of DIS issue	489	165	332
Repurchase of Ordinary Shares	(1,285)	(1,425)	(2,552)
Net cash flows from financing activities	514	580	1,285
Net (decrease)/increase in cash	(1,794)	459	4,057
Cash at beginning of period	9,533	5,476	5,476
Cash at end of period	7,739	5,935	9,533

NOTES TO THE FINANCIAL STATEMENTS

1. Accounting policies

The financial information for the six months ended 31 August 2025 and the six months ended 31 August 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 28 February 2025, which have been filed at Companies House and which contained an Auditor's Report that was not qualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.

2. Reserves

Share premium account

The share premium account represents the premium above nominal value received by the Company on issuing shares net of issue costs, including £127,893 current period trail commission (cumulative £387,708). 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 that are distributable.

Capital reserve - realised

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

Special distributable reserve

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

Revenue reserve

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

3. Return per Ordinary Share

	Six months ended 31 August 2025
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares	179,047,273
Revenue return	£378,000
Capital return	(£778,000)
Total return	(£400,000)

DIRECTORS' RESPONSIBILITY STATEMENT

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

• the Financial Statements for the six months ended 31 August 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 28 February 2026; and
• the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.

By order of the Board Maven Capital Partners UK LLP Secretary

29 October 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 table in the Financial Highlights section 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	28 February 2025	29 February 2024
Dividends paid or proposed per Ordinary Share for the year (a)	2.40p	2.15p
NAV from previous year end (b)	39.45p	43.01p
Annual yield = (a/b)*100	6.08%	5.00%

DISCOUNT/PREMIUM TO NAV*

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

Discount calculation	31 August 2025	28 February 2025
NAV per Ordinary Share (a)	36.36p	39.37p
Closing mid-market share price (b)	34.40p	38.00p
Discount = (a-b)/a*100	5.39%	3.48%

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	31 August 2025	28 February 2025
NAV (a)	£65,738,000	£65,680,000
Ordinary Shares in issue (b)	180,799,329	166,841,748
NAV per Ordinary Share = (a/b)*100	36.36p	39.37p

NAV TOTAL RETURN PER ORDINARY SHARE*

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

	31 August 2025	28 February 2025
NAV per Ordinary Share (a)	36.36p	39.37p
Dividends paid per Ordinary Share to date (b)	111.46p	108.71p
NAV total return = a+b	147.82p	148.08p

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

CONTACT INFORMATION

DIRECTORS

John Pocock (Chairman) Alison Fielding Andrew Harrington

MANAGER, SECRETARY AND PRINCIPAL PLACE OF BUSINESS

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

Telephone: 0141 306 7400 Email: enquiries@mavencp.com

REGISTERED OFFICE

6th Floor Saddlers House 44 Gutter Lane London EC2V 6BR

REGISTERED IN ENGLAND AND WALES

Company Registration Number: 03908220

Legal Entity Identifier: 213800VL4S7K6A2YTX94

TIDM: MIG1

ISIN: GB0004122858

WEBPAGE

mavencp.com/migvct

REGISTRARS

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