MAVEN INCOME AND GROWTH VCT 3 PLC

Interim / Quarterly Report • Sep 30, 2014

Maven Income and Growth VCT 6 PLC

Interim Report For the Six Months Ended 30 September 2014

Corporate Summary

Maven Income and Growth VCT 6 PLC is a venture capital trust (VCT) and its shares are listed on the Premium segment of the Official List and traded on the main market of the London Stock Exchange. It has one class of share and was incorporated on 2 November 1999.

Investment Objective

The Company aims to achieve long term capital appreciation and generate maintainable levels of income for Shareholders.

Continuation Date

The Articles of Association require the Directors to put a proposal for the continuation of the Company, in its then form, to Shareholders at the Annual General Meeting to be held in 2020, and thereafter, at five yearly intervals.

Recommendation of Non-mainstream Investment Products

The Company currently conducts its affairs so that the shares issued by it can be recommended by authorised financial advisers to ordinary retail investors in accordance with the rules of the Financial Conduct Authority (FCA) in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future.

The Company's shares are excluded from the FCA's restrictions which 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.

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 oftax may be subjectto change;
• • VCTs tend to be invested in smaller, unlisted companies with a higher risk profile; and
• • the marketforVCT shares can be illiquid.

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

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-tradable, overpriced, high risk or even nonexistent 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 ofthe individual or organisation calling;
• • check the FCA registerto confirm thatthe caller is authorised;
• • call back using the details on the FCA Registerto verify the caller's identity;
• • discontinue the call if you are in any doubt aboutthe intentions ofthe 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: www.actionfraud.police.uk FCA

Telephone: 0800 111 6768 (freephone)

E-mail: consumer.queries@fca.org.uk

Website: www.fca.org.uk

Register: www.fca.org.uk/firms/systems-reporting/register

Scam warning: www.fca.org.uk/consumers/scams

19 Income Statement

5 Financial Highlights

8 Interim Review

7 Summary of Portfolio Performance

16 Analysis of Unlisted and Quoted Portfolio

14 Investment Portfolio Summary

• 19 Reconciliation of Movements in Shareholders' Funds
• 20 Balance Sheet
• 21 Cash Flow Statement
• 22 Notes to the Financial Statements

3

• 24 Directors' Responsibility Statement
• 25 Your Notes

Interim Management Report

• 5 Financial Highlights
• 7 Summary of Portfolio Performance
• 8 Interim Review
• 14 Investment Portfolio Summary
• 16 Analysis of Unlisted and Quoted Portfolio

Financial Highlights

Financial History

	Six months ended 30 September 2014	Year ended 31 March 2014	Six months ended 30 September 2013
Net asset value (NAV )	£4,147,000	£3,617,000	£2,844,000
NAV per Ordinary Share	57.3p	56.5p	53.6p
Dividends paid to date	1.1p	0.5p	0.5p
NAV total return per share¹	58.4p	57.0p	54.1p
Revenue return for period	0.1p	0.1p	0.6p
Capital return for period	1.8p	3.4p	(0.6)p
Total return for period	1.9p	3.5p	nil
Share price²	43.0p	41.5p	39.5p
Discount to NAV	25.0%	26.5%	26.3%
Ordinary Shares in issue	7,232,852	6,407,688	5,309,102

¹Sum of NAV per share and dividends paid to date.

²Mid-market price (Source: Bloomberg).

NAV Total Return

The above graph shows the NAV total return as at 31 March in each year, except 2015 which is at 30 September 2014.

The above graph compares the NAV total return as at 31 March in each year (except 2015 which is at 30 September 2014) to the FTSE AIM All-share index, both rebased to 100p at 31 March 2005, the closest accounting period-end date to the appointment of the management team.

The NAVs as at 31 March 2005 and 31 March 2006 have been re-stated to reflect the share capital consolidation effective from 23 August 2006.

Dividends

NAV Total Return Performance

Year ended March	Payment date The above graph reflects the NAV total return as at 31 March in each year (except 2015 which is at 30 September 2014) to the FTSE AIM All-share index, both rebased to 100p at 31 March 2005, the closest accounting period-end date to the appointment of the management team.	Interim/final	Rate (p)
2013	30 August 2013 The NAVs as at 31 March 2005 and 31 March 2006 have been re-stated to reflect the share capital consolidation effective from 23 August 2006.	Final	0.5
2014	29 August 2014	Final	0.6
Total dividends paid			1.1

Summary of Portfolio Performance

For the Six Months Ended 30 September 2014

	Opening value at 31 March 2014 £'000	Purchases £'000	Sales proceeds £'000	Realised gain over opening value £'000	Unrealised gain/(loss) over opening value £'000	Closing value at 30 September 2014 £'000	Total gain/ (loss) £'000
Unlisted	3,066	257	(657)	145	62	2,873	207
Listed	15	-	(8)	8	(9)	6	(1)
AIM/ISDX	55	-	(6)	1	(7)	43	(6)
Treasury Bills	-	997	-	-	-	997	-
Total portfolio	3,136	1,254	(671)	154	46	3,919	200

7

Interim Review

Overview

The continuing objective for your Company is to achieve long term capital appreciation and generate maintainable levels of income for Shareholders, by investing in a diversified portfolio of later-stage private businesses and AIM/ISDX quoted companies with established revenue streams and strong growth potential. During the six month period to 30 September 2014, a combination of valuation uplifts, investment returns and realisation proceeds has contributed to a further increase in NAV total return to 58.4p per share.

During the reporting period, the Maven team has continued to source suitable investment opportunities in profitable businesses across the UK and the asset base now includes 38 private companies, the majority of which are trading in line with, or ahead of, plan and paying a regular yield. This revenue is an important component in your Company's ability to sustain an attractive level of tax-free distributions to Shareholders.

Three significant new private company holdings were added to the portfolio during the six month period. Maven supported the buy-in/management buy-out of RMEC Group in April 2014 and, in June 2014, led a secondary buy-out of Just Trays from Gresham Private Equity. Most recently, an investment was completed in Crawford Scientific Holdings, a long established specialist in chromatography processes.

Distributable Reserves and Dividends

Meaningful realisations have been achieved during the period under review, with the Company now in a position where it has a small net surplus in its distributable reserves. Discussions are in progress regarding potential exits from a number of portfolio companies and, while there can be no certainty that these discussions will lead to profitable sales, any further disposals could generate additional capital gains which, combined with any surplus revenue, may enable further dividend payments to be made to Shareholders.

The Board does not propose to declare an interim dividend, but will consider the status of the Company's reserves as at 31 March 2015 before making a decision on the proposal of a final dividend for the full year.

Portfolio Developments

The private equity portfolio has generally performed well and a number of companies, including several of the most recent investments, are performing ahead of plan and becoming valuable assets for your Company. Torridon (Gibraltar), trading through its subsidiary Elite Insurance, offers specialist insurance solutions and exceptional service across a range of general insurance classes. Its experienced in-house underwriting teams, delivering bespoke proposals supported by a full risk assessment and effective decision-making, have also established Elite as a market leading provider of legal expenses insurance. The team has continued to expand the product range, and currently offers over eighty lines across Europe, covering before-the-event, after-the-event and clinical negligence.

Highlights

NAV total return of 58.4p per share at 30 September 2014, an increase of 2.5% from 57.0p at 31 March 2014

NAV at period end of 57.3p per share after payment of the final dividend of 0.6p per share

Three new investments added to the portfolio

Realisation of Adler and Allan Holdings for a total return of 2.6 times cost

Exit from Fotolec Technologies, generating cash proceeds of £319,000

HCS Control Systems Group, which specialises in the design, manufacture and testing of equipment for the global subsea industry, has a strategy to grow through expansion into key markets and has achieved a number of milestones since the investment by Maven clients in June 2013. Trading results have exceeded expectations and the business has won several new contracts, including a multi-million pound project to provide services for the BP Quad 204 development off the coast of Shetland.

Nenplas Holdings has continued to perform ahead of plan due to operational efficiencies achieved following the integration of Polyplas, increased sales volumes and favourable market conditions. This has led to an uplift in the valuation and a second acquisition was completed during November 2014.

Following an initial investment in December 2013, additional funding has been provided to D Mack to develop its range of passenger car tyres. The company's profile has been boosted by exceptional performances at the 2014 World Rally Championship events.

Conversely, some companies have seen trading below plan and, in light of current performance, your Board has taken the prudent step of reducing the valuation of the holdings in CHS Engineering Services and DPP.

New Investments

During the period, alongside follow-on investments supporting the development of existing portfolio companies, your Company participated in three new private equity transactions:

• • RMEC Group, a Forfar based specialist provider of engineering solutions and pressure control equipment to multinational oil service companies;
• • Just Trays, the UK's leading manufacturer of shower trays and related accessories, with all product design, development and production undertaken at its main facility in Leeds; and
• • Crawford Scientific Holdings, a leading supplier of chromatography products and services to blue-chip clients and laboratories across the UK, Europe and the US. The business, which is based in Strathaven, will look to expand through organic growth and by making strategic bolt-on acquisitions.

The following investments have been completed during the reporting period:

			Investment
Investment	Date	Sector	cost £'000	Website
Unlisted
CHS Engineering Services Limited	August 2014	Support services	15	www.chsservices.com
Crawford Scientific Holdings Limited	August 2014	Pharmaceuticals & biotechnology	74	www.crawfordscientific.com
D Mack Limited	June 2014	Automobiles & parts	7	www.dmacktyres.com
JT Holdings (UK) Limited (trading as Just Trays)	June 2014	Household goods & textiles	50	www.just-trays.co.uk
Kelvinlea Limited	June 2014	Real estate	11	No website available
Maven Capital (Telfer House) LLP	April 2014	Real estate	50	No website available
RMEC Group Limited	April 2014	Oil & gas	50	www.rmecltd.co.uk
Total unlisted investment			257
Listed fixed income
Treasury Bill 16 March 2015	September 2014	UK government	997
Total listed fixed income investment			997
Total investment			1,254

At the period end, the portfolio stood at 48 unlisted and quoted investments at a total cost of £2.6 million.

Realisations

The mezzanine loan provided to Tuscola (FC100) was repaid in full during May 2014, and your existing portfolio company Kelvinlea acquired Moriond in June 2014 in a transaction that will create synergies in the marketing process as the remaining residential properties held by both companies are sold.

In August 2014, the legacy holding in Fotolec Technologies was sold at above carrying value, and a profitable realisation was achieved in September 2014 when specialist environmental services business Adler and Allan Holdings was acquired by UK private equity house LDC for a 2.6 times return on cost. Maven clients first invested in Adler and Allan in 2007, alongside Spirit Capital Partners, to support the company's growth and have since backed a series of acquisitions to help the group gain scale and grow shareholder value.

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

	Year first invested	Complete/ partial exit	Cost of shares disposed of £'000	Value at 31 March 2014 £'000	Sales proceeds £'000	Realised gain/(loss) £'000	Gain/(loss) over 31 March 2014 value £'000
Unlisted
Adler and Allan Holdings Limited	2007	Complete	62	90	130	68	40
Attraction World Holdings Limited	2010	Partial	4	4	6	2	2
Ensco 969 Limited (trading as DPP)	2013	Partial	6	6	6	-	-
Fotolec Technologies Limited	2001	Complete	250	285	319	69	34
Lawrence Recycling & Waste Management Limited	2009	Partial	8	8	8	-	-
Manor Retailing Limited	2013	Partial	35	35	35	-	-
Maven Capital (Telfer House) LLP¹	2014	Complete	50	N/A	50	-	N/A
Moriond Limited	2011	Complete	4	8	10	6	2
Search Commerce Limited	2013	Partial	35	35	35	-	-
Tuscola (FC100) Limited (previously Grangeford (FC100) Limited)	2012	Complete	50	50	50	-	-
Westway Services Holdings (2010) Limited²	2009	Partial	8	8	8	-	-
Total unlisted disposals			512	529	657	145	78
Quoted
Brookwell Limited	2011	Partial	-	-	4	4	4
esure Group PLC	2010	Partial	-	8	8	8	-
Hasgrove PLC	2006	Partial	5	2	2	(3)	-
Total quoted disposals			5	10	14	9	4
Total disposals			517	539	671	154	82

The table includes the redemption of loan notes by a number of investee companies.

¹Holding acquired and realised during the period.

²Proceeds exclude yield and redemption premiums received, which are disclosed as revenue for financial reporting purposes.

Material Developments Since the Period End

Since 30 September 2014, two follow-on investments have been completed in existing portfolio companies, including the provision of funding to complete a secondary buy-out of Westway Services Holdings (2010), and one new private company asset has also been added to the portfolio. In October 2014 a new investment was completed in Endura, a fast-growing designer and manufacturer of branded apparel for the key cycling categories of mountain, road, performance and leisure. Endura products are sold in over 30 countries and it is currently the largest specialist brand in the UK market. This transaction was led by Penta Capital, an established private equity firm with which Maven previously co-invested in esure, Six Degrees Group and Global Risk Partners.

Subsequent to the year end, Camwatch was sold at close to carrying value to VPS Holdings, a leader in the European vacant property services market.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2014 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM/ISDX quoted companies, which by their nature, entail a higher risk and lower liquidity than investments in large quoted companies. The valuation of investee companies may be affected by economic conditions and the credit environment, and other risks include legislation, regulation, adherence to VCT qualifying rules and the effectiveness of the internal controls operated by the Company and the Manager. These risks and procedures are reviewed regularly by your Board, and the Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be met.

Fund Raising

In September 2013, the Company announced that it planned to raise up to £1 million in a joint Offer for Subscription alongside the other Maven VCTs. The Offer, which included an over-allotment facility to allow the Company to raise a further £0.25 million, was fully subscribed by 4 April 2014, and closed on 5 April 2014 in relation to the tax year 2013/14. The Offer was extended, and subsequently closed on 30 May 2014 for the tax year 2014/15, resulting in the issue of a total of 1,923,750 Ordinary Shares, raising an additional £1.05 million of capital, before expenses.

As a consequence, the Company has a relatively higher amount of cash available for investment under the VCT 'new money' rules than the other Maven VCTs. Therefore, the Board has elected not to participate in the Maven VCT Offers launched on 20 October 2014.

Share Buy-backs

Shareholders have given the Board authority to buy back Shares for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders. No Shares were bought back during the period under review.

VCT Regulatory Developments

The AIFM Directive came into force on 21 July 2011 and was implemented within the UK on 22 July 2013. The Board and the Manager engaged legal advisers to ensure that the impact of the legislation had been considered fully, and the Board has taken the decision to register Maven Income and Growth VCT 6 PLC as a self-managed small registered AIFM. This has enabled the Company to take advantage of the reduced reporting requirements and avoid the direct and indirect costs of appointing a depositary. The Company was registered on 22 July 2014 and procedures are in place to ensure compliance with the Directive.

The Association of Investment Companies (AIC) has participated in a consultation process aimed at ensuring the Government's continued long-term support for the VCT sector by addressing concerns from HM Treasury that enhanced share buy-back (EBB) schemes conflict with the public policy objectives of VCTs. Whilst the buying back and cancellation of shares will continue to be permitted, EBBs are now prohibited.

HM Treasury had published draft legislation to address its concerns about the use of share premium accounts to return capital to investors, which will prevent VCTs returning capital within three years of the accounting period in which the shares were issued. These changes were effective from 6 April 2014 but, as the provisions may have affected the ability to pay dividends out of reserves created from the reduction of share premium or capital where the VCT had issued shares of the same class before and after 5 April 2014, the AIC sought clarification on this matter. HM Treasury has confirmed that the new rule will apply only in respect of returns of capital from shares issued on or after 6 April 2014, and the draft legislation was amended prior to receiving Royal Assent in July 2014.

Distribution of Annual and Interim Reports

As detailed in the 2014 Annual Report, a number of Shareholders have expressed an interest in receiving notification, by post or e-mail, that documents, including annual and interim reports, are available on the Company's website as an alternative to receiving them by post. A letter of request was included with the 2014 Annual Report for Shareholders to complete and return to confirm whether or not they wished to take advantage of this facility, and indicating that, if it was not returned, they would be deemed as having given their consent to receiving only postal notifications that documents are available on the website. As a result, if no such letter of request was submitted, Shareholders will have received notification by post of the publication of this Interim Report on the Company's website. Shareholders who wish notifications to be sent by e-mail rather than by post should complete and return the form enclosed with this Interim Report or advise the Registrar via the Share Portal at www.capitashareportal.com. Hard copies of all documents are available on request.

Dividend Reinvestment Scheme

The Directors intend to implement a Dividend Reinvestment Scheme through which Shareholders may elect to have their dividend payments used to apply for additional Ordinary Shares issued by the Company under the standing authority requested from Shareholders at Annual General Meetings. Details of the scheme, and an application form, will be issued in advance of the payment of any final dividend for the year ending 31 March 2015.

Board of Directors

In the 2014 Annual Report, your Board intimated its intention to implement a succession plan and, as indicated previously, Stephen Barclay will stand down and not seek re-election at the Annual General Meeting (AGM) to be held in 2015. It is also intended that, subject to Shareholders' approval for his re-election at that AGM, Jonathan Carr will stand down at the subsequent AGM in 2016 and the Directors are currently considering a number of candidates as potential replacements. The appointment of new Directors and the future constitution of the Board will be confirmed and communicated fully to Shareholders in due course, with each new Director being subject to re-election by Shareholders at the first AGM following their appointment.

Outlook

Your Company will continue to focus on investing at attractive entry values in established UK businesses that are capable of generating income and have significant potential for capital appreciation. The Board and the Manager believe this strategy continues to be the optimal approach for supporting a progressive dividend programme and delivering consistent growth in Shareholder value.

On behalf of the Board Maven Capital Partners UK LLP Secretary

28 November 2014

Investment Portfolio Summary

As at 30 September 2014

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted
Torridon (Gibraltar) Limited (formerly Torridon Capital Limited)	347	21	8.4	0.8	39.2
Nenplas Holdings Limited	246	122	5.9	1.0	31.5
Maven Co-invest Exodus Limited Partnership and Tosca Penta Exodus Mezzanine Limited Partnership (invested in Six Degrees Group)	194	87	4.7	0.4	10.3
Glacier Energy Services Group Limited	181	150	4.4	0.6	27.1
Intercede (Scotland) 1 Limited (trading as EFC)	161	50	3.9	0.5	28.0
Steminic Limited (trading as MSIS)	154	89	3.7	1.2	34.7
Lemac No.1 Limited (trading as John McGavigan)	152	107	3.7	1.4	35.4
Camwatch Limited	115	182	2.8	1.4	41.5
Ensco 969 Limited (trading as DPP)	79	105	1.9	0.4	34.1
Venmar Limited (trading as XPD8 Solutions)	79	79	1.9	1.2	33.8
Crawford Scientific Holdings Limited	74	74	1.8	0.9	47.3
Flexlife Group Limited	74	74	1.8	0.3	14.3
Space Student Living Limited	71	46	1.7	1.8	84.2
HCS Control Systems Group Limited	69	60	1.7	0.6	39.8
Martel Instruments Holdings Limited	66	76	1.6	1.4	42.8
CatTech International Holdings Limited	60	60	1.4	0.6	29.4
LCL Hose Limited (trading as Dantec Hose)	60	60	1.4	1.1	28.9
Vodat Communications Group Limited	60	60	1.4	0.7	41.0
Westway Services Holdings (2010) Limited	56	5	1.4	0.4	21.5
CHS Engineering Services Limited	53	72	1.3	3.8	94.2
Richfield Engineering Services Limited	50	50	1.2	0.8	49.0
R&M Engineering Group Limited	50	50	1.2	0.7	69.9
ISN Solutions Group Limited	50	50	1.2	0.6	54.4
JT Holdings (UK) Limited (trading as Just Trays)	50	50	1.2	0.5	29.5
SPS (EU) Limited	50	50	1.2	0.5	42.0
RMEC Group Limited	50	50	1.2	0.4	57.9
Kelvinlea Limited	47	47	1.1	2.3	47.7
Attraction World Holdings Limited	42	3	1.0	0.9	37.5
Maven Co-invest Fletcher Limited Partnership	39	40	0.9	-	-
D Mack Limited	39	39	0.9	0.4	29.6
Manor Retailing Limited	15	15	0.4	0.8	49.0
Search Commerce Limited	15	15	0.4	0.8	49.0
Lawrence Recycling & Waste Management Limited	13	73	0.3	0.8	61.2
Maven Co-invest Endeavour Limited Partnership (invested in Global Risk Partners)	11	11	0.3	0.4	99.6
Other unlisted investments	1	60	-
Total unlisted investments	2,873	2,182	69.3

Investment Portfolio Summary (continued)

As at 30 September 2014

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Quoted
Plastics Capital PLC	11	10	0.3	0.1	1.8
Chime Communications PLC	10	6	0.3	-	0.1
Vianet Group PLC (formerly Brulines Group PLC)	10	16	0.3	-	1.5
esure Group PLC	6	-	0.1	-	-
Work Group PLC	6	101	0.1	0.4	2.7
Hasgrove PLC	4	12	0.1	-	0.4
Other quoted investments	2	240	-
Total quoted investments	49	385	1.2
Listed fixed income
Treasury Bill 16 March 2015	997	997	24.0
Total investments	3,919	3,564	94.5

1 Other clients of Maven Capital Partners UK LLP.

Analysis of Unlisted and Quoted Portfolio

As at 30 September 2014

Industry sector	Unlisted valuation £'000	%	Quoted £'000	%	Total valuation £'000	%
Oil & gas	907	31.0	-	-	907	31.0
Support services	424	14.5	11	0.4	435	14.9
Telecommunication services	369	12.6	-	-	369	12.6
Insurance	347	11.9	6	0.2	353	12.1
Construction & building materials	245	8.4	-	-	245	8.4
Automobiles & parts	191	6.5	-	-	191	6.5
Pharmaceuticals & biotechnology	75	2.6	-	-	75	2.6
Electronic & electrical equipment	66	2.3	-	-	66	2.3
Household goods & textiles	50	1.7	11	0.4	61	2.1
Chemicals	60	2.1	-	-	60	2.1
Engineering & machinery	50	1.7	-	-	50	1.7
Real estate	48	1.6	-	-	48	1.6
Software & computer services	15	0.5	11	0.4	26	0.9
General retailers	15	0.5	-	-	15	0.5
Speciality & other finance	11	0.4	-	-	11	0.4
Media & entertainment	-	-	10	0.3	10	0.3
	2,873	98.3	49	1.7	2,922	100.0

Valuation by Industry Group

Analysis of Unlisted and Quoted Portfolio (continued) As at 30 September 2014

Deal type	Number of holdings	Valuation £'000	%
Unlisted
Management buy-out	16	1,107	37.8
Buy-in/management buy-out	4	461	15.8
Buy & build	3	429	14.7
Replacement capital	4	358	12.3
Development capital	5	331	11.3
Acquisition finance	5	148	5.1
Mezzanine	1	39	1.3
Total unlisted	38	2,873	98.3
Quoted	10	49	1.7
Total unlisted and quoted	48	2,922	100.0

Valuation by Deal Type

Financial Statements

• 19 Income Statement
• 19 Reconciliation of Movements in Shareholders' Funds
• 20 Balance Sheet
• 21 Cash Flow Statement
• 22 Notes to the Financial Statements

Income Statement

For the Six Months Ended 30 September 2014

	Revenue £'000	Six months ended 30 September 2014 Capital £'000	(unaudited) Total £000	Revenue £'000	Six months ended 30 September 2013 Capital £'000	(unaudited) Total £'000	Revenue £'000	Capital £'000	Year ended 31 March 2014 (audited) Total £'000
Gains on investments	-	200	200	-	4	4	-	316	316
Income from investments and deposit interest	79	-	79	101	-	101	166	-	166
Other income	-	-	-	-	-	-	1	-	1
Investment management fees	(19)	(74)	(93)	(10)	(40)	(50)	(32)	(129)	(161)
Other expenses	(52)	-	(52)	(58)	-	(58)	(128)	-	(128)
Net return on ordinary activities before taxation	8	126	134	33	(36)	(3)	7	187	194
Tax on ordinary activities	(1)	1	-	(3)	3	-	(1)	1	-
Return attributable to equity Shareholders	7	127	134	30	(33)	(3)	6	188	194
Return per Ordinary Share (pence)	0.1	1.8	1.9	0.6	(0.6)	-	0.1	3.4	3.5

A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement.

All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits.

The total column of this statement is the Profit and Loss Account of the Company.

Reconciliation of Movements in Shareholders' Funds

For the Six Months Ended 30 September 2014

	Six months ended 30 September 2014 (unaudited) £'000	Six months ended 30 September 2013 (unaudited) £'000	Year ended 31 March 2014 (audited) £'000
Opening Shareholders' funds	3,617	2,874	2,874
Net return for period	134	(3)	194
Net proceeds of share issue	439	-	576
Dividends paid - revenue	-	(27)	(27)
Dividends paid - capital	(43)	-	-
Closing Shareholders' funds	4,147	2,844	3,617

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

Balance Sheet

As at 30 September 2014

	30 September 2014 (unaudited) £'000	30 September 2013 (unaudited) £'000	31 March 2014 (audited) £'000
Fixed assets
Investments at fair value through profit or loss	3,919	2,765	3,136
Current assets
Debtors	72	88	77
Cash and overnight deposits	207	67	488
	279	155	565
Creditors:
Amounts falling due within one year	51	76	84
Net current assets	228	79	481
Total net assets	4,147	2,844	3,617
Capital and reserves
Called up share capital	3,617	2,655	3,204
Share premium account	53	-	27
Capital reserve - realised	(1,358)	(1,314)	(1,396)
Capital reserve - unrealised	358	9	312
Special distributable reserve	2,389	2,389	2,389
Revenue reserve	(912)	(895)	(919)
Net assets attributable to equity Shareholders	4,147	2,844	3,617
Net Asset Value per Ordinary Share (pence)	57.3	53.6	56.5

The Financial Statements of Maven Income and Growth VCT 6 PLC, registered number 3870187, were approved by the Board on 28 November 2014 and were signed on its behalf by:

Jonathan Carr Director

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

Cash Flow Statement

For the Six Months Ended 30 September 2014

	Six months ended 30 September 2014 (unaudited) £'000	Six months ended 30 September 2013 (unaudited) £'000	Year ended 31 March 2014 (audited) £'000
Operating activities
Investment income received	89	100	172
Investment management fees paid	(112)	-	(100)
Other cash payments	(71)	(58)	(126)
Net cash (outflow)/inflow from operating activities	(94)	42	(54)
Taxation	-	-	-
Corporation tax	-	-	-
Financial investment
Purchase of investments	(1,254)	(332)	(560)
Sale of investments	671	324	493
Net cash outflow from financial investment	(583)	(8)	(67)
Equity dividends paid	(43)	(27)	(27)
Net cash (outflow)/inflow before financing	(720)	7	(148)
Financing
Issue of Ordinary Shares	439	-	576
Net cash inflow from financing	439	-	576
(Decrease)/increase in cash	(281)	7	428

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

Notes to the Financial Statements

1. Accounting Policies

The financial information for the six months ended 30 September 2014 and the six months ended 30 September 2013 comprises non statutory accounts within the meaning of Section 240 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 March 2014.

The results for the year ended 31 March 2014 are extracted from the full accounts for that year, which received an unqualified report from the Auditors and have been filed with the Registrar of Companies.

2. Movement in Reserves	Share premium account £'000	Capital reserve realised £'000	Capital reserve unrealised £'000	Special distributable reserve £'000	Revenue reserve £'000
At 31 March 2014	27	(1,396)	312	2,389	(919)
Gains on sale of investments	-	154	-	-	-
Net increase in value of investments	-	-	46	-	-
Investment management fees	-	(74)	-	-	-
Dividends paid	-	(43)	-	-	-
Tax effect on capital items	-	1	-	-	-
Share issue	26	-	-	-	-
Net return on ordinary activities after taxation	-	-	-	-	7
At 30 September 2014	53	(1,358)	358	2,389	(912)

3. Returns per Ordinary Share	Six months ended 30 September 2014 £'000	Six months ended 30 September 2013 £'000	Year ended 31 March 2014 £'000
The returns per Ordinary Share are based on
the following figures:
Revenue return	7	30	6
Capital return	127	(33)	188
Total return	134	(3)	194
Weighted average number of Ordinary Shares in issue	7,095,661	5,309,102	5,477,652
Revenue return per Ordinary Share (pence)	0.1	0.6	0.1
Capital return per Ordinary Share (pence)	1.8	(0.6)	3.4
Total return per Ordinary Share (pence)	1.9	-	3.5

The Net Asset Value per Ordinary Share has been calculated using the number of shares in issue at 30 September 2014 of 7,232,852

General Information

• 24 Directors' Responsibility Statement
• 25 Your Notes

Directors' Responsibility Statement

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

• the Financial Statements for the six months ended 30 September 2014 have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' issued in January 2009;
• 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 March 2015; and
• the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to material related party transactions and any changes therein.

By order of the Board Maven Capital Partners UK LLP Secretary

28 November 2014

Your Notes

Your Notes

Contact Information

Directors	Jonathan Carr (Chairman)
	Stephen Barclay
	Brian May
	Bill Nixon
Manager and Secretary	Maven Capital Partners UK LLP
	Kintyre House
	205 West George Street
	Glasgow G2 2LW
	Telephone: 0141 306 7400
	E-mail: enquiries@mavencp.com
Registered Office	Fifth Floor
	1-2 Royal Exchange Buildings
	London
	EC3V 3LF
Registered in England and Wales C	ompany Registration Number: 3870187
Website	www.mavencp.com/migvct6
Registrar	Capita Asset Services
	The Registry
	34 Beckenham Road
	Beckenham
	Kent
	BR3 4TU
	Website: www.capitaassetservices.com
	Shareholder Portal: www.capitashareportal.com
	Shareholder Helpline: 0333 300 1566
	(Lines are open 9.00am until 5.30pm, Monday to Friday; calls are
	charged at the standard rates used for 01 and 02 UK geographic
	numbers, and will vary by provider. Calls outside the United Kingdom
	will be charged at the applicable international rate)
Auditor	Deloitte LLP
Bankers	J P Morgan Chase Bank
Stockbrokers	Shore Capital Stockbrokers Limited
	020 7647 8132

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

Tel 0141 306 7400

Authorised and Regulated by The Financial Conduct Authority