Maven Income and Growth VCT 4 : Interim Report and Financial Statements

Maven Income and Growth VCT 4 PLC I 1

MAVEN INCOME AND GROWTH VCT 4 PLC

Interim Report for the

six months ended 30 June 2023

02 I Maven Income and Growth VCT 4 PLC

CORPORATE SUMMARY

THE COMPANY

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

The Company is a venture capital trust (VCT) and its shares are listed on the premium segment of 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 (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 2029 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 intends to continue to do so for the foreseeable future. The Company's shares are excluded from the FCA's restrictions that apply to non-mainstream investment products because they are shares in a VCT and the returns to investors are predominantly based on investments in private companies or publicly quoted securities.

UNSOLICITED OFFERS FOR SHARES (BOILER ROOM SCAMS)

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

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

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

USEFUL CONTACT DETAILS:

Action Fraud

Telephone: [phone]

Website: actionfraud.police.uk

FCA

Telephone: [phone] (freephone)

Website: fca.org.uk/scamsmart

Maven Income and Growth VCT PLC I 03

IN THIS REPORT

01

INTERIM MANAGEMENT REPORT

Corporate Summary	02
Financial Highlights	04
Investment Manager's Review	07
Investment Portfolio Summary	17
Portfolio Analysis	22

02

FINANCIAL STATEMENTS

Income Statement	24
Statement of Changes in Equity	25
Balance Sheet	26
Cash Flow Statement	27
Notes to the Financial Statements	28

03

GENERAL INFORMATION

Directors' Responsibility Statement	29
Glossary	30
Your Notes	32
Contact Information	35

04 I Maven Income and Growth VCT 4 PLC

FINANCIAL HIGHLIGHTS

AS AT 30 JUNE 2023

Net asset value

NAV

NAV total return1*

(NAV)

per Ordinary Share

per Ordinary Share

£89.69m

64.92p

154.27p

Interim dividend

Dividends paid to date*

per Ordinary Share

per Ordinary Share

1.75p

89.35p

NAV Total Return Performance1*

2019

146.51p

2020

148.93p

2021

157.48p

2022

155.90p

2023

154.27p

120

125

130

135

140

145

150

155

160

(p)

The above chart shows the NAV total return per Ordinary Share as at the end of December in each year, except in 2023 which is at 30 June. Dividends that have been declared but not yet paid are included in the NAV at the balance sheet date.

Maven Income and Growth VCT 4 PLC I 05

FINANCIAL HISTORY

	30 June	31 December	30 June
	2023	2022	2022
NAV	£89,694,000	£88,644,000	£89,633,000
NAV per Ordinary Share	64.92p	68.30p	68.56p
Dividends paid per Ordinary Share to date*	89.35p	87.60p	85.60p
NAV total return per Ordinary Share1*	154.27p	155.90p	154.16p
Share price2	63.00p	63.00p	68.00p
Discount to NAV*	2.96%	7.76%	0.82%
Ordinary Shares in issue	138,160,850	129,788,859	130,731,496

1. Sum of current NAV per Ordinary Share and dividends paid per Ordinary Share to date (excluding initial tax relief).
2. Closing mid-market price at the period end (Source: IRESS).

DIVIDENDS

				Annual	Annual
			Payment	payment	yield
Year ended 31 December	Payment date	Interim/final	(p)	(p)	(%)3*
2006-2018			73.60
2019	4 October 2019	Interim	2.00
	22 May 2020	Final	2.00	4.00	5.57
2020	2 October 2020	Interim	1.00
	21 May 2021	Final	2.00	3.00	4.23
2021	1 October 2021	Interim	2.00
	11 March 2022	Second interim	2.00
	20 May 2022	Final	1.00	5.00	7.11
2022	7 October 2022	Interim	2.00
	23 May 2023	Final	1.75	3.75	5.01
Total dividends paid since inception			89.35
2023	13 October 2023	Interim	1.75
Total dividends paid or declared			91.10
since inception

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

*Definitions of these Alternative Performance Measures (APMs) can be found in the Glossary on pages 30 and 31 of this Interim Report.

On 25 March 2013, S Shares were re-designated as Ordinary Shares with 804,028 bonus Ordinary Shares being issued. As a result, previous holders of S Shares held 1.1528 Ordinary Shares for every S Share held on the relevant record date, with the resultant number of shares rounded down to the nearest whole share.

On 30 September 2014, C Ordinary Shares were consolidated into Ordinary Shares. As a result, 3,863,876 C Ordinary Shares were re-designated as 3,077,827 Ordinary Shares, based on a conversion ratio of 0.7968 Ordinary Shares per C Ordinary Share, with the resultant number of shares rounded down to the nearest whole share.

On 15 November 2018, the Company merged with Maven Income and Growth VCT 2 PLC (Maven VCT 2). As a result, previous holders of Maven VCT 2 shares were issued new Ordinary Shares in the Company at a ratio of 0.4851 per Maven VCT 2 ordinary share held, with the resultant number of shares rounded down to the nearest whole share.

On 18 December 2019, the Company merged with Maven Income and Growth VCT 6 PLC (Maven VCT 6). As a result, previous holders of Maven VCT 6 shares were issued new Ordinary Shares in the Company at a ratio of 0.687632 per Maven VCT 6 ordinary share held, with the resultant number of shares rounded down to the nearest whole share.