Maven Income and Growth VCT 3 PLC I 1
Annual Report for the
year ended 30 November 2022
MAVEN INCOME
AND GROWTH
VCT 3 PLC
02 I Maven Income and Growth VCT 3 PLC
CORPORATE SUMMARY
THE COMPANY
Maven Income and Growth VCT 3 PLC (the Company)
is a public limited company limited by shares. It was
incorporated in England and Wales on 7 September
2001 with company registration number 04283350.
The Company is a venture capital trust (VCT) and its
shares are listed on the premium segment of the
INVESTMENT OBJECTIVE
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’s Annual General Meeting (AGM) to be held in
anniversary of the latest allotment of new shares.
SHARE DEALING
Shares in the Company can be purchased and sold in
RECOMMENDATION OF NON-MAINSTREAM
INVESTMENT PRODUCTS
The Company currently conducts its affairs so that the
advisers to ordinary retail investors in accordance with
intends to do so for the foreseeable future. The
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
usually based overseas or using false UK addresses or
aware that their intentions are often fraudulent and
involving a request for an indemnity or a payment to be
provided in advance.
• obtain the name of the individual or organisation
• discontinue the call if you are in any doubt about the
unsolicited calls with an offer to buy or sell shares to
USEFUL CONTACT DETAILS:
Maven Income and Growth VCT 3 PLC I 03 Maven Income and Growth VCT 3 PLC I 03
Corporate Summary 02
Your Board 07
Chairman’s Statement 09
Business Report 14
Portfolio Analysis 20
Investment Manager’s Review 22
Largest Investments by Valuation 33
Investment Portfolio Summary 39
Directors’ Report 43
Directors’ Remuneration Report 50
Statement of Corporate Governance 54
Independent Auditor’s Report to the Members
Income Statement 72
Statement of Changes in Equity 73
Balance Sheet 74
Notice of Annual General Meeting 90
Glossary 98
Your Notes 100
Contact Information 103
STRATEGIC REPORT
FINANCIAL STATEMENTS
GOVERNANCE REPORT
ANNUAL GENERAL MEETING &
ADDITIONAL INFORMATION
01
03
02
04
IN THIS REPORT
04 I Maven Income and Growth VCT 3 PLC
AS AT 30 NOVEMBER 2022
NAV Total Return Performance
1
*
per Ordinary Share
1.90p
per Ordinary Share
95.17p
(NAV)
£59.94m
NAV
per Ordinary Share
57.32p
NAV total return
1
per Ordinary Share
152.49p
2
5.04%
The above chart shows the NAV total return per Ordinary Share as at the end of November in each year.
Dividends that have been declared but not yet paid are included in the NAV at the balance sheet date.
FINANCIAL HIGHLIGHTS
The above chart shows the NAV total return per Ordinary Share as at the end of November in each year.
Dividends that have been declared but not yet paid are included in the NAV at the balance sheet date.
The policy for valuing investments is disclosed in Note 1 to the Financial Statements.
152.49p
152.97p
144.44p
144.09p
143.66p
130 135 140 145 150 155
2022
2021
2020
2019
2018
(p)
NAV Total Return Performance
Maven Income and Growth VCT 3 PLC I 05
2022
2021
2020
NAV £
NAV per Ordinary Share 57.32p
Dividends paid or proposed per Ordinary Share
for the year
3.15 p 4.75p 3.00p
Dividends paid per Ordinary Share to date* 95.17p 90.42p 88.17p
1
152.49p 152.97p 144.44p
Share price
3
53.00p 58.00p 50.00p
Discount to NAV* 7.54% 7.27% 11.14%
Annual yield
2
* 5.04% 8.44% 5.01%
Ordinary Shares in issue
1
2
3
pages 98 and 99
pages 16 and 17
DIVIDENDS
Payment
date
Payment
(p)
Annual
payment (p)
71.22
2018 13 April 2018 5.70
22 June 2018 Second interim 5.25 10.95
2019 30 August 2019 Interim 2.00
17 April 2020 2.00 4.00
2020 28 August 2020 Interim 2.00
1.00 3.00
2021 10 September 2021 Interim 1.25
11 March 2022 Second interim 2.00
April 2022 1.50 4.75
2022 Interim 1.25
95.17
April 2023 1.90 3.15
97.07
FINANCIAL HISTORY
06 I Maven Income and Growth VCT 3 PLC
SUMMARY OF INVESTMENT CHANGES
YEAR ENDED 30 NOVEMBER 2022
£’000 % £’000 £’000 £’000 %
Equities 54.3 48.8
17.9 (720) (225) 1 3.1
35,534 72.2 (1,981) 3,561 37,114 61.9
*
Equities 9.2 (53) 3.4
Investment trusts (842) (528) 3.3
43,410 88.2 (2,876) 626 41,160 68.6
Other net assets 11.8 31.4
Net assets 49,200 100.0 (2,876) 13,619 59,943 100.0
Maven Income and Growth VCT 3 PLC I 07
YOUR BOARD
Atul has held a
number of senior positions in software technology companies
Atul was appointed as a Civil Service Commissioner to the Cabinet
in Electronic Engineering from the University College of North Wales.
A Director since 5 April 2014 and Chairman of the
stepping down as Chairman and from the Board at the AGM to be
Nomination (Chairman) and Remuneration.
None.
None.
David is a legally
David was a partner with Biggart Baillie LLP and Brodies LLP.
A Director since 1 March 2017 and Chairman of
Nomination and Remuneration (Chairman).
None.
None.
in the Directors’ Report and in the Statement of Corporate Governance.
ATUL DEVANI
Chairman and Independent
Non-executive Director
DAVID ALLAN
Independent
Non-executive Director
08 I Maven Income and Growth VCT 3 PLC
Bill is managing
partner of Maven Capital Partners UK LLP (Maven) and has over 40
appointed as Director on 10 July 2008.
Nomination.
to 2009.
None.
A Director since 15 April 2015 and Chairman of
None.
None.
BILL NIXON
Non-executive Director
Independent
Non-executive Director
Maven Income and Growth VCT 3 PLC I 09
enabling economies to reopen and there was a sense of cautious optimism within
notably resulting in the sharp rise in global energy prices and widespread disruption to
and businesses during 2022.
commercial traction and require additional capital to fully scale prior to securing
HIGHLIGHTS
NAV total return at
the year end of
152.49p per share
NAV at the year end of
57.32p per share
payment of 4.75p per
share in dividends
during the year
Interim dividend of
1.25p per share paid
1.90p per share
proposed for payment
New Offer for
Subscription launched
raise up to £10 million
allotment facility for up
to £5 million) alongside
the other Maven VCTs
CHAIRMAN’S STATEMENT
10 I Maven Income and Growth VCT 3 PLC
to support investment activity. The commitment to future growth was further enhanced by the announcement
as this removes uncertainty for investors and allows entrepreneurial SMEs to continue to access this important
.
share at the preceding year end.
ensuring ongoing compliance with the VCT legislation.
Maven Income and Growth VCT 3 PLC I 11
utilised to subscribe for new Ordinary Shares issued by the Company under the standing authority requested from
. Election to participate in the DIS can also be
.
Company’s VCT qualifying status.
12 I Maven Income and Growth VCT 3 PLC
an unaudited NAV and any dividend. A closed period may also be introduced if the Directors and Manager are in
and Venture Capital Valuation (IPEV) Guidelines as the central methodology for all private company valuations. The
private company holdings. The Directors and the Manager continue to follow industry guidelines and adhere to the
IPEV Special Guidelines in all private company valuations.
credentials can give companies a competitive edge.
able to support and advise on the value of improving these metrics and all investee companies are required to include
ESG as a standing board agenda item to encourage regular dialogue on the topic.
the Manager as part of its ESG initiatives and progress will be monitored by the Directors.
Maven Income and Growth VCT 3 PLC I 13
Twice a year Maven publishes a VCT newsletter
Creating Value
Auditor to the Company with effect from 4 October 2022. Johnston Carmichael conducted the audit of the
Carmichael at the forthcoming AGM.
pages 90 to 95 of this Annual Report.
on who will be appointed to succeed me as Chairman. Details of these further changes to the constitution of the
Board will be announced in due course.
your Company to continue to deliver long term sustained growth in Shareholder value and support a programme of
14 I Maven Income and Growth VCT 3 PLC
appreciation and generate income for Shareholders.
companies that meet the criteria for VCT qualifying
• investing no more than £1.25 million in any
company in one year and no more than 15% of the
Company’s assets by cost in one business at any
investment strategy.
the controls in place to mitigate them. The principal
in large quoted companies. The Board aims to limit the
monitoring and realisation process is applied. The Board
reviews the investment portfolio with the Manager on a
regular basis.
• diversifying across a range of
• actively and closely monitoring the progress of
• ensuring valuations of underlying investments are
made fairly and reasonably (see Notes to the
resources required to achieve the investment
cause a third party to fail to perform its duties and
responsibilities in accordance with the service level
carry on trading and cannot continue to provide services
to the Company. The Board has closely monitored the
systems and controls in place to prevent or mitigate
against a systems or data security failure and the overall
effectiveness of business continuity arrangements of the
Manager and third parties.
its investments as a result of a breach of Section
reliefs available to Shareholders as a result of a
BUSINESS REPORT
Maven Income and Growth VCT 3 PLC I 15
• loss of VCT status and reputational damage as a
result of serious breach of other regulations such as
• increased investment restrictions resulting from the
under other headings in this Business Report.
The Directors strive to maintain a good understanding
of the changing regulatory agenda and consider
emerging issues so that appropriate changes can be
implemented and developed in good time. In order to
to comply with current VCT legislation in the UK as well
as the EU State Aid Rules. Changes to either legislation
could have an adverse impact on Shareholder
VCT status. The Board and the Manager continue to
the British Venture Capital Association (BVCA) and
the VCTA.
as its principal VCT adviser and also uses the services
of a number of other VCT advisers on a transactional
basis.
could lead to a number of detrimental outcomes and
reputational damage. Breaches of controls by service
providers to the Company could also lead to
reputational loss or damage.
an authorisation and supervisory regime for all
investment companies in the EU. The Company is a
such is unchanged as a result of the UK’s departure
from the EU. The Company is also required to comply
Compliance Act and the Common Reporting Standard.
The Company has appointed City Partnership to act on
The Board recognises that climate change is an
into consideration within their strategic planning. As
referred to elsewhere in this Strategic Report and in the
the Company has introduced measures to reduce the
cost and environmental impact of the production and
circulation of Shareholder documentation such as the
annual and interim reports. This has resulted in a
Shareholders now receiving printed reports.
The Board is aware that the Manager is increasing efforts
of due diligence and industry specialists are assigned
potential business or sector. The results are then
investments. VCTs in general are regarded as supporting
opportunities across a range of UK geographical regions.
parties.
The Directors are aware that an ineffective Board could
have a negative impact on the Company and its
Shareholders. The Board recognises the importance of
the Management and Administration Deed or regulatory
comfort that the Manager’s controls have been updated
16 I Maven Income and Growth VCT 3 PLC
The Directors are also mindful of the impact that the
both investment opportunities that may be lost or
reassured by the Manager’s approach to incentivising
staff and ensuring that adequate notice periods are
included in all contracts of employment.
As most of the investments require a mid to long term
retains a portion of the portfolio in cash and listed
on investment opportunities. The Company has only
enter into any derivative transactions.
over policies could lead to instability and uncertainty in
The valuation of investment companies may be
affected by underlying economic conditions such
as rising interest rates and the availability of
including the impact of the current cost of living crisis
under constant review and the investment strategy of
the Company is adapted so far as possible to mitigate
deposits and is dependent on counterparties discharging
their agreed responsibilities. The Directors consider the
creditworthiness of the counterparties to such instruments
The Company is adhering to its stated investment
be seen in various tables and charts throughout this
Chairman’s Statement and in the Investment Manager’s
as at 30 November 2022 and its performance during
the year then ended is included in the Chairman’s
Company’s business model and strategy.
The management of the investment portfolio has been
the breadth and depth of the Manager’s resources and
deals and enable it to monitor the geographically
widespread portfolio of companies effectively.
The Investment Portfolio Summary on pages 39 to 42
of this Annual Report discloses the investments in the
clients of the Manager. The Portfolio Analysis charts on
industry sector and by asset class. They help to show
the sectoral diversity of the portfolio and the hybrid
structure which is balanced between private growth
of qualifying investments is monitored continually by
number of Alternative Performance Measures (APMs) in
order to assess the Company’s success in achieving its
prospective investors to gain an understanding of its
pages 98 and 99.
The NAV total return is considered to be a more
it includes both the current NAV per share and the sum
of dividends paid to date. The annual yield is the total
percentage of the NAV per Ordinary Share at the
pay dividends to provide a yield and comply with the
The share price discount to NAV is the percentage by
most recently published NAV per share. A historical
Maven Income and Growth VCT 3 PLC I 17
Form of engagement
SHAREHOLDERS
to attend the AGM and are provided
questions and engage with the
Directors and the Manager.
Shareholders are also encouraged to
resolutions proposed at the AGM.
Shareholder documents – the
Company reports formally to
Shareholders by publishing Annual
March and July each year. In the
instance of a corporate action
communicate with Shareholders
reporting obligations are
disseminated to Shareholders by way
Announcements.
be found in the Chairman’s Statement on page 10.
details can be found in the Chairman’s Statement on pages 11 and 12
and in the Directors’ Report on page 47.
Subscription can be found in the Chairman’s Statement on page 11.
the Company’s investment income and operational
that both of these elements are important components
information can be found in Notes 2 and 4 to the
this Annual Report compares the Company’s
and political trends and factors that may impact on the
Company’s future development and performance.
Investments held by Maven Income and Growth VCT 3
PLC in unquoted companies are valued in accordance
assessing the fair value of private company holdings.
The Directors and the Manager continue to follow these
industry guidelines and adhere to the IPEV Special
Guidelines in all private company valuations. Investments
necessary Shareholder authority to continue to conduct
18 I Maven Income and Growth VCT 3 PLC
Form of engagement
SHAREHOLDERS
The Secretary acts as a point of
contact for the Board and
communications received from
Shareholders are circulated to the
whole Board.
Liquidity management – in order to generate income and add value for
the liquidity management policy can be found in the Investment
ENVIRONMENT AND SOCIETY
and ethical factors impacted by the
Company and the investments that
The Directors and the Manager are aware of their duty to act in the
associated with investment in companies that fail to conduct business in
a socially responsible manner.
The Manager’s ESG assessment of investee companies focuses heavily
and recycling as well as broader social themes such as the companies’
charities.
on page 58 and on pages 12 and 13 of the Chairman’s Statement and
PORTFOLIO COMPANIES
Manager reports to the Board on
the performance of portfolio
Directors challenge the Manager
where they feel it is appropriate.
The Manager then communicates
directly with each private investee
Maven representative who sits on
the board of the private investee
company.
that the portfolio companies are encouraged to adopt best practice
corporate governance. The Board has delegated the responsibility for
monitoring the portfolio companies to the Manager and has given it
discretion to vote in respect of the Company’s holdings in the investment
discussed by the Board.
represent an important part of the Company’s investment strategy and
presentations to the Board.
MANAGER
Manager attends every Board
investment pipeline and utilisation
of any new monies raised.
REGISTRAR
Annual review meetings and control
reports.
The Directors review the performance of all third party service providers
CUSTODIAN
Regular statements and control
and balances reconciled.
The Directors review the performance of all third party providers on an
Maven Income and Growth VCT 3 PLC I 19
The Company has no direct employee or environmental
emission of greenhouse gases. The Board’s principal
responsibility to Shareholders is to ensure that the
investment portfolio is managed and invested properly.
requirement to report separately on employment
matters. The Board comprises four male Directors and
Statement of Corporate Governance on page 57.
Manager through members of its portfolio management
team. The Manager engages with the Company’s
underlying investee companies in relation to their
corporate governance practices and in developing their
matters and further information can be found in the
Statement of Corporate Governance. The Manager is
Manager’s approach to ESG and the progress made on
12 and 13 of the Chairman’s Statement.
Company does not have a human rights policy.
The Company’s Auditor is required to report if there are
any material inconsistencies between the content of the
Independent Auditor’s Report can be found on pages
Future Strategy
The Board and Manager intend to maintain the policies
as it is believed that these are in the best interests of
Shareholders.
20 I Maven Income and Growth VCT 3 PLC
PORTFOLIO ANALYSIS
1
2
AS AT 30 NOVEMBER 2022
Sector analysis by value
4
5
6
1
2
3
1. Software & technology
1
- 34%
2. Business services
2
- 20%
3. Industrials & engineering - 13%
4. Learning & development/
recruitment technology - 13%
5. Pharmaceuticals, biotechnology
& healthcare - 10%
6. Marketing & advertising
technology - 10%
Maven Income and Growth VCT 3 PLC I 21
PORTFOLIO ANALYSIS
1
Portfolio composition - 30 November 2022
1. Growth capital investments
(completed post November 2015) - 70%
2. Later stage investments
(completed pre November 2015) - 25%
3. AIM/AQSE quoted investments - 5%
3
1
2
Portfolio composition - 30 November 2017
3
1
2
1. Later stage investments
(completed pre November 2015) - 80%
2. Growth capital investments
(completed post November 2015) - 18%
3. AIM/AQSE quoted investments - 2%
1
to the legislation governing VCTs including restrictions on the types of transaction and companies in
which a VCT could invest.
22 I Maven Income and Growth VCT 3 PLC
INVESTMENT MANAGER’S REVIEW
associated with earlier stage investment. This strategy has concentrated on building
spending. This strategy was implemented several years ago as the most defensive
approach to preserving Shareholder value whilst achieving growth and maintaining
regular dividend payments.
valuations. It is particularly encouraging to note that some of these companies have
only been in the portfolio for a relatively short period of time. The Manager continues
valuations have been reduced or fully written down.
HIGHLIGHTS
13 new private
companies added
to the portfolio
of seven private
companies including
Cyber which achieved
cost over the life of
the investment
Maven Income and Growth VCT 3 PLC I 23
which is increasingly important to corporate acquirers. The Manager continues to invest selectively alongside other
is particularly important when further funding rounds are anticipated as it enables your Company to continue to
improves.
to a UK private equity buyer. This
demonstrates the ability of fast growing smaller private companies to generate meaningful returns over a relatively
short period of investment.
Integrated drug discovery and compound management services provider has continued to
Vision 2022
intensive software development training programme and then deploying them within client organisations. BNTA has
24 I Maven Income and Growth VCT 3 PLC
has delivered steady growth in annual recurring
another institutional investor. The business designs and develops digital private asset infrastructures that are used
investment opportunities. The additional funding is being used to accelerate product development and to generate
further growth in ARR. Delio was recently named
and
at
DPP has seen a strong recovery
environment. DPP directly employs 120 engineers and recognises the importance of maintaining competitive salaries
Crematorium of the Year
in second place. The medium
when all sites are fully developed.
has made good
Virgin Orbit to develop its space capabilities with the potential to enable the business to build a leading position in
secure archiving platform that enables public and private sector organisations to preserve and monitor content
Digital advertising technology specialist has achieved strong revenue growth and enhanced its
position as a leading provider of identity free online advertising solutions. The business uses proprietary technology
whilst maintaining a strong rate of revenue growth.
Maven Income and Growth VCT 3 PLC I 25
has delivered
the US.
WaterBear
with a university bachelor’s or master’s degree. WaterBear’s original campus in Brighton is now well established
activities already well underway.
restrictions prevented the completion of scheduled maintenance programmes in overseas territories. Whilst Cat
and Atterley have
and
contact with the management teams of all AIM quoted investee companies and are monitoring progress across the
portfolio closely.
ESG
Pura
26 I Maven Income and Growth VCT 3 PLC
potential acquirers. The Manager will continue to develop and monitor these metrics and help portfolio companies
has been reducing over recent years and following the disposal of RMEC
generating income from cash resources held prior to investment. The Manager has constructed a focused portfolio
of listed investment trust holdings and will continue to consider any other permitted investment options that have
page 31 of this Annual Report.
is a developer of an IP rich software platform that uses AI to analyse and
curate big data from a wide range of published biomedical literature sources for use by
and the US.
Bud Systems is a leading provider of learning management software to the
apprenticeship and training sector. Bud’s platform offers a range of solutions from
CYSIAM is a provider of cyber security and incident response services to a broad range
initiatives and enhancing further product development.
is an established designer and manufacturer of sustainable thermoformed plastic
leading edge of sustainable manufacturing. All of its products are 100% recyclable and
use over 85% recycled content. The manufacturing plant is powered entirely through
Maven Income and Growth VCT 3 PLC I 27
prevent or remedy regulatory or compliance issues through the provision of advisory
chip names such as Artemis and Enstar. The VCT investment is being used to progress
is a global leader in curating and managing accredited pathways offering
national health systems to adopt digital solutions to support healthcare professionals in
who is also an investor in the business. The VCT investment is being used to further
is a developer of a proprietary software platform that uses AI and machine
senior appointments.
Pura
enhanced with organic cotton and made using green energy with no production waste
contracts in the course of their day to day business activities. Over the past year the
business has achieved good growth in ARR and has established a strong client list that
28 I Maven Income and Growth VCT 3 PLC
XR Games
developed the VR game
Zombieland VR
access meaning that critical information is instantly available and remotely accessible.
the Environment Agency. The VCT investment is being used to enhance the sales and
The table below shows the investments that have been completed during the period. This includes certain investments
Date Sector
cost
£’000
Biorelate Limited November 2022 Software & technology 348
Boomerang Commerce Inc
1
July 2022 Software & technology 773
Bud Systems Limited September 2022
recruitment technology
CYSIAM Limited December 2021 Software & technology 199
Kanabo GP Limited
2
biotechnology & healthcare
Liftango Group Limited December 2021 Software & technology 298
mypura.com Group Limited
(trading as Pura)
January 2022 Business services
(baby care)
Novatus Advisory Limited July 2022 Software & technology 348
November 2022
biotechnology & healthcare
332
Plyable Limited October 2022 Software & technology 348
3
December 2021 Software & technology 335
Maven Income and Growth VCT 3 PLC I 29
Date Sector
cost
£’000
(trading as iPac)
March 2022 Business services
(manufacturing)
99
Summize Limited October 2022 Software & technology 448
October 2022 Software & technology 149
July 2022 Software & technology 149
Zinc Digital Business Solutions Limited June 2022 Software & technology 199
6,499
Boiler Plan (UK) Limited Business services
(heating services)
38
DiffusionData Limited
(formerly Push Technology Limited)
May 2022 Software & technology 100
e.fundamentals (Group) Limited January 2022
advertising technology
92
4
November 2022
recruitment technology
MirrorWeb Limited May 2022 Software & technology 100
5
July & October 2022 Software & technology 43
5
January & August 2022 Software & technology 198
The Algorithm People Limited October 2022 Software & technology 120
737
7,236
1
This holding represents the retained minority interest following the sale of e.fundamentals (Group) Limited to
2
of the listed Kanabo Group PLC shares as at 30 November 2022.
3
4
5
30 I Maven Income and Growth VCT 3 PLC
completed following receipt of regulatory
completed. Since your Company
to participate in its future growth and offers the potential for a further return.
was realised through the sale to a
cash proceeds received by the Company shortly after the year end.
RMEC was realised through a sale to Aberdeen based trade
income payments.
e.fundamentals was realised through a sale to
to deliver a further return in the future.
was realised through the sale to Elisa
period of 18 months.
Maven Income and Growth VCT 3 PLC I 31
cannabis derived products. The strategic rationale for the acquisition was to provide Kanabo Group PLC with access
Complete/
Cost of
of
£’000
Value
at 30
2021
£’000
Sales
proceeds
£’000
£’000
£’000
Cardinality Limited 2021 Complete 448 448 213 213
e.fundamentals (Group) Limited
1
2019 Complete
(trading as DPP)
2013 Partial 38 49 38 (11)
Life’s Great Group Limited
2019 Complete 979
Optoscribe Limited 2018 Complete 187 407 412 225 5
2
2020 Complete 400
RMEC Group Limited
3
2014 Complete 724 237 (41)
The GP Service (UK) Limited
4
Complete 852 884 759 727
Others 12 12 12
4,009 8,580 9,239 5,230 659
uoted
Diurnal Group PLC 2020 Complete 110 53 (9) (57)
Total AIM 62 110 53 (9) (57)
5
Partial 91 139 109 18 (30)
Equity Limited
2018 Partial 83 145 133 50 (12)
Partial 78 154 137 59 (17)
ICG Enterprise Trust PLC 2018 Partial 107 155 127 20 (28)
Pantheon International PLC 2018 Partial 42 50 8 (12)
401 655 556 155 (99)
32 I Maven Income and Growth VCT 3 PLC
Complete/
Cost of
of
£’000
Value
at 30
2021
£’000
Sales
proceeds
£’000
£’000
£’000
5
Custodian REIT PLC Complete 71 58 59 (12) 1
Regional REIT Limited Complete 101 92 (33) (24)
Schroder REIT Limited Complete 107 87 82 (25) (5)
Complete 97 99 77 (20) (22)
Total real estate
376 336 286 (90) (50)
Total sales 4,848 9,681 10,134 5,286 453
1
2
3
4
5
Proceeds from the realisation of the investment trust holdings will be used to fund new VCT qualifying investments.
we anticipate a continuing positive trend of new investments in support of the investment strategy during the
payments to Shareholders.
Manager
Maven Income and Growth VCT 3 PLC I 33
Kent
Business services (funeral services)
Cost (£’000) 1,288
Valuation (£’000) 2,798
Basis of valuation
Equity held 8.7%
Income received to date (£’000) 188
May 2017
Year end
2021 (£’000) 2020 (£’000)
Net assets 753 1,428
This company produces abridged accounts as permitted
companies.
portfolio of environmentally and technologically
advanced crematoria across the UK that provide
portfolio of three operational sites. The original
crematorium in the suburbs of Glasgow opened in
December 2021.
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Maven Investor Partners
London
Cost (£’000) 1,015
Valuation (£’000) 2,359
Basis of valuation
Equity held 8.0%
Income received to date (£’000)
1
July 2018
Year end
2022 (£’000) 2021 (£’000)
Net assets 4,571 4,646
This company produces abridged accounts as permitted
companies.
designed to enable leading employers to identify and
recruit high quality graduates and young professionals.
Revenues are generated from a combination of
and recruitment process outsourcing. The business
training to graduates before placing them with client
organisations.
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Maven Investor Partners
LARGEST INVESTMENTS BY VALUATION
AS AT 30 NOVEMBER 2022
34 I Maven Income and Growth VCT 3 PLC
Cost (£’000) 971
Valuation (£’000) 1,427
Basis of valuation
Equity held 4.3%
Income received to date (£’000) 51
July 2016
Year end
2021 (£’000) 2020 (£’000)
Sales 6,237 4,301
EBITDA
2
2,034 416
Net assets 3,015 2,022
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Lancaster
Cost (£’000) 700
Valuation (£’000) 1,656
Basis of valuation
Equity held 4.1%
Income received to date (£’000)
1
August 2019
Year end
2022 (£’000) 2021 (£’000)
Net assets 4,141 897
This company produces abridged accounts as permitted
companies.
Relative Insight has developed advanced linguistic
analysis technology capable of processing large
quantities of content that allows clients to gain
This analyses how language is used and generates
language sets and actionable insight that can be used
understand their audience in new ways and create
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Maven Income and Growth VCT 3 PLC I 35
Cost (£’000) 971
Valuation (£’000) 1,427
Basis of valuation
Equity held 4.3%
Income received to date (£’000) 51
July 2016
Year end
2021 (£’000) 2020 (£’000)
Sales 6,237 4,301
EBITDA
2
2,034 416
Net assets 3,015 2,022
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Cardiff
Cost (£’000) 533
Valuation (£’000) 1,246
Basis of valuation
Equity held 2.7%
Income received to date (£’000)
1
July 2019
Year end
2022 (£’000) 2021 (£’000)
Sales 3,236 1,521
EBITDA
2
(1,072) (1,219)
Net assets 6,589 2,825
Delio designs and builds digital private asset
corporate advisers. Its customised white label
by connecting investors and capital with private
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Durham
Industrials & engineering
Cost (£’000) 671
Valuation (£’000) 1,278
Basis of valuation
Equity held 12.4%
Income received to date (£’000) 973
January 2007
Year end
2021 (£’000) 2020 (£’000)
Sales 4,212 4,687
EBITDA
2
885 975
Net liabilities (5,123) (4,703)
Martel is one of the leading UK manufacturers of
mount capabilities. Its global customer base includes
retail sectors. The business differentiates itself from
other printer suppliers by offering a complete design
printer solutions.
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
36 I Maven Income and Growth VCT 3 PLC
Southampton
Industrials & engineering
Cost (£’000) 1,095
Valuation (£’000) 1,187
Basis of valuation
Equity held 4.8%
Income received to date (£’000) 729
Year end
2021 (£’000) 2020 (£’000)
Sales 10,104 8,422
EBITDA
2
572 175
Net assets 977 1,244
DPP provides planned and reactive maintenance to
across the south of England and south Wales. DPP
services under medium term contracts alongside
recovery following the easing of restrictions and the
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Maven Investor Partners
London
Cost (£’000) 625
Valuation (£’000) 1,126
Basis of valuation
Equity held 3.7%
Income received to date (£’000)
1
Year end
2021 (£’000) 2020 (£’000)
Net liabilities (242) (411)
This company produces abridged accounts as permitted
companies.
Nano Interactive is a developer of advertising
and large advertising agencies to target users at the
Nano specialises in intent targeting to identify the
on multiple live intent signals such as online search
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Motherwell
Cost (£’000) 199
Valuation (£’000) 1,207
Basis of valuation
Equity held 5.0%
Income received to date (£’000)
1
June 2018
Year end
2021 (£’000) 2020 (£’000)
Sales 6,861 4,749
EBITDA
2
728 235
Net assets 3,897 3,436
BioAscent provides compound collection facilities and
drug discovery processes for pharma and biotech
of over one million chemical compounds to identify
potential drug candidates for preclinical trials. The
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
bio ascent
Maven Income and Growth VCT 3 PLC I 37
Southampton
Industrials & engineering
Cost (£’000) 1,095
Valuation (£’000) 1,187
Basis of valuation
Equity held 4.8%
Income received to date (£’000) 729
Year end
2021 (£’000) 2020 (£’000)
Sales 10,104 8,422
EBITDA
2
572 175
Net assets 977 1,244
DPP provides planned and reactive maintenance to
across the south of England and south Wales. DPP
services under medium term contracts alongside
recovery following the easing of restrictions and the
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Maven Investor Partners
London
Cost (£’000) 625
Valuation (£’000) 1,126
Basis of valuation
Equity held 3.7%
Income received to date (£’000)
1
Year end
2021 (£’000) 2020 (£’000)
Net liabilities (242) (411)
This company produces abridged accounts as permitted
companies.
Nano Interactive is a developer of advertising
and large advertising agencies to target users at the
Nano specialises in intent targeting to identify the
on multiple live intent signals such as online search
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
Thame
Software & technology (regtech)
Cost (£’000) 997
Valuation (£’000) 997
Basis of valuation
Equity held 8.7%
Income received to date (£’000)
1
July 2017
Year end
2021 (£’000) 2020 (£’000)
(388) 1,223
This company produces abridged accounts as permitted
companies.
NorthRow develops automated compliance solutions
sectors to gain a full understanding of their customers
designed to enable clients to minimise operational
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 4 PLC
Maven Income and Growth VCT 5 PLC
1
No interest is payable as investment has been structured as all equity.
2
38 I Maven Income and Growth VCT 3 PLC
MAVEN OFFICES
A. Edinburgh
B. Glasgow
C. Newcastle
D. Durham
E. Manchester
F. Liverpool
G. Nottingham
H. Birmingham
I. London
J. Bristol
Reading
11
1
3
13
13
15
13
2
5
8
7
6
9
4
A
B
C
D
E
G
F
H
J
I
NATIONAL PRESENCE REGIONAL FOCUS
10
12 14
Motherwell
bio ascent
Livingston
Martel Instruments
Durham
Lancaster
Vodat
Manchester
Thame
Cardiff
Kent
London
London
London
Reading
DPP
Southampton
Maven Income and Growth VCT 3 PLC I 39
AS AT 30 NOVEMBER 2022
£’000
Cost
£’000
% of
total
assets
% of
% of
1
4.7 8.7 44.0
3.9 8.0 25.3
Relative Insight Limited 700 2.8 4 .1 29.5
971 2.4 4.3 1 5.1
2.1 12.4 31.8
Delio Limited 533 2 .1 2.7 10.8
BioAscent Discovery Limited 199 2.0 5.0 35.0
2.0 4.8 29.7
Nano Interactive Group Limited 1.9 3.7 11.2
NorthRow Limited
(formerly Contego Solutions Limited)
997 997 1.7 8.7 23.5
CB Technology Group Limited 914 558 1.5 40.0
DiffusionData Limited
(formerly Push Technology Limited)
855 1.4 3.1 14.9
Limited (formerly Vodat Communications
Group Limited)
852 1.4 5.0 24 .1
750 1.4 17.8
GradTouch Limited 800 400 1.3 4.7 23.1
WaterBear Education Limited 785 370 1.3 7.7 31.1
1.3 5.5 18.2
Precursive Limited 750 750 1.3 5.0
MirrorWeb Limited 749 400 1.2 3.8
448 1.2 3.1 14 .1
1 .1 30.4
1 .1 2.8 13.4
Bud Systems Limited 1 .1 3.7 13.3
980 1 .1 9.8 25.5
Cat Tech International Limited 1.0 24.0
597 597 1.0 7.9 31.4
Boomerang Commerce Inc
2
580 773 1.0 0.1 0.3
544 0.9 25.0
3
499 2 0.8 21.5 78.5
485 320 0.8 5.1 24.9
INVESTMENT PORTFOLIO SUMMARY
40 I Maven Income and Growth VCT 3 PLC
AS AT 30 NOVEMBER 2022
£’000
Cost
£’000
% of
total
assets
% of
% of
1
CODILINK UK Limited (trading as Coniq) 450 450 0.8 1.2 3.4
Summize Limited 448 448 0.7 2.8
mypura.com Group Limited (trading as Pura) 431 0.7 1.3 21.9
The Algorithm People Limited 420 420 0.7 10.2
ebb3 Limited 9.3
Novatus Advisory Limited 348 348 2.3 11.0
Biorelate Limited 348 348 2.0 23.7
Plyable Limited 348 348 4.4 19.2
4.4 40.2
4
335 335 0.7 1.5
332 332 1.4 4.2
Growth Capital Ventures Limited 331 319 4.5 40.9
Kanabo GP Limited
5
302 0.5 13.5
Enpal Limited (trading as Guru Systems) 299 299 0.5 3.0 17.1
Liftango Group Limited 298 298 0.5 1.8 12.1
Snappy Shopper Limited 298 298 0.5 0.4 1.2
CYSIAM Limited 280 199 0.5 3.5
254 423 0.4 51.7
Rico Developments Limited (trading as Adimo) 200 200 0.3 1.7 15.5
199 199 0.3 1.0 13.4
199 199 0.3 0.7
Zinc Digital Business Solutions Limited 199 199 0.3 3.0 18.8
R&M Engineering Group Limited 172 0.3 7.1 53.5
149 149 0.2 0.8 19.4
149 149 0.2 2.7 10.7
ISN Solutions Group Limited 127 321 0.2 5.7
RevLifter Limited 100 100 0.2 0.7 2 4 .1
(trading as iPac)
99 99 0.2 0.5 11.8
Other unlisted investments 9
37,114 30,546 61.9
Maven Income and Growth VCT 3 PLC I 41
AS AT 30 NOVEMBER 2022
£’000
Cost
£’000
% of
total
assets
% of
% of
1
Quoted
379 137 0.7 0.1 0.1
GENinCode PLC 372 598 0.7 3.5 7.5
205 250 0.3 0.1
179 119 0.3 0.3
Diaceutics PLC 159 0.3 0.3 0.3
Polarean Imaging PLC 119 129 0.2 0.1 0.5
ReNeuron Group PLC 91 278 0.2 0.7 1.4
Eden Research PLC 83 83 0.1 0.4 1.0
Crossword Cybersecurity PLC 81 122 0.1 0.4 1.7
74 57 0.1
Destiny Pharma PLC 70 150 0.1 0.3 1.2
Pelatro PLC 0.1 0.7 2.0
50 99 0.1 0.1 0.1
50 121 0.1
RUA Life Sciences PLC 27 100 0.4 1.3
25 100 0.1 0.5
Vianet Group PLC 14 31 0.1 1.4
Seeen PLC 11 75 0.3 1.4
Other quoted investments 15 809
2,065 3,565 3.4
42 I Maven Income and Growth VCT 3 PLC
AS AT 30 NOVEMBER 2022
£’000
Cost
£’000
% of
total
assets
% of
% of
1
321 170 0.1
CT Private Equity Trust PLC (formerly BMO
Private Equity Trust PLC)
318 253 0.1 0.2
ICG Enterprise Trust PLC 308 227 0.5 0.1
0.4
244 270 0.4 0.1
200 159 0.3 0.1
Pantheon International PLC 179 138 0.3 0.1 0.2
abrdn Private Equity Opportunities Trust PLC
(formerly Standard Life Private Equity Trust PLC)
145 110 0.2 0.1
1,981 1,494 3.3
41,160 35,605 68.6
1
Other clients of Maven Capital Partners UK LLP.
2
3
proceeds were received by the Company shortly after the year end.
4
5
The holding in this investment resulted from the sale of The GP Service (UK) Limited to Kanabo GP Limited in a share for share
Shaded line indicates that the investment was completed pre November 2015.
Maven Income and Growth VCT 3 PLC I 43
page 10.
conditions to enable it to continue to obtain approval as a venture capital trust under Section 274 of the Income
Regulatory Status
investment products do not apply to the Company.
appropriate for a VCT business of the Company’s size.
Manager’s ability to source and secure new investment opportunities. As highlighted in the Chairman’s Statement
DIRECTORS’ REPORT
44 I Maven Income and Growth VCT 3 PLC
Statements.
Regulations 2013.
which are also shown below. No Director has a service contract with the Company.
performance of each Director continues to be effective and all Directors have demonstrated commitment to the
role.
the ability required to encourage discussion in the boardroom and ensure that clear decisions are reached and
actions promptly addressed.
engages directly with the Company’s Auditor to ensure that the annual audit is performed to a standard of quality
and that the process is completed to the required level of detail.
allows him to be a valued contributor to Board discussions.
private equity sector.
effect will be proposed at the 2023 AGM.
Maven Income and Growth VCT 3 PLC I 45
Atul Devani (Chairman)
David Allan
Total 1,431,218 981,995
There is no requirement for the Directors to hold shares in the Company and the table above shows the Directors’
the relevant matter has been authorised by the Board in accordance with the Company’s Articles. This includes
advance of his appointment.
3% or more of the Company’s issued share capital was
Lansdown
(Nominees) Limited
5.81%
interested in 3% or more of the Company’s issued share
Lansdown
(Nominees) Limited
5.41%
46 I Maven Income and Growth VCT 3 PLC
Manager and Secretary
Maven acted as Manager and Secretary to the Company during the year ended 30 November 2022 and details of
respectively.
• the Manager ceases to be authorised to carry out investment business.
• an investment management fee of 2.5% per annum of the gross assets of the Company at the previous quarter
The net asset value from which the performance related fee is measured is rebased to the higher level on each
The annual running costs of the Company are capped at 3.8% of the average net asset value for the relevant
boards.
In order to ensure that the Manager’s staff were appropriately incentivised in relation to the management of the
through a nominee and under terms agreed by the Board. The terms of the scheme ensure that all investments will
be made on identical terms to those of the Company and that no selection of investments by participants will be
allowed. Total investment by participants in the scheme is set at 5% of the aggregate amount of equity subscribed for
may also sell AIM holdings which the Company may retain in order to comply with VCT qualifying criteria. Given the
issued share capital as at that date.
Maven Income and Growth VCT 3 PLC I 47
is being safeguarded by Johnston Carmichael LLP.
himself aware of any relevant audit information and to establish that the Company’s Auditor is aware of that
information.
being the last practicable date before the publication of the previous Annual Report.
of the Annual General Meeting in 2024 or after a period of 15 months from the date of the passing of the
Purchases of shares by the Company will be made from distributable reserves and will normally be paid out of cash
balances held by the Company from time to time. As any purchases will be made at a discount to NAV at the time
period up to and including the earlier of an announcement of all price sensitive information in respect of the
relevant period or the release of the full results.
48 I Maven Income and Growth VCT 3 PLC
investors will not be disadvantaged by such issues. The proceeds of any issue may be used to purchase the
Regulation). The Company is not aware of any agreements between Shareholders that may result in a transfer of
The rules governing the appointment of Directors are set out in the Statement of Corporate Governance on pages
54 to 59.
a General Meeting of Shareholders.
transactions that require to be disclosed.
Maven Income and Growth VCT 3 PLC I 49
2022 that require disclosure.
An indication of the Company’s future developments can be found in the Chairman’s Statement on page 13 and in
. Please refer to the notes to the Notice of Annual
General Meeting on pages 92 to 95 of this Annual Report.
The Directors consider that all of the Resolutions to be put to the AGM are in the best interests of the Company
and its Shareholders as a whole. The Directors recommend that Shareholders vote in favour of each Resolution to
be put to the AGM.
Secretary
50 I Maven Income and Growth VCT 3 PLC
and their biographies are shown in the Your Board section of this Annual Report. The names of the Directors who
Date of
Due date
Atul Devani (Chairman) 5 April 2014 24 April 2023
David Allan 1 March 2017 24 April 2023
1 November 2005 24 April 2023
15 April 2015 24 April 2023
other venture capital trusts.
The Remuneration Committee met once during the year ended 30 November 2022 and carried out a review of the
Remuneration Policy and the level of Directors’ fees and it was recommended there should be no change to the
level of Directors’ remuneration.
whole and be fair and comparable to that of other venture capital trusts with a similar capital structure and similar
Shareholders in a general meeting would be required to change this limit.
DIRECTORS’ REMUNERATION REPORT
Maven Income and Growth VCT 3 PLC I 51
It is the Board’s intention that the Remuneration Policy will be put to a Shareholders’ vote at least once every three
result in respect of the Ordinary Resolution to approve the Directors’ Remuneration Policy for the period to 30
Percentage of
Percentage of
Remuneration Policy 3.87
The Directors’ interests in the share capital of the Company are shown in the Directors’ Report on page 45. There
is no requirement for Directors to hold shares in the Company.
Company Performance
the Company’s investment portfolio is delegated to the Manager through the Management and Administration
was chosen for comparison purposes as it is the most relevant to the Company’s investment portfolio.
Please note that past performance is not a guide to future performance.
Source: Maven/London Stock Exchange/IRESS.
Please note that past performance is not necessarily a guide to future performance.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
0
50
100(£)
150
200
Maven Income and
Growth VCT 3 PLC -
NAV total return
FTSE AIM
All-Share
total return
Maven Income and
Growth VCT 3 PLC -
share price total return
52 I Maven Income and Growth VCT 3 PLC
The Company does not have any employees and Directors’ remuneration comprises solely of Directors’ fees. The
30
2023
£
year to 30
2023
Year ended
30
2022
£
for year to
30
2022
Year ended
30
2021
£
year to 30
2021
Year
ended 30
2020
£
Atul Devani (Chairman) 0.00 4.88 0.00
David Allan 0.00 5.95 0.00
1
0.00 5.95 0.00
0.00 5.95 0.00
TOTAL 74,900 0.00 74,900 5.64 70,900 0.00 70,900
1
is no related information to disclose.
Relative Cost of Directors' Remuneration
(£'000)
(£'000)
0 1,000 1,500500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
Directors'
fees 2022
Dividends
2022
Directors'
fees 2021
Dividends
2021
Maven Income and Growth VCT 3 PLC I 53
Directors do not have service contracts but new Directors are provided with a letter of appointment which is
available for inspection by members at the Company’s AGM. The terms of appointment provide that Directors
Directors’ remuneration.
An Ordinary Resolution to approve this Directors’ Remuneration Report will be put to Shareholders at the 2023
Percentage of
Percentage of
Remuneration Report 89.40
54 I Maven Income and Growth VCT 3 PLC
Code and reports on compliance with these below. The AIC Code provides a comprehensive guide to best practice in
alternative approaches to those set out in the UK Code.
disclose a policy on the tenure of the Chairman.
. This Statement of Corporate Governance
forms part of the Directors’ Report.
• provision 14 (senior independent director).
STATEMENT OF CORPORATE GOVERNANCE
Maven Income and Growth VCT 3 PLC I 55
independent because of his position as the managing partner of Maven.
The biographies of the Directors appear in the Your Board section of this Annual Report and indicate their high
• the appointment and removal of the Manager and the terms and conditions of any management and
concerning matters decided by the Board.
Company’s holding in that company. The Company is now invested in Kanabo GP Limited and Atul Devani is not a
independence and the Board regard him as being independent.
The Directors have access to the advice and services of the Secretary through its appointed representatives who
• advising on corporate governance matters.
requirements and internal controls. Changes affecting Directors’ responsibilities are advised to the Board as they arise.
Atul Devani is Chairman of the Company and Chair of the Nomination Committee. Atul was independent of the
Remuneration Committee.
56 I Maven Income and Growth VCT 3 PLC
Manager. The primary focus of quarterly Board Meetings is a review of investment performance and related
maintains contact with the Manager and has access to senior members of the management team and to the
Directors have attended Board and Committee Meetings during the year ended 30 November 2022
1
Board
Board
Management
Engagement
Atul Devani 4 (4) 1 (1) 1 (1) 1 (1)
David Allan 4 (4) 1 (1) 1 (1) 1 (1)
2
4 (4) 1 (1)
4 (4) 1 (1) 1 (1) 1 (1)
1
2
further enquiries when necessary.
well based on the size of the Board.
Maven Income and Growth VCT 3 PLC I 57
shown in the Directors’ Report. One meeting of the Committee was held during the year ended 30 November
Chairman will not chair the Committee when it is dealing with the appointment of his successor. The Committee
to the position of Chairman.
reach a decision on who will succeed Mr Devani as Chairman.
58 I Maven Income and Growth VCT 3 PLC
information about Directors’ remuneration can be found in the Directors’ Remuneration Report on pages 50 to 53.
The level of remuneration for the Directors has been set in order to attract and retain individuals of a calibre
appropriate to the future development of the Company. Details of the remuneration of each Director and of the
Company’s policy on Directors’ Remuneration are provided in the Directors’ Remuneration Report.
include the safeguarding of assets) and registration services. The Board has delegated responsibility for the day to
portfolio management responsibilities to the Manager. Each of these contracts was entered into after full and
proper consideration by the Board of the quality and cost of services offered. The Board receives and considers
information are supplied to the Board as requested.
The UK Stewardship Code 2020 sets high stewardship standards for those investing money on behalf of UK savers
The Board is aware of its duty to act in the best interests of Shareholders and the Directors believe that the
has delegated responsibility for monitoring the activities of the portfolio companies to the Manager and has given it
discretionary powers to vote in respect of the holdings in the Company’s investment portfolio. The Board supports
Maven’s approach to stewardship.
may affect the performance or value of the Company’s investments. Maven and the Directors believe that a
suppliers and customers and behave responsibly towards the environment and society as a whole. The effectiveness
of the policy in respect of investee companies is monitored on an ongoing basis.
Maven Income and Growth VCT 3 PLC I 59
to attend and participate in the AGM. The Notice of Annual General Meeting sets out the business of the AGM and
as in the Directors’ Report and in the Directors’ Remuneration Report. Separate Resolutions are proposed for each
substantive issue and Shareholders have the opportunity to put questions to the Board and the Manager. The
The Annual Report is normally posted to Shareholders at least twenty business days before the AGM. Annual and
the Company’s performance.
Shareholders and the Manager or the Chairman is copied to the Board. See Contact Information for details on how
to contact the Manager or Company Secretary.
.
Going Concern and the Viability Statement are included in the Directors’ Report on pages 43 and 44. The
Secretary
60 I Maven Income and Growth VCT 3 PLC
true and fair view of the state of affairs of the Company and of the net return of the Company for that period.
Company will continue in business.
and detection of fraud and other irregularities.
Report (including a report on remuneration policy) and Statement of Corporate Governance that comply with
applicable law and regulations.
and strategy.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
Maven Income and Growth VCT 3 PLC I 61
relevant to the sector in which the Company operates.
• the integrity of the Interim and Annual Reports and
• the review of the terms of appointment of the
• the review of the scope and results of the audit and
• the review of the Auditor’s Board Report and any
• the review of the custody arrangements in place to
• the provision of advice on whether the Annual
the information necessary for Shareholders to assess
Risk Matters
• the review of the adequacy and effectiveness of the
• the review and monitoring of all reports on the
Company from the Manager’s internal control
function ensuring compliance with all VCT
updated due diligence processes are implemented
including the main contracts entered into by the
• reporting to the Board on its conclusions and
procedures that are in place.
The Board of Directors has overall responsibility for the
administrative functions of the Company to the
the Company’s internal controls to be monitored by the
The principal responsibilities of the Committee include
the ongoing review of the effectiveness of the internal
management systems that allow the Company to
management systems and procedures under review.
process has been in place up to the date of approval of
this Annual Report and is reviewed regularly by the
Board to ensure that it accords with internal control
the effectiveness of the system of internal control at
identifying and evaluating the principal and emerging
reviewed and considered by the Directors. The Board
has delegated the portfolio management of the
62 I Maven Income and Growth VCT 3 PLC
Company’s assets to the Manager. Such delegation is in
accordance with the delegation requirements of the
management. Internal control systems are monitored
and supported by the compliance function of the
ensures that recommendations to improve controls are
implemented.
This helps the Manager’s model identify those functions
are agreed for implementing improvements to systems.
The implementation of any remedial action required is
• the Manager prepares forecasts and management
accounts that allow the Board to assess the
Company’s activities and review its investment
analysis of the companies concerned include detailed
• the compliance function of the Manager reviews the
in respect of any activities that have been delegated
of internal controls by considering reports from the
• the compliance function of the Manager reports
to the Directors at any time.
The internal control systems are intended to meet the
misstatement or loss.
ownership and valuation of the investment portfolio
not recognised and measured in line with the Company’s
stated accounting policy on the valuation of investments
page 77.
income in line with its stated policy on revenue
recognition. The maintenance of VCT status is another
The Company uses the services of an independent
investment assets of the Company. An annual internal
provides details of the Custodian’s control environment.
The investment portfolio is reconciled regularly by the
Manager and the reconciliation is also reviewed by the
Independent Auditor. The portfolio is reviewed and
are prepared quarterly and considered at the quarterly
meetings of the Board. The portfolio is also audited
annually by the Independent Auditor.
accordance with the Company’s stated accounting policy
page 77. Unquoted investments are valued by the
The Committee considered and challenged the
the valuation of each unquoted investment and was
that required to be addressed.
Maven Income and Growth VCT 3 PLC I 63
with the Manager at the quarterly Board Meetings
regarding the revenue generated from dividend income
levels of income recognised are in line with revenue
estimates. The Committee concluded that there were
no issues associated with revenue recognition that
required to be addressed.
Compliance with the VCT regulations is monitored
continually by the Manager and is reviewed by the
Committee on a quarterly basis. The Committee
concluded that there were no issues associated with the
maintenance of VCT status that required to be addressed.
by the Company and the Board’s strategy for managing
It was also noted that there had not been any adverse
comment from the Auditor and that the Auditor had not
through their Corporate Reporting Review or the Audit
that required to be reported to the Board.
Report from the Independent Auditor and the draft
ended 30 November 2021. The Committee concluded
LLP (Deloitte) and recommended its continued
appointment.
indication from Deloitte that it would require to
increase its fees in respect of future audits. The
Committee agreed to commence an audit tender
that Johnston Carmichael LLP (Johnston Carmichael) be
appointed as the Company’s new auditor. Deloitte
the fee was uneconomic given the effort required to
Company announced the appointment of Johnston
for the year ended 30 November 2022. It was further
Annual General Meeting proposes the appointment of
Johnston Carmichael.
provided advice to the Board that it considered that the
provided the information necessary for Shareholders to
business model and strategy.
and general relationship with the Independent Auditor
the Independent Auditor. Key elements of these reviews
review of the relationship that the Auditor has with the
Manager.
64 I Maven Income and Growth VCT 3 PLC
Details of the amounts paid to the Auditor during the
year for audit services are set out in Note 4 to the
appointed as Auditor on 4 October 2022. Johnston
Carmichael will rotate the senior statutory auditor
Auditor.
The Company reviews its approach for governing and
are currently no contractual obligations that restrict the
Committee’s choice of Auditor. The Committee has
concluded that Johnston Carmichael is independent of
the Company and recommended that a Resolution for
the appointment of Johnston Carmichael as Auditor
should be put to the 2023 AGM.
Maven Income and Growth VCT 3 PLC I 65
INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF MAVEN INCOME AND GROWTH
VCT 3 PLC
policies.
the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
• give a true and fair view of the state of Company’s affairs as at 30 November 2022 and of its net return
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of
opinion.
of those services.
We conducted our audit using information maintained and provided by Maven Capital Partners UK LLP (the
level 1 investments) and The City Partnership (UK) Limited (the “Registrar”) to whom the Company has delegated
the provision of services.
the industry in which the Company operates.
as a whole.
66 I Maven Income and Growth VCT 3 PLC
page 77 (Accounting Policies) and Note 8.
The valuation of the unlisted portfolio at 30 November
As this is the largest component of the Company’s
estimation uncertainty in the valuation of unlisted
The unlisted investments are valued in accordance
with the revised International Private Equity and
determining certain inputs to the valuation models.
recorded as held by the Company may not represent
property of the Company (ownership).
unlisted investments at the Administrator to gain an
understanding of the design of the processes and
basis.
to ensure appropriate coverage of each strata of the
portfolio.
Maven Income and Growth VCT 3 PLC I 67
we agreed investment details and cost to purchase
be appropriate.
based consideration received.
• Obtained evidence of review of the investment
valuation by the Manager’s Valuation Committee.
·
• Obtained evidence of the Board’s challenge and
approval of valuations.
• Obtained an understanding of the investee
operating sector.
• Assessed the appropriateness of the valuation
methodology under the International Private Equity
and Venture Capital Valuation (IPEV) Guidelines.
• Reperformed the enterprise value calculations and
waterfalls to ensure mathematical accuracy.
• Agreed data used in the valuation models to
independent sources or recent management
information.
estimate.
management bias in the valuation process.
and discounts applied.
no material misstatements in relation to the valuation
and ownership of the unlisted investments.
68 I Maven Income and Growth VCT 3 PLC
Value
– we have set
materiality as 2% of net assets as we believe that net assets is the
£1.20m
– performance materiality represents amounts
In setting this we consider the Company’s overall control environment
£0.60m
an immaterial misstatement as a result of fraud.
£0.06m
• Obtaining and recalculating management’s assessment of the Company’s ongoing maintenance of venture
and
• Assessing the adequacy of the Company’s going concern disclosures included in the Annual Report.
Maven Income and Growth VCT 3 PLC I 69
whether the Directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the
relevant sections of this report.
and our auditor’s report thereon. The Directors are responsible for the other information contained within the
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
We have nothing to report in this regard.
• The Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal
requirements.
• A corporate governance statement has not been prepared by the Company.
and that part of the Corporate Governance Statement relating to the Company’s compliance with the provisions of
70 I Maven Income and Growth VCT 3 PLC
• The Directors’ statement with regards to the appropriateness of adopting the going concern basis of
alternative but to do so.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
report.
We assessed whether the engagement team collectively had the appropriate competence and capabilities to
and support available.
the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of
Maven Income and Growth VCT 3 PLC I 71
• The principles of the UK Corporate Governance Code applied by the AIC Code of Corporate Governance (the
enquiries of management and those charged with governance. We corroborated these enquiries through our review
of relevant correspondence with regulatory bodies and board meeting minutes.
was considered there was susceptibility to fraud. This evaluation also considered how management and those
charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We
considered the overall control environment and how management and those charged with governance oversee the
misrepresentation. There are inherent limitations in the audit procedures described above and the further removed
independent of the Company in conducting our audit.
Use of our report
those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest
72 I Maven Income and Growth VCT 3 PLC
FOR THE YEAR ENDED 30 NOVEMBER 2022
Year ended
Year ended
Total Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
Gain on investments 8
Income from investments 2 730 730 755 755
Other income 2 55 55 2 2
Investment management fees 3 (277) (444)
4 (479) (479)
29 (485) (456) (43) 6,774 6,731
5
7 29 (485) (456) (43) 6,774 6,731
7 0.03 (0.50) (0.47) (0.05) 8.54 8.49
All gains and losses are recognised in the Income Statement.
supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items
in the above statement are derived from continuing operations. The Company has only one class of business and one
INCOME STATEMENT
Maven Income and Growth VCT 3 PLC I 73
FOR THE YEAR ENDED 30 NOVEMBER 2022
Year ended
Notes
£’000
account
£’000
£’000
£’000
£’000
£’000
£’000
Total
£’000
At 30 November 2021 287 745
Net return 29
Dividends paid
Repurchase and
cancellation of shares
12 (59) 59 (328) (328)
Net proceeds of share issue 12
Net proceeds of DIS issue* 12 88 410 498
10,457 19,920 346 7,422 1,050 19,974 774 59,943
Year ended
Notes
£’000
account
£’000
£’000
£’000
£’000
£’000
£’000
Total
£’000
At 30 November 2020 153 (722) 18 788
Net return (43)
Dividends paid
Repurchase and
cancellation of shares
12 (134) 134 (753) (753)
Net proceeds of DIS issue* 12 35 151
7,866 6,436 287 9,669 (1,823) 26,020 745 49,200
The capital reserve unrealised is
attributable to readily realisable quoted investments which are distributable.
*DIS represents the Dividend Investment Scheme as detailed in the Chairman’s Statement on page 11.
STATEMENT OF CHANGES IN EQUITY
74 I Maven Income and Growth VCT 3 PLC
AS AT 30 NOVEMBER 2022
2022
2021
Notes £’000 £’000
8
Current assets
Debtors 10 703 508
Cash
18,964 6,156
Amounts falling due within one year 11 (181)
Net current assets 18,783 5,790
Net assets 59,943 49,200
Called up share capital 12
Share premium account 13
Capital redemption reserve 13 287
13
13
Special distributable reserve 13
Revenue reserve 13 774 745
59,943 49,200
14 57.32 62.55
14
BALANCE SHEET
Maven Income and Growth VCT 3 PLC I 75
FOR THE YEAR ENDED 30 NOVEMBER 2022
Year ended
Year ended
Notes £’000 £’000
15 (1,329) (1,574)
Purchase of investments
Sale of investments
2,743 (906)
Equity dividends paid
Issue of Ordinary Shares
Repurchase of Ordinary Shares (328) (753)
11,199 (2,350)
12,613 (4,830)
5,648 10,478
18,261 5,648
CASH FLOW STATEMENT
76 I Maven Income and Growth VCT 3 PLC
Corporate Summary.
Report on
by the revaluation of investments and in accordance with
Statement of Recommended Practice for Investment Trust
Companies and Venture Capital Trusts (the SORP) issued
by the AIC in July 2022.
Interest income on loan notes and dividends on preference
shares are accrued on a daily basis. Provision is made
against this income where recovery is doubtful. Where the
terms of unquoted loan notes only require interest or a
interest and the redemption premium is recognised as
income once redemption is reasonably certain. Until such
date interest is accrued daily and included within the
valuation of the investment. When a redemption premium
is designed to protect the value of the instrument holder’s
revenue return the redemption premium should be
recognised as capital.
The treatment of redemption premiums is analysed to
consider if they are revenue or capital in nature on a
company by company basis. A redemption premium of
and deposit interest is included on an effective interest
rate basis.
Dividends on quoted shares are recognised as income
right to receive payment is established.
reserve where a connection with the maintenance
or enhancement of the value of the investments can
management fee and performance fee have been
allocated 20% to revenue and 80% to the special
investment policy and prospective income and capital
growth.
differences that have originated but not reversed at the
reversal of the underlying timing differences can be
deducted. Timing differences are differences arising
reversal in one or more subsequent periods.
balance sheet date.
revenue account on the same basis as the particular item
been enacted or substantively enacted at the balance
sheet date.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
Maven Income and Growth VCT 3 PLC I 77
criteria set out below. These procedures comply with the
revised IPEV Guidelines for the valuation of private equity
and venture capital investments. Investments are
recognised at their trade date and are designated by the
which represents the Directors’ view of the amount for
and willing parties in an arm’s length transaction. This
does not assume that the underlying business is saleable at
the reporting date or that its current shareholders have an
intention to sell their holding in the near future.
in the trading circumstances of the investee company.
Other early stage companies are valued by applying
a multiple to the investee’s revenue to derive the
enterprise value of each company.
by reference to a material arm’s length transaction or a
quoted price.
3. Mature companies are valued by applying a multiple to
their maintainable earnings to determine the enterprise
value of the company.
To obtain a valuation of the total ordinary share
capital held by management and the institutional
deducted from the enterprise value. The effect of any
when determining the value of the ordinary share
capital.
4. All unlisted investments are valued individually by the
Manager’s portfolio management team. The resultant
by the Directors of the Company.
receive upon selling an investment in a timely transaction
to an independent buyer in the principal or the most
value measurements for disclosure purposes. Inputs refer
valuation technique used to measure fair value including
to the valuation technique. Inputs may be observable or
unobservable.
sources independent of the reporting entity.
participants would use in pricing the asset or liability
developed based on best information available in the
circumstances.
within Level 1 that are observable (i.e. developed using
When the Company sells or revalues its investments during
to the Income Statement.
by the Board and the Manager in applying the accounting
Statements. The area involving the highest degree of
unlisted investments recognised in Note 8 and
78 I Maven Income and Growth VCT 3 PLC
2. Income
£’000 £’000
85 89
730 755
Deposit interest 55 2
785 757
Total Total
£’000 £’000 £’000 £’000 £’000 £’000
Investment management fees 277 944
Performance management fees 208 832
277 1,111 1,388 444 1,776 2,220
Details of the fee basis are contained in the Directors’ Report on page
Total Total
£’000 £’000 £’000 £’000 £’000 £’000
Secretarial fees 107 107 100 100
Directors’ remuneration 78 78 74 74
47 47
Trail commission 81 81 24 24
122 122
479 - 479 356 - 356
Maven Income and Growth VCT 3 PLC I 79
Total Total
£’000 £’000 £’000 £’000 £’000 £’000
- - - - - -
Total Total
£’000 £’000 £’000 £’000 £’000 £’000
29 (485) (43)
(92) (8)
(17) (17)
10 211 221 25 338
Gains on investments (119) (119)
- - - - - -
80 I Maven Income and Growth VCT 3 PLC
£’000 £’000
Amounts recognised as distributions to
Second interim capital dividend for the year
ended 30 November 2021 of 2.00p per share
30 November 2021 of 1.50p per share
paid on 794
30 November 2022 of 1.25p per share paid on
989
4,607 1,783
Second interim capital dividend for the year
ended 30 November 2022 of Nil 2.00p)
ended 30 November 2022 of 1.90p per share
payable on
1,987 3,229
Maven Income and Growth VCT 3 PLC I 81
Year ended
Year ended
The returns per share have been based on
Weighted average number of Ordinary Shares
Revenue return
Capital return
Total return (£456,000) £6,731,000
£’000
AIM/AQSE
£’000
£’000
Total
£’000
3,351 4,525 35,534 43,410
Unrealised gain (898)
2,271 3,627 27,843 33,741
Purchases
Sales proceeds (842) (53)
(9)
and not readily convertible to cash*
1,494 3,565 30,546 35,605
487
1,981 2,065 37,114 41,160
sensitivity analysis).
transactions when proceeds are not all received upfront.
82 I Maven Income and Growth VCT 3 PLC
£’000 £’000
Investment trusts
4,046 7,876
Unquoted unobservable equities
37,114 35,534
Total 41,160 43,410
Realised on historical basis
and not readily convertible to cash*
Net in value
of investments
626 8,550
Maven Income and Growth VCT 3 PLC I 83
The principal activity of the Company is to select and hold a portfolio of investments in unlisted securities. Although the
or become involved in its management. The size and structure of the companies with unlisted securities may result in
management consortium agreement.
At 30 November 2022
% of
class
% of
Total
cost
£’000
£’000
Latest
accounts
end
Aggregate
£’000
(loss)
for year
£’000
(in liquidation)
35.7 4.2 58 (135)
35.7 117
8.0 (37)
20.7 175 (425)
30.0 750 (924)
21.8 7.9 142 142 (988) (547)
4.7 400 800 35 (520)
30.0 5.5 (8)
Martel Instruments
28.1 12.4 (420)
30.0 5.0 750 750
21.1 50 50 (977)
27.8 9.8 49 (274)
35.1 51
37.5 420 420
Details of the equity percentages of all other holdings are shown in the Investment Portfolio Summary on pages 39 to 42.
84 I Maven Income and Growth VCT 3 PLC
£’000 £’000
22 15
Other debtors 343 210
Prepayments and accrued income 338 283
703 508
£’000 £’000
Accruals 181
181 366
£’000 £’000
Balance brought forward
Ordinary Shares repurchased during the year (59) (134)
Ordinary Shares issued during year 35
104,569,876 10,457 78,660,439 7,866
subscription prices varying from 57.32p to 59.71p per share.
Maven Income and Growth VCT 3 PLC I 85
The share premium account represents the premium above nominal value received by the Company on issuing shares
The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve. This reserve is
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.
.
Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred
are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal. This
reserve is distributable.
The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable
as a dividend. This reserve is distributable.
86 I Maven Income and Growth VCT 3 PLC
Net asset
p
Net asset
£’000
Net asset
p
Net asset
£’000
57.32 59,943 62.55 49,200
The number of shares used in the above calculation is set out in Note 12.
Year ended
Year ended
£’000 £’000
Net return
Gain on investments
(1,082) (1,819)
Increase in prepayments (4) (2)
in accruals (185) 284
Increase in debtors (58) (37)
(1,329) (1,574)
Directors. No derivative transactions were entered into during the period.
Sterling denominated
Company will be able to continue as a going concern. The capital of the Company is its share capital and reserves as set out
Maven Income and Growth VCT 3 PLC I 87
14. Adherence to investment guidelines and to investment and
particular type of security or issuer. These powers and guidelines include the requirement to invest in a number of
Summary and the Largest Investments by Valuation.
rates on variable rate deposits.
£’000
rate
£’000
Non
£’000
Investment trusts
Cash
7,861 15,364 36,196
£’000
rate
£’000
Non
£’000
Investment trusts
Cash
8,806 2,809 37,443
88 I Maven Income and Growth VCT 3 PLC
interest rate of 10.53%
and liabilities of the Company are included in the balance sheet at fair value.
0.10%).
A 2.00% increase or decrease in the base rate would mean an increase or decrease of interest received in the year of
Company’s
1 year
£’000
1-2 years
£’000
2-3 years
£’000
3-4 years
£’000
Total
£’000
Unlisted 43 135
7,683 43 - 135 7,861
1 year
£’000
1-2 years
£’000
2-3 years
£’000
3-4 years
£’000
Total
£’000
Unlisted 109
8,135 109 - 562 8,806
therefore a portfolio of listed assets and cash
1(f)
valuing the Company’s investments carried at fair value.
.
entered into with the Company.
£’000 £’000
Investments in unlisted debt securities
Cash
26,122 14,454
Maven Income and Growth VCT 3 PLC I 89
.
90 I Maven Income and Growth VCT 3 PLC
2. To approve the Directors’ Remuneration Report for the year ended 30 November 2022.
9. To appoint Johnston Carmichael LLP as Auditor of the Company.
grant rights to subscribe for or convert any security into shares in the Company up to an aggregate nominal
NOTICE OF ANNUAL GENERAL MEETING
Maven Income and Growth VCT 3 PLC I 91
(a) of equity securities in connection with an offer of such securities by way of a rights issue only to holders of
Ordinary Shares in proportion (as nearly as practicable) to their respective holdings of such Ordinary Shares
(b) (other than under paragraph (a) above) of equity securities up to an aggregate nominal amount not
notice.
Secretary
London EC3V 3LF
92 I Maven Income and Growth VCT 3 PLC
NOTES:
1) To be entitled to attend and vote at the Meeting (and for the purposes of the determination by the Company
only those members registered in the Company’s register of members at close of business on 20 April 2023
Meeting) shall be entitled to attend and vote at the Meeting. Changes to the register of members of the
Company after the relevant deadline shall be disregarded in determining the rights of any person to attend and
vote at the Meeting.
from .
attach them together.
matter that is put before the Meeting.
Partnership no later than 12 noon on 20 April 2023 or by close of business on a date two business days prior
Maven Income and Growth VCT 3 PLC I 93
.
CREST Manual (available from ). CREST Personal Members or other CREST
8RA57) by 12 noon on 20 April 2023.
for any particular messages. Normal system timings and limitations will therefore apply in relation to the input
ensure that a message is transmitted by means of the CREST system by any particular time.
appointment submitted by the most senior holder will be accepted. Seniority is determined by the order in
94 I Maven Income and Growth VCT 3 PLC
The revocation notice must be received by City Partnership no later than 48 hours before the Meeting. If you
over the same share.
note 2 will include information on the number of shares and voting rights.
• answering the question would interfere unduly with the preparation for the Meeting or involve the
• it is undesirable in the interests of the Company or the good order of the Meeting that the question be
answered.
statement setting out any matter that such members propose to raise at the Meeting relating to the audit of
the Company’s accounts (including the Auditor’s Report and the conduct of the audit) that are to be laid before
• it must forward the statement to the Company’s Auditor no later than the time the statement is made
• the statement may be dealt with as part of the business of the Meeting.
Maven Income and Growth VCT 3 PLC I 95
20) Where a member or members wishes to request the Company to publish audit concerns (see note 18) such
2LW
• you may have a right under an agreement between you and the member of the Company who has
nominated you to have information rights (Relevant Member) to be appointed or to have someone else
have a right under an agreement between you and the Relevant Member to give instructions to the
regarding any changes or queries relating to your personal details and your interest in the Company
a response from you.
22) Copies of the letters of appointment of the Directors of the Company and a copy of the Articles of the
• emailing
96 I Maven Income and Growth VCT 3 PLC
the Annual Report.
Remuneration Report for the year ended 30 November
Remuneration Policy for the three years to 30
Report.
at the close of business on 24 March 2023.
Atul Devani will retire at the AGM and is proposed for
David Allan will retire at the AGM and is proposed for
The Company must appoint an auditor at each general
meeting at which accounts are presented to
approval to appoint Johnston Carmichael LLP as the
determine the Auditor’s remuneration.
EXPLANATORY NOTES TO THE NOTICE
OF ANNUAL GENERAL MEETING
Maven Income and Growth VCT 3 PLC I 97
allot shares or rights to subscribe for them up to an
10% of the issued share capital of the Company in issue
as at 13 March 2023 (this being the latest practicable
date prior to the publication of this Annual Report). The
The Board may use the authorities conferred under
Resolutions 11 and 12 to allot further Ordinary Shares
or rights to subscribe for them.
latest practicable date prior to the publication of this
Annual Report). The Resolution sets out the minimum
purchased pursuant to the authority sought under
At the date of this notice the Company does not hold
any Ordinary Shares in the capital of the Company in
treasury. The authority conferred by Resolution 13 will
passing of 15 months from the passing of the
may use this authority to allow the Company to
circumstances. The Company will also need to meet the
requirements for electronic voting before it can call a
general meeting on 14 days’ notice.
98 I Maven Income and Growth VCT 3 PLC
ALTERNATIVE PERFORMANCE MEASURES (APMs)
basis since inception.
preceding year end.
Ordinary Share.
DISTRIBUTABLE RESERVES
DIVIDENDS PER ORDINARY SHARE
The total of all dividends per Ordinary Share paid or proposed by the Company in respect of the year.
The total of all dividends per Ordinary Share paid by the Company.
EARNINGS PER ORDINARY SHARE (EPS)
EX-DIVIDEND DATE (XD DATE)
INDEX OR INDICES
means of assessing the overall state of the economy and provides a comparison against which the performance of
individual investments can be assessed.
GLOSSARY
Maven Income and Growth VCT 3 PLC I 99
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.
to date.
NET ASSETS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OR SHAREHOLDERS’ FUNDS (NAV)
OPERATIONAL EXPENSES
REALISED GAINS/LOSSES
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 years. This is available for distribution to Shareholders by
way of dividend payments.
TOTAL RETURN
UNREALISED GAINS/LOSSES
100 I Maven Income and Growth VCT 3 PLC
YOUR NOTES
Maven Income and Growth VCT 3 PLC I 101
YOUR NOTES
102 I Maven Income and Growth VCT 3 PLC
YOUR NOTES
Maven Income and Growth VCT 3 PLC I 103 Maven Income and Growth VCT 3 PLC I 103
DIRECTORS
Atul Devani (Chairman)
David Allan
MANAGER AND SECRETARY AND PRINCIPAL PLACE OF BUSINESS
Maven Capital Partners UK LLP
205 West George Street
Glasgow G2 2LW
REGISTERED OFFICE
REGISTERED IN ENGLAND AND WALES
WEBSITE
REGISTRARS
The City Partnership (UK) Limited
The Mending Rooms
Meltham Road
AUDITOR
Johnston Carmichael LLP
VCT ADVISER
CONTACT INFORMATION
104 I Maven Income and Growth VCT 3 PLC
(a subsidiary of Mattioli Woods plc)
205 West George Street
Glasgow G2 2LW