Mobeus Income
& Growth 4 VCT plc
A Venture Capital Trust
Annual Report & Financial Statements
for year ended 31 December 2021

Mobeus Income & Growth 4 VCT plc (the “Company”) is a Venture Capital Trust (“VCT”)
advised by Gresham House Asset Management Limited (“Gresham House”, “Investment
Adviser”) investing primarily in established, unquoted companies.
The Objective of the Company is to provide investors with a regular income stream by way of
tax-free dividends and to generate capital growth through portfolio realisations which can be
distributed by way of additional tax-free dividends, while continuing at all times to qualify as a
VCT.
DIVIDEND POLICY
The Company seeks to pay dividends at least annually out of income and capital as
appropriate, and subject to fulfilling certain regulatory requirements.
Contents
Financial Highlights 1
Chairman’s Statement 2
Strategic Report 6
- Objective 6
- Summary of Investment Policy 6
- The Company and its Business Model 6
- Summary of VCT Legislation 6
- Performance and Key Performance Indicators 8
- Investment Adviser’s Review 12
- Principal Investments in the Portfolio at 31 December 2021 by valuation 20
- Investment Portfolio Summary 24
- Key Policies 30
- Investment Policy 30
- Stakeholder Engagement and Directors’ Duties 31
- Principal and emerging risks, management and regulatory environment 34
Reports of the Directors 37
- Board of Directors 37
- Directors’ Report 38
- Corporate Governance Statement 42
- Report of the Audit Committee 45
- Directors’ Remuneration Report 47
- Statement of Directors’ Responsibilities 51
Independent Auditor’s Report 52
Financial Statements 57
Information for Shareholders 80
- Shareholder Information 80
- Notice of the Annual General Meeting 82
- Glossary of terms 85
- Corporate Information 86

Results for the year ended 31 December 2021
Net assets: £92.79 million
Net asset value (“NAV”) per share: 111.27 pence
 Net asset value (“NAV”) total return
1
per share of 42.7%.
 Share price total return
1
per share of 50.4%.
 Dividends paid and declared in respect of the year totalled 9.00 pence per
share. Cumulative dividends paid
1
to date stand at 143.20 pence per share.
 £6.23 million was invested into four new growth capital investments and
nine existing portfolio companies during the year.
 Strong portfolio performance generated £25.71 million of unrealised gains
in the year.
 The Company realised investments totalling £12.23 million of cash proceeds
and generated net realised gains in the year of £4.19 million.
Cumulative total return
1
per share (NAV basis)
The longer term trend of performance on this measure is shown in the chart below:-
Cumulative total return per share (NAV basis)
160
150
130
180
190
200
210
220
230
240
250
170
140
120
110
100
80
90
60
70
50
30
10
40
20
0
31/12/2020
31/12/2021
Pence
per
share
124.20
74.90
134.20
81.50
139.20
111.27
187.77 189.99 199.10 215.70
101.20
86.57
105.20
84.79
250.47
31/12/2017
31/12/2018
31/12/2019
Net Asset Value
Cumulative dividends paid to date
1
- Definitions of key terms and alternative performance measures shown above and throughout this report are shown in the Glossary of
terms on page 85.
2
- These figures exclude the impact of a dividend of 4.00 pence per share paid after the year-end on 7 January 2022. Payment of this
dividend will reduce the Company’s NAV per share and increase cumulative dividends paid to date by 4.00 pence per share.
The chart above shows the recent past performance of the original funds raised in 1999. The original subscription price was 200 pence
per share before the benefit of income tax relief. Subscription prices from subsequent fundraisings and historic performance data from
2008 are shown in the Investor Performance Appendix on the Company’s website, www.mig4vct.co.uk, where they can be downloaded
by clicking on “table” under “Reviewing the performance of your investment” on the home page.
On 1 July 2006, Mobeus Equity Partners LLP became sole Investment Adviser to the Company. The Investment Adviser novated to
Gresham House on 1 October 2021. The cumulative total return per share (NAV basis) at this date was 122.51 pence.
1
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Highlights
Financial Highlights

2
2
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Change in Management
Arrangements
Following the communication to all
Shareholders sent by the Chairmen of
each of the VCTs advised by Mobeus
Equity Partners LLP (“Mobeus”) on
10September 2021, I am pleased to
report the sale of the Mobeus VCT
fund and investment management
business to a subsidiary of Gresham
House plc completed with eect from
30 September 2021. As a result, the
Mobeus-advised VCTs’ investment
advisory arrangements have been
novated from Mobeus to Gresham
House.
The Board believes that the agreement
to the novation of the investment
advisory arrangements was in the
interests of the Mobeus VCTs’
Shareholders and the Company will
benefit from scale advantages,
continuity, portfolio diversification and
investment in capability at Gresham
House.
Clive Austin and Trevor Hope, the two
leading partners involved with
managing the Mobeus VCTs’
investment portfolios, remain
responsible for the investment,
portfolio, and fund management of the
Mobeus VCTs, alongside the
investment and operations teams.
I am pleased to present the
Annual Report of Mobeus
Income & Growth 4 VCT plc for
the year ended 31 December
2021.
Overview
At the time of the previous Annual Report, I
was able to report on the Company’s robust
performance over a period of material
global uncertainty and market volatility.
Twelve months later, I am pleased to say
that it has been a year of continued strong
trading and portfolio value growth to
31 December 2021. The Company achieved
an e
xceptional NAV total return per share of
42.7% for the year (2020: 22.2%).
Although the period under review was
marked by many challenges, the portfolio
proved to be resilient and adaptive in facing
them. The threat from global supply issues
in logistics, materials and labour resulting
from COVID-19 disruption is expected to
remain for some months, and the unfolding
geopolitical events relating to the war in
Ukraine adds to the uncertainty. However,
for the most part, trading for your
Company’s largely service and software-
based portfolio has not been significantly
impacted to date.
Despite Brexit concerns and considerable
COVID-19 related restrictions across the
year, M&A activity has remained buoyant
and the Investment Adviser continues to
see a healthy deal flow. The Company
deployed £6.23 million of investment capital
and generated £12.23 million in realisation
proceeds from investment activity during
the year. In that time, it added four new
investments to its portfolio, provided
follow-on funding into nine existing portfolio
companies and supported the admission to
AIM of a further two of its investments.
Shareholders should note that the portfolio
now features some value concentration in
two of its stocks: Virgin Wines and
Preservica (10.2% and 11.9% of net assets
respectively as at 31 December 2021), the
former of which is listed on AIM. With this
additional AIM exposure, there is the natural
potential for a higher level of volatility in the
value of the Company’s portfolio and
subsequent NAV returns. Following an initial
uplift in value following two IPOs in March
2021, the value of the quoted assets has
been volatile over the rest of the year as the
companies were impacted by unfavourable
trading announcements and negative
market sentiment. The remainder of the
portfolio largely demonstrated strong
performance and growth over the same
period.
We are witnessing a clear demonstration of
the benefits of what is now a diverse and
maturing portfolio. Following the 2015 VCT
rule change, the revised investment
strategy is now bearing fruit as more of
these young growth investments are
starting to achieve significant scale and
value. This view has been validated by
third-party investment transactions which
have brought significant upratings in values
of portfolio businesses, such as MPB,
MyTutor and Bella & Duke, whilst the
Company has also been able to provide
support for the scaling of investments such
as Preservica, to which the Company
provided significant further funding in
November 2021. For further information on
value movements, see the Investment
Adviser’s Review on pages 12 to 18.
The Company launched an Oer for
Subscription on 20 January 2022 alongside
the three other Mobeus VCTs (“Oers”) and
the Board was very pleased to see that
unprecedented demand meant that the
target of £7.5 million was reached in less
than 24 hours, at which point no further
applications were accepted. It was
gratifying that approximately half of the
applications received were from existing
Shareholders in the Company. The
subsequent allotment of shares has now
bolstered the Company’s capital to deploy
in new and exciting investment
opportunities.
Performance
The Company’s NAV total return per share
was 42.7% for the year to 31 December
2021 (2020: 22.2%) being the closing NAV
per share of 111.27 pence plus 5.00 pence
of dividends paid in the year, divided by the
opening NAV per share of 81.50 pence.
The share price total return was 50.4%
(2020: 12.9%). The dierence between the
share price and NAV total returns arises
principally due to the timing of NAV
announcements which are usually made on
a date following the date to which they
relate and is explained more fully under
Performance in the Strategic Report on
pages 8 to 11. The positive NAV total return
for the year was principally the result of
significant unrealised gains in the value of
investments still held, as well as realised
gains achieved via exits and partial
realisations of several portfolio companies.
At the year-end, the Company was ranked
6th out of 38 Generalist VCTs over five
years and 8th out of 31 Generalist VCTs
over ten years, in the Association of
Investment Companies’ analysis of NAV
Cumulative Total Return. Shareholders
should note that the AIC’s rankings are
based on the latest available published
NAVs and therefore do not reflect the NAV
per share increase achieved by the
Company up to 31 December 2021. For
further details on the performance of the
Company, please refer to the Strategic
Report on pages 8 to 11.
Chairman’s Statement
Chairman’s Statement

33
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Dividends
The Board continues to be committed to
providing an attractive dividend stream to
Shareholders and is pleased to have
announced a second interim dividend of
4.00 pence per share, which was paid on
7 January 2022 to Shareholders on the
r
egister on 10 December 2021.
This second interim dividend, together with
a first interim dividend of 5.00 pence per
share paid on 6 August 2021 to
Shareholders on the register on 9 July 2021,
brings dividends paid and proposed in
respect of the financial year ended
31December 2021 to 9.00 pence per share.
To date, cumulative dividends paid since
inception total 143.20 pence per share.
The Company has now met or exceeded the
Board’s dividend target of paying at least
4.00 pence per share in respect of each
financial year over the last twelve years.
As Shareholders have been advised
previously, the gradual move of the portfolio
to younger growth capital investments as
well as the realisations of older, more mature
companies that have provided a good
income yield, are likely to make dividends
harder to achieve from income and capital
returns alone in any given year. The Board
aims to distribute realised profits (such as
income and gains from realisations) achieved
in a year as dividends but notes that a
reduction in income received by the
Company was seen during the year. The
Board, therefore, continues to monitor the
sustainability of the annual dividend target.
Shareholders should also note that there
may continue to be circumstances where the
Company is required to pay dividends in
order to maintain its regulatory status as a
VCT, for example, to stay above the minimum
percentage of assets required to be held in
qualifying investments. Such dividends paid
in excess of net income and capital gains
achieved will cause the Company’s NAV per
share to reduce by a corresponding amount.
Dividend Investment Scheme
The Company’s Dividend Investment
Scheme (“DIS”) provides Shareholders with
the opportunity to reinvest their cash
dividends into new shares in the Company
at the latest published NAV per share. New
VCT shares attract the same tax reliefs as
shares purchased through an Oer for
Subscription. As part of the 5.00 pence per
share dividend paid on 6 August 2021,
695,052 Ordinary shares were allotted to
participants of the DIS at a price of 92.24
pence per share. For the further 4.00 pence
per share dividend declared for the year
and paid after the year-end on 7 January
2022, 508,732 Ordinary shares were
allotted at a price of 99.57 pence per share
to DIS participants.
Shareholders wishing to take advantage
of the scheme for any future dividends
can join the DIS by completing a mandate
form available on the Company’s website,
under the ‘Dividends’ heading, at:
www.mig4vct.co.uk., or alternatively,
Shareholders can opt-out by contacting
Link Group, using their details provided
under Corporate Information on page 86.
Investment portfolio
The portfolio movements across the year
were as follows:
2021
£
2020
£
Opening portfolio value 41.68 38.54
New and further investments 6.23 4.80
Disposal proceeds (12.23) (14.97)
Net realised gains 4.19 4.44
Valuation movements 25.71 8.87
Portfolio value at
31 December 65.58 41.68
During the year, the Company invested a
total of £6.23 million into four new and nine
existing portfolio companies (2020: £4.80
million; four new, four existing).
New investments totalling £2.53 million
were made into Vivacity Labs (an artificial
intelligence and Urban Trac Control
(“UTC”) system), Caledonian Leisure (a
provider of UK experience and leisure
breaks), Legatics (a SaaS LegalTech
software business) and Vet’s Klinic (a
veterinary clinic roll out).
Additional funding of £3.70 million was
provided across nine existing portfolio
companies, including Parsley Box (an
ambient meals provider), Bleach London
(hair colourants brand), Arkk Consulting (a
financial reporting service provider), Bella &
Duke (a frozen raw dog food provider),
Tapas Revolution (a Spanish restaurant
chain), MyTutor (an online tutoring
marketplace), Andersen EV (a producer of
premium EV chargers), ActiveNav (a
provider of enterprise-level file analysis
software) and Preservica (a proprietary
digital archiving software provider).
The Company generated £6.02 million in
proceeds from the realisation of its
investments in Proactive Group, Vian
Marketing Limited (trading as Red Paddle)
and Omega Diagnostics during the year. In
addition to £3.21 million of proceeds
received from the partial realisations of
Virgin Wines and Parsley Box (upon the
admission of their shares to AIM as
mentioned previously), the partial
realisations of MPB Group and MyTutor,
together with loan repayments and other
capital receipts of £3.00 million, the
Company generated total proceeds of
£12.23 million in the year to 31 December
2021.
The portfolio has performed very strongly
over the Company’s financial year. The
overall value increased by £29.90 million
(2020: £13.31 million), or 71.8% (2020: 34.5%)
on a like-for-like basis, compared to the
start of the year. This increase comprised a
net unrealised uplift in portfolio valuations
of £25.71 million and £4.19 million in net
realised gains over the year. The portfolio
was valued at £65.58 million at the year-end
(2020: £41.68 million).
Within net realised gains, the principal
contributors were the full realised gains of
Proactive Group and Red Paddle (total of
£2.48 million). Total proceeds received over
the life of investments in Proactive Group
(£1.94 million) and Red Paddle (£4.84 million)
generated multiples of cost of 2.6x (IRR:
33.0%) and 5.4x (33.2%) respectively
(including £0.40 million received in deferred
proceeds from Red Paddle after the
year-end. Further realised gains were also
generated from the partial realisations of
Parsley Box (£0.54 million), MPB Group
(£0.41 million) and MyTutor (£0.38 million).
The portfolio’s valuation at the year-end
reflects the continued beneficial impact of
changes in UK consumer and business
behaviour brought on by the pandemic and
lockdown restrictions, particularly for those
businesses operating direct-to-consumer
models. This also underscores the success
of portfolio companies in adapting to a
rapidly changing environment, becoming
more ecient and diversifying their product
oering in order to take advantage of
opportunities that have arisen.
Since the year-end, in February 2022, the
Company made a new investment into
Proximity Insight, a retail software provider.
This is the first investment made since the
acquisition of the Mobeus VCT investment
advisory business by Gresham House and
the Company’s investment was made
alongside the other VCTs advised and
managed by Gresham House (the three
other Mobeus VCTs and the two
Baronsmead VCTs). In accordance, with the
agreed allocation policy, the Company
contributed £0.61 million towards a total
Gresham House supported investment of
£5.00 million.
The flotation of both Virgin Wines and
Parsley Box on the AIM market in March
2021 resulted in significant uplifts in
valuation, as well as generating an element
of realised returns. As part of the Virgin
Wines transaction, the Company received
repayment of its remaining loan stock,
leaving Virgin Wines ungeared and, as part
of the IPO of Parsley Box, the Company
realised part of its equity holding, securing
a 4.0x return on the cost of the shares sold.
As was expected, these quoted stocks are
subject to stock market movements and
have brought an additional level of
volatility to a portion of the portfolio. In the
second half of the year, Parsley Box in
particular saw a subsequent value decline
in the face of changing market sentiment
Chairman’s Statement

4
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Chairman’s Statement
and an announcement of results which
were below market expectations. Virgin
Wines has experienced similar volatility,
but had returned to its float price at the
year-end. Your Board remains confident in
the future prospects of both these AIM
quoted businesses.
In contrast, there have been substantial
unquoted valuation increases, supported by
a sizeable further investment from the
Mobeus VCTs in the case of Preservica, and
by third-party investment transactions in the
cases of MyTutor, MPB and Bella & Duke.
The portfolio achieved a net increase in
unrealised valuations of £25.71 million for
the year in investments still held, with the
biggest value increases in Preservica, Virgin
Wines and Media Business Insight partially
oset by modest valuation falls at Parsley
Box, Andersen EV and Bleach London. For
further information on portfolio valuation
movements, see the Investment Adviser’s
Review on page 15.
Although a minority of portfolio companies
have been disadvantaged by the COVID-19
pandemic, principally as a result of sta
shortages, closure of retail sites and
interrupted supplies, these factors have not
aected any of the businesses within the
portfolio’s top ten investments by value.
Many of those that were negatively aected
have also since seen value uplifts.
Further details of the Company’s investment
activity and the performance of the portfolio
are contained in the Investment Adviser’s
Review and the Investment Portfolio
Summary on pages 24 to 29.
Liquidity & Fundraising
Cash and cash equivalents held by the
Company as at 31 December 2021 amounted
to £24.53 million, or 26.4% of net assets.
On 20 January 2022, the Company launched
an oer for subscription of £7.5 million,
alongside Oers from the other Gresham
House-advised VCTs. As previously stated in
my Overview on page 2, the Oers
experienced unprecedented demand such
that the Company received subscriptions
amounting to the full amount sought within 24
hours of launching and were then unable to
take any further applications from the middle
of 21 January 2022. In accordance with the
Oers’ prospectus, the allotment of all shares
under the oer took place on 9 March 2022
with cleared monies, and generated net
funds (after costs) of £7.27 million. In
consideration of the environmental factors
and cost savings, the Company elected to
release the Prospectus digitally, with hard
copies available on request, and invite
applications to be submitted online via a
digital portal. This method provided
increased security and eciency in the
application process and the Board strongly
recommends that Shareholders wishing to
subscribe to any future oers opt to submit
their applications via the online facility.
Share buy-backs
During the year, the Company bought back
and cancelled 1,309,349 of its own shares
(2020: 1,245,646), representing 1.6% of the
shares in issue at the beginning of the year
(2020: 1.9%), at a total cost of £1.23 million,
inclusive of expenses (2020: £0.73 million). It
is the Company’s policy to cancel all shares
bought back in this way. The Board regularly
reviews its buyback policy and currently
seeks to maintain the discount at which the
Company’s shares trade at no more than 5%
below the latest published NAV.
Shareholder Communications &
Annual General Meeting
May I remind you that the Company has its
own website which is available at:
www.mig4vct.co.uk.
The Investment Adviser held a virtual
Shareholder Event on the morning of
25 February 2022. A presentation was
provided by representatives of each of the
Mobeus VCT Boards as well as the
Investment Adviser and the key executives of
two portfolio companies, Virgin Wines and
Media Business Insight. A recording of the
event is available here:
https://mvcts.connectid.cloud/ .
Your Board is pleased to be able to hold the
next Annual General Meeting (“AGM”) of the
Company in person at 11.30 am on Tuesday,
17 May 2022 at the oces of Shakespeare
Martineau, 6th Floor, 60 Gracechurch Street,
London, EC3V 0HR. A webcast will also be
available at the same time for those
Shareholders who cannot attend in person.
However, please note that you will not be
able to vote via this method and so are
encouraged to return your proxy form before
the deadline of 11:30 am on 13 May 2022.
Information setting out how to join the
meeting by virtual means will be shown on
the Company’s website. For further details,
please see the Notice of the Meeting which
can be found at the end of this Annual Report
& Financial Statements, on pages 82 to 84.
Board Composition
On 6 December 2021, the Company
announced Helen Sinclair’s retirement as a
Non-Executive Director of the Company, on
28 February 2022. The Board would like to
thank Helen for her significant contribution
and dedication during her directorship,
particularly in her role as Chair of the
Investment Committee and wish her well for
the future. The Board, comprised four
directors prior to Helen’s retirement and
careful consideration was given to ensuring
that the Board was well positioned to
continue to fulfill its role in the direction of the
Company following her retirement. On
1March 2022, Chris Burke was appointed a
member of both the Audit Committee and the
Nomination and Remuneration Committee.
He was appointed Chair of the Investment
Committee on the same date. After
considering and reviewing its composition,
the Board agreed that the remaining
directors have the breadth and depth of
relevant knowledge and experience plus the
appropriate skill sets such that the
recruitment of another Non-Executive
Director is not necessary at the present time.
However, the directors are committed to
increasing diversity of representation and,
when any further appointment to the Board is
considered, will take this fully into account
alongside the skills required to serve
Shareholders well in the specialist VCT
sector.
Fraud Warning
We have been made aware of a number of
Shareholders being contacted in connection
with sophisticated but fraudulent financial
scams which purport to come from the
Company or to be authorised by it. This is
often by a phone call or an email usually
originating from outside of the UK, claiming or
appearing to be from a corporate finance firm
oering to buy your shares at an inflated price.
The Board strongly recommends
Shareholders take time to read the
Company’s Fraud warning section, including
details of who to contact, contained within
the Information for Shareholders section on
pages 80 and 81.
Environmental, Social and
Governance (“ESG”)
The Board and the Investment Adviser
believe that the consideration of
environmental, social and corporate
governance (“ESG”) factors throughout the
investment cycle will contribute towards
enhanced Shareholder value.
Following the novation of the investment
advisory agreement to Gresham House, who
have a dedicated team which is focused on
sustainability, the Board views this as an
opportunity to enhance the Company’s
existing protocols and procedures through
the adoption of the highest industry
standards. Under the new enlarged
investment team, each investment executive
is responsible for their own individual ESG
objectives in support of the wider overarching
ESG goals of the Investment Adviser. For
further details, Gresham House published its
inaugural Sustainable Investment Report in
2021, which can be found on its website at:
www.greshamhouse.com.
Your Board would like to assure Shareholders
that ESG matters form a key consideration in
investment decisions. The FCA reporting
requirements consistent with the Task Force
on Climate-related Financial Disclosures
commencing from 1 January 2021 do not
currently apply to the Company but will be
kept under review, the Board being mindful
of any recommended changes.

5
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Outlook
The year under review can be characterised
as a continuation of the trying environment
created for businesses in light of the
COVID-19 pandemic and Brexit in 2020.
However, much in the same way that we
were able to report on its remarkable
recovery one year ago, the Company has
continued to achieve success in creating
opportunities and building on them. This has
been exemplified by strong trading
performances and value growth across the
portfolio and in exceeding expectations for
the level of investment activity.
Whilst the immediate threat of further
lockdowns from new variants of the virus
appears to have lessened to some extent as
we move into 2022, we anticipate that the
indirect eects of the COVID-19 pandemic
and Brexit will continue to impact the UK
economy and bring an element of uncertainty
for some time to come, most notably in the
form of supply chain and inflationary
pressures. More recently, the distressing
invasion of Ukraine has sent shockwaves
through global financial markets. Whilst the
portfolio has limited direct exposure to
Eastern Europe, Russia’s action has
introduced a disruptive factor the impact of
which cannot yet be fully measured.
Nonetheless, your Board considers that your
Company is well positioned to adapt as
necessary.
The Board was very pleased to have
witnessed such a positive response to the
launch of the Company’s Oer for
subscription in January and would like to
thank all Shareholders for their interest in
applying for the Company’s shares. The
Board has been satisfied with the Company’s
ability to maintain a high rate of investment in
quality opportunities over the year. It
believes that the additional fundraising will
provide the necessary capital to continue to
create value growth for Shareholders in what
has, to date, proven to be a successful
investment strategy.
I would like to take this opportunity once
again to thank all Shareholders for your
continued support and to extend a warm
welcome to new Shareholders.
Jonathan Cartwright
Chairman
6 April 2022
Chairman’s Statement

Company Objective and
Business Model
Objective
The Objective of the Company is to
provide investors with a regular income
stream by way of tax-free dividends and
to generate capital growth through
portfolio realisations which can be
distributed by way of additional tax-free
dividends, while continuing at all times
to qualify as a VCT.
Summary of Investment Policy
The Company’s policy is to invest
primarily in a diverse portfolio of UK
unquoted companies. Investments are
generally structured as part loan and
part equity in order to receive regular
income, to generate capital gains upon
sale and to reduce the risk of high
exposure to equities. To spread the risk
further, investments are made in a
number of businesses across dierent
industry sectors.
The Company’s cash and liquid
resources are held in a range of
investments which can be of varying
maturities, subject to the overriding
criterion that the risk of loss of capital be
minimised.
The Company seeks to make
investments in accordance with the
requirements of VCT legislation. A
summary of this is set out below.
The full text of the Company’s
Investment Policy is available on page
30 of this Strategic Report.
The Company and its Business
Model
The Company is a Venture Capital
Trust. Its Objective and its Investment
Policy are designed to ensure that the
Company continues to qualify and is
approved as a VCT by HM Revenue &
Customs (“HMRC”) whilst maximising
returns to Shareholders from both
income and capital.
Summary of VCT Legislation
To maintain its status as a VCT, the
Company must meet a number of
conditions, the most important of which
are that:
 the Company must hold at least
80%, by VCT tax value
1
, of its total
investments (shares, securities and
liquidity) in VCT qualifying holdings,
within approximately three years of
a fundraising;
 all qualifying investments made by
VCTs after 5 April 2018, together
with qualifying investments made
by funds raised after 5 April 2011
are, in aggregate, required to
comprise at least 70% by VCT tax
value in “eligible shares”, which
carry no preferential rights (save as
may be permitted under VCT rules);
 no investment in a single company
or group of companies may
represent more than 15% (by VCT
tax value) of the Company’s total
investments at the date of
investment;
 the Company must pay sucient
levels of income dividend from its
revenue available for distribution so
as not to retain more than 15% of its
income from shares and securities
in a year;
 the Company’s shares must be
listed on a regulated European
stock market;
 non-qualifying investments cannot
be made, except for certain
exemptions in managing the
Company’s short-term liquidity;
 VCTs are required to invest 30% of
funds raised in an accounting
period beginning on or after 6 April
2018 in qualifying holdings within 12
months of the end of the accounting
period; and
 the period for reinvestment of
proceeds on disposal of qualifying
investments is 12 months.
To be a VCT qualifying holding, new
investments must be in companies:
 which carry on a qualifying trade;
 which have no more than £15 million
of gross assets at the time of
investment and no more than £16
million immediately following
investment from VCTs;
 whose maximum age is generally
up to seven years (ten years for
knowledge intensive businesses);
 that receive no more than an annual
limit of £5 million and a lifetime limit
of £12 million (for knowledge
intensive companies the annual
limit is £10 million and the lifetime
limit is £20 million), from VCTs and
similar sources of State Aid funding;
and
 that use the funds received from
VCTs for growth and development
purposes.
In addition, VCTs may not:
 oer secured loans to investee
companies, and any returns on loan
capital above 10% must represent
no more than a commercial return
on the principal; and
 make investments that do not meet
the ‘risk to capital’ condition (which
requires a company, at the time of
investment, to be an
entrepreneurial company with the
objective to grow and develop, and
where there is a genuine risk of loss
of capital).
1
VCT tax value means as valued in
accordance with prevailing VCT legislation.
The calculation of VCT tax value is arrived
at using tax values, based on the cost of the
most recent purchase of an investment
instrument in a particular company, which
may dier from the actual cost of each
investment shown in the Investment
Portfolio Summary on pages 24 to 29.
6
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Strategic Report
Strategic Report

7
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report
The Company and its
business model
The Company is a Venture Capital Trust
and its Objective and Investment Policy
are designed to ensure that it continues
to qualify as a VCT, and continues to be
approved as such by HM Revenue &
Customs, whilst maximising returns to
Shareholders from both income and
capital. A summary of the most important
rules that determine VCT approval is
contained in the panel headed
“Summary of VCT Regulation” on page 6.
As a fully listed company on the London
Stock Exchange, the Company is
required to comply with the listing rules
governing such companies. The listing
also fulfils a requirement for VCT
approval and to maintain its VCT status.
The Company is an externally advised
Fund with a Board comprising Non-
Executive Directors only. The Board has
overall responsibility for the Company’s
aairs including the determination of its
Investment Policy (material changes to
which are subject to approval by
Shareholders). Investment advice and
operational support are outsourced to
external service providers (including the
Investment Adviser, Company Secretary
and Administrator and Registrar), with the
key strategic and operational framework
and key policies set and monitored by
the Board. Investment and divestment
proposals are originated, negotiated and
recommended by the Investment Adviser
and are then subject to comment,
approval or rejection by the Directors.
Further details are contained in the
Stakeholder Engagement and Directors’
Duties section on pages 31 to 33.
The Company usually invests alongside
three other VCTs advised by Mobeus in
proportion to the relative net assets of
each VCT at the date the investment
proposal is submitted to each Board.
Following the acquisition of the VCT
investment advisory business of Mobeus
Equity Partners LLP on 30 September
2021 by Gresham House, the Investment
Manager of the two Baronsmead VCTs,
the Company will co-invest alongside
the Baronsmead VCTs and the Mobeus
VCTs in new unquoted VCT qualifying
investments in proportion to the relative
net assets of each VCT (excluding direct
AIM investments).
The total percentage of equity held in
each investment by all funds advised by
Gresham House is shown in the
Investment Portfolio Summary on pages
24 to 29.
Private individuals invest in the
Company to benefit from both income
and capital returns from the portfolio. By
subscribing for shares in a VCT they also
receive immediate income tax relief
(currently 30% of the amount subscribed
by an investor). Investors receive
tax-free dividends from the Company
and incur no capital gains tax upon the
eventual sale of the shares. These tax
benefits are subject to the VCT
maintaining its approved VCT status and
the shares being held for a minimum of
five years from the date of subscription.
The Company’s business model is set out in the diagram below.

8
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Strategic Report
Performance and Key Performance Indicators
The Board has identified six key performance indicators that are used in its own assessment of the Company’s progress. Some of
these are classified as alternative performance measures (“APMs”) in line with Financial Reporting Council (“FRC”) guidance. See
Glossary of terms for details on page 85. APMs are measures of performance that are in addition to the data reported in the
Financial Statements. It is intended that these will provide Shareholders with sucient information to assess how the Company
has performed against its Objective in the year to 31 December 2021, and over the longer-term, through the application of its
investment and other principal policies:
1. Annual and cumulative returns per share for the year
The Company’s Objective is to generate long-term growth in capital and income. To assess this, the Board monitors the
growth in total returns per share, both on a NAV basis and a share price basis, adjusted for dividends paid in the year. NAV basis
reflects the net assets of the Company and share price basis reflects the price at which a Shareholder could expect to sell their
shares. These are the most widely used measures of performance in the VCT sector.
Total returns per share for the year
The Net Asset Value and share price total returns per share for the year ended 31 December 2021 were 42.7% and 50.4%
respectively, as shown below:
NAV basis
(p)
Share price
basis
(p)
Total
return
(p)
Closing NAV per share 111.27 Closing share price (Note 2) 98.75
Plus: dividend paid in year (Note 1) 5.00 Plus: dividend paid in year (Note 1) 5.00
NAV Total return for year 116.27 Share price Total return for year 103.75
Less: opening NAV per share (81.50) Less: opening share price (69.00)
Increase in NAV total return for year
per share (Note 3) +34.77
Increase in Share price total return for
year per share + 34.75
% NAV total return for year* +42.7%
% Total share price total return for year* + 50.4%
* The Share Price total return diers from the NAV total return because the share price at 31 December 2021 is by reference to the latest
announced NAV per share, being 103.57 pence as at 30 September 2021. The NAV per share increased by 7.70 pence in the final
quarter.
Note 1: The dividend paid in the year was an interim dividend in respect of the year ended 31 December 2021 of 5.00 pence per share
paid on 6 August 2021.
Note 2: The closing share price has been adjusted for a dividend of 4.00 pence per share paid after the year-end on 7 January 2022,
which was ex-div at 31 December 2021.
Note 3: NAV Total Return per share for the year is comprised of:
Year ended 31 December 2021
(p)
2020
(p)
Gross portfolio capital returns 35.86 15.84
Gross income returns 1.62 3.41
Costs (including tax charge) (2.62) (2.11)
Other movements (0.09) (0.54)
NAV Total Return for the year as above (2021 only) 34.77 16.60
The contributions from portfolio returns and income are shown before deducting attributable costs. They are explained below
under review of financial performance for the year. Costs are referred to in section 6 on page 11.

Review of financial performance for the year
For the year ended 31 December 2021
£m
2020
£m
Capital return 28.64 12.55
Revenue return 0.44 1.85
Total return 29.08 14.40
The capital profit for the year of £28.64 million (34.35 pence of NAV return for the year per share, net of costs charged to capital)
is primarily due to a net increase in the unrealised valuation of portfolio companies, bolstered by strong trading and significant
re-ratings as a result of third-party investments, as well as realised gains from the full exit of Vian Marketing (trading as Red
Paddle) as well as the partial realisations of Parsley Box, MPB Group and MyTutor. The increase in capital returns from £12.55
million is principally due to higher unrealised gains of existing portfolio companies compared to 2020 (£16.84 million increase)
partially oset by a lower level of realised gains (£0.25 million fall).
The revenue profit for the year of £0.44 million (0.53 pence of NAV return for the year per share, net of costs charged to revenue)
is derived from income, primarily loan interest, outweighing revenue expenses. The reason for the decrease over the year is
mainly due to a large interest receipt arising from the realisation of Auction Technology Group in 2020 as well as a fall in dividend
income. The lower revenue return also resulted from higher expenses charged to revenue (mainly due to higher Investment
Adviser fees arising from higher net assets over the year), but this was partially oset by a lower revenue tax charge on lower
income received for the year.
Cumulative total returns per share for the year
NAV basis
(p)
Share price basis
(p)
Closing NAV per share 111.27 Closing share price (Note 1) 98.75
Plus: cumulative dividends paid to date 139.20 Plus: cumulative dividends paid to date 139.20
Closing cumulative total return 250.47 Closing cumulative total return 237.95
Less: opening cumulative total return (215.70) Less: opening cumulative total return (203.20
)
Increase in cumulative total return for year +34.77 Increase in cumulative total return for year +34.75
Note 1 - The closing share price has been adjusted for a dividend of 4.00 pence per share paid after the year-end on 7 January 2022,
which was ex-div at 31 December 2021.
Taking into account initial income tax relief, founder Shareholders who invested in 1999 have now seen, as at 31 December 2021,
an overall gain on net investment cost of 56.5% (2020: 34.8%) since the launch of the Company. This is calculated as closing
cumulative total return per share of 250.47 pence, as a percentage of net investment cost of 60.00 pence per share after initial
income tax relief of 40.00 pence per share (both figures restated for the 2 for 1 share consolidation in 2006). Original
Shareholders who also took advantage of the enhanced buyback oer made in 2013 have now seen an overall gain over net
investment cost on this basis of 102.5%.
The Company does not consider it appropriate to set a specific annual and cumulative return per share target for the year.
However, Shareholders should note that the Board assesses these returns against the Company’s ability to meet its current
annual dividend target of 4.00 pence per share.
Both NAV and share price returns for the year are considered to be commendable by the Board reflecting the benefit of strong
investment realisations and an uplift in unrealised valuations.
Cumulative
total
return (p)
9
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report

Internal rate of return (“IRR”)
Original
investment cost
(pence per share) Income tax relief
Cost net of
income tax (p)
Internal
Rate of Return
With benefit of Income Tax Relief
2006/7 Shareholders 120.9 30% 84.6 9.7%
1999 Shareholders 200.0 20% 160.0 2.3%
Without benefit of Income Tax Relief
2006/7 Shareholders 120.9 n/a n/a 6.1%
1999 Shareholders 200.0 n/a n/a 1.1%
The table above shows the Internal rate of return of Shareholders’ investment for those founder Shareholders who invested in 1999
beneath those Shareholders who invested in 2006/7, shortly after the date at which Mobeus (now Gresham House) took over as
sole Investment Adviser.
2. The Company’s performance compared with its peer group (Benchmarking)
The Board places emphasis on the Company’s performance against a peer group of VCTs and has a target of being ranked in
the top half of Generalist VCTs. Using the benchmark of NAV total return (assuming dividends are reinvested) on an investment
of £100, the Company is ranked 3rd out of 40 (2020: 4th out of 46) over three years, and 4th out of 38 (2020: 8th out of 41) over
five years amongst generalist VCTs by the AIC (based on statistics prepared by Morningstar) at 31 December 2021. The Board is
pleased with the recent improvement in relative performance and strives to improve it further.
3. Dividends paid compared with the dividend target
The Company has an annual target dividend of paying not less than 4.00 pence per share in respect of each financial year. It
has met or exceeded this target in respect of its last twelve financial years. However, the Board continues to review the
sustainability of this target. The ability of the Company to pay dividends in the future cannot be guaranteed and will be
subject to performance and available cash and reserves. While the Board still believes in the attainment of the dividend target,
the gradual move of the portfolio to growth capital investments is likely to result in annual ordinary dividend payments being
more volatile and, at least over the medium-term, may be lower than have been paid in the recent past.
During the year, the Company paid an interim dividend of 5.00 pence per share in respect of the year ended 31 December 2021.
On 7 January 2022, the Company paid a second interim dividend of 4.00 pence in respect of the year ended 31 December 2021.
Following this dividend, cumulative dividends paid to Shareholders since launch total 143.20 pence per share.
For details on the capital and revenue breakdown of these dividends for the year, please see Note 7 on page 66.
20.00
0.00
P
ence
per
s
hare
120.00
140.00
160.00
100.00
80.00
60.00
40.00
31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021
21.00
101.20
8.00
109.20
19.00
128.20
6.00
134.20
9.00
143.20
Dividends paid/payable in
respect of the financial year
Cumulative dividends paid/payable
in respect of the financial year
Dividends totaling 9.00 pence
per share were paid in respect of
the year ended 31 December
2021. Cumulative dividends paid
to date since launch are 143.20
pence.
10
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Strategic Report

4. Compliance with VCT legislation
In making their investment in a VCT, Shareholders become eligible for several tax benefits under VCT tax legislation, as long
as the Company also complies with VCT tax legislation. To achieve this, the Company must meet a number of tests set by the
VCT tax legislation. The principal tests are summarised in the panel entitled ‘Summary of VCT Legislation’ on page 6. In respect
of the year ended 31 December 2021, the Company continued to meet these tests.
5. Management of share price discount to NAV
The Board recognises that Shareholders may wish to sell their shares from time to time and that the secondary market for
VCT shares can be limited. The impact of this secondary market is that the Company’s share price will typically trade at a
level which is less than the Company’s latest published NAV per share. Subject to the Company having sucient available
funds and distributable reserves, it is the Board’s intention to pursue a buyback policy with the objective of managing the
discount to the latest published NAV per share.
This buyback policy provides a mechanism for the Company to enhance the liquidity of its shares and seek to manage the level
and volatility of the discount to NAV at which its shares may trade as market liquidity in VCTs is normally very restricted.
Continuing Shareholders benefit from the dierence between the NAV and the price at which the shares are bought back and
cancelled.
Shareholders granted the Directors authority to buyback up to 12.6 million of the Company’s shares, representing 14.99% of the
shares in issue at the date of the notice of the meeting, at the AGM held on 18 May 2021. Shares bought back under this authority
are cancelled and the Directors do not intend to exercise this authority unless they believe to do so would result in an increase in
net assets per share which would be in the interests of Shareholders generally. A resolution to renew this authority will be
proposed at the forthcoming AGM in May 2022. The resolution will grant authority for the Company to buyback up to 14.99% of
the Company’s own Ordinary shares in issue, and will normally expire at the AGM to be held in 2023.
During the year ended 31 December 2021, Shareholders holding 1,309,349 shares expressed their desire to sell their holdings.
The Company instructed its brokers, Panmure Gordon, to purchase these shares at prices representing discounts of
approximately 5% to the previously announced NAV per share. The Company subsequently purchased these shares at prices of
between 92.38 and 94.59 pence per share and cancelled them.
The discount for the Company’s shares at 31 December 2021 was 4.7% (2020: 4.6%) based on the share price shown in the table
on page 8 and the NAV at 30 September 2021 of 103.57 pence. The ex-div share price at 31 December 2021 of 94.75 pence has
been adjusted for a 4.00 pence dividend paid on 7 January 2022.
In total, the Company bought back 1.6% of the issued share capital of the Company, at the beginning of the year, as calculated by
reference to the issued share capital on 1 January 2021.
6. Costs
Shareholders will be aware there are a number of costs involved in operating a VCT. Although Shareholders do not bear
costs in excess of the expense cap of 3.4%, the Board monitors its costs carefully and seeks to maintain an Ongoing Charges
Ratio well below 3.4%.
The Board monitors costs using the Ongoing Charges Ratio
1
, which is as follows:
2021 2020
Ongoing charges 2.39% 2.67%
Performance fee 0.00% 0.00%
Ongoing charges plus accrued performance fee 2.39% 2.67%
1
The Ongoing Charges Ratio has been calculated, using the AIC recommended methodology.
The Ongoing Charges Ratio replaces the Total Expense Ratio reported previously. The Total Expense Ratio still forms the basis
of any expense cap that may be borne by the Investment Adviser. For the purpose of calculating this ratio, actual running costs
are capped at 3.4% of closing net assets but exclude any irrecoverable VAT and exceptional costs. There was no breach of the
expense cap for the year ended 31 December 2021 (2020: £nil).
The Ongoing Charges Ratio for the year has decreased from last year primarily due to an increase in average net assets over the
year.
Investment Adviser fees and other expenses
Investment Adviser fees charged to both revenue and capital have increased by £0.48 million compared to 2020, being a total of
£1.71 million. Other expenses (all charged to revenue) have increased by £0.03 million to £0.46 million. This increase was due to a
combination of a rise in audit fees and higher listing fees as well as trail commission fees resulting from higher net assets, These
increases were partially oset by lower registrar fees as fewer dividends were paid in the year compared to 2020. Further details
of these expenses are contained in the Financial Statements on pages 63 to 65 of this Annual Report.
11
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report

Change in Management Arrangements
As Shareholders will be aware, Gresham House acquired the VCT investment advisory business of Mobeus and, as a result, the
entire investment and operations teams of Mobeus joined Gresham House on 1 October 2021.
At the time of writing, the integration has been well underway for over six months. Having formed one of the largest and most
experienced teams in the VCT sector, the team recently completed its first combined investment into Proximity Insight, a retail
software provider. It is hoped that this combined investment team will be a major force in the supply of capital to the VCT sector
and the team’s enhanced market position should attract strong deal flow in order to produce attractive investment returns.
Portfolio Review
Having recovered from the COVID-19
related decline in value by the start of the
Company’s financial year, the portfolio
continues on a positive trajectory.
Whilst markets helped deliver a strong
recovery in 2020, the main driver of value
growth in 2021 has been a continuation of
buoyant underlying trading performance
across the portfolio. This has been
bolstered by a small number of significant
re-ratings during the year.
A limited number of portfolio companies
have experienced disruption as a result of
the UK lockdowns, but it is pleasing to
report that a significant proportion have
benefited from what appears to be a
structural change in consumer purchasing
habits. Indeed, the majority of the
portfolio companies is now trading above
their pre COVID-19 levels.
Overall, the majority of the portfolio has
demonstrated a high degree of resilience,
with the vast majority of companies by
number showing revenue and/or earnings
progression over the previous two years.
Investments classified as Retailers now
comprise over 44% of the portfolio by
value, all of which are demonstrating the
success of the direct-to-consumer
business model.
Significant up-ratings in the unquoted
portfolio have been a consistent feature
across the year, with third-party
investment driving value uplifts in MPB
(£2.82 million), MyTutor (£2.16 million) and
Bella & Duke (£0.95 million), and a
sizeable further investment from the
Mobeus VCTs doing the same in the case
of Preservica (£6.20 million). Whilst the
portfolio has limited exposure to more
challenging sectors such as hospitality
and overseas travel, software and other
technology-enabled businesses have
performed strongly. A small number of
companies have struggled, though they
are in the minority and their impact on
overall shareholder return is minimal.
Furthermore, some of these companies,
such as Media Business Insight and RDL,
have fundamentally re-engineered their
businesses, which should provide a more
positive outlook.
It is noted that Virgin Wines and
Preservica currently account for a
significant proportion of the invested
portfolio’s value (31.3% of the portfolio
value, 22.1% of net assets), whilst 15.1% of
the portfolio is now held in AIM-listed
investments (which equates to 10.7% of
net assets). The AIM market has
witnessed some volatility in the final
quarter of the Company’s financial year,
with market sentiment reducing the initial
value uplifts of the IPOs of Virgin Wines
and Parsley Box in March. Whilst Virgin
Wines had recovered its value by the
year-end, Parsley Box was further
impacted by its announcements of
tougher trading conditions, supply
constraints and further fundraising. In line
with market practice, in both cases the
Company’s shareholdings are subject to
lock-up arrangements for a period
post-flotation.
Strong trading activity levels have created
investment opportunities for the
Company as portfolio companies sought
to enhance their positions by building
capability in light of demand. A number of
further investments were therefore made
into the portfolio during the year.
Gresham House continues to review the
opportunities for follow-on investments.
M&A sentiment also remained buoyant
with a continuing stream of attractive
realisations throughout the period. The
outlook for both follow-on investment and
realisations continues to be positive.
The Company made investments totalling
£6.23 million (2020: £4.80 million),
comprising £2.53 million into four new
investments and £3.70 million into nine
existing investments. This level of new
and follow-on investment is pleasing
given the continued uncertainty and
lockdown restrictions during the year
under review.
A strong track record for the growth
investments is now emerging which
validates the strategic change arising
from the amendment to VCT rules in 2015.
Overall, it is reassuring to see that the
more traditional investments, as well as
the new growth investments, are
continuing to make good progress.
The portfolio’s valuation changes in the year are summarised as follows:
Investment Portfolio Capital Movement 2021
£m
2020
£m
Increase in the value of unrealised investments 27.19 12.94
Decrease in the value of unrealised investments (1.48) (4.07)
Net increase in the value of unrealised investments 25.71 8.87
Realised gains 4.26 4.52
Realised losses (0.07) (0.08)
Net realised gains in the year 4.19 4.44
Net investment portfolio movement in the year 29.90 13.31
12
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Strategic Report
Investment Adviser’s Review

The portfolio movements in the year are summarised as follows:
2021
£m
2020
£m
Opening portfolio value 41.68 38.54
New and follow-on investments 6.23 4.80
Disposal proceeds (12.23) (14.97)
Net realised gains 4.19 4.44
Valuation movements 25.71 8.87
Portfolio value at 31 December 65.58 41.68
New Investments during the year
A total of £2.53 million was invested into four new investments during the year, as detailed below:
Company Business Date of
investment
Amount of new
investment (£m)
Vivacity
Artifi cial intelligence &
urban tra c control
system
February
2021
0.91
Vivacity (vivacitylabs.com) develops camera sensors with on-board video analytics software that enables real-time
anonymised data gathering of road transport system usage. It o ers city transport authorities the ability to manage their road
infrastructure more e ectively, enabling more e cient monitoring of congestion and pollution levels as well as planning for
other issues, such as the changing nature of road usage (e.g. the increasing number of cyclists). The technology and software
represent a signifi cant leap forward for local planning authorities which have traditionally relied upon manual data collection
methods. The growth capital funding will allow the management team to achieve deeper penetration of the UK transport
management sector, explore opportunities internationally and commercialise its new Smart Junction o ering. Revenues have
grown 350% over the last three years and it has exceeded its most recent year’s budget despite the onset of the COVID-19
pandemic. In April 2021, Vivacity won the Queen’s Award for Enterprise: Innovation 2021.
Caledonian Leisure
UK leisure and
experience breaks
March-May
2021
0.33
Caledonian Leisure works with accommodation providers, coach businesses and other experienced providers (such as
entertainment destinations and theme parks) to deliver UK-based leisure and experience breaks to its customers. It comprises
two brands, Caledonian Travel (caledoniantravel.com) and UK Breakaways (ukbreakaways.com). The domestic leisure and
experience travel market has been devastated by the COVID-19 pandemic, but the company is well-placed to expand as
lockdown and travel restrictions are eased. A series of planned investment tranches, has helped the company prepare for and
capitalise on the strong demand for UK staycation holidays.
Legatics
SaaS LegalTech software
business
June 2021 0.66
Legatics (legatics.com) transforms legal transactions by enabling deal teams to collaborate and close deals in an interactive
online environment. Designed by lawyers to improve legacy working methods and solve practical transactional issues, the
legal transaction management platform increases collaboration, e ciency and transparency. As a result, Legatics has been
used by around 1,500 companies, and has been procured by more than half of the top global banking and fi nance law fi rms,
with collaborations having been hosted in approximately 50 countries. With this new funding round, Legatics will be looking to
double the size of its team over the next 18 months and further develop its technology to deliver new features and use cases
for a wider range of practice areas within new and existing customers.
Vet’s Klinic Veterinary clinics June 2021 0.63
Pets’ Kitchen (trading as Vet’s Klinic) is an established and profi table veterinary clinic providing veterinary services
(vetsklinic.co.uk) as well as a premium pet food provider (vetskitchen.co.uk). Its primary Swindon ‘super clinic’ is a fi rst opinion
veterinary practice where pet owners can schedule consultations online and obtain real time feedback on in-patient care
through its own technology platform. Without compromising on quality of care, this model enables a signifi cantly higher price
point compared to the industry average. This new investment will be used to roll out its unique clinic model to other sites along
the M4 corridor.
13
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report

Further investments during the year
A total of £3.70 million was invested into nine existing portfolio companies during the year, as detailed below:
Company Business Date of
investment
Amount of further
investment (£m)
Parsley Box
Ambient ready meals
targeting the over 60s
January/March
2021
0.27
Parsley Box (parsleybox.com) is a UK direct to consumer supplier of home delivered, ambient ready meals for the over 60s.
Founded in 2017, Parsley Box has grown rapidly and has developed a unique meal delivery solution for its customers. The
company supplies a diverse range of ambient meals via next day delivery which are easy to store and contribute to a more
independent and healthier lifestyle. The company has seen a strong benefi t from the COVID-19 pandemic with revenues nearly
eight times that at the time of the original VCT investment. This further investment enabled the company to scale its marketing
strategy, process larger order volumes and continue to build out its team. Parsley Box’s shares were admitted to trading on AIM on
31 March 2021. As part of the transaction, the Company also partially realised a portion of its investment, as detailed in the “Loan
stock repayments and other gains/(losses) during the year” section of this report on page 16.
Bleach London Hair colourants brand February 2021 0.11
Bleach London Holdings (“Bleach”) (bleachlondon.com) is an established branded, fast-growing business which manufactures a
range of haircare and colouring products. Bleach has made sound commercial progress since the VCTs invested in 2019 with its
direct-to-consumer channels benefi ting from the COVID-19 pandemic. Revenues have grown over 90% ahead of the previous year.
This further investment, along with strong support from existing investors, is being used to invest in marketing and infrastructure to
enable the business to accelerate its development in the United States of America.
Arkk Consulting
Regulatory and
reporting requirement
service provider
February 2021 0.48
Arkk Consulting (trading as Arkk Solutions) (arkksolutions.com) provides services and software to enable organisations to remain
compliant with regulatory reporting requirements. Arkk was established in 2009 and currently has over 800 clients across 20
countries. These include more than 80 of the FTSE 350, and half of the largest 20 accountancy fi rms in the UK. This further
investment is to enable continued development of its software in order to capitalise on HMRC’s ‘Making Tax Digital’ campaign. The
company has incorporated artifi cial intelligence into its product and recurring revenues are now over 50% higher than at the point
of the original investment in May 2019.
Bella & Duke
Frozen raw dog food
provider
May 2021 0.26
Bella & Duke (bellaandduke.com) is a direct-to-consumer subscription service, providing premium frozen raw dog food to pet
owners in the UK. Founded in 2016, the business provides an alternative to standard meal options for dog owners by focusing on
the well documented health benefi ts of a raw food diet. This area is a growing niche in the large and established pet food market
and is being driven by the premiumisation of dog food. This follow-on investment from the Company, alongside a co-investment by
the British Growth Fund (“BGF”) and existing shareholders, will provide additional working capital enabling Bella & Duke to
continue to scale.
Tapas Revolution Spanish restaurant chain June 2021 0.17
Spanish Restaurant Group (trading as Tapas Revolution) (tapasrevolution.com) is a leading Spanish restaurant chain in the casual dining
sector. At initial investment in January 2017, it was operating fi ve sites and, subsequent to a further investment round in March 2018, had
grown to 12 sites. Tapas was trading well and had a strong outlook up until the onset of COVID-19 which mandated the closure of much of
its estate during the course of 2020 in response to the varying patterns of government restrictions. Costs were controlled well under the
circumstances and this further investment provided fi nancial headroom whilst the business re-opened its estate.
MyTutor
Digital marketplace for
online tutoring
August 2021 0.70
MyTutorweb (trading as MyTutor) (mytutor.co.uk) is a digital marketplace that connects school pupils who are seeking private
one-to-one tutoring with university students. The business is satisfying a growing demand from both schools and parents to
improve pupils’ exam results. This further investment, alongside other existing shareholders and Australian strategic co-investor,
SEEK, who invested £30 million, aims to build and reinforce its position as a UK category leader in the online education market as
well as to begin to develop a broader, personalised learning product. The company has been chosen as a Tutoring Partner for the
National Tuition Programme where they will directly support 30,000 students in catching up on lost learning because of the
COVID-19 pandemic.
14
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Strategic Report

Company Business Date of
investment
Amount of further
investment (£m)
Andersen EV
Provider of premium
electric vehicle (EV)
chargers
September 2021 0.15
Muller EV Limited (trading as Andersen EV) (andersen-ev.com) is a design-led manufacturer of premium electric vehicle
chargers. Incorporated in 2016, this business has secured high profi le partnerships with Porsche and Jaguar Land Rover,
establishing an attractive niche position in charging points for the high end EV market. This follow-on funding is to further
support its premium brand and product positioning whilst ensuring all new and existing products meet the most recent and
highest safety and compliance standards. Andersen has continued its strong trading performance with revenue up over 300%
year on year.
Preservica
Seller of proprietary
digital archiving
software
October/
November 2021
1.25
Preservica is a SaaS software business with blue chip customers and strong recurring revenues. It has developed market
leading software for the long-term preservation of digital records, ensuring that digital content can remain accessible,
irrespective of future changes in technology. This latest investment is to provide additional growth capital to fi nance the further
development of the business. The business has seen annual recurring revenues nearly double over the last two fi nancial years.
ActiveNav File analysis Software December 2021 0.31
Data Discovery Solutions (trading as ActiveNav) (activenav.com) is a fi le analysis software solution which makes it easier for
companies to clean up network drives, respond to new data protection laws and dispose of redundant and out dated
documents. Active Navigation’s solution is used by signifi cant blue chip customers, particularly those in highly regulated
industries such as energy and professional services, as well as government entities in the USA, Canada, Australia and the UK.
This further funding is to market its nascent Hubble platform in order to generate company value.
Portfolio valuation movements
The portfolio generated net unrealised
gains of £25.71 million in the year. The
scale of the valuation increases was
underpinned by the Company’s growth
portfolio, many of which have direct-to-
consumer business models which have
grown signifi cantly since the onset of the
COVID-19 pandemic. In the fi rst half of the
year, the Company generated signifi cant
unrealised gains, exemplifi ed by the
successful fl otations of two investments
on AIM. Despite ongoing uncertainties
relating to COVID-19, Gresham House
believes that the pandemic has
accelerated existing trends in consumer
behaviour and, in many cases, companies
have experienced signifi cant growth in
demand. Over this period, some older
style MBO portfolio companies with
similar business practices have also
benefi ted. A few companies have
struggled in this environment, but their
value has already been reduced to
modest levels, reducing the risk to
shareholder value.
Total valuation increases were £27.19
million. The main valuation increases were:
 Preservica – £6.20 million
 Virgin Wines – £5.06 million
 Media Business Insight – £2.86
million
 MPB Group – £2.82 million
 EOTH (Equip) – £2.45 million
Virgin Wines, EOTH (Equip) and MPB
Group generated record revenues and
earnings over the lockdown periods and
beyond. They have all signifi cantly
increased their customer base and each
have strong growth prospects. Strong
trading and recurring revenues at
Preservica has attracted third-party
investment interest which has led to a
sizeable re-rating. MBI has recovered
very strongly and has benefi ted from its
ability in providing both virtual and
physical events.
Total valuation decreases were £(1.48)
million. The main valuation decreases
were:
 Parsley Box – £(1.09) million
 Andersen EV – £(0.17) million
 Bleach London – £(0.15) million
 Kudos Innovations – £(0.07) million
The value of Parsley Box experienced a
signifi cant decline over the second half of
2021 in light of market sentiment
compounded by company
announcements of slower than
anticipated sales growth and supply
disruption. This business intends to carry
out a further fundraising soon. Andersen
EV has been operating in a fast-
developing industry beset with regulatory
hurdles that have challenged its progress
over the period, albeit all of these are
now resolved. Bleach London has had a
di cult period, having had to delay its US
launch and having experienced
normalised direct-to-consumer revenues
post-UK lockdown. The US launch took
place after the Company’s year-end.
Kudos Innovations has been a ected by
contract delays.
The majority of the increase in portfolio
value lies in the top 10 companies which
represent over 70% of the portfolio by
value. Year-on-year growth by either
revenues or earnings has been seen in all
of the top ten companies and it is
pleasing to note that eight of these are
from the younger, growth portfolio.
15
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report

Portfolio Realisations during the year
The Company realised three of its investments during the year, as detailed below:
Company Business Period of
investment
Total cash proceeds over
the life of the investment/
Multiple over cost
Omega
Diagnostics
In vitro diagnostics for
food intolerance,
auto-immune diseases
and infectious diseases
December 2010
to
February 2021
£1.17 million
5.9x cost
Following a further significant increase in the share price, the Company sold its remaining investment in Omega Diagnostics Group
plc for £0.42 million (realised gain in the year: £0.16 million). Total proceeds received over the ten-year life of the investment were
£1.17 million, compared to an original investment cost of £0.20 million, which is a multiple on cost of 5.9x and an IRR of 19.9%.
Proactive
Group
Provider of media
services and investor
conferences
January 2018
to
September 2021
£1.94 million
2.6x cost
On 29 September 2021, the Company sold its investment in Proactive Group Holdings Inc. The Company received £1.89 million in
cash following the disposal of its equity and loan notes, contributing to a realised gain over cost over the life of the investment of £1.19
million (realised loss in the year: £0.01 million). Total proceeds received over the nearly four-year life of the investment were £1.94
million, compared to an original cost of £0.75 million, which is a multiple on cost of 2.6x and an IRR of 33.0%.
Red Paddle
Design and
manufacturer of Stand
up paddleboards
July 2015 to
November 2021
£4.44 million
4.9x cost
The Company sold its investment in Vian Marketing (trading as Red Paddle) to Myers Family Oce for £3.71 million (realised gain in
the year: £2.41 million). Total proceeds received to date over the six-year life of the investment were £4.44 million compared to an
original investment cost of £0.90 million, which is a multiple on cost of 4.9x and an IRR of 31.5%. Further proceeds of £0.40 million
were received after the year-end.
Loan stock repayments and other
gains/(losses) during the year
During the year and following the
admission of its shares to AIM, the
Company received £1.25 million from the
partial realisation of its holding in Parsley
Box, generating a realised gain of £0.54
million. Over the two years to date this
investment has been held, this partial sale
generated a multiple of cost of 4.0x on the
cost of the shares sold. The Company also
received £1.26 million from the partial
realisation of MPB Group generating a
realised gain of £0.41 million. This partial
realisation generated a 7.8x multiple of
cost on the cost of the shares sold and
was the result of Vitruvian Partners, a
large private equity investor, taking a
sizeable equity investment in the
company. There was a further partial
realisation of MyTutor which generated
£0.70 million proceeds for the Company
and a realised gain in the year of £0.38
million.
In addition to the above, proceeds of
£2.96 million were received via loan
repayments from Virgin Wines, Media
Business Insight, Vian Marketing (trading
as Red Paddle), MPB Group and BG
Training, generating realised gains
totalling £0.26 million. Finally, deferred
consideration totalling £0.10 million in
realised gains was received in respect of
investments realised in a previous year. A
small realised loss of £(0.06) million was
also recognised in respect of transaction
costs for Virgin Wines due to stamp duty
paid upon the admission of the shares to
listing on AIM.
Portfolio income and yield
In the year under review, the Company received the following amounts in loan interest and dividend income:
Investment Portfolio Yield 2021
£m
2020
£m
Interest received in the year 0.98 2.13
Dividends received in the year 0.35 0.66
Total portfolio income in the year
1
1.33 2.79
Portfolio Value at 31 December 65.58 41.68
Portfolio Income Yield (Income as a % of Portfolio value at 31 December) 2.0% 6.7%
1
Total portfolio income in the year is generated solely from investee companies within the portfolio. The fall in interest received is due to a
significant interest receipt of £1.08 million from the realisation of Auction Technology Group in 2020.
16
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
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17
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report
New investments made after the year-end
The Company made one new investment of £0.61 million after the year-end, as detailed below:
Company Business Date of
investment
Amount of new
investment (£m)
Proximity Insight Retail Software February 2022 0.61
Proximity Insight (proximityinsight.com) is a retail technology business that oers a ‘Super-App’ that is used by the customer-
facing teams of brands and retailers to engage, inspire and transact with customers. Headquartered in London with oces in
New York and Sydney, Proximity Insight has a global client base that includes over 20 brands, boutiques and department
stores in fashion, beauty, jewellery, electronics and homewares. These clients use Proximity Insight’s platform to blur the lines
between physical and digital retail, enhancing the customer experience and improving the lifetime value of their customers by
upwards of 35%. The business grew annual recurring revenue by 117% to £2.2 million in 2021, and the investment will support
Proximity Insight’s continued product development and international growth. The investment was made across all six VCTs
advised and managed by Gresham House, including the two Baronsmead VCTs.
Further investments made after the year-end
The Company made further investments totalling £0.34 million into two existing portfolio companies after the year-end, as
detailed below:
Company Business Date of
investment
Amount of further
investment (£m)
Caledonian Leisure
UK leisure and
experience breaks
January
- February
2022
0.22
Caledonian Leisure works with accommodation providers, coach businesses and other experienced providers (such as
entertainment destinations and theme parks) to deliver UK-based leisure and experience breaks to its customers. It comprises
two brands, Caledonian Travel (caledoniantravel.com) and UK Breakaways (ukbreakaways.com). The business has significantly
exceeded planned revenues since launch and this funding will provide additional working capital to facilitate further growth.
Northern Bloc
Vegan and dairy-free
ice cream producer
April 2022 0.12
Northern Bloc Ice Cream (northern-bloc.com) is an established food brand in the emerging and rapidly growing vegan market.
By focusing on chef quality and natural ingredients, Northern Bloc has carved out an early mover position in the vegan ice
cream sector. The company’s focus on plant-based alternatives has strong environmental credentials as well as it being the first
ice cream brand to move wholly into sustainable packaging. Following the initial investment in December 2020, Northern Bloc
has grown rapidly and strengthened its prospects. COVID disruption has impacted its plan but this further investment provides
additional working capital and funds a new production facility to increase its resilience, flexibility and margins in the future.
Environmental, Social, Governance
considerations
When seeking new investment
opportunities, the Investment Adviser
under Mobeus ensured that each
potential new investment was subject to
a comprehensive due diligence process
encompassing commercial, financial and
ESG-related considerations.
Following the novation of the advisory
agreement to Gresham House on
30September 2021, a market leader that
is well-resourced with knowledge and
expertise in sustainability, the
Investment Advisor has moved to
establish ESG procedures and protocols
of the highest standards as set out and
informed by Gresham House plc. The
first tangible example of this revised
approach is that that the individual
members of the investment team now
have their own individual ESG objectives
set which align with the wider ESG goals
of the Investment Adviser.
Gresham House is committed to
sustainable investment as an integral
part of its business strategy. During
2021, the Investment Adviser has taken
further steps to formalise its approach to
sustainability and has put in place
several processes to ensure
environmental, social and governance
(“ESG”) factors and stewardship
responsibilities are built into asset
management across all funds and
strategies, including venture capital
trusts.
Gresham House believes the “G”
(Governance) of ESG is the most
important factor in its investment
processes. Board composition,
governance, control, company culture,
alignment of interests, shareholder
ownership structure and remuneration
policy are important elements that will
feed into the analysis and the valuation
of portfolio companies.
The “E” and “S” (Environmental and
Social) will be assessed as risk factors
during due diligence to eliminate
companies that face environmental and
social risks that cannot be mitigated
through engagement and governance
changes.
Where material ESG risks are identified,
these will be reviewed by the Adviser
and a decision on how to proceed will
be documented. The Adviser will then
proactively follow up with the investee
company management team and ensure

18
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Strategic Report
appropriate corrective and preventative
action is taken and any material issues
or incidents are recorded by the Adviser.
Gresham House published its inaugural
Sustainable Investment Report in 2021
that, along with existing asset specific
policies, including the Public Equity
Policy, can be found on its website
(www.greshamhouse.com). These
reports and policies cover the
Investment Adviser’s sustainable
investment commitments, how the
investment processes meet these
commitments and the application of the
sustainable investment framework. The
Gresham House Board and General
Management Committee assess the
adherence to the commitments in the
Sustainable Investment Policies on an
annual basis.
In a changing world, the Investment
Adviser believes that this approach will
contribute towards the enhancement of
Shareholder value going forward.
Outlook
The growth strategy implemented in
2015 is clearly showing signs of bearing
fruit with many companies beginning to
achieve significant scale and attract the
interest of public markets and larger
secondary investors. The portfolio is in a
healthy position with many companies
trading well throughout the lockdowns,
and several at record levels. It continues
to evolve, oering a balance of fast-
growing and more stable investments at
various stages of maturity and scale
across a range of diverse market
sectors. There is a significant exposure
to businesses operating a direct-to-
consumer business model which has
contributed to strong trading
performance during the year. This also
gives confidence about the future
strength of the portfolio and its ability to
cope with the challenges and
opportunities associated with Brexit, the
macro-economic outlook and the
ongoing impact of COVID-19. The new
investment pipeline is recovering to
levels seen pre-COVID-19 and the
prospects for capital deployment are
encouraging.
The exceptional performance
experienced since the impact of
COVID-19 in March 2020 is, therefore,
likely to moderate over the next 12
months as the level of activity
normalises. Although the threat of
further lockdowns to combat emerging
new variants appears to have lessened
somewhat, there still remains much
uncertainty around the wider impact of
the pandemic upon the economy,
particularly in respect of supply chain
and inflationary issues. The tragic events
currently unfolding in Ukraine have
amplified this uncertainty and stressed
financial markets around the world. The
Investment Adviser has reviewed the
underlying assets and has concluded
that there are no material impacts on the
valuation of the portfolio. Whilst this has
created significant short term volatility
post year-end, the portfolio is in robust
shape and the investment activity levels
are promising. Gresham House therefore
remains optimistic for the future.
Gresham House Asset Management
Limited
Investment Adviser
6 April 2022

19
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report
Investments by market sector
Investments by value remain spread across a number of sectors, primarily in general retailers, software and computer services
and industrial support services. Although the portfolio appears concentrated on three main sectors, the range of companies
contained within these sectors is considered to be very diverse and the Investment Adviser continues to target further
investments to complement these sectors.
31 December 2021 31 December 2020
0% 40% 50%
60%
20%10% 30%
0.1%
0.1%
0.0%
0.6%
1.7%
0.5%
2.2%
0.3%
5.5%
2.4%
12.7%
12.6%
44.2%
51.4%
31.3%
22.2%
0.0%
3.5%
0.0%
4.7%
0.6%
0.9%
0.8%
0.8%
1.0%
0.0%
Pharmaceuticals
Leisure goods
General financial
Construction and materials
General industrials
Food producers
Consumer services
Technology, hardware & equipment
Travel and leisure
Media
Industrial support services
Software and computer services
Retailers*
Age of the portfolio by value
< 1 year
1 - 2 years
2 - 3 years
3 - 4 years
MBO
Growth Capital
AIM
Legacy
4 - 5 years
> 5 years
8.4%
75.1%
15.1%
1.4%
9.4%
4.4%
5.7%
61.8%
17.4%
1.3%
2021
2021
21.5%
76.8%
0.6%
1.1%
6.7%
5.3%
16.2%
43.7%
9.9%
18.2%
2020
2020
Type of investment transaction by value
< 1 year
1 - 2 years
2 - 3 years
3 - 4 years
MBO
Growth Capital
AIM
Legacy
4 - 5 years
> 5 years
8.4%
75.1%
15.1%
1.4%
9.4%
4.4%
5.7%
61.8%
17.4%
1.3%
2021
2021
21.5%
76.8%
0.6%
1.1%
6.7%
5.3%
16.2%
43.7%
9.9%
18.2%
2020
2020
Growth Capital contains all investments made after the 2015 rule change which are young businesses using the Company’s
investment for growth and development purposes (as defined under VCT legislation). This category also contains a small number
of growth capital style investments made before the 2015 VCT rule change under the Investment Adviser’s MBO strategy.
MBO contains MBO type investments made under the Investment Adviser’s previous MBO strategy. This typically includes
companies which are more mature compared to those invested under the growth capital strategy.
* All of the retail investments have branded online direct-to-consumer businesses with no physical high street retail presence,
being Bella & Duke, Bleach London, Buster & Punch, EOTH (trading as RAB and Lowe Alpine), MPB Group, Parsley Box, Wetsuit
Outlet, and Virgin Wines.

20
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Preservica Limited
www.preservica.com
Cost £3,398,000
Valuation £11,057,000
Basis of valuation
Revenue multiple
Equity % held
13.1%
Income receivable in year
£53,998
Business
Seller of proprietary digital
archiving software
Location
Abingdon, Oxfordshire
Original transaction
Growth capital
Audited fi nancial information
Year ended 31 March 2021
Turnover Not disclosed
Operating profi t/
(loss) Not disclosed
Net liabilities £(3,057,000)
Year ended 31 March 2020
Turnover Not disclosed
Operating profi t/
(loss) Not disclosed
Net liabilities £(1,394,000)
Movements during the year
Follow-on investments made in
October 2021 and November 2021.
Principal investments in the portfolio at 31 December 2021 by valuation
Virgin Wines UK plc (formerly
Virgin Wines Holdings Limited)
www.virginwines.co.uk
Cost £46,000
Valuation £9,486,000
Basis of valuation
Bid price (AIM quoted)
Equity % held
8.3%
Income receivable in year
£30,808
Business
Online wine retailer
Location
Norwich
Original transaction
Management buyout
Audited fi nancial information
Year ended 30 June 2021
Turnover £73,634,000
Operating profi t £3,468,000
Net assets £17,627,000
Year ended 30 June 2020¹
Turnover £56,554,000
Operating profi t £4,759,000
Net assets £6,137,000
¹ The fi nancial information quoted is from
unaudited fi nancial information.
Movements during the year
Admitted to AIM on 2 March 2021.
Loan repayment and preference
share redemption as part of IPO
transaction.
MPB Group Limited
www.mpb.com
Cost £1,095,000
Valuation £5,765,000
Basis of valuation
Revenue multiple
Equity % held
3.2%
Income receivable in year
£10,919
Business
Online marketplace for
photographic and video equipment
Location
Brighton
Original transaction
Growth capital
Audited fi nancial information
Year ended 31 March 2021
Turnover £64,888,000
Operating loss £(911,000)
Net assets £31,267,000
Year ended 31 March 2020
Turnover £44,179,000
Operating loss £(311,000)
Net assets £9,753,000
Movements during the year
Part disposal in March 2021 and
loan repayment in May 2021.
Further details of the investments in the portfolio may be found on the Gresham House website: www.greshamhouse.com.
Operating profi t is stated before charging depreciation and amortisation where appropriate for all investee companies.
Strategic Report

21
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
EOTH Limited (trading as Rab
and Lowe Alpine)
www.equipuk.com
Cost £951,000
Valuation £4,847,000
Basis of valuation
Earnings multiple
Equity % held
1.7%
Income receivable in year
£286,810
Business
Branded outdoor equipment and
clothing (Rab and Lowe Alpine)
Location
Alfreton, Derbyshire
Original transaction
Growth capital
Audited financial information
Year ended 31 January 2021
Turnover £61,258,000
Operating profit £8,241,000
Net assets £32,711,000
Year ended 31 January 2020
Turnover £65,230,000
Operating profit £8,665,000
Net assets £31,084,000
Movements during the year
None.
Further details of the investments in the portfolio may be found on the Gresham House website: www.greshamhouse.com.
Operating profit is stated before charging depreciation and amortisation where appropriate for all investee companies.
My Tutorweb Limited
www.mytutor.co.uk
Cost £2,465,000
Valuation £5,016,000
Basis of valuation
Revenue multiple
Equity % held
5.3%
Income receivable in year
Nil
Business
Digital marketplace connecting
school pupils seeking one-to-one
tutoring with tutors
Location
London
Original transaction
Growth capital
Financial information (unaudited)
Year ended 31 December 2019
Turnover Not disclosed
Operating profit/
(loss) Not disclosed
Net assets £1,739,000
Year ended 31 December 2018
Turnover Not disclosed
Operating profit/
(loss) Not disclosed
Net assets £4,706,000
Movements during the year
Follow on investment in August
2021, and subsequent partial
realisation in August 2021.
Strategic Report
Media Business Insight
Holdings Limited
www.mb-insight.com
Cost £2,225,000
Valuation £3,560,000
Basis of valuation
Earnings multiple
Equity % held
15.7%
Income receivable in year
£234,661
Business
A publishing and events business
focused on the creative production
industries
Location
London
Original transaction
Management buyout
Audited financial information
Year ended 31 December 2020
Turnover £8,342,000
Operating profit £649,000
Net assets £971,000
Year ended 31 December 2019
Turnover £11,890,000
Operating profit £1,493,000
Net liabilities £(2,367,000)
Movements during the year
Part loan repayment made in
November 2021.

22
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Master Removers Group 2019
Limited (trading as Anthony
Ward Thomas, Bishopsgate
and Aussie Man & Van)
www.ward-thomas.co.uk
Cost £349,000
Valuation £3,001,000
Basis of valuation
Earnings multiple
Equity % held
6.6%
Income receivable in year
£149,411
Business
A specialist logistics, storage and
removals business
Location
London
Original transaction
Growth capital
Audited fi nancial information
Year ended 30 September 2020
Turnover £26,984,000
Operating profi t £4,143,000
Net assets £14,286,000
Year ended 30 September 2019
Turnover £10,208,000
Operating profi t £1,775,000
Net assets £14,690,000
Movements during the year
None.
End Ordinary Group Limited
(trading as Buster and Punch)
www.busterandpunch.com
Cost £1,497,000
Valuation £3,305,000
Basis of valuation
Earnings multiple
Equity % held
7.8%
Income receivable in year
Nil
Business
Industrial inspired lighting and
interiors retailer
Location
Stamford, Lincolnshire
Original transaction
Growth capital
Audited fi nancial information
Year ended 31 March 2021
Turnover Not disclosed
Operating profi t/
(loss) Not disclosed
Net assets £5,614,000
Year ended 31 March 2020
Turnover Not disclosed
Operating profi t/
(loss) Not disclosed
Net assets £1,679,000
Movements during the year
None..
Further details of the investments in the portfolio may be found on the Gresham House website: www.greshamhouse.com.
Operating profi t is stated before charging depreciation and amortisation where appropriate for all investee companies.
Data Discovery Solutions
Limited (trading as ActiveNav)
www.activenav.com
Cost £1,409,000
Valuation £2,624,000
Basis of valuation
Revenue multiple
Equity % held
7.7%
Income receivable in year
Nil
Business
Provider of a global market leading
fi le analysis software for information
governance, security and
compliance
Location
Winchester
Original transaction
Growth capital
Audited fi nancial information
Year ended 29 June 2020
Turnover Not disclosed
Operating profi t/(loss) Not disclosed
Net assets £5,023,000
Year ended 29 June 2019
Turnover Not disclosed
Operating profi t/(loss) Not disclosed
Net assets £3,558,000
Movements during the year
Follow-on investment in December
2021.
Principal investments in the portfolio at 31 December 2021 by valuation
Strategic Report

23
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report
Manufacturing Services
Investment Limited (trading as
Wetsuit Outlet)
www.wetsuitoutlet.co.uk
Cost £2,333,000
Valuation £2,331,000
Basis of valuation
Earnings multiple
Equity % held
6.4%
Income receivable in year
£116,655
Business
Online retailer in the water sports
market
Location
Southend on Sea, Essex
Original transaction
Growth capital
Audited fi nancial information
Year ended 31 March 2021
Turnover £25,149,000
Operating profi t £1,970,000
Net assets £8,897,000
Year ended 31 March 2020
Turnover £16,531,000
Operating loss £(138,000)
Net assets £8,803,000
Movements during the year
None.
Further details of the investments in the portfolio may be found on the Gresham House website: www.greshamhouse.com.
Operating profi t is stated before charging depreciation and amortisation where appropriate for all investee companies.

24
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Ordinary shares
Other investments
1
(loan stock/preference shares)
Total
cost at
31 December
2021
£
Total
valuation at
31 December
2020
£
Total
additional
investments
£
Total
valuation at
31 December
2021
£
Unrealised
gains/(losses)
in year
£
Net realised
gains/(losses)
in year
£
Net
proceeds
in year
£
% of
equity
held
% of
portfolio
by value
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Preservica Limited
Seller of proprietary digital archiving software
1,359,179 8,979,509 2,038,566 2,07 7,119 3,397,745
3,611,144 1,245,703 11,056,628 6,199,781 - - 13.1% 16.9%
Virgin Wines UK plc (formerly Virgin Wines Holding Company
Limited)
2,3
Online wine retailer
45,915 9,486,219 - - 45,915 6,312,889 - 9,486,219 5,058,228 (57,709) 1,827,189 8.3% 14.5%
MPB Group Limited
Online marketplace for used photographic equipment
1,095,252 5,764,694 - - 1,095,252 4,126,952 - 5,764,694 2,823,085 411,275 1,596,618 3.2% 8.8%
My TutorWeb Limited (trading as MyTutor)
Digital marketplace connecting school pupils seeking one-to-one
online tutoring
2,464,757 5,015,751 - - 2,464,757 2,476,581 699,864 5,015,751 2,155,329 383,841 699,864 5.3% 7.6%
EOTH Limited (trading as Equip Outdoor Technologies)
Distributor of branded outdoor equipment and clothing including
the Rab and Lowe Alpine brands
95,147 3,914,959 856,324 932,228 951,471 2,400,632 - 4,847,187 2,446,555 - - 1.7% 7.4%
Media Business Insight Holdings Limited
A publishing and events business focused on the creative
production industries
1,089,103 2,424,108 1,135,939 1,135,939 2,225,042 1,013,748 - 3,560,047 2,855,153 188,864 497,718 15.7% 5.4%
End Ordinary Group Limited (trading as Buster and Punch)
Industrial inspired lighting and interiors retailer
1,496,785 3,305,392 - - 1,496,785 2,646,272 - 3,305,392 659,120 - - 7.8% 5.0%
Master Removers Group 2019 Limited (trading as Anthony Ward
Thomas, Bishopsgate and Aussie Man & Van)
A specialist logistics, storage and removals business
348,641 3,001,004 - - 348,641 1,044,971 - 3,001,004 1,956,033 - - 6.6% 4.6%
Data Discovery Solutions Limited (trading as ActiveNav)
Provider of global market leading file analysis software for
information governance, security and compliance
1,408,640 2,624,447 - - 1,408,640 2,201,000 308,140 2,624,447 115,307 - - 7.7% 4.0%
Manufacturing Services Investment Limited (trading as Wetsuit
Outlet)
Online retailer in the water sports market
1,166,551 1,164,582 1,166,551 1,166,551 2,333,102 2,331,110 - 2,331,133 23 - - 6.4% 3.6%
Bella & Duke Limited
A premium frozen raw dog food provider
877,381 2,050,122 - - 877,381 836,042 259,981 2,050,122 954,099 - - 4.4% 3.1%
Arkk Consulting Limited
Provider of services and software to enable organisations to
remain compliant with regulatory reporting requirements
671,090 671,090 928,355 1,009,852 1,599,445 1,178,143 480,955 1,680,942 21,844 - - 6.7% 2.6%
Tharstern Group Limited
MIS & Commercial print software solutions
338,861 126,023 753,025 1,078,760 1,091,886 1,037,390 - 1,204,783 167, 393 - - 12.2% 1.8%
Connect Childcare Group Limited
Nursery management software provider
423,007 571,110 423,000 423,000 846,007 846,007 - 994,110 148,103 - - 3.0% 1.5%
Vivacity Labs Limited
Provider of artificial intelligence & urban trac control systems
914,754 914,754 - - 914,754 - 914,754 914,754 - - - 4.4% 1.4%
Bleach London Holdings Limited
Hair colourants brand
519,672 681,377 110,100 110,100 629,772 832,878 110,100 791,477 (151,501) - - 3.1% 1.2%
Rota Geek Limited
Workforce management software
874,000 765,890 - - 874,000 726,667 - 765,890 39,223 - - 4.4% 1.2%
Spanish Restaurant Group Limited (trading as Tapas Revolution)
Spanish restaurant chain
406,396 - 812,700 739,557 1,219,096 139,317 174,227 739,557 426,013 - - 6.7% 1.1%
Investment Portfolio Summary
as at 31 December 2021
Notes
1
‘Other investments’ comprise principally loan stock instruments, and/or relatively small amounts of preference shares.
² Quoted on AIM.
³ Admitted to AIM during the year. Ahead of the Admission to AIM of Virgin Wines on 2 March 2021, the Company’s equity investment in Virgin
Wines Holding Company Ltd (“VWHCL”) had been exchanged for an equity investment in Rapunzel Newco Limited (“RNL”), a company owned
by the four Mobeus VCTs pro rata to each VCT’s share of its investment in Virgin Wines. Immediately prior to Admission, RNL exchanged its
equity investment in VWHCL for an equity investment in Virgin Wines UK plc (“VWUK”). The Company is beneficially interested in VWUK,
through its holding in RNL. RNL is the legal owner of the shares in VWUK, but each VCT is the beneficial holder. As part of Virgin Wines’
admission to AIM, the Company received repayment of its loan stock generating proceeds of £1.83 million.
Strategic Report

25
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Ordinary shares
Other investments
1
(loan stock/preference shares)
Total
cost at
31 December
2021
£
Total
valuation at
31 December
2020
£
Total
additional
investments
£
Total
valuation at
31 December
2021
£
Unrealised
gains/(losses)
in year
£
Net realised
gains/(losses)
in year
£
Net
proceeds
in year
£
% of
equity
held
% of
portfolio
by value
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Preservica Limited
Seller of proprietary digital archiving software
1,359,179 8,979,509 2,038,566 2,07 7,119 3,397,745
3,611,144 1,245,703 11,056,628 6,199,781 - - 13.1% 16.9%
Virgin Wines UK plc (formerly Virgin Wines Holding Company
Limited)
2,3
Online wine retailer
45,915 9,486,219 - - 45,915 6,312,889 - 9,486,219 5,058,228 (57,709) 1,827,189 8.3% 14.5%
MPB Group Limited
Online marketplace for used photographic equipment
1,095,252 5,764,694 - - 1,095,252 4,126,952 - 5,764,694 2,823,085 411,275 1,596,618 3.2% 8.8%
My TutorWeb Limited (trading as MyTutor)
Digital marketplace connecting school pupils seeking one-to-one
online tutoring
2,464,757 5,015,751 - - 2,464,757 2,476,581 699,864 5,015,751 2,155,329 383,841 699,864 5.3% 7.6%
EOTH Limited (trading as Equip Outdoor Technologies)
Distributor of branded outdoor equipment and clothing including
the Rab and Lowe Alpine brands
95,147 3,914,959 856,324 932,228 951,471 2,400,632 - 4,847,187 2,446,555 - - 1.7% 7.4%
Media Business Insight Holdings Limited
A publishing and events business focused on the creative
production industries
1,089,103 2,424,108 1,135,939 1,135,939 2,225,042 1,013,748 - 3,560,047 2,855,153 188,864 497,718 15.7% 5.4%
End Ordinary Group Limited (trading as Buster and Punch)
Industrial inspired lighting and interiors retailer
1,496,785 3,305,392 - - 1,496,785 2,646,272 - 3,305,392 659,120 - - 7.8% 5.0%
Master Removers Group 2019 Limited (trading as Anthony Ward
Thomas, Bishopsgate and Aussie Man & Van)
A specialist logistics, storage and removals business
348,641 3,001,004 - - 348,641 1,044,971 - 3,001,004 1,956,033 - - 6.6% 4.6%
Data Discovery Solutions Limited (trading as ActiveNav)
Provider of global market leading file analysis software for
information governance, security and compliance
1,408,640 2,624,447 - - 1,408,640 2,201,000 308,140 2,624,447 115,307 - - 7.7% 4.0%
Manufacturing Services Investment Limited (trading as Wetsuit
Outlet)
Online retailer in the water sports market
1,166,551 1,164,582 1,166,551 1,166,551 2,333,102 2,331,110 - 2,331,133 23 - - 6.4% 3.6%
Bella & Duke Limited
A premium frozen raw dog food provider
877,381 2,050,122 - - 877,381 836,042 259,981 2,050,122 954,099 - - 4.4% 3.1%
Arkk Consulting Limited
Provider of services and software to enable organisations to
remain compliant with regulatory reporting requirements
671,090 671,090 928,355 1,009,852 1,599,445 1,178,143 480,955 1,680,942 21,844 - - 6.7% 2.6%
Tharstern Group Limited
MIS & Commercial print software solutions
338,861 126,023 753,025 1,078,760 1,091,886 1,037,390 - 1,204,783 167,393 - - 12.2% 1.8%
Connect Childcare Group Limited
Nursery management software provider
423,007 571,110 423,000 423,000 846,007 846,007 - 994,110 148,103 - - 3.0% 1.5%
Vivacity Labs Limited
Provider of artificial intelligence & urban trac control systems
914,754 914,754 - - 914,754 - 914,754 914,754 - - - 4.4% 1.4%
Bleach London Holdings Limited
Hair colourants brand
519,672 681,377 110,100 110,100 629,772 832,878 110,100 791,477 (151,501) - - 3.1% 1.2%
Rota Geek Limited
Workforce management software
874,000 765,890 - - 874,000 726,667 - 765,890 39,223 - - 4.4% 1.2%
Spanish Restaurant Group Limited (trading as Tapas Revolution)
Spanish restaurant chain
406,396 - 812,700 739,557 1,219,096 139,317 174,227 739,557 426,013 - - 6.7% 1.1%
Strategic Report

26
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Ordinary shares
Other investments
1
(loan stock/preference shares)
Total
cost at
31 December
2021
£
Total
valuation at
31 December
2020
£
Total
additional
investments
£
Total
valuation at
31 December
2021
£
Unrealised
gains/(losses)
in year
£
Net realised
gains/(losses)
in year
£
Net
proceeds
in year
£
% of
equity
held
% of
portfolio
by value
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Caledonian Leisure Limited
Provider of UK leisure and experience breaks
328,502 695,000 - - 328,502 - 328,502 695,000 366,498 - - 6.6% 1.1%
Legatics Holdings Limited
SaaS LegalTech software provider
663,011 663,011 - - 663,011 - 663,011 663,011 - - - 6.0% 1.0%
Pets’ Kitchen Limited (trading as Vet’s Klinic)
Veterinary clinics
360,640 360,640 270,480 270,480 631,120 - 631,120 631,120 - - - 4.5% 1.0%
IPV Limited
Provider of media asset software
619,487 619,487 - - 619,487 619,487 - 619,487 - - - 5.5% 0.9%
Northern Bloc Ice Cream Limited
Dairy-free ice cream producer
304,050 498,768 - - 304,050 304,050 - 498,768 194,718 - - 5.5% 0.8%
Parsley Box Group plc (formerly Parsley Box Limited)
2,3
Supplier of home delivered, ambient ready meals targeting the
over 60s
631,003 417,536 - - 631,003 1,937,571 272,535 417,536 (1,089,185) 542,834 1,246,218 3.1% 0.6%
CGI Creative Graphics International Limited
Vinyl graphics to global automotive, recreation vehicle and
aerospace markets
476,612 - 973,134 397,434 1,449,746 390,849 - 397,434 6,585 - - 6.3% 0.6%
RDL Corporation Limited
Recruitment consultants for the pharmaceutical, and IT industries
173,932 - 826,068 317,413 1,000,000 151,247 - 317,413 166,166 - - 8.9% 0.5%
Muller EV Limited (trading as Andersen EV)
Provider of premium electric vehicle (EV) chargers
341,600 195,200 - - 341,600 217,904 146,400 195,200 (169,104) - - 7.2% 0.3%
Kudos Innovations Limited
Online platform that provides and promotes academic research
dissemination
328,950 81,979 - - 328,950 152,488 - 81,979 (70,509) - 2.4% 0.1%
Jablite Holdings Limited (in members’ voluntary liquidation)
Manufacturer of expanded polystyrene products
339,974 - 36,109 49,597 376,083 49,597 - 49,597 - - - 9.1% 0.1%
Veritek Global Holdings Limited
Maintenance of imaging equipment
43,527 - 1,576,559 - 1,620,086 - - - - - - 15.4% 0.0%
BookingTek Limited
Software for hotel groups
582,300 - - - 582,300 - - - - - - 3.5% 0.0%
Oakheath Limited (in members’ voluntary liquidation)
Online platform that connects people seeking care home from
experienced independent carers
485,730 - - - 485,730 - - - - - - 4.3% 0.0%
Racoon International Group Limited
Supplier of hair extensions, hair care products and training
419,959 - 64,388 - 484,347 - - - - - - 8.0% 0.0%
Disposals in year
Proactive Group Holdings Inc
Provider of media services and investor conferences for
companies primarily listed on secondary public markets
- - - - -
1,900,421 - - - (6,183) 1,894,238 0.0% 0.0%
Vian Marketing Limited (trading as Red Paddle Co)
Design, manufacture and sale of stand-up paddleboards and
windsurfing sails
- - - - - 1,465,304 - - - 2,482,007 3,947,311 0.0% 0.0%
Omega Diagnostics Group plc
In-vitro diagnostics for food intolerance, auto-immune diseases
and infectious diseases
- - - - - 266,680 - - - 156,143 422,823 0.0% 0.0%
Investment Portfolio Summary
as at 31 December 2021
Strategic Report
Notes
1
‘Other investments’ comprise principally loan stock instruments, and/or relatively small amounts of preference shares.
² Quoted on AIM.
3
Admitted to AIM during the year. On 7 January 2021, a £0.26 million follow-on investment was made into Parsley Box Limited. The enlarged
shareholding was admitted to AIM on 31 March 2021. Ahead of the admission to AIM, the Company’s equity investment in Parsley Box Limited
had been exchanged for an equity investment in Parsley Box Group UK plc. Upon admission to AIM, the Company invested a further £0.01
million and realised proceeds of £1.25 million.

27
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Ordinary shares
Other investments
1
(loan stock/preference shares)
Total
cost at
31 December
2021
£
Total
valuation at
31 December
2020
£
Total
additional
investments
£
Total
valuation at
31 December
2021
£
Unrealised
gains/(losses)
in year
£
Net realised
gains/(losses)
in year
£
Net
proceeds
in year
£
% of
equity
held
% of
portfolio
by value
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Caledonian Leisure Limited
Provider of UK leisure and experience breaks
328,502 695,000 - - 328,502 - 328,502 695,000 366,498 - - 6.6% 1.1%
Legatics Holdings Limited
SaaS LegalTech software provider
663,011 663,011 - - 663,011 - 663,011 663,011 - - - 6.0% 1.0%
Pets’ Kitchen Limited (trading as Vet’s Klinic)
Veterinary clinics
360,640 360,640 270,480 270,480 631,120 - 631,120 631,120 - - - 4.5% 1.0%
IPV Limited
Provider of media asset software
619,487 619,487 - - 619,487 619,487 - 619,487 - - - 5.5% 0.9%
Northern Bloc Ice Cream Limited
Dairy-free ice cream producer
304,050 498,768 - - 304,050 304,050 - 498,768 194,718 - - 5.5% 0.8%
Parsley Box Group plc (formerly Parsley Box Limited)
2,3
Supplier of home delivered, ambient ready meals targeting the
over 60s
631,003 417,536 - - 631,003 1,937,571 272,535 417,536 (1,089,185) 542,834 1,246,218 3.1% 0.6%
CGI Creative Graphics International Limited
Vinyl graphics to global automotive, recreation vehicle and
aerospace markets
476,612 - 973,134 397,434 1,449,746 390,849 - 397,434 6,585 - - 6.3% 0.6%
RDL Corporation Limited
Recruitment consultants for the pharmaceutical, and IT industries
173,932 - 826,068 317,413 1,000,000 151,247 - 317,413 166,166 - - 8.9% 0.5%
Muller EV Limited (trading as Andersen EV)
Provider of premium electric vehicle (EV) chargers
341,600 195,200 - - 341,600 217,904 146,400 195,200 (169,104) - - 7.2% 0.3%
Kudos Innovations Limited
Online platform that provides and promotes academic research
dissemination
328,950 81,979 - - 328,950 152,488 - 81,979 (70,509) - 2.4% 0.1%
Jablite Holdings Limited (in members’ voluntary liquidation)
Manufacturer of expanded polystyrene products
339,974 - 36,109 49,597 376,083 49,597 - 49,597 - - - 9.1% 0.1%
Veritek Global Holdings Limited
Maintenance of imaging equipment
43,527 - 1,576,559 - 1,620,086 - - - - - - 15.4% 0.0%
BookingTek Limited
Software for hotel groups
582,300 - - - 582,300 - - - - - - 3.5% 0.0%
Oakheath Limited (in members’ voluntary liquidation)
Online platform that connects people seeking care home from
experienced independent carers
485,730 - - - 485,730 - - - - - - 4.3% 0.0%
Racoon International Group Limited
Supplier of hair extensions, hair care products and training
419,959 - 64,388 - 484,347 - - - - - - 8.0% 0.0%
Disposals in year
Proactive Group Holdings Inc
Provider of media services and investor conferences for
companies primarily listed on secondary public markets
- - - - -
1,900,421 - - - (6,183) 1,894,238 0.0% 0.0%
Vian Marketing Limited (trading as Red Paddle Co)
Design, manufacture and sale of stand-up paddleboards and
windsurfing sails
- - - - - 1,465,304 - - - 2,482,007 3,947,311 0.0% 0.0%
Omega Diagnostics Group plc
In-vitro diagnostics for food intolerance, auto-immune diseases
and infectious diseases
- - - - - 266,680 - - - 156,143 422,823 0.0% 0.0%
Strategic Report

28
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Investment Portfolio Summary
as at 31 December 2021
Ordinary shares
Other investments
1
(loan stock/preference shares)
Total
cost at
31 December
2021
£
Total
valuation at
31 December
2020
£
Total
additional
investments
£
Total
valuation at
31 December
2021
£
Unrealised
gains/(losses)
in year
£
Net realised
gains/(losses)
in year
£
Net
proceeds
in year
£
% of
equity
held
% of
portfolio
by value
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
BG Training Limited
City-based provider of specialist technical training
- - - - - 7,969 - - - 2,656 10,625 0.0% 0.0%
Proceeds from companies realised in previous years
2
- - - - - - - - - 89,253 89,253 - -
Total
21,694,408 54,992,652 11,971,298 9,708,030 33,665,706
41,225,310 6,235,292 64,700,682 25,278,957 4,192,981 12,231,857 98.7%
Former Elderstreet Private Equity Portfolio
Cashfac Limited
Provider of virtual banking application software solutions to
corporate customers
260,101 851,035 - - 260,101
451,386 - 851,035 399,648 - - 2.9% 1.3%
Sift Group Limited
Developer of business-to-business internet communities
135,391 32,750 - - 135,391 - 32,750 32,750 - - 1.3% 0.0%
Total 395,492 883,785 - - 395,492 451,386 - 883,785 432,398 - - 1.3%
Total Investment Portfolio 22,089,900 55,876,437 11,971,298 9,708,030 34,061,198 41,676,696 6,235,292 65,584,467 25,711,355 4,192,981 12,231,857 100.0%
Total Investment Portfolio split by type
Growth focused portfolio
3
19,162,017 43,840,087 6,606,076 6,728,887 25,768,093 32,713,007 6,235,292 50,568,974 17,457,830 3,969,917 9,807,072 77.1%
MBO focused portfolio
3
2,927,883 12,036,350 5,365,222 2,979,143 8,293,105 8,963,689 - 15,015,493 8,253,525 223,064 2,424,785 22.9%
Investment Adviser’s Total 22,089,900 55,876,437 11,971,298 9,708,030 34,061,198 41,676,696 6,235,292 65,584,467 25,711,355 4,192,981 12,231,857 100.0%
Strategic Report
Notes
1
‘Other investments’ comprise principally loan stock instruments, and/or relatively small amounts of preference shares.
2
£63,591 was received in respect of Blaze Signs Holdings Limited, £21,132 was received in respect of Vectair Limited, £2,358 was received in
respect of Bourn Bioscience Limited and £2,172 was received in respect of Machineworks Limited.
3
The growth focused portfolio contains all investments made after the change in the VCT regulations in 2015 plus some investments that are
growth in nature made before this date. The MBO focused portfolio contains investments made prior to 2015 as part of the previous MBO
strategy.

29
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Ordinary shares
Other investments
1
(loan stock/preference shares)
Total
cost at
31 December
2021
£
Total
valuation at
31 December
2020
£
Total
additional
investments
£
Total
valuation at
31 December
2021
£
Unrealised
gains/(losses)
in year
£
Net realised
gains/(losses)
in year
£
Net
proceeds
in year
£
% of
equity
held
% of
portfolio
by value
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
Cost at
31 December
2021
£
Valuation at
31 December
2021
£
BG Training Limited
City-based provider of specialist technical training
- - - - - 7,969 - - - 2,656 10,625 0.0% 0.0%
Proceeds from companies realised in previous years
2
- - - - - - - - - 89,253 89,253 - -
Total
21,694,408 54,992,652 11,971,298 9,708,030 33,665,706
41,225,310 6,235,292 64,700,682 25,278,957 4,192,981 12,231,857 98.7%
Former Elderstreet Private Equity Portfolio
Cashfac Limited
Provider of virtual banking application software solutions to
corporate customers
260,101 851,035 - - 260,101
451,386 - 851,035 399,648 - - 2.9% 1.3%
Sift Group Limited
Developer of business-to-business internet communities
135,391 32,750 - - 135,391 - 32,750 32,750 - - 1.3% 0.0%
Total 395,492 883,785 - - 395,492 451,386 - 883,785 432,398 - - 1.3%
Total Investment Portfolio 22,089,900 55,876,437 11,971,298 9,708,030 34,061,198 41,676,696 6,235,292 65,584,467 25,711,355 4,192,981 12,231,857 100.0%
Total Investment Portfolio split by type
Growth focused portfolio
3
19,162,017 43,840,087 6,606,076 6,728,887 25,768,093 32,713,007 6,235,292 50,568,974 17,457,830 3,969,917 9,807,072 77.1%
MBO focused portfolio
3
2,927,883 12,036,350 5,365,222 2,979,143 8,293,105 8,963,689 - 15,015,493 8,253,525 223,064 2,424,785 22.9%
Investment Adviser’s Total 22,089,900 55,876,437 11,971,298 9,708,030 34,061,198 41,676,696 6,235,292 65,584,467 25,711,355 4,192,981 12,231,857 100.0%
Strategic Report

Key policies
The Board has put in place the following policies to be applied to meet the
Company’s overall Objective and to cover specific areas of the Company’s business.
Investment policy
The Investment Policy is designed to
meet the Company’s Objective:
Investments
The Company invests primarily in a
diverse portfolio of UK unquoted
companies. Investments are made
selectively across a number of
sectors, principally in established
companies. Investments are usually
structured as part loan stock and part
equity in order to produce a regular
income stream and to generate
capital gains from realisations.
There are a number of conditions
within the VCT legislation which need
to be met by the Company and which
may change from time to time. The
Company will seek to make
investments in accordance with the
requirements of prevailing VCT
legislation.
Asset allocation and risk
diversification policies, including the
size and type of investments the
Company makes, are determined in
part by the requirements of prevailing
VCT legislation. No single investment
may represent more than 15% (by VCT
tax value) of the Company’s total
investments at the date of
investment.
Liquidity
The Company’s cash and liquid funds
are held in a portfolio of readily
realisable interest-bearing
investments, deposit and current
accounts, of varying maturities,
subject to the overriding criterion that
the risk of loss of capital be
minimised.
Borrowing
The Company’s Articles of
Association permit borrowings of
amounts up to 10% of the adjusted
capital and reserves (as defined
therein).
However, the Company has never
borrowed and the Board would only
consider doing so in exceptional
circumstances.
Diversity
The Directors have considered diversity
in relation to the composition of the
Board and have concluded that its
membership is diverse in relation to its
breadth of experience. The Board
comprises three men following the
retirement of Helen Sinclair at the end of
February 2022. The Company does not
have any senior managers or
employees. The Board has made a
commitment to always consider diversity
in making future appointments.
Other policies
In addition to the Investment Policy, the
Diversity Policy and the policies on
payment of dividends and share
buybacks, which are detailed earlier in
this section, the Company has adopted
a number of further policies relating to:
 Environmental and social
responsibility;
 Human rights;
 Anti-bribery;
 Global greenhouse gas emissions;
 Whistleblowing;
 Financial risk management; and
 Anti-Tax Evasion;
further details of which are set out in the
Directors’ Report on pages 38 to 46.
30
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Strategic Report

Stakeholder Engagement and Directors’ Duties
The Board has discussed the discharge of their Director’s duties under Section 172 of the Companies Act 2006 having regard to
the factors set out under Provision 5 of the Association of Investment Companies (AIC) Code and in line with the UK Corporate
Governance Code. The views of and the impact of the Company’s activities on the key stakeholders are an important consideration
for the Board when making relevant decisions. The Board, in normal circumstances, engages directly with stakeholder groups
through either regular or annual meetings and investor presentations to assist the Directors in understanding the issues to which
they must have regard.
The table below sets out the interests of key stakeholders that have been considered throughout the year during the Board’s
discussions and in decision making.
Stakeholders Engagement Type Outcome
All
Stakeholders
Change in management arrangements After careful consideration and due diligence, the Board
believed that consenting to the novation of the investment
advisory arrangements was in the interests of the Company’s
Shareholders and stakeholders. The Board expected the
creation of the enlarged VCT team to be well received by the
market as creating an exciting and potent commercial force
that should lead to enhanced prospects for Shareholders. In
the context of a VCT sector that is evolving, this view is
predicated on the following main factors:
 Scale Advantage – The integration of the Mobeus and
Baronsmead VCT teams within Gresham House would
create one of the largest VCT teams in the sector with the
coverage, experience, contacts and know how to access
more and higher quality investment opportunities. The
greater breadth and depth of resource in portfolio and
talent management should also be valuable in assisting the
Mobeus VCTs’ existing portfolio companies to grow
successfully.
 Continuity – Trevor Hope and Clive Austin will continue to
lead the VCT team. This management group is well known
and has been highly regarded by Shareholders for a
considerable period. The Boards are confident that the
team will continue to build the Mobeus VCTs’ portfolios
and enhance their value. Gresham House’s investment
philosophy is similar to that developed over many years by
Mobeus, and the procedure for undertaking due diligence
and approving new investments is substantially the same
as before.
 Portfolio Diversification and Wider Investment – The
access to a much larger asset base and investment
opportunities should enable the combined VCT investment
team to build more diversified VCT portfolios across a
broader range of sizes and stages of investment. The
Board believes that this combined VCT investment team
will be a major force in the supply of capital to the VCT
sector and it is anticipated that the team’s enhanced
market position should attract strong deal flow.
 Investment in Capability – The Mobeus VCT investment
team has delivered outstanding performance over many
years, but it has become clear that the changing demands
of the market mean that the requirement for additional
investment in people, technology and processes could
have become constrained within the framework of the
existing Mobeus partnership structure.
 The Board can confirm that, in the process of its novation,
no material changes were made to the terms of the
investment advisory arrangements. Shareholders can also
be assured that the Board’s track record of governance
and independence will be maintained.
31
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report

Shareholders The key mechanisms of Shareholder
engagement is:
 Annual General Meeting
 Annual, Half-year Reports and
Interim Management Statements
 Annual Investor Events
 RNS Announcements
 Website
 Oer for subscription
 Whilst Shareholders would normally attend the AGM and
engage with the Board and Investment Adviser, this was
not possible under the COVID-19 restrictions for the 2021
AGM. However, given the relaxation of UK Government
COVID restrictions, the 2022 AGM is planned to take place
in person. There will also be a live stream providing access
to view the meeting remotely, although only Shareholders
physically attending will be able to formally take part in the
meeting and vote on resolutions on the day. Shareholders
unable to attend have therefore been encouraged to
submit their votes on resolutions via proxy forms ahead of
the meeting. A recording of the AGM webcast will be
available on the Company’s website under Key
Shareholder Information.
 Shareholders are provided with Annual and Half-Year
Reports in hard or soft copy according to their choice,
which are also available on the Company’s website.
Voluntary Interim Management Statements are released in
the quarters between reports to ensure Shareholders are
kept up to date with events. This was particularly important
during the pandemic, given the resultant uncertainty. The
website is an important source of information for
Shareholders and announcements are also regularly made
through the London Stock Exchange.
 The Share buyback programme has continued to be
oered throughout the year. This provides Shareholders
with liquidity if they wish to sell their shares, at a price
close to the latest announced NAV per share, the Board
having considered the interests of remaining Shareholders.
Further details are contained in the Chairman’s Statement
on page 4 and in the Director’s Report on page 38.
 Shareholders are welcome to contact the Chairman or the
Investment Adviser by email as advised on page 86 of this
Report.
 The Annual Shareholder Event was held as a virtual event
and took place on 25 February 2022. Please register to
view a recording of the event which is available via the
Company’s website here: https://mvcts.connectid.cloud/.
 The Company seeks to create value for Shareholders by
generating good returns which are eventually distributed
to Shareholders as dividends. The importance of tax-free
dividends to Shareholders is recognised by the Board and
considered at each quarterly meeting and decisions were
made to declare two interim dividends totalling 9.00 pence
per share for payment in respect of the year. The
Company’s dividend target has consistently been achieved
or exceeded as outlined in the Chairman’s Statement on
page 3 and in the Strategic Report.
 The liquidity level of the Company has remained strong
and is managed with the primary aim of preserving capital,
as discussed at each Board meeting. Liquidity levels are
managed after considering, inter alia, applicable annual
dividend commitments as well as the provision of the
buyback facility.
Stakeholders Engagement Type Outcome
32
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Strategic Report

 The Board, along with the three other Mobeus VCTs,
opened Oers for Subscription on 20 January 2022 having
considered: the impact of dilution on Shareholder’s
holdings; the ability to adhere to the dividend policy of the
Company; the eect on the Net Asset Value and the ability
of the Company and its liquidity levels to be able to meet
HMRC’s VCT investment rules and timeline; the costs
involved in issuing a prospectus charged to Shareholders;
the risk to performance and the equal treatment of
investors across the four Mobeus VCTs and those
investors that the Company will co-invest with.
Suppliers Including: Registrar, Broker, Auditor,
Lawyer, Sponsor, Banker and the VCT
Status Adviser
 The Investment Adviser regularly communicates with each
of the professional advisers and secures an annual
confirmation of the policies they have in place. The Board
review the performance of each provider on an annual
basis.
Government &
Regulators
The Board is committed to conducting
business in line with the appropriate
laws and regulation. Mobeus Income &
Growth 4 VCT plc does not provide
financial contributions to political
parties or lobby groups.
 As a UK listed company the Board and Investment Adviser
comply with the Companies Act, the UKLA, HMRC, UK
Accounting Standards and FCA regulatory requirements in
addition to the Alternative Investment Fund Managers
Directive, to ensure the Company can continue to trade.
Non-compliance with the VCT regulations in particular is
viewed as a principal risk for the Company. The Company
continued to comply with these regulations throughout the
year and to the date of this Report.
Investee
Companies
The Board has delegated authority for
the day-to-day management of the
Company to the Investment Adviser
and engages with the Investment
Adviser in setting, approving and
overseeing the execution of the
business strategy and related policies.
 The Board aims to have a diverse mix of companies across
a range of dierent sectors and regularly reviews the
composition of the portfolio.
 The Investment Adviser reports at the Company’s quarterly
Board meetings on each of the portfolio companies.
Members of the Investment Adviser sit on the majority of
the portfolio companies’ boards. This is to provide input on
key matters such as advancing the shareholder value
agenda, ensuring class leading corporate governance and
encouraging best practice in areas such as ESG.
 Considerable support continued to be provided to the
investee companies during the year with regular
communication undertaken outside of scheduled board
meetings. Gresham House organises, when permitted in
person and more commonly by virtual means, seminars
and events that involve portfolio companies so that they
can benefit from the Gresham House network.
Investment
Adviser
The Investment Adviser’s performance
is vital for the Company to deliver its
investment strategy, meet its objectives
and generate investment returns for
Shareholders, and is a crucial
relationship for the Board.
 The Investment Adviser meets with the Board at each
quarterly meeting and is in frequent contact throughout the
periods in between meetings e.g. to approve investment
transactions. All key strategic and operational topics are
discussed in detail and a close dialogue is maintained with
the Board. The Board take an active interest in the
challenges faced by the portfolio companies. The Board
considers each potential disposal based on the company’s
performance, market conditions and the oer(s) in its
decision to sell the Company’s holding. The Investment
Adviser’s performance is evaluated annually and its
re-appointment is dependent on the outcome of that
evaluation.
Stakeholders Engagement Type Outcome
33
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report

34
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Principal and Emerging risks, management and regulatory environment
The Directors acknowledge the Board’s responsibilities for the Company’s internal control systems and have instigated systems
and procedures for identifying, evaluating and managing the significant and emerging risks faced by the Company. This includes
a key risk management review and robust assessment of the risks, which takes place at each quarterly board meeting. Further
details of these are contained in the corporate governance section of the Directors’ Report on pages 42 to 44. The principal risks
and the emerging risk identified by the Board are set out below:
Risk Possible consequence How the Board manages risk
Loss of
approval as a
Venture
Capital Trust
The Company must comply with section 274 of the
Income Tax Act 2007 (“ITA”) which allows it to be
exempt from capital gains tax on investment gains.
Any breach of these rules may lead to the Company
losing its approval as a Venture Capital Trust,
qualifying Shareholders who have not held their
shares for the designated holding period having to
repay the income tax relief they obtained and future
dividends paid by the Company becoming subject to
tax. The Company would also lose its exemption from
corporation tax on capital gains.
 The Company’s VCT qualifying status is
continually reviewed by the Investment Adviser
and confirmed at each Board meeting.
 Regular reports are received from the VCT
Status Adviser retained by the Board in order to
monitor the Company’s ongoing compliance
with the VCT Rules.
Economic
and Political
Events such as the war in Ukraine, the COVID-19
pandemic, Brexit, an economic recession, supply
shortages or a movement in sterling or in interest
rates, could aect trading conditions for smaller
companies and consequently the value of the
Company’s qualifying investments.
Movements in UK Stock Market indices may aect
the valuation of the Company’s investments, as well
as aecting the Company’s own share price and its
discount to net asset value.
The invasion of Ukraine and resulting economic
sanctions imposed on trade with Russia has also
impacted global financial markets. Whilst the
portfolio has limited direct exposure to these
geographies, this action is expected to exacerbate
macroeconomic risk factors in the short term.
 The Board monitors the portfolio as a whole to:
(1) ensure that the Company invests as far as
possible in a diversified portfolio of
companies;
(2) ensure that developments in the macro-
economic environment such as movements
in interest rates are monitored; and
(3) with regard to COVID-19, the Investment
Adviser holds ongoing discussions with all
the portfolio companies to ascertain where
support is required. Cash comprises a
significant proportion of the net assets of the
Company, further to the successful
realisations and the fund-raise earlier in the
year giving the Company a strong liquidity
position. The portfolio has minimal exposure
to sectors such as leisure, hospitality, retail
travel which are currently more at risk.
Investment Investment in VCT qualifying earlier stage unquoted
small companies involves a higher degree of risk
than investment in fully listed companies. Smaller
companies often have limited product lines, markets
or financial resources, may not be profitable at the
point of investment and may be dependent for their
management on a smaller number of key individuals.
This may leaI to variable investment returns and the
use of more subjective valuation methodologies.
 The Board regularly reviews the Company’s
investment strategy.
 Careful selection and review of the investment
portfolio occurs on a regular basis.
 The Investment Adviser has provided a growing
pipeline of compliant investment opportunities
and continues to strengthen its investment
team.
 The valuation of the investment portfolio and
valuation methodologies are reviewed by the
Board each quarter.
Regulatory The Company is required to comply with the
Companies Act, the Listing Rules of the UK Listing
Authority and United Kingdom Accounting
Standards. Changes to and breach of any of these
might lead to suspension of the Company’s Stock
Exchange listing, financial penalties, a qualified
audit report or the loss of the Company’s status as a
VCT. Furthermore, changes to the UK VCT
legislation or the State-aid rules could have an
adverse eect on the Company’s ability to achieve
satisfactory investment returns.
 Regulatory and legislative developments are
kept under review by the Company’s solicitors
and the Board.
Strategic Report

35
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Strategic Report
Risk Possible consequence How the Board manages risk
Financial and
operating
Failure of systems (including breaches of data
security) at any of the third-party service providers
that the Company has contracted with could lead to
inaccurate reporting or monitoring. Inadequate
controls could lead to the misappropriation or
insecurity of assets. Outsourcing and the increase in
remote working could give rise to cyber and data
security risks, particularly relating to the threat of
ransomware attacks, as well as internal control risk.
 The Board carries out a bi-annual review of the
internal controls in place and reviews the risks
facing the Company at Board meetings and
receives control reports by exception.
 It reviews the performance of the service
providers annually and has obtained assurance
that such providers have controls in place to
reduce the risk of breaches of their cyber
security.
Market Movements in the valuations of the Company’s
investments will, inter alia, be connected to
movements in UK Stock Market indices as well as
aecting the Company’s own share price and its
discount to net asset value.
 The Board receives quarterly valuation reports
from the Investment Adviser and, where
necessary, challenges its valuation process and
metrics.
 The Investment Adviser alerts the Board about
any adverse movements.
Asset
liquidity
The Company’s investments may be dicult to
realise.
 The Board receives reports from the Investment
Adviser and reviews the portfolio at each
quarterly Board meeting. It carefully monitors
investments where a particular risk has been
identified.
Environmental,
Social and
Governance
Emerging Risk
Non-compliance with current and future reporting
requirements could lead to a fall in demand from
investors. That may aect the level of capital the
Company has available to meet its investment
objectives.
 ESG and climate change is taken into account
when considering new investment proposals.
The Investment Adviser monitors the potential
impact on investee companies of any proposed
new legislation regarding environmental, social
and governance matters and advises and
adapts accordingly.
 The Board recognises that climate change is an
important emerging risk that the Company is
taking into account in their strategic planning
although the Company itself has little direct
impact on environmental issues. Measures have
been introduced to reduce the cost and
environmental impact of providing paper copies
of Shareholder correspondence and to
decrease the amount of travel undertaken.
The risk profile of the Company changed as a result of changes to VCT legislation 2015. As the Company is required to focus its new
investment activity on growth capital investments in younger companies it is anticipated that investment returns will be more volatile
and have a higher risk profile. The Board also discusses emerging risks as and when they arise, such as the COVID-19 pandemic,
and puts in place mitigating actions to manage the risk. In an environment of ultra-low interest rates, returns on liquidity may impact
overall performance. This factor is monitored by the Board with the objective of optimising returns on liquid funds whilst minimising
capital risk.

36
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Strategic Report
Going concern and
viability of the Company
The Board is required to assess the
Company’s operation as a “going
concern”. The Company’s business
activities, together with the factors likely
to aect its future development,
performance and position are set out in
the preceding pages of this Strategic
Report. The majority of companies in the
portfolio are well funded and the portfolio
taken as a whole remains resilient and
well-diversified, although the impact of
COVID-19, the war in Ukraine, Brexit and
supplier shortages may still impose
considerable demands on the liquidity of
some of these companies in the near-
term. The Board believes the recent
fundraise will assist the Company in
meeting those needs for liquidity, where
justified. The major cash outflows of the
Company (namely investments, share
buybacks and dividends) are within the
Company’s control. Accordingly, the Board
believes that the Company’s cash
position, noting the successful fundraise
shortly after the year-end, is adequate to
enable the Company to continue as a
going concern under any plausible stress
scenario. Further details of this
assessment are shown within Note 2 on
page 62. The Board’s assessment of
liquidity risk, and details of the Company’s
policies for managing financial risk and its
capital, are shown in Notes 15 and 16 on
pages 72 to 79. Accordingly, the Directors
believe that it is appropriate to continue to
apply the going concern basis of
accounting in preparing the annual
Financial Statements.
Furthermore, the Directors have
considered whether there are any material
uncertainties that the Company may face
during the twelve months from the date of
approval of the financial statements that
may impact on its ability to operate as a
going concern. In particular, the Directors
have continued to consider the impact of
changes to VCT legislation. No further
material uncertainties have been
identified by the Board.
Viability Statement
The UK Corporate Governance Code
includes a requirement for companies to
include a “Viability Statement” in the
Annual Report addressed to Shareholders
with the intention of providing an
improved and broader assessment of long
term solvency and liquidity. The Code
does not define “long term” but expects
the period to be longer than twelve
months with individual companies
choosing a period appropriate to the
nature of their own businesses. The
Directors have chosen a period of three
years, as explained further below.
The Directors have carried out a robust
assessment comprising the Principal and
Emerging risks facing the Company, such
as ESG and Climate Change as shown on
pages 34 and 35. Subsequent to this
review they have a reasonable
expectation that the Company will
continue to operate and meet its liabilities,
as they fall due, for the next three years.
The Directors believe that a three-year
period is appropriate given the frequency
with which it is necessary to review and
assess the impact of past, current and
proposed regulatory changes. A period
greater than three years is considered to
be too uncertain for it to be meaningful.
The Directors’ assessment has been
made with reference to the Company’s
current position and prospects, the
Company’s present strategy, the Board’s
risk appetite and the Company’s principal
and emerging risks and how these are
managed, as described on pages 34 and
35. The Board is mindful of these risks but
considers that its actions to manage those
risks provide reasonable assurance that
the Company’s aairs are safeguarded for
the stated period.
The Directors have reached this
conclusion after giving careful
consideration to the Company’s strategy.
They believe the Company’s current
strategy of “providing investors with a
regular income stream by way of tax-free
dividends and to generate capital growth
through portfolio realisations” remains
valid. The Board has focused upon the
range of future investments that the
Company will be permitted to fund under
the current VCT legislation.
The Board expects that positive returns
should continue to be achievable from
future investments and from the existing
portfolio. The Company has made four
more new investments in compliance with
the VCT rules introduced in 2015 and its
revised Investment Policy, and the
Investment Adviser continues to build a
healthy pipeline of such investment
opportunities. The Board will continue to
monitor this assumption on a regular basis
and is encouraged, in the current
circumstances, by the returns generated
from some of these investments to date.
The Board will continue to monitor returns
from growth capital investments on a
regular basis and the prospective returns
thereon over the next three years. The
Board considers that the Company has
sucient liquidity to maintain its present
investment rate in the short to medium-
term.
Shareholders should be aware that, under
the Company’s Articles of Association, it is
required to hold a continuation vote at the
next AGM falling after the fifth anniversary
of last allotting shares. As shares were last
allotted in March 2022 (under the Oer for
Subscription), this factor has not aected
the Board’s assumptions for the next three
years.
Future Prospects
For a discussion of the Company’s future
prospects (both short and medium-term),
please see the Chairman’s Statement on
pages 4 and 5 and the Investment
Adviser’s Review on page 18.
Jonathan Cartwright
Chairman
6 April 2022

37
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Reports of
the Directors
Board of Directors
Jonathan Cartwright
Independent, Non-Executive Chairman
Date of appointment: 7 September 2020
Experience
: Jonathan is a qualified
Chartered Accountant with significant
experience of the VCT and investment
trust sectors. He joined Caledonia
Investments plc in 1989, serving as
finance director from 1991 to 2009.
Currently he is a Non-Executive Director
and Chairman of the Audit Committee of
British Smaller Companies VCT plc,
Chairman of BMO Capital and Income
Investment Trust plc and a Non-
Executive Director of Tennants
Consolidated Limited where he also
chairs the Audit Committee.
Jonathan is a former Chairman of
BlackRock Income and Growth
Investment Trust plc and Aberforth Split
Level Income Trust plc. He has also
served as a Non-Executive Director of
The Income & Growth VCT plc between
2010 and 2020, where he was Chairman
of the Audit Committee followed by an
interim appointment as Chairman of the
Board.
Graham Paterson
Independent, Non-Executive Director
Date of appointment: 10 May 2019
Experience
: Graham is an investment
and financial services professional with
over 20 years’ experience in the private
equity industry. A chartered accountant,
Graham was one of the founding
partners of SL Capital Partners LLP,
(formerly Standard Life Investments
(Private Equity) Ltd) where he was a
Partner and Board Member until 2010.
During his 13 years at SL Capital, he was
one of the managers of Standard Life
Private Equity Trust plc and was a
member of the advisory boards to a
number of leading private equity fund
managers. In 2013, Graham co-founded
TopQ Software Ltd, a technology
company which develops software for
the private equity industry. TopQ
Software was acquired by eVestment Inc
(now part of NASDAQ Inc) in 2015, where
until early 2018, Graham was a Director
of their private markets data and
analytics business. Graham was
Chairman of Octopus VCT 4 plc until
2018 and is currently a Non-Executive
Director of Baillie Giord US Growth
Trust plc, Invesco Perpetual UK Smaller
Companies Investment Trust plc and
Chairman of Datactics Ltd.
Christopher Burke
Independent, Non-Executive Director
Date of appointment: 26 November 2019
Experience
: Christopher has spent over
35 years in the Telecommunications, IT
and Technology industries in a very
International career. Christopher has
held both Senior Technical and General
Management responsibilities in a
Telecoms Equipment Manufacture
(Nortel), Fixed Line Carrier (Energis),
Wireless Service Provider company
(Vodafone), and a User Equipment
Manufacturer (RIM). After graduating
from university in 1982 with a Bachelor
of Computer Science, Christopher spent
15 years with Bell Northern Research
(R&D for Northern Telecom) and Nortel
holding a variety of roles in software
development, operations and ultimately
Sales, working across North America,
Europe and Asia. From 1997 to 2000
Christopher was CTO at Energis
Communications, forming part of the
executive team that led Energis through
IPO and into the FTSE 40. From 2001 to
2005, Christopher worked at Vodafone,
where he was Vodafone’s first Chief
Technology Ocer (CTO) responsible for
Vodafone UK’s technology, product
architecture, design, procurement,
development, support and operations.
Christopher’s last position in a public
company was as Managing Director for
Research in Motion (RIM) in Europe,
Middle East and Africa (EMEA),
departing in 2009. Since 2009,
Christopher has spent most of his time
co-founding Companies and developing
his own Investment Fund/Advisory
Business.
For details of the share interest and remuneration of the Directors please see pages 48 and 49 of the Directors’ Remuneration
Report. Details of the attendance record of the Directors is also reported in the Directors’ Remuneration Report on page 50.
Reports of the Directors

The Directors present the
Annual Report and Audited
Financial Statements of the
Company for the year ended
31 December 2021.
The Corporate Governance Statement
on pages 42 to 44, and the Report of the
Audit Committee on pages 45 and 46,
form part of this Directors’ Report.
The Board believes that the Annual
Report and Financial Statements taken
as a whole is fair, balanced and
understandable and provides the
information necessary for Shareholders
to assess the Company’s performance,
position, business model and strategy.
The Company is registered in England
and Wales as a Public Limited Company
(registration number 03707697).
The Company has satisfied the
requirements for full approval as a
Venture Capital Trust under section 274
of the Income Tax Act 2007 (“ITA”). It is
the Directors’ intention to continue to
manage the Company’s aairs in such a
manner as to comply with section 274 of
the ITA.
To enable capital profits to be
distributed by way of dividends, the
Company revoked its status as an
investment company as defined in
section 833 of the Companies Act 2006
(“the Companies Act”) on 28 July 2008.
The Company does not intend to
re-apply for such status.
Share capital
The Company’s Ordinary shares of
1penny each (“shares”) are listed on the
London Stock Exchange.
Buyback of shares
The following disclosure is made in
accordance with Part 6 of Schedule 7 of
The Large and Medium-sized
Companies and Groups (Accounts and
Reports) Regulations 2008 (as amended
in 2013).
The reason the Company makes market
purchases of its own shares is to
enhance the liquidity of the Company’s
shares and to seek to manage the level
and volatility of the discount to Net
Asset Value at which the Company’s
shares may trade.
At the Annual General Meeting of the
Company held on 18 May 2021,
Shareholders granted the Company
authority, pursuant to section 701 of the
Companies Act 2006, to make market
purchases of up to 14.99% of the issued
share capital of the Company at that
date. Such authority has been in place
throughout the year under review.
During the year under review, the
Company bought back 1,309,349 (2020:
1,245,646) of its own shares at a total
cost of £1,230,702 (2020: £728,216)
including expenses. These shares
represented 1.6% of the issued share
capital at the beginning of the year
(2020: 1.9%). All shares bought back by
the Company were subsequently
cancelled.
Issued Share Capital
The issued share capital of the Company
as at 31 December 2021 was £833,897
(2020: £840,040) and the number of
shares in issue at this date was
83,389,721 (2020: 84,004,018).
Substantial interests
As at the date of the Report, the
Company had not been notified of any
beneficial interest exceeding 3% of the
issued share capital.
Dividends
Shareholders received interim dividends
in respect of the year ended
31 December 2021 of 5.00 and 4.00
pence per share on 6 August 2021 and
7 January 2022 respectively.
Directors
The names, dates of appointment and
brief biographical details of each of the
Directors are given on the previous
page of this Annual Report.
Disclosure of Information to the
Auditor
So far as each of the Directors in oce
at 31 December 2021 are aware, there is
no relevant audit information of which
the auditor is unaware. They have
individually taken all the steps that they
ought to have taken as Directors in order
to make themselves aware of any
relevant audit information and to
establish that the Company’s Auditor is
aware of that information.
Director’s indemnity and ocers’
liability insurance
The Directors have individually entered
into Deeds of indemnity with the
Company which indemnifies each
Director, subject to the provisions of the
Companies Act 2006 and the limitations
set out in each deed, against any liability
arising out of any claim made against
him or her in relation to the performance
of their duties as Directors of the
Company. Copies of each Deed of
indemnity entered into by the Company
for the Directors are available at the
registered oce of the Company.
The Company maintains a Directors’ and
Ocers’ liability insurance policy. The
policy does not provide cover for
fraudulent or dishonest actions by the
Directors.
Environmental and social
responsibility policies
The Board recognises its obligations
under Company law to provide
information in this respect about
environmental matters (including the
impact of the Company’s business on
the environment), human rights and
social and community issues, including
information about any policies the
Company has in relation to these
matters and the eectiveness of these
policies. The Board has recognised
Climate Change as an emerging risk, as
referenced on page 35, and takes full
consideration of relevant factors within
the overall assessment of potential
investee companies. It is considered
alongside investment assessments of
potential investee companies.
The Board seeks to maintain high
standards of conduct in respect of
ethical, environmental, governance and
social issues and to conduct the
Company’s aairs responsibly. It
considers relevant social and
environmental matters when appropriate
and particularly with regard to
investment decisions. The Investment
Adviser encourages good practice
within the companies in which the
Company invests. The Board seeks to
avoid investing in certain areas which it
considers to be unethical. This includes
giving particular consideration to the
inherent reputation of the sector
(including past history, scandal or
adverse media coverage), rapidly
changing public perceptions of industry
sectors or potential ethical concerns for
wider stakeholders. It also does not
invest in companies which do not
operate within relevant ethical,
environmental and social legislation or
otherwise fail to comply with appropriate
industry standards. Following the
novation of the advisory agreement to
Gresham House on 30 September 2021,
a market leader that is well-resourced
with knowledge and expertise in
sustainability, the Investment Adviser will
align its current ESG procedures and
protocols to the highest standards as set
out and informed by Gresham House
plc. The Investment Adviser believes
that this approach will contribute
towards the enhancement of
Shareholder value going forward.
38
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Reports of
the Directors
Directors’ Report

The Company does not have any
employees or ocers and the Board
therefore believes that there is limited
scope for developing environmental,
social or community policies. The
Company has however adopted
electronic communications for
Shareholders as a means of reducing
the volume of paper that the Company
uses to produce its reports. It uses
mixed source paper from well-managed
forests as endorsed by the Forest
Stewardship Council for the printing of
its circulars and Annual and Half-Year
reports. The Investment Adviser is
conscious of the need to reduce its
impact on the environment and has
taken a number of initiatives in its oces
including recycling and the reduction of
its energy consumption.
Global greenhouse gas emissions
The Company has no greenhouse gas
emissions to report from its operations,
nor does it have responsibility for any
other emissions producing sources
under the Companies Act 2006
(Strategic Report and Directors’ Reports)
Regulations 2013, (including those within
the Company’s underlying investment
portfolio). The Company does not fall
within the scope of The Companies
(Directors’ Report) and Limited Liability
Partnerships (Energy and Carbon
Report) Regulations 2018 eective as of
1 April 2019 which implements the
Government’s policy on Streamlined
Energy and Carbon Reporting, replacing
the Carbon Reduction Commitment
Scheme. The 2018 Regulations require
companies that have consumed over
40,000 kilowatt-hours of energy to
include energy and carbon information
in their Directors’ Report. This does not
apply to the Company as it qualifies as a
low energy user.
Human rights policy
The Board seeks to conduct the
Company’s aairs responsibly and gives
full consideration to the human rights
implications of its decisions, particularly
with regard to investment decisions.
Anti-bribery policy
The Company has adopted a zero-
tolerance approach to bribery and has
established an anti-bribery policy and
procedures, copies of which are
available in the Corporate Governance
section of the Company’s website:
www.mig4vct.co.uk
Whistleblowing policy
The Board has considered the
recommendation made in the UK
Corporate Governance Code with
regard to a policy on whistleblowing and
has reviewed the arrangements at the
Investment Adviser under which sta
may, in confidence, raise concerns. It has
concluded that adequate arrangements
are in place at the Investment Adviser
for the proportionate and independent
investigation of such matters and, where
necessary, for appropriate follow-up
action to be taken by the Investment
Adviser. The Board has also asked each
of its service providers to confirm that
they have a suitable whistle blowing
policy in place.
Anti-Tax Evasion
The Company has also adopted a
zero-tolerance approach to tax evasion
in compliance with the Criminal Finance
Act 2017 and the corporate criminal
oence of failing to take reasonable
steps to prevent the facilitation of tax
evasion. The Company has applied due
diligence procedures, taking an
appropriate risk-based approach, in
respect of persons who perform or will
perform services on behalf of the
Company, in order to mitigate risks.
Financial risk management
The main risks arising from the
Company’s financial instruments are due
to fluctuations in market prices,
investment risk, liquidity risk, interest
rates and credit risk. The Board regularly
reviews and agrees policies for
managing these risks and full details can
be found in Note 15 to the Financial
Statements on pages 72 to 79 of this
Annual Report.
Post balance sheet events
For a full list of the post balance sheet
events that have occurred since
31 December 2021, please see Note 18
to the Accounts on page 79.
Articles of Association
The Company may amend its Articles of
Association (“the Articles”) by special
resolution in accordance with section 21
of the Companies Act 2006. It is not the
Company’s intention to change its
Articles at the forthcoming AGM.
Annual General Meeting
The Notice of the Annual General
Meeting, which will be held at 11:30 am
on Tuesday, 17 May 2022 at the oces
of Shakespeare Martineau LLP, 6th Floor,
60 Gracechurch Street, London EC3V
0HR is set out on pages 82 to 84 of this
Annual Report.
A proxy form for the meeting is enclosed
separately with Shareholders’ copies of
this Annual Report. Proxy votes may be
submitted electronically via the Link
Group Signal Shares Portal at
www.signalshares.com. Shareholders
may also request a hard copy proxy form
by contacting the Company’s Registrar,
Link Group, using their details as stated
on page 86. Shareholders are
encouraged to lodge their proxy vote
and appoint the Chairman of the
Meeting as their proxy, as soon as
possible.
Shareholders are expected to be able
to attend the AGM in person this year.
However, should this change,
Shareholders will be notified by an RNS
announcement as well as on the
Company’s website. Shareholders will
also be able to attend via a webcast
which will also be available at the same
time for those Shareholders who cannot
attend in person however, please note
that you will not be able to vote via this
method and so are encouraged to return
your proxy form before the deadline of
13 May 2022. Details of how to join will
be shown on the Company’s website.
Shareholders may send any questions
on the resolutions proposed to the
following email address: AGM@
greshamhouse.com and a response will
be provided prior to the deadline for
lodging your proxy vote. Voting on the
resolutions will be conducted at the
meeting on a show of hands.
Resolutions 1 to 7 are being proposed as
ordinary resolutions requiring more than
50% of the votes cast at the meeting to
be in favour and resolutions 8 and 9 will
be proposed as special resolutions
requiring the approval of at least 75% of
the votes cast at the meeting.
The following is an explanation of the
business to be proposed:
Resolution 1 – To receive the
Annual Report and Financial
Statements
The Directors are required to present
the Financial Statements, Directors’
report and Auditor’s report for the
financial year ended 31 December 2021
to the meeting.
Resolution 2 – To approve the
Directors’ Remuneration Report
Under section 420 of the Companies Act
2006 (the “Act”), the Directors must
prepare an annual report detailing the
remuneration of the Directors and a
statement by the chairman of the
Remuneration Committee (together the
“Directors’ Remuneration Report”). The
Act also requires that a resolution be put
to Shareholders each year for their
approval of that report. The Directors’
Remuneration Report can be found on
39
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Reports of
the Directors

pages 47 to 50 of this Annual Report
and Financial Statements. Resolution 2
is an advisory vote only.
Full details of Directors’ remuneration
can be found within the Directors’
Remuneration Report on pages 48 and
49 of this Annual Report.
Resolutions 3 to 5 – To elect and
re-elect the Directors
The Company’s Articles of Association
require that each Director appointed to
the Board shall retire and seek election
at their first AGM following appointment
and every three years thereafter. The
Board considers that it is not appropriate
for the Directors to be appointed for a
specified term as recommended by
principle 3 of the AIC Code.
The Board has previously agreed that
each Director will retire and oer
themselves for re-election annually after
serving on the Board for more than nine
years. However, following the
publication of the revised UK Corporate
Governance Code in July 2018, which
applied to the Company from 1 January
2019 onwards, the Board agreed to
follow the recommendation of provision
18, namely that all directors be subject to
annual re-election.
Jonathan Cartwright
Independent non-executive chairman
Following an evaluation of Jonathan
Cartwright’s performance, the remaining
Directors agree that Jonathan carries
out his duties eectively and that he is
independent. His substantial experience
significantly enhances the eectiveness
of the Board and the Directors have no
hesitation in recommending his election
to Shareholders.
Graham Paterson
Independent non-executive director
Following a review of his performance,
the remaining Directors agree that
Graham carries out his duties eectively
and makes a substantial contribution to
the Company’s long-term sustainable
success in his role of chairman of the
Audit Committee. The remaining
Directors are confident that he is a
strong and eective director and have
no hesitation in recommending his
re-election to Shareholders.
Chris Burke
Independent non-executive director
Following a review of Chris’s
performance, the Directors agree that
he continues to carry out his duties
eectively and makes a substantial
contribution to the Company’s long-term
sustainable success. Chris was
appointed as chairman of the Investment
Committee with eect from 1 March
2021, succeeding Helen Sinclair in the
role following her retirement from the
Company.
He was also appointed a member of the
Audit and Nomination & Remuneration
Committees on the same date.
The Directors are confident that he is a
strong and eective director and have
no hesitation in recommending his
re-election to Shareholders.
The Directors believe that the Board
comprises an appropriate balance of
skills, experience and knowledge and
consider that another Non-Executive
Director appointment is not necessary at
this time. Brief biographical details of the
Directors are given on page 37 of this
Annual Report.
Resolution 6 – To reappoint BDO
LLP as auditor of the Company, to
hold oce until the conclusion of
the next general meeting at which
accounts are laid before the
Company and to authorise the
Directors to determine the
remuneration of the auditor.
At each meeting at which the Company’s
accounts are presented to its members,
the Company is required to appoint an
auditor to serve until the next such
meeting. The Board, on the
recommendation of the Audit
Committee, recommends the re-
appointment of BDO LLP. This resolution
also gives authority to the Directors to
determine the remuneration of the
auditor. For further information, please
see the report of the Audit Committee
on pages 45 and 46.
Resolution 7 – Authorities for the
Directors to allot shares in the
Company and Resolution 8 – to
disapply the pre-emption rights of
members
These two resolutions grant the
Directors the authority to generally allot
shares for cash to a limited and defined
extent otherwise than pro rata to
existing Shareholders.
Resolution 7 will enable the Directors to
allot new shares up to an aggregate
nominal value of £304,199, representing
one-third of the existing issued share
capital of the Company as at the
publication date of the Notice convening
the Annual General Meeting.
Under section 561(1) of the Act, if the
Directors wish to allot new shares or sell
or transfer treasury shares for cash they
must first oer such shares to existing
Shareholders in proportion to their
current holdings. It is proposed by
Resolution 8 to sanction the
disapplication of such pre-emption
rights in respect of the allotment of
equity securities:
(i) with an aggregate nominal value of
up to, but not exceeding, £136,889
(representing approximately 15% of
the existing issued share capital at
the time of the circulation of the
notice of the AGM) in connection
with oer(s) for subscription;
(ii) with an aggregate nominal value of
up to, but not exceeding, 10% of the
issued share capital from time to
time pursuant to any dividend
investment scheme operated by the
Company; and
(iii) otherwise than pursuant to (i) or (ii)
above, with an aggregate nominal
value of up to, but not exceeding,
10% of the issued share capital from
time to time,
in each case where the proceeds may
be used in whole or part to purchase the
Company’s shares in the market.
The Company will only allot shares at or
above NAV per share, which includes in
relation to the Dividend Investment
Scheme. The Directors thus seek to
manage any potential dilution of existing
shareholdings as a result of the
disapplication of Shareholders’ pre-
emption rights proposed in resolution 8.
The Company does not currently hold
any shares as treasury shares.
Both of these authorities, unless
previously renewed, varied or revoked,
will expire on the date falling fifteen
months after the passing of the
resolution or, if earlier, on the conclusion
of the Annual General Meeting of the
Company to be held in 2023. However,
the Directors may allot securities after
the expiry dates specified above in
pursuance of oers or agreements made
prior to the expiration of these
authorities. The above authorities are
intended to be used for the purposes of
an oer(s) for subscription and the
dividend investment scheme. In each
case, the Company normally allots
shares at prices based on prevailing net
asset value per share of the existing
shares on the date of allotment (plus
costs, save in relation to the dividend
investment scheme). The Directors thus,
seek to manage any potential dilution of
existing Shareholders as a result of the
disapplication of Shareholders’ pre-
emption rights proposed in Resolution 8.
40
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Reports of
the Directors
Directors’ Report

Resolution 9 – Authority to
purchase the Company’s own
shares
This resolution authorises the Company
to purchase its own shares pursuant to
section 701 of the Companies Act. The
authority is limited to the purchase of an
aggregate of 13,679,821 shares
representing approximately 14.99% of
the issued share capital of the Company
as at the date of the Notice of the
Meeting or, if lower, such number of
shares (rounded down to the nearest
whole share) as shall equal 14.99% of the
issued share capital at the date the
resolution is passed. The maximum price
that may be paid for a share will be the
higher of (i) an amount that is not more
than 5% above the average of the
middle market quotations of the shares
as derived from the Daily Ocial List of
the UK Listing Authority for the five
business days preceding the date such
shares are contracted to be purchased
and (ii) the price stipulated by Article 5(1)
of the Buy-back and Stabilisation
Regulation. The minimum price that may
be paid for a share is 1.00 penny, being
the nominal value thereof.
Market liquidity in VCTs is normally very
restricted. The passing of this resolution
will enable the Company to purchase its
own shares thereby providing a
mechanism by which the Company may
enhance the liquidity of its shares and
seek to manage the level and volatility
of the discount to NAV at which its
shares may trade.
It is the Directors’ intention to cancel any
shares bought back under this authority.
Shareholders should note that the
Directors do not intend to exercise this
authority unless they believe to do so
would result in an increase in net assets
per share which would be in the
interests of Shareholders generally. This
resolution will expire on the date falling
fifteen months after the passing of this
resolution or, if earlier, on the conclusion
of the Company’s Annual General
Meeting to be held in 2023 except that
the Company may purchase its own
shares after this date in pursuance of a
contract or contracts made prior to the
expiration of this authority.
Recommendation
The Board recommends that
Shareholders vote in favour of the
resolutions to be proposed at the
Annual General Meeting of the
Company, as the Directors intend to do
in respect of their own beneficial
holdings of 206,310 shares (representing
0.23% of the issued share capital as at
the date of publication).
Voting rights of Shareholders
At general meetings of the Company,
Shareholders have one vote on a show
of hands, and one vote per share held
on a poll. No member shall be entitled to
vote or exercise any rights at a general
meeting unless all their shares have
been paid up in full. Any instrument of
proxy must be deposited at the place
specified by the Directors no later than
48 hours before the time fixed for
holding the meeting.
There are no restrictions on voting rights
and no agreements between holders of
securities that may prevent or restrict
the transfer of securities or voting rights.
By order of the Board
Gresham House Asset Management
Limited
Company Secretary
6 April 2022
41
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Reports of
the Directors

This Corporate Governance
Statement forms part of the
Directors’ Report.
The Directors have adopted the
Association of Investment Companies
(AIC) Code of Corporate Governance
2019 (“the AIC Code”) for the financial
year ended 31 December 2021. The
Board has considered the principles and
recommendations of the AIC Code by
reference to the AIC Corporate
Governance Guide for investment
companies (“AIC Guide”). The AIC Code,
as explained by the AIC Guide,
addresses all the principles set out in
the UK Corporate Governance Code
(“the UK Code”), as well as setting out
additional principles and
recommendations on issues that are of
specific relevance to the Company.
The Board considers that reporting
against the principles and
recommendations of the AIC Code, and
by reference to the AIC Guide (which
incorporates the UK Code), will provide
the most appropriate information to
Shareholders.
The AIC Code was endorsed by the
Financial Reporting Council in February
2019. In adopting the AIC Code, the
Company will therefore meet its
obligations in relation to the reporting
requirements of the Financial Conduct
Authority’s Listing and Disclosure and
Transparency Rules on Corporate
Governance.
The AIC Code can be viewed on the
AIC’s website at www.theaic.co.uk/
aic-code-of-corporate-governance
Statement of Compliance
This statement has been compiled in
accordance with the FCA’s Disclosure
and Transparency Rule (DTR) 7.2 on
Corporate Governance Statements.
The Board considers that the Company
has complied with the recommendations
of the AIC Code and relevant provisions
of the UK Code throughout the year
under review, except as explained in the
following paragraphs. A table providing
further explanations of how the
Company has complied with the AIC
Code during the year is available in the
Corporate Governance section of the
Company’s website: www.mig4vct.co.uk.
As an externally managed VCT, most of
the Company’s operations are
delegated to third parties and the
Company has no executive directors,
employees or internal operations. The
Board has therefore concluded, for the
reasons set out in the AIC Guide, that
not all the provisions of the UK Code are
relevant to the Company. Firstly, as the
Company does not employ a chief
executive, nor any executive directors,
the provisions of the AIC Code relating
to the rate of the chief executive and
executive directors’ remuneration are
not relevant to the Company. Secondly,
the systems and procedures of the
Investment Adviser, the provision of VCT
monitoring services by Philip Hare &
Associates LLP, as well as the size of the
Company’s operations, give the Board
full confidence that an internal audit
function is not necessary. The Company
has therefore not reported further in
respect of these provisions.
Internal control
The Board acknowledges that it is
responsible for the Company’s system of
internal control and for reviewing its
eectiveness. Internal control systems
are designed to manage the particular
needs of the Company and the risks to
which it is exposed and can by their
nature only provide reasonable and not
absolute assurance against material
misstatement or loss.
The Company’s internal control system
aims to ensure the maintenance of
proper accounting records, the reliability
of the finance information used for
publication and upon which business
decisions are made, and that the assets
of the Company are safeguarded. The
financial controls operated by the Board
include regular reviews of signing
authorities, quarterly management
accounts and the processes by which
investments in the portfolio are valued.
The Board also provides authorisation of
the Investment Policy and regular
reviews of the financial results and
investment performance.
The Board has put in place ongoing
procedures for identifying, evaluating
and managing the significant risks faced
by the Company. As part of this process
an annual review of the control systems
is carried out. The review covers a
consideration of the key business,
operational, compliance and financial
risks facing the Company and includes a
review of the risks in relation to the
financial reporting process. The Board
reviews a schedule of key risks and the
management accounts at each quarterly
Board meeting. It is assisted by the Audit
Committee in respect of the Annual and
Half-Year Reports and other published
financial information.
The Board has contractually delegated
to Gresham House, the management of
the investment portfolio, the day-to-day
accounting, company secretarial and
administration requirements, and, to Link
Group, the registration services. Each of
these contracts was entered into after
full and proper consideration by the
Board of the quality and cost of services
oered, including the financial control
systems in operation at the service
providers in so far as they relate to the
aairs of the Company. The Board
regularly monitors these controls from a
risk perspective and receives reports
from the Registrar and Investment
Adviser and Administrator when
appropriate.
The Board, assisted by the Audit
Committee, carries out separate
assessments in respect of the Annual
and Half-Year Reports and other
published financial information. As part
of these reviews, the Board appraises all
the relevant risks ensuing from the
internal control process referred to
above. The main aspects of the internal
controls which have been in place
throughout the year in relation to
financial reporting are:
 Internal controls are in place for the
preparation and reconciliation of the
valuations prepared by the
Investment Adviser.
 Independent reviews of the
valuations of investments within the
portfolio are undertaken quarterly by
the Board.
 The information contained in the
Annual Report and other financial
reports is reviewed separately by
the Audit Committee prior to
consideration by the Board.
 The Board reviews all financial
information prior to publication.
The system of internal control and the
procedure for the review of control
systems has been in place and
operational throughout the year under
review and up to the date of this Report.
The Audit Committee and the Board
carried out an assessment of the
eectiveness of internal controls in
managing risk which was conducted on
the basis of reports from the relevant
service providers. The last review took
place on 8 March 2022. The Board has
identified no significant problems with
the Company’s internal control
mechanisms.
Section 172 Director Duties
The Directors continue to have regard to
the interests of the Company’s
Shareholders and other stakeholders,
including the impact of its activities on
the community, environment and the
Company’s reputation, when making
decisions. The Directors, acting fairly
and in good faith, consider what is most
42
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Reports of
the Directors
Corporate Governance Statement

likely to promote the success of the
Company for its members and
stakeholders in the long-term. For
further Information on how the Directors
have fulfilled their duties under Section
172 of the Companies Act 2006, please
see pages 31 to 33.
Fees paid to the Investment Adviser
The fees paid to the Investment Adviser
are set out in Note 4 to the Financial
Statements on 63 and 64.
In addition, the Investment Adviser
received fees totalling £349,777 (2020:
£341,957) during the year ended
31December 2021, being £132,666
(2020: £126,452) for arrangement fees,
and £217,111 (2020: £215,405) for acting
as non-executive directors on a number
of investee company boards. These
amounts are the share of such fees
attributable to investments made by the
Company.
Alternative Investment Fund
Manager (“AIFM”)
The Board appointed the Company as
its own AIFM in compliance with the
European Commission’s Alternative
Investment Fund Management Directive
with eect from 22 July 2014. The
Company is registered as a small AIFM,
and is therefore exempt from the
principal requirements of the Directive.
Mobeus continues to provide investment
advisory and administrative services to
the Company.
The Board and its Committees
The powers of the Directors have been
granted by company law, the Company’s
Articles of Association and resolutions
passed by the Company’s members in
general meeting. Resolutions are
proposed annually at each annual
general meeting of the Company to
authorise the Directors to allot shares,
disapply the pre-emption rights of
members and buyback the Company’s
own shares on behalf of the Company.
These authorities are currently in place
and resolutions to renew them will be
proposed at the Annual General
Meeting of the Company to be held on
17 May 2022.
The Board has agreed a schedule of
matters specifically reserved for
decision by the Board. These include
compliance with the requirements of the
Companies Act 2006 and the Income
Tax Act 2007, the UK Listing Authority
and the London Stock Exchange;
strategy and management of the
Company; changes relating to the
Company’s capital structure or its status
as a plc; financial reporting and controls;
board and committee appointments as
recommended by the Nomination and
Remuneration Committee and terms of
reference of committees; material
contracts of the Company and contracts
of the Company not in the ordinary
course of business.
In regard to the Chairman of the Board’s
tenure, the length of service of all
directors is considered on an ongoing
basis, with the Nomination &
Remuneration Committee giving
consideration to succession and
composition at its year-end meeting, in
compliance with the AIC Code of
Corporate Governance guidance. The
Board also annually reviews the
constitution and strategy of the
Company.
Graham Paterson was appointed by the
Board on 10 May 2019, Chris Burke was
appointed by the Board on 26
November 2019 and Jonathan
Cartwright was appointed by the Board
on 7 September 2020. They will each be
seeking re-election at the upcoming
Annual General Meeting on 17 May
2022.
The Board is of the view that a term of
service in excess of nine years is not in
itself prejudicial to a director’s ability to
carry out their duties eectively and
from an independent perspective; the
nature of the Company’s business is
such that an individual director’s
experience and continuity of non-
executive board membership can
significantly enhance the eectiveness
of the Board as a whole.
Following the performance evaluation of
the Directors during the year, the Board
confirms that each of Jonathan
Cartwright, Graham Paterson and
Christopher Burke continue to
demonstrate commitment to their roles
and to be eective in carrying out their
duties on behalf of the Company.
Copies of the directors’ letters of
appointment are available for inspection
at the place of the Annual General
Meeting for at least 15 minutes before
and during the Meeting.
Board Committees
The Board has established three
Committees, the Nomination and
Remuneration Committee, the
Investment Committee and the Audit
Committee, each with responsibilities for
specific areas of its activity. Each of the
Committees have written terms of
reference, which detail their authority
and duties. Shareholders may obtain
copies of these by making a written
request to the Company Secretary or by
downloading these documents from the
Company’s website: www.mig4vct.co.uk.
The Board has satisfied itself that each
of its Committees has sucient
resources to undertake its duties.
Audit Committee
The Audit Committee is chaired by
Graham Paterson and comprises himself,
Jonathan Cartwright and Chris Burke. A
full description of the work of the Audit
Committee is set out in the Report of the
Audit Committee on pages 45 and 46 of
this Annual Report. Helen Sinclair was a
Committee member until her retirement
from the Board, eective from 1 March
2022.
Nomination and Remuneration
Committee
The Nomination and Remuneration
Committee is chaired by Graham
Paterson and comprises himself,
Jonathan Cartwright and Chris Burke.
Helen Sinclair was also a member until
her retirement from the Board.
In considering nominations, the
Committee is responsible for making
recommendations to the Board
concerning new appointments of
Directors to the Board and its
committees; the periodic review of the
composition of the Board and its
committees; and the annual
performance review of the Board, the
Directors and the Chairman. This
includes the ongoing review of each
Director’s actual or potential conflicts of
interest which may arise as a result of
the external business activities of Board
members. Following the year under
review, the Board appointed Chris Burke
to the Nomination & Remuneration
Committee and Audit Committee, and
also as Chairman of the Investment
Committee, succeeding Helen Sinclair in
that role following her retirement from
the Board. Although the Board now
comprises all male Directors, the Board
remains committed to include
consideration of gender and diversity for
all future appointments.
A full description of the work of the
Committee with regard to remuneration
is included within the Directors’
Remuneration Report on pages 47 to 50.
Investment Committee
The Investment Committee is now
chaired by Chris Burke and comprises all
three Directors.
The Committee meets as necessary to
consider the investment proposals put
43
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Reports of
the Directors

Corporate Governance Statement
forward by the Investment Adviser. The
Committee advises the Board on the
development and implementation of the
Investment Policy and leads the process
for the ongoing monitoring of investee
companies and the Company’s
investment therein. Investment guidance
has been issued to the Investment
Adviser and the Committee ensures that
this guidance is adhered to. New
investments and divestments are
approved by the Committee following
discussions between Committee
members and are subsequently ratified
by the Board. Investment matters are
discussed at each Board meeting.
During the year, the Committee formally
approved all investments, divestments
and variation decisions, meeting
informally on numerous occasions.
The Committee considers and agrees,
on the advice of the Investment Adviser
for recommendation to the Board, all
unquoted investment valuations.
Investments are valued in accordance
with the International Private Equity and
Venture Capital (IPEV) Valuation
Guidelines under which investments are
valued at fair value as defined in those
guidelines. Any AIM or other quoted
investment will be valued at the closing
bid price of its shares as at the relevant
reporting date, in accordance with
generally accepted accounting practice.
Financial risk management
The main risks arising from the
Company’s financial instruments are due
to investment risk, liquidity risk, credit
risk, fluctuations in market prices (market
price risk), cash flow interest rate risk
and currency risk. The Board regularly
reviews and agrees policies for
managing these risks and full details can
be found in Note 15 to the Accounts on
pages 72 to 79 of this Annual Report.
Future developments
The outlook for the Company is set out
in the Chairman’s Statement on page 5.
Investment management and
service providers
On 30 September 2021, Mobeus Equity
Partners LLP, the investment adviser to
the Mobeus VCTs, completed the sale of
its VCT fund and investment
management business to a subsidiary of
Gresham House plc. As part of the sale,
the Boards agreed to the novation of the
investment advisory arrangements from
Mobeus to Gresham House.
Mobeus acted as Investment Adviser for
nine months of the year under review
and provided administrative and
company secretarial services to the
Company up until the novation of the
investment advisory agreement to
Gresham House on 30 September 2021.
With eect from 1 October 2021, the
same team, now working under
Gresham House, provides Investment
Advisory, administrative and company
secretarial services to the Company.
The Directors carry out an annual review
of the performance of and contractual
arrangements with the Investment
Adviser. The annual review of the
Investment Adviser forms part of the
Board’s overall internal control
procedures discussed above. As part of
this review, the Board considers the
quality and continuity of the investment
management team, investment
performance, quality of information
provided to the Board, remuneration of
the Investment Adviser, the investment
process and the results achieved to
date. A review of the performance of the
Company is included in the Strategic
Report on pages 8 to 11. The Board
concluded that the Investment Adviser
had performed consistently well over
the medium-term and has returned a
good performance in respect of the year
under review. The Company’s
investment portfolio has performed very
well and the Investment Adviser has
been proactive in ensuring the Company
remains informed and well-positioned to
maintain compliance with VCT tax
legislation.
The Board places significant emphasis
on the Company’s performance against
its peers and further information on this
has been included in the Strategic
Report on page 10. The Board further
considered the Investment Adviser’s
commitment to the promotion of the
Company and was satisfied that this was
highly prioritised by the Investment
Adviser as evidenced by, inter alia, the
Mobeus VCT fundraisings which have
taken place between 2010 and 2022
and annual Shareholder events.
The Board considers that the Investment
Adviser continued to exercise
independent judgement while producing
valuations which reflect fair value.
Overall, the Board continues to believe
that the Investment Adviser possesses
the experience, knowledge and
resources that are required to support
the Board in achieving the Company’s
long term investment objectives. The
Directors therefore believe that the
continued appointment of the
Investment Adviser to the Company on
the terms currently agreed is in the
interests of Shareholders, and this was
formally approved by the Board on
17November 2021.
The principal terms of the Company’s
Investment Advisory Agreement,
amended and restated on 30 September
2021, and its Performance Incentive Fee
Agreement, novated on 30 September
2021 to Gresham House are set out in
Note 4 to the Financial Statements on
pages 63 and 64 of this Annual Report.
The Board seeks to ensure that the
terms of these agreements represent an
appropriate balance between cost and
the incentivisation of the Investment
Adviser.
By order of the Board
Gresham House Asset Management
Limited
Company Secretary
6 April 2022
44
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Reports of
the Directors

This Report of the Audit
Committee forms part of the
Directors’ Report.
The Audit Committee is chaired by
Graham Paterson and comprises himself,
Jonathan Cartwright and Chris Burke.
There are three directors appointed to
the Company, and it was deemed
appropriate that the Chairman, who was
considered to be independent upon his
appointment, should be a member of the
Audit Committee.
The duties of the Committee are set out
in the Terms of Reference which can be
found on the website in the Corporate
Governance section at:
www.mig4vct.co.uk.
A summary of the Audit Committee’s
principal activities for the year to
31 December 2021 is provided below:
Financial statements
The Half-Year and Annual Reports to
Shareholders were thoroughly reviewed
by the Committee prior to submission to
the Board for approval.
Internal control
The Committee has monitored the
system of internal of controls throughout
the year under review as described in
more detail in this Report on page 42. It
receives a report by exception on the
Company’s progress against its internal
controls at its Annual and Half-Year
results meetings and reviews the
schedule of internal controls and risks at
each meeting. A full review of the internal
controls in operation by the Company
was undertaken by the Committee on
8March 2022.
Valuation of investments
The Investment Adviser prepared
valuations of the investments in the
portfolio at the end of each quarter and
these were considered in detail and
agreed by the Investment committee for
recommendation to the Board. The Audit
Committee continued to monitor the
adequacy of the controls over the
preparation of these valuations. As part
of this process, it focused on ensuring
that both the bases of the valuations and
any assumptions used were reasonable
and in accordance with the IPEV
Valuation Guidelines. The Committee
received a review within a report from
the external auditor as part of both the
year-end audit process and the specific
procedures carried out by BDO in
respect of the Half-Year review. These
reports were discussed in full by the
Committee, the Investment Adviser and
the Auditor as necessary, before a
recommendation to approve the
valuations was made to the Board.
Key issues considered by the
Committee
The key accounting and reporting issues
considered by the Committee in addition
to those described above during the
year included:
Going concern and long-term
viability
The Committee monitors the Company’s
resources at each quarterly board
meeting and has satisfied itself that the
Company has an adequate level of
resources for the foreseeable future. It
has assessed the viability of the
Company for three years and beyond.
Consideration is given to the cash
balances and holdings in money market
funds, together with the ability of the
Company to realise its investments. See
page 36 of the Strategic Report for
further details.
Recognition of impairment and
realised losses
If an investment has been impaired such
that there is no realistic expectation that
there will be a full return from the
investment, the loss is treated as a
permanent impairment and is recognised
as a realised loss in the Financial
Statements. The Committee reviews the
appropriateness and completeness of
such impairments.
Compliance with the VCT tests
The Company engages the services of a
VCT Status Adviser (Philip Hare &
Associates LLP) to advise on its ongoing
compliance with the legislative
requirements relating to VCTs. A report
on the Company’s compliance supported
by the tests carried out is produced by
the VCT Status Adviser on a bi-annual
basis and reviewed by the Committee for
recommendation to the Board. The
Committee has continued to consider
the risk and compliance aspects of
changes to the VCT Rules introduced by
the Finance Act (No 2) 2015 and the
Finance Act (No 2) 2018.
As an essential part of this work, the
Committee has held ongoing discussions
with the Company’s VCT Status Adviser
throughout the year.
Tax Compliance Services
Philip Hare & Associates LLP were
appointed during the year ended
31 December 2018 and continued to
provide such services during the year
under review.
Income from investee companies
The Committee notes that revenue from
loan stock and dividends may be
uncertain given the type of companies in
which the VCT invests. Dividends in
particular may be dicult to predict. The
payments received however have a
direct impact on the level of income
dividends the Company is able to pay to
Shareholders. The Committee agrees
policies for revenue recognition and
reviews their application at each of its
meetings. It considers schedules of
income received and receivable from
each of the investee companies and
assesses, in consultation with the
Investment Adviser, the likelihood of
receipt of each of the amounts.
Key risks faced by the Company
The Board has identified the key risks
faced by the Company and established
appropriate controls (as disclosed in the
Strategic Report on pages 34 and 35).
The Committee monitors these controls
and reviews any incidences of non-
compliance. Further details are set out in
the section of this report that discusses
the Company’s system of internal
controls (page 42).
Cyber Security
The Board sought and obtained
assurances during the year from the
Investment Adviser, the Registrar and the
other service providers concerning their
cyber security procedures and policies.
Anti-tax evasion policy
In compliance with the Criminal Finance
Act 2017 the Company adopted a zero
tolerance towards the criminal facilitation
of tax evasion. A summary of the policy is
available on page 39 of the Annual
Report.
Safekeeping of the Company’s
documents of title to its
investments
The Committee has established
procedures for the safekeeping of the
Company’s documents of title under a
Safekeeping Agreement dated
17 February 2022 with Apex Fund and
Corporate Services (Guernsey) Limited,
for accessing and dealing with these
documents.
Relationship with the external
auditor and re-appointment
The Committee is responsible for
overseeing the relationship with the
external Auditor, assessing the
eectiveness of the external audit
process and making recommendations
on the appointment and removal of the
Report of the Audit Committee
45
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Reports of
the Directors

external Auditor. It makes
recommendations to the Board on the
level of audit fees and the terms of
engagement for the Auditor. The external
Auditor is invited to attend Audit
Committee meetings, where appropriate,
and also has the opportunity to meet
with the Committee and its Chairman
without representatives of the
Investment Adviser being present.
The Committee undertook an audit
tender process in 2016 in compliance
with the requirements on audit firm
rotation under the European Audit
Regulation Directive. As a consequence
of that process, BDO LLP were
reappointed. BDO LLP has been the
independent auditor to the Company
since 2008.
The Audit Committee also undertakes an
annual review of the external Auditor and
the eectiveness of the audit process on
an annual basis. When assessing the
eectiveness of the process, the
Committee considers whether the
Auditor:
- demonstrated strong technical
knowledge and a clear
understanding of the business;
- indicated professional scepticism in
key judgements and raised any
significant issues in advance of the
audit process commencing;
- provided an audit team that is
appropriately resourced;
- demonstrated a proactive approach
to the audit planning process and
engaged with the Committee
Chairman and other key individuals
within the business;
- provided a clear explanation of the
scope and strategy of the audit;
- demonstrated the ability to
communicate clearly and promptly
with the members of the Committee
and the Investment Adviser and
produce comprehensive reports on
its findings;
- demonstrated that it has appropriate
procedures and safeguards in place
to maintain its independence and
objectivity;
- charged justifiable fees in respect of
the scope of services provided; and
- handled key audit issues eectively
and responded robustly to the
Committee’s questions.
This review constituted the Audit
Committee’s annual assessment of the
eectiveness of the external audit
process. The Audit Committee
concluded that the re-appointment of
BDO LLP is in the best interests of the
Company and Shareholders and the
Board recommends their re-appointment
by Shareholders at the forthcoming
Annual General Meeting.
Non-audit services
The Board regularly reviews and
monitors the external Auditor’s
independence and objectivity. As part of
this it reviews the nature and extent of
services supplied by the Auditor to
ensure that independence is maintained.
No non-audit services have been
provided by the Company’s external
auditor, BDO LLP, during the period,
therefore the Committee continues to
believe that the external auditor remains
independent.
The Committee has reviewed the
implications of the Financial Reporting
Council‘s (“FRC”) Revised Ethical
Reporting Standard 2019 eective from
5March 2020.
The Audit Committee, based upon the
review of this 2019 Ethical Standard, has
decided to purchase certain non-audit
services, such as tax compliance
services and iXBRL tagging, from
separate firms. The auditor provides
permissable audit-related services in
respect of the Half-Year Report, whereas
Philip Hare & Associates LLP provide tax
compliance services, and Arkk
Consulting Limited, one of the
Company’s investee companies,
provides the iXBRL Tagging Service.
Additional disclosures in the
Directors’ Report
Disclosures required by certain publicly-
traded companies as set out in Part 6 of
Schedule 7 of the Large and Medium-
sized Companies and Groups (Accounts
and Reports) Regulations 2008 (as
amended 2013) are contained in the
Directors’ Report on page 38.
By order of the Board
Graham Paterson
Chairman of the Audit Committee
6 April 2022
46
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Reports of
the Directors

47
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Reports of
the Directors
Introduction
This Report has been prepared by the
Directors in accordance with the
requirements of Schedule 8 of The
Large and Medium-sized Companies
and Groups (Accounts and Reports)
(Amendment) Regulations 2013, the
Companies Act 2006 and the Listing
Rules of the UK Listing Authority (“the
Listing Rules”).
The Company’s independent auditor is
required to give its opinion on the
information provided on Directors’
emoluments and Director’s interests on
page 49 of this Annual Report and this is
explained further in the Auditor’s report
to Shareholders on pages 52 to 56.
The resolution to approve the Directors’
Remuneration Policy as set out in the
Annual Report for the year ended
31 December 2020 was approved by
Shareholders at the Annual General
Meeting of the Company held on 18 May
2021. Full details of the Remuneration
Policy can be found within this report in
the adjacent column and on page 49.
The resolution to approve the Directors’
Annual Remuneration Report, as set out
in the Annual Report for the year ended
31 December 2020, was approved by
Shareholders at the Annual General
Meeting of the Company held on 18 May
2021. An ordinary resolution will be
proposed at the forthcoming Annual
General Meeting of the Company to be
held on 17 May 2022 for the approval of
the Annual Remuneration Report as set
out below.
Remuneration statement by the
Chairman of the Nomination and
Remuneration Committee
This report sets out the Company’s
forward looking Directors’ Remuneration
Policy and the Annual Remuneration
Report which describes how this policy
has been applied during the year.
As set out in the 2017 Directors’
Remuneration Report, the Committee
recommended an increase in Director’s
fees and the supplement for members of
the Audit Committee with eect from
1 July 2018; the first increase in Directors’
remuneration since 2013. The
Committee has reviewed the fees paid
in the year ended 31 December 2021
and decided no further change to the
level of fees paid is necessary. As part of
this review, the Committee considered
information on the fees paid to directors
of a peer group of VCTs of a similar size
operating in its sector.
Graham Paterson
Chairman of the Nomination and
Remuneration Committee
6 April 2022
Directors’ Remuneration Policy
The remuneration policy is set by the
Board on the recommendation of the
Nomination and Remuneration
Committee and is unchanged from last
year. In determining the Company’s
remuneration policy, the Committee
seeks to determine a level of fees
appropriate to attract and retain
individuals of sucient calibre to lead
the Company in achieving its strategy.
When considering the level of Directors’
fees, it takes account of the required
workload and responsibilities of each
role and the value and amount of time
that a Director is required to commit to
the Company. It further considers
remuneration levels elsewhere in the
Venture Capital Trust industry for
companies of a similar size and
structure, together with other relevant
information.
The level of fees paid to each of the
Directors is reviewed annually by the
Nomination and Remuneration
Committee which makes
recommendations to the Board.
The Committee has access to
independent advice where and when it
considers appropriate. However, it was
not considered necessary to take any
such advice during the year under
review.
In addition to the £21,000 per annum
paid to Directors (£27,000 per annum to
Jonathan Cartwright as Chairman of the
Board) supplements are paid to the
Directors in respect of their membership
of the Investment Committee (£6,000
per annum) and Audit Committee
(£5,000 annum). The Directors may at
their discretion pay additional sums in
respect of specific tasks carried out by
individual Directors on behalf of the
Company.
Since all the Directors are non-
executive, the Company is not required
to comply with the executive director’s
provisions of the Listing Rules, the UK
Corporate Governance Code and the
AIC Code of Corporate Governance in
respect of Directors’ remuneration,
except in so far as they relate specifically
to Non-Executive Directors.
The Committee took into account the
additional work required in
consideration of the change of
investment advisory arrangements and,
given the substantial additional time
requirement, recommended to the
Board that a discretionary payment of
£3,000 be made to the Chairman and
£1,000 to the remaining three directors
of the Board, each to be paid in respect
of the year under review. Both of these
recommendations were subsequently
reviewed and approved by the Board at
its meeting on 17 November 2021.
Performance-related remuneration
Whilst it is a key element of this policy to
recruit directors of the calibre required
to lead the Company in achieving its
short and long-term objectives no
component of the fees paid is directly
related to performance.
Pensions
All the Directors are non-executive and
the Company does not provide pension
benefits to any of the Directors.
Additional benefits
Whilst the Board agreed to pay a
discretionary payment to each Director
in respect of the change in investment
advisory arrangements as mentioned
previously, the Company does not have
any other schemes in place to pay
bonuses or benefits to the Directors. No
arrangements have been entered into
between the Company and the Directors
to entitle any of the Directors to
compensation for loss of oce. None of
the Directors receive pension benefits
from the Company and the Company
has not granted any Director any options
over the share capital of the Company.
Directors’ Remuneration Report

48
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Reports of
the Directors
Recruitment remuneration
Remuneration of any new Director, who
may subsequently be appointed to the
Board, will be in line with the
Remuneration Policy set out in this
Report and the levels of remuneration
stated therein, as modified from time to
time.
Shareholders’ views on
remuneration
The Board prioritises the views of
Shareholders and encourages an open
discussion at general meetings of the
Company. It takes Shareholders’ views
into account, where appropriate, when
formulating its remuneration policy.
Shareholders can contact the Chairman or
the Company Secretary, Gresham House,
at any time by email using the address:
mobeusvcts@greshamhouse.com.
Directors’ terms of appointment
In accordance with the 2019 AIC Code,
Jonathan Cartwright, Graham Paterson
and Chris Burke have all agreed to oer
themselves for re-election annually and
will next seek re-election by
Shareholders at the Company’s Annual
General Meeting on 17 May 2022.
All of the Directors are non-executive
and none of the Directors has a service
contract with the Company.
All Directors receive a formal letter of
appointment setting out the terms of
their appointment and their specific
duties and responsibilities and the fees
pertaining to their appointment. A
Director’s appointment may be
terminated on three months’ notice
being given by the Company and in
certain other circumstances. Copies of
the Directors’ appointment letters will be
available for inspection at the place of
the Annual General Meeting on 17 May
2022 from 11.00 am. New Directors are
asked to undertake that they have
sucient time to carry out their
responsibilities to the Company and to
disclose their other significant time
commitments to the Board before
appointment.
Shareholder approval of the
Company’s Remuneration Policy
This policy applied throughout the
financial year ended 31 December 2021
and will continue to apply to the current
financial year ending 31 December 2022.
A resolution to approve the Directors’
Remuneration Policy, as set out in the
Annual Report for the year ended
31 December 2019, was approved by
Shareholders at the Annual General
Meeting held on 2 June 2020. The
Company received proxy votes in favour
of the resolution representing 83.12%
(including those who appointed the
Chairman to vote at his discretion) of the
votes received (against 16.88%).
The Board is required to ask
Shareholders to approve the
Remuneration Policy every three years.
The Directors will therefore recommend
that Shareholders approve the Policy
again at the Annual General Meeting of
the Company to be held in 2023.
Future Remuneration Policy
The table below illustrates how the Company’s Objective is supported by its Remuneration Policy. It sets out details of each
component of the pay package and the maximum amount receivable per annum by each Director. The Nomination and
Remuneration Committee and the Board review the fees paid to Directors annually in accordance with the Remuneration Policy
set out below and may decide that an increase in fees is appropriate in respect of subsequent years.
Director
Role
Components of Pay Package
Maximum
payment
for the
forthcoming
year
Performance
conditions
Director’s fees
(p.a.)
Annual supplements
payable to:
Audit
Committee
Members
Investment
Committee
Members
Jonathan Cartwright
Chairman £27,000 £5,000 £6,000 £38,000 None
Christopher Burke £21,000 £5,000
1
£6,000 £31,167 None
Graham Paterson
Chairman, Audit and Nomination &
Remuneration Committees £21,000 £5,000 £6,000 £32,000 None
Helen Sinclair
2
Chairman, Investment Committee £21,000 £5,000 £6,000 £5,333 None
Total fees £90,000 £20,000 £24,000 £106,500
1
Chris Burke was appointed to the Audit Committee with eect from 1 March 2022. Prior to this appointment, he received no supplement
in respect of the Audit Committee.
2
Helen Sinclair retired from the Board on 28 February 2022. Her total remuneration received for the year ended 31 December 2021 was
pro-rated to 28 February 2022.
Directors’ Remuneration Report

49
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Reports of
the Directors
Company Objective
To provide investors with an attractive return, by maximising the stream of dividend distributions from the income and capital
gains generated by a diverse and carefully selected portfolio of investments, while continuing at all times to qualify as a VCT.
Remuneration Policy
To ensure that the levels of remuneration paid are sucient to attract, retain and motivate directors of the quality required to
manage the Company in order to achieve the Company’s Objective.
Nomination and Remuneration
Committee
The Committee is chaired by Graham
Paterson with Jonathan Cartwright and
Chris Burke as its other members. All
members of the Committee were
considered to be independent of the
Investment Adviser during the year
under review, with the exception of
Helen Sinclair, under the AIC Code. The
Committee meets at least once a year
and is responsible for making
recommendations to the Board on
remuneration policy and reviewing the
policy’s ongoing appropriateness and
relevance. It carries out an annual review
of the remuneration of the Directors and
makes recommendations to the Board
on the level of Directors’ fees. The
Committee may, at its discretion,
recommend to the Board that individual
Directors should be awarded further
payments in respect of additional work
undertaken on behalf of the Company. It
is responsible for the appointment of
remuneration consultants, if this should
be considered necessary, including
establishing the selection criteria and
terms of reference for such an
appointment. The Committee met twice
during the year under review with full
attendance from all its members. The
Committee’s duties in respect of
Nominations to the Board are outlined
on page 43 of the Annual Report.
Total individual emoluments paid to
the Directors during the year (audited)
Year ended
31 Dec
2021
31 Dec
2020
Change
in annual
fee
£ £ (%)
Jonathan
Cartwright
1
41,000 11,715 7.9
Christopher Moore
2
n/a 28,500 n/a
Christopher Burke
3
28,000 27,000 3.7
Graham Paterson
3
33,000 32,000 3.1
Helen Sinclair
3
33,000 32,000 3.1
Total 135,000 131,215
1
Jonathan Cartwright was appointed on
7 September 2020 and was appointed
Chairman on 1 October 2020. A discretionary
payment of £3,000 was paid to Jonathan
Cartwright during the year to 31 December
2021.
2
Christopher Moore retired as a Director on
30 September 2020. £24,187 of his fee was
paid to his consultancy business The Moore
Corporation.
3
A discretionary payment of £1,000 was paid to
the director during the year to 31 December
2021.
No sums were paid to third parties in
respect of any of the Director’s services
during the year under review.
Directors’ interests in the Company’s shares (audited)
The Company does not require the Directors to hold shares in the Company.
The Directors, however, believe that it is in the best interests of the Company and
its Shareholders for each Director to maintain an interest in the Company. The
Directors who held oce throughout the year under review and their interests as
at 31 December 2021 were:
31 December 2021 31 December 2020
Director
Shares
held
Percentage of
issued share
capital
Shares
held
Percentage of
issued share
capital
Jonathan Cartwright 31,977 0.04 31,977 0.04
Christopher Moore
1
n/a n/a 52,529 0.06
Christopher Burke 36,331 0.04 36,331 0.04
Graham Paterson
2
15,000 0.02 15,000 0.02
Helen Sinclair 14,862 0.02 14,862 0.02
1
Christopher Moore retired as a Director on 30 September 2020.
2
Graham Paterson holds his shares in a nominee account.
There have been changes to the Directors’ share interests between the year-end and
the date of this Annual Report as, on 9 March 2022, Jonathan Cartwright and Chris
Burke were allotted 19,742 an 98,714 shares respectively, bringing their total holdings
to 54,806 and 136,504 shares, representing 0.06% and 0.15% of the issued share capital.
The remuneration of the Directors is fixed and contains no performance related variable
element. As the Company has no employees, the directors do not consider it relevant to
compare director fees against employee pay.
Directors’ remuneration: 5-year comparison
Director
2021
£
2016
£ Change
Chairman
(includes Audit and Investment Committee Supplements
1
)
2
41,000 33,500 22.4%
Director Fee
(includes Audit and Investment Committee Supplements
1
)
2
33,000 28,500 15.8%
1
Audit Committee (2021: £5,000; 2016: £2,500) and Investment Committee (2021: £6,000, 2016:
£6,000) fee supplements are paid to all members.
2
In 2021, discretionary payments of £3,000 and £1,000 were paid to the Chairman and remaining
Directors, respectively.

50
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Reports of
the Directors
Relative importance of spend on
Directors’ fees
Year to
31 December
2021
Year to
31 December
2020
Percentage
Increase/
(decrease)
£ £ %
Total
directors’
fees 135,000 131,215 2.9%
Dividends
paid/payable
in respect of
the year 7,520,561 5,114,980 47.0%
Share
Buybacks 1,230,702 728,216 69.0%
Directors’ attendance at Board and Committee meetings in 2021
The table below sets out the Directors’ attendance at quarterly Board meetings and
Committee meetings held during the year to 31 December 2021. In addition to the
quarterly Board meetings, the Board met on other occasions to consider specific
issues as they arose.
Directors Board Meetings (4) Audit Committee
Meetings (2)
Nomination &
Remuneration
Committee
Meetings (2)
Eligible Attended Eligible Attended Eligible Attended
Jonathan Cartwright 2 2 1 1 2 2
Christopher Burke 4 4 0 0 0 0
Graham Paterson 4 4 2 2 2 2
Helen Sinclair 4
4
2
2
2
2
Company performance
The graph below charts the total
shareholder return of the Company’s
shares on a share price basis (assuming
all dividends are re-invested and
excluding the tax relief available to
Shareholders) over the past ten years
compared with that of an index of all VCTs
and an index of generalist VCTs which are
members of the AIC (based on figures
provided by Morningstar). The Board
considers these indices to be the most
appropriate to use to measure the
Company’s relative performance over the
medium to long term. The total
shareholder returns have each been
rebased to 100 pence at 31 January 2012.
The share price total return comprises the
share price plus cumulative dividends
paid per share assuming the dividends
paid were re-invested on the date on
which the shares were quoted ex-
dividend in respect of each dividend.
An explanation of the performance of the
Company is given in the Chairman’s
Statement on page 2, the Performance
section of the Strategic Report on pages
8 to 11 and in the Investment Adviser’s
Review and Investment Portfolio
Summary on pages 24 to 29.
By order of the Board
Gresham House Asset Management
Limited
Company Secretary
6 April 2022
AIC Generalist VCTs Share Price Total Return
AIC All VCTs Share Price Total Return
31/12/202131/01/2012 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/201831/12/2017 31/12/2019 31/12/2020
380p
330p
280p
230p
180p
130p
80p
Mobeus Income & Growth 4 VCT plc Share Price Total Return
Directors’ Remuneration Report

51
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Reports of
the Directors
Statement of Directors’ Responsibilities
The Directors are responsible for
preparing the Annual Report and the
Financial Statements in accordance with
applicable law and regulations.
Company law requires the directors to
prepare financial statements for each
financial year. Under that law the
directors are required to prepare the
financial statements and have elected to
prepare the company financial
statements in accordance with United
Kingdom Generally Accepted
Accounting Practice (United Kingdom
Accounting Standards, comprising
Financial Reporting Standard 102, the
Financial Reporting Standard applicable
in the UK and Republic of Ireland (‘FRS
102’) and applicable law). Under
company law the directors must not
approve the financial statements unless
they are satisfied that they give a true
and fair view of the state of aairs of the
company and of the profit or loss for the
company for that period.
In preparing these Financial Statements,
the Directors are required to:
 select suitable accounting policies
and then apply them consistently;
 make judgements and accounting
estimates that are reasonable and
prudent;
 state whether the Financial
Statements have been prepared in
accordance with United Kingdom
accounting standards, subject to any
material departures disclosed and
explained in the Financial
Statements;
 prepare the Financial Statements on
the going concern basis unless it is
inappropriate to presume that the
Company will continue in business;
and
 prepare a Strategic Report, a
Directors’ Report and Directors’
Remuneration Report which comply
with the requirements of the
Companies Act 2006.
The Directors are responsible for
keeping adequate accounting records
that are sucient to show and explain
the Company’s transactions and
disclose with reasonable accuracy at
any time the financial position of the
Company and enable them to ensure
that the Financial Statements comply
with the Companies Act 2006. They are
also responsible for safeguarding the
assets of the Company and hence for
taking reasonable steps for the
prevention and detection of fraud and
other irregularities.
Website publication
The Financial Statements are published
on the Company’s website at
www.mig4vct.co.uk, which is maintained
by the Investment Adviser. The
maintenance and integrity of the website
maintained by the Investment Adviser is,
so far as it relates to the Company, the
responsibility of the Investment Adviser.
The work carried out by the Auditors
does not involve consideration of the
maintenance and integrity of this
website and, accordingly, the Auditor
accepts no responsibility for any
changes that have occurred to the
accounts since they were initially
presented to the website. The accounts
are prepared in accordance with UK
legislation, which may dier from
legislation in other jurisdictions.
Directors’ responsibilities pursuant
to Disclosure and Transparency
Rule 4 of the UK Listing Authority
The Directors confirm to the best of their
knowledge that:
(a) The Financial Statements, which
have been prepared in accordance
with United Kingdom Generally
Accepted Accounting Practice, give
a true and fair view of the assets,
liabilities, financial position and the
profit and loss of the Company.
(b) The Annual Report includes a fair
review of the development and
performance of the business and the
position of the Company, together
with a description of the principal
risks and uncertainties that it faces.
Having taken advice from the Audit
Committee, the Board considers the
Annual Report and Financial Statements,
taken as a whole, as fair, balanced and
understandable and that it provides the
information necessary for Shareholders
to assess the Company’s position,
performance, business model and
strategy.
Neither the Company nor the Directors
accept any liability to any person in
relation to the Annual Report except to
the extent that such liability could arise
under English law. Accordingly, any
liability to a person who has
demonstrated reliance on any untrue or
misleading statement or omission shall
be determined in accordance with
section 90A and schedule 10A of the
Financial Services and Markets Act
2000.
The names and functions of the
Directors are stated on page 37.
For and on behalf of the Board
Jonathan Cartwright
Chairman
6 April 2022

52
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Independent Auditor’s Report to the Members of
Mobeus Income & Growth 4 VCT plc
Opinion on the financial statements
In our opinion the financial statements:
 give a true and fair view of the state
of the Company’s aairs as at 31
December 2021 and of its profit for
the year then ended;
 have been properly prepared in
accordance with United Kingdom
Generally Accepted Accounting
Practice; and
 have been prepared in accordance
with the requirements of the
Companies Act 2006.
We have audited the financial statements
of Mobeus Income & Growth 4 VCT plc
(“the Company”) for the year ended 31
December 2021 which comprise the
Income statement, the Balance Sheet,
the Statement of Changes in Equity, the
Statement of Cash Flows and notes to
the financial statements, including a
summary of significant accounting
policies. The financial reporting
framework that has been applied in their
preparation is applicable law and United
Kingdom Accounting Standards,
including Financial Reporting Standard
102
The Financial Reporting Standard
applicable in the UK and Republic of
Ireland
(United Kingdom Generally
Accepted Accounting Practice).
Basis for opinion
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 the
financial statements section of our
report. We believe that the audit
evidence we have obtained is sucient
and appropriate to provide a basis for
our opinion. Our audit opinion is
consistent with the additional report to
the audit committee.
Independence
Following the recommendation of the
audit committee, we were appointed by
the Board of Directors to audit the
financial statements for the year ending
30 September 2004 and subsequent
financial periods. The period of total
uninterrupted engagement, including
retenders and reappointments is 17
years, covering the years ending 30
September 2004 to 31 December 2021.
We remain independent of the Company
in accordance with the ethical
requirements that are relevant to our
audit of the financial statements in the
UK, including the FRC’s Ethical Standard
as applied to listed public interest
entities, and we have fulfilled our other
ethical responsibilities in accordance
with these requirements. The non-audit
services prohibited by that standard
were not provided to the Company.
Conclusions relating to going
concern
In auditing the financial statements, we
have concluded that the Directors’ use of
the going concern basis of accounting in
the preparation of the financial
statements is appropriate. Our evaluation
of the Directors’ assessment of the
Company’s ability to continue to adopt
the going concern basis of accounting
included:
 Obtaining the VCT compliance
reports during the year and as at
year end and reviewing the
calculations therein to ensure that
the Company was meeting its
requirements to retain VCT status;
 Reviewing the forecasted cash flows
that support the Directors’
assessment of going concern,
challenging assumptions and
judgements made in the forecasts,
and assessing them for
reasonableness. In particular, we
considered the available cash
resources relative to the forecast
expenditure which was assessed
against the prior year for
reasonableness;
 Evaluating the Directors’ method of
assessing the going concern in light
of market volatility and the present
uncertainties in economic recovery
created by the ongoing matters
including the current situation in
Ukraine/Russia; and
 Calculating financial ratios to
ascertain the financial health of the
company.
Based on the work we have performed,
we have not identified any material
uncertainties relating to events or
conditions that, individually or
collectively, may cast significant doubt
on the Company’s ability to continue as a
going concern for a period of at least
twelve months from when the financial
statements are authorised for issue.
In relation to the Company’s reporting on
how it has applied the UK Corporate
Governance Code, we have nothing
material to add or draw attention to in
relation to the Directors’ statement in the
financial statements about 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.
Overview
2021 2020
Key audit
matters
Valuation of
investments
 
Materiality £1,310,000 (2020:£820,000)
based on 2% (2020: 2%) of
Gross investments
An overview of the scope of our
audit
Our company audit was scoped by
obtaining an understanding of the
company and its environment including
the company’s system of internal control,
and assessing the risk of material
misstatements in the financial
statements. We also addressed the risk
of management override of internal
controls, including assessing whether
there was evidence of bias by the
Directors that may have represented a
risk of material misstatement. All audit
work was performed by BDO LLP.
Key audit matters
Key audit matters are those matters that,
in our professional judgement, were of
most significance in our audit of the
financial statements of the current period
and include the most significant
assessed risks of material misstatement
(whether or not due to fraud) that we
identified, including those which had the
greatest eect on: the overall audit
strategy, the allocation of resources in
the audit, and directing the eorts of the
engagement team. These matters were
addressed in the context of our audit of
the financial statements as a whole, and
in forming our opinion thereon, and we
do not provide a separate opinion on
these matters.
Independent
Auditor’s Report

53
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Independent
Auditor’s Report
Key audit matter How the scope of our audit addressed the key audit matter
Valuation of
investments
Note 8
We consider the
valuation of
investments to be the
most significant audit
area as investments is
the most significant
balance in the
financial statements
and there is a high
level of estimation
involved in the
investment valuations.
There is an inherent
risk of management
override arising from
the investments
valuations being
prepared by the
investment adviser,
who is remunerated
based on the net
asset value of the
company.
A breakdown of the investment portfolio valuation technique is shown below.
Other
Cost (reviewed for impairment)
Price of Recent Investment
Listed
Revenue multiple
Earnings multiple
For AIM listed investments we:
 Confirmed that bid price has been used by agreeing to externally
quoted prices;
 Checked that there are no contra indicators, such as liquidity
considerations, to suggest bid price is not the most appropriate
indication of fair value by considering the realisation period for individual
holdings;
 Recalculated the valuation by multiplying the number of shares held per
the statement obtained from the custodian by the valuation per share.
Our sample for the testing of the the remaining investments was stratified
according to risk considering, inter alia, the value of the individual
investments, the nature of the investments, the extent of the fair value
movement and the subjectivity of the valuation technique.
For investments in our sample we:
Challenged whether the valuation methodology was the most appropriate in
the circumstances under the International Private Equity and Venture Capital
Valuation (“IPEV”) guidelines and applicable accounting standards;
Recalculated the value attributable to the company, having regard to the
application of enterprise value across the capital structures of the investee
companies.
For a sample of investments valued using less subjective valuation
techniques (price of recent investment reviewed for changes in fair value) we:
 Agreed the cost or price of the recent investment to supporting
documentation;
 Considered whether the investment was an arms length transaction
through reviewing the parties involved in the transaction and checking
whether or not they were already investors of the investee company;
Considered whether there were any indications that the cost or price of the
recent investment was no longer representative of fair value considering,
inter alia the current performance of the investee company and the
milestones and assumptions set out in the investment proposal; and
Considered whether the price of the recent investment is supported by
alternative valuation techniques.
For a sample of investments that were valued using more subjective
techniques (earnings and revenue multiples) we:
 Challenged and corroborated inputs to the valuation with reference to
management information of investee companies and market data
including the impact of Covid-19 pandemic and the current situation in
Ukraine/Russia on the valuation and assessed the impact of estimation
uncertainty concerning these assumptions and the disclosure of these
uncertainties in the financial statements;

54
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Independent
Auditor’s Report
Key audit matter How the scope of our audit addressed the key audit matter
 Reviewed the historical financial statements and any recent
management information available to support assumptions about
maintainable revenues and earnings used in the valuation;
 Considered the revenue or earnings multiples applied by reference to
observable listed company market data; and
 Challenged the consistency and appropriateness of adjustments made
to such market data in establishing the earnings or revenue multiple
applied in arriving at the valuations adopted by agreeing the adjusted
multiples to independent sources, the peer group, the market and sector
in which the investee company operates and obtaining independent
third party multiples.
Where appropriate, we performed a sensitivity analysis by developing our
own point estimate where we considered that alternative input assumptions
could reasonably have been applied and we considered the overall impact
to such sensitivities on the portfolio of investments in determining whether
the valuations as a whole are reasonable and free from bias.
Key observations:
Based on the procedures performed we did not identify any indicators to
suggest that the investment valuations are inappropriate considering the
level of estimation uncertainty.
Our application of materiality
We apply the concept of materiality both
in planning and performing our audit,
and in evaluating the eect of
misstatements. We consider materiality
to be the magnitude by which
misstatements, including omissions,
could influence the economic decisions
of reasonable users that are taken on the
basis of the financial statements.
In order to reduce to an appropriately
low level the probability that any
misstatements exceed materiality, we
use a lower materiality level,
performance materiality, to determine
the extent of testing needed. Importantly,
misstatements below these levels will
not necessarily be evaluated as
immaterial as we also take account of the
nature of identified misstatements, and
the particular circumstances of their
occurrence, when evaluating their eect
on the financial statements as a whole.
Based on our professional judgement,
we determined materiality for the
financial statements as a whole and
performance materiality as follows:
Company
financial
statements
2021
£m
2020
£m
Materiality £1.31
£0.83
Basis for
determining
materiality
2% of Gross
investments
2% of Gross
investments
Rationale
for the
benchmark
applied
In setting materiality, we
have had regard to the
nature and disposition
of the investment
portfolio. Given that
the VCT’s portfolio is
comprised of unquoted
investments which
would typically have
a wider spread of
reasonable alternative
possible valuations,
we have applied a
percentage of 2% of
gross investments.
Performance
materiality
£0.98
£0.63
Basis for
determining
performance
materiality
75% of materiality on
the basis of our risk
assessment, together
with our assessment
of the entities overall
control environment,
the expected total
value of known and
likely misstatements
and the level of
transactions in the year.
Lower testing threshold
We determined that for Revenue return
before tax, a misstatement of less than
materiality for the financial statements as
a whole, could influence users of the
financial statements as it is a measure of
the Company’s performance of income
generated from its investments after
expenses. As a result, we determined a
lower testing threshold for those items
impacting revenue return of £131,000
(2020: £198,000) based on 10% of
Materiality (2020: 10% of revenue) of
revenue return before tax.
Reporting threshold
We agreed with the Audit Committee
that we would report to them all
individual audit dierences in excess of
£65,000 (2020: £9,000). We also agreed
to report dierences below this threshold
that, in our view, warranted reporting on
qualitative grounds.
Other information
The directors are responsible for the
other information. The other information
comprises the information included in
the annual report and financial
statements other than the financial
statements and our auditor’s report
thereon. Our opinion on the financial
statements does not cover the other
information and, except to the extent
otherwise explicitly stated in our report,
we do not express any form of assurance
conclusion thereon. Our responsibility is
to read the other information and, in
doing so, consider whether the other
information is materially inconsistent with
the financial statements or our

55
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Independent
Auditor’s Report
knowledge obtained in the course of the
audit, or otherwise appears to be
materially misstated. If we identify such
material inconsistencies or apparent
material misstatements, we are required
to determine whether this gives rise to a
material misstatement in the financial
statements themselves. If, based on the
work we have performed, we conclude
that there is a material misstatement of
this other information, we are required to
report that fact.
We have nothing to report in this regard.
Corporate governance statement
The Listing Rules require us to review the
Directors’ statement in relation to going
concern, longer-term viability and that
part of the Corporate Governance
Statement relating to the Company’s
compliance with the provisions of the UK
Corporate Governance Code specified
for our review.
Based on the work undertaken as part of
our audit, we have concluded that each
of the following elements of the
Corporate Governance Statement is
materially consistent with the financial
statements or our knowledge obtained
during the audit.
Going concern and longer-term
viability
 The Directors’ statement with
regards to the appropriateness of
adopting the going concern basis of
accounting and any material
uncertainties identified; and
 The Directors’ explanation as to their
assessment of the Company’s
prospects, the period this
assessment covers and why the
period is appropriate.
Other Code provisions
 Directors’ statement on fair,
balanced and understandable;
 Board’s confirmation that it has
carried out a robust assessment of
the emerging and principal risks;
 The section of the annual report that
describes the review of
eectiveness of risk management
and internal control systems; and
 The section describing the work of
the audit committee
Other Companies Act 2006
reporting
Based on the responsibilities described
below and our work performed during
the course of the audit, we are required
by the Companies Act 2006 and ISAs
(UK) to report on certain opinions and
matters as described below.
Strategic report and Directors’ report
In our opinion, based on the work
undertaken in the course of the audit:
 the information given in the Strategic
report and the Directors’ report for the
financial year for which the financial
statements are prepared is consistent
with the financial statements; and
 the Strategic report and the
Directors’ report have been
prepared in accordance with
applicable legal requirements.
In the light of the knowledge and
understanding of the Company and its
environment obtained in the course of
the audit, we have not identified material
misstatements in the strategic report or
the Directors’ report.
Directors’ remuneration
In our opinion, the part of the Directors’
remuneration report to be audited has
been properly prepared in accordance
with the Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the
Directors’ statement in relation to going
concern, longer-term viability and that
part of the Corporate Governance
Statement relating to the Company’s
compliance with the provisions of the UK
Corporate Governance Code specified
for our review.
Based on the work undertaken as part of
our audit, we have concluded that each
of the following elements of the
Corporate Governance Statement is
materially consistent with the financial
statements or our knowledge obtained
during the audit.
Matters on which we are required
to report by exception
We have nothing to report in respect of
the following matters in relation to which
the Companies Act 2006 requires us to
report to you if, in our opinion:
 adequate accounting records have
not been kept, or returns adequate
for our audit have not been received
from branches not visited by us; or
 the financial statements and the part
of the Directors’ remuneration report
to be audited are not in agreement
with the accounting records and
returns; or
 certain disclosures of Directors’
remuneration specified by law are
not made; or
 we have not received all the
information and explanations we
require for our audit.
Responsibilities of Directors
As explained more fully in the Statement
of Directors’ Responsibilities, the
Directors are responsible for the
preparation of the financial statements
and for being satisfied that they give a
true and fair view, and for such internal
control as the Directors determine is
necessary to enable the preparation of
financial statements that are free from
material misstatement, whether due to
fraud or error.
In preparing the financial statements, the
Directors are responsible for assessing
the Company’s ability to continue as a
going concern, disclosing, as applicable,
matters related to going concern and
using the going concern basis of
accounting unless the Directors either
intend to liquidate the Company or to
cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the
audit of the financial statements
Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from
material misstatement, whether due to
fraud or error, and to issue an auditor’s
report that includes our opinion.
Reasonable assurance is a high level of
assurance, but is not a guarantee that an
audit conducted in accordance with ISAs
(UK) will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or
error and are considered material if,
individually or in the aggregate, they
could reasonably be expected to
influence the economic decisions of
users taken on the basis of these
financial statements.
Extent to which the audit was
capable of detecting irregularities,
including fraud
We gained an understanding of the legal
and regulatory framework applicable to
the Company and the industry in which it
operates, and considered the risk of acts
by the Company which were contrary to
applicable laws and regulations,
including fraud. The significant laws and
regulations were considered to be the
Companies Act 2006, the FCA listing
and DTR rules, the principles of the UK
Corporate Governance Code, industry
practice represented by the AIC SORP
and FRS102. We also considered the
Company’s qualification as a VCT under
UK tax legislation as any breach of this
would lead to the Company losing
various deductions and exemptions from
corporation tax.

56
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Independent
Auditor’s Report
Our procedures included:
 obtaining an understanding of the
control environment in monitoring
compliance with laws and
regulations;
 agreement of the fi nancial statement
disclosures to underlying supporting
documentation;
 enquiries of the investment adviser
and those charged with governance
relating to the existence of any
non-compliance with laws and
regulations;
 obtaining the VCT compliance
reports prepared by management’s
expert during the year and as at year
end and reviewing their calculations
to check that the Company was
meeting its requirements to retain
VCT status; and
 Reviewing minutes of board
meetings and legal correspondence
and invoices throughout the period
for instances of non-compliance with
laws and regulations and fraud.
We assessed the susceptibility of the
fi nancial statement to material
misstatement including fraud and
considered the fraud risk areas to be the
valuation of unquoted investments and
management override of controls.
Our procedures included:
 The procedures set out in the Key
Audit Matters section above;
 Obtaining independent evidence to
support the ownership of a sample
of investments;
 Recalculating investment
management fees in total;
 Obtaining independent confi rmation
of bank balances; and
 Testing journals which met a defi ned
risk criteria by agreeing to
supporting documentation and
evaluating whether there was
evidence of bias by the Investment
Advisor and Directors that
represented a risk of material
misstatement due to fraud.
We also communicated relevant
identifi ed laws and regulations and
potential fraud risks to all engagement
team members and remained alert to any
indications of fraud or non-compliance
with laws and regulations throughout the
audit.
Our audit procedures were designed to
respond to risks of material misstatement
in the fi nancial statements, recognising
that the risk of not detecting a material
misstatement due to fraud is higher than
the risk of not detecting one resulting
from error, as fraud may involve
deliberate concealment by, for example,
forgery, misrepresentations or through
collusion. There are inherent limitations
in the audit procedures performed and
the further removed non-compliance
with laws and regulations is from the
events and transactions refl ected in the
fi nancial statements, the less likely we
are to become aware of it.
A further description of our
responsibilities is available on the
Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities.
This description forms part of our
auditor’s report.
Use of our report
This report is made solely to the
Company’s members, as a body, in
accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work
has been undertaken so that we might
state to the Company’s members those
matters we are required to state to them
in an auditor’s report and for no other
purpose. To the fullest extent permitted
by law, we do not accept or assume
responsibility to anyone other than the
Company and the Company’s members
as a body, for our audit work, for this
report, or for the opinions we have
formed.
Vanessa Jayne Bradley
(Senior Statutory Auditor)
For and on behalf of BDO LLP,
Statutory Auditor
London, United Kingdom
6 April 2022
BDO LLP is a limited liability partnership
registered in England and Wales (with
registered number OC305127).

57
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements
Financial Statements
Income Statement for the year ended 31 December 2021
Year ended 31 December 2021 Year ended 31 December 2020
Notes Revenue Capital Total Revenue Capital Total
£ £ £ £ £ £
Net investment portfolio gains 8
- 29,904,336 29,904,336 - 13,307,684 13,307,684
Income 3 1,354,209 - 1,354,209 2,868,103 - 2,868,103
Investment Adviser's fees 4a (428,601) (1,285,804) (1,714,405) (309,827) (929,481) (1,239,308)
Other expenses 4d (460,888) - (460,888) (426,422) - (426,422)
Profit on ordinary activities before taxation 464,720 28,618,532 29,083,252 2,131,854 12,378,203 14,510,057
Taxation on profit on ordinary activities 5 (22,097) 22,097 - (280,053) 176,602 (103,451)
Profit for the year and total comprehensive
income
442,623 28,640,629 29,083,252 1,851,801 12,554,805 14,406,606
Basic and diluted earnings per ordinary
share 6
0.53p 34.16p 34.69p 2.22p 15.05p 17.27p
The revenue column of the Income Statement includes all income and expenses. The capital column accounts for the net
investment portfolio gains (unrealised gains and realised gains on investments) and the proportion of the Investment Adviser’s
fee charged to capital.
The total column is the Statement of Total Comprehensive Income of the Company prepared in accordance with Financial
Reporting Standards (“FRS”). In order to better reflect the activities of a VCT and in accordance with the 2014 Statement of
Recommended Practice (“SORP”) (updated in April 2021) by the Association of Investment Companies (“AIC”), supplementary
information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside
the Income Statement. The revenue column of profit attributable to equity Shareholders is the measure the Directors believe
appropriate in assessing the Company’s compliance with certain requirements set out in Section 274 Income Tax Act 2007.
All the items in the above statement derive from continuing operations of the Company. No operations were acquired or
discontinued in the year.
The Notes on pages 62 to 79 form part of these Financial Statements.

58
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Financial Statements
Balance Sheet as at 31 December 2021 Company No. 03707697
31 December 2021 31 December 2020
Notes £ £
Fixed assets
Investments at fair value 8 65,584,467 41,676,696
Current assets
Debtors and prepayments 10 2,895,532 403,568
Current investments 11 20,475,179 22,634,956
Cash at bank 11 4,059,487 4,053,536
27,430,198 27,092,060
Creditors: amounts falling due within one year 12 (227,411) (307,561)
Net current assets 27,202,787 26,784,499
Net assets 92,787,254 68,461,195
Capital and reserves
Called up share capital 13 833,897 840,040
Share premium reserve 13,129,427 12,495,262
Capital redemption reserve 33,606 20,512
Revaluation reserve 32,819,832 10,205,933
Special distributable reserve 20,109,912 26,563,547
Realised capital reserve 24,028,652 16,738,215
Revenue reserve 1,831,928 1,597,686
Equity Shareholders’ funds 92,787,254 68,461,195
Basic and diluted net asset value per ordinary share 14 111.27p 81.50p
The Notes on pages 62 to 79 form part of these Financial Statements.
The Financial Statements were approved and authorised for issue by the Board of Directors on 6 April 2022 and were signed on
its behalf by:
Jonathan Cartwright
Chairman

59
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements
Notes
Non-distributable reserves Distributable reserves
Called up Share Capital Special Realised Revenue
share premium redemption Revaluation distributable capital reserve
capital reserve reserve reserve reserve reserve Total
(Note a) (Note b) (Note b)
£ £ £ £ £ £ £ £
At 1 January 2021 840,040 12,495,262 20,512 10,205,933 26,563,547 16,738,215 1,597,686 68,461,195
Comprehensive
income for the year
Profit for the year - - - 25,711,355 - 2,929,274 442,623 29,083,252
Total comprehensive
income for the year - - - 25,711,355 - 2,929,274 442,623 29,083,252
Contributions by and
distributions to owners
Dividends re-invested
into new shares
13 6,951 634,165 - - - - - 641,116
Shares bought back
(Note c)
13 (13,094) - 13,094 - (1,230,702) - - (1,230,702)
Dividends paid 7 - - - - (3,959,226) - (208,381) (4,167,607)
Total contributions by
and distributions to
owners (6,143) 634,165 13,094 - (5,189,928) - (208,381) (4,757,193)
Other movements
Realised losses
transferred to special
reserve (Note a) - - - - (1,263,707) 1,263,707 - -
Realisation of
previously unrealised
appreciation - - - (3,097,456) - 3,097,456 - -
Total other movements - - - (3,097,456) (1,263,707) 4,361,163 - -
At 31 December 2021 833,897 13,129,427 33,606 32,819,832 20,109,912 24,028,652 1,831,928 92,787,254
Note a: The Special distributable reserve also provides the Company with a reserve to absorb any existing and future realised
losses and, when considered by the Board to be in the interests of Shareholders, to fund share buybacks and for other corporate
purposes. The transfer of £1,263,707 to the special reserve from the realised capital reserve above is the total of realised losses
incurred by the Company in the year. As at 31 December 2021, the Company has a special reserve of £20,109,912, £18,530,799 of
which arises from shares issued more than three years ago. Reserves originating from share issues are not distributable under
VCT rules if they arise from share issues that are within three years of the end of an accounting period in which shares were
issued.
Note b: The realised capital reserve and the revenue reserve together comprise the Profit and Loss Account of the Company
shown on the Balance Sheet.
Note c: During the year, the Company purchased 1,309,349 of its own shares at the prevailing market price for a total cost of
£1,230,702, which were subsequently cancelled.
Statement of Changes in Equity for the year ended 31 December 2021

Non-distributable reserves Distributable reserves
Called up Share Capital Special Realised Revenue
share premium redemption Revaluation distributable capital reserve
capital reserve reserve reserve reserve reserve Total
£ £ £ £ £ £ £ £
At 1 January 2020 667,991 - 8,056 3,713,586 35,514,889 8,935,662 1,195,130 50,035,314
Comprehensive income
for the year
Profit for the year - - - 8,866,811 - 3,687,994 1,851,801 14,406,606
Total comprehensive
income for the year - - - 8,866,811 - 3,687,994 1,851,801 14,406,606
Contributions by and
distributions to owners
Shares issued via Oer for
Subscription
184,505 12,815,495 - - - - 13,000,000
Issue costs and facilitation
fees on Oer for
Subscription
- (320,233) - - (145,330) - (465,563)
Shares bought back (12,456) - 12,456 - (728,216) - - (728,216)
Dividends paid - - - - (6,337,701) - (1,449,245) (7,786,946)
Total contributions
by and distributions
to owners
172,049 12,495,262 12,456 - (7,211,247) - (1,449,245) 4,019,275
Other movements
Realised losses
transferred to special
reserve - - - - (1,740,095) 1,740,095 - -
Realisation of previously
unrealised appreciation - - - (2,374,464) - 2,374,464 - -
Total other movements - - - (2,374,464) (1,740,095) 4,114,559 - -
At 31 December 2020 840,040 12,495,262 20,512 10,205,933 26,563,547 16,738,215 1,597,686 68,461,195
The composition of each of these reserves is explained below:
Called up share capital - The nominal value of shares originally issued increased for subsequent share issues either via an Oer for
Subscription or Dividend Investment Scheme or reduced due to shares bought back by the Company.
Share premium reserve - This reserve contains the excess of gross proceeds less issue costs over the nominal value of shares allotted
under recent Oers for Subscription and the Company’s Dividend Investment Scheme.
Capital redemption reserve - The nominal value of shares bought back and cancelled is held in this reserve, so that the Company’s
capital is maintained.
Revaluation reserve - Increases and decreases in the valuation of investments held at the year-end are accounted for in this reserve,
except to the extent that the diminution is deemed permanent. In accordance with stating all investments at fair value through profit and
loss (as recorded in Note 8), all such movements through both revaluation and realised capital reserves are shown within the Income
Statement for the year.
Special distributable reserve - This reserve is created from cancellations of the balances upon the Share premium reserve, which are
transferred to this reserve from time to time. The cost of share buybacks is charged to this reserve. In addition, any realised losses on
the sale or impairment of investments (excluding transaction costs), 75% of the Investment Adviser fee expense and 100% of the
Investment Adviser performance fee expense, and the related tax eect, are transferred from the realised capital reserve to this reserve.
This reserve will also be charged any IFA facilitation payments to advisers, which arose as part of the Oer for Subscription.
Realised capital reserve - The following are accounted for in this reserve:
• Gains and losses on realisation of investments;
• Permanent diminution in value of investments;
• Transaction costs incurred in the acquisition of investments;
• 75% of the Investment Adviser fee expense and 100% of any performance incentive fee payable, together with the related tax eect
to this reserve in accordance with the policies; and
• Capital dividends paid.
Revenue reserve - Income and expenses that are revenue in nature are accounted for in this reserve, as well as 25% of the Investment
Adviser fee together with the related tax eect, as well as income dividends paid that are classified as revenue in nature.
The Notes on pages 62 to 79 form part of these Financial Statements.
60
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Financial Statements
Statement of Changes in Equity for the year ended 31 December 2020

61
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements
Notes
Year ended
31 December 2021
Year ended
31 December 2020
£ £
Cash flows from operating activities
Profit for the financial year 29,083,252 14,406,606
Adjustments for:
Net investment portfolio gains (29,904,336) (13,307,684)
Tax charge for the current year - 103,451
Decrease/(increase) in debtors 87,812 (220,393)
Increase/(decrease) in creditors 23,302 (2,616)
Net cash (outflow)/inflow from operations (709,970) 979,364
Corporation tax paid (103,452) (35,383)
Net cash (outflow)/inflow from operating activities (813,422) 943,981
Cash flows from investing activities
Sale of investments 8 12,231,857 14,974,305
Purchase of investments 8 (6,235,292) (4,805,036)
Net cash inflow from investing activities 5,996,565 10,169,269
Cash flows from financing activities
Share issued as part of Oer for Subscription 13 - 13,000,000
Issue costs and facilitation fees as part of Oer for subscription 13 - (465,563)
Equity dividends paid 7 (6,106,267) (7,786,946)
Purchase of own shares (1,230,702) (728,216)
Net cash (outflow)/inflow from financing activities (7,336,969) 4,019,275
Net (decrease)/increase in cash and cash equivalents (2,153,826) 15,132,525
Cash and cash equivalents at start of year 24,688,492 9,555,967
Cash and cash equivalents at end of year 22,534,666 24,688,492
Cash and cash equivalents comprise:
Cash at bank and in hand 11 4,059,487 4,053,536
Cash equivalents 11 18,475,179 20,634,956
The Notes on pages 62 to 79 form part of these Financial Statements.
Statement of Cash Flows for the year ended 31 December 2021

1 Company Information
Mobeus Income and Growth 4 VCT plc is a public limited company incorporated in England, registration number 3707697.
The registered oce is 5 New Street Square, London, EC4A 3TW.
2 Basis of preparation
A summary of the principal accounting policies, all of which have been applied consistently throughout the year are set out
next to the related disclosure throughout the Notes to the Financial Statements. All accounting policies are included within an
outlined box at the top of each relevant note.
These Financial Statements have been prepared in accordance with applicable United Kingdom accounting standards,
including Financial Reporting Standard 102 (“FRS102”), with the Companies Act 2006 and the 2014 Statement of
Recommended practice, ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ (‘the SORP’)
(updated in April 2021) issued by the Association of Investment Companies. The Financial Statements have been prepared
on the historical cost basis except for the modification to a fair value basis for certain financial instruments which are
disclosed under FRS102 s11/12 as shown in Note 15.
After performing the necessary enquiries, the Directors have undertaken an assessment of the Company’s ability to meet its
liabilities as they fall due. The Company has significant cash and liquid resources and no external debt or capital
commitments. The Company’s cash flow forecasts, which consider levels of anticipated new and follow-on investment, the
net funds raised as part of the Company’s 2021/22 Oer for Subscription, as well as investment income and annual running
cost projections, are discussed at each quarterly Board meeting and, in particular, have been considered in light of the
ongoing impact of the COVID-19 pandemic. The Directors have also received assurances that the Company’s key suppliers’
abilities to continue to service the Company have not been materially impacted by the COVID-19 pandemic. Following this
assessment, the Directors have a reasonable expectation that the Company will have adequate resources to continue to
meet its liabilities for at least 12 months from the date of these Financial Statements. The Directors therefore consider the
preparation of these Financial Statements on a going concern basis to be appropriate.
3 Income
Dividends receivable on quoted equity shares are brought into account on the ex-dividend date. Dividends receivable on
unquoted equity shares are brought into account when the Company’s right to receive payment is established and there
is no reasonable doubt that payment will be received.
Interest income on loan stock is accrued on a daily basis. Provision is made against this income where recovery is
doubtful or where it will not be received in the foreseeable future. Where the loan stocks only require interest or a
redemption premium to be paid on redemption, the interest and redemption premium is recognised as income or capital
as appropriate once redemption is reasonably certain.
When a redemption premium is designed to protect the value of the instrument holder’s investment rather than reflect a
commercial rate of revenue return, the redemption premium is 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. Accordingly,
the redemption premium recognised in the year ended 31 December 2021 has been classified as capital and has been
included within gains on investments.
2021
£
2020
£
Income from bank deposits 18,559 29,451
Income from investments
– from equities 348,420 657,891
– from overseas based OEICs 2,258 42,612
– from loan stock 984,972 2,113,964
– from interest on preference share dividend arrears - 17,770
1,335,650 2,832,237
Other income - 6,415
Total income 1,354,209 2,868,103
Total income comprises
Dividends 350,678 700,503
Interest 1,003,531 2,161,185
Other income - 6,415
1,354,209 2,868,103
62
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Financial Statements
Notes to the Financial Statements for the year ended 31 December 2021

63
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements
Total loan stock interest due but not recognised in the year was £458,279 (2020: £777,919). The decrease is due to the
removal of a number of investee company provisions that were considered appropriate in the previous year due in light of the
COVID-19 pandemic.
4 Investment Adviser’s fees and other expenses
All expenses are accounted for on an accruals basis.
a) Investment Adviser’s fees
25% of the Investment Adviser’s fee is charged to the revenue column of the Income Statement, while 75% is charged
against the capital column of the Income Statement. This is in line with the Board’s expected long-term split of returns
from the investment portfolio of the Company.
100% of any performance incentive fee payable for the year is charged against the capital column of the Income
Statement, as it is based upon the achievement of capital growth.
Revenue Capital Total Revenue Capital Total
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Gresham House Asset
Management Limited 428,601 1,285,804 1,714,405 309,827 929,481 1,239,308
Under the terms of a revised investment management agreement dated 12 November 2010, Mobeus Equity Partners LLP
(“Mobeus”) (from 1 October 2021, Gresham House Asset Management Limited) provides investment advisory, administrative
and company secretarial services to the Company, for a fee of 2% per annum of closing net assets, calculated on a quarterly
basis by reference to the net assets at the end of the preceding quarter, plus a fixed fee of £115,440 per annum, the latter
being subject to indexation, if applicable. In 2013, Mobeus agreed to waive such further increases due to indexation, until
otherwise agreed with the Board.
The Investment Adviser fee includes provision for a cap on expenses excluding irrecoverable VAT and exceptional items set
at 3.4% of closing net assets at the year-end. In accordance with the investment management agreement, any excess
expenses are borne by the Investment Adviser. The excess expenses during the year amounted to £nil (2020: £nil).
In line with common practice, Gresham House retains the right to charge arrangement and syndication fees and Directors’ or
monitoring fees to companies in which the Company invests. The Investment Adviser received fees totalling £349,777 (2020:
£341,947) during the year ended 31 December 2021, being £132,666 (2020: £126,542) for arrangement fees, and £217,111
(2020: £215,405) for acting as non-executive directors on a number of investee company boards. These fees attributable to
the Company are proportionate to the investment allocation to the Company which applied at the time of each investment.
These figures are not part of these financial statements.
b) Incentive fee agreement
Under the terms of a separate agreement dated 1 November 2006, from the end of the accounting period ending on
31 January 2009 and in each subsequent accounting period throughout the life of the company, the Investment Adviser will
be entitled to receive a performance related incentive fee of 20% of the dividends paid in excess of a “Target Rate”
comprising firstly, an annual dividend target of 6% of the net asset value per share at 5 April 2007 (indexed each year for RPI)
and secondly a requirement that any cumulative shortfalls below the 6 per cent hurdle must be made up in later years, while
any excess is not carried forward, whether a fee is payable for that year or not. Payment of a fee is also conditional upon the
average Net Asset Value (“NAV”) per share for each such year equalling or exceeding the average Base NAV per share for
the same year. As at 31 December 2021, the average NAV per share is below the average Base NAV per share so no
incentive fee is payable to date.
c) Oer for Subscription fees
2021
£m
2020
£m
Gross funds raised by the Company - 13.00
Oer costs payable to Mobeus at 3.00% of gross raised by the Company - 0.39
Under the terms of an Oer for Subscription, with the other Mobeus advised VCTs, launched on 25 October 2019, Mobeus was
entitled to fees of 3.00% of the investment amount received from investors. This amount totalled £1.74 million across all four
VCTs, out of which all the costs associated with the allotment were met, excluding any payments to advisers facilitated under
the terms of the Oer.

64
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Financial Statements
Notes to the Financial Statements for the year ended 31 December 2021
d) Other expenses
Other Expenses are charged wholly to revenue, with the exception of expenses incidental to the acquisition or disposal of
an investment, which are written o to the capital column of the Income Statement or deducted from the disposal
proceeds as appropriate.
2021
£
2020
£
Directors’ remuneration (including NIC of £9,750 (2020: £10,309)) - Note i) 144,750 141,524
IFA trail commission 88,938 78,825
Broker’s fees 12,000 9,000
Auditor’s fees – Audit of Company (excluding VAT) 33,191 26,650
– audit related assurance services (excluding VAT) - Note ii) 6,212 5,919
Registrar's fees 42,343 54,145
Printing 46,227 42,113
Legal & professional fees 14,274 11,544
VCT monitoring fees 9,600 9,600
Directors' insurance 8,975 7,573
Listing and regulatory fees 44,787 28,700
Sundry 9,591 8,333
Running Costs 460,888 423,926
Provision against loan interest receivable - Note iii) - 2,496
Other expenses 460,888 426,422
Note i): Directors’ remuneration is a related party transaction, see analysis in Directors’ Remuneration table on page 49,
which excludes the NIC above. The key management personnel were the four Non-Executive Directors. The Company has
no employees. At the year-end, £538 was owed from Christopher Burke due to an overpayment of salary, which was
subsequently adjusted for in the following quarter.
Note ii): The audit-related assurance services are in relation to a limited scope engagement in respect of the Financial
Statements within the Company’s Interim Report. The Audit Committee reviews the nature and extent of these services to
ensure that auditor independence is maintained.
Note iii): Provision against loan interest receivable above relates to an amount of £nil (2020: £2,496), being a provision made
against loan stock interest regarded as collectable in previous years.
5 Taxation on profit on ordinary activities
The tax expense for the year comprises current tax and is recognised in profit or loss. The current income tax charge is
calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Any tax relief obtained in respect of adviser fees allocated to capital is reflected in the capital reserve – realised and a
corresponding amount is charged against revenue. The tax relief is the amount by which corporation tax payable is
reduced as a result of these capital expenses.
Deferred tax is recognised in respect of all timing dierences that have originated but not reversed at the balance sheet
date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the
future have occurred at the balance sheet date. Timing dierences are dierences between the Company’s taxable profits
and its results as stated in the financial statements that arise from the inclusion of gains and losses in the tax assessments
in periods dierent from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the years in which the timing dierences
are expected to reverse based on tax rates and laws that have been enacted or substantively enacted at the balance
sheet date. Deferred tax is measured on a non-discounted basis.
A deferred tax asset would be recognised only to the extent that it is more likely than not that future taxable profits will be
available against which the asset can be utilised.

65
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements
2021
Revenue
£
2021
Capital
£
2021
Total
£
2020
Revenue
£
2020
Capital
£
2020
Total
£
a) Analysis of tax charge:
UK Corporation tax on profits for the year 22,097 (22,097) - 280,053 (176,602) 103,451
Total current tax charge 22,097 (22,097) - 280,053 (176,602) 103,451
Corporation tax is based on a rate of 19%
(2020: 19%)
b) Profit on ordinary activities before tax
464,720 28,618,532 29,083,252 2,131,854 12,378,203 14,510,057
Profit on ordinary activities multiplied by
company rate of corporation tax in the UK
of 19% (2020: 19%)
88,297 5,437,521 5,525,818 405,052 2,351,859 2,756,911
Eect of:
UK dividends not taxable (66,200) - (66,200) (124,999) - (124,999)
Net investment portfolio gains not taxable - (5,681,824) (5,681,824) - (2,528,461) (2,528,461)
Expenditure not allowable for tax
purposes
- 222,206 222,206 - - -
Actual tax charge 22,097 (22,097) - 280,053 (176,602) 103,451
Tax relief relating to investment adviser fees is allocated between revenue and capital where such relief can be utilised.
No asset or liability has been recognised for deferred tax in relation to capital gains or losses on revaluing investments as the
Company is exempt from corporation tax in relation to capital gains or losses as a result of qualifying as a Venture Capital
Trust.
There is no potential liability to deferred tax (2020: £nil). There is no unrecognised deferred tax asset in 2021 (2020: £nil).
6 Basic and diluted earnings per share
2021
£
2020
£
Total earnings after taxation: 29,083,252 14,406,606
Basic and diluted earnings per share (Note a) 34.69p 17.27p
Net revenue from ordinary activities after taxation 442,623 1,851,801
Basic and diluted revenue return per share (Note b) 0.53p 2.22p
Net investment portfolio gains 29,904,336 13,307,684
Capital expenses (net of taxation) (1,263,707) (752,879)
Total capital return 28,640,629 12,554,805
Basic and diluted capital return per share (Note c) 34.16p 15.05p
Weighted average number of shares in issue in the year 83,840,235 83,426,755
Notes:
a) Basic earnings per share is total earnings after taxation divided by the weighted average number of shares in issue.
b) Basic revenue earnings per share is the revenue return after taxation divided by the weighted average number of shares in issue.
c) Basic capital earnings per share is the total capital return after taxation divided by the weighted average number of shares in issue.
d) There are no instruments that will increase the number of shares in issue in future. Accordingly, the above figures currently
represent both basic and diluted returns.

66
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Financial Statements
Notes to the Financial Statements for the year ended 31 December 2021
7 Dividends paid and payable
Dividends payable are recognised as distributions in the financial statements when the Company’s liability to pay them
has been established. This liability is established for interim dividends when they are paid, and for final dividends when
they are approved by the Shareholders, usually at the Company’s Annual General Meeting.
A key judgement in applying the above accounting policy is in determining the amount of minimum income dividend to be
paid in respect of a year. The Company’s status as a VCT means it has to comply with Section 259 of the Income Tax Act
2007, which requires that no more than 15% of the income from shares and securities in a year can be retained from the
revenue available for distribution for the year.
Amounts recognised as distributions to equity Shareholders in the year:
Dividend Type
For year ended
31 December
Pence
per share Date Paid
2021
£
2020
£
Final Capital* 2019 4.00p 10/01/2020 - 2,671,965
Interim Income 2020 1.70p 07/05/2020 - 1,449,245
Interim Capital* 2020 4.30p 07/05/2020 - 3,665,736
Interim Income 2021 0.25p 06/08/2021 208,381 -
Interim Capital* 2021 4.75p 06/08/2021 3,959,226 -
4,167,607** 7,786,946
* - Paid out of the Company’s special distributable reserve.
** - For the year ended 31 December 2021, £4,167,607 disclosed above diers to that shown in the Statement of Cash Flows of
£6,106,267 due to a dividend payment of £2,579,776 made to the Registrar before the year-end in respect of the dividend paid to
Shareholders on 7 January 2022. This amount is held as a debtor at the year-end. This amount was partially oset by £641,116 of
new shares issued as part of the Company’s Dividend Investment Scheme.
Distributions to equity holders after the year-end:
Type
For year ended
31 December
Pence
per share Date Payable
2021
£
2020
£
Interim Income 2021 0.25p 07/01/2022 209,560 -
Interim Capital* 2021 3.75p 07/01/2022 3,143,394 -
3,352,954 -
* - Paid out of the Company’s special distributable reserve.
Any proposed final dividend is subject to approval by Shareholders at the Annual General Meeting and has not been included as a
liability in these financial statements.
Set out below are the total income dividends payable in respect of the financial year, which is the basis on which the requirements of
section 274 of the Income Tax Act 2007 are considered.
Recognised income distributions in the Financial Statements for the year
Dividend Type
For year ended
31 December
Pence
per share Date payable
2021
£
2020
£
Revenue available for distribution by way of dividends for the year 442,623 1,851,801
Interim Income 2020 1.70p 07/05/2020 - 1,449,245
Interim Income 2021 0.25p 06/08/2021 208,381 -
Interim Income 2021 0.25p 07/01/2022 209,560 -
Total income dividends for the year 417,941 1,449,245

8 Investments at fair value
The most critical estimates, assumptions and judgements relate to the determination of the carrying value of investments at
“fair value through profit and loss” (FVTPL). All investments held by the Company are classified as FVTPL and measured in
accordance with the International Private Equity and Venture Capital Valuation (“IPEV”) guidelines, as updated in December
2018. This classification is followed as the Company’s business is to invest in financial assets with a view to profiting from their
total return in the form of capital growth and income.
Purchases and sales of unlisted investments are recognised when the contract for acquisition or sale becomes unconditional.
For investments actively traded on organised financial markets, fair value is generally determined by reference to Stock
Exchange market quoted bid prices at the close of business on the balance sheet date. Purchases and sales of quoted
investments are recognised on the trade date where a contract of sale exists whose terms require delivery within a time
frame determined by the relevant market. Where the terms of a disposal state that consideration may be received at some
future date and, subject to the conditionality and materiality of the amount of deferred consideration, an estimate of the fair
value discounted for the time value of money may be recognised through the Income Statement. In other cases, the proceeds
will only be recognised once the right to receive payment is established and there is no reasonable doubt that payment will
be received.
Unquoted investments are stated at fair value by the Directors at each measurement date in accordance with appropriate
valuation techniques, which are consistent with the IPEV guidelines:-
(i) Each investment is considered as a whole on a ‘unit of account’ basis, i.e. that the value of each portfolio company is
considered as a whole, alongside consideration of:-
The price of new or follow-on investments made, if deemed to be made as part of an orderly transaction, are considered to
be at fair value at the date of the transaction. The inputs that derived the investment price are calibrated within individual
valuation models and at subsequent measurement dates, are reconsidered for any changes in light of more recent events
or changes in the market performance of the investee company. The valuation bases used are the following:
– a multiple basis. The shares may be valued by applying a suitable price-earnings ratio, revenue or gross profit
multiple to that company’s historic, current or forecast post-tax earnings before interest, depreciation and
amortisation, or revenue, or gross profit (the ratio used being based on a comparable sector but the resulting value
being adjusted to reflect points of dierence identified by the Investment Adviser compared to the sector including,
inter alia, scale and liquidity)
or:-
– where a company’s underperformance against plan indicates a diminution in the value of the investment, provision
against price of new investment is made, as appropriate.
(ii) Premiums, to the extent that they are considered capital in nature, and that they will be received upon repayment of loan
stock investments, are accrued at fair value when the Company receives the right to the premium and when considered
recoverable.
(iii) Where a multiple or the price of recent investment less impairment basis is not appropriate and overriding factors apply, a
discounted cash flow, net asset valuation, realisation proceeds or a weighted average of these bases may be applied.
Capital gains and losses on investments, whether realised or unrealised, are dealt with in the profit and loss and revaluation
reserves and movements in the period are shown in the Income Statement.
All investments are initially recognised and subsequently measured at fair value. Changes in fair value are recognised in the
Income Statement.
A key judgement made in applying the above accounting policy relates to investments that are permanently impaired. Where
the value of an investment has fallen permanently below price of recent investment, the loss is treated as a permanent
impairment and as a realised loss, even though the investment is still held. The Board assesses the portfolio for such
investments and, after agreement with the Investment Adviser, will agree the values that represent the extent to which an
investment loss has become realised. This is based upon an assessment of objective evidence of that investment’s future
prospects, to determine whether there is potential for the investment to recover in value.
The methods of fair value measurement are classified into hierarchy based on the reliability of the information used to
determine the valuation.
- Level 1 – Fair value is measured based on quoted prices in an active market.
- Level 2 – Fair value is measured based on directly observable current market prices or indirectly being derived from
market prices.
- Level 3 – Fair value is measured using valuation techniques using inputs that are not based on observable market data.
67
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements

Movements in investments during the year are summarised as follows:
Traded on
AIM
£
Unquoted
equity shares
£
Unquoted
preference
shares
£
Unquoted
Loan stock
£
Total
£
Cost at 31 December 2020 50,011 19,150,794 905,332 12,836,189 32,942,326
Unrealised gains/(losses) at 31 December 2020 216,669 13,262,864 64,294 (3,337,894) 10,205,933
Permanent impairment in value of investments as at
31 December 2020 - (1,406,948) (227) (64,388) (1,471,563)
Valuation at 31 December 2020 266,680 31,006,710 969,399 9,433,907 41,676,696
Purchases at cost - 4,238,438 566,200 1,430,654 6,235,292
Sale proceeds (Note a) (1,611,332) (6,905,286) (63,709) (3,651,530) (12,231,857)
Reclassification at value (Note b) 6,638,097 (6,188,772) (449,325) -
Net realised gains in the year 641,268 3,296,609 63,591 191,513 4,192,981
Net unrealised gains in the year (Note c) 3,969,042 20,524,983 72,857 1,144,473 25,711,355
Valuation at 31 December 2021 9,903,755 45,972,682 1,608,338 8,099,692 65,584,467
Cost at 31 December 2021 676,918 21,412,982 1,471,414 10,499,884 34,061,198
Unrealised gains/(losses) at 31 December 2021 9,226,837 25,791,648 137,151 (2,335,804) 32,819,832
Permanent impairment in value of investments at
31 December 2021 (Note d) - (1,231,948) (227) (64,388) (1,296,563)
Valuation at 31 December 2021 9,903,755 45,972,682 1,608,338 8,099,692 65,584,467
Details of investment transactions such as disposal proceeds, valuation movements, cost and carrying value at the end of the
previous year are contained in the Investment Portfolio Summary on pages 24 to 29.
Net realised gains in the year of £4,192,981 and unrealised gains in the year of £25,711,355 equal net investment portfolio gains of
£29,904,336 as shown on the Income Statement.
68
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Notes to the Financial Statements for the year ended 31 December 2021
Financial Statements

Note a) Disposals of investment portfolio companies during the year were:
Company Type Investment
cost
£
Disposal
proceeds
£
Valuation at
31 December
2020
£
Realised
gain/(loss)
in year
£
Vian Marketing Limited (trading as Red Paddle Co) Realisation 789,006 3,947,311 1,465,304 2,482,007
Parsley Box Group plc (formerly Parsley Box Limited) Part Realisation 309,932 1,246,218 703,384 542,834
MPB Group Limited Part Realisation 385,741 1,596,618 1,185,343 411,275
My Tutorweb Limited Part Realisation 258,149 699,864 316,023 383,841
Media Business Insight Limited Loan repayment 497,718 497,718 308,854 188,864
Omega Diagnostics Group plc Realisation 50,011 422,823 266,680 156,143
Virgin Wines UK Plc (formerly Virgin Wines
Holding Company Limited) Loan repayment 1,884,898 1,884,898 1,884,898 -
CB Imports Group Limited Liquidation 175,000 - - -
Proactive Group Holdings Inc Realisation 755,340 1,894,238 1,900,421 (6,183)
Other capital proceeds Various 10,625 42,169 7,969 34,200
5,116,420 12,231,857 8,038,876 4,192,981
* Other capital proceeds contains a loan repayment of £10,625 from BG Training, and £89,253 of deferred consideration from
companies realised in previous years, oset by a stamp duty payment of £57,709 upon the listing of Virgin Wines shares to AIM.
Note b) The Company’s equity investments in Virgin Wines and Parsley Box were admitted to AIM during the year. The amount
transferred from Level 3 to Level 1 of £6,638,097 reflects the combined equity value held at the start of the year and a follow-on
investment made in the year. The amount of £449,325 transferred from unquoted loan stock to unquoted equity shares
represents the conversion of the loans held in two portfolio companies into equity shares during the year.
Note c) The major components of the net increase in unrealised valuations of £25,711,355 in the year were increases of £6,199,781
in Preservica Limited, of £5,058,228 in Virgin Wines UK plc (previously Virgin Wines Holding Company Limited), £2,855,153 in
Media Business Insight Holdings Limited, £2,823,085 in MPB Group Limited, and £2,446,555 in EOTH Limited. These increases
were partly oset by the falls of £1,089,186 in Parsley Box Group plc (formerly Parsley Box Limited), £169,104 in Muller EV Limited
(trading as Andersen EV), and £151,501 in Bleach London Holdings Limited.
Note d) During the year, permanent impairments of the cost of investments have reduced from £1,471,563 to £1,296,563 due to
the disposal of one investee company.
69
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements

9 Significant interests
At 31 December 2021 the Company held significant investments, amounting to 3% or more of the equity capital of an undertaking,
in the following companies:
Equity
investment
(Ordinary
shares)
Investment in
loan stock and
preference
shares
Total
investment
(at cost)
Percentage
of investee
company’s
total equity
% of equity
held by
all funds
advised and
managed
by Gresham
House
1
£ £ £
Preservica Limited 1,359,179 2,038,566 3,397,745 13.1% 57.9%
My Tutorweb Limited (trading as MyTutor) 2,464,757 - 2,464,757 5.3% 22.6%
Manufacturing Services Investment Limited (trading as
Wetsuit Outlet) 1,166,551 1,166,551 2,333,102 6.4% 27.5%
Media Business Insight Holdings Limited
2
1,089,103 1,135,939 2,225,042 15.7% 67.5%
Veritek Global Holdings Limited 43,527 1,576,559 1,620,086 15.4% 65.6%
Arkk Consulting Limited 671,090 928,355 1,599,445 6.7% 30.1%
End Ordinary Group Limited (trading as Buster & Punch) 1,496,785 - 1,496,785 7.8% 34.6%
CGI Creative Graphics International Limited 476,612 973,134 1,449,746 6.3% 26.9%
Data Discovery Solutions Limited (trading as
ActiveNav) 1,408,640 - 1,408,640 7.7% 35.1%
Spanish Restaurant Group Limited (trading as Tapas
Revolution) 406,396 812,700 1,219,096 6.7% 29.0%
MPB Group Limited 1,095,252 - 1,095,252 3.2% 14.4%
Tharstern Group Limited 338,861 753,025 1,091,886 12.7% 55.0%
RDL Corporation Limited 173,932 826,068 1,000,000 8.9% 44.5%
Vivacity Labs Limited 914,754 - 914,754 4.4% 20.0%
Bella & Duke Limited 877,381 - 877,381 4.4% 21.2%
Rota Geek Limited 874,000 - 874,000 4.4% 20.3%
Connect Childcare Limited 423,007 423,000 846,007 3.0% 14.4%
Legatics Limited 663,011 - 663,011 6.0% 27.3%
Pets' Kitchen Limited (trading as Vet's Klinic) 360,640 270,480 631,120 4.5% 20.0%
Parsley Box Group plc (formerly Parsley Box Limited) 631,003 - 631,003 3.1% 13.9%
Bleach London Holdings Limited 519,672 110,100 629,772 3.1% 14.1%
IPV Limited 619,487 - 619,487 5.5% 26.6%
BookingTek Limited 582,300 - 582,300 3.5% 14.9%
Oakheath Limited (in members' voluntary liquidation) 485,730 - 485,730 4.3% 18.7%
Jablite Holdings Limited (in members' voluntary
liquidation) 339,974 36,109 376,083 9.1% 40.1%
Master Removers Group 2019 Limited (trading as
Anthony Ward Thomas, Bishopsgate and Aussie Man
& Van) 348,641 - 348,641 6.6% 28.1%
Muller EV Limited (trading as Andersen EV) 341,600 - 341,600 7.2% 37.0%
Kudos Innovations Limited 328,950 - 328,950 2.4% 10.9%
Caledonian Leisure Limited 328,502 - 328,502 6.6% 30.0%
Northern Bloc Ice Cream Limited 304,050 - 304,050 5.5% 27.3%
Virgin Wines UK plc (formerly Virgin Wines Holding
Company Limited)
3
45,915 - 45,915 8.3% 41.5%
1
– The percentage of equity held for these companies is the fully diluted figure, in the event that, for example, management of
the investee company exercises share options, where available.
2
– Includes a loan of £177,037 to Media Business Insight Limited.
3
– The proportion of equity held by the four Mobeus VCTs is 36.1%. 5.4% is held by other funds managed by Gresham House
Asset Management.
70
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Notes to the Financial Statements for the year ended 31 December 2021
Financial Statements

It is considered that, under FRS102 s9.9, “Consolidated and Separate Financial Statements”, the above investments are held as
part of an investment portfolio and that accordingly, their value to the Company lies in their marketable value as part of that
portfolio and as such are not required to be consolidated. Also, the above investments are considered to be associates that are
held as part of an investment portfolio and are accounted for in accordance with FRS 14.4B.
All of the above companies are incorporated in the United Kingdom.
10 Debtors
2021
£
2020
£
Amounts due within one year:
Accrued income 297,687 386,968
Prepayments 17,532 12,370
Other debtors 2,580,313 4,230
 2,895,532 403,568
Note: Other debtors of £2,580,313 includes a dividend payment of £2,579,776 made to the Registrar before the year-end in
respect of the dividend paid to Shareholders on 7 January 2022.
11 Cash at bank and Current Investments
Cash equivalents, for the purposes of the Statement of Cash flows, comprises bank deposits repayable on up to three months’
notice and funds held in OEIC money-market funds. Current asset investments are the same but also include bank deposits that
mature after three months. Current asset investments are disposable without curtailing or disrupting the business and are
readily convertible into known amounts of cash at their carrying values at immediate or up to three months’ notice. Cash, for the
purposes of the Statement of Cash Flows, is cash held with banks in accounts subject to immediate access. Cash at bank in the
Balance Sheet is the same.
2021
£
2020
£
OEIC Money market funds 18,475,179 20,634,956
Cash equivalents per Statement of Cash Flows 18,475,179 20,634,956
Bank deposits that mature after three months 2,000,000 2,000,000
Current asset investments 20,475,179 22,634,956
Cash at bank 4,059,487 4,053,536
12 Creditors: amounts falling due within one year
2021
£
2020
£
Trade creditors 9,140 20,225
Other creditors 26,752 18,261
Corporation tax - 103,451
Accruals 191,519 165,624
 227,411 307,561
71
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements

13 Called up share capital
2021
£
2020
£
Allotted, called-up and fully paid:
Ordinary shares of 1p each: 83,389,721 (2020: 84,004,018) 833,897 840,040
During the year, the Company purchased 1,309,349 (2020: 1,245,646) of its own shares for cash (representing 1.6% (2020: 1.9%)
of the shares in issue at the start of the year) at the prevailing market price for a total cost of £1,230,702 (2020: £728,216). These
shares were subsequently cancelled by the Company.
Under the terms of the Dividend Investment Scheme, 695,052 shares were allotted during the year for a non-cash consideration
of £641,116.
14 Basic and diluted net asset value per share
Net asset value per Ordinary Share is based on net assets at the end of the year, and on 83,389,721 (2020: 84,004,018) Ordinary
shares, being the number of Ordinary shares in issue on that date.
There are no instruments that will increase the number of shares in issue in future. Accordingly, the figures currently represent
both basic and diluted net asset value per share.
15 Financial instruments
The Company’s financial instruments predominantly comprise investments held at fair value through profit and loss, namely
equity and preference shares and fixed and floating rate interest securities that are held in accordance with the Company’s
investment objective.
Other financial instruments are held at amortised cost comprising loans and receivables being cash at bank, current asset
investments and short term debtors, and financial liabilities being creditors, all arising directly from the Company’s operations.
The principal purpose of these financial instruments is to generate revenue and capital appreciation for the Company’s
operations, although cash and current asset investments are not held with a view to capital appreciation. The Company has
no gearing or other financial liabilities apart from short-term creditors. It is, and has been throughout the year under review,
the Company’s policy that no trading in derivative financial instruments shall be undertaken.
The accounting policy for determining the fair value of investments is set out in Note 8 to the Financial Statements. The
composition of investments held is shown below and in Note 8.
Loans and receivables and other financial liabilities are stated at amortised cost which the Directors consider is equivalent to
fair value.
Classification of financial instruments
The Company held the following categories of financial instruments at 31 December 2021:
2021
(Fair value)
2020
(Fair value)
£ £
Assets at fair value through profit and loss:
Investment portfolio 65,584,467 41,676,696
Loans and receivables held at amortised cost
Accrued income 297,687 386,968
Cash at bank 4,059,487 4,053,536
Current asset investments 20,475,179 22,634,956
Other debtors 2,580,313 4,230

Liabilities at amortised cost or equivalent
Other creditors (227,411) (204,110)

Total for financial instruments 92,769,722 68,552,276
Non-financial instruments 17,532 (91,081)
Total net assets 92,787,254 68,461,195
72
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Notes to the Financial Statements for the year ended 31 December 2021
Financial Statements

There are no dierences between book value and fair value disclosed above.
The investment portfolio principally consists of unquoted investments 84.9% (2020: 99.4%) and AIM quoted stocks 15.1%
(2020:0.6%). The investment portfolio has a 100% (2020: 100%) concentration of risk towards small UK based, sterling
denominated companies, and represents 70.7% (2020: 60.9%) of net assets at the year-end.
Current asset investments are money market funds, and bank deposits which, along with cash are discussed under credit risk
below, which represent 26.4% (2020: 39.0%) of net assets at the year-end.
The main risks arising from the Company’s financial instruments are the investment risk, and the liquidity risk, of the unquoted
portfolio. Other important risks are credit risk, fluctuations in market prices (market price risk), and cash flow interest rate risk,
although currency risk is also discussed below. The Board regularly reviews and agrees policies for managing each of these risks
and they are summarised below. These have been in place throughout the current and preceding years.
Investment risk
The Company’s investment portfolio is made up of predominantly UK companies which are not quoted on any recognised stock
exchange, although 15.1% of the portfolio value at the year-end is held in AIM quoted assets which were admitted during the year.
The companies held in the portfolio are usually smaller than those companies which are quoted on a stock exchange. They are
therefore usually regarded as carrying more risk compared to larger companies, as they are more sensitive to changes in key
financial indicators, such as a reduction in turnover or an increase in costs. The Board is of the view that the Investment Adviser
mitigates this risk as the investment in an investee company is held as part of a portfolio of such companies so that the
performance of one company does not significantly aect the value of the portfolio as a whole. The Investment Adviser also
usually takes a seat on the Board of each investee company such that it is able to monitor its progress on a regular basis and
contribute to the strategic direction of the company.
Liquidity risk
The investments in equity and fixed interest stocks of unquoted companies that the Company holds are not traded and therefore
they are not readily realisable. The ability of the Company to realise the investments at their carrying value may at times not be
possible if there are no willing purchasers and, as the Company owns minority stakes, could require a number of months and the
co-operation of other Shareholders to achieve at a reasonable valuation. The Company’s ability to sell investments may also be
constrained by the requirements set down for VCTs. The maturity profile of the Company’s loan stock investments disclosed
within the consideration of credit risk below indicates that these assets are also not readily realisable until dates up to five years
from the year-end.
To counter these risks to the Company’s liquidity, the Investment Adviser maintains sucient cash and money market funds to
meet running costs and other commitments. The Company invests its surplus funds in high quality money market funds and bank
deposits, together totalling, £20,475,179 (2020: £22,634,956), which are all accessible at varying points over the next 12 months.
The Board also receives regular cash flow projections in order to manage this liquidity risk.
The table below shows a maturity analysis of financial liabilities:
2021
<3 months 3-6 months 6-12 months over 12 months Total
Financial liabilities £ £ £ £ £
Other creditors 125,218 102,193 - - 227,411
2020
<3 months 3-6 months 6-12 months over 12 months Total
Financial liabilities £ £ £ £ £
Other creditors 117,035 87,075 - - 204,110
The Company does not have any derivative financial liabilities.
73
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements

Credit risk
Credit risk is the risk that a counterparty will fail to discharge an obligation or commitment that it has entered into with the
Company.
The Company’s maximum exposure to credit risk is:
2021
£
2020
£
Loan stock investments 8,099,692 9,433,907
Current asset investments 20,475,179 22,634,956
Cash at bank 4,059,487 4,053,536
Accrued income 297,687 386,968
Other debtors 2,580,313 4,230
 35,512,358 36,513,597
The Company has an exposure to credit risk in respect of the loan stock investments it has made into investee companies, most
of which have no security attached to them, and where they do, such security ranks beneath any bank debt that an investee
company may owe. The loan stock is typically held in companies with turnover under £50 million, which may be considered less
stable than larger, longer established businesses. The Investment Adviser undertakes extensive financial and commercial due
diligence before recommending an investment to the Board. The Investment Adviser usually takes a seat on the Board of each
investee company and the Board of the VCT receives regular updates on each company at each quarter end.
The accrued income shown above of £297,687 was all due within six months of the year-end.
The following table shows the maturity of the loan stock investments referred to above. In some cases, the loan maturities are not
the contractual ones, but are the best estimate using management’s expectations of when it is likely that such loans may be
repaid.
Repayable within
2021
£
2020
£
0 to 1 year 980,756 2,278,928
1 to 2 years 3,829,649 1,670,191
2 to 3 years 1,135,939 3,194,882
3 to 4 years 989,348 1,153,065
4 to 5 years 847,587 985,594
> 5 years 316,413 151,247
Total 8,099,692 9,433,907
Included within loan stock investments above are loans to five investee companies at a carrying value of £3,853,974 which are
past their repayment date but have been renegotiated. A loan to one other company with a value of £49,597 is now past its
repayment date but has not yet been renegotiated. The loan stock investments are made as part of the qualifying investments
within the investment portfolio, and the risk management processes applied to the loan stock investments have already been set
out under market price risk below.
An aged analysis of the value of loan stock investments included above, which are past due but not individually impaired, is set
out below. For this purpose, these loans are considered to be past due when any payment due under the loan’s contractual
terms (such as payment of interest or redemption date) is received late or missed. We are required to report in this format and
include the full value of the loan even though in some cases, it is only in respect of interest that they are in default.
0-6 months 6-12 months over 12 months 2021 Total
£ £ £ £
Loans to investee companies past due - - 1,894,811 1,894,811
0-6 months 6-12 months over 12 months 2020 Total
£ £ £ £
Loans to investee companies past due 139,317 542,096 1,063,345 1,744,758
74
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Notes to the Financial Statements for the year ended 31 December 2021
Financial Statements

Credit risk also arises from cash and cash equivalents, deposits with banks and amounts held in liquidity funds. There is a risk of
liquidity fund defaults such that there could be defaults within their underlying portfolios that could aect the values at which the
Company could sell its holdings. The five OEIC money market funds holding £18,475,179 are all triple A rated funds and, along
with bank deposits of £4,171,539 at six well-known financial institutions with credit ratings ranging from Baa1 to Aa3, credit risk is
considered to be relatively low in current circumstances. The Board manages credit risk in respect of these money market funds
and cash by ensuring a spread of such investments such that none should exceed 15% of the Company’s total investment assets.
The Company’s current account totalling £1,887,948 is held with NatWest Bank plc (credit rating Aa3),, so the risk of default is
considered to be low.
There could also be a failure by counter-parties to deliver securities which the Company has paid for, or pay for securities which
the Company has delivered. This risk is considered to be small as most of the Company’s investment transactions are in
unquoted investments, where investments are conducted through solicitors, to ensure that payment matches delivery. In respect
of any quoted investment transactions that are undertaken, the Company uses brokers with a high credit quality, and these
trades usually have a short settlement period. Accordingly, counterparty risk is considered to be relatively low.
Market price risk
Market price risk arises from uncertainty about the future valuations of the unquoted portfolio held in accordance with the
Company’s investment objectives. These future valuations are determined by many factors but include the operational and
financial performance of the underlying investee companies (Investment risk), as well as market perceptions of the future
performance of the UK economy and its impact upon the economic environment in which these companies operate. This risk
represents the potential loss that the Company might suer through holding its investment portfolio in the face of market
movements, which was a maximum of £65,584,467 at the year-end, representing the fair value of the investment portfolio.
The investments in equity and fixed interest stocks of unquoted companies that the Company holds are not traded and as such
the prices are more uncertain than those of more widely traded securities. As, in a number of cases, the unquoted investments
are valued by reference to price earnings ratios or revenue multiples, prevailing in quoted comparable sectors (discounted for
points of dierence from quoted comparators), their valuations are exposed to changes in the price earnings ratios that exist in
the quoted markets.
The Board’s strategy in managing the market price risk inherent in the Company’s portfolio of equities and loan stock
investments is determined by the requirement to meet the Company’s Objective, as set out on page 6 in the Strategic Report. As
part of the investment management process, the Board seeks to maintain an appropriate spread of market risk, and also has full
and timely access to relevant information from the Investment Adviser. No single investment is permitted to exceed 15% of total
investment assets at the point of investment. The Investment Committee meets regularly and reviews the investment
performance and financial results, as well as compliance with the Company’s objectives. The Company does not use derivative
instruments to hedge against market risk.
Market price risk sensitivity
The Board believes that the Company’s assets are mainly exposed to market price risk, as the Company is required to hold most
of its assets in the form of sterling denominated investments in small companies.
Although some assets are now quoted on AIM, most portfolio assets are unquoted. All of the investments made by the
Investment Adviser in unquoted companies, irrespective of the instruments the Company actually holds, (whether shares,
preference shares or loan stock) carry a full market risk, even though some of the loan stocks may be secured on assets, but
behind any prior ranking bank debt in the investee company.
The Board considers that the value of investments in equity and loan stock instruments are ultimately sensitive to changes in
their trading performance (discussed under investment risk above) and to in quoted share prices, insofar as such changes
eventually aect the enterprise value of unquoted companies. The table below shows the impact on profit and net assets if there
were to be a 20% (2020: 20%) movement in overall share prices, which might in part be caused by changes in interest rate levels.
However, it is not considered possible to evaluate separately the impact of changes in interest rates upon the value of the
Company’s portfolios of investments in small, unquoted companies.
The sensitivity analysis below assumes the actual portfolio of investments held by the Company is perfectly correlated to this
overall movement in share prices. However, Shareholders should note that this level of correlation is unlikely to be the case in
reality, particularly in the case of small, unquoted companies which may have other factors which may influence the extent of the
valuation change, e.g. a strong niche brand may limit the valuation fall compared to comparators, or may be more aected by
external market factors than larger companies.
For each of the companies in the investment portfolio that are valued on a multiple or bid price basis, the calculation below has
applied plus and minus 20% to bid price or multiple (such as earnings or revenue) derived from quoted market comparators that
are used to value the companies. The companies valued on a multiple or bid price basis represent £63.10 million (2020: £40.11
million) of the total investment portfolio of £65.58 million (2020: £41.68 million). The remainder of the portfolio is valued at either
price of recent investment or net asset value, as shown below.
The impact of a change of 20% (2020: 20%) has been selected as this is considered reasonable given the level of volatility
observed both on a historical basis and market expectations for future movement.
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Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements

2021 2020
Profit and net assets Profit and net assets
£ £
If overall share prices rose/fell by 20% (2020: 20%), with all other variables
held constant – increase/(decrease) 9,108,542 / (8,836,756) 4,865,829 / (4,824,319)
Increase/(decrease) in earnings, and net asset value, per ordinary share
(in pence) 10.92p / (10.60)p 5.79p / (5.74p)
Cash flow interest rate risk
The Company’s fixed and floating rate interest securities, its equity and preference equity investments and net revenue may be
aected by interest rate movements. Investments are often in relatively small businesses, which are relatively high risk
investments sensitive to interest rate fluctuations.
Due to the short time to maturity of some of the Company’s floating rate investments, it may not be possible to re-invest in assets
which provide the same rates as those currently held.
The Company’s assets include fixed and floating rate interest instruments, as shown below. The rate of interest earned is
regularly reviewed by the Board, as part of the risk management processes applied to these instruments, already disclosed
under market price risk above.
The interest rate profile of the Company’s financial net assets at 31 December 2021 was:
Financial
net assets
on which no
interest paid
Fixed rate
financial
assets
Variable rate
financial
assets
Total Weighted
average
interest rate
Average
period to
maturity
£ £ £ £ % (years)
Equity shares 55,876,437 - - 55,876,437
Preference shares - 1,608,338 - 1,608,338 - 3.9
Loan stocks - 8,099,692 - 8,099,692 10.0 1.9
Current investments - - 20,475,179 20,475,179 0.3
Cash - - 4,059,487 4,059,487 0.1
Debtors 2,878,000 - - 2,878,000
Creditors (227,411) - - (227,411)
Total for financial instruments 58,527,026 9,708,030 24,534,666 92,769,722
Non-financial instruments 17,532 - - 17,532
Total net assets 58,544,558 9,708,030 24,534,666 92,787,254
76
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Notes to the Financial Statements for the year ended 31 December 2021
Financial Statements

The interest rate profile of the Company’s financial net assets at 31 December 2020 was:
Financial
net assets
on which no
interest paid
Fixed rate
financial
assets
Variable rate
financial
assets
Total Weighted
average
interest rate
Average
period to
maturity
£ £ £ £ % (years)
Equity shares 31,273,390 - - 31,273,390
Preference shares - 969,399 - 969,399 - 4.0
Loan stocks - 9,433,907 - 9,433,907 8.4 2.2
Current investments - - 22,634,956 22,634,956 0.1
Cash - - 4,053,536 4,053,536 0.1
Debtors 391,198 - - 391,198
Creditors (204,110) - - (204,110)
Total for financial instruments 31,460,478 10,403,306 26,688,492 68,552,276
Non-financial instruments (91,081) - - (91,081)
Total net assets 31,369,397 10,403,306 26,688,492 68,461,195
Note: Weighted average interest rates above are derived by calculating the expected annual income that would be earned on
each asset (but only for those sums that are currently regarded as collectible and would therefore be recognised), divided by the
values for each asset class at the balance sheet date.
Variable rate cash earns interest based on LIBOR rates.
The Company’s investments in equity shares have been excluded from the interest rate risk profile as they do not yield interest
and have no maturity date. Their inclusion would distort the weighted average period information above.
Cash flow interest rate sensitivity
Although the Company holds investments in loan stocks that pay interest, the Board does not consider it appropriate to assess
the impact of interest rate changes in isolation upon the value of the unquoted investment portfolio, as interest rate changes are
only one factor aecting the market price movements that are discussed above under market price risk. However, as the
Company has a substantial proportion of its assets in money market funds, the table below shows the sensitivity of income
earned to changes in interest rates:
2021
Profit and
net assets
£
2020
Profit and
net assets
£
If interest rates rose/fell by 1%, with all other variables held constant – increase/
(decrease) 198,731 / (198,731) 216,177 / (216,177)
Increase/(decrease) in earnings, and net asset value, per Ordinary share (in pence) 0.24p / (0.24)p 0.26p / (0.26)p
Currency risk
All assets and liabilities are denominated in sterling and therefore there is no currency risk, although a number of investee
companies do trade overseas, so do face some exposure to currency risk in their operations.
Fair value hierarchy
The table overleaf sets out fair value measurements using FRS102 s11.27 fair value hierarchy.
77
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements

Financial assets at fair value through profit and loss Level 1 Level 2 Level 3 Total
At 31 December 2021 £ £ £ £
Equity investments 9,903,755 - 45,972,682 55,876,437
Preference shares - - 1,608,338 1,608,338
Loan stock investments - - 8,099,692 8,099,692
Total 9,903,755 - 55,680,712 65,584,467
Financial assets at fair value through profit and loss Level 1 Level 2 Level 3 Total
At 31 December 2020 £ £ £ £
Equity investments 266,680 - 31,006,710 31,273,390
Preference shares - - 969,399 969,399
Loan stock investments - - 9,433,907 9,433,907
Total 266,680 - 41,410,016 41,676,696
There are currently no financial liabilities at fair value through profit and loss.
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value
measurement of the relevant asset as follows:
Level 1 – valued using quoted prices in active markets for identical assets
Level 2 – valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1.
Level 3 – valued by reference to valuation techniques using inputs that are not based on observable market data.
The valuation techniques used by the Company are explained in the accounting policies in Note 8 to these Financial Statements.
There have been no transfers during the year between Levels 1 and 2. A reconciliation of fair value measurements in Level 3 is
set out below:
Equity
investments
Preference
shares
Loan stock
investments Total
£ £ £ £
Opening balance at 1 January 2021 31,006,710 969,399 9,433,907 41,410,016
Purchases 4,238,438 566,200 1,430,654 6,235,292
Sales (6,905,286) (63,709) (3,651,530) (10,620,525)
Transfers out of Level 3 (6,638,097) - - (6,638,097)
Reclassification at value 449,325 - (449,325) -
Total gains included in gains on investments in the Income
Statement:
- on assets sold or impaired 3,296,609 63,591 191,513 3,551,713
- on assets held at the year-end 20,524,983 72,857 1,144,473 21,742,313
Closing balance at 31 December 2021 45,972,682 1,608,338 8,099,692 55,680,712
As detailed in the accounting policy for Note 8, where investments are valued on an earnings-multiple basis, the main input used
for this basis of valuation is a suitable price-earnings ratio taken from a comparable sector on the quoted market which is then
appropriately adjusted for points of dierence. Thus any change in share prices can have a significant eect on the value
measurements of the Level 3 investments, as they may not be wholly oset by the adjustment for points of dierence.
78
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Notes to the Financial Statements for the year ended 31 December 2021
Financial Statements

Level 3 unquoted equity and loan stock investments are valued in accordance with the IPEV guidelines as follows:
2021
£
2020
£
Valuation methodology
Multiple of earnings, revenues or gross margin, as appropriate 55,435,915 39,839,162
Recent investment price (reviewed for impairment) 195,200 -
Estimated realisation proceeds 49,597 57,566
Recent investment price - 1,150,057
Net asset value - 363,231
55,680,712 41,410,016
The unquoted equity and loan stock investments had the following movements between valuation methodologies between
31 December 2020 and 31 December 2021:
Change in valuation methodology
Carrying value as at
31 December 2021
£ Explanatory note
Recent investment price to multiple basis 1,492,878 Sucient time has elapsed since investment to move to a
more appropriate basis for determining value
Multiple basis to recent investment price
(reviewed for impairment)
195,200 Recent investment price (reviewed for impairment) is a
more appropriate basis for determining fair value.
Net asset value to multiple basis 739,557 Multiple a more appropriate basis for determining fair value.
Weighted multiple/net asset basis to
multiple basis
3,957,481 Multiple is a more appropriate basis for determining fair
value
The valuation will be the most appropriate valuation methodology for an investment within its market, with regard to the financial
health of the investment and the December 2018 IPEV guidelines. The Directors believe that, within these parameters, there are
no other possible methods of valuation which would be reasonable as at 31 December 2021.
16 Management of capital
The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern, so that
it can continue to provide returns for Shareholders. It aims to provide an adequate return to shareholders by allocating its capital
to assets commensurate with the level of risk.
By its nature, the Company has an amount of capital, at least 80% (as measured under the tax legislation) of which is and must
remain, invested in the relatively high risk asset class of small UK companies within three years of that capital being subscribed.
The Company accordingly has limited scope to manage its capital structure in the light of changes in economic conditions and
the risk characteristics of the underlying assets. Subject to this overall constraint upon changing the capital structure, the group
may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares, or sell assets if so
required to maintain a level of liquidity to remain a going concern.
Although, as the Investment Policy implies, the Board would consider levels of gearing, there are no current plans to do so. It
regards the net assets of the Company as the Company’s capital, as the levels of liabilities are small and the management of them is
not directly related to managing the return to Shareholders. There has been no change in this approach from the previous year.
17 Segmental analysis
The operations of the Company are wholly in the United Kingdom, from one class of business.
18 Post balance sheet events
On 7 January 2022, the Company paid a 4.00 pence per share dividend to Shareholders in respect of the year ended
31 December 2021.
On 24 January 2022 and 22 February 2022, further investments totalling £0.22 million were made into Caledonian Leisure Limited.
On 1 February 2022, a loan repayment of £0.10 million was received from Media Business Insight Limited.
On 10 February 2022, a new investment of £0.61 million was made into Proximity Insight Limited.
On 16 February 2022, deferred proceeds of £0.40 million were received in respect of Vian Marketing Limited (trading as Red
Paddle Co), an investment realised in a previous year.
Prior to the allotment of shares under the 2022 Oer for Subscription launched on 20 January 2022, the NAV was updated as at 28
February 2022 as the basis for allocation. This produced a NAV per share of 98.77 pence compared to a NAV per share at 31
December 2021 of 107.27 pence (adjusted for the 4 pence dividend paid on 7 January 2022). Subsequently, on 9 March 2022,
7,361,191 Ordinary Shares were allotted at an average eective oer price of 101.89 pence per share, raising net funds of £7.27 million.
On 6 April 2022, a further investment of £0.12 million was made into Northern Bloc Ice Cream Limited.
79
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Financial Statements

80
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Shareholder Information
Communication with Shareholders
We aim to communicate regularly with our Shareholders. The annual general meetings provide a useful platform for the Board to meet
Shareholders and exchange views and we are pleased to be able to hold a physical meeting in 2022. We will also oer a facility
whereby you can view the Board, and the Investment Adviser’s presentation remotely via live stream. Your Board welcomes your
attendance at the May Annual General Meeting to give you the opportunity to meet the Directors and representatives of the
Investment Adviser. The Company releases Interim Management Statements in respect of those quarters where it does not publish
half or full year accounts via the London Stock Exchange RNS service. The Investment Adviser previously held an annual Shareholder
event, though was unable to so during 2021 due to COVID-19 restrictions aecting prior plans. Gresham House was pleased present
the Company’s first virtual Shareholder event on 25 February 2022.
Shareholders wishing to follow the Company’s progress can visit its website at www.mig4vct.co.uk. The website includes up-to-date
details on fund performance and dividends as well as publicly available information on the Company’s portfolio of investments and
copies of company reports. There is also a link to the London Stock Exchange’s website at: www.londonstockexchange.com, where
Shareholders can obtain details of the share price and latest NAV announcements, etc.
Financial calendar
25 February 2022 Virtual Shareholder Event (please register to view the recording which is available online at
https://mvcts.connectid.cloud/)
6 April 2022 Announcement of Annual Results and circulation to Shareholders of Annual Report & Financial Statements for
the year ended 31 December 2021
17 May 2022 Annual General Meeting
September 2022 Announcement of Half-Year Results and circulation of Half-Year Report for the six months ended 30 June
2022 to Shareholders
31 December 2022 Year-end
TBC 2023 Shareholder Event
Gresham House website
Shareholders can check the performance of the VCT by visiting the Investment Adviser’s website www.greshamhouse.com. This is
regularly updated with information on your investment including case studies of portfolio companies.
The website includes relevant Shareholder literature, including previous Annual and Half-Year Reports and the Company’s Key
Information Document (“KID”) - Investors should note that the process for compiling the KID are prescribed by EU law and the
Company has no discretion over the format or content of the document. The illustrated performance returns in the KID cannot be
guaranteed and may not reflect figures for the Company derived using other methods. Accordingly, the Board recommends that
investors also take account of information from other sources, including the Annual Reports.
Annual General Meeting
The Company’s next Annual General Meeting will be held on Tuesday, 17 May 2022 at 11.30 am at the oces of Shakespeare
Martineau, 6th Floor, 60 Gracechurch Street, London, EC3V 0HR. Shareholders will also be able to view the meeting remotely by
registering for access to a web stream link which can be found on the Company’s website at www.mig4vct.co.uk. Shareholders will be
able to vote on a show of hands at the meeting. Shareholders will also be able to submit questions to the Board in advance of the
meeting using the AGM@greshamhouse.com email address. Shareholders attending virtually will not be able to vote at the meeting
and therefore you are encouraged to lodge your proxy form, which is included with Shareholders’ copies of this Annual Report, or
on-line at www.signalshares.com before 13 May 2022 at 11.30am for your votes to be valid. A copy of the Notice of the Meeting is
included on pages 82 to 84.
Dividends
Shareholders who wish to have dividends paid directly into their bank account, rather than sent by cheque to their registered
address, can complete a mandate for this purpose. Mandates can be obtained by contacting the Company’s Registrar, Link Group, at
the address given on page 86.
Shareholders are encouraged to ensure that the Registrar maintains up-to-date details for their account and to check whether they
have received all dividend payments. This is particularly important if a Shareholder has recently changed address or changed their
bank. We are aware that a number of dividends remain unclaimed by Shareholders and whilst we will endeavour to contact them if this
is the case, we cannot guarantee that we will be able to do so if the Registrar does not have an up-to-date postal or email address.
Dividend Investment Scheme (“DIS”)
Those Shareholders who wish to participate, or to amend their existing participation in the DIS, can do so by visiting
www.mig4vct.co.uk and click the Dividends tab or by contacting the Registrar directly using the details on page 86. Please note that
Shareholders’ elections to participate or amendments to participation in the Scheme require 15 days to become eective.
Selling your shares
The Company’s Shares are listed on the London Stock Exchange and as such they can be sold in the same way as any other quoted
company through a stockbroker. Shareholders are also advised to discuss their individual tax position with their financial advisor
before deciding to sell their shares.
Information for Shareholders
Information for
Shareholders

81
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Information for
Shareholders
The Company is unable to buy back shares direct from Shareholders, so you will need to use a stockbroker to sell your shares. If you
are considering selling your shares or trading in the secondary market, please contact the Company’s Corporate Broker, Panmure
Gordon (UK) Limited (“Panmure”). Panmure is able to provide details of close periods (when the Company is prohibited from buying in
shares) and details of the price at which the Company has bought in shares.
Panmure can be contacted as follows:
Chris Lloyd - 0207 886 2716 chris.lloyd@panmure.com
Paul Nolan - 0207 886 2717 paul.nolan@panmure.com
Common Reporting Standard (“CRS”) and Foreign Account Tax Compliance Act (“FATCA”)
Tax legislation was introduced with eect from 1st January 2016 under the Organisation for Economic Co-operation and Development
Common Reporting Standard for Automatic Exchange of Financial Account Information. The legislation requires investment trust
companies to provide personal information to HMRC on certain investors who purchase shares. As an aected entity, the Company
has to provide information annually to HMRC relating to a number of non-UK based certificated Shareholders who are deemed to be
resident for tax purposes in any of the 90 plus countries who have joined CRS. All new Shareholders, excluding those whose shares
are held in CREST, entered onto the share register from 1 January 2016 will be asked to provide the relevant information. Additionally,
HMRC’s policy on FATCA now means that, as a result of the restricted secondary market in VCT shares, the Company’s shares are not
considered to be “regularly traded”. The Company is therefore also an aected entity for the purposes of this legislation and so has to
provide information annually to HMRC relating to Shareholders who are resident for tax purposes in the United States.
For further information, please see HMRC’s Quick Guide: Automatic Exchange of Information – information for account holders:
https://www.gov.uk/government /publications/exchange-of-information-account-holders.
Managing your shareholding online
For details on your individual shareholding and to manage your account online, Shareholders may log into or register with the Link
Group Shareholder Portal at: www.signalshares.com. You can use the Shareholder Portal to change and update your preferences
including changing your address details, check your holding balance and transactions, view the dividends you have received, add
and amend your bank details and manage how you receive communications from the Company.
Fraud Warning
Boiler Room fraud and unsolicited communications to Shareholders.
We have been made aware of a number of Shareholders being contacted in connection with sophisticated but fraudulent financial
scams which purport to come from the Company or to be authorised by it. This is often by a phone call or an email usually originating
from outside of the UK, often claiming or appearing to be from a corporate finance firm oering to buy your VCT shares at an inflated
price.
Further information on boiler room scams and fraud advice plus who to contact, can be found first in the answer to a question “What
should I do if I receive an unsolicited oer for my shares?” within the VCT Investor area of the Investment Adviser’s website in the A
Guide to VCTs section: www.mobeusvcts.co.uk and secondly, in a link to the FCA’s ScamSmart site: www.fca.org.uk/scamsmart
We strongly recommend that you seek financial advice before taking any action if you remain in any doubt. You can also contact the
Investment Adviser on 0207 382 0999, or email mobeusvcts@greshamhouse.com to check whether any claims made by a caller are
genuine.
Shareholders are also encouraged to ensure their personal data is always held securely and that data held by the Registrar of the
Company is up to date, to avoid cases of identity fraud.
Shareholder enquiries
For enquiries concerning the investment portfolio or the Company in general, please contact the Investment Adviser, Gresham House
Asset Management Limited. To contact the Chairman or any member of the Board, please contact the Company Secretary, also
Gresham House, in the first instance.
The Registrar, Link Group, may be contacted via their Shareholder portal, post or telephone for queries relating to your shareholding
or dividend payments, dividend mandate forms, change of address etc.
Full contact details for each of Gresham House and Link Group are included under Corporate Information on page 86 of this Annual
Report.

82
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Information for
Shareholders
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Mobeus Income & Growth 4 VCT plc (“the Company”) will be held at
11.30am on Tuesday, 17 May 2022, at the oces of Shakespeare Martineau, 6th Floor, 60 Gracechurch Street, London, EC3V 0HR
for the purposes of considering and, if thought fit, passing the following resolutions of which resolutions 1 to 7 will be proposed as
ordinary resolutions and resolutions 8 and 9 will be proposed as special resolutions. An explanation of the main business to be
proposed is included in the Directors’ Report on pages 39 to 41 of this document:
1. To re
ceive and adopt the annual report and financial statements of the Company for the year ended 31 December 2021
(“Annual Report”), together with the auditor’s report thereon.
2. To approve the directors’ annual remuneration report as set out in the Annual Report.
3. To re-elect Jonathan Cartwright as a director of the Company.
4. To re-elect Graham Paterson as a director of the Company.
5. To re-elect Christopher Burke as a director of the Company.
6. To re-appoint BDO LLP of 55 Baker Street, London W1U 7EU, London, EC1A 4AB as auditor of the Company until the
conclusion of the next general meeting at which accounts are laid before the Company and to authorise the directors to
determine the remuneration of the auditor.
7. That, in substitution for any existing authorities, the directors of the Company be and hereby are generally and
unconditionally authorised pursuant to section 551 of the Companies Act 2006 (“the Act”) to exercise all the powers of the
Company to allot ordinary shares of 1 penny each in the capital of the Company (“Shares”) and to grant rights to subscribe
for, or convert, any security into Shares (“Rights”) up to an aggregate nominal value of £304,198, provided that the authority
conferred by this resolution shall (unless renewed, varied or revoked by the Company in general meeting) expire on the date
falling fifteen months after the passing of this resolution or, if earlier, at the conclusion of the annual general meeting of the
Company to be held in 2023, but so that this authority shall allow the Company to make before the expiry of this authority
oers or agreements which would or might require Shares to be allotted or Rights to be granted after such expiry and the
directors of the Company shall be entitled to allot Shares or grant Rights pursuant to any such oers or agreements as if the
authority conferred by this resolution had not expired.
8. That, subject to the passing of resolution 7 set out in this notice and in substitution for any existing authorities, the Directors
of the Company be and hereby are empowered in accordance with sections 570 and 573 of the Act to allot or make oers
or agreements to allot equity securities (as defined in section 560(1) of the Act) for cash, pursuant to the authority conferred
upon them by resolution 7 set out in this notice, or by way of a sale of treasury shares, as if section 561(1) of the Act did not
apply to any such sale or allotment, provided that the power conferred by this resolution shall be limited to the allotment of
equity securities:
(i) with an aggregate nominal value of up to, but not exceeding, £136,889 in connection with oer(s) for subscription; and
(ii) with an aggregate nominal value of up to, but not exceeding, 10% of the issued share capital of the Company from time
to time pursuant to any dividend investment scheme operated by the Company; and
(iii) otherwise than pursuant to sub-paragraphs (i) and (ii) above, with an aggregate nominal value of up to 10% of the issued
share capital from time to time,
in each case where the proceeds of the allotment may be used, in whole or in part, to purchase the Company’s Shares in
the market and provided that this authority shall (unless renewed, varied or revoked by the Company in general meeting)
expire on the date falling fifteen months after the passing of this resolution or, if earlier, on the conclusion of the annual
general meeting of the Company to be held in 2023, except that the Company may, before the expiry of this authority, make
oers or agreements which would or might require equity securities to be allotted after such expiry and the directors of the
Company may allot equity securities in pursuance of such oers or agreements as if the power conferred by this resolution
had not expired.
9. That, in substitution for any existing authorities, the Company be and hereby is authorised pursuant to and accordance with
section 701 of the Act to make one or more market purchases (within the meaning of section 693(4) of the Act) of its own
Shares provided that:
(i) the aggregate number of Shares which may be purchased shall not exceed 13,688,946 or, if lower, such number of
Shares (rounded down to the nearest whole Share) as shall equal 14.99% of the Shares in issue at the date of passing of
this resolution;
(ii) the minimum price which may be paid for a Share is 1 penny (the nominal value thereof);
(iii) the maximum price which may be paid for a Share (excluding expenses) shall be the higher of (a) an amount equal to 5%
above the average of the middle market quotations for a Share in the Company taken from the London Stock Exchange
Daily Ocial List for the five business days immediately preceding the day on which the Share is contracted to be
purchased and (b) the amount stipulated in Article 5(6) of the Market Abuse Regulation;
Notice of the Annual General Meeting

83
Annual Report & Financial Statements 2021
Mobeus Income & Growth 4 VCT plc
Information for
Shareholders
(iv) the authority conferred by this resolution shall (unless renewed, varied or revoked by the Company in general meeting)
expire on the date falling fifteen months after the passing of this resolution or, if earlier, on the conclusion of the annual
general meeting of the Company to be held in 2023; and
(v) the Company may make a contract or contracts to purchase its own Shares under the authority hereby conferred prior
to the expiry of such authority which will or may be executed wholly or partly after the expiry of such authority and may
make a purchase of its own Shares in pursuance of any such contract.
BY ORDER OF THE BOARD
Registered Oce Gresham House Asset Management Limited
5 New Street Square Company Secretary
London Dated: 6 April 2022
EC4A 3TW
Notes:
The following Notes explain your general rights as a Shareholder and your right to attend and vote at this Meeting or to appoint someone else to
vote on your behalf.
1. A member is entitled to attend, speak and vote at the Meeting in person or to appoint one or more other persons as their proxy to exercise
all or any of his rights on his behalf. Further details of how to appoint a proxy, and the rights of proxies, are given in the Notes below. Where a
member intends to join the Meeting by means of the webcast, they shall be permitted to ask questions at the Meeting but shall not be
entitled to vote on resolutions at the Meeting (and are, therefore, encouraged to submit their votes by way of proxy). Note 16 below will apply
to those who join the meeting (which would be in attendance only) by means of the webcast.
2. To be entitled to attend the Meeting (and for the purpose of the determination by the Company of the number of votes they may cast) and to
be able to lodge your proxy votes, Shareholders must be registered in the Register of Members of the Company at close of trading on
13 May 2022. Changes to the Register of Members after the relevant deadline shall be disregarded in determining the rights of any person to
attend the Meeting and/or virtual meeting and vote by proxy.
3. In order for a proxy appointment to be valid it must be received by Link Group, Central Square, 29 Wellington Street, Leeds LS1 4DL by
11.30 am on 13 May 2022.
4. A Shareholder may appoint more than one proxy in relation to the Meeting provided that each proxy is appointed to exercise the rights
attached to a dierent ordinary share or ordinary shares held by that Shareholder. A proxy need not be a Shareholder of the Company.
5. In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the appointment submitted by the
most senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Company’s
Register of Members in respect of the joint holding (the first named being the most senior).
6. A form of proxy for use in connection with the Meeting is enclosed with the document of which this Notice forms part. If you do not have a
form of proxy and would like a copy, please contact the Company’s registrar, Link Group at 10th Floor Central Square, 29 Wellington Street,
Leeds LS1 4DL (“Registrar”), or on 0371 664 0391. Completion and return of a form of proxy form will not legally prevent a Shareholder from
attending and voting at the Meeting in person, or from joining the Meeting (which would be as an attendee only) by means of the webcast.
The Company requests all Shareholders to vote by proxy on the resolutions set out in this Notice as soon as possible.
7. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolution. If no
voting indication is given, your proxy will vote or abstain from voting at their discretion. Your proxy will vote (or abstain from voting) as they
think fits in relation to any other matter which is put before the Meeting.
8. You can also vote either:
 by logging on to www.signalshares.com and following the instructions;
 if you need help with voting online, please contact our Registrar, Link Group, on 0371 664 0391 if calling from the UK, or +44 (0) 371 664
0391 if calling from outside of the UK, or email Link at shareholderenquiries@linkgroup.co.uk.
 in the case of CREST members, by utilising the CREST electronic proxy appointment service in accordance with the procedures set out
below.
We strongly recommend voting electronically at www.signalshares.com as your vote will automatically be counted. Given the current
situation, with many people working from home and delays in the postal system, there is a risk that your vote may not be counted if you send
a paper proxy.
9. If you return more than one proxy appointment, the appointment received last by the Registrar before the latest time for the receipt of
proxies will take precedence. You are advised to read the terms and conditions of use carefully. Electronic communication facilities are open
to all Shareholders and those who use them will not be disadvantaged.
10. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the Meeting
(and any adjournment of the Meeting) by using the procedures described in the CREST Manual (available from www.euroclear.com/site/
public/EUI). CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a service
provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.
11. In order for a proxy appointment or instruction made by means of CREST to be valid, the appropriate CREST message (a ‘CREST Proxy
Instruction’) must be properly authenticated in accordance with Euroclear UK & Ireland Limited’s specifications and must contain the
information required for such instructions, as described in the CREST Manual. The message must be transmitted so as to be received by the
issuer’s agent (ID RA10) by 11.30 am on 13 May 2022. For this purpose, the time of receipt will be taken to mean the time (as determined by
the timestamp applied to the message by the CREST application host) from which the issuer’s agent is able to retrieve the message by
enquiry to CREST in the manner prescribed by CREST. After this time, any change of instructions to proxies appointed through CREST should
be communicated to the appointee through other means.

84
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Shareholders
12. CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear UK & Ireland Limited
does not make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply
in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member
is a CREST personal member, or sponsored member, or has appointed a voting service provider(s), to procure that their CREST sponsor or
voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system
by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting system providers are
referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. The
Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities
Regulations 2001.
13. Any corporation which is a Shareholder can appoint one or more corporate representatives who may exercise on its behalf all of its powers
as a Shareholder provided that no more than one corporate representative exercises powers in relation to the same shares.
14. As at 5 April 2022 (being the latest practicable business day prior to the publication of this Notice), the Company’s ordinary issued share
capital consists of 91,259,644 ordinary shares, carrying one vote each. Therefore, the total voting rights in the Company as at 5 April 2022
are 91,259,644.
15. Under Section 527 of the Companies Act 2006, Shareholders meeting the threshold requirements set out in that section have the right to
require the Company to publish on a website a statement setting out any matter relating to: (i) the audit of the Company’s Financial
Statements (including the Auditor’s Report and the conduct of the audit) that are to be laid before the Meeting; or (ii) any circumstances
connected with an auditor of the Company ceasing to hold oce since the previous meeting at which annual Financial Statements and
reports were laid in accordance with Section 437 of the Companies Act 2006 (in each case) that the Shareholders propose to raise at the
relevant meeting. The Company may not require the Shareholders requesting any such website publication to pay its expenses in complying
with Sections 527 or 528 of the Companies Act 2006. Where the Company is required to place a statement on a website under Section 527
of the Companies Act 2006, it must forward the statement to the Company’s auditor not later than the time when it makes the statement
available on the website. The business which may be dealt with at the Meeting for the relevant financial year includes any statement that the
Company has been required under Section 527 of the Companies Act 2006 to publish on a website.
16. Any Shareholder attending the Meeting has the right to ask questions. Any Shareholder may submit questions in relation to the business to
be transacted at the Meeting via email to: AGM@greshamhouse.com by 13 May 2022. The Company must cause to be answered any such
question relating to the business being dealt with at the Meeting but no such answer need be given if: (a) to do so would interfere unduly
with the preparation for the Meeting or involve the disclosure of confidential information; (b) the answer has already been given on a website
in the form of an answer to a question; or (c) it is undesirable in the interests of the Company or the good order of the Meeting that the
question be answered.
17. Copies of the directors’ letters of appointment will be available for inspection at the Company’s registered oce during normal business
hours on any weekday (excluding Saturdays, Sundays and public holidays) until the end of the Meeting and will also be available for
inspection at the place of the Meeting for at least 15 minutes before and during the Meeting.
18. You may not use any electronic address (within the meaning of Section 333(4) of the Companies Act 2006) provided in either this Notice or
any related documents to communicate with the Company for any purposes other than those expressly stated.
A copy of this Notice, and other information required by Section 311A of the Companies Act 2006, can be found on the Company’s website at
www.mig4vct.co.uk
Notice of the Annual General Meeting

85
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Information for
Shareholders
Glossary of terms
Alternative performance measure (“APM”)
A financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure
defined or specified in the Company’s financial reporting framework. These APMs tend to be industry specific terms which help
Shareholders to understand and assess the Company’s progress. A number of terms contained within this Glossary have been
identified as APMs.
Cumulative dividends paid (APM)
The total amount of dividend distributions by the Company over the time period specified. A list of all dividends paid since launch of
the Company is shown on the Company’s website www.mig4vct.co.uk. Dividends paid in the year and dividends paid in respect of
the year are shown in Note 7.
Cumulative total return (APM)
Cumulative total return per share comprises the NAV per share (NAV basis) or the mid-market price per share (Share price basis), plus
cumulative dividends paid since launch in 1999.
Internal Rate of Return (“IRR”)
The internal rate of return is the annual discount rate that equates the original investment cost with the value of subsequent cash
flows (such as receipts/dividends or further investment) and the latest valuation/exit proceeds or net asset value. Generally speaking,
the higher an investment’s IRR, the more successful it is.
Net asset value or NAV
The value of the Company’s total assets less its total liabilities. It is equal to the total equity Shareholders’ funds.
Net asset value per share or NAV per share
The net asset value per share is calculated as total equity Shareholders’ funds divided by the number of Ordinary shares in issue at
the year-end.
NAV Total Return (APM)
This measure combines two types of returns received by Shareholders. Firstly, as income in the form of dividends and secondly, as
capital movements (net asset value) of the value of the Company.
It is a performance measure that adjusts for dividends that have been paid in a period or year. This allows Shareholders to assess the
returns they have received both in terms of the performance of the Company but also including dividends they have received from
the Company which no longer form part of the Company’s assets.
It is calculated as the percentage return achieved after taking the closing NAV per share and adding dividends paid in the year and
dividing the total by the opening NAV per share. The Directors feel that this is the most meaningful method for Shareholders to assess
the performance of the Company.
To aid comparison with the wider Investment Trust market, the Annual Report also contains a Total Return performance measure
which assumes dividends are reinvested. This assumes that dividends paid are reinvested at the date of payment at a price
equivalent to the latest announced NAV at the ex-div date. Where this is referred to it will be specified in the Notes.
Ongoing charges ratio (APM)
This figure, calculated using the AIC recommended methodology, shows Shareholders the annual percentage reduction in
shareholder returns as a result of recurring operational expenses, assuming markets remain static and the portfolio is not traded.
Although the Ongoing Charges figure primarily is based upon historic information, it provides Shareholders with an indication of the
likely level of costs that will be incurred in managing the Company in the future. This is calculated by dividing the Investment Adviser’s
fees of £1,714,405 and running costs of £460,888 (per Notes 4a and 4d on pages 63 and 64), the latter being reduced by IFA trail
commission and one-o professional fees, by the average net assets throughout the year of £87,152,406.
Realised gains/(losses) in the year
This is the profit or loss that arises following the full or partial disposal of a holding in a portfolio company. It is calculated by deducting
the value of the holding as at the previous year-end from the proceeds received in respect of such disposal.
Share price Total Return (APM)
As NAV Total Return, but the Company’s mid-market share price (source: Panmure Gordon & Co) is used in place of NAV. This
measure more reflects the actual return a Shareholder will have earned, were they to sell their shares at the year/period’s end date. It
includes the impact of any discounts or premiums at which the share price trades compared to the underlying net asset value of the
Company. If the shares trade at a discount, the returns could be less than the NAV Total Return, but if trading at a premium, returns
could be higher than the NAV Total Return.

86
Mobeus Income & Growth 4 VCT plc Annual Report & Financial Statements 2021
Information for
Shareholders
Corporate Information
Directors (Non-executive)
Jonathan Cartwright (Chairman)
Christopher Burke
Graham Paterson
Investment Adviser, Company Secretary and Administrator
Gresham House Asset Management Limited
80 Cheapside
London
EC2V 6EE
Tel: +44(0) 20 7382 0999
info@greshamhouse.com
www.greshamhouse.com
Company’s Registered Oce and Head Oce
5 New Street Square
London
EC4A 3TW
Company Registration Number
03707697
LEI No: 213800IFNJ65R8AQW943
Website
www.mig4vct.co.uk
E-mail
mobeusvcts@greshamhouse.com
Independent Auditor
BDO LLP
55 Baker Street
London
W1U 7EU
Receiving Agent
City Partnership
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
Sponsor
Howard Kennedy Corporate Services LLP
1 London Bridge Walk
London
W1A 2AW
Solicitors
Shakespeare Martineau LLP
No 1 Colmore Square
Birmingham
B4 6AA
Corporate Broker
Panmure Gordon (UK) Limited
1 New Change
London
EC4M 9AF
Registrar
Link Group
10th Floor
Central Square
29 Wellington Street
Leeds
LS1 4DL
VCT Status Adviser
Philip Hare & Associates LLP
Hamilton House
1 Temple Avenue
London
EC4Y OHA
Shareholder Portal:
www.signalshares.com
Tel: +44 (0) 371 644 0324
Bankers
National Westminster Bank plc
City of London Oce
PO Box 12258
1 Princes Street
London
EC2R 8PA

Mobeus Income & Growth 4 VCT plc