Finsbury Growth & Income Trust PLC

PR Newswire

LONDON, United Kingdom, December 03

3 December 2025

Finsbury Growth & Income Trust PLC

(the "Company")

This announcement contains regulated information

Annual Financial Report for the year ended 30 September 2025

The statements below are extracted from the Company's annual report for the year ended 30 September 2025 (the Annual Report). The Annual Report, which includes the notice of the Company's forthcoming annual general meeting, will be posted to shareholders mid December 2025. Members of the public may obtain copies from Frostrow Capital LLP, 25 Southampton Buildings, London WC2A 1AL or from the Company's website www.finsburygt.comwhere up to date information on the Company, including daily NAV, share prices and fact sheets, can also be found.

The Annual Report will be submitted to the Financial Conduct Authority and will shortly be available in full, unedited text for inspection on the National Storage Mechanism (NSM): https://data.fca.org.uk/#/nsm/nationalstoragemechanism

For further information please contact

Victoria Hale

Company Secretary

For and on behalf of Frostrow Capital LLP

020 3170 8732

For press enquiries please contact:

Sarah Gibbons-Cook

Quill

07702 412680

sarah@quillpr.com

STRATEGIC REPORT /Chairman's Statement

Pars Purewal, Chairman

I am honoured to address Shareholders for the first time in an Annual Report as Chairman of the Company. I am only the 8th person to hold this role in our history, a reminder of the continuity and long-term stewardship that have guided the Company through both strong and challenging periods.

PERFORMANCE

While the Company's performance over the past year has again been disappointing, our commitment to a disciplined, high - conviction, and concentrated investment approach remains unchanged. We continue to focus on the long term, and on positioning the Company to deliver sustainable value for Shareholders in the years ahead.

For the year ended 30 September 2025, the share price total return was 2.3%, underperforming the FTSE All-Share Index, which returned 16.2% over the same period. The Company delivered a net asset value ('NAV') total return of -0.1%, compared to +8.2% in the previous year.

The Board acknowledges this extended period of underperformance and the understandable frustration this has caused among Shareholders. In the face of this poor performance, your Board has subjected the Portfolio Manager's investment process and the resulting portfolio holdings to close scrutiny. We remain confident in the long - term investment process, which focuses on high - quality, cash-generative businesses with durable competitive advantages. While many of our portfolio companies are listed in the UK, they are, in reality, global businesses with leading positions in their respective industries. We share the Portfolio Manager's belief, both in the quality of these companies and in the belief that this quality will, ultimately, be reflected in their share price performance.

As it is always important to point out, a highly concentrated portfolio means higher risk, particularly in the short-term. At 30 September 2025, the Company's Active Share - a measure of how much it varies from the FTSE All-Share Index benchmark - was 86.4% (2024: 84.1%). Such an uncorrelated portfolio will inevitably perform very differently from the wider market, whether positively or negatively.

I urge you to read Nick Train's review where he discusses his investment approach.

AGM

This year's Annual General Meeting ('AGM') is notable for two reasons. Firstly, it marks the Company's centenary. Finsbury Growth & Income Trust PLC was founded as Scottish Cities Investment Trust Limited in Edinburgh in January 1926, just ten days before another scion of Scotland, John Logie Baird, first demonstrated television.

The second reason this AGM is significant is that it includes something entirely new in our history: a continuation vote. Put simply, this gives Shareholders the opportunity to decide whether the Company should continue with its long-term investment approach. It is a moment to pause, reflect, and, we hope, affirm your support. In that sense, the continuation vote is not just a formality; it is a valuable opportunity for Shareholders to make their voice heard in shaping the next chapter of our story.

CONTINUATION VOTE

During the year, I, together with the Senior Independent Director, met with several of our largest Shareholders. While there was shared disappointment regarding the Company's recent investment performance, I am encouraged to report significant support for the continuation of the Company from amongst Shareholders we spoke with.

In the spirit of transparency and good governance, we wish to highlight that joint Founders of Lindsell Train, Michael Lindsell and Nick Train, while both fully supporting the continuation of the Company and hoping that it continues for the next 100 years, have chosen not to vote their shares. This decision was taken to avoid any perception of a conflict of interest, given their roles as both shareholders and portfolio managers.

The Board unanimously recommends that Shareholders vote in favour of continuation. All Directors intend to vote their shares accordingly.

The Board strongly encourages all Shareholders to exercise their votes in respect of the meeting in advance. Details of how Shareholders can vote are set out in the Notice of Meeting. Any Shareholder who requires a hard copy form of proxy may request one from the Registrar MUFG Corporate Markets.

Please note that the continuation vote is not a liquidity event; it does not involve redemption, tender offers, or a return of capital.

Rather, it is a strategic decision point that allows Shareholders to express their support for the investment philosophy that has underpinned the Company's performance over time.

If Shareholders vote in favour, the Company will continue as before. If the vote is against, the Board will consider alternative strategic options. The outcome will be announced following the Centenary AGM.

SHARE BUY-BACKS

The Board keeps the discount under close review and is committed to buying back its own shares at or near the 5% discount level, in accordance with its policy.

While share buy-backs will not necessarily reduce the discount, particularly in times of market volatility, they may, to a limited extent, mitigate a widening trend. In addition, buy - backs enhance the net asset value per share for remaining shareholders, provide some additional liquidity and help to dampen discount volatility which can damage shareholder returns.

As at 30 September 2025 the discount was 6.7% compared with a closing discount at the last year end of 8.7%. During the year under review the Company bought back a total of 34,698,781 shares, 20.7% of the shares in issue) into Treasury at a cost of approximately £309.7 million and at an average discount of 7.5%. Over the course of the year the Company's discount averaged 7.5%.

As at the close of the UK market on 1 December 2025, the discount was 5.7%. Since the year end, a further 10,787,363 shares were bought back into Treasury at a cost of £90.2 million. As at 1 December 2025, the Company had 122,231,524 shares in issue (excluding 102,759,779 shares held in Treasury).

The Board believes that the Company's share buy-back programme continues to be in the interest of Shareholders; providing liquidity for those wishing to exit while enhancing value for continuing investors. This year alone, buybacks have added approximately 18.2 pence per share, and since we began repurchasing shares at the current scale, they have contributed a cumulative increase of around 42.7 pence per share.

DIVIDENDS

Your Board has declared two interim dividends for the year totalling 20.2p per share (2024: 19.6p), an increase of 3.1%. In order to facilitate dividend payments on a timely and cost - effective basis, your Board continues to elect to distribute the Company's income to Shareholders by means of two interim dividends rather than wait several months to secure shareholder approval to pay a final dividend at the AGM. This dividend policy will again be proposed for approval at the forthcoming AGM.

OUTLOOK

The Board remains confident that the Trust's strategy will deliver sustainable, long-term returns for Shareholders. We appreciate your continued support and patience during this challenging period, both your Portfolio Manager and Directors have demonstrated their commitment by continuing to acquire shares in the Trust. Over the last year, Nick Train has acquired 275,237 shares and currently speaks for 4.7% of the equity of the Company (December 2024: 3.5%). This alignment underscores our shared determination to navigate this challenging period together.

The Board is pleased to confirm that it has agreed amendments to the fee arrangements with the AIFM and Portfolio Manager, with effect from 1 January 2026. The revised structure will deliver an immediate cost saving of c.£600,000 per annum. Since the appointment of Lindsell Train in 2000, management fees have been regularly reviewed and stepped down with increased fund size providing economies of scale for Shareholders.

As we evaluate the results of the continuation vote let me reassure you that the Board will do whatever it takes to add value for Shareholders.

Pars Purewal

Chairman

2 December 2025

STRATEGIC REPORT / Company Summary

Finsbury Growth & Income Trust PLC is a listed investment company and a constituent of the FTSE 250. The Company is a member of the Association of Investment Companies ("AIC").

OBJECTIVES AND PERFORMANCE MEASUREMENT

The Company aims to achieve capital and income growth and to provide Shareholders with a total return in excess of that of the FTSE All-Share Index (the Company's benchmark).

The net asset value ("NAV") per share decreased by 0.1% during the financial year to 30 September 2025 on a total return basis (2024: +8.2%).

DIVIDENDS

The total dividend declared for 2025 was 20.2p (2024: 19.6p), representing an increase of 3.1%.

STRATEGIC REPORT / Company Performance

KEY FACTS

923.0p

NAV per share

2024: 943.4p (-2.2%)

861.0p

Share price

2024: 861.0p (+0.0%)

6.7%

Discount of share price to net asset value per share^

2024: 8.7%

(9.4)p

Return per share†

2024: +57.7p

86.4%

Active Share*^

2024: 84.1%

20.2p

Total dividends per share for the year†

2024: 19.6p (+3.1%) †

(0.1)%

NAV per share total return*, ^

2024: +8.2%

£1.228bn

Shareholders' funds†

2024: £1.582bn (-22.4%)

0.62%

Ongoing charges^

2024: 0.61%

2.3%

Share price total return*, ^

2024: +3.4%

1.9%

Gearing^

2024: 0.7%

133,018,887

Number of shares in issue (excluding 91,972,416 shares held in Treasury)

2024: 167,717,668 (-20.7%) (Treasury shares 2024: 57,273,635)

* Source - Frostrow Capital LLP

^ Alternative Performance Measure

† UK GAAP Measure

FIVE YEARS SUMMARY

AS AT 30 SEPTEMBER	2021	2022	2023	2024	2025
Share price	876.0p	800.0p	852.0p	861.0p	861.0p
Net asset value per share ("NAV")	917.7p	848.4p	891.2p	943.4p	923.0p
Discount of Share price to NAV per share	4.5%	5.7%	4.4%	8.7%	6.7%

YEAR ENDED 30 SEPTEMBER	2021	2022	2023	2024	2025
Share price total return* ^	+6.3%	(5.6)%	+7.5%	+3.4%	+2.3%
NAV per share total return* ^	+10.6%	(5.8)%	+7.2%	+8.2%	(0.1)%
FTSE All-Share Index total return** #	+27.9%	(4.0)%	+13.8%	+13.4%	+16.2%
Dividends per share †	17.1p	18.1p	19.0p	19.6p	20.2p

*Source: Frostrow Capital LLP

**Source: FTSE International Limited ("FTSE") © FTSE, 2025

# See glossary of terms and alternative performance measures)

^ Alternative Performance Measure ("APM") (see glossary)

† UK GAAP Measure

The Company was incorporated in Scotland on 15 January 1926. Lindsell Train Limited ("Lindsell Train") was appointed as Portfolio Manager in December 2000. The total return of the Company's share price over the ten years to 30 September 2025 has been 90.7%, equivalent to a compound annual return of 6.7%. This compares with a total return of 118.3%* from the Company's benchmark, equivalent to a compound annual return of 8.1%*. Over the past 25 years, £1,000 invested when Lindsell Train assumed management of the portfolio would now be worth £8,171 compared with £3,982 had the same amount been invested in the FTSE All-Share Index over the same period.

STRATEGIC REPORT / Key Performance Indicators ("KPIs")

The Board uses certain financial KPIs to monitor and assess the performance of the Company in achieving its strategic aims.

The Board reviews the performance of the portfolio in detail and hears the views of the Portfolio Manager at each meeting.

Information on the Company's performance is provided in the Chairman's Statement and the Portfolio Manager's Report.

This performance is assessed against the following KPIs which are unchanged from last year.

Alternative Performance Measures ("APM")

The Board believes that each of the APMs, which are typically used within the investment company sector, provides additional useful information to Shareholders in order to assess the Company's performance between reporting periods and against its peer group. The APMs used for the year under review are unchanged from last year. Further information on each of the APMs can be found in the glossary.

^ Alternative Performance Measure (see glossary)

† UK GAAP Measure

* Source: Frostrow Capital LLP

(0.1)%

NAV total return^*

This reflects the change in the Company's net asset value including the impact of reinvested dividends.

During the year under review the Company's net asset value per share total return was (0.1)% (2024: +8.2%).

20.2p

Dividends per share†

The total dividend declared for the year was 20.2 pence per share (2024: 19.6 pence per share), an increase of 3.1%.

(9.4)p

(Loss)/return per share†

The total loss per share for the year was (9.4) pence per share (2024: return of 57.7 pence per share).

Over five years, the Company earned a total of 144.3 pence per share.

2.3%

Share price total return^*

This reflects the change in the value of the Company's share price including the impact of reinvested dividends.

During the year under review the Company's share price total return was 2.3% (2024: 3.4%).

6.7%

Share price discount to net asset value per share^

The Board reviews the level of discount/premium to net asset value per share at every Board meeting and consideration is given to ways in which the share price performance may be enhanced, including the effectiveness of marketing, share issuance and buy-backs, where appropriate. Details of how the Company's share buy-back and issuance policy works can be found in the Statutory Documentation section on the Company's website.

At 30 September 2025 the Company's share price stood at an 6.7% discount to the Company's net asset value per share (2024: 8.7% discount).

During the year, the Company bought back 34,698,781 shares into Treasury (2024: 36,801,766) at an average price of 892.4 pence and an average discount of 7.5%.

Since the year end to 1 December 2025 the Company has purchased a further 10,787,363 shares to be held in Treasury. As at 1 December 2025 the Company's discount was 5.7%.

(13.9)%

Relative underperformance to benchmark

Under the Company's Business Model, a Portfolio Manager is appointed with the capability and resources to manage the Company's assets through asset allocation, stock selection and risk management. The Company's portfolio is constructed and managed without reference to a stock market index with the Portfolio Manager selecting investments based on their assessment of their long-term value.

The performance of the Company relative to its benchmark and its peers is a KPI measured by the Board on an ongoing basis.

The Company's benchmark is the FTSE All-Share Index (total return) which delivered a return of 16.2% (2024: 13.4%) over the year. This compares with the Company's share price total return of 2.3% (2024: 3.4%) resulting in a 13.9% underperformance against the benchmark.

The Board also monitors the Company's share price return* against its AIC peer group^. As at 30 September 2025 the Company's ranking against its peer group of UK Equity income sector was:

	Rank out of 20 (2024: 23)
Period	2025	2024
1 yr	17	21
3 yr	18	19
5 yr	19	21
10 yr	13	4
25 yr	5	3

^ Alternative Performance Measure (see glossary)

* Source: Morningstar

STRATEGIC REPORT / Investment Portfolio

PORTFOLIO SECTOR WEIGHTINGS+

	2025	2024
Consumer Discretionary ("CD")	27.5%	22.4%
Consumer Staples ("CS")	23.5%	28.7%
Industrials ("I")	18.4%	13.5%
Financials ("F")	16.3%	25.2%
Technology ("T")	14.3%	10.2%

Source: Frostrow Capital LLP

+ FTSE Industrial Classification Benchmark ("ICB") sectors.

GEOGRAPHICAL ALLOCATION†

	2025	2024
United Kingdom	100.0%	97.1%
United States of America	0.0%	1.4%
France	0.0%	1.2%
Netherlands	0.0%	0.3%

Source: Frostrow Capital LLP

† The Company's investment policy classifies geographical location based on where companies are listed or otherwise incorporated, domiciled or having significant business operations.

† The Company's Investment Policy restricts the Company from owning more than 20% of the portfolio in overseas companies.

INVESTMENTS AS AT 30 SEPTEMBER 2025

SECTOR	INVESTMENTS	FAIR VALUE 2024 £'000	NET INVEST- MENTS £'000	CAPITAL APPRE-CIATION/ (DEPRE-CIATION) £'000	FAIR VALUE 2025 £'000	% OF INVES-TMENTS	TOTAL RETURN £'000	CONTRIBU-TION PER SHARE (PENCE)
I	Experian	215,320	(53,265)	(9,699)	152,356	12.2	(7,395)	(5.0)
CD	RELX	195,714	(50,198)	5,585	151,101	12.1	8,536	5.8
T	Sage Group	161,981	(32,739)	15,672	144,914	11.6	18,654	12.6
CS	Unilever	185,755	(39,563)	(15,710)	130,482	10.4	(10,371)	(7.0)
F	London Stock Exchange	207,057	(58,803)	(21,621)	126,633	10.1	(19,518)	(13.2)
CS	Diageo	174,284	(2,257)	(55,454)	116,573	9.3	(53,321)	(36.0)
CD	Rightmove	84,893	7,485	12,879	105,257	8.4	14,399	9.7
CD	Burberry Group	50,535	(12,931)	31,547	69,151	5.5	31,547	21.3
F	Schroders	75,991	(27,546)	5,383	53,828	4.3	9,261	6.3
I	Intertek Group	-	44,488	376	44,864	3.6	1,958	1.3
	Top 10 Investments				1,095,159	87.5
CS	Auto Trader Group	-	35,926	(1,490)	34,436	2.8	(1,203)	(0.8)
I	Clarkson	-	31,567	913	32,480	2.6	1,847	1.2
CS	Fever-Tree	28,714	(2,247)	1,404	27,871	2.2	1,964	1.3
CS	A.G. Barr	22,023	(3,988)	1,410	19,445	1.6	1,949	1.3
F	Rathbone Brothers	17,012	(3,742)	173	13,443	1.1	928	0.6
CD	Manchester United#	17,257	(4,836)	(674)	11,747	0.9	(674)	(0.5)
F	The Lindsell Train Investment Trust plc	7,640	-	(840)	6,800	0.5	(420)	(0.3)
CD	Celtic*	5,728	-	165	5,893	0.5	172	0.1
F	Frostrow Capital LLP?**	3,225	-	(300)	2,925	0.2	65	0.1
CD	Games Workshop Group	-	760	56	816	0.1	64	0.1
F	Hargreaves Lansdown	90,011	(89,535)	(476)	-	0.0	1,948	1.3
CS	Heineken	5,347	(5,260)	(87)	-	0.0	(87)	(0.1)
CS	Mondelez International#	22,077	(20,995)	(1,082)	-	0.0	(1,082)	(0.7)
CS	Remy Cointreau	19,194	(16,441)	(2,753)	-	0.0	(2,753)	(1.8)
CD	Young & Co's Brewery (non-voting)	3,460	(3,367)	(93)	-	0.0	(16)	(0.0)
	Total Investments	1,593,218	(307,487)	(34,716)	1,251,015	100.0	(3,548)	(2.4)
	Bank Interest						328	0.2
	Total Contributions to Total Return						(3,220)	2.2
	Expenses, currency translations and Finance Charges						(10,665)	(7.2)
	Return on Ordinary Activities after Taxation						(13,885)	(9.4)

* Includes Celtic 6% cumulative convertible preference shares, fair value £365,000 (2024: £363,000)

** Includes Frostrow Capital LLP AIFM Investment, fair value £125,000 (2024: £125,000)

# Listed in the United States

^ Listed in France

† Listed in Netherlands

? Unquoted

STRATEGIC REPORT /Portfolio Manager's Report

Nick Train, Lindsell Train Limited, Portfolio Manager

Lindsell Train has been investment adviser to the Finsbury Growth & Income Trust PLC ("FGT") for a quarter of a century and I am proud of that longevity. And, of course, grateful for the support of Deputy Portfolio Manager Madeline Wright, my other colleagues and FGT's Board throughout. That this milestone coincides with the Company's own centenary makes this year particularly special.

However, I am acutely conscious that the privilege of continuing to offer that investment advice depends on the delivery of competitive investment returns, and I am the first to admit that our performance has fallen short in recent years, including the last 12 months. It is also relevant to note here that over those 25 years I have been a persistent buyer of FGT shares for myself and my family. That's a lot of pound - cost-averaging. I have paid some less than great prices for FGT shares, particularly over the last two years, but I have also paid some great prices over the period and, as you know, the key to successful pound-cost-averaging is to keep on buying. As I have continued to do.

As a result, I can assure you that like every other FGT shareholder I want the next 25 years to be even more rewarding than the last 25 years.

Our total return performance since appointment in late 2000, notwithstanding the recent experience, has I hope been acceptable. Our investment approach has delivered a c.3% per annum outperformance of the FTSE All Share Index over that period. I believe future returns could be even higher and hope to persuade you in this report why.

This year is also unique as it is the first time in the Company's history that it has held a Continuation Vote. It will be of no surprise to anyone that my colleagues and I fully support the continuation of the Company, preferably for another 100 years. However, Michael Lindsell and I have chosen not to vote our shares, as we are conscious that doing so could be construed as us acting in our commercial self-interest. We felt your Board's decision to hold a Continuation Vote was an example of good corporate governance, and as such we feel that it is appropriate that the future of the Company be determined by those shareholders who are not also its investment manager.

I remain convinced that the investment opportunity we have captured in FGT's portfolio offers significant upside to its shareholders, as well as being highly differentiated. It frustrates me to hear the UK stock market described, disparagingly, as a "value" play. It is not lost on me that our lack of exposure to more value-orientated sectors such as banks, energy and defence has not helped our relative performance in recent years. And whilst we have absolutely no intention to shift the focus of the portfolio in this direction, clearly a value approach to investing is a viable way of approaching the investment challenge. That said, I also feel strongly that contrary to common perceptions, the UK is home to many genuinely world class global growth businesses, capable of delivering multi - decade growth in earnings and dividends to their shareholders. We have built FGT's portfolio around what we analyse to be the best of them, which makes it one of the few investment trusts focused on large cap UK growth companies.

As to the opportunity, I want to look to the future, but as this is a year of milestones and retrospection, let me frame that looking forwards by looking back, specifically to a pivotal moment in my career.

That moment was reading the book pictured here, Midas Touch, in the late 1980s. It was written by a namesake, a US investment adviser called John Train - though no relation.

I read the book as much out of curiosity for the shared surname as any great interest in its subject. But reading those 200 pages was probably the best investment of time in my career, because this was an early study of Warren Buffett's methods. Here was a set of investing principles and investment ideas that anyone could follow and I was inspired to adopt those principles and borrow some of Buffett's ideas. It seemed at the time as though my investment performance began to improve almost immediately.

These are three of the key principles we derive from the Midas Touch and we apply to FGT's portfolio.

1 "Patience is the companion of wisdom"

- St Augustine

2 "… square-cut or pear-shaped these rocks don't lose their shape…"

- Marilyn Monroe

3 "…direct your feet to the sunny side of the street"

- Louis Armstrong

Let me first formulate them, then give examples of FGT holdings that illustrate the principles.

First: patience is an important investment virtue. Buffett famously said that the stock market is a mechanism for transferring wealth from the impatient to the patient. We have always tried to be on the right side of that trade and are indeed unusually patient investors.

Next - it is important to recognise when you own an investment "diamond". In other words, know when you own a company or an asset of "semi-eternal" value. That characteristic by no means guarantees its shares go up every year. But it does mean that you own something of enduring value. There will be times when such enduring value will protect your wealth.

Finally, optimism - looking for the bright side - is an important strategic advantage for any investor. For instance, it has been hard to be optimistic about the UK stock market in recent years. Nonetheless, there are always opportunities. And I hope we have populated FGT's portfolio with some exceptional UK growth opportunities, companies whose growth might accelerate in coming years. And that have the potential to deliver fabulous share price gains.

You might say I'm being over-optimistic with that "fabulous", particularly in the context of recent performance. All I know is I have seen too many investors, both professional and lay, end up with disappointing returns because a deficiency of optimism resulted in them holding too much in cash or getting bounced out of excellent companies going through a temporary tough patch.

PATIENCE

The great investor Peter Lynch of Fidelity-fame, once said of himself - "the typical big winner in the Lynch portfolio generally takes three to 10 years to play out." Well, in corroboration, we bought RELX, the scientific and legal publisher in the first couple of years after we were appointed to run FGT and, as you can see, for the best part of a decade there was little or no reward.

Even Peter Lynch might've been getting twitchy. Nonetheless, we knew the company was doing the right thing and we hoped that eventually something like this would happen.

Over the last quarter of a century RELX has transformed from a predominantly print-based publishing company to one of the most successful digital data businesses on the planet. It's consistently been one of the biggest holdings in FGT in recent years. And one way to think about the future for RELX is the following. Back in 2000, RELX was the 68th biggest company in the FTSE 100. Today, as a result of this significant appreciation since 2012 it is the 8th biggest company. The Chief Executive of Rolls-Royce recently challenged his company to become the biggest company in the UK. That's a sporting challenge indeed. But in the same spirit, at a recent meeting with RELX we put it to the company it should have similar ambitions.

RELX's CEO pointed out to us that 20 years ago its Risk & Cybersecurity division was the smallest in the group, under 5%. Today it is worth essentially half of RELX's value and, according to the CEO, its growth opportunity is only just getting going. And we have all seen from the example of NASDAQ what happens if you own digital growth companies, with big markets opening up to them. We expect patience to continue to be rewarded for owners of RELX shares.

INVESTMENT DIAMONDS

Turning to investment diamonds - we aspire to have the very best of them in our portfolios. RELX's Elsevier publishing division, founded in the 19th century, is an example. But we believe we own a number of them. The chart within the Annual Report is the 185-year history of Guinness' global volumes. It's a fascinating piece of economic and social history. Two things stand out. First, this venerable brand is growing again, attracting a whole new generation of consumers, with promising progress being made in the United States. Second and related: what an incredible success story. Wouldn't you love it if your family owned Guinness? You'd never have to sell it. It's a diamond of an asset.

Guinness is of course owned by Diageoand is one of its top three brands. Shareholders will also know that Diageo has had a wretched time of it as an investment over the last three years. It is still a substantial holding in FGT and I must acknowledge that its dismal performance has hurt FGT's performance and tested even my patience.

Diageo's fiscal year to June 2025 has turned out to be a torrid one for the company, with bad news or uncertainty everywhere. Trump's tariffs, the Chinese government's clampdown on corruption and extravagance, financial pressures on consumers, questions about consumers' long-term relationship with alcohol and the loss of its CEO have all weighed. Nonetheless, despite it all, it is worth noting Diageo's revenues for the year were, effectively, unchanged. Diageo shares have fallen almost 40% since the end of 2020, but its annual revenues have grown at a 6.5% CAGR over the same time period ($20.2bn FY2025 compared to $14.8bn FY2020). Of course, things could deteriorate for the company as the share price appears to be forecasting, but it is important to remember they could get better too. A combination of falling energy costs, falling inflation and, eventually, falling interest rates in 2026 and beyond could be a particular boost to consumer confidence and their propensity to consume fine liquor.

I must restate how we think about the merits of a long-term holding in the company.

If you'd bought Diageo 25 years ago, on 1st January 2000 you would've paid just under £5 per share. This year, if you'd held on to your shares, they would be trading at what today seems like a disappointing price, around £18. It feels disappointing, because the shares have been much higher in the intervening period. Nonetheless, £18 is still usefully more than treble the price you paid for them. What's more, you would this year receive a dividend of the equivalent of 77 pence. That means - 77p as a percentage of £5 - that you would be receiving a dividend yield on your purchase price of over 15%. You have trebled your money, you are now being paid 15% to hold and, the critical proposition, you still own all the future cash flows, inflation protection, growth and predictability provided by, amongst other brands, Johnnie Walker, Diageo's collection of single malt whiskies, Don Julio tequila, Tanqueray, Crown Royal whiskey, a third of Hennessy cognac and Veuve Clicquot and, of course, Guinness.

Very few things are certain in the business and investment world, but it is, we think, highly likely these brands will be being consumed around the world in 20 years' time, and in higher volumes, assuming global economies grow. That durability is both rare and, at least in theory, extremely valuable. That is why we are reluctant to lose FGT's exposure to the diamonds in Diageo's portfolio. Particularly at a time that the share price is at a near 10 year low and trading on a mere 14 times forward price to earnings (P/E) multiple. To put that into perspective, over the past 20 years, one of the very few times the valuation has been lower was in the depths of the 2008/2009 global financial crisis.

Another perspective on Diageo's prospects is provided by the share price performance of Burberryover the last 12 months. Like Diageo, Burberry's shares were hit very hard in 2023/4 and the company actually reported a loss (unlike Diageo). Through this period and after careful consideration, we decided to retain FGT's holding in Burberry, believing its trading problems were temporary. Thankfully that was the correct decision. Burberry appointed a new CEO, Joshua Schulman, who has acted swiftly to correct previous operational errors and to remind investors of the calibre of Burberry's global brand. The shares responded well and are now up over 70% since end-September 2024. By analogy, we hope Diageo's newly appointed CEO will be able to deliver the same effects. Burberry's share price performance shows how quickly negative sentiment can turn for an asset of enduring value.

OPTIMISM

The final proposition relates to our optimism about the UK stock market. Let me frame this by highlighting the companies that have exited the portfolio over the past year. With the exception of Hargreaves Lansdown which was taken private, the other three departing companies - Mondelez, Heineken and Remy Cointreau - were all non-UK holdings. These remain high calibre businesses with strong brands and credible growth opportunities, but to be candid, the opportunities are not as well-established or well-priced as those that we can find in the UK stock market. This now means that 100% of FGT's portfolio is invested in UK companies.

Optimism in the UK stock market takes us back to RELX. RELX is a London-listed company with an ambitious but credible strategy to accelerate its growth by delivering insights and efficiencies to its customers with new analytics or software tools, now often powered by Artificial Intelligence. For RELX that strategy is really working - the group's growth rate is manifestly accelerating as it releases new products and services.

Ironically we see one of the most exciting opportunities on the London stock market as being the owner of the London Stock Exchange itself, LSEG. This is an important UK company, the 15th biggest in its index and we are not aware of many major UK companies that offer LSEG's current combination of forecast double digit growth and operating profit margins of close to 50%. In addition, we regard the joint statement made by LSEG and Microsoft in early October as a significant development. It announced that for the first time, AI-agents developed by Microsoft will be enabled to work on and with LSEG's "unparalleled" Data and Analytics tools and that this will bring new insights and efficiencies for LSEG's customers. This strengthens our view that LSEG is an AI - winner, with a new growth opportunity that is attractive from a global perspective and more or less unique in the context of the UK stock market.

GROWTH OPPORTUNITY

We have held RELX and LSEG for over 20 years, and over the past few years we have been working to build FGT's exposure to other London-listed companies executing ambitious and credible tech-led growth opportunities. In total we believe we hold seven such companies which make up over 50% of FGT's NAV.

Sometimes we have found these opportunities in surprising places. For instance, our relatively recent initiation in Clarkson, the world's biggest shipbroker. That status has allowed the company to deliver robust shareholder returns so far this century. As the accompanying chart in the Annual Report shows, Clarksonhas comfortably outperformed the NASDAQ, both in Sterling, in the 21st century; no trivial achievement. What really intrigued us, though, was longstanding CEO Andi Case's assertion that Clarkson is turning into the "Bloomberg" of global shipping. He means the company is using its scale to offer its clients electronic trading platforms, powered by rich data that is proprietary to Clarkson. The shares have been hit in 2025 by the furore about tariffs, but this has allowed us to build the holding in what is a rare UK-listed company - the undisputed leader in its field and now with a transformative growth strategy.

Experian is the biggest credit rating agency in the world, with, it claims, unmatched and detailed data on millions of individuals. That data asset has allowed the company to grow revenues at 8% per annum since 2020 (with faster growth in earnings per share), but in 2025 and beyond that growth is set to accelerate, as it introduces new software services. Experian's shares are up six-fold since it listed back in 2006. Arguably the company's prospects are better than ever.

We have been thinking about Autotraderas a potential investment for many years. A trigger for us to initiate, as we did earlier in 2025, was considering Autotrader's claim that its new Dealbuilder product means that its customers' forecourts are, effectively, open 24 hours a day. Such efficiency gains are exactly the sort of catalyst that have driven big bull markets for US technology and platform companies. We hope both Autotrader and similar tech-platform, Rightmove, will continue delighting their customers with innovative new services and, in time, delight their shareholders too.

Rightmove has many of the characteristics that we look for in a 21st century growth company. It has a substantial market opportunity and the company's platform helps it generate very high margins and returns to shareholders. It has a dominant market position, with more than 80% of all time spent on UK property portals on the Rightmove website. As a direct consequence, Rightmove holds far and away the largest proprietary dataset on UK property-search behaviour, which gives it a credible opportunity to use AI to accelerate its revenues and profits in the coming years. That is why in early November we were pleased to hear the company plans to invest in its platform and technology in order to boost long-term growth. And yet the shares fell steeply on the news, in part due to concerns that this investment would hamper short-term profitability. In our opinion, Rightmove is doing exactly the right thing and, on any reasonable time horizon, the share price should be higher.

Another long-term holding is Sage, and in our recent meetings with senior executives they have spoken about their ambition to make Sage a company that meets the "rule of 40%". That rule is a widely recognised benchmark, used to measure the performance of Software as a Service (SaaS) companies. It combines the annual recurring revenue growth rate with the EBITDA margin, and a total of 40% or more signifies success. It's interesting the company is so open about this ambition, because at Sage's interim results in May 2025, recurring revenue growth was 11% and EBITDA margins were 23.2%. That does not add up to 40%. Nonetheless, when you consider that stated ambition in the context of CEO Steve Hare's claim that "Sage is at the forefront of AI innovation in Accounting, Human Resources and Payroll", one can perhaps see where the required acceleration in revenue growth and improvement in profitability could come from. It's tantalising because, understandably, Sage's current valuation is notably below that cohort of, largely US, companies that have attained the rule of 40%.

The seven tech enabled companies discussed - RELX, LSEG, Clarkson, Experian, Autotrader, Rightmove and Sage - are major holdings and this means FGT's portfolio looks very different to and performs very differently from the FTSE All Share Index. Effectively, we own these "growth" businesses, rather than, say the banks, oil majors and miners that make up a big proportion of the UK stock market. They are indeed more highly valued than the average UK quoted company, but this does not mean they are overvalued. In fact, we think their high profitability and, crucially, the clear growth opportunities they enjoy make them bargains.

"RELX offers structural growth supported by increasingly sophisticated information-based analytics and decision-making tools so powerful that it will be impossible to remain competitive without them."

JP Morgan 2024

"Over time what customers will really experience is an entire ecosystem, seamlessly combining Microsoft's enterprise applications and LSEG's workflows and data."

David Schwimmer, CEO

LSEG

"We are becoming the 'Bloomberg' of the global maritime industry."

Andi Case, CEO

Clarkson

"Experian has evolved into a global data, analytics and software company, solving complex problems across financial services, healthcare, automobile and marketing."

Experian

"We remain more than 10x larger than our nearest competitor."

Autotrader

"Our data leadership and ability to serve the market is actually strengthening all the time."

Johan Svanstrom, CEO

rightmove

"Sage is at the forefront of AI innovation in Accounting, Human Resources and Payroll."

Steve Hare, CEO

Sage

And this is even more the case after their sell-off during the summer of 2025. As to that sell-off, I am reminded of the similar concerns that weighed on RELX back in 2004, when Google Scholar was launched. The fear was that Google would disintermediate RELX's data services. It turned out not to be the case, because of the proprietary nature of much of RELX's data and its deep understanding of the work practices of scientists and lawyers. The same can be said again in 2025 for RELX and our other data, platform and software holdings.

There is another principle we have taken from The Midas Touch. One of the key learnings from that book was the merits of concentrated portfolios. Portfolio concentration brings risks, but it also brings great rewards, if your stock selections turn out to be right. FGT's status as an Investment Trust allows us to back our holdings with particularly high conviction. The portfolio currently has just 20 companies and the top-10 accounts for over 90% of the NAV. Candidly, I believe the reason we are still advising FGT after nearly a quarter of a century is that the portfolio has always been and remains concentrated and, over the longer term, it has worked.

Note what the portfolio is concentrated on. We own "investment diamonds" and, in addition to those discussed earlier, I'd cite:

Fever-Tree

The world's #1 premium mixer. The US is now its biggest market, where it has #1 positions in Tonic and Ginger Beer. The joint venture Fever-Tree has entered with Molson Coors in the United States has the potential to further accelerate the growth of the brand there.

Intertek

A global leader in consumer product Testing and Assurance. To borrow Warren Buffett parlance, Intertek is a real "toll - booth" company, in that it provides an essential but low-cost service to global manufacturers. The company claims 400,000 customers in 100 countries and high levels of customer retention. We agree with Intertek's comment about its Testing and Assurance services - "Without Intertek consumers and customers cannot operate safely."

Unilever

We believe Unilever's increasing shift to higher quality, premium brands - particularly those in Health, Beauty and Wellbeing - will accelerate the group's growth rate. But perhaps the true jewel in the crown of Unilever is Hindustan Lever, the biggest consumer company in the world's most populous nation, making up over 10% of Unilever's total revenues. Unilever's most recent quarterly dividend was 0.39p, up 7% on the same dividend 12 months ago. Further business growth in Unilever's biggest markets, India and the US, should help the company continue its multi-decade record of growing dividends.

Cazenove

Schroders is arguably now one of the cheapest assets in the portfolio, trading on a forecast P/E of c.10x and a dividend yield of 5.5%. This for a company which has recently hit record assets of over $1trn of active assets and a cash-rich balance sheet. And, its own investment diamond, Cazenove. We believe the need for trusted and effective private wealth management is greater than ever and that Cazenove is well-placed to deliver it.

IRN-BRU

This inimitable brand has driven dividend growth for its owner, AG Barr, for decades and looks set to continue to do so. Since 2021 IRN-Bru's revenues have grown 33%, meanwhile AG Barr's dividends are up over 40%.

Manchester United

A company and brand which we regard as exceptionally valuable in a world where sports franchises are changing hands at record valuations. The sale of basketball team the Los Angeles Lakers in June 2025 valued it at $10bn, the highest price ever placed on a sports franchise. The current enterprise value of Manchester United is just c.$3.0bn, according to Bloomberg.

Games Workshop

We have long admired Games Workshop's war - gaming and fantasy miniatures, recognising the company's extraordinary pricing power and a ROE of consistently over 60%. The shares have performed well in recent years, but we have recently initiated a small position and are looking for opportunities to build.

Of course, we hope the combination of these investment diamonds with our collection of UK-listed digital growth companies will both protect shareholders' wealth and drive the creation of "fabulous" new wealth over time. While even my optimistic bias doesn't permit me to expect to still be advising FGT in another 25 years' time, I do believe it is reasonable to expect that many of today's portfolio holdings will still be core positions in 2050. And that they will have radically higher market capitalisations then.

Nick Train
Director, Lindsell Train Limited
Portfolio Manager

2 December 2025

STRATEGIC REPORT / Business Review

The Strategic Report, provides a review of the Company's policies and business model, together with an analysis of its performance during the financial year and its future developments.

PORTFOLIO STRUCTURE AS AT 30 SEPTEMBER 2025

100.0%

2024: 97.1%

Invested in UK

domiciled companies

90.3%

2024: 93.4%

FTSE 100 companies

(and comparable overseas companies)

87.5%

2024: 90.5%

Top ten holdings

1.9%

2024: 0.7%^

Gearing^

86.4%

2024: 84.1%^

Active Share^

^ Please see Glossary of Terms and Alternative Performance Measures.

The Strategic Report has been prepared for Shareholders to assess how the Directors have carried out their duty to promote the success of the Company. It also considers the principal risks and uncertainties facing the Company.

The Strategic Report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the date of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

As an externally managed investment company there are no executive directors, employees or internal operations. The Company delegates its day-to-day management to third parties. The principal service providers to the Company are Frostrow Capital LLP ("Frostrow") which acts as AIFM, company secretary and administrator; and Lindsell Train Limited ("Lindsell Train") which acts as Portfolio Manager. The Bank of New York Mellon (International) Limited is the Company's Depositary.

The Board is responsible for all aspects of the Company's affairs, including the setting of parameters for and the monitoring of the investment strategy as well as the review of investment performance and policy. It also has responsibility for all strategic issues, the dividend policy, the share issuance and buy-back policy, gearing, share price and discount/ premium monitoring as well as corporate governance matters.

STRATEGY FOR THE YEAR ENDED 30 SEPTEMBER 2025

Throughout the year under review, the Company continued to operate as an approved investment company, following its investment objective to achieve capital and income growth and to provide Shareholders with a total return in excess of that of the FTSE All-Share Index. The Company's performance is discussed in the Chairman's Statement and the Portfolio Manager's Report.

During the year, the Board, AIFM and the Portfolio Manager undertook all ESG, strategic and administrative activities.

The Portfolio Manager engages with all the companies in the portfolio to understand their ESG approach and has developed its own methodology to assess the carbon impact of the portfolio. Lindsell Train became a signatory of the Net Zero Asset Managers initiative ("NZAM") in December 2021. This reflects Lindsell Train's enhanced efforts as a firm to support the goal of net zero greenhouse gas emissions by 2050.

INVESTMENT POLICY

The Company's investment policy is to invest principally in the securities of companies either listed in the UK or otherwise incorporated, domiciled or having significant business operations within the UK. Up to a maximum of 20% of the Company's portfolio, at the time of acquisition, can be invested in companies not meeting these criteria.

The portfolio will normally comprise up to 30 investments. This level of concentration is likely to lead to an investment return which is materially different from the Company's benchmark* index and is likely to be more volatile and carry more risk.

Unless driven by market movements, securities in FTSE 100 companies and comparable companies listed on an overseas stock exchange will normally represent between 50% and 100% of the portfolio; securities in FTSE 350 companies and comparable companies listed on overseas stock exchanges will normally represent at least 70% of the portfolio.

The Company will not invest more than 15% of the Company's net assets, at the time of acquisition, in the securities of any single issuer. For the purposes of this limit only, net assets shall exclude the value of the Company's investment in Frostrow Capital LLP.

The Company does not and will not invest more than 15%, in aggregate, of the value of the gross assets of the Company in other listed closed ended investment companies. Further, the Company does not and will not invest more than 10%, in aggregate, of the value of its gross assets in other listed closed ended investment companies except where the investment companies themselves have stated investment policies to invest no more than 15% of their gross assets in other listed closed ended investment companies.

The Company has the ability to invest up to 25% of its gross assets in preference shares, bonds and other debt instruments, although no more than 10% of any one issue may be held.

In addition, a maximum of 10% of the Company's gross assets can be held in cash, where the Portfolio Manager believes market or economic conditions make equity investment unattractive or while seeking appropriate investment opportunities or to maintain liquidity.

The Company's gearing policy is that gearing will not exceed 25% of the Company's net assets.

No investment will be made in any fund or investment company managed by Lindsell Train without the prior approval of the Board.

* The Company publishes its Active Share scores in its monthly fact sheet for investors and in both the annual and half-yearly reports to highlight how different the portfolio is from the Company's benchmark index.

In accordance with the UK Listing Rules of the Financial Conduct Authority ("FCA"), the Company can only make a material change to its investment policy with the approval of its Shareholders and HMRC.

DIVIDEND POLICY

The Company's aim is to increase or at least maintain the total dividend each year. A first interim dividend is typically paid in May and a second interim in November in lieu of a final dividend.

The level of dividend growth is dependent upon the growth and performance of the companies within the investment portfolio. The decision as to the level of dividend paid takes into account the income forecasts maintained by the Company's AIFM and Portfolio Manager as well as the level of revenue reserves. These forecasts consider dividends earned from the portfolio together with predicted future earnings and are regularly reviewed by the Board.

Risks to the dividend have been considered as part of the Principal and Emerging Risks review. They include worldwide economic, political and financial instability leading to significant deterioration in the level of income we receive and unforeseen and significant changes to our regulatory environment.

All dividends have been distributed from current year income and revenue reserves.

PERFORMANCE

Whilst the Board is disappointed that the Company has underperformed in the short and medium term, the Portfolio Manager's report explains why he believes that the Company's portfolio remains appropriate. The Board remains supportive of the Portfolio Manager's view. Please refer to the Chairman's Statement for further information.

Whilst performance is measured against the FTSE All-Share Index, the Company's portfolio is constructed and managed without reference to a stock market index with the Portfolio Manager selecting investments based on their assessment of their long-term value, thereby seeking to achieve the investment objective of the Company.

PROSPECTS

The Board continues to support the Portfolio Manager's strategy of investing in high quality companies that own both durable and cash generative brands. The Board firmly believes that this strategy will deliver strong investment returns over the long term.

^ Alternative Performance Measure (see glossary)

STRATEGIC REPORT / Principal Risks, Emerging Risks and Risk Management

The Board is responsible for managing the risks faced by the Company. Through delegation to the Audit Committee, the Board has established procedures to manage risk, to review the Company's internal control framework and to establish the level and nature of the principal risks the Company is prepared to accept in order to achieve its long-term strategic objective. At least once a year the Audit Committee carries out a robust detailed assessment of the principal and emerging risks.

A risk management process has been established to identify and assess risks, their likelihood and the possible severity of impact. Further information is provided in the Audit Committee Report within the Annual Report .

THE COMPANY'S APPROACH TO RISK MANAGEMENT

These principal risks and the ways they are managed or mitigated are set out as follows.

For each risk identified, during the year the Audit Committee considers both the likelihood and impact of the risk and then assigns an inherent risk score. The scoring of the risk is then reconsidered once the respective key mitigations are applied and a residual risk score is assigned.

The Board's policy on risk management has not materially changed during the course of the reporting period and up to the year end.

During the year, the Audit Committee conducted an exercise to identify and assess any new or emerging risks affecting the Company and to take any necessary actions to mitigate their impact. Further information can be found in the report of the Audit Committee within the Annual Report.

Change in inherent risk assessment over the last financial year:

No change Decreased Increased New risk included during the year

Principal Risks and Uncertainties	Change	Key Mitigations
Corporate Strategy The Company's investment objective or the UK Equity Income sector becomes unattractive to Shareholders.		At each meeting the Board reviews movements in the Company's shareholder register. There are regular interactions and engagement with Shareholders (including at the AGM). Regular feedback from Shareholders is received from the Company's broker. Frostrow meets regularly with major Shareholders on the Company's behalf. In addition, the Chairman and the Senior Independent Director meet with key Shareholders to ascertain views. The Company publishes its Active Share score in its monthly fact sheet for investors and in both the annual and half-yearly reports to highlight how different the portfolio is from the Company's benchmark index.
The Company's share price total return may differ materially from the NAV per share total return.		The Board operates a share buy-back policy which is intended to offer some protection against the share price widening beyond a 5% discount to NAV per share. There is also a share issuance programme which acts as a premium control mechanism. Further details of the Company's share buy-back policy and premium control mechanism can be found on the Company's website. During the year the majority of the shares available under the buy-back authority granted at the 2025 AGM were bought back and the Company held a General Meeting on 11 November 2025 where shareholder authority was obtained to buy back a further 19,113,377 shares on the same basis. The Board continues to keep this matter under close review and receives feedback from the Company's broker and major Shareholders.
Investment Strategy and Activity The departure of a key individual at the Portfolio Manager may affect the Company's performance.		The Board keeps the portfolio management arrangements under continual review. In turn, the Portfolio Manager reports on developments at Lindsell Train, including succession and business continuity plans. The Board meets regularly with other members of the wider team employed by the Portfolio Manager. As at 31 March 2025 the founder directors of Lindsell Train Limited have given their verbal assurance that they remain committed to Lindsell Train Limited for at least seven years on a rolling basis.
Prolonged underperformance against the Benchmark.		The Board maintains ongoing and active engagement with the Portfolio Manager. At each meeting, the Board challenges and discusses the structure of the portfolio, including asset allocation, portfolio concentration, and individual stock positions. The Board also regularly reviews portfolio performance against both the benchmark and the Company's peer group to assess the effectiveness of the investment strategy. In addition to these formal meetings, the Board meets regularly with the Portfolio Manager outside the scheduled Board meetings to discuss portfolio developments, market conditions, and the implementation of the investment approach. The Board also oversees the publication of various portfolio measures and statistics in the Company's monthly fact sheet and in its annual and half-yearly reports. These include the number of holdings, Active Share, and portfolio turnover, which are intended to demonstrate to investors the outcomes of the investment approach and the degree to which the portfolio differs from the benchmark index. During the year the Board engaged with large Shareholders and as explained in the Chairman's Statement will provide all Shareholders with the opportunity to vote on the continuation of the Company at the forthcoming AGM.
A major geopolitical or natural event such as war, terrorism, natural disaster or pandemic, and the financial, monetary and/or political responses to such events may have an adverse impact on the revenues and operations of portfolio companies to the extent that they may no longer promise returns sufficient to meet the Company's investment objective. Portfolio companies experience a reduction in share price and dividends.		The Board reviews the performance of the portfolio against the benchmark and the Company's peer group at every meeting. The Board holds frequent portfolio update meetings with the Portfolio Manager in addition to Board meetings. The Portfolio Manager regularly engages with the portfolio companies to discuss any matters of concern that may effect operational resilience.
The investment approach is not aligned with shareholder expectations in relation to ESG matters.		The Board conducts an annual review of the Portfolio Manager's ESG policy to ensure that it is consistent with that expected by the Board. In addition the Board reviews the ESG activities of Lindsell Train to ensure progress is being made by portfolio companies. The Board also conducts an annual review of other service providers' policies in relation to internal controls and governance matters, notably modern slavery, GDPR, cyber security and whistleblowing policies. The Portfolio Manager has developed a propriety system to assess the inherent and emerging ESG risks for the investment portfolio which the Portfolio Manager uses when engaging with the portfolio companies. This informs the decision to invest, retain or divest any portfolio investment.
The adverse impact of climate change on the portfolio companies' operational performance.		The Board receives quarterly ESG updates, which include an update on any climate change related engagement, from the Portfolio Manager together with monthly portfolio updates. The Board challenges the Portfolio Manager on ESG matters to ensure that the portfolio companies are acting in accordance with the Board's ESG approach. The Portfolio Manager is a signatory to the UK Stewardship Code and actively engages with portfolio companies on ESG matters including climate change. Lindsell Train developed its own methodology to assess the carbon impact of the portfolio. Lindsell Train became a signatory of the NZAM initiative in December 2021. This reflects Lindsell Train's enhanced efforts as a firm to support the goal of net zero greenhouse gas emissions by 2050. Further information on how Lindsell Train addresses the risks associated with climate change can be found in the responsible investment section of the Annual Report. Details of the Company's and Portfolio Manager's ESG policies together with the weighted average carbon intensity of the portfolio companies are set out in the responsible investment section of the Annual Report.
Operational Service providers to the Company deliver poor performance or fail to meet their contractual obligations to the Company, include errors or irregularities in information published on behalf of the Company.		The Board reviews all information supplied to Shareholders and the AIFM's marketing activity at each meeting. The AIFM's daily controls ensure accurate publication of information. The Board receives regular updates from the AIFM of press references to the Company and its major service providers, as well as regular news on sector developments from the Company's broker and the AIC. The Board has the ability to replace any service provider which may be the source of reputational concerns. The Audit Committee receives assurance from all service providers that they have adequate business continuity plans and internal controls in place. These controls are reviewed by the AIFM who also meets with the Company's principal service providers during the year.
Financial Fraud (including unauthorised payments and cyber crime/cyber attacks) occurs leading to a loss. Risk of increased cyber crime and cyber attacks on the portfolio companies which could lead to the potential loss of confidential data and impact the confidentiality, integrity or availability of data and systems, potentially resulting in financial losses.		The Board has identified an increased risk of fraud during the year, reflecting greater exposure to digital threats and evolving regulatory expectations. The Company continues to monitor this risk closely and remains focused on safeguarding shareholder interests. The AIFM and Portfolio Manager have in place robust compliance monitoring programmes. The Board receives monthly compliance reviews and a quarterly expenses analysis. An annual statement is obtained by the Audit Committee from all service providers giving assurances that there have been no instances of fraud or bribery. The Board reviews the cyber security policies of all service providers.
The Company is exposed to market price risk (i.e. performance of investee companies' shares).		The Directors acknowledge that market risk is inherent in the investment process. The Portfolio Manager maintains a diversified portfolio which is concentrated in a few key sectors. The Board has imposed guidelines within its investment policy to limit exposure to individual holdings and limits the level of gearing. The AIFM reports to the Board with respect to compliance with investment guidelines on a monthly basis. The Portfolio Manager provides the Board with regular updates on market movements. No investment is made in derivative instruments and no currency hedging is undertaken. Further information on financial instruments and risk can be found in note 17 to the Financial Statements.
Accounting, Legal and Regulatory The Company and/or the Directors fail to comply with their legal and regulatory obligations.		The Board monitors regulatory change with the assistance of its AIFM, Portfolio Manager, the AIC and external professional advisers to ensure compliance with applicable laws and regulations. The Board reviews compliance reports and internal control reports provided by its service providers, as well as the Company's Financial Statements and revenue forecasts. The Depositary reports twice yearly to the Audit Committee, confirming that the Company, acting through the AIFM, has been managed in accordance with the AIFMD, the Investment Funds Sourcebook, the Articles (in relation to the calculation of the NAV per share) and with investment restrictions and leverage limits. The Depositary Report can be found in the Shareholder information section of the Company's website. The AIFM presents a quarterly report on changes in the regulatory environment, including AIC updates, and how changes have been addressed.
Poor adherence to corporate governance best practice or errors or irregularities in published information could lead to censure and/or result in reputational damage to the Company.		The Board reviews all information supplied to Shareholders and the AIFM's marketing activity at each meeting. Details of the Company's compliance with corporate governance best practice, including information on relationships with Shareholders, are set out in the Corporate Governance Report within the Annual Report.

EMERGING RISKS

During the year, the Audit Committee conducted an exercise to identify and assess any new or emerging risks affecting the Company and to take any necessary actions to mitigate their impact.

The Audit Committee regularly reviews the risk register. The scoring of each risk and any emerging risks are discussed in detail as part of this process to ensure that emerging as well as known risks are identified and, so far as practicable, mitigated.

The experience and knowledge of the Directors is useful in these discussions, as are update papers and advice received from the Board's key service providers such as the Portfolio Manager, the AIFM and the Company's broker. In addition, the Company is a member of the AIC, which provides regular technical updates as well as drawing members' attention to forthcoming industry and/or regulatory issues and advising on compliance obligations.

As well as offering investment opportunities, the Board believes the development and exploration of technological breakthroughs, such as artificial intelligence, may damage the revenue and operations of portfolio companies to the extent that they no longer offer the promise of returns consistent with the Company's investment objective.

The Board identified the global standing of the UK market as an emerging risk. International competition for new listings and a significant number of market departures could mean it is harder for a UK equity strategy to capture exposure to important global growth themes.

In addition, ongoing consolidation within the investment trust sector presents both risks and opportunities for the Company. The Committee is mindful that increased merger and acquisition activity, pressure on management fee structures, and heightened investor focus on scale and liquidity could lead to greater competition among trusts and potentially affect the Company's market position.

Finally, the Committee continues to monitor the risk associated with the Company's forthcoming continuation vote in January 2026, recognising the importance of maintaining investor confidence and clear communication around the Company's long-term strategy.

To mitigate these risks the Board holds regular portfolio update meetings with the Portfolio Manager, who continues to monitor the situation closely.

The Committee will continue to review newly emerging risks that arise from time to time to ensure that the implications for the Company are properly assessed and mitigating controls introduced where necessary.

FUTURE DEVELOPMENTS

The Board's primary focus is on the Portfolio Manager's investment approach and performance. The subject is thoroughly discussed at every Board meeting.

In addition, the AIFM updates the Board on Company communications, promotions and investor feedback, as well as wider investment company issues.

An outline of performance, investment activity and strategy, and market background during the year, as well as the outlook, is provided in the Chairman's Statement and the Portfolio Manager's Report.

It is expected that the Company's strategy will remain unchanged in the coming year.

LONG-TERM VIABILITY STATEMENT

The Directors have carefully assessed the Company's financial position and prospects as well as the principal risks facing the Company and have formed a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the next five financial years. The Board has chosen a five year horizon in view of the long-term outlook adopted by the Portfolio Manager when making investment decisions.

To make this assessment and in reaching this conclusion, the Audit Committee has considered the Company's financial position and its ability to liquidate its portfolio and meet its liabilities as they fall due and notes the following:

The portfolio is principally comprised of investments traded on major international stock exchanges. Based on current trading volumes, 99.3% of the current portfolio could be liquidated within 30 trading days, with 67.0% in seven days, and there is no expectation that the nature of the investments held within the portfolio will be materially different in future;
With an ongoing charges ratio of 0.62%, the expenses of the Company are predictable and modest in comparison with the assets and there are no capital commitments foreseen which would alter that position;
Expenses of the Company are covered more than four times by investment income;
The closed-ended nature of the Company means that, unlike an open-ended fund, it does not need to realise investments when Shareholders wish to sell their shares;
The founder directors of Lindsell Train Limited have given their verbal assurance that they remain committed to Lindsell Train Limited for at least seven years on a rolling basis; and
The Company has no employees, only its Non-Executive Directors. Consequently it does not have redundancy or other employment-related liabilities or responsibilities.

The Audit Committee has considered the potential impact of its principal risks and various severe but plausible downside scenarios as well as stress testing and reverse stress testing. It has also made the following assumptions in considering the Company's longer-term viability:

The Board and the Portfolio Manager will continue to adopt a long-term view when making investments, and anticipated holding periods will be at least five years;
The Company invests principally in the securities of UK listed companies to which investors will continue to wish to have exposure;
The Company will maintain its bank loan facility;
Regulation will not increase to a level that makes running the Company uneconomical; and
The performance of the Company will be satisfactory.

The Board's long-term view of viability will, of course, be updated each year in the Company's Annual Report.

CONTINUATION OF THE COMPANY

An opportunity to vote on the continuation of the Company will be proposed at the AGM to be held in January 2026. Please see the Chairman's Statement and the Notice of Meeting for further information.

ENGAGING WITH THE COMPANY'S STAKEHOLDERS

The following 'Section 172' disclosure, required by the Companies Act 2006 and the AIC Code, describes how the Directors have had regard to the views of the Company's stakeholders in their decision-making.

Stakeholder group	The benefits of engagement with the Company's stakeholders	How the board, the AIFM and the Portfolio Manager have engaged with the Company's stakeholders
Investors	The Board recognises the importance of communications with Shareholders. Clear communication of the Company's strategy and the performance against the Company's objective can help the share price trade closer to its NAV per share which benefits Shareholders. New shares may be issued to meet demand without net asset value per share dilution to existing Shareholders. Increasing the size of the Company can benefit liquidity as well as spread costs. Under the share buy-back policy, the Company will normally buy in shares being offered on the stock market whenever the discount approaches a level of 5% and then either hold those shares in Treasury or cancel them. Any shares held in Treasury can later be sold back to the market if conditions permit.	The AIFM and the Portfolio Manager, on behalf of the Board, complete a programme of investor relations throughout the year. An analysis of the Company's shareholder register is provided to the Directors at each Board meeting along with marketing reports from Frostrow. The Board reviews and considers the marketing plans on a regular basis. Reports from the Company's broker are submitted to the Board on investor sentiment and industry issues. Shareholders have access to the Board, directly and via the Company Secretary, throughout the year. These communications help the Board make informed decisions when considering how to promote the success of the Company for the benefit of shareholders over the long term. As part of our ongoing commitment to Shareholder engagement and corporate transparency, the Board confirms that a continuation vote will be held at the forthcoming AGM. This vote provides Shareholders with the opportunity to determine whether the Company should continue in its present form. Key mechanisms of engagement include: The Annual General Meeting The Chairman and the Senior Independent Director make themselves available to engage with Shareholders The Chairman writes to major Shareholders each year offering them the opportunity to meet with himself and the Senior Independent Director. The Company's website hosts reports, video interviews with the Portfolio Manager and monthly fact sheets One-on-one investor meetings facilitated by Frostrow who actively engage with professional investors, typically discretionary wealth managers, some institutions and a range of execution-only platforms. Regular engagement helps to attract new investors and retain existing Shareholders, and over time results in a stable share register made up of diverse, long-term holders The Board will explain in its announcement of the results of the AGM the actions it intends to take to consult Shareholders in order to understand the reasons behind any significant (defined for this purpose as 20% or more) votes against resolutions. Following the consultation, an update will be published no later than six months after the AGM and the Annual Report will detail the impact the Shareholder feedback has had on any decisions the Board has taken and any actions or resolutions proposed At each meeting the Board reviews movements in the Company's shareholder register. There are regular interactions and engagement with Shareholders (including at the AGM). Regular feedback from Shareholders is received from the Company's broker.
Portfolio Manager	Engagement with the Company's Portfolio Manager is necessary to evaluate its performance against the Company's stated strategy and to understand any risks or opportunities this may present. The Board monitors the Manager's approach to environmental, social and governance ("ESG") issues. Engagement also helps ensure that portfolio management costs are closely monitored and remain competitive.	The Board meets regularly with representatives of the Portfolio Manager throughout the year, with quarterly presentations and also monthly performance and compliance reporting. This provides the opportunity for both the Board and Portfolio Manager to explore and understand how the portfolio has performed and what may be expected in the future. The Board receives regular updates from the Portfolio Manager concerning engagement on ESG matters with the companies within the portfolio. The Audit Committee also meets with members of the risk management and investment compliance teams at Lindsell Train to better understand the Portfolio Manager's internal controls. The Audit Committee reviews Lindsell Train's control reports annually. During the year the Board discussed its approach to ESG matters with the Lindsell Train team providing more detail of their specific approach to responsible ownership which is further explained in the responsible investment section of the Annual Report. The Board considers its approach to ESG as well as that of the companies in which the Company invests, and has developed its own policy which can be found in the responsible investment section of the Annual Report. The Board encourages the Company's Portfolio Manager to engage with companies and in doing so expects ESG issues to be a key consideration. The Board receives an update on Lindsell Train's engagement activities within a dedicated quarterly ESG report. A member of Lindsell Train's investment team attends each Board meeting to provide an update on ESG issues and engagement activities since the last Board meeting. The Board holds at least one meeting at the offices of Lindsell Train each year, where Directors meet with members of the Lindsell Train team. The Portfolio Manager's performance is evaluated informally on a regular basis, with a formal review carried out on an annual basis by the Board.
Other Service Providers	As an externally managed investment company, the Company has no employees, customers, operations or premises. Therefore, the Company's key stakeholders (other than its shareholders) are considered to be its service providers. The Company contracts with third parties for other services including: depositary, investment accounting & administration as well as company secretarial and registrars. The Company ensures that the third parties to whom the services have been outsourced complete their roles in line with their service level agreements and are able to continue to provide these services, thereby supporting the Company in its success and ensuring compliance with its obligations.	The Board and Frostrow engage regularly with other service providers both in one-to-one meetings and via regular written reporting. This regular interaction provides an environment where topics, issues and business development needs can be dealt with efficiently and collegiately. The Board maintains regular contact with the Company's key service providers as well as carrying out a review of the service providers' business continuity plans and additional cyber security provisions. The key service providers' performance is evaluated by the Board on an annual basis, or more often if appropriate. The terms and conditions underlying the relationship between the service providers are reviewed as part of this process. This approach is taken to enhance service levels and strengthen relationships between the Company and its providers to ensure the interests of the Company's stakeholders are best served by maintaining a high level of service whilst keeping costs proportionate. During the year, the Committee reviewed the internal controls reports of each of the Company's key service providers. In addition, each key service provider provided confirmation that there had been no material changes in their internal controls between the date of their internal controls report and the date of this report.
Portfolio Companies	The Portfolio Manager invests in a concentrated portfolio of durable business franchises with the intention of holding these positions for a considerable time. The Portfolio Manager engages with the management of these companies on a periodic basis and reports its impressions on the prospects of the companies to the Board. Gaining a deeper understanding of the portfolio companies and their strategies as well as incorporating consideration of ESG factors into the investment process assists in understanding and mitigating risks of investments as well as identifying potential opportunities.	The Board encourages the Company's Portfolio Manager to engage with companies and in doing so expects ESG issues to be an important consideration. The Board receives an update on Lindsell Train's engagement activities within a dedicated quarterly ESG report together with quarterly updates concerning the prospects of the portfolio companies. Details of Lindsell Train's approach to responsible ownership can be found in the responsible investment section of the Annual Report.
Regulators	The Board ensures compliance with rules and regulations as relevant to the Company.	The Company Secretary reports to the Board on a monthly basis and at each Board meeting.
The Company's Lender	Investment companies have the ability to borrow with a view to enhancing long-term returns to Shareholders. Engagement with the Company's lender ensures that it fully understands the nature of the Company's business, the strategy adopted by the Portfolio Manager and the extent to which the Company complies with its loan covenants.	Regular reporting to the lender with respect to adherence with loan covenants and ad hocmeetings with the AIFM.

Key areas of engagement	Main decisions and actions taken
Investors The impact of market volatility caused by certain geopolitical events on the portfolio.	Shareholders are provided with performance updates via the Company's website as well as the annual and half-year financial reports and monthly factsheets.
Ongoing dialogue with Shareholders concerning the strategy of the Company, performance and the portfolio.	The Portfolio Manager and Frostrow meet regularly with Shareholders and potential investors to discuss the Company's strategy, performance and portfolio. Both the Portfolio Manager and Frostrow also engage with the Press on the Company's behalf. Information on how to vote your investment company shares on a selection of major platforms can be found within the Notice of Meeting. The Chairman, and Senior Independent Director, accompanied by members of the Frostrow team, met with representatives from major Shareholders to discuss, amongst other things, shareholder engagement. Further details concerning ongoing discussions with major Shareholders can be found in the Chairman's Statement.
Share price performance.	The Board reviews the Company's share price discount/premium on a daily basis and has a share buy-back policy, which during the year resulted in 34,698,781 shares being bought back. Details of the Company's share issuance and buy-back policy can be found on the Company's website.
The continuation of the Company.	The Chairman and Senior Independent Director spoke to a number of Shareholders regarding the proposed continuation of the Company ahead of the vote to be held at the 2026 Annual General Meeting. The Board recommends that Shareholders vote in favour of the continuation of the Company.
Investors
Asset Reunification.	During the year the Company launched an asset reunification programme with AssetTrace+ to reconnect Shareholders who had become disengaged from their holdings, to reunite them with their assets and encourage engagement.
Portfolio Manager Portfolio composition, performance, ESG matters, outlook, and business updates.	The Portfolio Manager has set ESG targets and engages regularly with investee companies' executive management. The Board receives quarterly ESG updates from the Portfolio Manager.
The impact of market volatility upon their business and how some companies in the portfolio have sought to take advantage of the increase of digitisation and AI.	The Board has received regular updates from the Portfolio Manager throughout the recent period of market volatility, including its impact on investment decision making.
The integration of ESG into the Portfolio Manager's investment processes.	The Portfolio Manager reports regularly any ESG issues in the portfolio companies to the Board.
Climate Change.	During the year the Audit Committee considered the Portfolio Manager's assessment of the risks associated with climate change on the portfolio and how the transition to a low-carbon economy will affect all businesses, irrespective of their size, sector or geographic location.
Management Fees.	Subsequent to the year end the Board negotiated lower management fees with Lindsell Train..
Other service providers As an externally managed investment company, the Company does not have employees. Its main stakeholders therefore comprise its Shareholders and a small number of service providers. The Board has delegated a wide range of activities to external agents, in addition to the Portfolio Manager. These services include AIFM, investment administration, management and financial accounting, Company Secretarial and certain other administrative requirements and registration services. Each of these contracts was entered into after full and proper consideration by the Board of the quality and cost of the services offered, including the control systems in operation in so far as they relate to the affairs of the Company. The Directors have frequent engagement with the Company's other service providers through the annual cycle of reporting and due diligence meetings or site visits by Frostrow. This engagement is completed with the aim of maintaining an effective working relationship and oversight of the services provided.	The Board met regularly with Frostrow (the AIFM), representatives of which attend every Board meeting to provide updates on risk management, accounting, administration and corporate governance matters. Reviews of the Company's service providers have been positive and the Directors believe their continued appointment is in the best interests of the Company. The Company has invested in Frostrow and The Lindsell Train Investment Trust plc. Further details can be found on the Company's website. Subsequent to the year end the Board negotiated lower management fees with Frostrow.
Auditor.	The Audit Committee met with Deloitte LLP to review the audit plan for the year, agree their remuneration, review the outcome of the annual audit and to assess the quality and effectiveness of the audit process. Please refer to the Audit Committee Report within the Annual Report for further information.
Board Composition.	The Board has in place a refreshment programme which is reviewed annually by the Board. Odgers was appointed by the Board during the year to assist with succession planning.
The Company's Lender Continued compliance with covenants set out within the loan agreement between the Company and the lender.	The Board ensures compliance with loan covenants throughout the year. Subsequent to the Company's year end Company's loan facility agreement was renewed, details of which can be found within note 12.

RESPONSIBLE INVESTMENT

Our Policy

The Board recognises that the most material way for the Company to have an impact on Environmental, Social and Governance ("ESG") issues is through the responsible ownership of its investments.

It has delegated authority to its Portfolio Manager to engage actively with the management of investee companies and encourage that high standards of ESG practice are adopted.

The Company seeks to generate long-term, sustainable returns on capital. The investee companies which consistently deliver superior returns over the long term are typically established, well-run companies whose managers recognise their impact on the world around them.

In its Responsible Engagement & Investment Policy, the Portfolio Manager states that its evaluation of ESG factors is an inherent part of the investment process.

The Board has delegated authority to the Portfolio Manager to vote the shares owned by the Company that are held on its behalf by its Custodian. The Board has instructed that the Portfolio Manager submit votes for such shares wherever possible and practicable. The Portfolio Manager may refer to the Board on any matters of a contentious nature.

The Portfolio Manager is a signatory of the 2021 UK Stewardship Code and became a signatory of Net Zero Asset Managers initiative in December 2021.

LINDSELL TRAIN'S POLICY

Madeline Wright Deputy Portfolio Manager and Head of Investment ESG

ESG integration

Sustainability Key To Long-Term Investing

Lindsell Train's investment horizons are very strategic and long-term (note that the turnover of the Company is under 5% per annum since its appointment in December 2000), and the investment team therefore look for durable companies that are likely to be profitably in business in 20 years' time. On which basis, the companies must address ESG factors in order to increase the prospects of their long-term survival. For example, management must demonstrate a higher degree of sensitivity to environmental considerations, consider the reputational risks from adverse behaviour and also embrace the branding power of appealing to a more ESG sensitive generation.

In addition to monitoring and encouraging company management to embrace ESG, as a product of Lindsell Train's investment philosophy, it has always avoided industries that it judges to be sufficiently detrimental to society that they may be exposed to burdensome regulation or litigation that could impinge on financial returns. Tobacco is a prime example, where the ESG risk - which in this case is the threat of litigation or government intervention on tobacco companies because of the health issues associated with smoking - plays a significant part in Lindsell Train's thinking and has been factored into its investment approach since the inception of Lindsell Train. The investment team also avoids capital intensive manufacturing industries or any companies involved in the extraction and production of coal, oil or natural gas.

Lindsell Train's initial analysis and ongoing company engagement strategy seeks to incorporate all sustainability factors that it believes will affect the company's ability to deliver long-term value to shareholders. Such factors may include but are not limited to: environmental, social and employee matters (including turnover and culture) and governance factors (including remuneration and capital allocation), cyber resilience, responsible data utilisation, respect for human rights, anti-corruption and anti-bribery, and any other risks or issues facing the business and its reputation. The evaluation of these factors is an inherent part of the research process, as it is the investment team's view that it can best serve investors through the application of an integrated approach, enabling them to leverage these considerations to make better investment decisions. This work is catalogued in a proprietary database of risk factors (Sentinel) in order to centralise and codify the team's views, as well as to prioritise its ongoing research and engagement work, and is cross-referenced with the SASB Materiality Map©. If, as a result of this assessment, Lindsell Train believes that an ESG factor is likely to materially impact a company's long-term business prospects (either positively or negatively) then this will be reflected in the long-term growth rate that is applied in the valuation of that company, which alongside the investment team's more qualitative research will influence any final portfolio decisions (for example, whether Lindsell Train starts a new position or sells out of an existing holding).

Ultimately ESG presents a real risk of the permanent loss of our client's capital and, accordingly, our job is to apply an ESG adjusted risk premium to what we analyse to be eternal assets. That way we work to ensure we observe Warren Buffett's #1 rule - don't lose money!"

Nick Train

Portfolio Manager

CASE STUDY

ESG EVALUATION FOR RECENT

PURCHASES AUTO TRADER & GAMES WORKSHOP

Lindsell Train's long-term investment approach means that it seldom buys and sells new holdings. However, in Q2 2025 there were two such purchases for the Finsbury Growth & Income Trust: Auto Trader and Games Workshop.

Consideration of ESG risk and opportunity is integrated into the pre-investment work that Lindsell Train does on all holdings, and indeed Auto Trader and Games Workshop have been monitored within Sentinel for a number of years, as they have long been considered as serious potential investments.

As with existing holdings, any ESG risk that Lindsell Train deems to be materially significant requires careful assessment to ensure that the investment team is comfortable that it does not pose a meaningful threat to the business. In both cases, Lindsell Train identified no ESG risks that the team deemed materially significant. The key risk for Auto Trader is the potential for increased costs associated with mitigating the carbon footprint of its data centres and office operations and reputation risks associated with any missteps, particularly given its leading position in the industry. However, with the UK government reinstating EV grants tied to sustainability performance and introducing criteria around vehicle emissions and battery production, there are opportunities for Auto Trader to enhance listing features and filters for electric vehicles as a response to the growing demand for sustainability transparency.

In the case of Games Workshop, which designs, manufactures and sells fantasy miniatures and games related products, the key ESG risk in Lindsell Train's view is the generation of plastic waste, particularly from leftover plastic frames (or sprues) and single - use packaging. However, the investment team are encouraged that Games Workshop now provides in store recycling for all plastic sprues and empty paint pots across its British retail stores and aims to expand this to other countries.

Finally, Auto Trader has set a Net Zero target for 2040 and seems to be moving in the right direction. Games Workshop has not yet publicly committed to a net - zero target date but it does report its carbon emissions and has set an interim target to reduce its Scope 1 and 2 emissions by 55% by 2032, using FY 2021/22 as a baseline.

Climate Change

The risks associated with climate change and the transition to a low-carbon economy will affect all businesses, irrespective of their size, sector or geographic location. Therefore, no company's revenues are immune and the assessment of such risks must be considered within any effective investment approach, particularly one like Lindsell Train's that seeks to protect its clients' capital for decades to come.

The transition to a low-carbon economy will affect some sectors more than others and fortunately, as mentioned above, these are typically the sectors that Lindsell Train portfolios avoid, most notably capital-intensive industries and companies involved in the extraction and production of coal, oil or natural gas. As a result, we are pleased to note that the Company continues to have a significantly lower than average weighted average carbon intensity than its comparable benchmarks.

For Lindsell Train Limited, as a relatively small business with a single office location and less than 30 employees, its climate exposure comes predominantly from the investment portfolios that it manages on behalf of its clients. Lindsell Train recognises the systemic risk posed by climate change and the potential financial impacts associated with a transition to a low-carbon economy. To help address this, Lindsell Train became a signatory of the Net Zero Asset Managers (NZAM) initiative in December 2021, which affirms its commitment to support the goal of net zero greenhouse gas emissions by 2050 or sooner. In line with this ambition, Lindsell Train published a 2030 interim target in Q4 2022 which was approved by the IIGCC.

Lindsell Train selected to use the Paris Aligned Investment Initiative Net Zero Investment Framework (NZIF) target setting approach. Of the four specific targets recommended by NZIF, Lindsell Train believed it most appropriate to adopt a portfolio coverage target, given the strategic nature of its approach and the below average carbon footprints of its portfolios. Lindsell Train has targeted 55% of its asset-weighted committed assets to be considered Aligned by 2030, as set out by the PAII Net Zero Investment Framework. This represents a circa 50% improvement from its baseline of 36% of assets being Aligned as of 2022, consistent with a fair share of the 50% global reduction in CO2 identified as a requirement in the IPCC special report on global warming of 1.5°C. It is also a target that the investment team considers realistic and achievable. Despite the suspension of some of NZAM's activities in January 2025, LTL remains committed to its net zero target and will continue to take meaningful steps toward fulfilling its net zero ambitions.

As outlined in the latest TCFD Entity Report, the chart in the Annual Report shows the alignment of each of the representative accounts for Lindsell Train's four investment strategies, and combined, on an asset weighted basis as at 31 December 2023 and 31 December 2024.

With respect to the status of Lindsell Train's Net Zero target, as of 31 December 2024, approximately 39% of Lindsell Train's combined AUM has been assessed as aligned in accordance with NZIF2.0, the revised Net Zero Investment Framework, reflecting modest progress compared to a year previous. The proportion of LTL's UK Equity Strategy assessed as aligned increased from 40% in December 2023 to 53% in December 2024.

To achieve its 2030 target, Lindsell Train will continue to engage proactively with the management of companies it holds across its portfolios, with the overall ambition of reaching an absolute reduction in global carbon emissions. These engagements have focused on persistent laggards. There are currently 17 such companies across all holdings held in Lindsell Train portfolios, most of which are Japanese, and Lindsell Train engaged with all of them during Q4 2024 and Q1 2025. Outreach comprised a combination of letters and calls, during which Lindsell Train reminded management of its expectations and encouraged collaboration with Lindsell Train and other similar companies where we had identified progress.

Further information on Lindsell Train's TCFD related disclosures can be found in its 2024 TCFD Report, which can be found on Lindsell Train's website: https://www.lindselltrain.com/responsible-investing/ governance-strategy/

Modern Slavery

As we proceed deeper into the 21st Century, modern slavery is a blight on humanity. It encompasses multiple forms of exploitation including forced labour, human trafficking and servitude. Published figures suggest that there are now 50 million people across the globe in modern slavery, with nearly 28 million in forced labour. The situation has been exacerbated by conflict, climate change and the pandemic. There is huge potential for businesses to take action to address and ultimately eradicate modern slavery globally, and we recognise that financial services have an essential role to play in this fight.

As investors in several Fast Moving Consumer Goods (FMCG) and luxury fashion companies, Lindsell Train is particularly alert to modern slavery in the supply chain, and the business and ethical risks it poses. Over the past two years, Lindsell Train has updated its Responsible Investment & Engagement Policy to specifically reflect on this commitment, whilst also developing an Engagement Framework which aims to address the two ESG issues it judges to be most relevant to its portfolios (Modern Slavery and Climate Change). Lindsell Train has also continued its partnership with the CCLA-founded initiative Find It, Fix it, Prevent it, which is exclusively focused on the abolition of modern slavery and to which Lindsell Train became a signatory in 2021. Most recently, Lindsell Train was pleased to be joined by a representative of the organisation at its 2025 ESG Training.

Lindsell Train's Modern Slavery Statement can be found on its website./

CASE STUDY

LSEG & SAGE

In collaboration with Find It, Fix It, Prevent It, Lindsell Train participated during 2023 as a member of the Scorecard Working Group, alongside SupplyESChange, Vodafone Group, Reckitt Benckiser, and Columbia Threadneedle. The Working Group was responsible for agreeing the metrics against which companies would be assessed, forming the basis for the inaugural 2023 Modern Slavery UK Benchmark report. Following the publication of the initial findings, Lindsell Train committed to further collaboration with CCLA to engage directly with two portfolio companies, LSEG and Sage, both of which were placed in Performance Tier 4 (barely achieving compliance).

In October 2024, CCLA published the 2024 Modern Slavery UK Benchmark report, which found that LSEG had improved its score. However, Lindsell Train was disappointed to learn that Sage remained in Tier 4. Later in the month, Lindsell Train continued its engagement with the company and met with the CEO and CFO to understand the reasons why Sage's modern slavery score remained stagnant. Management explained that this was due to the company's publications being out of sync with CCLA's monitoring schedule. Sage's disclosures occur in December, whilst Find it, Fix it, Prevent it, publish their report in October, meaning the changes were not captured this year. Whilst disappointing, Lindsell Train does not believe it is indicative of a lack of progress, and Sage's management has emphasised that it expects these improvements will be reflected in the company's revised score when the Benchmark is republished in Q4 2025.

Please see below a timeline summarising Lindsell Train's engagement activity on Modern Slavery:

2021

Notable increase in focus on supply chain matters from LTL clients.

Initial engagement with Mondelez on its approach to child labour in its supply chain.

Mondelez 'Cocoa Life' presentation to LTL as part of annual ESG Training.

2022

Collaborated with Find It, Fix It, Prevent It, and global consulting firm Aon, in engagements with Burberry and Youngs, to better understand their approach to Modern Slavery.

LTL confirms support for Find It, Fix It, Prevent It.

Madeline Wright (Deputy Portfolio Manager and Head of Investment ESG) delivered a presentation on Modern Slavery at a conference hosted by Aon.

2023

Mondelez Shareholder resolution on abolition of child labour lodged. LTL engaged with Mondelez and voted against.

Modern Slavery UK Benchmark published. Two LTL companies assessed as performance Tier 4.

LTL Engagement Framework published identifying Modern Slavery as one of two focus areas.

Burberry presented on how it approaches Modern Slavery in its supply chain during LTL's annual ESG training.

2024

Engaged Sage management on Modern Slavery Benchmark score.

Mondelez shareholder proposal. LTL again voted against.

Follow up engagement with Sage on Modern Slavery Benchmark score.

LTL Modern Slavery questionnaire developed (based on Find It, Fix It, Prevent It).

Heineken presents 'Brew a Better World' as part of annual ESG training.

2025

Rathbones and Sage presented on how they address Modern Slavery as part of LTL's annual ESG training.

Engagement

Where Lindsell Train has specific concerns with management's strategy, company performance (financial and non-financial), or risk profile, or where it deems it necessary to protect its clients' interests, the investment team will proactively engage with management. Lindsell Train will consider the individual circumstances of the company and the issue at hand, in order to determine realistic objectives and define the scope of Lindsell Train's engagement, ensuring that:

The objective is suitably focused on long-term value preservation and creation
The objective is specific and there is clarity around delivery
The objective is realistic and achievable

In most circumstances, Lindsell Train arranges a meeting with senior management, board members, or if appropriate with the company chairperson or the senior non-executive director. The feedback from these meetings is then discussed amongst the investment team. In some instances, the matter on which it is engaging is swiftly resolved, and in other cases, the response may be a multi stage, multi - year process. As long as the dialogue is constructive and ongoing, and management clearly outline a proposed course of action, Lindsell Train can be comfortable with a longer timeline to resolution. Where this is not the case, it will consider escalation.

The long-term approach generally leads Lindsell Train to be supportive of company management; however, where required and if in the best interests of our clients, Lindsell Train will try to influence management on specific matters or policies. Lindsell Train's intention is to have open and constructive dialogue with management and board members, in order to broaden its knowledge of the company's strategy and operations and to ensure any concerns it might have are assuaged. Given Lindsell Train often builds up large, long-term, stakes in the businesses in which it invests, it finds that management is open to (and very often encourages) engagement.

During the financial year, Lindsell Train engaged with 16 companies held within the Company's portfolio on a wide range of environmental, social and governance issues, as detailed in the chart in the Annual Report. There were 22 engagements in total.

ENGAGEMENT BY TOPIC

Source: Lindsell Train. 1 October 2024 - 30 September 2025. 9 topics raised with 16 companies.

CASE STUDY

ENGAGEMENT CASE STUDY

Company name: Clarkson

Year founded: 1852

Year FGT first invested: 2024

Sector: Industrials

Engagement topics: Capital Allocation, Strategy & Environmental

Date of engagements: September 2025

Engagement format: Call

Reason for engagement: Engagement regarding Clarkson's capital allocation, strategy and sustainability initiatives

The introduction of the Trump-era tariffs, implemented with limited transparency, and being particularly punitive for certain sectors, has contributed to a temporary slowdown in ship-broking activity. Lindsell Train engaged with the company to understand the impact this may have, and management reaffirmed the strength of Clarkson's balance sheet, which offers a degree of resilience amid the prevailing macroeconomic and geopolitical headwinds.

Furthermore, the investment team inquired whether recent political developments had affected the company's commitment to its sustainability objectives. Clarkson confirmed that, despite changes in the political landscape, its dedication to advancing green initiatives remains unchanged. Lindsell Train notes the company's increasing strategic focus on supporting the shipping industry's path to decarbonisation. For example, Clarkson has established a dedicated segment of its business to provide services that facilitate the transition to more sustainable practices, positioning the firm as a key enabler of environmental progress within the sector.

Next steps: We are encouraged by Clarkson's continued commitment to its environmental and sustainability priorities. Looking ahead, Lindsell Train will monitor developments in the macroeconomic environment and assess how the company adapts its strategy in response, ensuring that its environmental commitments are sustained through varying market conditions.

CASE STUDY

ENGAGEMENT CASE STUDY

Company name: Diageo Plc

Year founded: 1997

Year FGT first invested: 2001

Sector: Consumer Staples

Engagement topics: Capital Allocation & Strategy

Date of engagements: May & July 2025

Engagement format: Call

Reason for engagement: Engagement regarding Diageo's capital allocation and strategy

In May 2025, management at Diageo announced the potential for disposals of non-core assets during its Q3 trading update. The investment team took the opportunity to follow up with management via email to remind them of the importance of retaining world class brands and maximising brand equity value. The investment team reiterated its views on capital allocation, after the 2018-2024 share buyback programme that spent c.£10bn buying back shares at c.£33 per share, c.40% above the current share price.

During July, the investment team re-engaged with the company to follow up on those discussions. It questioned previous suggestions of significant asset disposals, particularly given the current challenges facing the broader industry, and in the context of the substantial share buybacks undertaken between 2018 and 2024. We emphasised the critical role of the Board, and particularly the Non-Executive Directors, in guiding management toward sound capital allocation decisions.

In response, the Chair assured the investment team that the company has no intention of selling its prized assets and brands. He expressed confidence that the Board will engage meaningfully with senior management on capital allocation, particularly in light of recent changes including a new CFO.

Next steps: Lindsell Train will continue to monitor Diageo's capital allocation closely, particularly in relation to potential acquisitions and disposals. We remain in regular dialogue with company management and are also engaging with sell-side analysts to gather additional context and analysis. These ongoing discussions will help Lindsell Train assess how effectively Diageo balances long-term brand investment with disciplined financial management.

Proxy Voting

The primary voting policy of Lindsell Train is to protect or enhance the economic value of its investments on behalf of its clients. Lindsell Train has appointed Glass Lewis to aid the administration of proxy voting and provide additional support in this area. However, the Investment Team maintains decision making responsibility based on its detailed knowledge of the investee companies. It is Lindsell Train's policy to exercise all voting rights which have been delegated to Lindsell Train by its clients.

Voting record for companies held in Finsbury Growth & Income Trust PLC:

	Management	Shareholder	Total
	Proposals	Proposals	Proposals
With Management	372	0	372
Against Management	0	0	0
Abstain	0	0	0
Totals	372	0	372

Source: Glass Lewis. 1 October 2024 - 30 September 2025.

Votes against management and abstentions have typically been in the low single-digit range in previous years. In the current reporting period, however, there were no votes against management. It is our aim to be invested in 'exceptional' companies with strong corporate governance and hence it ought to be rare that we find ourselves in a position where we are voting against management.

INTEGRITY AND BUSINESS ETHICS

The Company is committed to carrying out business in an honest and fair manner. The Board has adopted a zero-tolerance approach to instances of bribery and corruption. Accordingly, it expressly prohibits any Director or associated persons when acting on behalf of the Company from accepting, soliciting, paying, offering or promising to pay or authorise any payment, public or private, in the United Kingdom or abroad to secure any improper benefit from themselves or for the Company.

The Board applies the same standards to its service providers in their activities for the Company.

A copy of the Company's Anti Bribery and Corruption Policy can be found in the Board and Policies section of the Company's website. The policy is reviewed annually by the Audit Committee.

In response to the implementation of the Criminal Finances Act 2017, the Board adopted a zero-tolerance approach to the criminal facilitation of tax evasion. A copy of the Company's policy on preventing the facilitation of tax evasion can be found in the Board and Policies section of the Company's website. The policy is reviewed annually by the Audit Committee.

In carrying out its activities, the Company aims to conduct itself responsibly, ethically and fairly, including in relation to social and human rights issues. As an investment company with limited internal resource, the Company has little impact on the environment. The Company believes that high standards of ESG make good business sense and have the potential to protect and enhance investment returns. Consequently, the Portfolio Manager's investment criteria ensure that ESG and ethical issues are taken into account and best practice is encouraged. The Board's expectations are that its principal service providers have appropriate governance policies in place.

Further information on the Company's approach to diversity, including the gender composition of the Board, can be found in the Corporate Governance Report within the Annual Report.

COMPANY PROMOTION

The Company has appointed Frostrow to promote the Company's shares to professional investors in the UK and Ireland. As investment company specialists, the Frostrow team provides a continuous, proactive marketing and investor relations service that aims to promote the Company by encouraging demand for the shares.

MANAGEMENT ARRANGEMENTS

Alternative Investment Fund Manager ("AIFM")

Under the terms of its AIFM agreement with the Company, Frostrow provides, inter alia, the following services:

oversight of the portfolio management function delegated to Lindsell Train;
promotion of the Company;
investment portfolio administration and valuation;
risk management services;
share price discount and premium management;
administrative and company secretarial services;
advice and guidance in respect of corporate governance requirements;
maintenance of the Company's accounting records;
maintenance of the Company's website;
preparation and publication of annual reports, half year reports and monthly fact sheets; and
ensuring compliance with applicable legal and regulatory requirements.

The AIFM Agreement may be terminated by either party on giving notice of not less than 12 months.

Portfolio Manager

Lindsell Train, as delegate of the AIFM, is responsible for the management of the Company's portfolio of investments under an agreement between it, the Company and Frostrow (the "Portfolio Management Agreement").

Under the terms of its Portfolio Management Agreement, Lindsell Train provides, inter alia, the following services:

seeking out and evaluating investment opportunities;
recommending the manner by which monies should be invested, realised or retained;
advising on how rights conferred by the investments should be exercised;
analysing the performance of investments made; and
advising the Company in relation to trends, market movements and other matters which may affect the investment objective and policy of the Company.

The Portfolio Management Agreement may be terminated by either party on giving notice of not less than 12 months.

Annual Fees

FEES ON THAT PART OF MARKET CAP		PORTFOLIO
AS AT 30 SEPTEMBER 2025	AIFM	MANAGER	TOTAL
= £1 bn	0.15%	0.45%	0.60%
Between £1 bn - £2 bn	0.135%	0.405%	0.54%
£2 bn +	0.12%	0.36%	0.48%

FEES ON THAT PART OF MARKET CAP		PORTFOLIO
FROM 1 JANUARY 2026	AIFM	MANAGER	TOTAL
up to £1.5bn	0.135	0.405	0.54%
Over £1.5bn	0.120	0.360	0.48%

Performance Fees

The Company does not pay performance fees.

AIFM AND PORTFOLIO MANAGER EVALUATION AND RE-APPOINTMENT

The performance of Frostrow as AIFM and Lindsell Train as Portfolio Manager is continuously monitored by the Board with a formal evaluation being undertaken each year. As part of this process the Board monitors the services provided by the AIFM and the Portfolio Manager as well as receiving regular reports and views from them. The Board has also considered the assessment carried out by the AIFM as required by the FCA's Consumer Duty obligations, that the Company's Shares provide fair value. It also receives comprehensive long-term performance measurement reports to enable it to determine whether or not the performance objective set by the Board has been met.

Following a review at the Board meeting in September 2025, the Board considers that the continuing appointment of Frostrow and Lindsell Train, under the terms described above, is in the best interests of the Company's Shareholders. In coming to this decision, it took into consideration the following additional reasons:

the quality and depth of experience of the company secretarial, administrative and marketing team that the AIFM brought to the management of the Company; and
the quality and depth of experience that the Portfolio Manager brought to the management of the portfolio, the clarity and rigour of the investment process, consideration of ESG targets, the high degree of engagement with portfolio companies on ESG matters, the level of past long-term performance of the portfolio in absolute terms and also by reference to the benchmark index.

Depositary

The Bank of New York Mellon (International) Limited (the "Depositary") acts as the Company's depositary in accordance with the AIFMD on the terms and subject to the conditions of the depositary agreement between the Company, Frostrow and the Depositary (the "Depositary Agreement"). Under the terms of the Depositary Agreement the Company pays the Depositary a fee between 0.007% and 0.008% of net assets.

The Depositary provides the following services:

responsibility for the safe-keeping of custodial assets of the Company;
verification and maintenance of a record of all other assets of the Company;
the collection of income that arises from those assets;
taking reasonable care to ensure that the Company is managed in accordance with the AIFMD, the Investment Funds Sourcebook and the Company's instrument of incorporation, in relation to the calculation of the net asset value per share and the application of income of the Company; and
monitoring the Company's compliance with investment restrictions and leverage limits set by the Board and the AIFM.

In accordance with the AIFM Rules the Depositary acts as global custodian and may delegate safekeeping to one or more global sub-custodians. The Depositary has delegated safekeeping of the assets of the Company to The Bank of New York Mellon SA/NV and/or The Bank of New York Mellon (The Global Sub-custodians).

As at the date of this report, the applicable active sub-custodians appointed by the Depositary who might be relevant for the purposes of holding the Company's investments are:

COUNTRY	NAME OF SUB-CUSTODIAN REGULATOR
The Netherlands	The Bank of New York Mellon SA/NV	Financial Services and Markets Authority, Belgium
United States of America	The Bank of New York Mellon, New York	US Securities and Exchange Commission
France	The Bank of New York Mellon SA/NV	The Autorité des Marchés Financiers

Custodian

The Global Sub-Custodians' safekeeping fees are charged according to the jurisdiction in which the holdings are based. The majority of the Company's assets attract a custody fee of 0.0033% of their market value. Variable transaction fees are also chargeable.

The Depositary Agreement may be terminated by either party on giving notice of not less than 90 days.

On behalf of the Board

Pars Purewal

Chairman

2 December 2025

GOVERNANCE / 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 have elected to prepare the Financial Statements in accordance with (United Kingdom Accounting Standards and applicable law), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under 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 affairs of the Company and of the profit or loss of the Company for that period. In preparing these Financial Statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
state whether applicable United Kingdom Accounting Standards, have been followed, subject to any material departures disclosed and explained in the Financial Statements;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient 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 and the Directors' Remuneration Report comply with the Companies Act 2006.

The Directors 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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

Financial Statements are published on the Company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the Directors.

The Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.

RESPONSIBILITY STATEMENT

Each of the Directors, whose names and functions are listed in the 'Board of Directors' section within the Annual Report confirms that, to the best of their knowledge:

the Financial Statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
the strategic 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 they face; and.
the annual report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the company's position and performance, business model and strategy.

This responsibility statement was approved by the board of directors on 2 December 2025 and is signed on its behalf by:

Pars Purewal

Chairman

Note to those who access this document by electronic means:

The Annual Report for the year ended 30 September 2025 has been approved by the Board of Finsbury Growth & Income Trust PLC. Copies of the Annual Report are circulated to Shareholders and, where possible to potential investors. It is also made available in electronic format for the convenience of readers. Printed copies are available from the Company Secretary's office in London.

FINANCIAL STATEMENTS / Income Statement

for the year ended 30 September 2025

		YEAR ENDED 30 SEPTEMBER 2025			YEAR ENDED 30 SEPTEMBER 2024
		REVENUE	CAPITAL	TOTAL	REVENUE	CAPITAL	TOTAL
	NOTE	£'000	£'000	£'000	£'000	£'000	£'000
(Losses)/gains on investments at fair value through profit or loss	9	-	(34,706)	(34,706)	-	78,006	78,006
Currency translations		-	(12)	(12)	-	(185)	(185)
Income	2	31,476	-	31,476	43,160	-	43,160
AIFM and portfolio management fees	3	(1,921)	(5,765)	(7,686)	(2,260)	(6,781)	(9,041)
Other expenses	4	(1,148)	-	(1,148)	(1,184)	(126)	(1,310)
Return/(loss) before finance charges and taxation		28,407	(40,483)	(12,076)	39,716	70,914	110,630
Finance charges	5	(455)	(1,364)	(1,819)	(556)	(1,667)	(2,223)
Return/(loss) before taxation		27,952	(41,847)	(13,895)	39,160	69,247	108,407
Taxation on ordinary activities	6	10	-	10	(229)	-	(229)
Return/(loss) after taxation		27,962	(41,847)	(13,885)	38,931	69,247	108,178
Return/(loss) per share - basic and diluted	7	18.9p	(28.3)p	(9.4)p	20.8p	36.9p	57.7p

The "Total" column of this statement represents the Company's income statement.

The "Revenue" and "Capital" columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies ("AIC").

All items in the above statement derive from continuing operations.

The Company had no recognised gains or losses other than those declared in the Income Statement; therefore no separate Statement of Comprehensive Income has been presented.

The notes form part of these Financial Statements.

FINANCIAL STATEMENTS / Statement of Changes in Equity

for the year ended 30 September 2025

		CALLED UP	SHARE	SPECIAL	CAPITAL			TOTAL
		SHARE	PREMIUM	DISTRIBUTABLE	REDEMPTION	CAPITAL	REVENUE	SHAREHOLDERS'
	NOTE	CAPITAL	ACCOUNT	RESERVE	RESERVE	RESERVE	RESERVE	FUNDS
	NOTE	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 October 2024		56,248	-	1,050,008	3,453	412,490	59,969	1,582,168
Net (loss)/return for the year		-	-	-	-	(41,847)	27,962	(13,885)
Second interim dividend
(10.8p per share)
for the year ended
30 September 2024	8	-	-	-	-	-	(18,097)	(18,097)
First interim dividend
(8.8p per share)
for the year ended
30 September 2025	8	-	-	-	-	-	(12,780)	(12,780)
Repurchase of shares into Treasury	13	-	-	(309,666)	-	-	-	(309,666)
At 30 September 2025		56,248	-	740,342	3,453	370,643	57,054	1,227,740

	NOTE	CALLED UP SHARE CAPITAL £'000	SHARE PREMIUM ACCOUNT £'000	SPECIAL DISTRIBUTABLE RESERVE £'000	CAPITAL REDEMPTION RESERVE £'000	CAPITAL RESERVE £'000	REVENUE RESERVE £'000	TOTAL SHAREHOLDERS' FUNDS £'000
At 1 October 2023		56,248	1,099,847	-	3,453	604,212	58,969	1,822,729
Net return for the year		-	-	-	-	69,247	38,931	108,178
Second interim dividend
(10.5p per share)
for the year ended
30 September 2023	8	-	-	-	-	-	(21,454)	(21,454)
First interim dividend
(8.8p per share)
for the year ended
30 September 2024	8	-	-	-	-	-	(16,477)	(16,477)

Transfer to special reserve account		-	(1,099,847)	-	-	-	-	(1,099,847)
Transfer from share
premium account		-	-	1,099,847	-	-	-	1,099,847
Repurchase of shares into Treasury	13	-	-	(49,839)	-	(260,969)	-	(310,808)
At 30 September 2024		56,248	-	1,050,008	3,453	412,490	59,969	1,582,168

On 7 August 2024 the Company's Share Premium Account was cancelled and a new Special Distributable Reserve was created. See Note 1(J) for further details.

The notes form part of these Financial Statements.

FINANCIAL STATEMENTS / Statement of Financial Position

as at 30 September 2025

		2025	2024
	NOTE	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	9	1,251,015	1,593,218
Current assets
Debtors	10	5,387	7,509
Cash at bank		5,110	14,639
		10,497	22,148
Current liabilities
Creditors: amounts falling due within one year	11	(4,572)	(3,998)
Bank loan	12	(29,200)	-
		(33,772)	(3,998)
Net current (liabilities)/assets		(23,275)	18,150
Total assets less current liabilities		1,227,740	1,611,368
Creditors: amount falling due after more than one year
Bank loan		-	(29,200)
Net assets		1,227,740	1,582,168
Capital and reserves
Called up share capital	13	56,248	56,248
Special distributable reserve		740,342	1,050,008
Capital redemption reserve		3,453	3,453
Capital reserve		370,643	412,490
Revenue reserve		57,054	59,969
Total Shareholders' funds		1,227,740	1,582,168
Net asset value per share	15	923.0p	943.4p

The Financial Statements were approved by the Board of Directors on 2 December 2025 and were signed on its behalf by:

Pars Purewal

Chairman

The notes form part of these Financial Statements.

Company Registration Number SC013958 (Registered in Scotland)

FINANCIAL STATEMENTS / Statement of Cash Flows

for the year ended 30 September 2025

		2025	2024
	NOTE	£'000	£'000
Net cash inflow from operating activities	18	25,894	33,805
Investing activities
Purchase of investments		(129,988)	(123,825)
Sale of investments		436,180	445,464
Other capital receipts		10	-
Net cash inflow from investing activities		306,202	321,639
Financing activities
Dividends paid		(30,877)	(37,931)
Repurchase of shares into Treasury		(308,917)	(310,392)
Interest paid		(1,819)	(2,223)
Repayment of loans		-	(7,500)
Net cash outflow from financing activities		(341,613)	(358,046)
Decrease in cash and cash equivalents		(9,517)	(2,602)
Currency transactions		(12)	(185)
Cash at bank at the beginning of the financial year		14,639	17,426
Cash at bank at the end of the financial year		5,110	14,639

Reconciliation of net debt

	2025	2024
	£'000	£'000
Cash at bank	5,110	14,639
Borrowings	(29,200)	(29,200)
Net debt	(24,090)	(14,561)

The notes form part of these Financial Statements.

FINANCIAL STATEMENTS / Notes to the Financial Statements

for the year ended 30 September 2025

1. Accounting Policies

The Company is a public limited company (PLC) incorporated in the United Kingdom, with registered office at 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ.

The principal accounting policies, all of which have been applied consistently throughout the year in the preparation of these Financial Statements, are set out below:

(A) BASIS OF PREPARATION

The Financial Statements have been prepared in accordance with UK Generally Accepted Accounting Practice (GAAP) under UK and Republic of Ireland Company Law, FRS 102 'The Financial Reporting Standard applicable in the UK, the Statement of Recommended Practice (SORP) for "Financial Statements of Investment Trust Companies and Venture Capital Trusts" issued by the Association of Investment Companies in July 2022 and the Companies Act 2006 under the historical cost convention as modified by the valuation of investments at fair value through profit or loss.

The Financial Statements have been prepared on a going concern basis. The disclosure on going concern in the Statement of Directors' Responsibilities forms part of these Financial Statements.

Presentation of the Income Statement

In order to reflect better the activities of an investment trust company and in accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The net revenue return is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Sections 1158 and 1159 of the Corporation Tax Act 2010.

Significant Judgements and Critical Sources of Estimation Uncertainties

There were no significant judgements or critical estimates reported during the financial year ended 30 September 2025 (2024: none).

(B) INVESTMENTS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS

Investments are measured under FRS 102, sections 11 and 12 and are measured initially, and at subsequent reporting dates, at fair value.

Changes in the fair value of investments and gains and losses on disposal are recognised in the Income Statement as a capital item. The Company manages and evaluates the performance of these investments on a fair value basis in accordance with its investment strategy, and information about the investments is provided internally on this basis to the Board. Fair value for quoted investments is deemed to be bid market prices, or last traded price, depending on the convention of the stock exchange on which they are quoted.

In estimating the fair value of unquoted investments, the AIFM and Board apply valuation techniques which are appropriate in light of the nature, facts and circumstances of the investment and use judgement and assumptions and apply these consistently.

All purchases and sales of investments are accounted for on a trade date basis.

The Company's policy is to expense transaction costs on acquisition/disposal through the gains on investment at fair value through profit or loss. The total of such expenses, showing the total amounts included in disposals and acquisitions, is disclosed in note 9.

(C) INCOME

Dividends receivable from equity shares are recognised in Revenue on an ex-dividend basis except where, in the opinion of the Board, the dividend is capital in nature, in which case it is included in Capital. Overseas dividends are stated gross of any withholding tax.

When the Company has elected to receive scrip dividends in the form of additional shares rather than cash, the amount of cash dividend foregone is recognised in Revenue.

Fixed returns on non-equity shares are recognised on a time apportionment basis.

Special dividends: In deciding whether a dividend should be regarded as a Capital or Revenue receipt, the Company reviews all relevant information as to the reasons for and sources of the dividend on a case by case basis depending upon the nature of the receipt. Special dividends of a revenue nature are recognised through the Revenue column of the Income Statement. Special Dividends of a capital nature are recognised through the Capital column of the Income Statement.

The limited liability partnership (LLP) profit share is recognised in the financial statements when the entitlement to the income is established, following the conclusion of the partnership's annual audit. Deposit interest receivable is taken to Revenue on an accruals basis.

(D) DIVIDENDS PAYABLE

Dividends paid by the Company are recognised in the Financial Statements and are shown in the Statement of Changes in Equity in the period in which they became legally binding, which in the case of an interim dividend is the point at which it is paid and for a final dividend when it is approved by Shareholders in line with the ICAEW Tech Release 02/17BL.

(E) EXPENDITURE AND FINANCE CHARGES

All the expense and finance costs are accounted for on an accruals basis. Expenses are charged through the Revenue column of the Income Statement except as follows:

(1) expenses which are incidental to the acquisition or disposal of an investment are treated as part of the cost or deducted from proceeds of that investment (as explained in 1(B) above);

(2) expenses are taken to the Capital reserve via the Capital column of the Income Statement, where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In line with the Board's expected long - term split of returns, 75% of the portfolio management fee, AIFM fee and finance costs are taken to the Capital reserve and the balance to the Revenue reserve.

(F) TAXATION

Dividend income received by the Company may be subject to withholding tax imposed in the country of origin. The tax charges shown in the Income Statement relates to overseas withholding tax on dividend income.

Current tax is provided at the amounts expected to be paid or recovered.

Deferred taxation is provided on all timing differences that have originated but not been reversed by the Statement of Financial Position date other than those differences regarded as permanent. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the reversal of timing differences can be deducted. Any liability to deferred tax is provided for at the rate of tax enacted or substantially enacted.

(G) FOREIGN CURRENCY

Transactions recorded in overseas currencies during the year are translated into sterling at the exchange rates ruling at the date of the transaction. Assets and liabilities denominated in overseas currencies at the Statement of Financial Position date are translated into sterling at the exchange rate ruling at that date. Profits or losses on the translation of foreign currency balances, whether realised or unrealised are credited or debited to the Revenue or Capital column of the Income Statement depending on whether the gain or loss is of a revenue or capital nature.

(H) CASH AT BANK

Cash at bank and demand deposits readily convertible to known amounts of cash and subject to insignificant risk of changes in value are defined as cash.

(I) BANK LOAN

Bank loans are initially recognised at fair value, net of transaction costs incurred. Bank loans are subsequently measured at amortised cost. The loan amounts falling due for repayment within one year are included under current liabilities in the Statement of Financial Position and the loan amounts falling due after one year are included under "Creditors: amounts falling due after more than one year" in the Statement of Financial Position.

(J) REPURCHASE OF SHARES FOR CANCELLATION OR TO HOLD IN TREASURY

The cost of repurchasing ordinary shares (for cancellation or to hold in Treasury) including the related stamp duty and transaction cost is charged to the Special Distributable Reserve account, and dealt with in the Statement of Changes in Equity. Share repurchase transactions are accounted for on a trade date basis.

With effect from 7 August 2024, the date in which the Company's Share Premium account was cancelled, all shares bought back to be held in Treasury have been charged to the Special Distributable Reserve. Prior to this date all Shares cancelled were charged to the Capital Reserve account.

Where shares are cancelled (or are subsequently cancelled having previously been held in Treasury), the nominal value of those shares is transferred out of 'Called up share capital' and into the 'Capital redemption reserve'.

Should shares held in Treasury be reissued, the sales proceeds will be treated as a realised capital profit up to the amount of the purchase price of those shares and will be transferred to capital reserves. The excess of the sales proceeds over the purchase price will be transferred to 'Share premium'.

(K) OPERATING SEGMENTS

The Company defines operating segments and segment performance in the financial statements based on information used by the Board of Directors which is considered the Chief Operating Decision Maker^. The Directors are of the opinion that the Company is engaged in a single segment of business, being the investments business. The results published in this Annual Report therefore correspond to this sole operating segment.

(L) NATURE AND PURPOSE OF RESERVES

Capital Redemption Reserve

This reserve arose when ordinary shares were bought by the Company and subsequently cancelled, at which point the amount equal to the par value of the ordinary share capital was transferred from the ordinary share capital to the Capital Redemption reserve.

Capital Reserve

This reserve reflects any:

• gains or losses on the disposal of investments;

• exchange differences of a capital nature;

• increases and decreases in the fair value of investments which have been recognised in the capital column of the Income Statement;

• expenses which are capital in nature as disclosed in note 1(E); and

• excess of the purchase price over the nominal value of shares which have been bought back by the Company for cancellation or to be held in Treasury. See note 1(J) above for further details.

Following amendments to the Company's Articles of Association in 2015, this reserve can be used to distribute certain capital profits by way of dividend.

Special Distributable Reserve

This reserve was created upon the cancellation of the Share Premium Account on 7 August 2024; it is distributable and is used to fund any repurchases of the Company's own shares.

Revenue Reserve

This reserve reflects all income and expenditure which are recognised in the revenue column of the Income Statement and may be distributable by way of dividend.

^ See glossary of terms.

When making a distribution to Shareholders, the Directors determine profits available for distribution by reference to 'Guidance on realised and distributable profits under the Companies Act 2006' issued by the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland in April 2017. The availability of distributable reserves in the Company is dependent on those distributions meeting the definition of qualifying consideration within that guidance and on available cash resources of the Company and other accessible sources of funds. The distributable reserves are therefore subject to these restrictions or limitations at the time such distribution is made.

2. Income

	2025	2024
	£'000	£'000
Income from investments
UK listed dividends	30,793	39,474
Overseas dividends	-	2,793
Limited liability partnership - profit-share	365	486
Other operating income - bank interest	318	407
Total income	31,476	43,160

3. AIFM and portfolio management fees

		2025			2024
	REVENUE	CAPITAL	TOTAL	REVENUE	CAPITAL	TOTAL
	£'000	£'000	£'000	£'000	£'000	£'000
AIFM fee	480	1,441	1,921	565	1,695	2,260
Portfolio Management fee	1,441	4,324	5,765	1,695	5,086	6,781
Total fees	1,921	5,765	7,686	2,260	6,781	9,041

75% of the Portfolio management and AIFM fees are taken to the Capital reserve and 25% is taken to the Revenue reserve. See note 1(E) for further details.

4. Other Expenses

		2025			2024
	REVENUE	CAPITAL	TOTAL	REVENUE	CAPITAL	TOTAL
	£'000	£'000	£'000	£'000	£'000	£'000
Directors' fees	181	-	181	192	-	192
Auditors' fees - statutory annual audit	72	-	72	72	-	72
Depositary's fees	136	-	136	160	-	160
Stock listing and FCA fees	168	-	168	173	-	173
Custody fees	99	-	99	130	-	130
Index costs	89	-	89	85	-	85
Registrar's fees	65	-	65	79	-	79
Promotional costs	56	-	56	55	-	55
Legal fees	36	-	36	12	126	138
Other expenses	246	-	246	226	-	226
Total expenses	1,148	-	1,148	1,184	126	1,310

Further details of the amounts paid to Directors are included in the Directors' Remuneration Report within the Annual Report.

During the year ended 30 September 2025 there were no non-audit services provided by the Company's Auditor (2024: nil).

All of the above expenses include VAT where applicable. The Auditor's fees for the statutory annual audit of financial statements were £60,000 excluding VAT (2024: £60,000).

5. Finance Charges

		2025			2024
	REVENUE	CAPITAL	TOTAL	REVENUE	CAPITAL	TOTAL
	£'000	£'000	£'000	£'000	£'000	£'000
Interest payable on bank loan*	424	1,272	1,696	528	1,584	2,112
Loan facility commitment fees	31	92	123	28	83	111
	455	1,364	1,819	556	1,667	2,223

* Finance charges on financial liabilities at cost.

6. Taxation on Ordinary Activities

(A) ANALYSIS OF (CREDIT)/CHARGE IN THE YEAR

		2025			2024
	REVENUE	CAPITAL	TOTAL	REVENUE	CAPITAL	TOTAL
	£'000	£'000	£'000	£'000	£'000	£'000
UK Corporation tax at 25% (2024: 25%)	-	-	-	-	-	-
Overseas withholding tax	58	-	58	476	-	476
Recoverable overseas withholding tax	(68)	-	(68)	(247)	-	(247)
	(10)	-	(10)	229	-	229

(B) FACTORS AFFECTING TOTAL TAX (CREDIT)/CHARGE FOR YEAR

The tax assessed for the year is lower (2024: lower) than the standard rate of UK corporation tax of 25% (2024: 25%). The differences are explained below:

		2025			2024
	REVENUE	CAPITAL	TOTAL	REVENUE	CAPITAL	TOTAL
	£'000	£'000	£'000	£'000	£'000	£'000
Total return/(loss) before taxation	27,952	(41,847)	(13,895)	39,160	69,247	108,407
Return/(loss) on ordinary activities multiplied by UK corporation tax of 25% (2024: 25%)	6,988	(10,462)	(3,474)	9,790	17,312	27,102
Effects of:
Overseas taxation	(10)	-	(10)	229	-	229
Non-taxable UK dividend income	(7,698)	-	(7,698)	(9,869)	-	(9,869)
Non-taxable overseas dividend income	-	-	-	(698)	-	(698)
Non allowable capital expenses
in relation to the cancellation of the Share premium account	-	-	-	-	32	32
Excess management expenses	710	1,782	2,492	777	2,112	2,889
Non-taxable loss/(return) on investments*	-	8,677	8,677	-	(19,502)	(19,502)
Currency translations	-	3	3	-	46	46
Total tax (credit)/charge for the year (note 6(A))	(10)	-	(10)	229	-	229

* Returns on investments are not subject to corporation tax within an investment company.

(C) DEFERRED TAXATION

As at 30 September 2025, the Company had unused management expenses and other reliefs for taxation purposes of £156,590,000 (2024: £146,620,000). It is unlikely that the Company will generate sufficient taxable income in excess of the available deductible expenses and therefore the Company has not recognised a deferred tax asset of £39,147,000 (2024: 36,655,000) based on the prospective corporation tax rate of 25% (2024: 25%).

Given the Company's status as an investment company and the intention to continue to meet the conditions required to maintain such status in the foreseeable future, the Company has not provided for a deferred tax asset.

7. Return/(loss) per share - Basic and Diluted

	2025	2024
	£'000	£'000
The return/(loss) per share is based on the following figures:
Revenue return	27,962	38,931
Capital (loss)/return	(41,847)	69,247
(Loss)/return	(13,885)	108,178
Weighted average number of shares in issue during the year	148,064,259	187,520,280
Revenue return per share	18.9p	20.8p
Capital (loss)/return per share	(28.3)p	36.9p
(Loss)/return per share	(9.4)p	57.7p

The calculation of the total, revenue and capital returns per ordinary share is carried out in accordance with IAS 33, "Earnings per Share (as adopted in the UK)".

As at 30 September 2025 and 2024 there were no dilutive instruments in issue, therefore the basic and diluted return per share are the same.

* Excludes shares held in Treasury.

8. Dividends

In accordance with FRS 102 dividends are included in the Financial Statements in the period in which they are paid or approved by Shareholders.

Amounts recognised as distributable to Shareholders for the year ended 30 September 2025 were as follows:

	EX-DIVIDEND	PAYMENT	2025	2024
	DATE	DATE	£'000	£'000
Second interim dividend paid for the year end 30 September 2024 of 10.8p per share	3 October 2024	8 November 2024	18,097	-
First interim dividend paid for the year end 30 September 2025 of 8.8p per share	3 April 2025	16 May 2025	12,780	-
Second interim dividend paid for the year end 30 September 2023 of 10.5p per share	5 October 2023	10 November 2023	-	21,454
First interim dividend paid for the year end 30 September 2024 of 8.8p per share	4 April 2024	17 May 2024	-	16,477
			30,877	37,931
* Second interim dividend of 11.4p per share for the year ended 30 September 2025 (2024: 10.8p)	9 October 2025	14 November 2025	15,164	18,097

* The second interim dividend of 11.4p per share (2024: 10.8p) has not been included as a liability in these Financial Statements as it is only recognised in the financial year in which it is paid.

The maximum retention permitted under Section 1158 of the Corporation Tax Act 2010 is c.£4.7 million (2024: c.£6.5 million).

The total dividends payable in respect of the financial year which forms the basis of the retention test are set out below:

	2025	2024
	£'000	£'000
Revenue available for distribution by way of dividend for the year	27,962	38,931
2025 First interim dividend of 8.8p per share (2024: 8.8p) paid on 16 May 2025	(12,780)	(16,477)
2025 Second interim dividend of 11.4p per share (2024: 10.8p) paid on 14 November 2025	(15,164)	(18,097)
Net additions to revenue reserves	18	4,357

9. Investments held at Fair Value Through Profit or Loss

ANALYSIS OF PORTFOLIO MOVEMENTS

	2025	2024
	£'000	£'000
Opening book cost	1,100,447	1,244,868
Opening investment holding gains	492,771	591,792
Valuation at 1 October	1,593,218	1,836,660
Movements in the year:
Purchases at cost	130,035	122,156
Sales proceeds	(437,522)	(443,604)
Other capital receipts	(10)	-
(Loss)/gains on investments	(34,706)	78,006
Valuation at 30 September	1,251,015	1,593,218
Closing book cost	917,255	1,100,447
Investment holding gains at 30 September	333,760	492,771
Valuation at 30 September	1,251,015	1,593,218

The Company received £437,522,000 (2024: £443,604,000) from investments sold in the year. The realised gains of these investments were £124,305,000 (2024: 177,027,000) and the book cost of these investments when they were purchased was £313,227,000 (2024: £266,577,000). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments.

Purchase transaction costs for the year to 30 September 2025 were £701,000 (2024: £516,000). These comprise stamp duty costs of £698,000 (2024: £471,000) and commission of £3,000 (2024: £45,000). Sales transaction costs for the year to 30 September 2025 were £116,000 (2024: 127,000) and comprise solely of commission.

10. Debtors

	2025	2024
	£'000	£'000
Amounts due from brokers in respect of portfolio trading - disposals	3,603	2,261
Accrued income and prepayments	1,784	5,248
	5,387	7,509

11. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£'000	£'000
Amounts due to brokers in respect of portfolio trading - purchases	47	-
Amounts due to brokers in respect of shares repurchased by the Company	3,299	2,550
Other creditors and accruals	1,226	1,448
	4,572	3,998

12. Bank Loan

	2025	2024
	£'000	£'000
Bank loan	29,200	29,200

Bank of Nova Scotia, London Branch, the provider of the Company's loan facility, has a floating charge over the assets of the Company as security against any funds drawn down under the loan facility. As at 30 September 2025 the Company was in the third year of its three year secured fixed term multi-currency revolving loan facility of £60 million (with an additional £40 million available if required).

Subsequent to the year-end on 3 October 2025, the Company's loan facility with Scotiabank was renewed and it entered into a new three-year secured facility of £40 million with an additional £60 million facility available if required.

The main covenant under the loan facility required that, at each month end, total borrowings should not exceed £100 million (2024: £100 million), Net Asset Value must not fall below £750 million (2024: £750 million) and the ratio of Adjusted Total Net Assets to Debt is not to be less than 4:1 (2024: 4:1). There were no breaches of the covenants during the year.

The Board has set a gearing limit which must not exceed 25% of the Company's net asset value. See the Strategic Report for further details.

13. Called Up Share Capital

	2025	2024
	£'000	£'000
Allotted, issued and fully paid:
133,018,887 (2024: 167,717,668) ordinary shares of 25p each	33,255	41,930
91,972,416 (2024: 57,273,635) ordinary shares of 25p held in Treasury	22,993	14,318
224,991,303 (2024: 224,991,303) total ordinary shares of 25p each	56,248	56,248

No shares were issued by the Company during the year (2024: Nil).

During the year, the Company bought back 34,698,781 shares to be held in Treasury at a cost of £309,666,000 (2024: 36,801,766 shares were bought back at a cost of £310,808,000).

Between 1 October 2025 and 1 December 2025, the Company bought back a further 10,787,363 shares into Treasury at a cost of £90.2m.

14. Capital Reserve

	CAPITAL RESERVE REALISED £'000	CAPITAL RESERVE INVESTMENT HOLDING GAINS UNREALISED £'000	2025 TOTAL £'000	CAPITAL RESERVE REALISED £'000	CAPITAL RESERVE INVESTMENT HOLDING GAINS UNREALISED £'000	2024 TOTAL £'000
At 1 October 2024	(80,281)	492,771	412,490	12,420	591,792	604,212
Gains/(losses) on investments	124,305	(159,011)	(34,706)	177,027	(99,021)	78,006
Repurchase of shares into Treasury	-	-	-	(260,969)	-	(260,969)
Expenses charged to capital	(5,765)	-	(5,765)	(6,907)	-	(6,907)
Finance costs charged to capital	(1,364)	-	(1,364)	(1,667)	-	(1,667)
Currency translations	(12)	-	(12)	(185)	-	(185)
At 30 September 2025	36,883	333,760	370,643	(80,281)	492,771	412,490

The amount of the capital reserve that is distributable is complex to determine and is not necessarily the full amount of the reserve as disclosed within these Financial Statements of £370,632,000 as at 30 September 2025 (2024: 412,490,000) as this is subject to fair value movements and may not be readily realisable at short notice.

15. Net Asset Value Per Share

	2025	2024
Net assets (£'000)	1,227,740	1,582,168
Number of shares in issue (excluding shares held in Treasury)	133,018,887	167,717,668
Net asset value per share	923.0p	943.4p

As at 30 September 2025 and 2024 there were no dilutive instruments held, therefore the basic and diluted net asset value per share are the same.

At 30 September 2025 91,972,416 shares were held in Treasury (2024: 57,273,635).

16. Transactions with the AIFM, the Portfolio Manager and Related Parties

Details of the relationship between the Company, Frostrow and Lindsell Train are disclosed in the Strategic Report within the Annual Report and also on the Company's website.

As at 30 September 2025, the Company had an investment in Frostrow with a book cost of £200,000 (2024: £200,000) and a fair value of £2,925,000 (2024: £3,225,000) (including the AIFM capital contribution of £125,000 (2024: £125,000)). During the year Frostrow earned a total of £1,921,000 (2024: 2,260,000) in respect of AIFM fees, of which £140,000 was outstanding at 30 September 2025 (2024: £171,000).

The Company has an investment in The Lindsell Train Investment Trust plc, which is managed by Lindsell Train, with a book cost of £1,000,000 (2024: £1,000,000) and a fair value of £6,800,000 as at 30 September 2025 (2024: 7,640,000). During the year Lindsell Train earned a total of £5,765,000 (2024: £6,781,000) in respect of Portfolio Management fees of which £421,000 was outstanding at 30 September 2025 (2024: £512,000).

Further details can be found in the Corporate Information section of the Company's website.

Details of the income received from the AIFM are disclosed in note 2 and details of the remuneration payable to the AIFM and the Portfolio Manager are disclosed in note 3.

Details of the fees of all Directors can be found in note 4. Directors' interests in the capital of the Company can be found in the Remuneration Report within the Annual Report. There were no other material transactions during the year with the Directors of the Company.

17. Risk Management

As an investment company the Company invests in equities and other investments for the long term so as to secure its investment objective. In pursuit of its investment objective, the Company is exposed to a variety of risks that could result in either a reduction in the Company's net assets or a reduction in the revenue returns available for distribution.

The Company's financial instruments comprise mainly equity investments, cash balances, borrowings, debtors and creditors that arise directly from its operations.

The principal risks inherent in managing financial instruments are market risk, liquidity risk and credit risk.

The principal and emerging risks of the Company and the Directors' approach to the management of those where the Directors consider there to be a high inherent risk are set out in the Strategic Report.

MARKET RISK

Market risk comprises three types of risk: market price risk, interest rate risk and currency risk.

Market Price Risk

As an investment company, performance is dependent on the performance of the underlying companies and securities in which it invests. The market price of investee companies' shares is subject to their performance, supply and demand for the shares and investor sentiment regarding the company or the industry sector in which it operates. Consequently, market price risk is one of the most significant risks to which the Company is exposed.

At 30 September 2025, the fair value of the Company's assets exposed to market price risk was £1,251,015,000 (2024: 1,593,218,000). If the fair value of the Company's investments at the Statement of Financial Position date increased or decreased by 10%, while all other variables remained constant, the capital return and net assets attributable to Shareholders for the year ended 30 September 2025 would have increased or decreased by £125,102,000 or 94.05p per share (2024: 159,322,000 or 94.99p per share).

No derivatives or hedging instruments are currently utilised to manage market price risk.

Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Interest rate movement may affect:

the interest payable on the Company's variable rate borrowings
the level of income receivable from variable interest securities and cash deposits
the fair value of investments of fixed rate securities

The Company's main exposure to interest rate risk during the year ended 30 September 2025 was through its three year £60 million (2024: £60 million) secured multi - currency committed revolving credit facility (with an additional £40 million facility available if required (2024: £40 million)) with Bank of Nova Scotia, London Branch.

Borrowings at the year end amounted to £29,200,000 (2024: £29,200,000) at an interest rate of 5.3% (4.0% SONIA plus 1.30% margin) (2024: 6.5% (5.2% SONIA plus 1.30% margin)).

If the above level of borrowing was maintained for a year, a 10% increase or decrease in SONIA would decrease or increase the revenue return by £29,000, (2024: £38,000), decrease or increase the capital return in that year by £88,000 (2024: £114,000) and decrease or increase the net assets by £117,000 (2024: £152,000).

The weighted average interest rate, during the year, on borrowings under the above mentioned revolving credit facility was 5.8% (2024: 6.49%). At 30 September 2025, the Company's financial assets and liabilities exposed to interest rate risk were as follows:

	2025		2024
	WITHIN	MORE THAN	WITHIN	MORE THAN
	ONE YEAR	ONE YEAR	ONE YEAR	ONE YEAR
	£'000	£'000	£'000	£'000
Exposure to floating rates:
Assets
Cash at bank	5,110	-	14,639	-
Liabilities
Creditors:
- borrowings under the loan facility	(29,200)	-	-	(29,200)
Exposure to fixed rates:
Assets
Investments at fair value through profit or loss #	490	-	488	-
Liabilities	-	-	-	-

# Celtic 6% cumulative convertible preference shares and Frostrow Capital LLP AIFM Capital Contribution.

Currency Risk

The Financial Statements are presented in sterling, which is the functional and presentational currency of the Company.

At 30 September 2025, the Company's investments, with the exception of one, were priced in sterling. The exception is the holding in Manchester United, listed in the United States. The holding represents 0.9% of the portfolio.

The AIFM and the Portfolio Manager monitor the Company's exposure to foreign currencies on a continuous basis and regularly report to the Board. The Company does not hedge against foreign currency movements, but the Portfolio Manager takes account of the risk when making investment decisions.

Income denominated in foreign currencies is converted into sterling on receipt. The Company does not use financial instruments to mitigate the currency exposure in the period between its receipt and the time that the income is included in the Financial Statements.

Foreign Currency Exposure

At 30 September 2025 the Company held £11,747,000 (2024: £39,334,000) of investments denominated in U.S. dollars and £nil (2024: £24,541,000) in euros.

Currency Sensitivity

The following table details the sensitivity of the Company's return after taxation for the year to a 10% increase or decrease in the value of sterling compared with the U.S. dollar and euro (2024: 10% increase and decrease).

The analysis is based on the Company's foreign currency financial instruments held at each Statement of Financial Position date.

In addition to the foreign currency exposure on investments held at 30 September 2025, the Company also held £17,000 (2024: £385,000) in debtors denominated in U.S. dollars and £68,000 (2024: £1,230,000) denominated in Euros.

This level of sensitivity is considered to be reasonably possible based on observation of current market conditions and historical trends.

If sterling had weakened against the U.S. dollar and euro, as stated above, assuming all other variables remain constant, this would have had the following effect:

	2025	2024
	£'000	£'000
Impact on revenue return	8	106
Impact on capital return	1,307	7,170
Total return after tax/increase in Shareholders' funds	1,315	7,276

If sterling had strengthened against the foreign currencies as stated above, assuming all other variables remain constant, this would have had the following effect:

	2025	2024
	£'000	£'000
Impact on revenue return	(6)	(87)
Impact on capital return	(1,069)	(5,866)
Total return after tax/decrease in Shareholders' funds	(1,075)	(5,953)

Credit Risk

Credit risk is the risk that the counterparty to a transaction fails to discharge its obligations under that transaction, which could result in the Company suffering a loss. Credit risk is managed as follows:

• Investment transactions are carried out only with brokers which are considered to have a high credit rating.

• Transactions are undertaken on a delivery versus payment basis whereby the Company's custodian bank ensures that the counterparty to any transactions entered into by the Company has delivered its obligation before any transfer of cash or securities away from the Company is completed.

• Any failing trades in the market are closely monitored by both the AIFM and the Portfolio Manager.

• Cash is only held at banks that have been identified by the Board as reputable and of high credit quality.

• Bank of New York Mellon has a credit rating of Aa2 (Moody's) and AA- (Fitch).

As at 30 September 2025, the maximum exposure to credit risk was £9,078,000 (2024: £17,263,000), comprising:

	2025	2024
	£'000	£'000
Fixed assets:
Non-equity investments (preference shares)	365	363
Current assets:
Other receivables (amounts due from brokers)	3,603	2,261
Cash at bank	5,110	14,639
Total maximum exposure to credit risk	9,078	17,263

None of these assets are past due and are not impaired.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.

Liquidity risk is not considered significant as the majority of the Company's assets are investments in quoted equities. As at 30 September 2025 it is estimated that 99.3% of the investment portfolio could be realised within 30 days with 67.0% in seven days, based on current trading volumes.

Liquidity risk exposure

	30 SEPTEMBER	30 SEPTEMBER
	2025	2024
FINANCIAL LIABILITIES COMPRISE:	£'000	£'000
Due within one month:
Balances due to brokers in respect of portfolio trading - purchases	47	-
Amounts due to brokers in respect of shares repurchased by the Company	3,299	2,550
Accruals	1,226	1,448
Bank loan	29,200	-
Due after three months and after one year:
Bank loan	-	29,200

FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value or at a reasonable approximation of fair value.

VALUATION OF FINANCIAL INSTRUMENTS

The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements. 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 asset, noting that most of the Company's investments are quoted assets, which have been categorised as level 1 investments:

Level 1 - quoted prices in active markets.
Level 2 - prices of recent transactions for identical instruments.
Level 3 - valuation techniques using observable and unobservable market data.

The financial assets and liabilities measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy at the reporting date as follows:

	LEVEL 1	LEVEL 2	LEVEL 3	TOTAL
AS AT 30 SEPTEMBER 2025	£'000	£'000	£'000	£'000
Equity investments	1,242,198	5,527	-	1,247,725
Limited liability partnership interest (Frostrow)	-	-	2,800	2,800
Frostrow - AIFM capital contribution	-	-	125	125
Preference share investments	-	365	-	365
	1,242,198	5,892	2,925	1,251,015

	LEVEL 1	LEVEL 2	LEVEL 3	TOTAL
AS AT 30 SEPTEMBER 2024	£'000	£'000	£'000	£'000
Equity investments	1,584,265	5,365	-	1,589,630
Limited liability partnership interest (Frostrow)	-	-	3,100	3,100
Frostrow - AIFM capital contribution	-	-	125	125
Preference share investments	-	363	-	363
	1,584,265	5,728	3,225	1,593,218

The unquoted investment in Frostrow is valued by taking the EBITDA and applying a multiple; it has been re-valued by the Directors during the year, using two unobservable market data sources, being Frostrow's earnings and an agreed appropriate comparator multiple. This was the same methodology adopted to value Frostrow as at 30 September 2024.

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.

Level 3 Reconciliation of financial assets at fair value through profit or loss at 30 September

	2025	2024
	£'000	£'000
Opening fair value	3,225	3,725
Total losses included in gains on investments in the Income Statement	(300)	(500)
Closing fair value	2,925	3,225

If the earnings used in the valuation were to increase or decrease by 10% while all the other variables remained constant, the return and net costs attributable to Shareholders for the year ended 30 September 2025 would have increased/decreased by £295,000 (2024: £310,000, applying the same assumptions).

CAPITAL MANAGEMENT OBJECTIVES, POLICIES AND PROCEDURES

The structure of the Company's capital is described in note 13 and details of the Company's reserves are shown in the Statement of Changes in Equity.

The Company's capital management objectives are:

• to ensure that it is able to continue as a going concern; and

• to achieve capital and income growth and to provide Shareholders with a total return in excess of that of the FTSE All-Share Index through an appropriate balance of equity and debt.

The Board, with the assistance of the AIFM and the Portfolio Manager, regularly monitors and reviews the broad structure of the Company's capital. These reviews include:

• the level of gearing, set at a limit in normal market conditions, is not to exceed 25% of the Company's net assets, which takes account of the Company's position and the views of the Board, the AIFM and the Portfolio Manager on the market;

• the extent to which revenue reserves should be retained or utilised; and

• ensuring the Company's ability to continue as a going concern.

The Company's objectives, policies and procedures for managing capital are unchanged from last year.

There were no breaches by the Company during the year of the financial covenants put in place by Bank of Nova Scotia, London Branch in respect of the committed revolving credit facility provided to the Company.

The covenants are unchanged since last year and the Company has complied with them at all times.

18. Net Cash Inflow from Operating Activities

	2025	2024
	£'000	£'000
Total (loss)/return before finance charges and taxation	(12,076)	110,630
Add/(deduct) capital gain before finance charges and taxation	40,483	(70,914)
Net revenue before finance charges and taxation	28,407	39,716
Decrease in accrued income and prepayments	3,829	1,406
(Decrease)/increase in creditors	(222)	385
Taxation - overseas withholding tax	(355)	(795)
AIFM, portfolio management fees and other expenses charged to capital	(5,765)	(6,907)
Net cash inflow from operating activities	25,894	33,805

19. Substantial Interests

At 30 September 2025 the Company held interests in 3% or more of any class of capital in the following entities:

			% OF ISSUED
			SHARE CAPITAL OR
	NUMBER OF	2025	LIMITED LIABILITY
	SHARES	FAIR VALUE	PARTNERSHIP
COMPANY OR LIMITED LIABILITY PARTNERSHIP	HELD	£'000	INTEREST
Frostrow Capital LLP (unquoted) †	-	2,925	9.6
The Lindsell Train Investment Trust plc*	10,000	6,800	5.0

† Includes Frostrow Capital LLP's AIFM Capital Contribution, fair value £125,000.

* Also managed by Lindsell Train Limited which receives a portfolio management fee based on the Company's market capitalisation.

20. Post Balance Sheet Events

During the period from a further 10,787,363 shares were bought back and held in Treasury at a cost of £90.2m.

FURTHER INFORMATION / Glossary of Terms and Alternative Performance Measures - Unaudited

ACTIVE SHARE (APM)

Active Share is expressed as a percentage and shows the extent to which a fund's holdings and their weightings differ from those of the fund's benchmark index. A fund that closely tracks its index might have a low Active Share of less than 20% and be considered passive, while a fund with an Active Share of 60% or higher is generally considered to be actively managed. The Company has a distinctive strategy: a concentrated portfolio of holdings invested across a small number of sectors and themes. Active Share helps quantify the extent to which the portfolio differs from the benchmark index.

The Active Share data is sourced from Morningstar.

AIC

Association of Investment Companies. The AIC represents a broad range of investment companies, investment trusts, VCTs and other closed-ended funds.

ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (AIFMD)

Agreed by the European Parliament and the Council of the European Union and transposed into UK legislation, the AIFMD classifies certain investment vehicles, including investment companies, as Alternative Investment Funds (AIFs) and requires them to appoint an Alternative Investment Fund Manager (AIFM) and depositary to manage and oversee the operations of the investment vehicle. The Board of the Company retains responsibility for strategy, operations and compliance and the Directors retain a fiduciary duty to Shareholders.

ALTERNATIVE PERFORMANCE MEASURE ("APM")

An Alternative Performance Measure (APM) is a numerical measure of the Company's current, historical or future financial performance, financial position or cash flows other than a financial measure defined or specified in the applicable financial framework. In selecting these Alternative Performance Measures, the Directors consider the key objectives and expectations of typical investors and believe that each APM gives the reader useful and relevant information in judging the Company's performance and in comparing other investment companies.

BENCHMARK RETURN

Total return on the benchmark, assuming that all dividends received were re-invested, without transaction costs, into the shares of the underlying companies at the time the shares were quoted ex-dividend.

CHIEF OPERATING DECISION MAKER

The Chief Operating Decision Maker of the Company is considered to be the Board of Directors. It is a Generally Accepted Accounting Principal (GAAP) requirement to disclose who the chief operating decision maker is.

DISCOUNT OR PREMIUM (APM)

A description of the difference between the share price and the net asset value per share. The size of the discount or premium is calculated by subtracting the share price from the net asset value per share and is expressed as a percentage (%) of the net asset value per share. If the share price is higher than the net asset value per share the result is a premium. If the share price is lower than the net asset value per share, the shares are trading at a discount. The Board regularly reviews the level of the discount/premium of the Company's share price to the net asset value per share and considers ways in which share price performance may be enhanced, including the effectiveness of share buy-backs, where appropriate.

	30 SEPTEMBER	30 SEPTEMBER
DISCOUNT OR PREMIUM (APM)	2025	2024
Share price (p)	861.0	861.0
Net asset value per share (p)	923.0	943.4
Discount	6.7%	8.7%

ENTERPRISE VALUE INCLUDING CASH ("EVIC")

EVIC is the denominator used to measure carbon emissions. EVIC means the sum of the market capitalisation of ordinary shares, the market capitalisation of preferred shares, and the book value of total debt and non-controlling interests, without the deduction of cash or cash equivalents.

FTSE DISCLAIMER

"FTSE©" is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distributions of FTSE Data is permitted without FTSE's express written consent.

GEARING (APM)

Gearing represents prior charges, adjusted for net current assets, expressed as a percentage of net assets (AIC methodology). The Directors believe that it is appropriate to show net gearing in relation to Shareholders' funds as it represents the amount of debt funding on the investment portfolio. The gearing policy is that borrowing will not exceed 25% of the Company's net assets.

Prior charges includes all loans and bank overdrafts for investment purposes.

	30 SEPTEMBER	30 SEPTEMBER
	2025	2024
	£'000	£'000
Bank loan	(29,200)	(29,200)
Net current assets	5,925	18,150
Bank loan adjusted for net current assets	(23,275)	(11,050)
Net assets	1,227,740	1,582,168
Gearing	1.9%	0.7%

THE INSTITUTIONAL INVESTORS GROUP ON CLIMATE CHANGE ("IIGCC")

IIGCC membership enables organisations to ensure that they are part of the solution to climate change.

THE INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE ("IPCC")

The IPCC is the United Nations body for assessing the science related to climate change.

NET ZERO ASSET MANAGERS INITIATIVE ("NZAM")

The Net Zero Asset Managers initiative is an international group of asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius; and to supporting investing aligned with net zero emissions by 2050 or sooner.

NET ASSET VALUE ("NAV")

The value of the Company's assets, principally investments made in other companies and cash being held, less any liabilities. The NAV is also described as "Shareholders' funds". The NAV is often expressed in pence per share after being divided by the number of shares that have been issued. The NAV per share is unlikely to be the same as the share price which is the price at which the Company's shares can be bought or sold by an investor. The share price is determined by the relationship between the demand and supply of the shares.

NAV TOTAL RETURN PER SHARE (APM)

The theoretical total return on an investment over a specified period assuming dividends paid to Shareholders were reinvested at NAV per share at the time the shares were quoted ex-dividend. This is a way of measuring investment management performance of investment companies which is not affected by movements in discounts or premiums. The Directors regard the Company's NAV total return per share as being the overall measure of value delivered to Shareholders over the long term. The Board considers the principal comparator to be its benchmark, the FTSE All-Share Index.

	30 SEPTEMBER	30 SEPTEMBER
NAV TOTAL RETURN	2025	2024
Opening NAV per share (p)	943.4	891.2
(Decrease)/increase in NAV per share (p)	(20.4)	52.2
Closing NAV per share (p)	923.0	943.4
(Decrease)/increase in NAV per share	(2.2)%	5.8%
Impact of dividends re - invested*	+2.1%	+2.4%
NAV per share total return	(0.1)%	8.2%

* The NAV total return is calculated on the assumption that the total dividends of 19.6p (2024: 19.3p) paid by the Company during the year were reinvested into assets of the Company at the NAV per share at the ex-dividend date. The Treasury shares held by the Company have been excluded from this calculation.

The source of this data is Morningstar who have calculated the return on an industry comparative basis.

ONGOING CHARGES FIGURE (APM)

Ongoing charges are calculated by taking the Company's annualised operating expenses expressed as a proportion of the average daily net asset value of the Company over the year. The costs of buying and selling investments are excluded, as are interest costs, taxation, cost of buying back or issuing ordinary shares and other non-recurring costs. Ongoing charges represent the costs that Shareholders can reasonably expect to pay from one year to the next, under normal circumstances.

	30 SEPTEMBER	30 SEPTEMBER
	2025	2024
	£'000	£'000
AIFM and portfolio management fees	7,686	9,041
Operating expenses	1,148	1,310
Total expenses	8,834	10,351
Average net assets during the year	1,428,900	1,697,345
Ongoing charges figure	0.62%	0.61%

THE PARIS AGREEMENT

The Paris Agreement's central aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius.

THE PARIS ALIGNED INVESTMENT INITIATIVE ("PAII")

The PAII was launched by the Institutional Investors Group on Climate Change ("IIGCC") in Europe in May 2019, to explore how investors can align their portfolios with the goals of the Paris Agreement.

PEER GROUP

Finsbury Growth & Income Trust PLC is part of the AIC's UK?Equity Income sector. The trusts in this universe are defined as trusts whose investment objective is to achieve a total return for Shareholders through both capital and dividend growth by investing mainly in UK-quoted shares.

REVERSE STRESS TEST

Reverse stress tests are stress tests that identify scenarios and circumstances which would make a business unworkable and identify potential business vulnerabilities.

SASB

The Sustainability Accounting Standards Board ("SASB") aims to establish industry-specific disclosure standards across ESG topics that facilitate communication between companies and investors about financially material, information that is useful for decision-making.

SHARE PRICE TOTAL RETURN (APM)

The change in capital value of a company's shares over a given period, plus dividends paid to Shareholders, expressed as a percentage of the opening value. The assumption is that dividends paid to Shareholders are re-invested in the shares at the time the shares are quoted ex-dividend. The Directors regard the Company's share price total return to be a key indicator of performance. This reflects share price growth of the Company which the Board recognises is important to investors.

	30 SEPTEMBER	30 SEPTEMBER
SHARE PRICE TOTAL RETURN	2025	2024
Opening share price share (p)	861.0	852.0
Movement in share price (p)	0.0	9.0
Closing share price (p)	861.0	861.0
Increase in share price	0.0%	1.1%
Impact of dividends re - invested*	+2.3%	+2.3%
Share price total return	2.3%	3.4%

* The share price total return is calculated on the assumption that the total dividends of 19.6p (2024: 19.3p) paid during the year were reinvested into shares of the Company at the share price at the ex-dividend date. The source is Morningstar who have calculated the return on an industry comparative basis.

STERLING OVERNIGHT INDEX AVERAGE ("SONIA")

SONIA is an interest rate published by the Bank of England. SONIA can be seen as the average interest rate at which a selection of financial institutions lend to one another in British pound sterling (GBP) with a maturity of 1 day (overnight).

STRESS TESTING

Stress testing Is a forward-looking analysis technique that considers the impact of a variety of extreme but plausible economic scenarios on the financial position of the Company.

TCFD

The Financial Stability Board created the Task Force on Climate-related Financial Disclosures ("TCFD") to improve and increase reporting of climate-related financial information.

TREASURY SHARES

Shares previously issued by a company that have been bought back from Shareholders to be held by the company for potential sale or cancellation at a later date. Such shares are not capable of being voted and carry no rights to dividends.

2025 Accounts

The figures and financial information for 2025 are extracted from the Annual Report and financial statements for the year ended 30 September 2025 and do not constitute the statutory accounts for the year. The Annual Report and financial statements include the Report of the Independent Auditor which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and financial statements have not yet been delivered to the Registrar of Companies.

2024 Accounts

The figures and financial information for 2024 are extracted from the published Annual Report and financial statements for the period ended 30 September 2024 and do not constitute the statutory accounts for that year. The Annual Report and financial statements have been delivered to the Registrar of Companies and included the Report of the Independent Auditor which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

-ENDS-

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