Telephone: 020 7818 1818
Email: itsecretariat@janushenderson.com
www.bankersinvestmenttrust.com
The Bankers Investment Trust PLC
Registered as an investment company in England and Wales with
registration number 00026351
Registered office
201 Bishopsgate,
London EC2M 3AE
ISIN code
GB00BN4NDR39
SEDOL number
BN4NDR3
London Stock Exchange
(TIDM) Code
BNKR
New Zealand Stock
Exchange Code
BIT
Global Intermediary
Identification Number (GIIN)
L5YVFP.99999.SL.826
Legal Entity Identifier (LEI)
213800B9YWXL3X1VMZ69
Designed by Instinctif. Typeset by 2112 Communications, London.
Printed by Paragon Leycol.
JHI9201/2025
This report is printed on Revive 100 Silk
manufactured from FSC® Recycled certified
fibre derived from 100% pre and post-
consumer waste at a mill certified with ISO
14001 environmental management standard.
The pulp used in this product is bleached
using an Elemental Chlorine Free process.
This product is made of material from well-
managed FSC®– certified forests, recycled
materials, and other controlled sources.
To receive your annual reports in
electronic format, scan the QR code
and register your preference with EQ:
Shareholder
Communication
Awards
2024
2025
Shareholder
Communication
Awards
The Bankers Investment Trust PLC
Investing in bright ideas around the world
Annual Report 2025
The Bankers Investment Trust PLC – Annual Report 2025 JHI9201/2025
Contents
Strategic Report
1 Who we are
2 Flexible and pragmatic global investing
3 Delivering consistent value
4 Performance Highlights
6 Chair’s Statement
8 Co-Fund Managers’ Report
10 Q&A: Introducing Richard Clode
11 A snapshot of our global portfolio
12 Regional portfolio manager reports
12 Pan Europe
14 North America
16 Japan
18 Pan Asia
20 Our portfolio holdings
22 Our approach to Environmental,
Social and Governance (ESG) matters
26 Our Manager: Janus Henderson Investors
27 Business Model
30 Measuring our performance
31 The Company’s viability
32 Managing risks
34 Promoting the success of the Company
36 Board decision making
Governance
38 Board of Directors
40 Directors’ Report
42 Corporate Governance Report
48 Audit and Risk Assurance Committee
Report
52 Management Engagement Committee
Report
53 Marketing Committee Report
54 Nominations Committee Report
55 Directors’ Remuneration Report
58 Statement of Directors’ Responsibilities
59 Independent Auditor’s Report
Financial Statements
65 Statement of Comprehensive Income
66 Statement of Changes in Equity
67 Statement of Financial Position
68 Cash Flow Statement
69 Notes to the Financial Statements
Additional Information
88 Glossary
89 Alternative Performance Measures
91 General Shareholder Information
92 Distribution of Assets, Rates of Exchange,
Historical Record
93 Corporate Information
AGM Notice
94 Notice of Annual General Meeting
www.bankersinvestmenttrust.com
Annual General
Meeting (AGM)
The Board welcomes you
to attend the AGM at
12 noon on 25 February 2026
either in person or online.
Scan the QR code for more
details and to register your
attendance.
Keeping
in touch
Scan the QR code to receive
the latest Company updates,
market insights, event
invitations and more.
Please send any general
enquiries about the Company
to itsecretariat@
janushenderson.com
About us
We invest in a select group of around
100 stocks across the globe.
Our portfolios are more selective than an
equivalent single-market option, offering
shareholders a genuinely unique investment in
each region. Four local fund managers run these
portfolios, each focused on their own market.
As experts in their regions, they invest where they
know best, seeking the strongest opportunities to
grow both capital and income.
Bankers’ strategic approach aims to smooth out
market swings for our shareholders while targeting
long-term growth.
Purpose
The Company’s purpose is to provide its
shareholders with a diversified and cost-effective
vehicle for growing capital and income.
See p.27 Business model
The Bankers Investment Trust aims to bring together the best
stock investment ideas from across the globe into one
portfolio. Local experts in regions across the world identify
investment opportunities, overseen by two experienced
fund managers.
We’re building on a strong
foundation and looking ahead
to the future. By tapping into
global investment opportunities
from major new technology
trends like AI, we’re focused on
delivering long-term growth
and continuing our track record
of dividend growth.”
Richard Clode
See p.8 Co-Fund Managers’ report
Capital Growth & Income
Awards
Alex Crooke
Co-Fund
Manager
Richard Clode
Co-Fund
Manager
Governance
Financial
Statements
Additional
Information
AGM Notice
1
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
The Bankers Investment Trust PLC
d
d
Flexible and pragmatic global investing
Investment Objective
Over the long term, the Company aims to achieve capital growth
in excess of the FTSE World Index and dividend growth greater than
inflation, as measured by the UK Consumer Price Index.
Portfolio holdings
101 (2024: 101)
Investment focus
Growth & Income
Regional focus
Global
Flexibility to invest globally
Bankers has the flexibility to invest in any geographic region and any sector with
no set limits on individual or sector exposures.
See pages 12 to 19 Regional portfolio manager reports
Ongoing Charges
1
0.51%
As at 31 October 2025
(2024: 0.51%)
Net Assets
£1.4bn
As at 31 October 2025
(2024: £1.4bn)
Dividend Yield
1
2.1%
As at 31 October 2025
(2024: 2.4%)
See p.11 Portfolio structure
US
64.5%
Japan
10.0%
UK
6.1%
France
4.2%
Germany
2.5%
Taiwan
1.8%
Switzerland
1.6%
South Korea
1.6%
China
1.4%
Other countries
6.3%
1 The alternative performance measures can be found on pages 89 to 90
Source: Janus Henderson. A glossary of terms is included on page 88
2
The Bankers Investment Trust PLC Annual Report 2025
Delivering consistent value
Regional expertise
in a global structure
Each portfolio sleeve manager offers
regional expertise. In addition the
Co-Fund Managers keep an eye on the
bigger global picture. This helps make sure
the money is invested wisely around the
world and risks are carefully managed.
Offering an exclusive
range of local insights
in a single investment.
The very best ideas
Bankers’ focused portfolio of around 100
stocks consists of our portfolio managers’
best ideas for income and capital growth
— building regional portfolios that are
deliberately different to standalone funds.
Building a more
focused portfolio than
peers and index funds.
Follow the cash
The Company aims to offer consistent
returns over time. To achieve this, the
Company’s managers look to businesses
with established business models
that generate cash to fund growth
and dividends.
Bankers has grown
its dividend for
59 consecutive years.
Considered investing
Our portfolio, diversified across sector
and geography, aims to mitigate some
of the risk of investing in equities. The
Company’s income offers investors a
regular source of return, while the aim of
capital growth is to fuel inflation-beating
investment returns over the long term.
Seeking to limit
volatility through a
careful approach to
stocks and shares.
Governance
Financial
Statements
Additional
Information
AGM Notice
3
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Performance
Total return performance
Performance Highlights
Year to 31 October 2025
Discount with
debt at fair value
3
10.1%
(2024: 13.4%)
NAV per ordinary
share with debt
at fair value
3
147.9p
(2024: 127.9p)
NAV per share
total return
1, 3
18.1%
(2024: 21.1%)
Share price
total return
2,3
22.8%
(2024: 21.4%)
Share price
133.0p
(2024: 110.8p)
Total return performance to 31 October 2025
1 year % 3 years % 5 years % 10 years % 15 years %
NAV
1
18.1 50.4 68.6 194.5 370.9
Share price
2
22.8 48.0 51.9 170.6 406.4
Benchmark
4
21.0 61.2 107.2 221.8 354.2
Total return performance for 10 years to 31 October 2025
%
1 Net Asset Value (NAV) total return assumes dividends reinvested and debt at fair value, see page 89
2 Share price total return is calculated using mid-market closing share prices
3 The alternative performance measures can be found on pages 89 to 90
4 FTSE World Index in Sterling terms. A composite benchmark is used for longer periods comprising the FTSE All-Share Index for the period to 31 October 2017
and the FTSE World Index from 1 November 2017 to 31 October 2025
A glossary of terms can be found on page 88
Sources: Morningstar Direct, Janus Henderson, LSEG Datastream
This indicates a key performance indicator. KPIs are used to measure the success of the Company in meeting its
objective and by the Directors to evaluate the performance of the Manager.
Oct
2025
Oct
2015
Oct
2016
Oct
2017
Oct
2018
Oct
2019
Oct
2020
Oct
2021
Oct
2022
Oct
2023
Oct
2024
80
100
120
140
160
180
200
220
240
260
280
300
320
340
NAV per share
1
Share price
2
Benchmark
4
4
The Bankers Investment Trust PLC Annual Report 2025
Performance Highlights continued
Dividend performance
Dividend total
1
Per share for the year
2.744p
(2024: 2.688p)
Dividend yield
2
At the end of the year
2.1%
(2024: 2.4%)
Revenue reserves
Per share
3
2.44p
(2024: 2.45p)
1 Comprising 3 interim dividends paid in May, August and November 2025 and a recommended final dividend of 0.686p due for payment on 2 March 2026
2 Based on the dividends paid or recommended for the year and the share price at the year end
3 This is calculated after the deduction of the third interim and final dividends, see page 90
4 This represents the four ordinary dividends paid or recommended for the year to 31 October 2025 as compared to the previous year (see page 76 for
more details)
Dividend growth
4
For the year
2.1%
(2024: 5.0%)
Dividend growth over 10 years
73.7%
Years of consecutive
growth
59
Dividend growth over 10 years to 31 October 2025
Source: Janus Henderson, LSEG Datastream
0
10
20
30
40
50
60
70
80
Dividend growth rate (LHS) CPI growth rate (RHS)
% CPI %
2016 2017 2018 2019 2020 2021 2022 2023 2024
2025
0
10
20
30
40
50
60
70
80
Governance
Financial
Statements
Additional
Information
AGM Notice
5
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Simon Miller
Chair
Highlights of the year
Net Asset Value total return
+18.1%
(2024: +21.1%)
59
years of dividend growth
Dividend per share growth
2.1%
Chair’s Statement
Progress and performance: Another successful year for Bankers
Dear Shareholder,
We are very grateful for your ongoing support and
investment in The Bankers Investment Trust. Alongside our
investment manager, Janus Henderson Investors, we
continue to strive to make improvements in how Bankers is
invested and the outcomes for our shareholders. In the
past 18 months, the portfolio has been concentrated,
reducing the number of holdings and regions, whilst
allocating more capital to those investments with the
manager’s greatest conviction. We have also strengthened
the investment team by announcing Richard Clode as
Co-Fund Manager, alongside our long-standing manager,
Alex Crooke. The revolution in technology is affecting
companies in all sectors, and we believe Richard’s
knowledge and experience can help Bankers to make the
right tactical decisions for many years to come.
Performance
This has been another strong year for returns, with a
second year of double-digit growth in both net asset
value and share price. It is particularly good news that
the share price total return of 22.8% (2024: 21.4%) has
outperformed the benchmark, FTSE World Index of 21.0%
(2024: 26.1%). The net asset value total return of 18.1%
(2024: 21.1%) was slightly behind the index as a result of
underperformance in the month of November following
the US presidential elections in 2024. In the 12 months
since 1 January 2025 the portfolio is broadly in line with
the index. Our managers have done well to focus on the
key trends at a time when the share price of some
competitors has barely grown.
The markets largely shrugged off the worry that US trade
tariffs would result in higher price inflation, thus forcing
US interest rates upwards and causing a global
recession. In fact, the US Federal Reserve cut interest
rates in the second half of the year and is expected to
cut further in the coming twelve months, a move that
traditionally supported equity markets. We have raised
the investment allocation in the US as we expect
companies there to increase capital investment and
profit forecasts next year. Richard Clode has a strong
record of investing in US growth stocks and has now
taken over management of the US portfolio. Alex Crooke
and Richard Clode now directly manage 80% of the
portfolio and we expect there will be further progress
unifying decision making across the whole portfolio.
This has been another strong year for returns, with a
second year of double-digit growth in both net asset
value and share price.”
6
The Bankers Investment Trust PLC Annual Report 2025
Dividends
The Board announces the 59th consecutive annual
increase in dividends to shareholders and recommends a
final quarterly dividend of 0.686p per share, resulting in
total dividends per share for the year of 2.744p (2024:
2.688p), an increase over last year of 2.1%. The final
dividend will be paid on 2 March 2026 to shareholders
on the register of members at the close of business on
23 January 2026.
As I indicated last year, revenue reserves will be used to
support dividend growth this year. These reserves have
been built up in the good years and allow us the flexibility
to own lower yielding equities which have greater
potential for share price appreciation. Our Co-Fund
Managers’ investment process is designed to seek out
companies that generate high levels of free cash
generation. We therefore expect over time that dividends
from our investments will grow quicker than UK inflation
and ultimately restore a surplus in income. In the
meantime, revenue reserves are a unique aspect of the
investment trust capital structure and provide a helpful
tool to preserve our long-term objective of increasing
dividends in real terms.
For the current financial year, the Board expects to
recommend dividend growth of at least 3%, which
equates to a full year dividend of 2.826p per share.
Governance
The Board, in line with other investment trusts, is
developing the way in which we operate. Aside from the
planned schedule of board and committee meetings, the
Directors increasingly meet informally with the Manager
to discuss a variety of issues during the year. Matters we
have allocated additional time to this year include
economic and market deep dives, performance,
succession planning, marketing and corporate
governance. Greater interaction between the Board and
Manager has resulted in both increased challenge and
closer engagement from the team supporting Bankers
at the Manager. An independent review of the Board’s
effectiveness was carried out in 2025 and its
recommendations have been adopted.
Discount management
Buying back shares is an increasingly common exercise
for many companies in our portfolio, and this is the case
for most UK investment trusts. This provides liquidity in the
market and, when buying at a discount, provides a small
but beneficial impact to the net asset value. We increased
the scale of our buyback this year as we felt the discount
was persistently too wide and we are currently targeting a
single digit discount. Wealth advisors, who have
historically been the largest investors in the sector, are
withdrawing their support and retail investors trading on
self-select platforms are replacing them. We believe that
our low fees, exposure to the foremost companies,
combined with a market-leading record of dividend
growth, create the ideal investment vehicle for individuals
saving for the long term.
In the coming year…
Although valuations are high in the US, our primary market,
lower interest rates combined with steady economic
progress are supportive of share prices. I believe the
portfolio is well positioned to take advantage of
opportunities that may arise during the next year.
I look forward to welcoming shareholders to the
Company’s AGM, scheduled to take place at 12 noon on
Wednesday, 25 February 2026 at the offices of Janus
Henderson Investors at 201 Bishopsgate, London EC2M 3AE.
Light refreshments will be served. All voting will be on a poll
and therefore we would ask that you submit your proxy
votes in advance of the meeting. Details on attendance
are provided in the Notice of Annual General Meeting on
page 94.
If you are unable to attend in person, you can visit
www.janushenderson.com/bnkr-agm to watch the
meeting live on the internet. If you have any questions
about the Annual Report, the Company’s performance
over the year, the investment portfolio or any other
matter relevant to the Company, please write to us via
email at ITSecretariat@janushenderson.com in advance
of the AGM.
I do hope that many of you will join us. We will give you a
warm welcome.
Simon Miller
Chair
14 January 2026
Our Co-Fund Managers have done well to focus
on the key trends when the share price of some
competitors have barely grown this year.”
Chair’s Statement continued
Governance
Financial
Statements
Additional
Information
AGM Notice
7
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Co-Fund Managers’ Report
What shaped stock markets in 2025 - A year in review for investors
Market Review
This year there have been few weeks without excitement
due to some significant policy announcements by
President Trump. The zenith of the drama was Liberation
Day in April when he announced tariffs on US trading
partners that ranged from 10% to over 50% which shocked
long-term allies and lacked a clear logic. Stock markets
fell sharply following the press conference as investors
worried about economic stasis and companies pulled
forecasts. Global economic growth has been weaker and
more volatile quarter-to-quarter as sales were brought
forward to avoid rising tariffs. However, throughout the
summer an increasing number of trade deals were struck
at far more reasonable tariff levels and markets began to
price in recovery and improving sentiment.
The stock markets across the world have posted strong
gains over the year, driven by several themes, most
notably Artificial Intelligence (AI). Investment in data
centres has accelerated over the year, helping to support
share prices for those companies that benefit from this
infrastructure spending. However, there has been a more
careful inspection of business models compared to last
year, with investors starting to question several companies
in the software sector, where their future growth is in
doubt in an increasingly AI-centric world. On a positive
note, companies across a wide number of sectors are
starting to showcase examples of productivity
improvements through adoption of AI technologies.
The US dollar weakened from February to June during the
uncertainty over US trade tariffs, which impacted our
returns in Sterling from the US stock market. Other markets
such as Europe and Japan were less affected, and their
returns were higher during this period but have since
moved back in step with the US market in Sterling terms.
Europe has its own trade tensions, particularly with
Chinese imports displacing domestic production in key
industries like autos. Germany has signalled a significant
investment programme to lift productivity and growth, but
the benefits will not be immediately apparent. Japan was
the highest returning market, where share prices have
responded well to ongoing improvements in corporate
governance, higher inflation and wages leading to better
consumer spending.
Summary
• Trimmed the portfolio to about 100
holdings to concentrate on the most
promising opportunities.
• The stock markets across the world have
posted strong gains over the year, driven
by a number of themes, most notably
Artificial Intelligence (AI). Investment in
data centres has accelerated over the
year, helping to support share prices for
those companies sharing in the boom.
• While the US market was dominated by
the AI theme, markets outside the US were
driven by defensive sectors rather than
growth ones. Domestically focused
sectors such as financials, utilities and
telecommunications were the best
performing sectors.
Performance attribution
Portfolio performance
%
Performance of the Index
+21.0
Performance of Equity Portfolio vs Benchmark
Due to Asset Allocation
-0.1
Due to Stock Selection
-3.1
-3.2
Gross Performance of the Portfolio
+17.8
Other Factors Due to Gearing
+0.4
Ongoing Charge
-0.5
Timing Residual
1
-0.5
Impact of Share Buybacks
+0.9
+0.3
Performance of Net Asset Value (total return)
+18.1
8
The Bankers Investment Trust PLC Annual Report 2025
Performance
The portfolio was slimmed down last year to focus on our
highest conviction positions and reduce the number of
holdings to approximately 100. The first month of the year
proved very challenging as the US market responded to
President Trump’s election in November 2024 by
rewarding companies closely aligned towards Republican
party affiliation and policies. The portfolio lost 2.6% relative
to the index in November 2024, as we held few of the best
performing stocks. Since then, we have repositioned the
portfolio to benefit more from positive news from
companies, raising the portfolio beta, and performance
has largely been in line with the benchmark. We reduced
exposure to defensive, lower growing sectors such as
health care, real estate and consumer staples and raised
the exposure to selected technology companies. Through
the year we have also increased the US allocation in the
portfolio from 50% at the start of the year to 65% by the
year end.
The US regional performance mirrored the portfolio’s
performance, losing relative to the US benchmark index in
November 2024 but then outperforming the market in the
period since, driven by strong returns from companies
such as Broadcom, Alphabet and Microsoft. These and the
other major US tech companies continued to produce
results that exceeded market forecasts and are deploying
the cash they generate to support future investments in AI
infrastructure. Capital expenditure, as a percentage of
cash flow, in the Technology sector is forecast to be 40% in
2025, roughly half the level at the height of the last dot
com boom in 1999. The fact that capex is largely funded by
cash generation rather than debt supports our view that
we are still some way from the peak level of investment.
While the US market was dominated by the AI theme,
markets outside the US were driven by defensive sectors
rather than growth ones. Domestically focused sectors
such as financials, utilities and telecommunications were
the best performing. In contrast, stocks with US exposure
derated on worries about the trade tariff impact, losing
out to US competitors and downgrades to forecasts due
to the weaker US dollar. The non-US regional portfolios
struggled against their local benchmarks because of the
under representation of these domestically exposed
companies. Performance has been better in recent
months and into the new year, as investors are less
concerned with the impact of tariffs on global trade.
Gearing and Income
As our view on markets improved, we raised gearing from
1.5% at the start of the period, to 5.6% at the end of the year.
We no longer have a short-term borrowing facility due to
the high cost of borrowing short term and have retained a
degree of cash in the portfolio to support the share
buyback and take advantage of market opportunities.
As we have indicated before, with an increased
investment in both technology and the US market, the
portfolio’s income was expected to decline this year. We
have spent many years steadily building revenue reserves
for just these occasions when we wish to be more
dynamic in terms of investing for capital growth rather
than income.
Outlook
The dominant investment theme of recent years has been
the advancements in processing power, supporting the
development towards Artificial Intelligence. There are
concerns that the adoption of AI and the investment in
its infrastructure is about to fade. We believe that the
investment phase is still in its early stages and that the
adoption of AI will significantly improve productivity and
economic growth across the globe. The market’s valuation
of the largest tech companies remains significantly lower
than at previous market peaks and the companies
themselves operate highly cash generative business
models that are hard to disrupt.
We have already observed that markets are broadening
out in terms of the number of companies outperforming
the benchmark indices. This is a positive development and
to be expected as interest rate cuts benefit consumers
through lower borrowing costs and improve market
sentiment. Economic activity should pick up as the
uncertainty regarding US trade eases, allowing greater
investment spending from companies. The recovery in
consumer related sectors will take longer as new job
creation has been impacted by higher taxes in many
parts of the world. Our largest sector exposures relative to
the benchmark are technology, financials and industrials,
all areas we expect to perform well in the coming year.
Alex Crooke and Richard Clode
Co-Fund Managers
14 January 2026
Co-Fund Managers’ Report continued
Through the year we have increased
the US allocation in the portfolio from
50% at the start of the year to 65% by
the year end.”
Governance
Financial
Statements
Additional
Information
AGM Notice
9
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Can you share your initial thoughts and impressions
about stepping into this role?
It’s a real privilege to be joining such a long-established
and respected trust. I’ve been an investor for over 20 years,
having started my career straight out of university in an
investment trust focused on technology. That background
has shaped my approach ever since understanding how
innovation drives long-term value creation.
When the opportunity came to join Bankers as a co-
manager and take responsibility of the US sleeve, it felt like
a natural next step. Bankers has a proud history of
delivering consistent income and dividend growth, and I’m
excited to contribute to that ongoing success. Working
with Alex and the team, who have a wealth of experience
across global markets, is something I feel genuinely
honoured to be part of.
With so many forces currently shaping the markets
globally, what are you most excited about when it
comes to managing Bankers’ investments?
Beyond the chance to work with such a strong team, I’m
particularly excited about helping investors benefit from
some of the powerful trends shaping the global economy.
With experts on the ground in each region, we can draw
on deep local insight to identify the companies that show
real promise – businesses with resilient models, strong
cash-flow potential and the ability to grow dividends
sustainably. By focusing on the 100 best stock ideas
worldwide, we aim to deliver consistent results for
shareholders, even as market conditions evolve.
You’ve spent much of your career investing in
technology. How does that experience influence how
you’re looking to find opportunities for Bankers?
Today, technology is no longer a single sector. It’s a
foundational driver of transformation across every
industry. Whether it’s retailers using data analytics,
automakers developing electric platforms, or banks
deploying AI, technology is the common thread driving
progress. We’re at the start of what I think will be a multi-
decade transformation led by advances in AI and
automation. These shifts will touch every part of our lives
and create entirely new industries. My job, as a global fund
manager, is to evaluate this impact across sectors and
find the companies best positioned to turn that innovation
into profits and cash flows.
Technology investing also teaches you patience and
discipline. It’s not just about spotting exciting ideas; it’s
about understanding when those ideas are ready to
translate into meaningful earnings. There are always new
technologies being talked about, but not all of them will
become commercially relevant in the near term. My
experience has been about identifying when a technology
is crossing that line – when it’s moving from concept to
cash generation. For a trust like Bankers, where long-term
income growth matters, that timing is crucial.
It also helps to have a sense of perspective. The
companies that seem expensive today can actually turn
out to be good value if their earnings grow faster than
expected. I often say that price-to-earnings ratios are an
opinion, not a fact. In growth areas, the market frequently
underestimates how much a business can earn once a
new technology takes off.
The world is changing faster than ever – from AI to
new patterns of global trade. How are you thinking
about positioning the portfolio for these shifts?
That pace of change is exactly why it’s valuable to have
both local expertise and a global perspective – which is
something Bankers does very well.
My focus is on ensuring that the US portfolio reflects the
most compelling long-term trends, but also that these
insights are shared across the trust. Many of these
developments – whether AI, changes in supply chains, or
the push towards energy efficiency – will play out
differently in each region. By working more closely
together across markets, we can identify common
opportunities and express them in a more unified way
within the portfolio.
Ultimately, it’s a balance of smart stock picking and an
understanding of the broader structural forces shaping
the world economy.
What’s the key lesson you’ve learned about staying
disciplined through market ups and downs?
The key is to stay focused on fundamentals – profits, cash
flows, and the sustainability of those returns. If you can
find companies that keep surprising on those fronts, and
you’re patient enough to let that story unfold, time tends
to work in your favour.
See p.26 for Richard’s biography
Q&A: Introducing Richard Clode
Richard Clode was appointed as Co-Fund
Manager of the Company in September,
working alongside Alex Crooke.
10
The Bankers Investment Trust PLC Annual Report 2025
Real Estate 0.8% 1.2% Basic Materials
12.6% Consumer Discretionary
3.7% Consumer Staples
2.9% Energy
8.6% Health Care
15.8% Financials
Technology 36.8%
Telecommunications 1.0%
Utilities 1.8%
Industrials 14.8%
9
A snapshot of our global portfolio
Classification of Investments and Portfolio Weighting as at 31 October 2025
Regional breakdown
Geographical analysis as at 31 October 2025
Top 10 holdings
Rank Company
% of
portfolio
Market
value
£’000
1
Microsoft
5.89 89,318
2
Alphabet
4.34 65,833
3
Broadcom
3.90 59,102
4
Amazon
3.30 50,012
5
Apple
3.27 49,544
6
KLA Corp
2.39 36,258
7
Meta
2.35 35,644
8
Amphenol
2.27 34,415
9
JP Morgan Chase
2.16 32,807
American Express
2.06 31,276
Total
31.93 484,209
Sector breakdown
Total Assets
£1.52bn
North
America
64.5%
Pan Europe
17.1%
Japan
10.0%
Pan Asia
8.4%
10
Governance
Financial
Statements
Additional
Information
AGM Notice
11
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
UK
35.5%
France
24.4%
Germany
14.9%
Switzerland
9.3%
Netherlands
7.6%
Italy
6.7%
Denmark
1.6%
Regional portfolio manager reports
Portfolio Manager
Alex Crooke
Alex joined Henderson in 1994 and works on the
Global Equity Income Team. He has 35 years of
financial industry experience.
Portfolio
As at 31 October 2025
Assets £258.5m
Allocation 17.1%
Income £10.0m
Total return (£)
Year to 31 October 2025
Bankers 17.4%
FTSE World Europe 21.7%
Geographical breakdown of region
Pan Europe
Review
European politics dominated the headlines through the
year, as both France and Germany changed their prime
ministers. Meanwhile the stalemate in the war in Ukraine
continued to underpin higher food and energy prices.
Interest rates were cut sharply in Europe and the UK
during the year, but this did little to boost growth.
However, investors shrugged off worries about higher
taxes and low growth, as banks and defence firms lead
the market upwards. The best performing stocks in the
portfolio were the banks UniCredit and NatWest followed
by aerospace firm Safran and semiconductor equipment
manufacturer ASML.
The Pan European portfolio returned 17.4% compared
to 21.7% for the FTSE World Europe Index over the year
to 31 October 2025. Most of this underperformance
occurred because we failed to hold enough domestically
located companies in sectors such as utilities and
telecommunications. There were few holdings that fell
in value, however a number of holdings stood still
despite, in some cases, their profits rising over the year.
The uncertainty over US trade tariffs meant companies
with a high percentage of US sales derated, while analysts
downgraded forecasts because of the translational effect
of the weak US dollar.
Activity
During the period we started new holdings in Diageo, BNP
Paribas and Rio Tinto. Diageo, a global spirits and beer
company, has suffered from destocking since Covid,
dragging down both the share price and valuation to the
lowest levels for a decade. We expect spirits volumes to
recover in the US next while Guinness sales should
continue to grow strongly. BNP, the French based bank, is
lowly rated compared to peers due to their lower return
on equity. Management have committed to restructuring
the bank to generate higher earnings and return capital
to shareholders. We have used the run up in holdings of
UniCredit and NatWest to take some profits to invest into
BNP. Rio Tinto, the world’s second largest copper miner, is
an important player providing the raw materials to
promote greater use of electricity. After a period of poor
performance, we had a chance to buy back into the
miner at a modest valuation.
Since the mid-year rally in European stocks, we have been
reducing the portfolio in favour of the US market. The
holding of Novo Nordisk, the Danish pharmaceutical
company which manufactures the obesity drug Ozempic,
was reduced by a third on disappointing news about
future drug developments. With hindsight the holding
should have been sold completely, however the rating
now takes little account of the future sales volumes from
their GLP-1 obesity drugs franchise. Anheuser Busch, the
beer brewer, was sold to switch into Diageo, while
semiconductor manufacturer Infineon was sold because
of worries about reduced chip volumes to the auto
industry where sales continue to disappoint.
12
The Bankers Investment Trust PLC Annual Report 2025
14.5% Consumer Discretionary
2.3% Basic Materials
6.7% Consumer Staples
5.8% Energy
23.1% Financials
Technology 10.2%
Utilities 7.2%
Health Care 8.3%
Industrials 21.9%
Regional portfolio manager reports continued
NatWest Group is a formerly nationalised UK
based bank. They have been undergoing a long
recovery journey but management are now in a
position to free up capital to return to
shareholders and more importantly, to fund new
lending growth. Higher UK interest rates have
helped the net interest margin while the return on
equity has recovered to 15%. Banking deregulation
will free up further capital for growth, although
further interest rate cuts may reduce returns on
deposits in the medium term. The share price has
increased by 60% during the year and yet the
shares still pay an above market dividend yield.
Case study: NatWest Group
Sector breakdown
Total Assets
£258.5m
Governance
Financial
Statements
Additional
Information
AGM Notice
13
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Regional portfolio manager reports continued
North America
Portfolio Manager
Jeremiah Buckley (to 31 October 2025)
Jeremiah joined Janus in 1998 and works in the
Denver office. He managed the North America sleeve
of the portfolio from 2022.
Richard Clode (from 1 November 2025)
Richard Clode is a Portfolio Manager on the Global
Technology Leaders Team at Janus Henderson, a
position he has held since joining Henderson in 2014.
Portfolio
As at 31 October 2025
Assets £978.2m
Allocation 64.5%
Income £13.6m
Total return (£)
Year to 31 October 2025
Bankers 17.7%
FTSE World North America Index 19.6%
Review
The North America portfolio returned 17.7% compared to
19.6% for the FTSE World North America Index over the year
to 31 October 2025. Our focus on quality and long-term
durable franchises was detrimental to performance in a
market which rewarded meme stocks and digital assets.
While we had positive relative contributions in the
financials and information technology sectors, our
relative performance in health care, industrials and
consumer discretionary more than offset that due to
stock selection in these sectors. All of our
underperformance came in the first month of the period
following the US election results where the factors
mentioned above had the most significant impact.
The portfolio outperformed the index in the remaining
months of the period. Once again, the largest unowned
detractors to performance were not material dividend
payers.
The US market was quite volatile during the period,
starting off strongly after the US election results before
pulling back due to trade policy implementation and then
rising as trade fears moderated. Market performance has
again been driven by Information Technology and
Communication Services, with the defensive sectors of
Real Estate, Health Care and Consumer Staples all seeing
modest declines during the period.
Broadcom, Amphenol, KLA Corp, and Alphabet were the
largest contributors to performance during the period, all
of which are connected to the growth in AI infrastructure.
The largest detractors during the period included Booz
Allen Hamilton, UnitedHealth Group and Constellation
Brands, all of which are connected to changes in
government spending and immigration policies.
Activity
New positions added during the period included
JPMorgan Chase, Texas Instruments and Danaher Corp.
JPMorgan Chase is a leading retail and investment bank
that has been gaining share across its various business
lines due to scale and accelerated investments in
technology. Texas Instruments is a semiconductor design
and manufacturing company that has invested in
significant US capacity that will enable it to grow
revenues and improve margins as the demand for
analogue semiconductors recovers. Danaher supplies
technology in the biotechnology, life sciences and
medical diagnostics industries and is seeing resurging
growth in its end markets post a prolonged period of
inventory digestion after the pandemic.
Some of the positions that were exited during the period
included UnitedHealth Group, American Electric Power and
Oracle Corp. UnitedHealth was exited as our conviction
faded due to the company lowering earnings guidance
because of the changing environment for reimbursements
and challenges in Medicare programs. American Electric
Power was exited as the utility reached our price target
and we saw an opportunity to invest the proceeds in more
cyclical growth companies that were weak in the first half
of the year. Oracle was exited as the company reached
our price target and we had some concerns about
declining free cash flow trends due to the extensive capital
expenditures required to fund future growth.
14
The Bankers Investment Trust PLC Annual Report 2025
11.2% Consumer Discretionary
2.6% Consumer Staples
2.4% Energy
10.5% Health Care
11.7% Financials
Technology 47.0%
Telecommunications 1.6%
13.0% Industrials
Regional portfolio manager reports continued
Broadcom was the strongest contributor to
performance in the North American portfolio
during the period as demand for their
Semiconductor solutions business accelerated.
Broadcom is a leader in custom AI chips (ASICs)
and networking silicon for hyperscale data
centres. Hyperscalers have ramped spending on
AI infrastructure driving the acceleration and
Broadcom has executed on securing strategic
partnerships with the leading LLM companies for
application specific chips and custom
accelerators which has led to dramatic growth in
their order book. Strong execution on acquisitions
in the infrastructure software business has also
led to material margin expansion.
Case study: Broadcom
Sector breakdown
Total Assets
£978.2m
Governance
Financial
Statements
Additional
Information
AGM Notice
15
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Regional portfolio manager reports continued
Japan
Portfolio Manager
Junichi Inoue
Junichi joined Henderson in 2016 and works in the
Tokyo office. He has been managing the Japan
sleeve of the portfolio since 2017.
Portfolio
As at 31 October 2025
Assets £151.7m
Allocation 10.0%
Income £3.5m
Total return (£)
Year to 31 October 2025
Bankers 18.5%
FTSE World Japan Index 22.7%
Review
The Japan portfolio underperformed the benchmark over
the year to 31 October 2025, returning 18.5% versus 22.7%
for the FTSE World Japan Index (in sterling terms). During
this period, the market favored high-beta, high-volatility
stocks, rewarding AI-themed names with outsized gains.
Given our investment process favours a risk-aware,
valuation-disciplined approach, performance tends to lag
during narrow thematic rallies. Our focus remains on
quality businesses with strong cash flow generation and
selective thematic exposure.
Japanese equities traded in a narrow range until July as
investors stayed cautious following a sharp sell-off in April
2025. Momentum shifted mid-year, driven by a US-Japan
trade agreement, enthusiasm for AI and expectations of
continued monetary easing in the US. This fuelled a strong
rally, pushing the FTSE World Japan Index to record highs.
Political sentiment improved in October when new Prime
Minister Sanae Takaichi pledged to boost defence
spending, curb inflation and accelerate growth. Meanwhile,
the Bank of Japan raised rates to 0.5% in January, the
highest in 17 years, as core inflation climbed from 2.7% in
late 2024 to 2.9% by October 2025, peaking at 3.7% in May.
However, further hikes were delayed amid uncertainty from
US trade tariffs, leaving real rates deeply negative. The yen
weakened to an eight-month low in October, while equities
and property prices continued to rise.
Sony Group, Shimizu Corp, Resona Holdings and Ebara all
performed well and contributed positively to portfolio
gains. Daiichi Sankyo was the largest detractor, as the
market worried about US drug price cuts under the Trump
administration. Shin-Etsu Chemical also weighed on
performance after profits fell short of expectations due to
a sluggish US housing market.
Activity
We initiated a new position in Tokyo Ohka Kogyo, a leader
in photoresist for semiconductor manufacturing. The
company enjoys a high market share and benefits from
both chip volume growth and advances in manufacturing
technology, which were not reflected in the price. We also
introduced NOF, a diversified, high value-added chemical
products company. Leveraging its expertise in organic
chemistry, NOF has a uniquely diversified business
portfolio that includes drug delivery systems, explosives
and cosmetics. Despite strong free cash flow growth, NOF
was trading at a significant discount to market multiples.
Positions exited included Nitori Holdings and Shin-Etsu
Chemical, as we no longer expect the growth previously
anticipated given macroeconomic pressures. Nitori’s costs
are in US dollars while revenue is in Japanese yen and
incremental profit from revenue growth was offset by
margin pressure due to the weakening yen. Shin-Etsu has
two pillars: electronic materials and PVC. While
fundamentals for electronic materials improved, the PVC
market was weaker than expected due to pressure from
Chinese exports and a sluggish US housing market.
16
The Bankers Investment Trust PLC Annual Report 2025
Real Estate 4.6% 8.4% Basic Materials
18.3% Consumer Discretionary
2.7% Consumer Staples
21.0% Financials
Technology 13.5%
Health Care 4.9%
Industrials 26.6%
Regional portfolio manager reports continued
Shimizu Corporation, a leading Japanese
construction firm, experienced a sell-off last year
after booking an extraordinary loss due to rising
cost inflation. We used this opportunity to build
our position, anticipating recovery as margins on
new contracts improved. Subsequent upward
revisions drove the stock to record highs. Since our
purchase, Shimizu announced plans to divest
major cross-shareholdings and allocate proceeds
to M&A and share buybacks – moves that were
strongly welcomed by the market.
Case study:
Shimizu Corporation
Sector breakdown
Total Assets
£151.7m
Governance
Financial
Statements
Additional
Information
AGM Notice
17
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Taiwan
21.9%
South Korea
18.4%
China
16.9%
Hong Kong
14.6%
India
11.7%
Australia
7.7%
Singapore
5.4%
Indonesia
3.4%
Regional portfolio manager reports continued
Pan Asia
Portfolio Manager
Sat Duhra
Sat joined Henderson in 2011 and works in the London
office. He has been managing the Pan Asia sleeve of
the portfolio since 2022.
Portfolio
As at 31 October 2025
Assets £127.9m
Allocation 8.4%
Income £4.1m
Total return (£)
Year to 31 October 2025
Bankers 18.5%
FTSE All-World Asia Pacific
(ex Japan) Index 22.3%
Geographical breakdown of region
Review
The Pan Asia portfolio underperformed the benchmark over
the year to 31 October 2025. The portfolio returned 18.5%
compared to 22.3% for the FTSE All-World Asia Pacific ex
Japan Index. Our underperformance versus the index was
driven by our underweight position in China given the
strong performance of that market over the period.
Asian markets performed strongly following stimulus
measures from the Chinese government which boosted
sentiment along with the rapid advancements in Artificial
Intelligence (AI) which surprised the market with its low
costs and high performance. Market performance was
driven by strength in the Technology and Financials
sectors. The weakest performing sectors were the more
defensive sectors with Health Care, Utilities and Consumer
Staples underperforming.
Our technology holdings of SK Hynix, Taiwan
Semiconductor Manufacturing, Tencent, Alibaba and Hon
Hai all contributed to gains in the portfolio. Bank Mandiri
was the largest detractor as investors were concerned
about the ownership structure of state-owned enterprises
under a new sovereign wealth fund. Power Grid, Goodman
Group and Nari Technology were also detrimental to
overall performance.
Activity
New positions added during the period included
technology names SK Hynix, Tencent and Alibaba. Alibaba
has emerged as one of the core AI players in China with
potential to deliver growth through AI applications, cloud
computing and its AI models are being integrated into its
various services and platforms. Tencent is also expected
to be a significant beneficiary of AI in China given its
various platforms and gaming offering where AI is
enhancing the user experience. SK Hynix is a leader in
memory chips which are crucial in the build out of AI
infrastructure.
Some of the positions that were exited during the period
included HCL Technologies, Meituan and Nari Technology.
HCLT, the Indian IT services company, was sold following
evidence of slowing revenue growth and the threat from
AI. Meituan faced a greater level of competition which
negatively impacted the investment case as greater
subsidies were being provided to customers denting
profitability. Nari Technology suffered from lower than
expected growth as the spend on grid infrastructure in
China disappointed versus our initial expectations.
18
The Bankers Investment Trust PLC Annual Report 2025
Utilities 7.3%
13.1% Consumer Discretionary
6.5% Consumer Staples
4.0% Energy
25.6% Financials
Technology 39.8%
Real Estate 3.7%
Regional portfolio manager reports continued
SK Hynix was the strongest contributor to
performance in the Pan Asia portfolio during the
period as its leading position in AI critical High
Bandwidth Memory (HBM) chips led to strong
revenue growth. Hynix retains strong leadership in
this area despite significant investment from
competitors such as Samsung Electronics. Tighter
memory supply for the AI buildout has underpinned
an exceptional rise in earnings and demand visibility
across AI training and inference continues to be
greater than expected.
Case study: SK Hynix
Sector breakdown
Total Assets
£127.9m
Governance
Financial
Statements
Additional
Information
AGM Notice
19
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
All securities are equity investments
– Not held last year
Convertibles and all classes of equity in any one company are treated as one investment
Our portfolio holdings
Portfolio holdings as at 31 October 2025
Ranking
Company Country
Valuation
2024
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
2025
£’000
% of
portfolio2025 2024
1 1 Microsoft US
65,307 19,703 (12,449) 16,757 89,318 5.89
2 5 Alphabet US
27,066 19,084 (4,251) 23,934 65,833 4.34
3 4 Broadcom US
28,032 9,158 (15,067) 36,979 59,102 3.90
4 3 Amazon US
35,436 11,202 (6,884) 10,258 50,012 3.30
5 2 Apple US
46,595 16,421 (19,173) 5,701 49,544 3.27
6 6 KLA Corp US
26,961 5,667 (15,131) 18,761 36,258 2.39
7 11 Meta US
23,260 13,144 (3,997) 3,237 35,644 2.35
8 43 Amphenol US
14,164 6,470 (4,937) 18,718 34,415 2.27
9 – JPMorgan Chase US
– 28,325 (1,287) 5,769 32,807 2.16
10 10 American Express US
23,729 6,701 (6,171) 7,017 31,276 2.06
11 21 Morgan Stanley US
19,775 7,561 (6,373) 8,993 29,956 1.98
12 29 Eli Lilly US
17,064 14,252 (4,222) 1,584 28,678 1.89
13 8 Visa US
25,759 6,978 (10,056) 4,019 26,700 1.76
14 85 Dell Technologies US
7,303 14,634 (826) 5,108 26,219 1.73
15 40 Philip Morris International US
14,707 11,252 (1,574) 1,447 25,832 1.70
16 – Nvidia US
– 22,142 – 2,331 24,473 1.61
17 12
Chevron
US
22,799 6,182 (6,198) 735 23,518 1.55
18 36 Johnson & Johnson US
15,622 9,422 (6,304) 2,753 21,493 1.42
19
31
NatWest
UK
16,742 – (4,181) 8,057 20,618 1.36
20
–
Texas Instruments US
– 22,317 (230) (2,397) 19,690 1.30
21 – Walt Disney US
– 22,016 (2,662) 55 19,409 1.28
22 44 Raytheon Technologies US
13,998 3,878 (5,375) 6,789 19,290 1.27
23 65 Intuit US
9,968 13,600 (4,891) 586 19,263 1.27
24 7 CME US
26,908 9,513 (20,333) 3,130 19,218 1.27
25 18 National Grid UK
20,462 – (4,595) 2,663 18,530 1.22
26 14 Siemens Germany
22,118 – (11,197) 7,289 18,210 1.20
27 62 Eaton US
10,586 8,078 (2,584) 2,028 18,108 1.19
28 – Danaher US
– 15,897 (179) 2,126 17,844 1.18
29 39 Stryker US
14,718 5,180 (1,649) (593) 17,656 1.16
30 – Booking US
– 18,504 (151) (714) 17,639 1.16
31
22
UniCredit
Italy
18,904 – (9,206) 7,485 17,183 1.13
32 42 Safran France
14,233 – (3,429) 6,203 17,007 1.12
33 – PNC Financial Services US
– 17,549 (192) (368) 16,989 1.12
34 – Abbott Laboratories US
– 17,020 (124) (214) 16,682 1.10
35 73 Trane Technologies US
9,275 5,519 (692) 2,122 16,224 1.07
36 41 Verizon Communications US
14,696 6,587 (3,637) (1,664) 15,982 1.05
37 38 ASML Netherlands
15,097 – (5,260) 6,105 15,942 1.05
38 – Progressive US
– 19,807 (831) (3,302) 15,674 1.03
39 – Union Pacific US
– 18,641 (682) (2,469) 15,490 1.02
40
32
Informa
UK
16,585 – (3,896) 2,705 15,394 1.02
41 20 TotalEnergies France
19,844 – (4,148) (647) 15,049 0.99
42 –
Taiwan Semiconductor
Manufacturing Taiwan
– 12,392 (2,326) 4,381 14,447 0.95
43 26 Hermès France
18,123 – (7,482) 2,044 12,685 0.84
44 33 Roche Switzerland
16,287 1,890 (5,481) (139) 12,557 0.83
45 52 Sony Japan
11,814 247 (5,539) 5,632 12,154 0.80
46 – Nike US
– 17,587 (2,519) (3,024) 12,044 0.80
47 19 SGS Switzerland
20,297 – (8,648) (188) 11,461 0.76
48 30 Toyota Motor Japan
16,884 352 (7,827) 1,490 10,899 0.72
49 56 Sumitomo Mitsui Japan
11,254 1,205 (4,250) 2,463 10,672 0.70
50 – SK Hynix South Korea
– 5,276 (3,052) 8,241 10,465 0.69
20
The Bankers Investment Trust PLC Annual Report 2025
All securities are equity investments
– Not held last year
Convertibles and all classes of equity in any one company are treated as one investment
Our portfolio holdings continued
Ranking
Company Country
Valuation
2024
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
2025
£’000
% of
portfolio2025 2024
51 48 SAP Germany
12,324 – (3,039) 1,142 10,427 0.69
52 45 Schneider Electric France
13,920 – (4,806) 851 9,965 0.66
53 34 Marriott International US
16,018 5,862 (10,770) (1,155) 9,955 0.66
54 63 Fujitsu Japan
10,345 – (3,149) 2,321 9,517 0.63
55 15 Compass UK
21,843 – (13,337) 942 9,448 0.62
56 37 Hitachi Japan
15,254 – (8,456) 2,528 9,326 0.62
57 49 Cranswick UK
12,149 – (2,658) (321) 9,170 0.61
58 66 Mitsubishi Japan
9,844 432 (3,368) 1,725 8,633 0.57
59 77 Hon Hai Precision Taiwan
8,549 – (1,620) 1,576 8,505 0.56
60 99 First Pacific Hong Kong
5,242 1,806 (1,092) 2,364 8,320 0.55
61 55 ICG UK
11,317 – (2,675) (415) 8,227 0.54
62 – Tencent China
– 7,663 (1,127) 1,435 7,971 0.53
63 – Tokyo Ohka Kogyo Japan
– 5,827 – 1,849 7,676 0.51
64 69 Resona Japan
9,475 – (4,921) 3,036 7,590 0.50
65 53 Tokio Marine Japan
11,795 – (4,608) 321 7,508 0.50
66 57 Daiichi Sankyo Japan
11,108 1,881 (2,843) (2,776) 7,370 0.49
67 67 Mitsui Fudosan Japan
9,818 288 (4,258) 1,129 6,977 0.46
68 54 Oversea-Chinese Banking Singapore
11,601 – (5,605) 884 6,880 0.45
69 97 Disco Japan
5,901 5,847 (5,175) 183 6,756 0.45
70 90 Hyundai Motor South Korea
6,870 – (1,631) 1,424 6,663 0.44
71 91
Samsung Fire & Marine
Insurance South Korea
6,743 – (1,843) 1,489 6,389 0.42
72 92 Ebara Japan
6,658 – (3,070) 2,800 6,388 0.42
73 79 Shimizu Japan
8,019 – (7,091) 5,205 6,133 0.41
74 – Recruit Japan
– 7,340 – (1,286) 6,054 0.40
75 – Rio Tinto UK
– 5,023 – 1,011 6,034 0.40
76 83 Dai-ichi Life Japan
7,496 894 (3,224) 851 6,017 0.40
77 78 HDFC Bank India
8,308 1,024 (3,716) 314 5,930 0.39
78 – Alibaba Hong Kong
– 4,455 – 1,343 5,798 0.38
79 – Origin Energy Australia
– 5,156 – 133 5,289 0.35
80 – NOF Japan
– 4,918 (721) 1,023 5,220 0.35
81 47 Munich Re Germany
12,630 – (9,276) 1,708 5,062 0.33
82 94 MediaTek Taiwan
6,301 680 (1,965) 44 5,060 0.33
83 93 GAIL India
6,591 901 (1,614) (818) 5,060 0.33
84 24 Deutsche Boerse Germany
18,149 – (15,430) 2,195 4,914 0.32
85 – China Resources Land China
– 4,548 (196) 378 4,730 0.31
86 – New China Life Insurance China
– 3,937 – 742 4,679 0.31
87 35 Sanofi France
15,978 – (10,044) (1,317) 4,617 0.30
88 76 Macquarie Bank Australia
8,987 654 (4,056) (977) 4,608 0.30
89 72 Lenovo Hong Kong
9,316 707 (5,078) (435) 4,510 0.30
90 – Diageo UK
– 5,084 – (709) 4,375 0.29
91 75 Bank Mandiri Indonesia
9,102 – (2,317) (2,492) 4,293 0.28
92 – ANTA Sports China
– 4,630 – (355) 4,275 0.28
93 98 Mercari Japan
5,650 163 (1,655) 102 4,260 0.28
94 17 Novo Nordisk Denmark
20,491 – (8,928) (7,313) 4,250 0.28
95 100 Shimamura Japan
4,952 – (1,740) 1,010 4,222 0.28
96 70 Asahi Japan
9,375 345 (4,646) (973) 4,101 0.27
97 95 Power Grid India
6,049 1,216 (2,324) (933) 4,008 0.26
98 – BNP Paribas France
– 7,957 (5,029) 833 3,761 0.25
99 96 DMG Mori Japan
6,047 248 (1,310) (1,250) 3,735 0.25
100 50 DSM-Firmenich Netherlands
12,069 – (5,383) (3,079) 3,607 0.24
101 – Sony Financial Japan
– 192 – 252 444 0.03
1,516,260 100.00
Governance
Financial
Statements
Additional
Information
AGM Notice
21
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Our approach to Environmental, Social and Governance (ESG)
matters
Investment considerations
Resilience of business models is crucial to the
Company’s investment strategy. The Company’s
investment philosophy pays particular attention with
regard to cash generation and dividend growth over
the medium term. As such, a considerable amount of
time is spent by the Co-Fund Managers identifying
fundamental factors, including ESG factors which may
impact profits, cash flow and dividends, and ensuring
that investee companies have robust policies and
processes in place to manage these.
Whilst no company is specifically excluded based on ESG
considerations, the Co-Fund Managers would seek to
avoid companies where ESG risks are not sufficiently
considered or managed. As the Co-Fund Managers strive
to understand all drivers of company performance, they
also strive to understand the risks. An evaluation of ESG
factors is integral to this.
Governance is a key part of fundamental factor analysis
with good corporate governance supportive of long-term
decision-making and investment returns. The significance
of environmental and social factors can vary depending
on the sector and the region in which a company operates.
Nonetheless, each ESG factor, in addition to the quantitative
and qualitative assessments, is an important consideration.
Fundamental factors considered vary, but may include:
Financial
Analysis
Capital structure, balance sheet
strength, revenue growth, free cash flow,
earnings growth, return on invested
capital, leverage ratios.
Qualitative
Evaluation
Executive management, business model,
industry growth, barriers to entry,
competitive strength, product cycle,
macro cycle.
Environmental
Sustainable sourcing, emissions, water
usage, energy dependency, regulatory
impact, waste management.
Social
Labour practices, data privacy,
workplace safety, supply chain
standards, diversity, community action,
customer support.
Governance
Accounting standards, shareholder
rights, voting structure, transparency,
compensation, board independence.
Valuation
Discounted cash flow, sum of the parts,
dividend payout, price to earnings, price
to book, free cash flow yield, enterprise
value/EBITDA (earnings before interest,
taxes, depreciation, amortisation).
The Manager engages MSCI, a leading firm researching and
rating ESG factors globally, to support investment research.
MSCI can also be used to monitor the holdings within
the Company and analyse its overall ESG risk exposure.
Carbon Intensity (tCO
2
e/USD million)
Bankers
Benchmark
0 20 40 60 80 100
54.5
(2024: 81.3)
98.7
(2024: 108.1)
Source: MSCI, Bankers and Index weights as at 31 October 2025
Defining ESG
Environment
Environmental factors include climate change, use
of natural resources, pollution, waste management,
water usage and deforestation.
Social
Social factors include corporate culture, diversity,
health and safety, community relations and supply
chain management.
Governance
Governance factors include business ethics, board
composition, remuneration and shareholder rights.
How we integrate ESG considerations
in our investment decisions
The Board believes that integrating ESG into
investment decision-making and ownership
practices is an important factor for delivering the
investment outcomes our shareholders seek. ESG
considerations are therefore a fully embedded
component of the investment process employed by
the Co-Fund Managers, and the wider Janus
Henderson investment teams. The Company
integrates ESG but does not pursue a sustainable
investment objective or otherwise take ESG factors
into account in a binding manner. ESG integration is
the practice of incorporating material
environmental/social and governance information
or insights in a non-binding manner alongside
traditional measures into the investment decision
process to improve long-term financial outcomes of
portfolios. ESG related research is one of many
factors considered within the investment process.
22
The Bankers Investment Trust PLC Annual Report 2025
Our approach to Environmental, Social and Governance (ESG) matters continued
Carbon Intensity (Scope 1+2) is a metric used to
compare company emissions across industries. MSCI
divides the absolute emissions by total revenue,
meaning the figure is expressed in tonnes of carbon
dioxide equivalent per USD million of total revenue. The
overall portfolio of the Company is 45% (2024: 25%) less
carbon intensive than the benchmark. The lower carbon
intensity of the Company’s portfolio principally reflects a
greater exposure to greener, lower carbon based,
electricity generators and a significantly lower exposure
to fossil fuel energy companies than the index.
Distribution of MSCI ESG Company Ratings Universe
% of portfolio
Bankers Benchmark
C B BB BBB A AA AAA
0
5
10
15
20
25
30
35
LAGGARD AVERAGE LEADER
0.0%
0.1%
2.7%
2.2%
6.1%
5.8%
22.1%
23.2%
25.7%
23.0%
26.1%
32.6%
17.3%
12.8%
Source: MSCI, Bankers and Index weights as at 31 October 2025. MSCI Risk
data as at 31 October 2025
MSCI’s ESG ratings are ranked using a seven-point
AAA-C scale. Both the Company and the benchmark
score A ratings using this analysis. The Company has no
exposure to companies with the lowest C scores, with
more exposure to AAA rated stocks than the benchmark.
Carbon emissions
Bankers
Benchmark
tCO
2
e/$M sales
0 100k 200k 300k 400k 500k 600k 700k
534,000
(2024: 493,000)
634,000
(2024: 611,000)
Source: MSCI, Bankers and Index weights as at 31 October 2025
The above chart shows the direct and indirect carbon
emissions of the holdings in both the Company and the
benchmark. These emissions are based on the assets
under management of the Company compared to an
equivalent portfolio of assets under management
invested in the benchmark. Scope 1 and 2 emissions are
the direct emissions from a company’s operations and
scope 3 emissions are indirect emissions. The Company’s
direct and indirect carbon emissions are 16% lower than
the benchmark.
Engagement and stewardship
Stewardship is a fundamental part of the Manager’s
long-term, active approach to investment management.
Strong ownership practices, including engagement with
management and boards, can help protect and
enhance long-term shareholder value. Janus Henderson
is a founding member of the UN Principles of Responsible
Investment. Additionally, Janus Henderson is a supporter
of a number of broader ESG initiatives such as the
Access to Medicine Index which aims to improve
availability of health care in developed and emerging
markets and Climate Action 100+, an investor-led
initiative to engage with heavily emitting companies to
reduce their greenhouse gas emissions.
As a part of the research process, portfolio managers and
analysts meet frequently with company management,
senior executives and boards, with Janus Henderson
conducting thousands of meetings per year. These
meetings typically occur prior to initiating a position and
throughout the holding period. The portfolio managers
develop long-term relationships with the management of
firms in which they invest. Should concerns arise over a
firm’s practices or performance, they would seek to
leverage these constructive relationships by engaging with
company management or express their views through
voting on management or shareholder proposals.
Escalation of engagement activities depends upon a
company’s individual circumstances.
Environmental
We held a call with Indian bank, HDFC Bank, to discuss
climate risk, financial inclusion and mis-selling.
Management outlined initiatives on financed emissions,
expanding loan-book assessments across 34 sectors and
plans to use an upcoming centralized geo-spatial tool to
better capture physical climate risk. Also, they highlighted
training and governance around insurance mis-selling
and gender diversity targets. Discussions revealed
geospatial assessments for climate-resilient agriculture/
mortgage loans and women-targeted products (72% of
home loans co-borrowed by women). We recommended
enhanced anti-mis-selling via subsidiary oversight and
improving board diversity (27% female board
composition).
Engagement example
Governance
Financial
Statements
Additional
Information
AGM Notice
23
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Our approach to Environmental, Social and Governance (ESG) matters continued
Voting
The Board believes that voting at general meetings is an
important aspect of corporate stewardship and a means
of signalling shareholder views on board policy, practices
and performance.
We have chosen to delegate responsibility to Janus
Henderson for voting the rights attached to the shares
held in the Company’s portfolio and the Manager actively
votes at shareholder meetings and engages with
companies as part of the voting process.
Voting decisions are taken in keeping with the provisions
of the Manager’s Responsible Investment Policy which can
be found at www.janushenderson.com.
Corporate governance regimes vary significantly as a
function of factors such as the relevant legal system,
extent of shareholder rights and level of dispersed
ownership. The voting and engagement activities vary
according to the market and pay close attention to local
market codes of best practice.
However, there are certain core principles that are universal:
• disclosure and transparency;
• board responsibilities;
• shareholder rights; and
• audit and internal controls.
A key element of the Board’s approach to proxy voting is
to support these principles and to foster the long-term
interests of our shareholders.
In order to retain oversight of the process, the Board
regularly receives reports on how the Manager has voted
the shares held in the Company’s portfolio and reviews, at
least annually, the Responsible Investment Policy, which
sets out the Manager’s approach to corporate
governance and corporate responsibility.
In the period under review, investee companies held 109
general meetings. The shares held in the Company’s
portfolio were voted at 99.1% of these meetings. The level
of governance in leading global companies is generally
of a high standard in terms of best practice which meant
support in favour of most of the resolutions proposed by
management was warranted. However, in respect of 46
meetings, support was not warranted for all of the
resolutions proposed and, following discussion between
the Co-Fund Managers and Janus Henderson’s
governance team, the shares were voted against the
passing of at least one resolution.
Voting record
Meetings where all
resolutions were
voted in favour
1
58%
Meetings with one
or more resolutions
voted against
42%
1 Represents meetings where all proposals for that company at that
meeting date were voted with vote instructions of ‘for’
Note: “MSOP” frequency = Management Say On Pay frequency proposal
votes allow shareholders to determine whether, going forward, the
“say-on-pay” vote to approve compensation should occur every one, two,
or three years
In terms of the resolutions not supported, these covered
three predominant governance themes relating to
Director-related, Non-salary compensation and
Capitalisation.
Director-related 42%
Non-salary compensation
22%
Capitalisation
14%
Shareholder proposals
13%
Routine and Non-Business
6%
Company Articles
1%
Strategic Transactions
1%
Miscellaneous
1%
Source: Janus Henderson using Institutional Shareholder Services
(ISS) categories
Governance
The engagements with US biopharmaceutical company,
AbbVie, focused on governance, board composition and
ESG priorities. AbbVie continues to lag peers in health care
expertise on its board, despite adding two directors with
relevant backgrounds. We emphasized the need for more
biotech/biopharma experience to strengthen oversight
on business development and R&D decisions. The
company acknowledged this feedback and committed to
ongoing refreshment. ESG discussions highlighted
compliance with EU and U.S. reporting requirements,
hazardous waste reduction and patient access initiatives,
including participation in the Access to Medicine Index.
AbbVie also addressed counterfeit Botox risks through
proactive supply chain and packaging measures.
Progress is ongoing, and we will monitor board evolution
and ESG disclosure enhancements.
Engagement example
24
The Bankers Investment Trust PLC Annual Report 2025
The environment
As an investment trust, the Company’s own direct
environmental impact is minimal. The Company has no
greenhouse gas emissions to report from its operations,
nor does it have responsibility for any other emissions
producing sources under the Companies Act 2006
(Strategic Report and Directors’ reports) Regulations 2013.
For the same reasons, the Company considers itself to be
a low energy user under the Streamlined Energy & Carbon
Reporting (SECR) regulations and therefore is not required
to disclose energy and carbon information.
The Manager recognises the importance of managing
operational activities in a sustainable way and minimising
any adverse impact on the environment. In 2021, the
Manager reached its target of reducing its carbon
footprint for its own operations by 15% per full-time
employee (“FTE”) based on 2018 consumption. In 2022
Janus Henderson set new ambitious five-year reduction
targets for its operations relative to a 2019 baseline:
• reduction target of 29.4% in Scope 1 (fuel) and Scope 2
(electricity) emissions;
• reduction target of 17.5% in Scope 3 (business travel,
freight, paper, water, waste, etc.) emissions; and
• reduction target of 17.5% on water and waste
consumption by FTEs.
The Manager discloses its carbon emissions annually
through regulatory and voluntary reporting frameworks,
including SECR , the CDP and in the Janus Henderson
2024 Responsibility Report.
The Manager produces product-level Task Force on
Climate-Related Financial Disclosures (TCFD) reports for
funds in scope as well as an entity-level TCFD report.
These reports include an overview of the climate-related
governance, strategy, risk management, and metrics and
targets of the Manager and its portfolios. Product-level
metrics include absolute carbon emissions, carbon
footprint, weighted average carbon intensity, implied
temperature rise and climate scenario analysis (Climate
Value at Risk). Janus Henderson’s TCFD Report specific to
the Company is available at
www.bankersinvestmenttrust.com.
Business ethics
As the Company’s operations are delegated to third-
party service providers, the Board seeks assurances, at
least annually, from its suppliers that they comply with
the provisions of the UK Modern Slavery Act 2015 and
maintain adequate safeguards in keeping with the
provisions of the Bribery Act 2010, Criminal Finances Act
2017 and the sanctions element of the Economic Crime
Act (Transparency and Enforcement) 2022. The Company
has received assurances from its main suppliers that they
maintain a zero-tolerance policy towards the provision of
illegal services.
Our approach to Environmental, Social and Governance (ESG) matters continued
1 Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc, MSCI ESG Research LLC, or their affiliates (“MSCI”), or
information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for
internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor
does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index,
nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes, and MSCI may
be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index
research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell
them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI
Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied
warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct,
indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Governance
We have been actively engaging with Japanese trading
company, Mitsubishi Corp, on corporate governance,
particularly focusing on optimising its capital structure.
Prior to the announcement of the mid-term plan, we were
invited by the management team to share our views. We
emphasised that the market perceived concerns about
an under-leveraged capital structure and explained why
this remains a critical issue for us. The company
subsequently announced a ¥1.0 trillion share buyback
program, which contributed to strong performance in the
second half of the reporting year.
Engagement example
Governance
Financial
Statements
Additional
Information
AGM Notice
25
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Janus Henderson Investors
Our manager
The Bankers Investment Trust is managed by
Janus Henderson Investors. The Company has
been managed by Janus Henderson since 1971.
Janus Henderson is a global asset manager with over 350 investment
professionals and 25 offices globally, employing over 2,000 people and
managing £359bn of client assets.
Access to global equity team based around the world
Each of Bankers regional portfolio managers are part of a specialist
equities team. With offices on four continents and sector specialists in
growing areas, including technology and health care, the portfolio
managers have deep expertise at their fingertips. They can take advantage
of Janus Henderson’s broad research capabilities and disciplined insights
to select and monitor the Company’s portfolio holdings.
Together, under the direction of Alex Crooke and Richard Clode, the
Bankers’ dedicated portfolio managers use their local knowledge to
identify companies benefiting from global trends in their respective
regions, to build a truly unique global portfolio.
Investment trusts, understood
Janus Henderson has been involved in investment trusts since its
foundation in 1934. It remains one of the largest investment trust asset
managers in the UK. As a result, Bankers benefits from the support
of a dedicated investment trust team, including specialised legal,
accounting, marketing and sales support.
Assets under
management
£359bn
Employees
2,000+
Offices globally
25
Investment
professionals
350+
Source: Janus Henderson Investors
as at 30 September 2025
Alex Crooke
Position: Co-Fund Manager
Date of appointment: 1 July 2003
Skills and experience
Alex Crooke is a Portfolio Manager on the Global Equity Income Team, a position he
has held since 2018. He served as Head of Equities – EMEA and Asia Pacific from
2018 to 2023. Previously, he was head of Global Equity Income and Specialist
Equities Teams from 2013 to 2018. Alex was recruited by Henderson to co-manage
the UK assets of an investment trust in 1994 as an associate director. He later
became a fund manager responsible for a number of UK and global income-
oriented equity products. Alex began his investment career with Equitable Life
Assurance Society in 1990 as a US investment analyst. Alex holds a BSc degree
(Hons) in physics with astrophysics from Manchester University. He is an associate
member of the Society of Investment Professionals (ASIP) and has 35 years of
financial industry experience.
Richard Clode
Position: Co-Fund Manager
Date of appointment: 3 September 2025
Skills and experience
Richard Clode is a Portfolio Manager on the Global Technology Leaders Team at
Janus Henderson Investors, a position he has held since joining Henderson in
2014. Prior to Henderson, Richard held positions with Gartmore, Moore Capital, and
Pioneer Investments as a technology analyst in emerging markets. He began his
career in 2003 in the technology sector at Herald Investment Management,
where he was a portfolio manager. Richard received a first-class honours degree
in modern history from the University of Oxford. He holds the Chartered Financial
Analyst designation and has 22 years of financial industry experience.
Co-Fund Managers
See p.8 Co-Fund Managers’ report
26
The Bankers Investment Trust PLC Annual Report 2025
Business model
Investment Objective
Over the long term, the Company aims to achieve capital growth
in excess of the FTSE World Index and dividend growth greater than
inflation, as measured by the UK Consumer Price Index (CPI),
by investing in companies listed throughout the world.
Purpose
The Company’s purpose is to provide its shareholders with a diversified and cost-effective vehicle for growing
income and capital. We achieve this by investing predominantly in the equity of those publicly listed companies
‘across the world’ which we expect can deliver growing cash flows and pay dividends.
Investment policy
The following investment ranges apply:
• Equities: 80% to 100%.
• Debt securities and cash investments: 0% to 20%.
• Investments trusts, collective funds and derivatives:
0% to 15%.
To achieve an appropriate spread of investment risk
the portfolio is broadly diversified by geography, sector
and company. The Manager has the flexibility to invest
in any geographic region and any sector with no set
limits on individual country or sector exposures and,
therefore, the make-up and weighting of the portfolio
may differ materially from the FTSE World Index.
The Manager primarily employs a bottom-up stock
picking investment process, across four regional
portfolios, to identify suitable opportunities. While
each regional portfolio manager employs their own
investment style, they all pay particular regard to cash
generation and dividend growth over the medium term.
The Company can, but normally does not, invest
up to 15% of its gross assets in any other investment
companies (including listed investment trusts).
Derivatives
The Company may use financial instruments known
as derivatives for the purpose of efficient portfolio
management while maintaining a level of risk
consistent with the risk profile of the Company.
Gearing
The Company can borrow to make additional
investments with the aim of achieving a return that is
greater than the cost of the borrowing. The Company
can borrow up to 20% of net assets at the time of
draw down.
Note: Any material change to the investment policy would require the prior approval of both shareholders and the FCA.
Values and culture
The Board applies various policies, practices and behaviour to ensure that the Board’s culture is in line with the
Company’s purpose, values and strategy. The Directors promote mutual support combined with constructive challenge.
Integrity, fairness and diligence are defining characteristics of the Board’s culture.
The Company has a number of policies and procedures in place to assist with maintaining a culture of good
governance including those relating to Directors’ conflicts of interest, Directors’ dealings in the Company’s shares,
bribery (including the acceptance of gifts and hospitality) and tax evasion. The Board assesses and monitors
compliance with these policies regularly through Board meetings and the annual evaluation process (for more
information see the annual performance review section on page 54).
Sustainability
The Board believes the business model provides investors with a cost-effective mechanism for achieving long-
term investment goals and builds relationships with third-party service providers with this approach in mind. The
Company offers a broadly diversified global exposure with concentrated regional ‘best ideas’ portfolios. It has a strong
long-term performance record, both absolute and relative to its benchmark index. Please see page 92 for more detail.
The Company’s ongoing charge is amongst the lowest of actively managed equities funds.
Governance
Financial
Statements
Additional
Information
AGM Notice
27
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Business model continued
Structure
The Company is an investment company as defined in
section 833 of the Companies Act 2006 and operates as
an investment trust in accordance with section 1158/9 of
the Corporation Tax Act 2010 as amended. The Directors
are of the opinion that the Company has conducted its
affairs in compliance with section 1158/9 since approval
was granted and intends to continue to do so. The
Company’s shares are listed on the Main Market of the
London Stock Exchange and the Company is subject to
the UK Listing Rules, Prospectus Regulation Rules and
Disclosure Guidance and Transparency Rules published
by the Financial Conduct Authority. The Company is also
listed on the Main Board of the New Zealand Stock
Exchange (NZX) and is subject to the NZX Listing Rules.
The Company is a member of the Association of
Investment Companies (AIC). The Company, and the
Board, is governed by its Articles of Association,
amendments to which must be approved by shareholders
by special resolution.
The Board believes the business model provides investors
with a cost-effective mechanism for achieving long-term
investment goals and builds relationships with third-party
service providers with this approach in mind. Unlike
open-ended funds, as an investment trust the Company
has been able to build up over many years a significant
revenue reserve (income not paid out in good years)
which, in tougher years, can be drawn on to continue
delivering a reliable and growing dividend.
Portfolio at 31 October 2025
At 31 October 2025, the portfolio contained 101 (2024: 101)
individual investments excluding those held at nil value,
with the largest single investment accounting for 5.9%
(2024: 4.5%) of total investments and the top 25 holdings
totalling 54.5% (2024: 43.9%) of total investments. There
were no holdings in listed investment companies (2024:
one), nor any derivatives held in the portfolio (2024: nil).
Borrowings
The Company has the following unsecured private
placement fixed rate loan notes with respective
annualised coupon rates: £50 million 3.68% 2035;
£37 million 2.28% 2045 and €44 million 1.67% 2041.
Net gearing at 31 October 2025 was 5.6% (2024: 1.5%) of
net asset value.
Liquidity and discount management
The Board’s aim is for the Company’s share price, as far as
possible, to reflect closely its underlying net asset value, to
reduce share price volatility and to have a liquid market in
the shares. The ability to influence this meaningfully over
the longer term is, of course, limited. However, the Board
intends, subject always to the overall impact on the
portfolio, the pricing of other investment companies and
overall market conditions, to consider share issuance and
buybacks. The Board believes that flexibility is important
and that it is not in shareholders’ interests to have specific
share issuance and share buyback policies.
Ongoing charge and other costs
The ongoing charge reflects those expenses of a type
which are likely to recur in the foreseeable future, whether
charged to capital or revenue, and which relate to the
operation of the Company as an investment company,
excluding the costs of acquisition or disposal of
investments, financing costs, gains or losses arising on
investments and taxation. In accordance with the AIC
methodology, the ongoing charge is based on actual
costs incurred in the year as being the best estimate of
future costs.
The Board believes that the ongoing charge during the
year represented good value for money for shareholders.
On 8 December 2025 the Financial Conduct Authority
(FCA) confirmed that UK-listed closed-end funds will have
flexibility in presenting expenses under the new Consumer
Composite Investments (CCI) rules, which will be fully
effective by June 2027. While an annual ongoing costs
figure (OCF) must be shown as the main headline, it will
exclude transaction costs, performance fees, and one-off
costs, which must instead be disclosed separately. The
new rules will also not require closed-end investment
funds to include the cost of gearing and borrowing in their
cost disclosures.
The information on all costs is presented in a single table
below. This indicates the main cost headings in money
terms and as a percentage of average net assets.
Category of cost
2025
£’000
2025
% of
average
net assets
2024
£’000
2024
% of
average
net assets
Management fee
5,874 0.42 6,190 0.42
Other recurring
expenses
1,340 0.09 1,252 0.09
Ongoing charge
figure
7,214 0.51 7,442 0.51
Portfolio
transaction costs
562 0.04 1,617 0.11
Management
The Company qualifies as an Alternative Investment Fund
(AIF) in accordance with the Alternative Investment Fund
Manager Directive (AIFMD). The Company has appointed
Janus Henderson Fund Management UK Limited (JHFM) to
act as its alternative investment fund manager (AIFM).
JHFM delegates investment management services to
Janus Henderson Investors UK Limited in accordance with
an agreement effective from November 2024. The
management agreement with JHFM is reviewed annually
by the Management Engagement Committee and can be
terminated with six months’ notice. JHFM delegates
investment management services to Janus Henderson
Investors UK Limited, which acts as Manager. Both entities
are authorised and regulated by the FCA. References to
Janus Henderson and the Manager within this report refer
to the services provided by the Manager’s group.
28
The Bankers Investment Trust PLC Annual Report 2025
Business model continued
The management agreement between the Company and
Janus Henderson sets out the matters over which the
Manager has authority, including management of the
Company’s assets and the provision of accounting,
company secretarial, administration and sales and
marketing services. Some of the administration and
accounting services to be provided by Janus Henderson
are carried out on its behalf by BNP Paribas SA. Janus
Henderson Secretarial Services UK Limited, a subsidiary of
Janus Henderson Group plc, acts as the Corporate
Secretary.
The fund management team is led by Alex Crooke, who
has been in place since 2003, and Richard Clode, who was
appointed as Co-Fund Manager on 3 September 2025.
They are assisted by Jeremiah Buckley, Junichi Inoue and
Sat Duhra.
The Company has appointed a Depositary, who, in turn,
has appointed the Custodian who is responsible for the
safe custody of the Company’s assets. The Company has
appointed Registrars to maintain its register of members
and assist shareholders with queries in respect of their
holdings. Each of these principal 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. Fees paid to service providers are
disclosed in note 6.
Management Fees
The Manager is entitled to a management fee charged at
a rate of 0.45% per annum on the first £750 million of net
assets, 0.40% per annum on net assets in excess of
£750 million up to £1.5 billion and 0.35% of net assets in
excess of £1.5 billion.
For the purpose of the fee calculation, the net assets are
as at the last day of the quarter immediately preceding
the quarter in respect of which the calculation is made.
Governance
Financial
Statements
Additional
Information
AGM Notice
29
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Measuring our performance
In order to measure the success of the Company in meeting its objectives and to evaluate the performance of the
Manager over time, the Directors use the following Key Performance Indicators (KPIs): Further information on KPIs,
which are established industry measures, can be found in the alternative performance measures on pages 89 to 90.
The KPIs are also presented in the performance highlights on page 4 and below.
KPI Action
Net asset value (NAV)
and share price
See p.4
At each Board meeting, the Board reviews the Company’s NAV with debt
at fair value and share price performance (capital only and total return)
and measures it against the benchmark index, the FTSE World Index. The
Board also reviews the performance of the Company’s regional portfolios
and compares that against relevant regional indices. In addition, the Board
considers NAV and share price total return performance against the
Company’s closest peers in the Association of Investment Companies
(AIC) Global sector and the average performance of the AIC Global sector
and the open-ended Investment Association Global and Global Equity
Income sectors.
Share price discount/
premium to NAV
See p.4
The Company publishes a NAV per share figure daily through the official
newswire of the London Stock Exchange. This figure is calculated in
accordance with the AIC’s formula. At each Board meeting, the Board
monitors the level of the Company’s share price discount/premium to
NAV and reviews the discount/premium against the Company’s closest
peers in the AIC Global sector and the sector average.
The Board considers the use of share buybacks and share issues to
manage the supply and demand for the Company’s shares and enhance
shareholder value.
Dividends per share
See p.5
The Board reviews a revenue forecast at each meeting. These forecasts are
used to determine the quarterly dividends. The Board measures dividend
growth against the Consumer Price Index.
Ongoing charge
See p.28
The Board regularly reviews the ongoing charge and monitors all of the
Company’s expenses.
The Board reviews Environmental, Social and Governance (ESG) analysis of the portfolio on a regular basis and,
whilst no specific ESG-based KPIs have been adopted, the Board will keep this under review.
The Company’s dividend growth as compared to the Consumer Price Index (CPI) rebased to 100
Bankers – dividend per share Inflation level – as measured by CPI
100
120
140
160
180
200
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Source: LSEG Datastream, Morningstar Direct
30
The Bankers Investment Trust PLC Annual Report 2025
The Company’s viability
The UK Corporate Governance Code and the AIC Code of
Corporate Governance require the Board to assess the
future prospects for the Company, and to report on the
assessment within the Annual Report. The Board considers
that certain characteristics of the Company’s business
model and strategy are relevant to this assessment:
• The Company’s investment objective, strategy and
policy, which are subject to regular Board monitoring,
mean that the Company is normally invested in readily
realisable, listed securities and that the level of
borrowings is restricted.
• The Company is a closed-end investment company
and therefore does not suffer from the liquidity issues
arising from unexpected redemptions. Without pressure
to sell, the Co-Fund Managers have been able to
rebalance tactically the portfolio and take advantage
of recovering markets.
Also relevant were a number of aspects of the Company’s
operational agreements:
• The Company retains title to all assets held by the
Custodian under the terms of formal agreements
with the Custodian and Depositary.
• Long-term borrowing is in place, being the £50 million
3.68% loan notes 2035, £37 million 2.28% loan notes
2045 and €44 million 1.67% loan notes 2041, which are
also subject to formal agreements, including financial
covenants with which the Company complied in full
during the year. The value of long-term borrowing is
relatively small in comparison to the value of net assets,
being 8.7% (2024: 8.6%).
• Revenue and expenditure forecasts are reviewed
by the Directors at each Board meeting.
• The Company’s ongoing charge is amongst the lowest
of actively managed equities funds.
• Cash is held with approved banks.
In addition, the Directors carried out a robust assessment
of the principal risks and uncertainties which could
threaten the Company’s business model, including future
performance, liquidity and solvency. These risks, including
their mitigations and processes for monitoring them, are
set out on pages 32 and 33.
The principal risks identified as relevant to the viability
assessment were those relating to investment portfolio
performance and its effect on the net asset value, share
price and dividends, and threats to security over the
Company’s assets. The Board took into account the
liquidity of the Company’s portfolio, the existence of
the long-term fixed rate borrowings, the effects of any
significant future falls in investment values and income
receipts on the ability to repay and re-negotiate
borrowings, growing dividend payments, the desire
to retain investors and the potential need for share
buybacks. The Directors assess viability over five year
rolling periods, taking account of foreseeable severe
but plausible scenarios, having reviewed a five-year
cash-flow forecast and sensitivity analysis, reflecting the
potential impact of the principal risks as a whole, to
support its deliberations. The Directors believe that a
rolling five-year period best balances the Company’s
long-term objective, its financial flexibility and scope with
the difficulty in forecasting economic conditions affecting
the Company and its shareholders.
In coming to this conclusion, the Directors considered the
impact on income and the Company’s ability to meet its
investment objective. They also considered changes in the
international political landscape and geopolitical conflicts.
The Board does not believe that these will have a long-
term impact on the viability of the Company and its ability
to continue in operation, notwithstanding the short-term
uncertainty it has caused in the markets.
Based on their assessment, and in the context of the
Company’s business model, strategy and operational
arrangements set out above, the Directors have a
reasonable expectation that the Company is able to
continue in operation and meet its liabilities as they
fall due over the five-year period to 31 October 2030.
The Directors have also concluded that the Company has
adequate resources to continue in operational existence
for at least 12 months from the date of approval of these
financial statements (to 31 January 2027), and it is
therefore appropriate to prepare these financial
statements on a going concern basis.
Governance
Financial
Statements
Additional
Information
AGM Notice
31
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Managing risks
The Board, with the assistance of Janus Henderson, has carried out a robust assessment of the principal risks and
uncertainties facing the Company (including emerging risks) that would threaten its business model, future
performance, solvency, liquidity or reputation. The Board regularly considers the principal risks facing the Company and
has drawn up a register of these risks. The Board has a schedule of investment limits and restrictions, appropriate to the
Company’s investment objective and policy, in order to mitigate these risks as far as practicable. The Board monitors
the Manager, its other service providers and the internal and external environments in which the Company operates to
identify new and emerging risks.
Any new or emerging risks that are identified and considered to be of significance are included in the Company’s risk
register together with any mitigating actions required. The Board’s policy on risk management has not materially
changed during the course of the reporting period and up to the date of this report.
Risk Trend Mitigation
Investment activity and performance risks
An inappropriate investment strategy (for example, in
terms of asset allocation or the level of gearing) may
result in underperformance against the Company’s
benchmark index and the companies in its peer group.
Investment performance, over an extended period of time,
may be impacted by either external (political, financial
shock, pandemic, climate change) or internal factors
(poor stock selection), leading to shareholders voting to
wind up the Company.
The Board monitors investment performance at
each Board meeting and regularly reviews the
extent of the Company’s borrowings.
The Board receives regular updates on
professional and retail investor activity from the
Manager and its brokers to inform themselves of
investor sentiment and how the Company is
perceived in the market.
Portfolio and market risks
Although the Company invests almost entirely in securities
that are listed on recognised markets, share prices may
move rapidly. The companies in which investments are
made may operate unsuccessfully or fail entirely. A fall in
the market value of the Company’s portfolio would have
an adverse effect on shareholders’ funds. The risks
associated with a global pandemic and other health
emergencies are considered within portfolio and market
risks, a grouping which also covers risks relating to
heightened political and military tensions and inflationary
pressures. This is likely to impact share prices of
investments in the portfolio, to the extent not already
factored into current prices.
Lack of voting by shareholders may result in a change
of control of the Company which is not in shareholders’
interests.
The Co-Fund Managers seek to maintain a
diversified portfolio to mitigate against this risk.
The Board regularly reviews the portfolio,
investment activity and performance.
Resolutions requiring shareholder approval and
the explanation of those resolutions are posted
to shareholders and are also made available on
the Company’s website. The Board encourages
all shareholders to vote, as they do themselves in
respect of their own shareholdings.
Tax, legal, regulatory and governance risks
A breach of section 1158/9 of the Corporation Tax Act 2010
could lead to the loss of investment trust status, resulting
in capital gains realised within the portfolio being subject
to corporation tax.
A breach of the FCA’s Rules could result in suspension of
the Company’s shares, while a breach of the Companies
Act could lead to criminal proceedings. All breaches could
result in financial or reputational damage. The Company
must also ensure compliance with the Listing Rules of the
New Zealand Stock Exchange.
The Manager has been contracted to provide
investment, company secretarial, administration
and accounting services through qualified
professionals. The Board receives internal control
reports produced by Janus Henderson on a
quarterly basis, which confirm tax, legal and
regulatory compliance both in the UK and
New Zealand.
Increase
No change Decrease
32
The Bankers Investment Trust PLC Annual Report 2025
Risk Trend Mitigation
Financial risks
By its nature as an investment trust, the Company’s
business activities are exposed to market risk (including
market price risk, currency risk and interest rate risk),
liquidity risk and credit and counterparty risk.
The Company has a diversified portfolio which
comprises mainly investments in large and
medium-sized companies and mitigates the
Company’s exposure to liquidity risk.
The Company minimises the credit risk of a
counterparty failing to deliver securities or cash
by dealing through organisations that have
undergone rigorous due diligence by Janus
Henderson. Further information on the mitigation
of financial risks is included in note 16.
Operational and cyber risks
Disruption to, or failure of, Janus Henderson’s accounting,
dealing or payment systems or the Depositary’s records
could prevent the accurate reporting and monitoring of
the Company’s financial position. The Company is also
exposed to the operational and cyber risks that one or
more of its service providers may not provide the required
level of service or that AI has been used to hack into
business systems.
The Board monitors the services provided by
Janus Henderson, the Depositary and its other
service providers and receives reports on the key
elements in place including cyber attacks and
information security, to provide effective internal
control.
Risks associated with climate change
Risk that investee companies within the Company’s
portfolio fail to respond to the pressures of the growing
climate emergency and fail to limit their carbon footprint
to regulated targets, resulting in reduced investor demand
for their shares and falling market values.
Please refer to Investment activity and
performance risks above and the
Environmental, Social and Governance Matters
section on pages 22 to 25 for further details.
Increase
No change Decrease
Emerging risks and future developments
In addition to the principal risks, the Board also regularly considers potential emerging risks, which are defined as
potential trends, sudden events or changing risks which are characterised by a high degree of uncertainty in terms of
the probability of them happening and the possible effects on the Company. Should an emerging risk become
sufficiently clear, it may be moved to a significant risk. While the future performance of the Company is mainly
dependent on the performance of global financial markets which are subject to various external factors, the Board’s
intention is that the Company continues to pursue its stated investment objective and policy.
Managing risks continued
Governance
Financial
Statements
Additional
Information
AGM Notice
33
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
Promoting the success of the Company
The Directors have the success of the Company at the forefront of their minds when making decisions, which are taken
with the aim of achieving the Company’s purpose and are based on information provided by a range of sources.
The impact on stakeholders is assessed as part of Board deliberations, although stakeholders may be affected differently.
As the Company is an externally managed investment company, the Board considers the Company’s key stakeholders
to be existing and potential new shareholders, the Manager, other service providers and the Company’s loan
noteholders. Engagement with the key stakeholders enables the Company to fulfil its strategic objectives and the
Directors to promote the long-term success of the Company for the benefit of shareholders.
Engagement with stakeholders in the year to 31 October 2025
(s.172 Companies Act 2006)
Shareholders and potential investors
Purpose
Continued shareholder support is
crucial to the continued existence of
the Company and clear
communication of the Company’s
strategy and performance can help
the share price trade at a narrower
discount or a premium to NAV which
benefits shareholders. The Board
places great importance on
shareholder communication and is
committed to open channels of
communication with all shareholders.
How we engage
• The annual report and half-year report were published to keep
shareholders informed of the Company’s financial performance,
governance framework and any current issues.
• Information on the Company and video updates from the Co-Fund
Managers were made available on the website to keep shareholders
informed on the positioning of the portfolio. Daily NAVs and monthly
factsheets were published to keep shareholders up to date with the value
of the portfolio.
• Shareholders were encouraged to attend the annual general meeting,
where they met and spoke with the Directors and Fund Manager.
• The Board received shareholder feedback from its corporate brokers, the
Manager’s Investment Trust Sales and Marketing Teams and the Co-Fund
Managers to keep the Board informed of shareholders’ views.
• The Board and the Co-Fund Managers met with shareholders when requested.
Outcome
Shareholders were regularly informed of the Company’s activities and there
was demand for the Company’s shares.
Service providers
Purpose
As a listed investment company, the
Board relies on third-party service
providers for essential services (the
safekeeping of the Company’s assets,
share registration services, market
support for share issues and
buybacks and independent
assurance regarding the Company’s
financial statements) and for advice
and support in meeting relevant
obligations and complying with best
practice. The Board seeks to maintain
constructive relationships with the
Company’s other service providers,
either directly or through the
Manager, with regular
communications and meetings.
How we engage
• Quarterly service review meetings are held with the Depositary and
biannual service review meetings are held with the Registrar.
• The Audit and Risk Assurance Committee reviewed and discussed reports
on the effectiveness of the internal controls and risk management at the
principal service providers.
• The Audit and Risk Assurance Committee reviewed the proposed audit
plan and audit fee, any audit findings, the auditor’s letter of engagement
and terms of business.
Outcome
The Board maintained effective oversight of the Company’s operations and
the services provided by its third-party service providers.
34
The Bankers Investment Trust PLC Annual Report 2025
Investment manager
Purpose
The Manager is responsible for the
Company’s portfolio management
(including asset allocation and stock
selection) and risk management, as
well as ancillary functions such as
company secretarial, administration,
accounting, sales and marketing
services. Successful management of
the Company’s portfolio is critical for
the Company to meet its strategic
objectives and enable its long-term
success, whilst effective provision of
the ancillary services is essential for
the efficient running of the
Company’s day-to-day affairs.
How we engage
• The Co-Fund Managers and Corporate Secretary attended all meetings
and provided specific reports.
• Representatives of the AIFM regularly attended meetings and the AIFM
confirmed compliance with investment limits and restrictions each month.
• Quarterly internal controls reports were provided to the Board with regular
reporting on the Manager’s internal controls in operation over the services
delivered to the Company.
Outcome
The Board is confident that the Company’s assets are managed in line with
the investment objective and policy, and the parameters established by the
Board. The Board has a good understanding of how the Company is
perceived in the market and whether the investment objective remains
relevant in prevailing market conditions.
Investee companies and the environment
Purpose
The Portfolio Managers’ investment
decisions are key to the Company
achieving its investment objective
and policy. Direct communication
with investee companies can lead to
more informed decisions.
How we engage
• The Manager voted at shareholder meetings of the portfolio holdings on
behalf of the Company, engaging with companies as appropriate prior to
voting e.g. on ESG matters/contentious resolutions.
• The Portfolio Managers regularly engaged via face-to-face and/or virtual
meetings with portfolio companies’ management teams in the past year to
enable them to understand current trading and business prospects and
ensure that the ESG investment principles and approach are understood.
Outcome
The Company is an engaged and responsible investor.
Loan noteholders
Purpose
The Board believes that the use of
debt can enhance returns to
shareholders over the long term.
How we engage
• The Manager maintained a constructive working relationship with the loan
note holders on behalf of the Board, ensuring compliance with loan
covenant compliance confirmations and other information as required.
Outcome
The Company demonstrated a strong financial position that supported the
financing arrangements.
The Association of Investment Companies (AIC)
Purpose
The Company is a member of the AIC,
which represents a broad range of
investment companies. The AIC
supports its members by issuing
publications and guidance on issues
such as tax, accounting, company
law and regulation; email updates on
key industry issues and AIC work
programmes; and running events for
the directors of its members,
including director roundtables,
conferences and dinners.
How we engage
• The Company provides information for inclusion in the AIC’s database
which is used to generate information regarding the Company at
www.theaic.co.uk.
• The Manager, on behalf of the Company, comments on consultation and
proposal documents prepared by the AIC concerning matters that may
affect the Company and has supported the AIC’s lobbying activities.
Outcome
The support provided to AIC members assists the Board in its discussions
and decision making, the Company has a voice in the regulatory
environment in which it operates, and information about the Company is
disseminated widely.
Promoting the success of the Company continued
Governance
Financial
Statements
Additional
Information
AGM Notice
35
The Bankers Investment Trust PLC Annual Report 2025
Strategic Report
The Board is always mindful of acting in the best interests of shareholders as a whole and has regard to other
stakeholders in making its decisions. The Board takes into consideration the Company’s purpose, investment
objective and policy as well as the interests of the Company’s stakeholders when discussing matters and making
decisions. In addition to regular, detailed discussions about the Company’s investment portfolio, strategy and
performance, the following are examples of discussions held and decisions made by the Board during the
financial year ended 31 October 2025.
Appointment of Co-Fund Manager
The Board carefully considered and approved the appointment of Richard Clode as Co-Fund Manager in
September 2025. Richard brings many years of experience and a proven track record of performance. The
combined expertise of Richard Clode and Alex Crooke will be of great value to the Company and its shareholders.
Discount control
The Board’s aim is for the Company’s share price to reflect closely its underlying net asset value, and also to
reduce volatility and have a liquid market in the shares. The Board considers that it is in shareholders’ interests for
the Company to be able to issue shares when they are trading at a premium to the net asset value and by doing
so the Company’s costs are spread across a larger asset base and to buy back shares when the share price is
trading at a discount to the underlying net asset value. During the year the Company bought back 153,556,389
shares which were placed into treasury. See Note 18 for further details.
Reviewing the use of revenue reserves to support the Company’s dividend policy
The ability to use the revenue reserve to help smooth the level of dividend payments over the longer term is a
distinguishing feature of investment trusts. In order to increase investment into growth stocks, there was a
reduction in revenue, however, the Company will continue with its objective of delivering its progressive dividend
policy of successive annual dividend growth which it has achieved every year over the past 59 years. If the
recommended final dividend payment for 2025 is approved by shareholders at the AGM, approximately £3.8 million
will be transferred from the revenue reserve (2024: £0.3 million transferred to the revenue reserve). Adjusted for
the third and final dividends, the revenue reserve at the year-end amounts to approximately £23.8 million
(2024: £27.5 million), or 2.44p per share (2024: 2.45p per share).
Approval
The Strategic Report has been approved by the Board.
On behalf of the Board
Simon Miller
Chair
14 January 2026
Board decision making
36
The Bankers Investment Trust PLC Annual Report 2025
Governance
In this section
38 Board of Directors
40 Directors’ Report
42 Corporate Governance Report
48 Audit and Risk Assurance Committee Report
52 Management Engagement Committee Report
53 Marketing Committee Report
54 Nominations Committee Report
55 Directors’ Remuneration Report
58 Statement of Directors’ Responsibilities
59 Independent Auditor’s Report
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
37
The Bankers Investment Trust PLC Annual Report 2025
Governance
37
The Bankers Investment Trust PLC Annual Report 2025
Board of Directors
The right balance of skills and experience
Simon
ME
N
MK
I
Miller
Position: Chair of the Board
Date of appointment:
1 January 2022
(Chair from 24 February 2022)
Skills and experience
Simon Miller read law at
Cambridge and was called to the
bar. He subsequently worked for
Lazard Brothers and County Bank.
Until 2021 he was Chair of Brewin
Dolphin, one of the UK’s largest
wealth management businesses.
Simon has been Chair and non-
executive director of various
companies and has a wide range of
experience in the financial services
sector.
Simon has also served on the board
of several investment trusts and was
Chair of Fleming Managed Income
Trust plc, JPMorgan Elect plc, Artemis
Alpha Trust plc, JPMorgan Global
Convertibles Income Fund Limited
and Blackrock Sustainable American
Income Trust plc.
External appointments
None.
Richard
A
ME
N
MK
I
West
Position: Senior Independent Director
Date of appointment: 1 April 2020
(Senior Independent Director from
23 April 2024)
Skills and experience
Richard has more than 30
years’ experience in investment
management, latterly at UBS Global
Asset Management (previously
Phillips & Drew Fund Management) in
a variety of positions, including Head
of Global Equity Research, Head of
European Equities and Head of UK
Equities. Prior to UBS, he worked for
Crown Financial Management as
Head of UK Equities and for Norwich
Union as an economist and then
as a UK equities portfolio manager.
External appointments
Richard is an Advisor on the Advisory
Committee of Catella APAM Strategic
Equities Fund 1 LP.
Ankush
A
ME
N
MK
I
Nandra
Position: Chair of the Audit and
Risk Assurance Committee
Date of appointment to the Board
and as Chair of Audit and Risk
Assurance Committee:
1 September 2023
Skills and experience
Ankush has over 20 years’ experience
mainly in the pharmaceutical industry.
He is currently Senior Vice President
Group Planning and Finance Business
Partnering at AstraZeneca. Prior to
joining AstraZeneca Ankush spent
several years at GlaxoSmithKline (GSK)
and has also worked with HSBC
Investment Bank following qualification
as a Chartered Accountant with KPMG.
Ankush was a non-executive director
of AstraZeneca Pharma India Limited
which is an Indian listed subsidiary
of AstraZeneca.
External appointments
Ankush is a Governor of
Oxford Brookes University.
Directors
All the Directors are non-executive and independent of the Manager.
Chair of Committee
A
Audit and Risk Assurance Committee
ME
Management Engagement
Committee
N
Nominations Committee
MK
Marketing Committee
I
Insider Committee
38
The Bankers Investment Trust PLC Annual Report 2025
Board of Directors continued
Charlotte
A
ME
N
MK
I
Valeur
Position: Director
Date of appointment:
1 November 2022
Skills and experience
Charlotte has more than 40 years of
experience in financial markets and is
the managing director of GGG Ltd, a
governance consultancy company.
Charlotte was the founding partner of
Brook Street Partners in 2003 and the
Global Governance Group in 2009. Prior
to this, Charlotte worked in London as a
director in capital markets at Warburg,
BNP Paribas, Société Générale and
Commerzbank, beginning her career
in Copenhagen with Nordea A/S. With
significant experience in international
corporate finance, Charlotte has a
high level of technical knowledge of
capital markets.
Charlotte is a former non-executive
director of JP Morgan Convertible
Bond Income Fund, FSN Private Equity,
Laing O’Rourke Construction, Kennedy
Wilson Europe Real Estate Plc,
Blackstone Loan Financing Limited,
Phoenix Spree Deutschland Plc, NTR
plc and Digital 9 Infrastructure plc.
External appointments
None.
Hannah
A
ME
N
MK
I
Philp
Position: Chair of the
Marketing Committee
Date of appointment:
1 November 2022
(Marketing Committee Chair from
9 January 2024)
Skills and experience
Hannah Philp has direct and relevant
experience within the sector,
particularly in the fields of marketing
and communication. Hannah is
Co-Founder and a Director of ARC
Club Ltd, a real estate operator
managing shared amenities in
residential developments. Prior to this
Hannah was director of marketing at
Witan Investment Trust plc and an
account director within the investor
relations team at Edison Investment
Research with responsibility for
Investment Trusts.
External appointments
Hannah is a non-executive director at
JPMorgan UK Small Cap Growth and
Income Trust plc.
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
39
The Bankers Investment Trust PLC Annual Report 2025
Governance
Directors’ Report
The Directors present the audited financial statements
of the Company and their report for the year from
1 November 2024 to 31 October 2025. The Bankers
Investment Trust PLC (registered and domiciled in England
and Wales with company registration number 00026351)
was active throughout the year and was not dormant.
The Investment Portfolio on pages 8 to 21, the Corporate
Governance Report and committee reports on pages 42
to 57, and the additional information on pages 88 to 93,
form part of the Directors’ Report.
Dividend
A final dividend of 0.686p per share (2024: 0.672p), if
approved by shareholders at the AGM, is to be paid on
2 March 2026 to those shareholders on the register on
23 January 2026. The shares will trade ex-dividend on
22 January 2026. This final dividend together with the
three interim dividends already paid bring the total
dividends for the year to 2.744p (2024: 2.688p) per share.
Share Capital
The Company’s share capital comprises ordinary shares
with a nominal value of 2.5p each. The voting rights of
the shares on a poll are one vote for every one ordinary
share held. To the extent that they exist, the revenue profits
and some of the capital of the Company (including
accumulated revenue and capital reserves arising on
investments sold) are available for distribution by way of
dividends to the holders of the ordinary shares. Upon a
winding-up, after meeting the liabilities of the Company,
the surplus assets would be distributed to the
shareholders pro rata to their holdings of ordinary shares.
There are no restrictions concerning the transfer of
securities in the Company, no special rights with regard to
control attached to securities, no agreements between
holders of securities regarding their transfer known to the
Company and no agreement which the Company is party
to that affects its control following a takeover bid.
At the beginning of the financial year, there were
1,315,102,830 ordinary shares of 2.5p each in issue, of which
169,211,960 were held in treasury. During the year the
Company bought back 153,556,389 shares which are held
in treasury. At 31 October 2025 the total number of
ordinary shares held in treasury was 322,768,349.
Therefore, the total voting rights in the Company as at
31 October 2025 was 992,334,481.
Between 1 November 2025 and 12 January 2026, being the
latest practicable date prior to the publication of this
Annual Report, 18,629,986 shares were bought back in the
market for treasury. Accordingly, the number of shares in
issue as at 12 January 2026 was 1,315,102,830, of which
341,398,335 were held in treasury. Therefore, the total
voting rights in the Company at that date was 973,704,495.
Co-Fund Managers’ Interests
As at 31 October 2025, Alex Crooke had a beneficial
interest in 5,071,139 and Richard Clode had a beneficial
interest in 170,388 of the Company’s shares. There have
been no further changes reported since the year end to
the date of this Annual Report.
Holdings in the Company’s shares
The only notification of interest in the voting rights of the
Company as at 31 October 2025 made in accordance
with the Disclosure Guidance and Transparency Rules was
as follows:
% of voting
rights
Rathbones Investment Management Ltd
8.8%
There have been no further notifications in the period to
12 January 2026, being the latest practicable date prior to
the publication of this Annual Report.
Related Party Transactions
The Company’s transactions with related parties in the
year were with its Directors and Janus Henderson. There
were no material transactions between the Company and
its Directors during the year other than the amounts paid
to them in respect of Directors’ remuneration for which
there were no outstanding amounts payable at the year
end. In relation to the provision of services by the Manager,
other than fees payable by the Company in the ordinary
course of business and the provision of marketing
services, there were no transactions with the Manager
affecting the financial position of the Company during the
year. More details on transactions with the Manager,
including amounts outstanding at the year end, are given
in note 23.
Annual General Meeting
The Company’s annual general meeting will be held
at 12 noon on Wednesday, 25 February 2026 at
201 Bishopsgate, London, EC2M 3AE. For those unable
to travel, the event will be streamed live at
www.janushenderson.com/bnkr-agm/
No live voting will be available via this medium so
members not attending the physical meeting are
encouraged to submit their votes via proxy, or through
their share dealing platform, ahead of the respective
deadlines.
Instructions on attending the meeting and details of
resolutions to be put to shareholders are included in the
Notice of Meeting on pages 94 to 100 of this annual report.
If shareholders would like to submit any questions in
advance, they are welcome to send these to the corporate
secretary at itsecretariat@janushenderson.com.
The Board considers that the resolutions to be proposed at
the AGM are in the best interests of the Company’s
shareholders as a whole. The Board therefore
recommends unanimously to shareholders that they vote
in favour of each of the resolutions, as the Directors intend
to do in respect of their own beneficial holdings.
Shareholder authorities
At the 2026 AGM, the Company will seek to renew its
authorities from shareholders to allot shares up to 10% of
its issued share capital and to buy back shares up to
14.99% of its issued share capital, in each case excluding
treasury shares, as at the date of the 2026 AGM.
40
The Bankers Investment Trust PLC Annual Report 2025
Directors’ Report continued
The Company only issues shares (or sells shares out of
treasury) at a premium (after costs) to NAV. The Company
remains prepared to buy back shares, taking account of
prevailing market conditions (which are not under the
Board’s control), the level of the discount (both absolute
and relative to the Company’s closest peers) and the
impact on the NAV per share.
Directors’ Statement as to the
disclosure of information to the
Company’s Auditor
Each of the Directors who were members of the Board at
the date of approval of this Annual Report confirms that,
to the best of their knowledge and belief, there is no
information needed by the Company’s Auditor in
connection with the preparation of the Annual Report of
which the Company’s Auditor is unaware and they have
taken all the steps a Director might reasonably be
expected to have taken to be aware of any such audit
information and to establish that the Company’s Auditor is
aware of that information.
Insurance and Indemnification
Directors’ and officers’ liability insurance cover is in place.
Under the Company’s Articles of Association and subject
to the provisions of UK legislation, a qualifying third-party
provision indemnity may be provided to Directors in
respect of costs which they may incur relating to the
defence of any proceedings brought against them arising
out of their positions as Directors, in which they are
acquitted, or judgement is given in their favour by the
court. No indemnity was given during the year or up to the
date of this report.
UK Listing Rule 6.6.4
UK Listing Rule 6.6.4 requires the Company to include
certain information in a single identifiable section of the
Annual Report or a cross-reference table indicating where
the information is set out. The Directors confirm that there
are no disclosures to be made in this regard other than in
accordance with UK Listing Rule 6.6.1(6), the information on
which is detailed under Share capital.
Other Information (UK Listing Rule 6.6)
Principal activities
Refer to the Investment
objective and Investment policy
on page 27.
Directors during the year Refer to pages 38 and 39.
Dividends paid during
the year
Refer to note 10 on page 76.
The Company’s registered
office, service providers
and auditor
Refer to page 93.
Approval
The Directors’ Report has been approved by the Board.
By order of the Board
Janus Henderson Secretarial Services UK Limited
Corporate Secretary
14 January 2026
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
41
The Bankers Investment Trust PLC Annual Report 2025
Governance
Corporate Governance Report
Governance Structure
Board of Directors
Responsible for providing leadership, setting the investment objective and policy of the Company,
establishing an appropriately robust framework of internal control and risk management, and
appointing and monitoring the performance of the Company’s third-party service providers
Chair: Simon Miller | Senior Independent Director: Richard West
Non-executive oversight of the Company’s operations
and selection and appointment of service providers
The Company has also constituted an Insider Committee to assist the Board in its obligations under the Market Abuse
Regulation.
Third-party service providers appointed by the Board
Janus Henderson Investors
Co-Fund Managers: Alex Crooke and Richard Clode
Corporate Secretary: Janus Henderson Secretarial Services UK Limited
Alternative Investment Fund Manager: Janus Henderson Fund Management UK Limited
Depositary and Custodian
BNP Paribas SA
Ensure safe custody of the
Company’s assets, cash
monitoring, verification of
ownership and record keeping
Corporate brokers
J.P. Morgan Cazenove
and Peel Hunt (UK)
Craigs Investment
Partners Limited (NZ)
Conduit between the stock
market and the Company,
keeping the Board updated on
market conditions and
shareholder views
Registrars
Equiniti Limited (UK)
Computershare Investor
Services Limited (NZ)
Maintain the register of members
and assist shareholders with
queries in respect of their
shareholdings
Audit and Risk
Assurance
Committee
Purpose: Ensure the
integrity of the financial
reporting, evaluate the
effectiveness of the
systems of internal
control and risk
management and
oversee the
relationship with the
external Auditor.
Chair: Ankush Nandra
See page 48 for the Audit
and Risk Assurance
Committee Report
Nominations
Committee
Purpose: Ensure the
Board has a balance
of skills, experience and
diversity, has a formal
approach to the
appointment of
Directors, maintains an
effective framework for
succession planning and
setting remuneration
policy and fees.
Chair: Simon Miller
See page 54 for the
Nominations Committee
Report
Management
Engagement
Committee
Purpose: Ensure that
the performance of the
Manager and third-
party service providers
meet expectations
and their terms
of engagement
remain appropriate.
Chair: Simon Miller
See page 52 for the
Management Engagement
Committee Report
Marketing
Committee
Purpose: Ensure that
demand for the
Company’s shares
is generated and
evaluate the
effectiveness of
the marketing
initiatives used to
generate demand.
Chair: Hannah Philp
See page 53 for the
Marketing Committee
Report
42
The Bankers Investment Trust PLC Annual Report 2025
Corporate Governance Report continued
Division of responsibilities
Role Primary responsibilities
Shareholders/
investors
• approving material changes to the Company’s investment policy;
• making decisions regarding changes to the Company’s constitution; and
• electing and re-electing Directors to the Board, or removing them from office if deemed
appropriate.
Chair
• leading and managing Board business and ensuring the timely flow of information from service
providers to the Board. The Chair facilitates open, honest and constructive debate among
Directors;
• leading the Nominations Committee in developing succession planning and the identification
of potential candidates for appointment to the Board (except when considering their own
succession);
• leading the Board in determining its governance framework, culture and values;
• leading the Board’s relationship and engagement with shareholders and other stakeholders; and
• managing the relationship with the Manager.
Senior
Independent
Director
• fulfilling the role of sounding board for the Chair and intermediary for the other Directors as
necessary;
• leading the performance evaluation of the Chair; and
• acting as a channel of communication for shareholders in the event that contact through the
Chair is inappropriate.
Independent
non-executive
Directors
• providing constructive and effective challenge, especially to the decisions of the Manager;
• scrutinising and holding to account the performance of the:
– Co-Fund Managers in meeting the investment objective;
– Manager in the promotion of the Company and day-to-day smooth operations of the
Company’s business; and
• providing strategic guidance and offering specialist advice.
Committee
Chairs
• the leadership and governance of their Committee;
• maintaining the relationships with specialist service providers delivering services within the
remit of their Committee;
• reporting on the activities of their Committee to the Board; and
• seeking approval from the Board for the responsibilities set out in their respective terms of
reference.
Manager
(AIFM)
• promoting the Company’s investment proposition to professional and retail investors;
• making the necessary reporting to the FCA regarding the Company’s status as an Alternative
Investment Fund;
• providing accounting, company secretarial and other administrative services to the Company
ensuring compliance with the applicable statutory and regulatory provisions; and
• coordinating the delivery of services provided by the Company’s other third-party service
providers.
Co-Fund
Managers
• selecting the stocks held within the portfolio;
• diversification and risk management through stock selection and size of investment;
• determining the volume and timing of acquisitions and disposals; and
• determining the frequency and level of gearing within the overall limits set by the Board.
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
43
The Bankers Investment Trust PLC Annual Report 2025
Governance
Corporate Governance Report continued
Applicable Corporate Governance
Codes
The Company has a listing on the London Stock Exchange
and is required by the UK Listing Rules and the Disclosure
Guidance and Transparency Rules issued by the FCA to
report on how the principles of the 2018 UK Corporate
Governance Code have been applied. Being an investment
company, a number of the provisions of the UK Code are
not applicable as the Company has no executive Directors
or internal operations. The Board has considered, therefore,
the principles and provisions of the AIC Code of Corporate
Governance published in February 2019. The AIC Code
addresses the principles set out in the UK Code as well as
additional principles and recommendations on issues that
are of specific relevance to investment companies. The
Financial Reporting Council has endorsed the AIC Code and
confirmed that, by reporting against it, boards of investment
companies are able to meet their obligations in relation to
the UK Code and UK Listing Rule 6.6.6. Copies of the AIC
Code and the UK Code can be found at www.theaic.co.uk
and www.frc.org.uk.
The Company also maintains a listing on the New Zealand
Stock Exchange (NZX) where it is classified as a Foreign
Exempt Issuer. The Listing Rules of the NZX therefore require
the Company to comply with the provisions applicable to
its home exchange, being the London Stock Exchange, at
all times, notify the NZX of any changes pertinent to the
listing on its home exchange and ensure that any
announcements made to its home exchange are
simultaneously released to the market in New Zealand.
Accordingly, for the purpose of its NZX listing, the
Company reports against its compliance with the AIC
Code rather than the NZX Corporate Governance Code.
Statement of Compliance
The Company has complied with the principles and
provisions of the AIC Code throughout the year ended
31 October 2025 except as set out below. As the Company
is an investment company, it has no chief executive or
other executive Directors and therefore has no need to
consider the remuneration of executive Directors. The
Company does not have any internal operations (having
delegated its day-to-day operations to the Manager)
and therefore does not maintain an internal audit
function. However, the Audit and Risk Assurance
Committee considers the need for such a function at
least annually. As the Company has no employees and
has a small Board of solely non-executive Directors, the
Board has not established a separate remuneration
committee. The remuneration of Directors is dealt with by
the Board as a whole.
Board Leadership and Purpose
The Board is responsible for providing leadership and
setting the tone from the top in terms of the Company’s
culture and values. The Board appoints all third-party
service providers and monitors their performance
throughout the year. The Directors formally evaluate the
quality of the service provided by each third-party service
provider and consider the appropriateness of the terms of
their engagement at least annually. The Board aligns the
Company’s risk appetite with its investment objectives and
establishes investment limits and restrictions accordingly.
The Board keeps under regular review the risks faced by
the Company and assesses the effectiveness of internal
controls put in place to mitigate these.
As well as making the strategic decisions regarding the
Company’s purpose and establishing the risk
management framework, the Board’s purpose is to
provide independent oversight of the operations delivered
by the Company’s third-party service providers and to
challenge the decisions and recommendations made by
them, particularly the Manager.
The Board meets formally at least six times a year, with
additional Board or Committee meetings arranged when
required. At each formal meeting, matters reviewed and
considered by the Board include the Company’s
investment transactions, compliance with investment
restrictions, investment performance, revenue budgets,
financial analyses and other reports of an operational
nature and any shareholder communications and issues.
The terms of reference for each of the principal Board
Committees are kept under regular review by the Board
and are available at www.bankersinvestmenttrust.com.
Representatives of the Manager attend each Board
meeting, as required, enabling the Directors to probe
further on matters of concern. The Directors also have
regular contact with the Manager between formal
meetings. In addition, the Chair is invited to attend
meetings of all the chairs of the listed investment
companies managed by Janus Henderson which provide
a forum to discuss industry matters which are then
reported to the Board.
The Board has a formal schedule of matters specifically
reserved for its decision, which includes: determination of
the Company’s investment objectives, future strategic
direction, investment policy, investment limits and
restrictions, gearing policy and dividend policy;
management of the Company’s capital structure,
including share issues/buybacks and share price
premium/discount management, appointment and
removal of Directors and third-party service providers;
and determination of the Company’s financial reporting,
internal control and risk management and corporate
governance arrangements. The Board approves
communications with shareholders, the appointment of
new Directors, and determines individual Directors’
remuneration. Full and timely management, financial,
regulatory and other relevant information is provided to all
Directors to allow them to discharge their responsibilities
and to enable the Board (and its Committees) to function
effectively. In particular, the Board receives and considers
regular and ad hoc reports and other information as
required to enable it to maintain oversight and monitor
the performance of, and challenge constructively, the
Manager and other third-party service providers. The
proceedings of all Board and Committee meetings are
minuted, with any particular concerns raised by the
Directors appropriately recorded.
44
The Bankers Investment Trust PLC Annual Report 2025
Corporate Governance Report continued
The Corporate Secretary, Janus Henderson Secretarial
Services UK Limited, is a subsidiary of Janus Henderson with
its own reporting lines and audited internal controls. There
are processes and controls in place to ensure that there is
a clear distinction between the two entities, particularly
when dealing with any conflicts or issues between the
Company and Janus Henderson. The Directors have
access to the advice and services of the Corporate
Secretary through its appointed representative. The
Corporate Secretary is responsible to the Board for
ensuring that Board and Committee procedures are
followed, and that applicable rules and regulations are
complied with. The Company has a procedure for
Directors to take independent professional advice, at the
expense of the Company, in the furtherance of their duties.
Any correspondence from shareholders addressed to the
Chair or the Company received at Janus Henderson’s
offices is forwarded to the Chair of the Company in line
with the established procedures in place. Any
correspondence is submitted to the next Board meeting.
Janus Henderson and BNP Paribas, which acts for
Janus Henderson, have arrangements in place by which
their staff may, in confidence, raise concerns about
possible improprieties in relation to financial reporting
or other matters.
Appointment, tenure and retirement of
directors
The Board may appoint Directors at any time during the
year. Any Director so appointed should stand for
appointment by shareholders at the next AGM. In
accordance with the Company’s Articles of Association,
each Director retires from office at each AGM and, if
appropriate, offers themselves for reappointment. All the
Directors, being eligible, have stated that they will offer
themselves for re-appointment at the upcoming AGM.
The Articles permit shareholders to remove a director by
passing an ordinary resolution at a general meeting.
Directors are not entitled to any termination payments or
other compensation for loss of office in relation to their
appointment. The terms and conditions of directors’
appointments are set out in formal letters of appointment
which are available for inspection on request.
In advance of each AGM, the Board agrees whether it is
appropriate for directors who are eligible to be
recommended for re-appointment, taking into account
the annual performance evaluation and formal
recommendations from the Nominations Committee and
the ongoing requirements of the AIC Code (including the
need to refresh the Board and its Committees). The
Nominations Committee believes that directors with more
than nine years’ service can still form part of an
independent majority and in particular their experience
can be beneficial to the Board. However, the Board is
cognisant of the benefits of regularly refreshing Board
membership and seeks to do so while retaining a balance
of knowledge of the Company and the relationship with
the Manager. The Board’s policy for Directors, including the
Chair, is, therefore, that they serve for no more than nine
years, other than in exceptional circumstances.
Board Composition
Directors’ independence
The Board, chaired by Simon Miller, currently consists of
five non-executive directors. All directors served
throughout the year. The Articles of Association provide
that the total number of directors shall not be less than
three nor more than eight. The independence of the
directors is determined with reference to the AIC Code
and is reviewed by the Nominations Committee at least
annually. The Committee considers each of the Director’s
other appointments and commitments, as well as their
tenure of service and any connections they may have
with the Manager or other key service providers.
Following completion of the evaluation in September 2025,
the Committee concluded that the Chair and each of the
other Directors in office at that time continued to be
independent of the Manager and free of any relationship
which could materially interfere with the exercise of their
independent judgement. The Chair was independent on
appointment in accordance with the criteria set out in
the AIC Code and has no relationships that may create
a conflict of interest between his interests and those
of shareholders.
Conflicts of Interest
The Company’s Articles of Association permit the Board to
consider and, if it sees fit, to authorise situations where a
director has an interest that conflicts, or may possibly
conflict, with the interests of the Company (‘situational
conflicts’). The Board has a formal system in place for
directors to declare situational conflicts to be considered
for authorisation by those directors who have no interest
in the matter being considered.
In deciding whether to authorise a situational conflict, the
non-conflicted directors must act honestly and in good
faith with a view to the best interests of the Company and
they may impose limits or conditions when giving the
authorisation, or subsequently, if they think this is
appropriate. Any situational conflicts considered, and any
authorisations given, are recorded in the relevant meeting
minutes. The prescribed procedures have been followed
in deciding whether, and on what terms, to authorise
situational conflicts and the Board believes that the
system it has in place for reporting and considering
situational conflicts continues to operate effectively.
Induction and ongoing training
Newly appointed Directors are offered a bespoke
induction programme which covers the legal and
regulatory framework for investment companies and the
operations of the Manager, including compliance, risk
management frameworks, accounting, sales and
marketing and other administration services.
Directors are also provided on a regular basis with key
information on proposed developments or changes in
regulatory and statutory requirements and internal
controls. Directors also regularly participate in relevant
training including industry seminars and may do so at the
expense of the Company.
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
45
The Bankers Investment Trust PLC Annual Report 2025
Governance
Corporate Governance Report continued
Attendance at meetings
The following table sets out the number of scheduled formal Board and Committee meetings held during the year and
the number of meetings attended by each Director. All Directors attended the AGM in February 2025.
Board
Audit and
Risk
Assurance
Committee
Nominations
Committee
Management
Engagement
Committee
Marketing
Committee
Number of scheduled meetings each year
6 4 1 1 2
Simon Miller
1
6 4 1 1 2
Ankush Nandra
6 4 1 1 2
Hannah Philp
6 4 1 1 2
Charlotte Valeur
6 4 1 1 2
Richard West
6 4 1 1 2
1 Simon Miller is not a member of the Audit and Risk Assurance Committee. However, he attended the meetings held during the year by invitation.
The Insider Committee did not meet during the year
An additional meeting of a Committee of the Board was held to approve the Company’s year-end results.
There were also three ad hoc Audit and Risk Assurance Committee meetings held during the year to undertake business in relation to the audit tender.
Diversity and Inclusion
Whilst the Board does not consider it appropriate to use specific diversity targets given its small size, the Directors
acknowledge that diversity, inclusion and equal opportunity is important to ensure that the Company can draw on a
broad range of backgrounds, skills, knowledge, experience and perspectives. The Nominations Committee ensures that
longlists of potential non-executive Directors include diverse candidates of appropriate experience and merit. As at
31 October 2025, two of the five Directors (40%) were women, and Hannah Philp held a senior position as Chair of the
Marketing Committee. The Board has one Director from a minority ethnic background.
The following tables set out the gender and ethnic diversity of the Board at 31 October 2025
1
:
Gender identity
Number of
Board members
Percentage
of the Board
Number of
senior positions
on the Board
2
Men
3 60
3
Women
2 40
1
Ethnic background
White British or other White (including minority-white groups)
4 80
2
Minority ethnic
1 20
1
1 The information included in the tables was provided by individual directors in response to a request from the Company. The categories for ethnic groups
which are not represented on the Board are not included in the ethnic background table. There have been no changes to the Board or the roles of
Directors since 31 October 2025
2 The Company is externally managed and does not have executive management functions, specifically the roles of CEO and CFO and has no employees.
Senior positions include Chair, Senior Independent Director, and Chair of Board Committees
46
The Bankers Investment Trust PLC Annual Report 2025
Corporate Governance Report continued
Board of Directors
Comprises independent non-executive Directors
Ernst & Young LLP
Independent Auditor
Janus
Henderson
Investment
management,
company
secretarial, sales,
marketing, PR and
administration
Reporting
Investment
performance
update (at each
meeting)
Compliance with
investment limits
and restrictions
(monthly)
Internal controls
report (quarterly)
Effectiveness of
control environment
(annually)
BNP Paribas SA
Depositary and
custodian
Reporting
Depositary report
(quarterly)
Presentation from
the depositary and
custodian (annually)
Effectiveness of
control environment
(annually)
BNP Paribas SA
Accounting services
(engaged by the
Manager)
Reporting
Balance sheet
Liquidity and gearing
Revenue forecasts
Portfolio valuation
Portfolio transactions
Effectiveness of
control environment
(annually)
Framework of Internal Controls
Principal third-party
service providers
• receive regular reporting
at meetings;
• review the annual
assurance report
produced by each
organisation;
• receive additional
reporting on the control
environment from the
Manager’s risk team;
• receive reporting from
the Manager’s internal
audit team on areas
relevant to investment
trusts; and
• formally evaluate
performance on
an annual basis.
Secondary third-party
service providers
• receive regular reporting on
their activities at meetings; and
• formally evaluate performance
on an annual basis.
Registrars
Equiniti Limited (UK)
Computershare Investor
Services Limited (NZ)
Corporate brokers
J.P. Morgan Cazenove
and Peel Hunt (UK)
Craigs Investment
Partners Limited (NZ)
The Board delegates contractually to third-party service providers for all of the Company’s operational requirements.
It maintains oversight of these providers throughout the year by receiving regular reporting on their activities. All are
considered key stakeholders. The Management Engagement Committee formally evaluates the performance and
service delivery of all third-party service providers at least annually. The Audit and Risk Assurance Committee
evaluates the performance of the Auditor on completion of each audit cycle.
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
47
The Bankers Investment Trust PLC Annual Report 2025
Governance
Audit and Risk Assurance Committee Report
Role
The Audit and Risk Assurance Committee is responsible for
monitoring the integrity of the Company’s financial
reporting, evaluating the effectiveness of the systems of
internal control and risk management, and making
recommendations to the Board on the appointment and
effectiveness of the external Auditor. The Committee
formally reports to the Board.
Membership
The Committee is chaired by Ankush Nandra, a Chartered
Accountant who is considered by the Board to have
recent and relevant financial experience. The members
during the year were Ankush Nandra, Hannah Philp,
Charlotte Valeur and Richard West, all of whom are
considered to have the skills, experience and objectivity
to form an effective Committee.
The Committee has competence relevant to the sector in
which the Company operates and to the Company as an
investment trust. Although not a member of the Committee,
Simon Miller has attended meetings by invitation over the
past year. Given the small size of the Board, the Chair
attended meetings of the Committee to ensure he
remained fully informed on matters relating to financial
reporting, risk management and internal controls, thereby
supporting the Board’s overall governance framework.
Meetings
The Committee met seven times during the year. The
Auditor, Co-Fund Managers and the Manager’s Financial
Reporting Senior Manager for Investment Trusts attended
meetings of the Committee on a regular basis. The
Manager’s Global Head of Internal Audit, Head of EMEA
Operational Risk, Chief Information Security Officer and
Head of Business Resilience also presented to the
Committee.
Responsibilities
The Committee’s responsibilities are set out in formal
terms of reference which are regularly reviewed and are
available at www.bankersinvestmenttrust.com. In
discharging its duties over the course of the year, the
Committee considered:
Financial Reporting
• the appropriateness of the Company’s accounting
policies; and
• the half-year results and the annual report, including
disclosures made therein on internal controls and risk
management, viability, going concern and whether the
report is fair, balanced and understandable and
provides the information necessary for shareholders to
assess the Company’s position and performance,
business model and strategy.
External Audit
• the re-appointment and evaluation of the
effectiveness, performance and independence and
objectivity of the Auditor including the provision of any
non-audit services;
• the plan, scope and cost of the external audit and
reviewing the Auditor’s findings and reporting; and
• the requirements for an audit tender and the process
to be undertaken.
Internal Controls and Risk Management
• the internal controls in place at the Manager and the
Company’s other principal third-party service providers
with feedback from the Auditor, Co-Fund Managers
and the Corporate Secretary. This included assessment
of the quality and effectiveness of the accounting
records and management information maintained on
behalf of the Company;
• the overall approach to paying dividends and the
appropriate level of dividend to be paid in respect of
the year ended 31 October 2025 in light of the prevailing
economic conditions and the impact on revenue, cash
forecasting and debt covenants;
• the review of the allocation of special dividends
between capital and income;
• the Committee’s terms of reference;
• meeting with representatives of the Manager’s cyber
risk, business continuity, internal audit and risk
departments;
• the key risks facing the Company, including emerging
risks, the risk management systems, and the
Company’s risk register;
• compliance with the Company’s anti-bribery and
anti-tax evasion policies and the confirmation received
from the Manager and the third-party service providers
as to whether they have appropriate procedures;
• Company tax matters;
• whether there is a need for an internal audit function;
and
• the calculation and payment of the management fee.
The Board has overall responsibility for the Company’s
system of internal control and for reviewing its
effectiveness. The Committee supports the Board in the
monitoring of the internal control and risk management
framework. The Board has established an ongoing
process for identifying, evaluating and managing the
principal risks faced by the Company, which accords with
the FRC’s guidance on Risk Management, Internal Control
and Related Business and Financial Reporting. The system
was in operation throughout the year and up to the date
of this report.
The system is designed to meet the specific risks faced by
the Company and takes account of the nature of the
Company’s reliance on its service providers and their
internal controls. The system therefore manages rather
than eliminates the risk of failure to achieve the
Company’s business objectives and provides reasonable,
but not absolute, assurance against material
misstatement or loss.
The key components of the internal control framework
include:
• Clearly defined investment criteria which specify levels
of authority and exposure limits. The Board reviews
48
The Bankers Investment Trust PLC Annual Report 2025
Audit and Risk Assurance Committee Report continued
reports on investment performance against and
compliance with the criteria at each meeting.
• Regular financial reporting which allows the Board to
assess the Company’s financial position. The
management accounts and forecasts are reviewed by
the Board at each meeting.
• The contractual agreements with the Manager and all
other third-party service providers. The Board reviews
performance levels and adherence to relevant
provisions of the agreements on a regular basis
through reporting to the Board and conducts a formal
evaluation of the overall level of service provided at
least annually.
• The review of controls (including financial, operational
and compliance) at the Manager and other third-party
service providers. The Board receives quarterly
reporting from the Manager and Depositary, and
reviews annual assurance reports on the effectiveness
of the control environments at the Company’s key
service providers.
• The review of additional reporting provided by:
– the Manager’s Operational Risk team on the control
environment in operation at the Manager and their
view of the control environments in place at the
third-party service providers used by the Company;
and
– the Manager’s Internal Audit team on areas of
operation which are relevant to the Company.
Systems are in operation to safeguard the Company’s
assets, to maintain proper accounting records, with
adequate segregation of duties, and to ensure that
financial information used within the business, or
published, is reliable. The Company is an investment
company, has no employees and delegates all executive
activities to third-party service providers, principally
among them, the Manager, Janus Henderson. The Board
places reliance on the Company’s framework of internal
control and the reporting received from specific second
and third line of defence teams at the Manager.
The Manager’s Operational Risk team support the
Committee in considering the independently audited
reports on the effectiveness of internal controls in place at
the Company’s third-party service providers. The
Manager’s Internal Audit department provides regular
reporting to the Board on the operations at the Manager
and presents at least annually to the Committee. The
Board has therefore concluded that it is not necessary at
the present time for the Company to have its own internal
audit function.
The Committee’s usual review of the reports on the
effectiveness of internal controls in operation at its key
service providers identified that two reports had received
qualified opinions from the service auditor. The
Committee considered the controls giving rise to the
respective qualifications, whether these had impacted the
Company directly and what corrective actions were being
taken by management. Following these discussions, the
Committee was satisfied that the Company’s internal
controls had operated as intended and that the
qualifications had no direct impact on the Company.
The Board reviewed the effectiveness of the Company’s
system of internal control for the year ended 31 October
2025 and did not identify nor was advised of any failings
or weaknesses directly relating to the Company that were
determined as significant.
External Audit
Appointment and tenure of the Auditor
The Company’s external auditors were appointed in 2016.
Regulations currently in force require the Company to
rotate audit firms after a period of ten years, which may
be extended where audit tenders are carried out or where
more than one audit firm is appointed to carry out the
audit, subject to a maximum appointment of 20 years.
As indicated in last year’s report, a tender for audit
services has been carried out. Several audit firms were
invited to tender, including the incumbent Auditor, EY.
The Committee considered each of the tender
submissions in detail and received presentations from
audit firms. The Committee found the proposals to be of
high quality. For each firm and proposed audit team, the
Committee considered their experience as auditors of
investment trusts and of FTSE 250 companies. The most
recent Audit Quality Inspection Reports published by the
FRC were considered and discussed with each firm as
part of the process and the proposed fees were also
compared. Following conclusion of the audit tender
process, the Committee recommended to the Board the
re-appointment of Ernst & Young LLP as external Auditor.
Their fee for the year ending 31 October 2026 will be
£57,800 (exclusive of VAT).
The Committee confirms that the Company is in
compliance with the requirements of The Statutory Audit
Services for Large Companies Market Investigation
(Mandatory Use of Competitive Tender Processes and
Audit Committee Responsibilities) Order 2014. This order
relates to the frequency and governance of tenders for
the appointment of the external auditors and the setting
of the policy on the provision of non-audit services.
Communications with the FRC
During the year, the Company received a letter from the
FRC following their review of the 2024 Annual Report
seeking explanations on certain accounting and
disclosure matters. The responses provided were
accepted by the FRC and the matters raised have been
incorporated into enhancing certain disclosures in the
2025 Annual Report. The FRC’s role is to consider
compliance with the reporting requirements, rather than
to verify the information provided. As a result, the review
process does not provide assurance that the 2024 Annual
Report is correct in all material respects. High quality
reporting is important to the Company and therefore the
Company welcomes the feedback on the annual report
and how this has helped improve the clarity of certain
disclosures for shareholders and other readers of the
report in the current year.
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
49
The Bankers Investment Trust PLC Annual Report 2025
Governance
Audit and Risk Assurance Committee Report continued
Audit for the year ended 31 October 2025
In the year under review, EY challenged both the Manager’s
and the Board’s judgements and exercised professional
scepticism. As an investment trust investing in listed
equities, management has limited areas of judgement.
Areas where the Committee would challenge the Manager
include the determination of the fair market value of debt
to confirm the appropriate basis for calculation, and stress
testing of the revenue forecast to support the dividend
payment policy and the assumptions in the viability
statement. The Committee did not consider it necessary to
request the Auditor to look at any specific areas in addition
to those already identified in the audit plan in relation to
the audit for the year ended 31 October 2025.
The Committee is satisfied that the Annual Report for the
year ended 31 October 2025, taken as a whole, is fair,
balanced and understandable and provides the
information necessary for shareholders to assess the
Company’s position and performance, business model
and strategy.
Audit Fees
The fees payable to the Auditor for audit services in
respect of the year ended 31 October 2025 were £56,400
(2024: £54,500) excluding VAT.
Auditor Independence
The Committee monitors the Auditor’s independence
through three aspects of its work:
• the approval of a policy regulating the non-audit
services that may be provided by the Auditor to
the Company;
• assessing the appropriateness of the fees paid to the
Auditor; and
• reviewing the information and assurances provided by
the Auditor on their compliance with the relevant
ethical standards.
For the year ended 31 October 2025, the Auditor confirmed
that all staff involved with the audit were independent of
the Company, and that those individuals had complied
with EY’s ethics and independence policies and
procedures, which are fully consistent with the FRC’s
Ethical Standards. Having considered the performance
and behaviour of the Auditor during the audit process and
the assurances received from EY, the Committee is
satisfied that auditor independence and objectivity are
safeguarded.
Policy on non-audit services
The Committee has approved, and keeps under regular
review, the policy on the provision of non-audit services by
the Auditor. The policy sets out that the Auditor will not be
considered for non-audit work where this is prohibited by
the current regulations and where it appears to affect
their independence and objectivity. In addition, the
provision of any non-audit services by the Auditor is not
permitted to exceed 70% of the average annual statutory
audit fee for the three consecutive financial periods
preceding the financial period to which the cap applies.
Such services require approval in advance by the
Committee, or Committee Chair, following due
consideration of the proposed services. There were no
non-audit services provided in the year under review
(2024: none).
Effectiveness of the external audit
The Committee’s process for evaluating the effectiveness
of the external audit comprises two components: the
findings of the FRC’s Audit Quality Inspection Report, and
a post-audit assessment led by the Committee Chair.
The Auditor is invited to present and discuss the findings
of the latest FRC Audit Quality Inspection Report and
report on the progress made by the firm in terms of
addressing the areas identified for improvement in the
prior year’s report. The Auditor attended three Committee
meetings in the year, when the Committee was
considering the half year, the annual results and the risk
management of the Company. The Audit Partner also
met with the Committee Chair on two occasions during
the year outside of these meetings.
During the 2025 audit, the Committee Chair liaised with
EY to receive progress updates and to review EY’s audit
results prior to the Committee meeting to consider the
financial statements. EY attended this meeting to present
their report and to observe the Committee’s review of the
financial statements and internal controls reporting by the
Manager. In assessing the effectiveness of the audit
process, the Committee Chair invited views from the
Directors, Co-Fund Managers and other members of the
Manager’s staff in assessing the robustness and
effectiveness of the audit, level of challenge offered by the
audit team, the quality of the audit team and timeliness of
delivering the tasks required for the audit and reporting to
the Committee.
The Committee also met privately with the Audit Partner to
discuss how the audit operated from his perspective.
Based on the Committee’s review of EY’s reporting,
interactions with the audit team throughout the process,
discussions with representatives of the Manager and
discussions on the findings of the FRC’s Audit Quality
Inspection Report, the Committee considered that the
audit quality for the year ended 31 October 2025 has been
high and that the Manager and EY have worked together
to enhance and improve reporting to shareholders.
Following completion of the assessment, the Committee
remained satisfied with the effectiveness of the audit
provided by EY.
50
The Bankers Investment Trust PLC Annual Report 2025
Audit and Risk Assurance Committee Report continued
The following significant issues were considered by the Committee for the Annual Report for the year ended
31 October 2025:
Significant issue How the issue was addressed
Valuation and ownership
of the Company’s
investments
The Directors have appointed the Manager to perform the valuation of the assets of the
Company in accordance with its responsibilities under the AIFMD rules. As required
under the AIFMD rules, the Manager has adopted a written valuation policy, which may
be modified from time to time. Actively traded investments are valued using stock
exchange prices provided by third-party pricing vendors. The portfolio valuation is
regularly reviewed by the Committee. Ownership of listed investments is verified by
reconciliation to the Custodian’s records. At the year-end there were no investments
that were unlisted or not actively traded that required review and approval by the
Directors of their valuation.
Recognition of income
Income received has been accounted for in line with the Company’s accounting policies
and was reviewed by the Committee at each meeting to confirm compliance with
UK-adopted International Accounting Standards. The Board reviews revenue forecasts in
support of the Company’s future dividends at least quarterly. For special dividends where
the Manager is required to allocate between revenue and capital, the Committee
reviews the rationale provided and approves the treatment.
Maintaining internal
control
The Committee carries out the annual assessment of the effectiveness of the Company’s
internal control and risk management systems by reviewing the framework and
summary of the reporting received throughout the course of the financial year. The
Committee had further input on the prevailing standards in the sector when making its
recommendation to the Board on the Company’s internal control environment.
Ankush Nandra
Chair of the Audit and Risk Assurance Committee
14 January 2026
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
51
The Bankers Investment Trust PLC Annual Report 2025
Governance
Role
The Management Engagement Committee is responsible
for formally evaluating the overall performance of the
Manager and other third-party service providers
engaged by the Company (excluding the external
Auditor), to consider whether their continuing
appointment is in the interests of shareholders. The
Committee also ensures the terms of the management
agreement between the Manager and the Company
remain competitive. The Committee reports to the Board,
making recommendations as appropriate.
Membership
The Committee is chaired by the Chair of the Board and
consists of all the Directors.
Meetings
The Committee meets at least annually, with additional
meetings scheduled when required.
Responsibilities
In discharging its duties over the course of the year, the
Committee considered the following matters:
• the investment performance of the Company, taking
account of the benchmark and performance of
competitors in its AIC peer group, the share price, level
of premium/discount and gearing;
• the quality and experience of the team involved in
managing all aspects of the Company’s business;
• the fee structures of competitors in its AIC peer group
and other, similar sized, investment companies;
• the key clauses of the investment management
agreement, how the Manager had fulfilled these and
whether they continued to be appropriate;
• the performance and fees of the Company’s other
third-party service providers, including the depositary,
registrar, marketing and research providers, legal
counsel and any other ad-hoc services provided to
the Company;
• the Company’s service providers in their role as
stakeholders and whether there is an appropriate level
of engagement with them; and
• any points of conflict which may arise between the
providers of services to the Company.
Performance of the Manager and other
third-party service providers
Each year, the Committee carries out an evaluation of
the Manager and the Company’s key third-party service
providers and their respective terms of engagement.
The Committee’s evaluation of the Manager included:
• evaluating the Company’s investment and share price
performance;
• consideration of the arrangements in place at the
Manager in terms of a short-term incapacity of the
Co-Fund Managers and succession planning for their
roles over the longer term;
• consideration of the quality of the team involved in all
aspects of servicing the Company;
• a review of the stability of the management group and
its business priorities; and
• assessing the contractual arrangements and
remuneration structure in place and the
competitiveness of the management fee paid to the
Manager, and whether they remain appropriate and in
the interests of shareholders.
The continued appointment of the
Manager and other third-party service
providers
Following completion of the annual evaluation of
the Manager, the Committee concluded that the Board
and the Manager operate in a supportive, co-operative
and open environment. The Board considered the formal
recommendations from the Committee and agreed that
the continued appointment of the Manager on the terms
agreed and continued appointment of the other third-
party service providers are in the interests of the
Company’s shareholders as a whole.
Simon Miller
Chair of the Management Engagement Committee
14 January 2026
Management Engagement Committee Report
52
The Bankers Investment Trust PLC Annual Report 2025
Role
The Marketing Committee is responsible for how demand
for the Company’s shares can be generated and will
measure the effectiveness of the marketing initiatives
used to generate that demand over the longer term.
Membership
The Committee is chaired by Hannah Philp and consists of
all the Directors.
Meetings
The Committee meets at least twice per annum, with
additional meetings scheduled when required.
Responsibilities
The Committee’s responsibilities include:
• Developing, in partnership with the Manager, a
marketing and promotional strategy for the Company,
including long-term aims, measures of success and
the mechanisms, including specific communication
and media channels, to be used by the Company;
• Consideration of the retention of third-party agencies
and consultants where deemed necessary by the
Company to support and enhance the marketing
efforts of the Company and Manager;
• Reviewing the marketing material produced by the
Manager and other third-parties and making
recommendations to the Board; and
• Reviewing the activity undertaken by the Company,
Manager and third parties against agreed plans, and
consider performance indicators and enhancements
or amendments that may be required to the
Company’s marketing plans in the light of these
outcomes.
Activities during the year
In discharging its duties over the course of the year, the
Committee considered the following matters and, where
appropriate, recommended their approval to the Board:
• The effectiveness of the Company’s marketing plan,
which was evaluated using short-term, medium-term
and long-term measures;
• The engagement from investors and potential investors
to the new website;
• The Company’s advertising spend; and
• The marketing budget and review of the marketing
spend during the year.
Hannah Philp
Chair of the Marketing Committee
14 January 2026
Marketing Committee Report
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
53
The Bankers Investment Trust PLC Annual Report 2025
Governance
Role
The Nominations Committee advises the Board on its
composition and director appointments and ensures
suitable succession plans are in place. It also has
responsibility for setting the remuneration policy for the
non-executive Directors and the annual performance
review. The Company has no executive Directors and has
not constituted a Remuneration Committee.
Membership
The Committee is chaired by the Chair of the Board and
consists of all the Directors. The Chair of the Board does
not chair or attend meetings when the Committee is
considering the appointment for his successor, reviewing
his performance or his fees.
Meetings
The Committee meets at least annually, with additional
meetings scheduled when required.
Responsibilities
In discharging its duties over the course of the year, the
Committee considered the following matters:
• the composition of the Board and each of its
committees, taking account of the skills, experience
and knowledge of each Director and whether they
continue to contribute to the success of the Company;
• succession planning for appointments to the Board
taking account of the provisions regarding the
retirement of directors, as well as the tenure of the
current Directors;
• the outcomes of the Board performance review with a
view as to whether adjustments should be made to the
number of Directors or knowledge and skills
represented on the Board;
• the tenure of each of the Directors, giving consideration
as to whether the Board retained a sufficient balance
of length of service without becoming complacent;
• the independence of the Directors taking account of
the guidelines established by the AIC Code as well as
the Directors’ other appointments;
• the time commitment of the Directors and whether this
had been sufficient over the course of the year;
• the performance and contribution of all Directors
standing for re-appointment at the 2026 AGM; and
• the Directors’ remuneration policy and level of
Directors’ fees.
Annual performance review
Each year, the Committee assesses the composition of
the Board and its performance, including that of individual
Directors. An external review is conducted every three
years, and this year was carried out by Stogdale St James.
The appraisal of the Chair was led by Richard West as the
Senior Independent Director, assisted by Stogdale.
Stogdale has no connection with the Company or any of
the Directors.
Stogdale conducted in-depth interviews with each
Director and the Co-Fund Managers, Corporate Secretary,
various members of the Janus Henderson Investment
Trusts team and the Corporate Broker. The areas
considered included Board composition and dynamics,
management of meetings and support from the Manager,
appropriateness of the investment strategy and
performance, board committees, the quality of the
Board’s understanding of shareholders’ views and the
Manager’s sales and marketing activities, succession
planning and priorities for change. The Directors’ individual
training requirements were also considered. The
Committee reviewed the independence of each Director
and their time commitment.
The conclusion of the external evaluator was that the
Board works in an open and collegiate manner under a
well-respected Chair, and that the Directors have a wide
range of relevant experience. No areas of material
weakness or concern were identified.
Following completion of the review, the Committee
concluded that the Board remained fit for purpose and
Directors gave an appropriate level of focus and
discussion to the oversight of strategy and performance.
There was a very good range of skills represented on the
Board, a clear understanding of the risks facing the
Company, and the Board Committees were operating
effectively. Mr West also reported that the Chair provided
effective leadership.
The Committee concluded that each Director had been
effective, allocated sufficient time to the Company to fully
discharge their responsibilities, remained independent,
and continued to demonstrate commitment to their role.
The Committee recommended to the Board that it should
support all the Directors, being eligible, for re-appointment
at the AGM.
Succession Planning and Recruitment
The Directors consider that a diverse Board in its broadest
sense is important to the long-term success of the
Company. Before commencing a search for candidates,
the Committee evaluates the balance of skills, experience,
knowledge and diversity on the Board, and prepares a
description of the role and capabilities required for a
particular appointment. To facilitate the search for
suitable candidates from a wide range of backgrounds,
the Committee may use the services of external advisers
or open advertising, if deemed appropriate to do so.
The Committee assesses candidates on merit and
against objective criteria and with due regard for the
benefits of diversity on the Board (including gender, social
and ethnic backgrounds, as well as cognitive and
personal strengths), taking care that any candidates
recommended for appointment can allocate sufficient
time to the Company to fully and effectively carry out their
responsibilities. The Board does not therefore consider it
appropriate to set specific diversity targets but ensures
that long lists include diverse candidates of appropriate
experience and merit. There is no discrimination on the
grounds of gender, race, ethnicity, religion, sexual
orientation, age or physical ability in any of the
Nominations Committee’s activities.
Nominations Committee Report
54
The Bankers Investment Trust PLC Annual Report 2025
Directors’ Remuneration Report
Annual Report on Remuneration
This report is submitted in accordance with Schedule 8 of
The Large and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008 as amended.
This report also meets the relevant requirements of the
Companies Act 2006 (the ‘Act’) and the UK Listing Rules of
the Financial Conduct Authority and describes how the
Board has applied the principles relating to Directors’
remuneration.
The Company’s Auditor is required to report on certain
information contained within this report and where
information set out below has been audited, it is indicated
as such.
All Directors are non-executive and the Company has no
chief executive officer or employees. Therefore, some of
the reporting requirements contained in the Regulations
are not applicable and have not been reported on,
including the requirement for a future policy table and an
illustrative representation of the level of remuneration that
could be received by each individual Director. It is believed
that all relevant information is disclosed within this report
in an appropriate format.
Remuneration Policy
The remuneration policy sets out the principles applied in
the remuneration of the Directors. The Policy was last
approved by shareholders at the AGM in February 2023.
The current Policy, if approved by shareholders at the 2026
AGM, will continue in force until the AGM in 2029.
The Policy is that the fees payable to the Directors should
reflect the time spent by the Board on the Company’s
affairs and the responsibilities borne by the Directors and
should be sufficient to promote the long-term success of
the Company.
The Chair of the Board, the Senior Independent Director,
the Chair of the Audit and Risk Assurance Committee and
the Chair of the Marketing Committee are to be paid a
higher fee than the other Directors in recognition of their
additional responsibilities.
The Policy is to review these rates annually although such
review would not necessarily result in any change to the
rates.
None of the Directors has a contract of service or a
contract for services, there are no set notice periods and
a director may resign by giving notice in writing to the
Board at any time with no compensation.
The Directors are to be remunerated in the form of fees,
payable quarterly in arrears, to the Director personally or
to a third-party specified by him or her.
There are no long-term incentive schemes provided by
the Company and the fees are not specifically related to
the Directors’ performance, either individually or
collectively.
Statement from the Nominations
Committee Chair
Simon Miller reports that the Committee carried out its
annual review of the fees being paid to Directors and as
part of this it looked at the fees paid to other investment
companies in the peer group, the fees paid in other
sectors and other Janus Henderson managed investment
trusts, as well as the increasing responsibilities and time
commitment required of the Directors. Any views
expressed by shareholders on the fees being paid to
Directors would be taken into consideration by the Board
when reviewing levels of remuneration.
Following consideration, it was agreed that the Directors’
fees be increased by 4% with effect from 1 November
2025 as set out in the table below. The increases ensure
that the Directors are properly remunerated for their
services to the Company and that it can remain
competitive when seeking new directors. The Board is
satisfied that the changes to the remuneration of the
Directors are compliant with the Directors’ Remuneration
Policy approved by shareholders at the 2023 Annual
General Meeting.
Table of Directors’ annual fees
The current fees for specific responsibilities are set out in
the table below.
Rate from
1 November
2024
%
increase
Rate from
1 November
2025
Chair of the Board
£51,000 4.0% £53,040
Chair of the Audit &
Risk Assurance Committee
£41,000 4.0% £42,640
Chair of the Marketing
Committee
£38,000 4.0% £39,520
Senior Independent
Director
£38,000 4.0% £39,520
Directors
£34,000 4.0% £35,360
Directors’ interests in shares (audited)
Ordinary shares of 2.5p
1 November
2024
31 October
2025
Simon Miller
70,000 70,000
Ankush Nandra
40,604 61,600
Hannah Philp
20,254 20,254
Charlotte Valeur
8,954 8,954
Richard West
97,434 99,667
Since the Company’s year-end, Richard West purchased
510 shares and Ankush Nandra purchased 315 shares in
the Company, bringing their total beneficial holdings to
100,177 and 61,915 shares respectively.
There have been no further changes reported since the
year end to the date of this Annual Report. No Director is
required to hold shares of the Company by way of
qualification.
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
55
The Bankers Investment Trust PLC Annual Report 2025
Governance
Directors’ Remuneration Report continued
Directors’ Remuneration (audited)
The total remuneration paid to the Directors who served during the years-ended 31 October 2025 and 31 October 2024
was as follows:
Year ended
31 October
2025
Total fees
£
Year ended
31 October
2024
Total fees
£ % change
Year ended
31 October 2025
Total expenses
including taxable
benefits
£
Year ended
31 October 2024
Total expenses
including taxable
benefits
£
Year ended
31 October
2025
Total
£
Year ended
31 October
2024
Total
£
Simon Miller
1
51,000 50,000 2 5,331 5,657 56,331 55,657
Julian Chillingworth
2
– 8,750 (100) – – – 8,750
Ankush Nandra
41,000 38,000 8 – – 41,000 38,000
Hannah Philp
3
38,000 37,059 3 – 22 38,000 37,081
Charlotte Valeur
34,000 33,000 3 1,268 6,861 35,268 39,861
Richard West
4
38,000 34,044 12 – – 38,000 34,044
Total
202,000 200,853 6,599 12,540 208,599 213,393
1 Chair and highest paid director following appointment as Chair on 24 February 2022 having been appointed a Director on 1 January 2022
2 Retired from the Board on 22 February 2024
3 Appointed as Marketing Committee Chair on 9 January 2024
4 Appointed as Senior Independent Director on 23 April 2024
The table above omits other columns because no payments of other types such as performance related pay, vesting performance related pay and pension
related benefits were made. Taxable benefits – Article 110 of the Company’s Articles of Association provides that Directors are entitled to be reimbursed for
reasonable expenses incurred by them in connection with the performance of their duties and attendance at Board and General Meetings
No other remuneration or compensation was paid or payable by the Company during the year to any of the current or former Directors or third parties
specified by any of them
Annual Percentage Change in Directors’ Remuneration
The table below sets out the annual percentage change in Directors’ fees for the last five years in respect of each
Director that has served for a minimum of two financial years.
Director
From 1 Nov 2025
%
From 1 Nov 2024
%
From 1 Nov 2023
%
From 1 Nov 2022
%
From 1 Nov 2021
%
Simon Miller
1
4.0 2.0 6.1 6.1 n/a
Ankush Nandra
2
4.0 7.9 11.8 n/a n/a
Hannah Philp
3
4.0 15.2 6.5 7.3 n/a
Charlotte Valeur
4
4.0 3.0 6.5 7.3 n/a
Richard West
5
4.0 8.6 6.5 7.3
–
1 Appointed a Director on 1 January 2022 and Chair on 24 February 2022
2 Appointed a Director on 1 September 2023
3 Appointed a Director on 1 November 2022 and Chair of the Marketing Committee on 9 January 2024 when the Committee was created. The increase in
Ms Philp’s remuneration reflects this appointment part way through the year to 31 October 2024 and the additional remuneration associated with this role
4 Appointed a Director on 1 November 2022
5 Appointed Senior Independent Director on 23 April 2024
Relative importance of spend on pay
In order to show the relative importance of spend on pay, the table below sets out the total level of remuneration
compared with the distributions to shareholders by way of dividends. In the year under review, 153,556,389 ordinary
shares were bought back by the Company into Treasury at a cost of £185,540,000. There were no other significant
distributions, payments or other uses of the Company’s net return or cash flow deemed to assist in the understanding
of the relative importance of spend on pay.
2025
£’000
2024
£’000
1 year
change
£’000
1 year
change
%
5 year
change
£’000
5 year
change
%
Total remuneration paid to Directors
1
209 213 (4) (2.2) 56 36.3
Ordinary dividends paid during the year
29,611 31,996 (2,385) (7.5) 2,645 9.8
1 Remuneration will fluctuate due to the number of directors in any one year
56
The Bankers Investment Trust PLC Annual Report 2025
Directors’ Remuneration Report continued
Performance
The Company’s performance has been measured against the FTSE All-Share Index for the period 1 November 2015 to
31 October 2017 and the FTSE World Index from 1 November 2017 to 31 October 2025 on a total return basis in sterling
terms. The graph below compares the mid-market price of the Company’s ordinary shares over the 10-year period
ended 31 October 2025 with the composite index over the same period.
Total performance return for 10 years to 31 October 2025
£
2024202320222021202020192018201720162015
The Company’s share price total return, assuming the investment of £100 on 31 October 2015 and the reinvestment of all
dividends (excluding dealing expenses)
Composite benchmark comprising the FTSE All-Share Index for the period 1 November 2015 to 31 October 2017 and the FTSE
World Index from 1 November 2017 to 31 October 2025, assuming the notional investment of £100 on 31 October 2015 and the
reinvestment of all income (excluding dealing expenses)
100
150
200
250
300
350
2025
Source: Morningstar Direct
Statement of voting at AGM
A binding ordinary resolution adopting the Remuneration Policy was approved at the AGM held on 23 February 2023.
An ordinary resolution approving the Directors’ Remuneration Report was passed at the 2025 AGM. The following votes
were received on the resolutions:
Resolution
For (including
discretionary)
% of total
votes
1
Against
% of total
votes
1
Withheld
To receive the Directors’ Remuneration Policy
332,771,533 99.5 1,727,612 0.5 3,460,594
To approve the Directors’ Remuneration Report
283,933,042 99.2 2,401,471 0.8 1,419,560
1 Excluding votes withheld
On behalf of the Board
Simon Miller
Chair of the Nominations Committee
14 January 2026
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
57
The Bankers Investment Trust PLC Annual Report 2025
Governance
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual
Report, including the Directors’ remuneration 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 prepared the
Company’s financial statements in accordance with
UK-adopted International Accounting Standards.
Under company law, the Directors must not approve the
financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the
Company and of the profit or loss of the Company for that
year. In preparing these financial statements, the Directors
are required to:
• select suitable accounting policies in accordance
with IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors and then apply them consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• state whether applicable UK-adopted International
Accounting Standards have been followed, subject
to any material departures disclosed and explained
in the financial statements;
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Company is to continue in business; and
• prepare a Directors’ report, a strategic report and
a Directors’ remuneration report which comply
with the requirements of the Companies Act 2006.
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 it to ensure that the financial
statements and the Directors’ remuneration report
comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Company
and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities. Having
taken advice from the Audit and Risk Assurance
Committee, the Directors consider that 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.
Statement of Directors’ responsibilities
under Disclosure Guidance and
Transparency Rule 4.1.12
Each of the Directors, who are listed on pages 38 and 39,
confirms that, to the best of his or her knowledge:
• the financial statements, which have been prepared in
accordance with UK-adopted International Accounting
Standards on a going concern basis, give a true and
fair view of the assets, liabilities, financial position and
profit of the Company; and
• the Strategic Report in this Annual Report and financial
statements include a fair review of the development
and performance of the business and the position of
the Company, together with a description of the
principal risks and uncertainties that it faces.
On behalf of the Board
Simon Miller
Chair
14 January 2026
58
The Bankers Investment Trust PLC Annual Report 2025
Independent Auditor’s Report
Opinion
We have audited the financial statements of The Bankers
Investment Trust PLC for the year ended 31 October 2025
which comprise the Statement of Comprehensive Income,
Statement of Changes in Equity, Statement of Financial
Position and Cash Flow Statement and the related notes 1
to 24 including material accounting policy information.
The financial reporting framework that has been applied
in their preparation is applicable law and UK adopted
international accounting standards.
In our opinion, the financial statements:
• give a true and fair view of the Company’s affairs as
at 31 October 2025 and of its profit for the year then
ended;
• have been properly prepared in accordance with UK
adopted international accounting standards; and
• have been prepared in accordance with the
requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further
described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance with
the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRC’s
Ethical Standard as applied to listed public interest
entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical
Standard were not provided to the Company and we
remain independent of the Company in conducting
the audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded
that the Directors’ use of the going concern basis of
accounting in the preparation of the financial statements
is appropriate. Our evaluation of the Directors’ assessment
of the Company’s ability to continue to adopt the going
concern basis of accounting included the following
procedures:
• We confirmed our understanding of the Company’s
going concern assessment process and engaged with
the Directors and the Company Secretary to determine
if all key factors that we have become aware of during
our audit were considered in their assessment.
• We inspected the Directors’ assessment of going
concern, including the revenue forecast. In preparing
the revenue forecast, the Company has concluded that
it is able to continue to meet its ongoing costs as they
fall due.
• We have reviewed the factors and assumptions,
including the impact of the current economic
environment, as applied to the revenue forecast and
the liquidity assessment of the investments. We
considered the appropriateness of the methods used
to calculate the revenue forecast and the liquidity
assessment and determined, through testing of the
methodology and calculations, that the methods,
inputs and assumptions utilised were appropriate to be
able to make an assessment of the Company.
• We assessed the risk of breaching the debt covenants
applicable to the Company’s debt arrangements as a
result of a reduction in the value of the Company’s
investment portfolio. We calculated the Company’s
compliance with debt covenants and performed
reverse stress testing in order to identify what factors
would lead to the Company breaching those
covenants.
• We considered the mitigating factors included in the
revenue forecasts and covenant calculations that are
within the control of the Company. We reviewed the
Company’s assessment of the liquidity of investments
held and evaluated the Company’s ability to sell those
investments in order to cover working capital
requirements should revenue decline significantly.
• We reviewed the Company’s going concern disclosures
included in the annual report in order to assess that the
disclosures were appropriate and in conformity with
the reporting standards.
Based on the work we have performed, we have not
identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast
significant doubt on the Company’s ability to continue as
a going concern to 31 January 2027, which is a period of at
least twelve months from the date the financial
statements are authorised for issue.
In relation to the Company’s reporting on how they have
applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to
the Directors’ statement in the financial statements about
whether the Directors considered it appropriate to adopt
the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors
with respect to going concern are described in the
relevant sections of this report. However, because not all
future events or conditions can be predicted, this
statement is not a guarantee as to the Company’s ability
to continue as a going concern.
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
59
The Bankers Investment Trust PLC Annual Report 2025
Governance
Independent Auditor’s Report continued
Overview of our audit approach
Key audit matters
• Risk of incomplete or inaccurate revenue recognition.
• Risk of incorrect valuation or ownership of the investment portfolio.
Materiality
• Overall materiality of £14.36 million (2024: £14.34 million) which represents 1% (2024: 1%) of the
Company’s shareholders’ funds.
An overview of the scope of our audit
Our assessment of audit risk, our evaluation of materiality
and our allocation of performance materiality determine
our audit scope for the Company. This enables us to form
an opinion on the financial statements. We take into
account size, risk profile, the organisation of the Company
and effectiveness of controls, the potential impact of
climate change and changes in the business
environment when assessing the level of work to be
performed. All audit work was performed directly by the
audit engagement team.
Climate change
Stakeholders are increasingly interested in how climate
change will impact the Company. The Company has
determined that the most significant future impacts from
climate change on its operations will be from how climate
change could affect the Company’s investments and
overall investment process. These are explained on page
33 in the principal risks and uncertainties. They have also
explained their climate commitments on pages 22 to 25.
All of these disclosures form part of the “Other information,”
rather than the audited financial statements. Our
procedures on these unaudited disclosures therefore
consisted solely of considering whether they are
materially inconsistent with the financial statements, or
our knowledge obtained in the course of the audit or
otherwise appear to be materially misstated, in line with
our responsibilities on “Other information”.
Our audit effort in considering the impact of climate
change on the financial statements was focused on
evaluating management’s assessment of the impact
of climate risk, physical and transition, their climate
commitments, the effects of material climate risks
disclosed on pages 22 to 25 and the significant
judgements and estimates disclosed in note 1 and
whether these have been appropriately reflected
following the requirements of UK-adopted international
accounting standards.
We also challenged the Directors’ considerations of
climate change risks in their assessment of going concern
and viability and associated disclosures. Where
considerations of climate change were relevant to our
assessment of going concern, these are described above.
Key audit matters
Key audit matters are those matters that, in our
professional judgement, were of most significance in our
audit of the financial statements of the current period and
include the most significant assessed risks of material
misstatement (whether or not due to fraud) that we
identified. These matters included those which had the
greatest effect on the overall audit strategy; the allocation
of resources in the audit; and directing the efforts of the
engagement team. These matters were addressed in the
context of our audit of the financial statements as a
whole, and in our opinion thereon, and we do not provide
a separate opinion on these matters.
Risk Our response to the risk
Key observations
communicated to the
Audit and Risk
Assurance Committee
Incomplete or inaccurate revenue
recognition (as described on
page 51) in the Audit and Risk
Assurance Committee Report and
as per the accounting policy set out
on page 70).
The total revenue for the year to
31 October 2025 was £31.48m (2024:
£38.66m), consisting primarily of
dividend income from listed equity
investments.
Additionally, in accordance with the
AIC SORP, special dividends
received by the Company can be
included in either the revenue or
capital columns of the Income
Statement depending on the
commercial circumstances behind
the payments.
There is a risk of incomplete or
inaccurate recognition of revenue
through the failure to recognise
proper income entitlements or to
apply an appropriate accounting
treatment.
We obtained an understanding of the processes and
controls surrounding revenue recognition by
performing walkthrough procedures.
For 100% of dividends received and accrued, we
recalculated the income by multiplying the investment
holdings at the ex-dividend date, traced from the
accounting records, by the dividend per share, which
was agreed to an independent data vendor. We also
agreed all exchange rates to an independent data
vendor and agreed a sample of dividend receipts to
bank statements.
For 100% of dividends accrued, we reviewed the investee
company announcement to assess whether the
dividend entitlements arose prior to 31 October 2025.
To test completeness of recorded income, we verified
that expected dividends for each investee company
held during the year had been recorded as income
with reference to investee company announcements
obtained from an independent data vendor.
For a sample of special dividends, we assessed the
appropriateness of management’s classification as
revenue or capital by reviewing the underlying rationale
for the distributions.
The results of our
procedures
identified no
material
misstatement in
relation to
incomplete or
inaccurate revenue
recognition.
60
The Bankers Investment Trust PLC Annual Report 2025
Independent Auditor’s Report continued
Risk Our response to the risk
Key observations
communicated to the
Audit and Risk
Assurance Committee
Incorrect valuation or ownership
of the investment portfolio (as
described on page 51 in the Report
of the Audit and Risk Assurance
Committee and as per the
accounting policy set out on
page 69).
The valuation of the investment
portfolio at 31 October 2025 was
£1,516.26m (2024: £1,455.33m)
primarily consisting of listed
investments.
The fair value of investments is
determined by reference to stock
exchange quoted market bid prices
at the close of business on the
reporting date.
The valuation of the assets held in
the investment portfolio is the
primary driver of the Company’s
net asset value and total return.
Incorrect investment pricing, or a
failure to maintain proper legal title
of the assets held by the Company
could have a significant impact on
the portfolio valuation and the
return generated for shareholders.
We obtained an understanding of the processes and
controls surrounding investment valuation and legal title
of investments by performing walkthrough procedures.
For all investments in the portfolio, we compared the
market prices and exchange rates applied to an
independent pricing vendor and recalculated the
investment valuations as at the year-end.
For all investments in the portfolio, we obtained the
market prices from an independent pricing vendor for
five business days pre and post the year end date and
calculated the day-on-day movements to identify any
stale prices. We verified that the listed prices are valid
fair values through review of trading activity.
We compared the Company’s investment holdings at
31 October 2025 to an independent confirmation
received directly from the Company’s Custodian.
The results of our
procedures
identified no
material
misstatement in
relation to the risk of
incorrect valuation
or ownership of the
investment portfolio.
Our application of materiality
We apply the concept of materiality in planning and
performing the audit, in evaluating the effect of
identified misstatements on the audit and in forming our
audit opinion.
Materiality
The magnitude of an omission or misstatement that,
individually or in the aggregate, could reasonably be
expected to influence the economic decisions of the
users of the financial statements. Materiality provides a
basis for determining the nature and extent of our audit
procedures.
We determined materiality for the Company to be
£14.36m (2024: £14.34m), which is 1% (2024: 1%) of net
assets. We believe that net assets provide us with
materiality aligned to the key measure of the Company’s
performance.
During the course of our audit, we reassessed initial
materiality and found no reason to alter the basis of
calculation at year end.
Performance materiality
The application of materiality at the individual account
or balance level. It is set at an amount to reduce to an
appropriately low level the probability that the
aggregate of uncorrected and undetected
misstatements exceeds materiality.
On the basis of our risk assessments, together with our
assessment of the Company’s overall control
environment, our judgement was that performance
materiality was 75% (2024: 75%) of our planning
materiality, namely £10.77m (2024: £10.76m). We have set
performance materiality at this percentage due to our
past experience of working with the Company which
therefore indicates a lower risk of misstatements, both
corrected and uncorrected.
Given the importance of the distinction between
revenue and capital for investment trusts, we have also
applied a separate testing threshold for the revenue
column of the Statement of Comprehensive Income of
£1.36m (2024: £1.72m) being 5% (2024: 5%) of the revenue
profit before taxation.
Reporting threshold
An amount below which identified misstatements are
considered as being clearly trivial.
We agreed with the Audit and Risk Assurance
Committee that we would report to them all uncorrected
audit differences in excess of £0.72m (2024: £0.72m),
which is set at 5% of planning materiality, as well as
differences below that threshold that, in our view,
warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against
both the quantitative measures of materiality discussed
above and in light of other relevant qualitative
considerations in forming our opinion.
Other information
The other information comprises the information
included in the annual report other than the financial
statements and our auditor’s report thereon. The
Directors are responsible for the other information
contained within the annual report.
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
61
The Bankers Investment Trust PLC Annual Report 2025
Governance
Independent Auditor’s Report continued
Our opinion on the financial statements does not cover
the other information and, except to the extent otherwise
explicitly stated in this report, we do not express any
form of assurance conclusion thereon.
Our responsibility is to read the other information and, in
doing so, consider whether the other information is
materially inconsistent with the financial statements, or
our knowledge obtained in the course of the audit or
otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent
material misstatements, we are required to determine
whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work
we have performed, we conclude that there is a material
misstatement of the other information, we are required
to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed
by the Companies Act 2006
In our opinion the part of the Directors’ Remuneration
Report to be audited has been properly prepared in
accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the
course of the audit:
• the information given in the strategic report and the
directors’ report for the financial year for which the
financial statements are prepared is consistent with the
financial statements; and
• the strategic report and directors’ report have been
prepared in accordance with applicable legal
requirements.
Matters on which we are required to
report by exception
In the light of the knowledge and understanding of the
Company and its environment obtained in the course of
the audit, we have not identified material misstatements
in the strategic report or directors’ report.
We have nothing to report in respect of the following
matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or
returns adequate for our audit have not been received
from branches not visited by us; or
• the financial statements and the part of the Directors’
Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified
by law are not made; or
• we have not received all the information and
explanations we require for our audit.
Corporate Governance Statement
We have reviewed the directors’ statement in relation to
going concern, longer-term viability and that part of the
Corporate Governance Statement relating to the
Company’s compliance with the provisions of the UK
Corporate Governance Code specified for our review by
the UK Listing Rules.
Based on the work undertaken as part of our audit, we
have concluded that each of the following elements of
the Corporate Governance Statement is materially
consistent with the financial statements or our
knowledge obtained during the audit:
• Directors’ statement with regards to the
appropriateness of adopting the going concern basis
of accounting and any material uncertainties identified
set out on page 69;
• Directors’ explanation as to its assessment of the
company’s prospects, the period this assessment
covers and why the period is appropriate set out on
page 31;
• Director’s statement on whether it has a reasonable
expectation that the group will be able to continue in
operation and meets its liabilities set out on page 31;
• Directors’ statement on fair, balanced and
understandable set out on page 50;
• The Board’s confirmation that it has carried out a
robust assessment of the emerging and principal risks
set out on page 32;
• The section of the annual report that describes the
review of effectiveness of risk management and
internal control systems set out on pages 48-49; and;
• The section describing the work of the Audit And Risk
Assurance Committee set out on pages 48-49.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities
statement set out on page 58, the Directors are
responsible for the preparation of the financial
statements and for being satisfied that they give a true
and fair view, and for such internal control as the
Directors determine is necessary to enable the
preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are
responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
concern basis of accounting unless the Directors either
intend to liquidate the Company or to cease operations,
or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit
of the financial statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole are
free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always
detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of these
financial statements.
62
The Bankers Investment Trust PLC Annual Report 2025
Independent Auditor’s Report continued
Explanation as to what extent the audit
was considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-
compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined
above, to detect irregularities, including fraud. The risk of
not detecting a material misstatement due to fraud is
higher than the risk of not detecting one resulting from
error, as fraud may involve deliberate concealment by,
for example, forgery or intentional misrepresentations, or
through collusion. The extent to which our procedures
are capable of detecting irregularities, including fraud, is
detailed below. However, the primary responsibility for
the prevention and detection of fraud rests with both
those charged with governance of the Company and
management.
• We obtained an understanding of the legal and
regulatory frameworks that are applicable to the
Company and determined that the most significant are
UK-adopted international accounting standards, the
Companies Act 2006, the UK Listing Rules, UK Corporate
Governance Code, the Association of Investment
Companies’ Code and Statement of Recommended
Practice, Section 1158 of the Corporation Tax Act 2010
and the Companies (Miscellaneous Reporting)
Regulations 2018.
• We understood how the Company is complying with
those frameworks by discussions with the Audit and
Risk Assurance Committee and the Company Secretary
and review of Board minutes and the Company’s
documented policies and procedures.
• We assessed the susceptibility of the Company’s
financial statements to material misstatement,
including how fraud might occur by considering the
key risks impacting the financial statements.
• Based on this understanding we designed our audit
procedures to identify non-compliance with such laws
and regulations. Our procedures involved review of the
reporting to the Directors with respect to the
application of the documented policies and
procedures and review of the financial statements to
ensure compliance with the reporting requirements of
the Company.
A further description of our responsibilities for the audit of
the financial statements is located on the Financial
Reporting Council’s website at https://www.frc.org.uk/
auditorsresponsibilities. This description forms part of our
auditor’s report.
Other matters we are required to
address
• Following the recommendation from the Audit and Risk
Assurance Committee, we were appointed by the
Company on 17 November 2016 to audit the financial
statements for the year ending 31 October 2016 and
subsequent financial periods. The period of total
uninterrupted engagement including previous
renewals and reappointments is 10 years, covering the
years ending 31 October 2016 to 31 October 2025.
• The audit opinion is consistent with the additional
report to the Audit and Risk Assurance Committee.
Use of our report
This report is made solely to the Company’s members, as
a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been
undertaken so that we might state to the Company’s
members those matters we are required to state to them
in an auditor’s report and for no other purpose. To the
fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company
and the Company’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
Mike Gaylor
Senior Statutory Auditor
For and on behalf of Ernst & Young LLP
14 January 2026
Strategic Report
Financial
Statements
Additional
Information
AGM Notice
63
The Bankers Investment Trust PLC Annual Report 2025
Governance
Financial
Statements
In this section
65 Statement of Comprehensive Income
66 Statement of Changes in Equity
67 Statement of Financial Position
68 Cash Flow Statement
69 Notes to the Financial Statements
64
The Bankers Investment Trust PLC Annual Report 2025
Statement of Comprehensive Income
for the year ended 31 October
Notes
Year ended 31 October 2025 Year ended 31 October 2024
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
2 Gains on investments held at fair
value through profit or loss
– 199,242 199,242 – 205,394 205,394
3
Investment income
31,177 – 31,177 37,652 – 37,652
4
Other operating income
298 – 298 1,003 – 1,003
Total income
31,475 199,242 230,717 38,655 205,394 244,049
Expenses
5
Management fees
(1,762) (4,112) (5,874) (1,856) (4,334) (6,190)
6
Other expenses
(1,435) – (1,435) (1,329) – (1,329)
Profit before finance costs and
taxation
28,278 195,130 223,408 35,470 201,060 236,530
7
Finance costs
(1,002) (2,338) (3,340) (998) (2,329) (3,327)
Profit before taxation
27,276 192,792 220,068 34,472 198,731 233,203
8
Taxation
(3,164) (213) (3,377) (3,194) (59) (3,253)
Profit for the year and total
comprehensive income
24,112 192,579 216,691 31,278 198,672 229,950
9
Earnings per ordinary share
2.25p 18.00p 20.25p 2.63p 16.70p 19.33p
The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with
UK-adopted International Accounting Standards. The revenue return and capital return columns are supplementary to
this and are prepared under guidance published by the Association of Investment Companies. The Company had no
recognised gains or losses other than those disclosed in the Statement of Comprehensive Income.
Strategic Report Governance
Additional
Information
AGM Notice
65
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
The notes on pages 69 to 86 form part of these financial statements.
Statement of Changes in Equity
for the year ended 31 October
Notes
Year ended 31 October 2025
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Other
capital
reserves
£’000
Revenue
reserve
£’000
Total
£’000
Total equity at 1 November 2024
32,878 159,797 12,489 1,186,189 42,793 1,434,146
Total comprehensive income:
Profit for the year
– – – 192,579 24,112 216,691
Transactions with owners, recorded
directly to equity:
18, 19 Buyback of shares to treasury
– – – (185,540) – (185,540)
10 Ordinary dividends paid
– – – – (29,611) (29,611)
Total equity at 31 October 2025
32,878 159,797 12,489 1,193,228 37,294 1,435,686
Notes
Year ended 31 October 2024
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Other
capital
reserves
£’000
Revenue
reserve
£’000
Total
£’000
Total equity at 1 November 2023
32,878 159,797 12,489 1,084,848 43,511 1,333,523
Total comprehensive income:
Profit for the year
– – – 198,672 31,278 229,950
Transactions with owners, recorded
directly to equity:
18, 19 Buyback of shares to treasury
– – – (97,331) – (97,331)
10 Ordinary dividends paid
– – – – (31,996) (31,996)
Total equity at 31 October 2024
32,878 159,797 12,489 1,186,189 42,793 1,434,146
66
The Bankers Investment Trust PLC Annual Report 2025
The notes on pages 69 to 86 form part of these financial statements.
Statement of Financial Position
Notes
At 31 October
2025
£’000
At 31 October
2024
£’000
Non-current assets
11 Investments held at fair value through profit or loss
1,516,260 1,455,333
Current assets
12 Investments held at fair value through profit or loss
7,545 33,549
13 Other receivables
4,582 4,646
Cash and cash equivalents
37,093 66,689
49,220 104,884
Total assets
1,565,480 1,560,217
Current liabilities
14 Other payables
(4,522) (2,315)
(4,522) (2,315)
Total assets less current liabilities
1,560,958 1,557,902
Non-current liabilities
15 Unsecured loan notes
(125,272) (123,756)
(125,272) (123,756)
Net assets
1,435,686 1,434,146
Equity attributable to equity shareholders
18 Share capital
32,878 32,878
Share premium account
159,797 159,797
19 Capital redemption reserve
12,489 12,489
Retained earnings:
19 Other capital reserves
1,193,228 1,186,189
20 Revenue reserves
37,294 42,793
Total equity
1,435,686 1,434,146
17 Net asset value per ordinary share
144.7p 125.2p
The financial statements on pages 65 to 86 were approved by the Board of Directors on 14 January 2026 and signed on
its behalf by:
Simon Miller
Chair
Strategic Report Governance
Additional
Information
AGM Notice
67
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
The notes on pages 69 to 86 form part of these financial statements.
Cash Flow Statement
for the year ended 31 October
Notes Reconciliation of profit before taxation to net cash flow from operating activities
Year ended
31 October
2025
£’000
Restated
1
Year ended
31 October
2024
£’000
Operating activities
Profit before taxation
220,068 233,203
2 Less: gain on investments held at fair value through profit or loss
(199,242) (205,394)
Purchases of investments
(672,008) (1,013,738)
Sales of investments
812,508 1,191,430
Purchases of current asset investments
(164,107) (117,393)
Sales of current asset investments
190,111 96,959
Decrease in securities purchased for future settlement
– (13,721)
Decrease in securities sold for future settlement
– 13,559
(Increase)/decrease in other receivables
(112) 32
Increase/(decrease) in other payables
55 (94)
Decrease in accrued income
291 502
Add back interest payable (‘finance costs’)
3,340 3,327
Net cash inflow from operating activities before interest and taxation
190,904 188,672
Interest paid
(3,322) (3,359)
Taxation paid
(3,493) (2,932)
Net cash inflow from operating activities
184,089 182,381
Financing activities
10 Equity dividends paid (net of refund of unclaimed distributions)
(29,611) (31,996)
Share buybacks
(183,388) (98,207)
Net cash outflow from financing activities
(212,999) (130,203)
(Decrease)/Increase in cash
(28,910) 52,178
Cash and cash equivalents at the start of the year
66,689 14,525
Exchange movements
(686) (14)
Cash and cash equivalents at the end of the year
37,093 66,689
1 Prior year comparatives have been restated as explained further in note 1(r)
In accordance with IAS 7.31 cash inflow from dividends was £26,984,000 (2024: £33,624,000) and cash inflows from interest was £1,194,000 (2024: £1,767,000).
68
The Bankers Investment Trust PLC Annual Report 2025
The notes on pages 69 to 86 form part of these financial statements.
Notes to the Financial Statements
1 Accounting policies
a) Basis of preparation
The Bankers Investment Trust PLC is a company incorporated and domiciled in the United Kingdom under the
Companies Act 2006. The financial statements of the Company for the year ended 31 October 2025 have been
prepared in accordance with UK-adopted International Accounting Standards.
The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the
revaluation of certain financial instruments held at fair value through profit or loss. The principal accounting policies
adopted are set out below. These policies have been applied consistently throughout the year. Where presentational
guidance set out in the Statement of Recommended Practice (‘the SORP’) for investment companies issued by the
Association of Investment Companies (AIC) amended in July 2022 is consistent with the requirements of UK-adopted
International Accounting Standards, the Directors have sought to prepare the financial statements on a basis
consistent with the recommendations of the SORP.
Going concern
In reviewing viability (see page 31) and going concern, the Directors have considered, among other things, cash
flow forecasts, a review of covenant compliance including the headroom above the most restrictive covenants, an
assessment of the liquidity of the portfolio and changes in the international political landscape and
macroeconomic uncertainties. The assets of the Company consist mainly of securities that are listed and readily
realisable.
Thus, after making due enquiry, the Directors believe that the Company has adequate financial resources to meet
its financial obligations, including the repayment of any borrowings, and to continue in operational existence for at
least 12 months from the date of approval of the financial statements to 31 January 2027. Accordingly, the Directors
continue to adopt the going concern basis in preparing the financial statements.
Accounting Standards
i) New and amended standards adopted by the Company
The following new and amended standards are relevant and applicable to the Company and have been adopted
although they have no impact on the financial statements.
Standards
Effective for annual periods
beginning on or after
IAS 1 Amendments Classification of Liabilities as Current or Non-Current
01 Jan 2024
IAS 1 Amendments Non-current Liabilities with Covenants
01 Jan 2024
IAS 7 and IFRS 7 Amendments Supplier Finance Arrangements
01 Jan 2024
ii) New standards, amendments and interpretations issued but not effective for the current financial year and not
early adopted by the Company
Standards
Effective for annual periods
beginning on or after
IAS 21 Amendments Lack of Exchangeability
01 Jan 2025
Annual Improvements 2023-24 Minor amendments to IFRS 1, 7, 9, 10, and IAS 7
01 Jan 2026
IFRS 7 and 9 Amendments
Classification and Measurement of Financial
Instruments
01 Jan 2026
IFRS 7 and 9 Amendments Contracts Referencing Nature-dependent Electricity
01 Jan 2026
AIC SORP 2025 Revision
01 Jan 2026
IFRS 18 Presentation and Disclosure in Financial Statements
01 Jan 2027
These are not expected to have a material impact on the Company’s financial statements.
b) Investments held at fair value through profit or loss
All investments are classified as held at fair value through profit or loss. Investment transactions are accounted for on a
trade date basis. Investments are de-recognised at the trade date of the disposal. Proceeds are measured at fair value,
which is regarded as the proceeds of sale less any transaction costs. The fair value of the financial instruments in the
statement of financial position is based on their quoted bid price at the statement of financial position date, without
deduction of the estimated future selling costs.
Changes in the fair value of investments held at fair value through profit or loss and gains and losses on disposal are
recognised in the Statement of Comprehensive Income as ‘Gains on investments held at fair value through profit or
loss’. Also included within this caption are transaction costs in relation to the purchase or sale of investments.
Strategic Report Governance
Additional
Information
AGM Notice
69
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
Notes to the Financial Statements continued
1 Accounting policies continued
c) Presentation of Statement of Comprehensive Income
In accordance with guidance issued by the AIC, supplementary information which analyses the statement of
comprehensive income between items of a revenue and capital nature has been presented alongside the statement
of comprehensive income. The net revenue is the measure the Directors believe appropriate in assessing the
Company’s compliance with certain requirements set out in section 1158 of the Corporation Tax Act 2010.
d) Income
Dividends receivable on equity shares are recognised as revenue for the year on an ex-dividend basis. Special dividends
are treated as revenue return or as capital return, depending on the facts of each individual case. Bank deposit interest
are accounted for on an accruals basis.
e) Expenses
All expenses and interest payable are accounted for on an accruals basis. On the basis of the Board’s expected long
term split of total returns in the form of capital and revenue returns of 70% and 30% respectively, the Company charges
70% of its finance costs and investment management fees to capital. Expenses which are incidental to the purchase or
sale of an investment are charged to the capital return column of the statement of comprehensive income and
allocated to other capital reserves. All other operating expenses are charged to the revenue return column of the
statement of comprehensive income.
f) Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in
the statement of comprehensive income because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The liability for current tax is
calculated using the effective tax rate of corporation tax for the accounting period.
In line with the recommendations of the SORP, the allocation method used to calculate tax relief on expenses presented
against capital returns in the supplementary information in the statement of comprehensive income is the ‘marginal
basis’. Under this basis, if taxable income is capable of being offset entirely by expenses presented in the revenue return
column of the statement of comprehensive income, then no tax relief is transferred to the capital return column.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets
and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit,
and is accounted for using the statement of financial position liability method. Deferred tax liabilities are recognised for
all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable
profits will be available against which deductible temporary differences can be utilised. Investment trusts which have
approval as such under section 1158 of the Corporation Tax Act 2010 are not liable for UK taxation or taxation in the UK on
capital gains.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the
asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates
to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
g) Dividends payable to shareholders
Dividends payable to shareholders are recognised in the financial statements when they are paid or, in the case of final
dividends, when they are approved by shareholders. Dividends paid are disclosed in the statement of changes in equity.
h) Foreign currency
For the purposes of the financial statements, the results and financial position is expressed in pounds sterling, which
is the functional currency of the Company and the presentational currency of the Company. Sterling is the functional
currency because it is the currency of the primary economic environment in which the Company operates and its
primary capital raising currency.
Transactions recorded in overseas currencies during the year are translated into sterling at the appropriate daily
exchange rates. Monetary assets and liabilities and equity investments held at fair value through profit or loss that are
denominated in overseas currencies at the statement of financial position date are translated into sterling at the
exchange rates ruling at that date. Exchange gains and losses on investments held at fair value through profit or loss
are included within ‘Gains on investments held at fair value through profit or loss’.
i) Cash
Cash comprises cash in hand and on demand deposits.
70
The Bankers Investment Trust PLC Annual Report 2025
Notes to the Financial Statements continued
1 Accounting policies continued
j) Borrowings
Interest-bearing bank loans, overdrafts, debentures and loan notes are recorded initially at fair value, being the
proceeds received, net of direct issue costs. They are subsequently measured at amortised cost. Finance costs,
including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals
basis in the statement of comprehensive income using the effective interest rate method and are added to the
carrying amount of the instrument to the extent that they are not settled in the period in which they arise.
k) Issue and repurchase of ordinary shares
The proceeds from the issue of new ordinary shares (including those relating to the sale of shares out of treasury) and
the aggregate cost of repurchasing ordinary shares including related stamp duty and transaction costs are taken
directly to equity and disclosed in the statement of changes in equity. Issue costs incurred in respect of shares sold out
of treasury are offset against proceeds received and dealt with in other capital reserves. Share issues and repurchase
transactions are accounted for on a trade date basis. The nominal value of ordinary share capital repurchased and
cancelled is transferred out of called-up share capital and into the capital redemption reserve.
l) Capital reserves
Other capital reserves are split into two components, the capital reserve arising on investments sold and the capital
reserve arising on revaluation of investments held, together ’Other capital reserves’. The following analyses what is
accounted for in each of these components.
Capital reserve arising on investments sold
The following are accounted for in this reserve:
• gains and losses on the disposals of investments;
• expenses and finance costs allocated to capital net of tax relief;
• realised foreign exchange differences of a capital nature; and
• costs of repurchasing ordinary share capital.
Capital reserve arising on revaluation of investments held
The following are accounted for in this reserve:
• increases and decreases in the valuation of investments held at the year end; and
• unrealised foreign exchange differences of a capital nature.
Revenue reserve
The revenue reserve represents accumulated revenue profits retained by the Company that have not currently been
distributed to shareholders as a dividend.
Capital redemption reserve
The capital redemption reserve represents the nominal value of ordinary shares repurchased and cancelled.
Share capital
Share capital represents the nominal value of ordinary shares in issue.
Share premium
The share premium account represents the premium above nominal value received by the Company on issuing shares
net of issue costs.
m) Distributable reserves
The Company’s capital reserve arising on investments sold of £781,210,000 (2024: £890,806,000) and revenue reserve of
£37,294,000 (2024: £42,793,000) may be distributed by way of a dividend.
n) Key estimates and assumptions
Estimates and assumptions used in preparing the financial statements are reviewed on an ongoing basis and are
based on historical experience and various other factors that are believed to be reasonable under the circumstances.
The results of these estimates and assumptions form the basis of making judgements about carrying values of assets
and liabilities that are not readily apparent from other sources.
The Directors do not believe there are any estimates and assumptions that have been applied to this set of financial
statements that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities, nor do
they believe that there are any estimates that have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year. The decision to allocate special dividends as income or capital
is a judgement but not deemed to be a significant judgement. The fair values of investments are used, whereby quoted
prices are used to value the investments in active markets and thereby reflect participants’ views of climate change risk.
Strategic Report Governance
Additional
Information
AGM Notice
71
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
Notes to the Financial Statements continued
1 Accounting policies continued
o) Receivables
Receivables are amounts due from securities sold for future settlement, withholding tax recoverable, prepayments and
accrued income in the ordinary course of business. If collection is expected in one year or less, they are classified as current
assets. If not, they are presented as non-current assets. Receivables are recognised initially at fair value based on
contractual settlement amounts and subsequently measured at amortised cost using the effective interest rate method.
p) Payables
Trade payables are obligations to pay for securities purchased for future settlement, accruals and deferred income
that have been acquired/incurred in the ordinary course of business. Accounts payable are classified as current
liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables
are recognised initially at fair value based on contractual settlement amounts and subsequently measured at
amortised cost using the effective interest rate method.
q) Policy on operating segments
Under IFRS 8, operating segments are considered to be the components of an entity, about which separate financial
information is available, that is evaluated regularly by the chief operating decision-maker (the Board, with support from
Janus Henderson) in deciding how to allocate resources and in assessing performance. The Directors meet regularly to
consider investment strategy and to monitor the Company’s performance. The Co-Fund Managers, who have been
appointed to manage the Company’s investments, attend all Board meetings at which investment strategy and
performance are discussed. The Directors consider that the Company has one operating segment, which invests in shares
and securities primarily for capital appreciation and dividend growth in accordance with the Company’s published
investment objective.
The business is not managed on a geographical basis. However, disclosure by geographical segment has been
provided in note 3 on page 73. Further analyses of expenses, investment gains or losses, profit and other assets and
liabilities by country have not been given as either it is not possible to prepare such information in a meaningful way or
the results are not considered to be significant.
r) Restatement of Cash Flow Statement
Following publication of the annual financial statements for the year ended 31 October 2024, an error was identified in
the Cash Flow Statement whereby the cash balance did not agree to the Statement of Financial Position. This error was
primarily due to an omission of a line item in the Cash Flow Statement relating to the movement in ‘securities sold for
future settlement’ and additionally a classification error in relation to ‘interest paid’. These matters resulted in the value
of the ‘Cash and cash equivalents at the end of the year’ being incorrect. The error did not impact the Statement of
Comprehensive Income, Statement of Changes in Equity or the Statement of Financial Position, where the correct cash
position was presented, nor did it impact earnings per share or the net asset value per share.
The comparative figures in the Cash Flow Statement for the year ended 31 October 2024 have therefore been restated
to correct these errors and the following corrections have been made, which include corrections to a number of the
sub-totals within the statement:
Cash flow line item
As
previously
reported
£’000
As restated
£’000
Impact on
line
£’000
(Increase)/decrease in securities sold for future settlement
– 13,559 13,559
Net cash inflow from operating activities before interest and taxation (sub-total)
175,113 188,672 13,559
Interest paid
(4,506) (3,359) 1,147
Net cash flow from operating activities (sub-total)
167,675 182,381 14,706
(Decrease)/increase in cash (sub-total)
37,472 52,178 14,706
Cash and cash equivalents
51,983 66,689 14,706
72
The Bankers Investment Trust PLC Annual Report 2025
Notes to the Financial Statements continued
2 Gains on investments held at fair value through profit or loss
2025
£’000
2024
£’000
Gains on sale of investments based on historical cost
83,271 61,621
Class action proceeds
22 –
Revaluation gains recognised in previous years
(113,668) (25,112)
(Losses)/gains on investments sold in the year based on carrying value at previous statement
of financial position date
(30,375) 36,509
Revaluation of investments held at 31 October
231,802 167,729
Exchange (losses)/gains
(2,185) 1,156
Gains on Investments held at fair value through profit or loss
199,242 205,394
3 Investment income
2025
£’000
2024
£’000
UK dividend income – listed
3,783 8,341
Overseas dividend income – listed
26,050 28,241
Overseas dividend income – special dividends
1,344 829
Property income distributions
– 241
31,177 37,652
Analysis of investment income by geographical region:
Pan Europe
9,956 15,443
North America
13,649 10,478
Japan
3,455 4,073
Pan Asia
4,117 7,658
31,177 37,652
Special dividends received in the year amounted to £1,344,000 (2024: £974,000), of which £1,344,000 were classified as
revenue (2024: £829,000) and £nil (2024: £145,000) classified as capital.
4 Other operating income
2025
£’000
2024
£’000
Bank interest
288 990
Other income
10 13
298 1,003
5 Management fees
2025 2024
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Investment management 1,762 4,112 5,874 1,856 4,334 6,190
1,762 4,112 5,874 1,856 4,334 6,190
A summary of the terms of the management agreement is given in the Business Model on page 29 and further details
can be found in note 23.
Strategic Report Governance
Additional
Information
AGM Notice
73
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
Notes to the Financial Statements continued
6 Other expenses
2025
£’000
2024
£’000
Directors’ fees and expenses (see page 56)
209 213
Auditors’ remuneration – for audit services
56 55
Expenses payable to Janus Henderson (relating to marketing services)
355 182
Bank/custody charges
223 259
Depositary fees
54 60
Registrar fees
92 78
AIC subscriptions
23 21
Broker fee
70 70
Printing expenses
24 30
Legal fees
40 15
Listing fees
133 142
Irrecoverable VAT
15 15
Loan arrangement & non-utilisation fees
1
– 25
Other expenses
141 164
1,435 1,329
1 The Company’s multi-currency facility with SMBC Bank International plc expired on 1 March 2024 and has not been renewed
The compensation payable to key management personnel in respect of short-term employment benefits was £209,000
(2024: £213,000) which relates wholly to the fees and expenses payable to the Directors in respect of the year.
7 Finance costs
2025 2024
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Interest on bank overdrafts
1 3 4 – 1 1
Interest on unsecured loan notes repayable:
– after five years
1
1,001 2,335 3,336 998 2,328 3,326
1,002 2,338 3,340 998 2,329 3,327
1 Includes amortisation of issue costs and will therefore vary from year to year
74
The Bankers Investment Trust PLC Annual Report 2025
Notes to the Financial Statements continued
8 Taxation
a) Analysis of the tax charge for the year
2025 2024
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Overseas tax suffered
3,574 – 3,574 3,857 – 3,857
Corporation tax prior year adjustment
49 – 49 – – –
Indian capital gains tax charge on sales
– 213 213 – 59 59
Overseas tax reclaimable
(459) – (459) (663) – (663)
Total tax charge for the year
3,164 213 3,377 3,194 59 3,253
b) Factors affecting the tax charge for the year
The differences are explained below:
2025 2024
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Profit before taxation
27,276 192,792 220,068 34,472 198,731 233,203
Corporation tax at rate for the year at 25%
(2024: 25%)
6,819 48,198 55,017 8,618 49,683 58,301
Non-taxable UK dividends
(810) – (810) (1,823) – (1,823)
Overseas income and non-taxable scrip
dividends
(6,705) – (6,705) (7,197) – (7,197)
Other non-taxable income
– (5) (5) – – –
Overseas withholding tax suffered
3,115 – 3,115 3,194 – 3,194
Indian capital gains tax charge on sales
– 213 213 – 59 59
Corporation tax prior year adjustment
49 – 49 – – –
Excess management expenses and loan
relationships
607 1,523 2,130 402 1,665 2,067
Expenses not deductable for tax purposes
51 – 51 – – –
Corporate interest restriction
38 89 127 – – –
Capital gains not subject to tax
– (49,805) (49,805) – (51,348) (51,348)
3,164 213 3,377 3,194 59 3,253
c) Provision for deferred taxation
No provision for deferred taxation has been made in the current year or in the prior year.
The Company has not provided for deferred tax on capital gains or losses arising on the revaluation or disposal of
investments as it is exempt from tax on these items because of its status as an investment trust, which it intends to
maintain for the foreseeable future.
d) Factors that may affect future tax charges
The Company can offset management fees, other administrative expenses and interest costs against taxable income
to eliminate any tax charge on such income. The tax legislation refers to these as management expenses
(management fees and other administrative expenses) and non-trade loan relationship deficits (interest costs) and
these are captured together under the heading ‘Excess management expenses and loan relationships’ in the table
above. Where these are not fully utilised, they can be carried forward to future years. As the Company is unlikely to
generate future taxable profits to utilise these amounts, the Company cannot recognise an asset to reflect them, but
must still disclose the deferred tax amount carried forward arising from any unutilised amounts.
Consequently, the Company has not recognised a deferred tax asset totalling £25,916,000 (2024: £23,763,000) arising as
a result of having unutilised management expenses and unutilised non-trade loan relationship deficits totalling
£103,664,000 (2024: £95,053,000) and based on the prospective tax rate of 25% (2024: 25%).
Strategic Report Governance
Additional
Information
AGM Notice
75
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
Notes to the Financial Statements continued
9 Earnings per ordinary share
The total earnings per ordinary share is based on the net profit attributable to the ordinary shares of £216,691,000 (2024:
profit of £229,950,000) and on 1,069,953,981 ordinary shares (2024: 1,189,599,929), being the weighted average number of
shares in issue during the year.
The total earnings can be further analysed as follows:
2025
£’000
2024
£’000
Revenue profit
24,112 31,278
Capital profit
192,579 198,672
Profit for the year
216,691 229,950
Weighted average number of ordinary shares
1,069,953,981 1,189,599,929
Revenue earnings per ordinary share
2.25p 2.63p
Capital earnings per ordinary share
18.00p 16.70p
Earnings per ordinary share
20.25p 19.33p
The Company does not have any dilutive securities therefore basic and diluted earnings per share are the same.
10 Dividends on ordinary shares
Dividends on ordinary shares Record date Payment date
2025
£’000
2024
£’000
Third interim dividend (0.66p) for the year ended
31 October 2023 27 October 2023 30 November 2023
– 8,155
Final dividend (0.66p) for the year ended
31 October 2023 26 January 2024 29 February 2024
– 8,050
First interim dividend (0.672p) for the year ended
31 October 2024 26 April 2024 31 May 2024
– 7,968
Second interim dividend (0.672p) for the year ended
31 October 2024 26 July 2024 31 August 2024
– 7,823
Third interim dividend (0.672p) for the year ended
31 October 2024 25 October 2024 29 November 2024
7,711 –
Final dividend (0.672p) for the year ended
31 October 2024 24 January 2025 28 February 2025
7,491 –
First interim dividend (0.686p) for the year ended
31 October 2025 25 April 2025 30 May 2025
7,305 –
Second interim dividend (0.686p) for the year ended
31 October 2025 25 July 2025 29 August 2025
7,104 –
29,611 31,996
The total dividends payable in respect of the financial year, which form the basis of the calculation of the retention test
under Section 1158 of the Corporation Tax Act 2010, are set out below. All dividends have been paid or will be paid out of
revenue profits.
2025
£’000
2024
£’000
Revenue available for distribution by way of dividend for the year
24,112 31,278
First interim dividend (0.686p) (2024: 0.672p)
(7,305) (7,968)
Second interim dividend (0.686p) (2024: 0.672p)
(7,104) (7,823)
Third interim dividend (0.686p) paid on 28 November 2025 (2024: 0.672p paid on 29 November 2024)
(6,836) (7,711)
Final dividend (0.686p) payable on 2 March 2026 (2025: 0.672p paid on 28 February 2025)
1
(6,680) (7,491)
Revenue (deficit)/surplus for Section 1158 purposes
(3,813) 285
1 Based on the number of shares in issue, excluding shares held in treasury of 973,704,495 on 12 January 2026 being the latest practicable date prior to the
publication of this report
76
The Bankers Investment Trust PLC Annual Report 2025
Notes to the Financial Statements continued
11 Investments held at fair value through profit or loss
2025
£’000
2024
£’000
Valuation at start of year
1,455,333 1,428,787
Investment holding gains at start of year
(294,950) (152,333)
Cost at start of year
1,160,383 1,276,454
Acquisitions at cost
672,008 1,013,738
Disposals at cost
(729,215) (1,129,809)
Cost at end of year
1,103,176 1,160,383
Investment holding gains at end of year
413,084 294,950
Valuation of investments at end of year
1,516,260 1,455,333
The Company received £812,486,000 (2024: £1,191,430,000) from investments sold in the year. The book cost of these
investments when they were purchased were £729,215,000 (2024: £1,129,809,000). These investments have been revalued
over time, until they were sold any unrealised gains/losses were included in the fair value of investments. In addition, the
Company received £22,000 (2024: nil) in respect of class action proceeds, making total proceeds received of
£812,508,000 (2024: £1,191,430,000).
Purchase and sale transaction costs for the year ended 31 October 2025 were £280,000 and £282,000 respectively
(2024: transaction costs of purchases £1,069,000; transaction costs of sales £548,000). These comprise mainly stamp
duty and commission.
The Company has no interests of 3% or more of any class of capital of the companies in its portfolio (2024: none).
12 Current asset investment
The Company has a holding in Deutsche Global Liquidity Series Fund, a money market fund which is viewed as a readily
disposable store of value and which is used to invest cash balances that would otherwise be placed on short-term
deposit. At 31 October 2025 this holding had a value of £7,545,000 (2024: £33,549,000).
13 Other receivables
2025
£’000
2024
£’000
Other taxes recoverable
2,281 2,166
Prepayments and accrued income
2,109 2,400
Other receivables
192 80
4,582 4,646
14 Current liabilities
2025
£’000
2024
£’000
Accruals
1,160 1,153
Buyback of shares into treasury for future settlement
2,499 347
Other payables
863 815
4,522 2,315
Strategic Report Governance
Additional
Information
AGM Notice
77
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
Notes to the Financial Statements continued
15 Non-current liabilities: amounts falling due after more than one year
2025
£’000
2024
£’000
Borrowings: Loan note (unsecured):
3.68% unsecured loan notes 2035
49,879 49,869
1.67% unsecured loan notes 2041 (Euro)
38,524 37,024
2.28% unsecured loan notes 2045
36,869 36,863
125,272 123,756
The £50,000,000 3.68% unsecured loan notes 2035 were issued on 27 May 2015 and are redeemable at par on 27 May
2035. The unsecured loan notes were issued net of costs totalling £210,000.
The €44,000,000 1.67% unsecured loan notes 2041 were issued on 3 August 2021 and are redeemable at par on
3 August 2041. The unsecured loan notes were issued net of costs totalling £155,000.
The £37,000,000 2.28% unsecured loan notes 2045 were issued on 3 August 2021 and are redeemable at par on
3 August 2045. The unsecured loan notes were issued net of costs totalling £152,000.
16 Risk management policies and procedures
16.1 Market risk
Janus Henderson assesses the exposure to market risk when making each investment decision and monitors the
overall level of market risk on the whole of the investment portfolio on an ongoing basis.
16.1.1 Market price risk
Market price risk (i.e. changes in market prices other than those arising from interest rate risk or currency risk) may
affect the fair value of quoted and unquoted investments.
Management of the risk
The Board of Directors manages the risks inherent in the investment policy by ensuring full and timely reporting of
relevant information from Janus Henderson. Investment performance is reviewed at each Board meeting. The Board
monitors Janus Henderson’s compliance with the Company’s objectives and is directly responsible for investment
strategy and asset allocation, including as between countries and economies.
The Company’s exposure to changes in market prices on its investments was as follows:
2025
£’000
2024
£’000
Equities
1,516,260 1,455,333
1,516,260 1,455,333
Market price risk sensitivity
The following table illustrates the sensitivity of the profit after taxation for the year and the Company’s net assets to
an increase or decrease of 20% (2024: 20%) in the fair values of the Company’s investments at each statement of
financial position date. This level of change is considered to be reasonably possible based on observation of current
market conditions.
2025 2024
Increase in
fair value
£’000
Decrease in
fair value
£’000
Increase in
fair value
£’000
Decrease in
fair value
£’000
Statement of comprehensive income – profit after tax
Revenue return
(364) 364 (349) 349
Capital return
302,403 (302,403) 290,252 (290,252)
Change to profit after tax for the year and net assets
302,039 (302,039) 289,903 (289,903)
78
The Bankers Investment Trust PLC Annual Report 2025
Notes to the Financial Statements continued
16 Risk management policies and procedures continued
16.1.2 Currency risk
Almost all of the Company’s assets, liabilities and income are denominated in currencies other than sterling (the
Company’s functional currency and presentational currency). As a result, movements in exchange rates may affect the
sterling value of those items.
Management of the risk
Janus Henderson monitors the Company’s exposure to foreign currencies on a daily basis and reports to the Board
at each Board meeting. Janus Henderson measures the risk to the Company of the foreign currency exposure by
considering the effect on the Company’s net asset value and total return of a movement in the exchange rates to
which the Company’s assets, liabilities, income and expenses are exposed.
Foreign currency borrowings may be used to limit the Company’s exposure to future changes in exchange rates which
might otherwise adversely affect the value of the portfolio of investments. These borrowings are limited to 20% of the
adjusted net asset value at the time of any draw down.
Investment income denominated in foreign currencies is converted into sterling on receipt. The Company did not use
financial instruments to mitigate the currency exposure in the period between the time that income is included in the
financial statements and its receipt.
During the year, derivative contracts were not used to hedge against exposure to currency risk.
Foreign currency exposure
The fair values of the Company’s monetary items that have foreign currency exposure at 31 October are shown below.
Where the Company’s equity investments (which are not monetary items) are denominated in a foreign currency, they
have been included separately in the analysis so as to show the overall level of exposure.
2025
US$
£’000
Euro
£’000
Japanese
Yen
£’000
Chinese
Yuan
£’000
Swiss
Franc
£’000
Other
£’000
Other receivables/(payables)
932 913 1,131 – 1,083 136
Cash and cash equivalents
863 – 43 34,252 – 42
Non-current liabilities
– (38,524) – – – –
Total foreign currency exposure on net
monetary items
1,795 (37,611) 1,174 34,252 1,083 178
Investments at fair value through profit or loss
that are equities
978,234 138,431 151,651 – 24,017 132,131
Total net foreign currency exposures
980,029 100,820 152,825 34,252 25,100 132,309
2024
US$
£’000
Euro
£’000
Japanese
Yen
£’000
Chinese
Yuan
£’000
Swiss
Franc
£’000
Other
£’000
Other receivables/(payables)
528 776 1,348 – 1,087 269
Cash and cash equivalents
637 – 34 35,005 – 137
Non-current liabilities
– (37,024) – – – –
Total foreign currency exposure on net
monetary items
1,165 (36,248) 1,382 35,005 1,087 406
Investments at fair value through profit or loss
that are equities
733,223 216,217 197,238 17,956 36,584 155,017
Total net foreign currency exposures
734,388 179,969 198,620 52,961 37,671 155,423
Foreign currency sensitivity
The table below illustrates the sensitivity of the total profit after tax for the year and the net assets in regard to movements
in the Company’s foreign currency financial assets and financial liabilities caused by 10% changes in the exchange rates
for the US dollar/sterling, euro/sterling, Japanese yen/sterling, Swiss franc/sterling and Chinese yuan/sterling.
These percentages are deemed reasonable based on the average market volatility in exchange rates in recent years.
The sensitivity analysis is based on the Company’s foreign currency financial assets and financial liabilities held at each
statement of financial position date, with all other variables held constant.
Strategic Report Governance
Additional
Information
AGM Notice
79
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
Notes to the Financial Statements continued
16 Risk management policies and procedures continued
The impact on the total profit after tax and the year end net assets of a depreciation of 10% in the year end exchange
rate for sterling against the currencies shown would have been as follows:
2025 2024
US$
£’000
Euro
£’000
Japanese
Yen
£’000
Swiss
Franc
£’000
Chinese
Yuan
£’000
US$
£’000
Euro
£’000
Japanese
Yen
£’000
Swiss
Franc
£’000
Chinese
Yuan
£’000
Statement of
Comprehensive Income
– profit after tax
Revenue return
1,494 562 411 120 30 1,440 621 464 157 170
Capital return
108,788 11,086 16,855 2,669 3,805 81,469 19,896 21,916 4,065 1,995
Change to profit after
tax for the year and
net assets
110,282 11,648 17,266 2,789 3,835 82,909 20,517 22,380 4,222 2,165
The impact on the total profit after tax and the year end net assets of an appreciation of 10% in the year end exchange
rate for sterling against the currencies shown would have been as follows:
2025 2024
US$
£’000
Euro
£’000
Japanese
Yen
£’000
Swiss
Franc
£’000
Chinese
Yuan
£’000
US$
£’000
Euro
£’000
Japanese
Yen
£’000
Swiss
Franc
£’000
Chinese
Yuan
£’000
Statement of
Comprehensive Income
– profit after tax
Revenue return
(1,222) (460) (336) (98) (24) (1,178) (508) (380) (129) (139)
Capital return
(89,009) (9,070) (13,790) (2,184) (3,114) (66,657) (16,278) (17,931) (3,327) (1,632)
Change to profit after
tax for the year and
net assets
(90,231) (9,530) (14,126) (2,282) (3,138) (67,835) (16,786) (18,311) (3,456) (1,771)
In the opinion of the Directors, the above sensitivity analyses are not representative of the year as a whole, since the level of
exposure changes frequently as part of the currency risk management process used to meet the Company’s objective.
16.1.3 Interest rate risk
Interest rate movements may affect the level of interest receivable from cash at bank, the current asset investment
and the value of fixed interest investments.
Management of the risk
The Company’s exposure to interest rate risk is managed by Janus Henderson and is reported to the Board on a
regular basis.
Interest rate exposure
The exposure at 31 October of financial assets and (financial liabilities) to interest rate risk is shown below. Floating
interest rates exposure is by reference to when the interest rate is due to be re-set. There is no exposure to interest rate
risk through the loan notes because the interest is at a fixed rate.
2025 2024
Within
one year
£’000
More than
one year
£’000
Total
£’000
Within
one year
£’000
More than
one year
£’000
Total
£’000
Exposure to floating interest rates:
Cash and cash equivalents
37,093 – 37,093 66,689 – 66,689
Current asset investment
7,545 – 7,545 33,549 – 33,549
44,638 – 44,638 100,238 – 100,238
The above amounts are not necessarily representative of the exposure to interest rates during the year, as the level of
exposure changes as investments are made and borrowings are drawn down and repaid.
80
The Bankers Investment Trust PLC Annual Report 2025
Notes to the Financial Statements continued
16 Risk management policies and procedures continued
Interest receivable and finance costs are at the following rates:
• Interest received on cash balances, or paid on bank overdrafts, is at a margin over SONIA or its foreign currency
equivalent (2024: same).
Interest rate sensitivity
The Company is primarily exposed to interest rate risk through its cash balances, bank loans, its current asset
investments and fixed income investments. The sensitivity of each exposure is as follows:
• Cash – Cash balances vary throughout the year. Cash balances at the year end were £37,093,000 (2024: £66,689,000)
and, if that level of cash was maintained for a full year, a 100 basis points change in interest rates (up or down) would
increase or decrease total net return after taxation by approximately £371,000 (2024: £667,000).
• Current asset investment sensitivity – The Company’s interest bearing current asset investment at the year end was
£7,545,000 (2024: £33,549,000) and, if that level of investment was maintained for a full year, a 100 basis points change
in interest rates (up or down) would increase or decrease total net return after taxation by approximately £75,000
(2024: £335,000).
There is no exposure to interest rate risk through the loan notes because the interest is at a fixed rate.
16.2 Liquidity risk
This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.
Management of the risk
Liquidity risk is not significant as the majority of the Company’s assets are investments in quoted securities that are
readily realisable.
The Board gives guidance to Janus Henderson as to the maximum amounts of the Company’s resources that should
be invested in any one company.
The policy is that the Company should generally remain fully invested and that short-term borrowings be used to
manage short-term cash requirements.
Liquidity risk exposure
The remaining contractual maturities of the financial liabilities at 31 October, based on the earliest date on which
payment could be required was as follows:
2025 2024
Due within
three
months
£’000
Due between
three
months and
one year
£’000
Due after
one year
£’000
Due within
three
months
£’000
Due between
three
months and
one year
£’000
Due after
one year
£’000
Unsecured loan notes
920 2,409 167,925 920 2,384 169,356
Other payables
4,522 – – 2,315 – –
5,442 2,409 167,925 3,235 2,384 169,356
Strategic Report Governance
Additional
Information
AGM Notice
81
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
Notes to the Financial Statements continued
16 Risk management policies and procedures continued
16.3 Credit and counterparty risk
The failure of the counterparty to a transaction to discharge its obligations under that transaction could result in the
Company suffering a loss.
Management of the risk
Credit risk is managed as follows:
• investment transactions are carried out with a large number of approved brokers, whose credit-standard is reviewed
periodically by Janus Henderson, and limits are set on the amount that may be due from any one broker; and
• cash at bank is held only with reputable banks with high quality external credit ratings and is subject to continual review.
Outstanding settlements are subject to credit risk. Credit risk is mitigated by the Company through its decision to
transact with counterparties of high credit quality. The Company only buys and sells investments through brokers which
are approved counterparties, thus minimising the risk of default through settlement. The credit ratings of brokers are
reviewed periodically by Janus Henderson, and limits are set on the amount that may be due from any one broker.
The Company is exposed to credit risk through the use of banks for its cash position. Bankruptcy or insolvency of banks
may cause the Company’s rights with respect to cash held by banks to be delayed or limited. The Company’s cash
balances are held by its custodian, BNP Paribas SA as banker, or the region’s local sub-custodian. The Directors believe
the counterparty is of high credit quality and, therefore, the Company has minimal exposure to credit risk.
None of the Company’s financial assets are past due and the expected credit loss within IFRS 9 for calculating
impairment on such balances is immaterial.
Credit risk exposure
The table below summarises the maximum credit risk exposure of the Company as at year end.
2025
£’000
2024
£’000
Current asset investment
7,545 33,549
Cash and cash equivalents
37,093 66,689
Receivables:
Other receivables
4,582 4,646
49,220 104,884
16.4 Fair values of financial assets and financial liabilities
Financial assets and financial liabilities are either carried in the statement of financial position at their fair value
(investments) or the statement of financial position amount is a reasonable approximation of fair value (due from
brokers, dividend and interest receivable, due to brokers, accruals, cash at bank, bank overdrafts).
The fair value of the loan notes has been estimated to be £92,992,000 (2024: £92,618,000 and is categorised as Level 3 in
the fair value hierarchy as described below.
The fair value of the unsecured loan notes is calculated using a discount rate which reflects the yield of a UK gilt of
similar maturity plus a suitable credit spread. The fair value of the Euro unsecured loan notes is calculated using a
discount rate which reflects the yield of a Euro swap of similar maturity plus a suitable credit spread.
82
The Bankers Investment Trust PLC Annual Report 2025
Notes to the Financial Statements continued
16 Risk management policies and procedures continued
16.5 Fair value hierarchy disclosures
The table below sets out the fair value measurements using IFRS 13 fair value hierarchy.
Categorisation within the hierarchy has been determined on the basis of the lowest level of input that is significant to
the fair value measurement of the relevant asset as follows:
Level 1 – valued using quoted prices in active markets for identical assets.
Level 2 – valued by reference to valuation techniques using observable inputs other than quoted prices included within
Level 1.
Level 3 – valued by reference to valuation techniques using inputs that are not based on observable market data.
2025 2024
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Equity investments
1,516,260 – – 1,516,260 1,455,333 – – 1,455,333
Current asset investments
7,545 – – 7,545 33,549 – – 33,549
1,523,805 – – 1,523,805 1,488,882 – – 1,488,882
16.6 Capital management policies and procedures
The Company’s capital management objectives are:
• to ensure that it will be able to continue as a going concern; and
• to generate total return to its equity shareholders in accordance with its investment objectives through an
appropriate balance of equity capital and debt.
The Company’s capital at 31 October 2025 comprised its equity share capital, reserves and debt that are shown in the
statement of financial position at a total of £1,560,958,000 (2024: £1,557,902,000).
The Board, with the assistance of Janus Henderson, monitors and reviews the broad structure of the Company’s capital
on an ongoing basis. This review includes:
• the desirability to buy back equity shares for cancellation or to be held in treasury, which takes account of the
difference between the net asset value per share and the share price (i.e. the level of share price discount or
premium);
• the desirability for new issues of equity shares; and
• the extent to which revenue in excess of that which is required to be distributed should be retained.
The Company’s policies and processes for managing capital are unchanged from the preceding accounting period.
The Company is subject to several externally imposed capital requirements:
• as a public company, the Company has a minimum share capital of £50,000;
• in order to be able to pay dividends out of profits available for distribution by way of dividends, the Company has to
be able to meet one of the capital restriction tests imposed on investment companies by law and its Articles of
Association; and
• the terms of the loan notes have covenants which must also be observed, including that total indebtedness shall not
exceed 40% of net asset value and that the net asset value shall not be less than £500 million.
The Company has complied with all applicable laws and covenants throughout the year.
Strategic Report Governance
Additional
Information
AGM Notice
83
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
Notes to the Financial Statements continued
17 Net asset value per ordinary share
The net asset value per ordinary share is based on net assets attributable to ordinary shares of £1,435,686,000 (2024:
£1,434,146,000) and on 992,334,481 ordinary shares in issue at 31 October 2025 (2024: 1,145,890,870), excluding shares held
in treasury. The Company has no securities in issue that could dilute the net asset value per ordinary share.
The movements during the year in net assets attributable to the ordinary shares were as follows:
2025
£’000
2024
£’000
Net assets attributable to ordinary shares at start of year
1,434,146 1,333,523
Total net profit on ordinary activities after taxation
216,691 229,950
Buyback of ordinary shares
(185,540) (97,331)
Dividends paid
(29,611) (31,996)
Net assets attributable to ordinary shares at end of year
1,435,686 1,434,146
18 Called up share capital
Number of
shares held in
treasury
Number of
shares entitled
to dividend
Total number
of shares
Nominal value
of shares
in issue
£’000
Ordinary shares
At 1 November 2024
169,211,960 1,145,890,870 1,315,102,830 32,878
Buyback of ordinary shares
153,556,389 (153,556,389) – –
At 31 October 2025
322,768,349 992,334,481 1,315,102,830 32,878
During the year, no new shares were issued and 153,556,389 shares were bought back in to treasury for a net payment
of £185,540,000.
Number of
shares held in
treasury
Number of
shares entitled
to dividend
Total number
of shares
Nominal value
of shares
in issue
£’000
Ordinary shares
At 1 November 2023
80,870,553 1,234,232,277 1,315,102,830 32,878
Buyback of ordinary shares
88,341,407 (88,341,407) – –
At 31 October 2024
169,211,960 1,145,890,870 1,315,102,830 32,878
In the year ended 31 October 2024, no new shares were issued and 88,341,407 shares were bought back in to treasury for
a net payment of £97,331,000.
84
The Bankers Investment Trust PLC Annual Report 2025
Notes to the Financial Statements continued
19 Capital redemption and other capital reserves
Capital
redemption
reserve
£’000
Capital reserve
arising on
investments sold
£’000
Capital reserve
arising on
revaluation of
investments held
£’000
Total
other capital
reserves
£’000
At 1 November 2024
12,489 890,806 295,383 1,186,189
Transfer on disposal of assets
– 113,668 (113,668) –
Net (losses)/gains on investments
– (30,375) 231,802 201,427
Net losses on foreign exchange
– (686) (1,499) (2,185)
Buyback of shares into treasury
– (185,540) – (185,540)
Expenses and finance costs allocated
to capital
– (6,663) – (6,663)
At 31 October 2025
12,489 781,210 412,018 1,193,228
Capital
redemption
reserve
£’000
Capital reserve
arising on
investments sold
£’000
Capital reserve
arising on
revaluation of
investments held
£’000
Total
other capital
reserves
£’000
At 1 November 2023
12,489 933,252 151,596 1,084,848
Transfer on disposal of assets
– 25,112 (25,112) –
Net gains on investments
– 36,509 167,729 204,238
Net (losses)/gains on foreign exchange
– (14) 1,170 1,156
Buyback of shares into treasury
– (97,331) – (97,331)
Expenses and finance costs allocated
to capital
– (6,722) – (6,722)
At 31 October 2024
12,489 890,806 295,383 1,186,189
20 Revenue reserve
2025
£’000
2024
£’000
At start of year
42,793 43,511
Net revenue profit after tax for the year
24,112 31,278
Dividends paid
(29,611) (31,996)
At end of year
37,294 42,793
21 Reconciliation of liabilities arising from financing activities
The following table shows the movements during the period of financial liabilities in the statement of financial position:
Non-cash changes
At 1 November
2024
£’000
Cash flows
£’000
Amortisation
of issue costs
£’000
Foreign
exchange
£’000
At 31 October
2025
£’000
Financing activities
Financing liabilities
123,756 – 17 1,499 125,272
Total liabilities from financing activities
123,756 – 17 1,499 125,272
Non-cash changes
At 1 November
2023
£’000
Cash flows
£’000
Amortisation
of issue costs
£’000
Foreign
exchange
£’000
At 31 October
2024
£’000
Financing activities
Financing liabilities
124,900 – 26 (1,170) 123,756
Total liabilities from financing activities
124,900 – 26 (1,170) 123,756
Strategic Report Governance
Additional
Information
AGM Notice
85
The Bankers Investment Trust PLC Annual Report 2025
Financial
Statements
Notes to the Financial Statements continued
22 Contingent Liabilities, Guarantees and Financial Commitments
At 31 October 2025 there were no contingent liabilities, guarantees or financial commitments (2024: £nil).
23 Transactions with the Manager and other related parties
Under the terms of an agreement effective from 1 November 2024 (see page 28), the Company has appointed
Janus Henderson to provide investment management and accounting, administrative and secretarial services.
Janus Henderson has contracted with BNP Paribas SA to provide accounting and administration services.
Details of the management fee arrangements for these services are given in the Business Model on page 29. The
management fee is calculated on a tiered basis at the rate of 0.45% per annum on the first £750 million of net assets,
0.40% per annum on net assets in excess of £750 million up to £1.5 billion and 0.35% of net assets in excess of £1.5 billion.
For the purpose of the fee calculation, the net assets are as at the last day of the quarter immediately preceding the
quarter in respect of which the calculation is made. The total of the management fees paid or payable to Janus
Henderson under this agreement in respect of the year ended 31 October 2025 were £5,874,000 (2024: £6,190,000).
The amount outstanding at 31 October 2025 was £495,000 (2024: £512,000).
In addition to the above services, Janus Henderson facilitates marketing activities with third parties which are
recharged to the Company. The total fees paid or payable for these services for the year ended 31 October 2025
amounted to £355,000 (2024: £182,000), of which £50,000 was outstanding at 31 October 2025 (2024: £49,000).
Janus Henderson also provides marketing services, there is no separate charge for these services.
24 Subsequent Events
There have been no subsequent events since the end of the Company’s financial year on 31 October 2025.
86
The Bankers Investment Trust PLC Annual Report 2025
Additional
Information
In this section
88 Glossary
89 Alternative Performance Measures
91 General Shareholder Information
92 Distribution of Assets, Rates of Exchange,
Historical Record
93 Corporate Information
Strategic Report Governance
Financial
Statements
AGM Notice
Additional
Information
87
The Bankers Investment Trust PLC Annual Report 2025
Glossary
Alternative Investment Fund
Managers Directive (AIFMD)
Agreed by the European Parliament and the Council
of the European Union and adopted into UK legislation,
the AIFMD classifies certain investment vehicles, including
investment companies, as Alternative Investment Funds
(AIFs) and requires the Company 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.
Association of Investment Companies
(AIC)
The Company is a member of the AIC which is the trade
body for investment companies and represents the
industry in relation to various matters which impact
the regulation of such entities.
Custodian
The Custodian is responsible for ensuring the safe custody
of the Company’s assets and that all transactions in the
underlying holdings are transacted in an accurate and
timely manner.
Depositary
As an AIF, the Company is required to appoint a Depositary
which has responsibility for overseeing the operations of
the Company, including safekeeping, cash monitoring
and verification of ownership and record keeping. The
Depositary is strictly liable for the loss of any investments
or other assets in its custody unless it has notified that it
has discharged its liability in certain markets. The
Depositary has confirmed that it has not discharged
liability in relation to any of the Company’s assets.
Derivative
A contract between two or more parties in relation to an
underlying security. The value of a derivative will fluctuate
in accordance with the value of the security and is a form
of gearing as the fluctuations in value are usually greater
than the fluctuations in the underlying security’s value.
Examples of derivatives are put and call options, swap
contracts, futures and contracts for difference.
Dividend dates
When declared or recommended, each dividend has
three key dates applied to it. The payment date is the date
on which shareholders are to receive their dividend either
by BACS transfer or by receipt of a dividend cheque. The
record date applied to the dividend is used as a cut-off
for the Company’s Registrars to know which shareholders
should be paid a dividend. Only shareholders on the
register of members at the close of business on the record
date will receive the dividend. The ex-dividend date is the
business day before the record date and is the date upon
which the Company’s net asset value per share and share
price is to be disclosed ex-dividend.
Dividend growth
The amount by which the Company’s annual dividend has
increased compared to the previous year, expressed as a
percentage of the previous annual dividend.
Gearing
Gearing means borrowing money to buy assets with the
expectation that the return on investments bought exceeds
the interest cost of the borrowings. The gearing percentage
reflects the amount of borrowings (e.g. bank loans, overdrafts
and debt securities) the Company has used to invest in the
market and is calculated by taking the difference between
non-current asset investments (see note 11) and equity
shareholders’ funds (see statement of financial position)
dividing by equity shareholders’ funds and multiplying by 100.
The Company can use synthetic gearing through derivatives.
None were used in the year under review.
Investment trusts
Investment trusts are public limited companies, listed on
the London Stock Exchange, which provide shareholders
with a professionally managed portfolio of investments.
Investment trusts are exempt from tax on the capital
gains arising on their investments subject to meeting
certain criteria. Income, net of expenses and tax, is
substantially distributed to shareholders. Investment trusts
are also known as investment companies although the
tax legislation retains the reference to investment trusts.
Liquidity
In the context of the liquidity of shares in the stock market,
this refers to the availability of buyers in the market for the
share in question. Where the market in a particular share
is described as liquid that share is in demand and holders
wishing to sell their shares should find ready buyers.
Conversely, where the market in a share is illiquid the
difficulty of finding a buyer tends to depress the price
that might be negotiated for a sale.
Market capitalisation
The market value of a company calculated by multiplying
the mid-market price per share by the number of shares
in issue.
Treasury shares
Shares repurchased by the Company but not cancelled.
88
The Bankers Investment Trust PLC Annual Report 2025
Alternative Performance Measures
The Company uses the following alternative performance measures (APMs) throughout the Annual Report, financial
statements and notes to the financial statements. The APMs are reconciled to the financial statements through the
narrative below. The Board believes that each of the APMs, which are typically used within the investment trust sector,
provide additional useful information to shareholders to help assess the Company’s performance against its peer group.
Capital return per ordinary share
The capital return per ordinary share is the capital profit for the year (see Statement of Comprehensive Income) divided
by the weighted average number of ordinary shares in issue during the year (see note 9 on page 76).
Discount
The amount by which the market price per share of an investment trust is either higher (premium) or lower (discount)
than the NAV per share, expressed as a percentage of the NAV per ordinary share.
31 October
2025
31 October
2024
Net asset value per ordinary share with debt at fair value (pence)
(A) 147.9 127.9
Share price per share (pence)
(B) 133.0 110.8
Discount (C=(B-A)/A) (%)
(C) 10.1 13.4
Gearing
Gearing represents the excess amount above shareholders’ funds of total investments, expressed as a percentage of
the shareholders’ funds. If the amount calculated is negative, this is a ‘net cash’ position and there is no gearing.
2025 2024
Investments held at fair value through profit or loss (page 77) (£’000)
(A) 1,516,260 1,455,333
Net assets (page 67) (£’000)
(B) 1,435,686 1,434,146
Gearing (C = A/B -1) (%)
(C) 5.6 1.5
Net asset value (NAV) with debt at par and fair value
2025
£’000
2024
£’000
Investments held at fair value through profit or loss (see note 11)
1,516,260 1,455,333
Current assets investments (see note 12)
7,545 33,549
Current assets other receivables (see note 13)
4,582 4,646
Cash and cash equivalents
37,093 66,689
Current liabilities (see note 14)
(4,522) (2,315)
Non-current liabilities (see note 15)
(125,272) (123,756)
NAV with debt at par (A)
1,435,686 1,434,146
Less: fair value of unsecured loan notes (see note 16.4)
(92,992) (92,618)
Add back: amortised cost of unsecured loan notes (see note 15)
125,272 123,756
NAV with debt at fair value (B)
1,467,966 1,465,284
Ordinary shares in issue (see note 18) (C)
992,334,481 1,145,890,870
NAV per ordinary share with debt at par (A/C x 100) (p)
144.7 125.2
NAV per ordinary share with debt at fair value (B/C x 100) (p)
147.9 127.9
The aggregate NAV is also referred to as Total equity in the Statement of Financial Position. The NAV per ordinary share
is published daily and the year end NAV can be found on page 67 and further information is available on page 84 in
note 17 within the notes to the financial statements.
Ongoing charge
The ongoing charge ratio has been calculated in accordance with the guidance issued by the AIC as the total
investment management fees and administrative expenses and expressed as a percentage of the average daily net
asset values throughout the year.
Strategic Report Governance
Financial
Statements
AGM Notice
The Bankers Investment Trust PLC Annual Report 2025
89
Additional
Information
Ongoing charge continued
2025
£’000
2024
£’000
Management fee (note 5)
5,874 6,190
Other administrative expenses (note 6)
1,435 1,329
Less: non-recurring expenses
(95) (77)
Ongoing charge
7,214 7,442
Average net assets
1
1,411,875 1,465,773
Ongoing charge ratio
0.51% 0.51%
1 Calculated using the average daily net asset value
Revenue return per ordinary share
The revenue return per ordinary share is the revenue return for the year (see Statement of Comprehensive Income)
divided by the weighted average number of ordinary shares in issue during the year (see note 9 on page 76).
Revenue reserve per ordinary share
2025
£’000
2024
£’000
Revenue reserve per balance sheet
37,294 42,793
Less: third interim dividend paid
(6,836) (7,711)
Less final dividend proposed (2025 based on 973,704,495 shares; 2024 based on 1,123,904,454
shares, being the number of shares at the latest practicable date in each year)
(6,680) (7,553)
Remaining revenue reserve (A)
23,778 27,529
Number of ordinary shares at latest practicable date (B)
973,704,495 1,123,904,454
Revenue reserve per share (A/B)
2.44 2.45
The final dividend shown in the above calculation is based on the number of shares (excluding treasury shares) at the
latest practicable date in both the current and prior year. For the prior year, this differs from the final dividend value
shown in note 10 which reflects the actual dividend paid based on the number of shares at the record date.
Total return
The total return on the share price or NAV with debt at fair value takes into account both the rise and fall of share
prices/NAVs and dividends paid to shareholders. Each component of the total return needs to be compounded as a
geometric return to arrive at the total return. Any dividends received by a shareholder are assumed to have been
reinvested in either additional shares (for share price total return) or the Company’s assets (for NAV with debt at fair
value total return). Dividends paid and payable are set out in note 10 on page 76.
During the year ended 31 October 2024, the Board reassessed how to value the loan notes in published daily NAVs, and
with effect from 31 December 2023 the basis of valuing the debt was changed and subsequently performance was
based on this revised NAV. As a consequence of this change, the NAV on which published performance was based at
the start of the 31 October 2024 year end included debt at par, and the published performance for that year included a
one-off uplift of 2.8% due to the change of basis.
2025 2024
NAV per
share Share price
NAV per
share Share price
Opening NAV with debt at fair value/Share price per share (pence)
127.9 110.8 111.0 93.5
Closing NAV with debt at fair value/Share price per share (pence)
147.9 133.0 127.9 110.8
Change in the year (%)
15.6 20.0 15.2 18.5
Impact of dividends reinvested (%)
2.1 2.3 2.2 2.5
Impact due to opening NAV used in published total return data being
based on NAV with debt at par (%)
n/a n/a 2.8 n/a
Published total return for the year (%)
18.1 22.8 21.1 21.4
Yield
The yield is the annual dividend expressed as a percentage of the year end share price.
31 October
2025
31 October
2024
Annual dividend (pence)
(A) 2.744 2.688
Share price (pence)
(B) 133.0 110.8
Yield (C=A/B) (%)
(C) 2.1 2.4
Alternative Performance Measures continued
90
The Bankers Investment Trust PLC Annual Report 2025
General Shareholder Information
AIFMD disclosures and remuneration
In accordance with the AIFMD, information in relation to
the Company’s leverage and remuneration of Janus
Henderson, as the Company’s AIFM is required to be
made available to investors. These disclosures, including
those on the AIFM’s remuneration policy, are contained
in the AIFMD Disclosures Document available at
www.bankersinvestmenttrust.com.
BACS
Dividends can be paid to shareholders by means of BACS;
mandate forms for this purpose are available from the UK
Registrar, Equiniti Limited. Alternatively, shareholders can
write to the UK Registrar to give their instructions; these
must include the bank account number, the bank account
title and the sort code of the bank to which payments are
to be made.
Shareholders on the register in New Zealand can have
their dividends paid in New Zealand dollars by writing to
the New Zealand Registrar, Computershare Investor
Services Limited.
Common Reporting Standard
Tax legislation requires the Company to provide personal
information to HMRC on certain investors who purchase
shares in investment trusts. This information is provided
annually to the local tax authority of the tax residencies of
a number of non-UK based certificated shareholders and
corporate entities.
Equality Act 2010
Copies of this Annual Report and other documents
issued by the Company are available from the
Corporate Secretary. If needed, copies can be made
available in a variety of formats, including Braille or larger
type as appropriate.
A ‘typetalk’ operator, provided by the Royal National
Institute for Deaf People, is available to support speech
and hearing impaired people to make telephone calls.
Please dial 18001 followed by the number you wish to dial.
General Data Protection Regulation
(GDPR)
A privacy statement can be found at
www.janushenderson.com.
Individual Savings Account (ISA)
The Company intends to continue to manage its affairs in
order to qualify as an eligible investment for a stocks and
shares ISA.
Non-Mainstream Pooled Investments
(NMPI) status
The Company currently conducts its affairs so that its
ordinary shares of 2.5p each can be recommended by
IFAs to ordinary retail investors in accordance with the FCA
rules in relation to non-mainstream investment products
and intends to continue to do so for the foreseeable
future. The shares are excluded from the FCA’s restrictions
which apply to non-mainstream investment products
because they are shares in an investment trust.
Share price information
Details of the Company’s share price and NAV per share
can be found at www.bankersinvestmenttrust.com.
The Company’s NAV is published daily and the market
prices of the Company’s shares are published daily in the
Financial Times and the London Stock Exchange Daily
Official List.
Shareholder details
Shareholders who hold their shares in certificated form
can check their shareholding with the Registrar. You can
check your holding and find practical help on transferring
shares or updating your details at www.shareview.co.uk.
Taxonomy Regulation
Regulation (EU) 2020/852 establishes the basis for the EU
taxonomy. This is a classification system, establishing a list
of environmentally sustainable economic activities to
provide companies, investors and policymakers with
appropriate definitions for which economic activities can
be considered environmentally sustainable.
The Company confirms that the investments underlying this
financial product do not take into account the EU criteria for
environmentally sustainable economic activities.
Strategic Report Governance
Financial
Statements
AGM Notice
The Bankers Investment Trust PLC Annual Report 2025
91
Additional
Information
Distribution of Assets and Liabilities
At 31 October 2025
Currency exposure
of net assets
Equities
£’000
Current
assets
£’000
Total
assets
£’000 %
Total
liabilities
£’000 £’000 %
Pan Europe
258,494 14,020 272,514 17.4 (129,794) 142,720 9.9
North America
978,234 863 979,097 62.5 – 979,097 68.2
Japan
151,651 43 151,694 9.7 – 151,694 10.6
Pan Asia
127,881 34,294 162,175 10.4 – 162,175 11.3
Total
1,516,260 49,220 1,565,480 100 (129,794) 1,435,686 100
105.6% 3.4% 109.0% (9.0%) 100.0%
Expense debtors and creditors have been allocated to sterling for the purposes of this table.
Rates of Exchange
The principal exchange rates at 31 October
2025 2024 2025 2024
US Dollar
1.31 1.29
Chinese Yuan Renminbi
9.35 9.15
Japanese Yen
202.41 195.84
New Taiwanese Dollar
40.39 41.19
Euro
1.14 1.18
Korean Won
1871.91 1774.20
Hong Kong Dollar
10.21 10.00
Swiss Franc
1.05 1.11
Australian Dollar
2.01 1.96
New Zealand Dollar
2.29 2.16
Historical Record
At 31 October
Earnings and dividends per
ordinary share Indices of growth
2
Gross
revenue
£’000
Earnings
net
1
p
Total
dividends
net
1
p
Ongoing
charge
%
Total assets
less current
liabilities
£’000
Net asset
value per
ordinary
share
p
1,3
Market
price per
ordinary
share
p
1
Net asset
value
Market
price per
ordinary
share
FTSE
All-Share
Index
FTSE
World
Index
Dividend
per
ordinary
share net
UK
Consumer
Price
Index
2015
22,767 1.72 1.58 0.52 777,428 63 62 100 100 100 100 100 100
2016
24,916 1.75 1.70 0.52 991,544 76 69 120 112 108 126 108 101
2017
29,634 2.05 1.86 0.44 1,142,379 88 85 140 138 118 140 118 104
2018
30,547 2.08 1.97 0.50 1,126,410 87 84 138 135 112 143 125 106
2019
31,752 2.16 2.09 0.52 1,228,032 95 93 151 150 115 156 132 108
2020
26,761 1.68 2.15 0.50 1,325,803 98 98 156 158 90 159 136 109
2021
35,027 2.17 2.18 0.48 1,726,067 121 114 193 184 118 207 138 113
2022
38,208 2.34 2.33 0.50 1,484,946 105 97 168 156 111 197 147 126
2023
41,765 2.72 2.56 0.50 1,458,423 108 94 173 151 113 203 162 132
2024
38,655 2.63 2.688 0.51 1,557,902 125 111 205 179 127 251 170 135
2025
31,475 2.25 2.744 0.51 1,560,958 145 133 237 215 150 298 174 139
1 Comparative figures for the year ended 31 October 2015 to 31 October 2021 have been restated due to the sub-division of each ordinary share of 25p into
10 ordinary shares of 2.5p each on 1 March 2021
2 Rebased to 100
3 NAV with debt at par
Source: Morningstar Direct, Janus Henderson
Distribution of Assets, Rates of Exchange, Historical Record
92
The Bankers Investment Trust PLC Annual Report 2025
Corporate Information
Registered office
201 Bishopsgate
London EC2M 3AE
Service providers
Alternative Investment Fund Manager
Janus Henderson Fund Management UK Limited
201 Bishopsgate
London EC2M 3AE
Corporate Secretary
Janus Henderson Secretarial Services UK Limited
201 Bishopsgate
London EC2M 3AE
Telephone: 020 7818 1818
Depositary and Custodian
BNP Paribas SA, London Branch
10 Harewood Avenue
London NW1 6AA
Corporate Brokers
UK
J.P. Morgan Cazenove
25 Bank Street
Canary Wharf
London E14 5JP
Peel Hunt LLP
7th Floor
100 Liverpool St
London EC2M 2AT
New Zealand
Craigs Investment Partners Limited
Head Office
P.O Box 13155
Tauranga 3141 New Zealand
Registrar
UK
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Extensive information including many answers to
frequently asked questions can be found online – use the
QR code to register for FREE at www.shareview.co.uk.
New Zealand
Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142 New Zealand
Telephone: (New Zealand) (64) 09 488 8777
Independent Auditor
Ernst & Young LLP
25 Churchill Place
London E14 5EY
Financial calendar
Annual results announced January 2026
Final dividend ex-dividend date 22 January 2026
Final dividend record date 23 January 2026
Annual General Meeting 25 February 2026
Final dividend payable on 2 March 2026
1st interim dividend payable on 29 May 2026
Half year results announced June 2026
2nd interim dividend payable on 28 August 2026
3rd interim dividend payable on 27 November 2026
Information sources
For more information about The Bankers Investment
Trust PLC, visit www.bankersinvestmenttrust.com.
To sign up for expert insights about investment trusts,
updates from our fund managers as well as AGMs
please visit this page:
www.janushenderson.com/en-gb/investor/subscriptions
Follow Janus Henderson Investment Trusts, UK on
LinkedIn.
Investing
Shares can be purchased in the market via a stockbroker
or through share dealing platforms. They can also be held
through share plans, ISAs or pensions and links to various
providers are included on the website.
Potential investors are reminded that the value of
investments and the income from them may go down
as well as up and investors may not receive back the
full amount invested. Tax benefits may vary as a result
of statutory changes and their value depends on
individual circumstances.
Strategic Report Governance
Financial
Statements
AGM Notice
The Bankers Investment Trust PLC Annual Report 2025
93
Additional
Information
Notice of
Annual General Meeting
94
The Bankers Investment Trust PLC Annual Report 2025
94
The Bankers Investment Trust PLC Annual Report 2025
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.
If you are in any doubt as to what action you should take, you should consult your stockbroker, solicitor,
accountant or other professional adviser authorised under the Financial Services and Markets Act 2000 if you are
resident in the UK, or if not from another appropriately independent financial adviser in your own jurisdiction.
If you have sold, transferred or otherwise disposed of all your shares in The Bankers Investment Trust PLC (the
‘Company’), please pass this circular and the accompanying Form of Proxy to the stockbroker, bank or other agent
through whom you made the sale, transfer or disposal for transmission to the purchaser or transferee, except that
such documents should not be sent to any jurisdiction under any circumstances where to do so might constitute
a violation of local securities laws and regulations. If you have sold or transferred or otherwise disposed of only
part of your holding of shares in the Company, you should retain this circular and the accompanying Form of
Proxy and consult the stockbroker, bank or other agent through whom you made the sale, transfer or disposal.
Strategic Report Governance
Financial
Statements
Additional
Information
AGM Notice
95
The Bankers Investment Trust PLC Annual Report 2025
95
The Bankers Investment Trust PLC Annual Report 2025
AGM Notice
Notice of Annual General Meeting
Notice is hereby given that the one hundred and thirty
eighth Annual General Meeting (the ‘AGM’) of The Bankers
Investment Trust PLC will be held at 201 Bishopsgate,
London EC2M 3AE on Wednesday, 25 February 2026 at
12 noon for the transaction of the following business:
Ordinary Business
1. To receive the Annual Report and the audited financial
statements for the year ended 31 October 2025.
2. To approve the Directors’ Remuneration Policy.
3. To approve the Directors’ Remuneration Report for the
year ended 31 October 2025.
4. To approve the final dividend of 0.686p per share.
5. To re-appoint Mr Simon Miller as a Director.
6. To re-appoint Ms Hannah Philp as a Director.
7. To re-appoint Ms Charlotte Valeur as a Director.
8. To re-appoint Mr Richard West as a Director.
9. To re-appoint Mr Ankush Nandra as a Director.
10. To re-appoint Ernst & Young LLP as statutory Auditor to
the Company.
11. To authorise the Audit and Risk Assurance Committee
to determine the Auditor’s remuneration.
Special Business
To consider and, if thought fit, pass the following resolutions,
of which Resolution 12 will be proposed as an ordinary
resolution and Resolutions 13 to 15 will be proposed as
special resolutions.
12. THAT, in substitution for all existing authorities, the
Directors be generally and unconditionally authorised
pursuant to Section 551 of the Companies Act 2006 (the
‘Act’) to exercise all the powers of the Company to allot
ordinary shares of 2.5p each in the capital of the
Company (‘ordinary shares’) up to an aggregate
nominal amount of £2,434,261 (or such amount being
equivalent to 10% of the Company’s issued ordinary
share capital, excluding treasury shares, at the date of
the passing of this resolution) for a period expiring
(unless previously renewed, varied or revoked by the
Company in general meeting) on the earlier of the date
falling 15 months after the passing of this resolution and
the conclusion of the next AGM of the Company, save
that the Company may make an offer or agreement
which would or might require ordinary shares to be
allotted or sold after expiry of this authority and the
Directors may allot ordinary shares in pursuance of that
offer or agreement as if the authority conferred hereby
had not expired.
13. THAT, in substitution for all existing authorities and
subject to the passing of Resolution 12, the Directors be
empowered pursuant to Section 570 and Section 573 of
the Companies Act 2006 (the ‘Act’) to allot ordinary
shares for cash pursuant to the authority conferred by
Resolution 12 and to sell ordinary shares from treasury
for cash as if Section 561(1) of the Act did not apply to
any such allotment or sale, provided that this authority
shall be limited to the allotment or sale of ordinary
shares:
(a) whether by way of a rights issue, open offer or
otherwise to ordinary shareholders on the Register
of Members at such record dates as the Directors
may determine where the ordinary shares
respectively attributable to the interests of all
ordinary shareholders are proportionate (or as
nearly as maybe) to the respective numbers of
ordinary shares held by them (or are otherwise
allotted in accordance with the rights attaching to
such ordinary shares) subject in either case to such
exclusions or other arrangements as the Directors
may deem necessary or expedient in relation to
treasury shares, fractional entitlements or local or
practical problems under the laws of, or the
requirements of, any regulatory body or any stock
exchange in any territory or otherwise howsoever;
(b) up to a maximum aggregate nominal value of
£2,434,261 (or such other amount being equivalent
to 10% of the Company’s issued ordinary share
capital, excluding treasury shares, at the date of the
passing of this resolution); and
(c) at a price not less than the net asset value per
share, as at the latest practicable date before such
allotment or sale of ordinary shares as determined
by the Directors in their reasonable discretion;
and shall expire on the earlier of the date falling 15
months after the passing of this resolution and the
conclusion of the next AGM of the Company, save that
the Directors may before such expiry make an offer or
agreement which would or might require ordinary
shares to be allotted or sold from treasury after such
Notice of Annual General Meeting continued
96
The Bankers Investment Trust PLC Annual Report 2025
96
The Bankers Investment Trust PLC Annual Report 2025
expiry and the Directors may allot or sell ordinary
shares from treasury in pursuance of such an offer or
agreement as if the power conferred hereby had not
expired.
14. THAT, in substitution for all existing authorities, the
Company be and is hereby generally and
unconditionally authorised in accordance with Section
701 of the Companies Act 2006 (the ‘Act’) to make
market purchases (within the meaning of Section 693
of the Act) of ordinary shares of 2.5p each in issue,
in the capital of the Company provided that:
(a) the maximum number of ordinary shares which
may be purchased is 14.99% of the Company’s
issued ordinary share capital, excluding treasury
shares, at the date of the AGM (equivalent to
145,958,303 ordinary shares of 2.5p each as at
12 January 2026 being the latest practicable date
prior to publication of this Notice).
(b) the maximum price (exclusive of expenses) which
may be paid for an ordinary share shall not exceed
the higher of:
(i) 105% of the average of the middle market
quotations for the shares as taken from the
London Stock Exchange Daily Official List for the
five business days preceding the date of
purchase; and
(ii) the higher of the last independent trade and the
highest current independent bid for any number
of ordinary shares on the London Stock Exchange;
(c) the minimum price (exclusive of expenses) which
may be paid for a share shall be 2.5p, being the
nominal value per share;
(d) the authority hereby conferred shall expire on the
earlier of the date falling 15 months after the
passing of this resolution and the conclusion of the
next AGM of the Company;
(e) the Company may make a contract to purchase
ordinary shares under the authority hereby
conferred which will or may be executed wholly or
partly after the expiration of such authority and may
make a purchase of ordinary shares pursuant to
any such contract; and
(f) any ordinary shares so purchased shall be
cancelled or, if the Directors so determine, be held,
sold, transferred or otherwise dealt with as treasury
shares in accordance with the provisions of the Act.
15. THAT a general meeting other than an AGM may be
called on not less than 14 clear days’ notice, such
authority to expire at the conclusion of the next AGM of
the Company.
By order of the Board
Janus Henderson Secretarial Services UK Limited
Corporate Secretary
14 January 2026
Registered Office:
201 Bishopsgate, London EC2M 3AE
MOORGATE
BISHOPSGATE
PRIMROSE ST.
WORSHIP STREET
201 Bishopsgate
London EC2M 3AE
LIVERPOOL
STREET
STATION
APPOLD ST.
SUN STREET
BROADGATE
CIRCLE
FINSBURY PAVE.
EARL ST.
WORSHIP STREET
ROPEMAKER STREET
LIVERPOOL ST
LONDON WALL
WILSON ST.
BISHOPSGATE
GREAT EASTERN ST.
COMMERCIAL ST.
SHOREDITCH
HOUNDSDITCH
ALDGATE
MIDDLESEX
STREET
CHISWELL STREET
SOUTH PLACE
ELDON ST.
FINSBURY
CIRCUS
CITY ROAD
FINSBURY SQ.
FINSBURY SQ.
CLIFTON ST.
SPITALFIELDS
MARKET
FOLGATE ST.
NORTON
MIDDLESEX ST.
BRUSHFIELD STREET
APPOLD ST.
Annual General Meeting Venue
The 2026 AGM will be held at 201 Bishopsgate, London
EC2M 3AE. It is a few minutes’ walk from Liverpool Street
Station and from Moorgate Station.
Strategic Report Governance
Financial
Statements
Additional
Information
AGM Notice
97
The Bankers Investment Trust PLC Annual Report 2025
97
The Bankers Investment Trust PLC Annual Report 2025
AGM Notice
The information set out below is an explanation of the
business to be considered at the 2026 Annual General
Meeting (‘AGM’ or ‘Meeting’).
Resolutions 1 to 12 are proposed as ordinary resolutions.
This means that, for each of those resolutions to be
passed, more than half of the votes cast must be in favour
of the resolution.
Resolutions 13 to 15 are proposed as special resolutions.
This means that, for each of those resolutions to be
passed, at least three quarters of the votes cast must be
in favour of the resolution.
Ordinary Business
Resolution 1: Annual Report (ordinary resolution)
The Directors are required to lay before the Meeting the
Annual Report and audited financial statements in respect
of the financial year ended 31 October 2025, including the
Strategic Report, Directors’ Report, Independent Auditor’s
Report and the Directors’ Remuneration Report.
Shareholders will be given an opportunity at the Meeting
to ask questions on these items. At the end of the
discussion members will be invited to receive the Annual
Report and audited financial statements.
Resolution 2: Directors’ Remuneration Policy
(ordinary resolution)
In accordance with legislation in relation to remuneration,
shareholders are asked to approve the Company’s
remuneration policy every three years. Shareholders are
asked to approve the policy as set out in the Directors’
Remuneration Report on page 55 of the Annual Report.
The vote on this resolution is binding.
Resolution 3: Directors’ Remuneration Report
(ordinary resolution)
Shareholders are requested to approve the Directors’
Remuneration Report which is set out on pages 55 to 57.
The vote is advisory and does not affect the remuneration
payable to any individual Director. However, the Board will
take feedback from shareholders regarding remuneration
and incorporate this into any future remuneration
discussions.
Resolution 4: Approval of final dividend
(ordinary resolution)
Shareholders are requested to approve the final dividend
of 0.686p per share payable on 2 March 2026 to
shareholders on the register on 23 January 2026. The
shares will be quoted ex-dividend on 22 January 2026.
Resolutions 5 – 9: Re-appointment of
Directors
(ordinary resolutions)
Under the terms of the Company’s Articles of Association
and also the AIC Code, all Directors are required to retire
and seek re-appointment annually.
Resolution 5 relates to the re-appointment of Simon Miller
who joined the Board on 1 January 2022. Simon has
extensive experience in financial services.
Resolution 6 relates to the re-appointment of Hannah
Philp, who joined the Board on 1 November 2022. Hannah
has direct and relevant experience within the sector,
particularly in the fields of marketing and communication.
Resolution 7 relates to the re-appointment of Charlotte
Valeur, who joined the Board on 1 November 2022.
Charlotte has more than 40 years of experience in
investment and financial markets.
Resolution 8 relates to the re-appointment of Richard
West, who joined the Board on 1 April 2020. Richard has a
wealth of investment experience.
Resolution 9 relates to the re-appointment of Ankush
Nandra, who joined the Board on 1 September 2023.
Ankush is a qualified accountant with extensive financial
management and accounting experience gained through
several roles in the industry.
The Board has reviewed the performance and
commitment of the Directors standing for re-appointment
and considers that each of the Directors should continue
to be Directors as they bring wide, current and relevant
business experience that allows them to contribute
effectively to the leadership of the Company. Furthermore,
the Board is satisfied that, having considered each
Director’s experience and the nature of, and anticipated
demands on his or her time from his or her other business
commitments including other investment trusts, each
Director is able to commit the time required to fulfil his or
her responsibilities as a Director of the Company.
All the Directors are independent for the purpose of the
AIC Code.
Biographical details for the Directors are shown on pages
38 to 39 of the Annual Report.
Resolutions 10 and 11: Re-appointment and
remuneration of the Auditor
(ordinary
resolutions)
In accordance with Sections 489 and 492 of the
Companies Act 2006, shareholders are required to
approve the appointment of the Company’s Auditor each
year. In accordance with the provisions of the Statutory
Audit Services for Large Companies Market Investigation
(Mandatory Use Of Competitive Tender Processes and
Audit Committee Responsibilities) 2014, Audit Committees
are authorised to determine the Auditor’s remuneration.
An audit tender has been held, details of which can be
found in the Audit and Risk Assurance Committee Report
in the Annual Report. As a result of the tender, the Board is
recommending the re-appointment of Ernst & Young LLP
as auditors. Resolution 10 relates to their
re-appointment and resolution 11 relates to the
determination of their remuneration.
Special Business
Resolutions 12 and 13: Authority to allot shares
and disapply pre-emption rights
(ordinary and
special resolutions respectively)
On 25 February 2025 the Directors were granted authority
to issue or sell from treasury ordinary shares, having a
nominal value totaling £2,742,036 and representing 10% of
the issued share capital, on a non pre-emptive basis.
Since the AGM in February 2025 no new shares were
issued under this authority.
Explanation of the Resolutions
Explanation of the Resolutions continued
98
The Bankers Investment Trust PLC Annual Report 2025
98
The Bankers Investment Trust PLC Annual Report 2025
Resolution 12 will renew the authority to allot shares or sell
out of treasury and Resolution 13 will authorise the
Directors to disapply pre-emption rights when issuing
shares or selling shares out of treasury. The authorities will
allow Directors to issue or sell out of treasury up to 10% of
the issued share capital, excluding treasury shares, at the
date of the AGM (which as at 12 January 2026, being the
latest practicable date prior to the publication of this
Notice, was 97,370,449 shares having an aggregate
nominal value of £2,434,261) on a non pre-emptive basis.
The resolutions are set out in full in the Notice on page 95.
If renewed, these authorities will expire on the earlier of the
date falling 15 months after the passing of the resolutions
and the conclusion of the next AGM of the Company.
The Directors do not intend to allot or sell shares pursuant
to Resolutions 12 and 13 other than to take advantage of
opportunities in the market as they arise and will only do
so if they believe it to be advantageous to the Company’s
existing shareholders and when it would not result in any
dilution of net asset value per share (i.e. shares will only be
issued or sold at a premium to net asset value).
Resolution 14: Repurchase of the Company’s
ordinary shares
(special resolution)
On 25 February 2025 the Directors were granted authority
to repurchase up to 14.99% of the issued ordinary share
capital, excluding treasury shares, representing 164,412,516
ordinary shares with a nominal value totaling £4,110,313 for
cancellation or to be held in treasury. As at 12 January
2026 (being the latest practicable date prior to the
publication of this Notice) the Directors have bought back
123,110,156 shares with a total nominal value of £3,077,754.
Therefore the Directors have remaining authority to
repurchase ordinary shares with a nominal value totaling
£1,032,559.
Resolution 14 seeks to renew the Company’s authority to
buy back shares. The authority under this resolution is
limited to the purchase of a maximum of 14.99% of the
ordinary shares, excluding treasury shares, in issue at the
date of the passing of the resolution. The minimum price
which may be paid for an ordinary share is 2.5p which is
the nominal value of each share. In accordance with the
UK Listing Rules of the Financial Conduct Authority (‘FCA’),
the maximum price which may be paid for an ordinary
share is the higher of:
(a) 5% of the average market value for the shares taken
from the London Stock Exchange Daily Official List for
the five business days immediately preceding the day
on which the purchase is made; and
(b) the higher of the last independent trade and the
highest current independent bid on the London Stock
Exchange.
Both the minimum and maximum price are exclusive of
any relevant tax and expenses payable by the Company.
The Company may cancel or hold in treasury any shares
bought back under this authority.
The Directors believe that, from time to time and subject
to market conditions, it will continue to be in the
shareholders’ interests to buy back the Company’s shares
when they are trading at a discount to the underlying net
asset value per share. The authority being sought provides
an additional source of potential demand for the
Company’s shares.
The Company may utilise the authority to purchase
shares by either a single purchase or a series of
purchases when market conditions allow, with the aim of
maximising the benefit to shareholders. This proposal
does not indicate that the Company will purchase shares
at any particular time or price, nor imply any opinion on
the part of the Directors as to the market or other value of
the Company’s shares.
This authority will expire at the earlier of the date falling
15 months after the passing of the resolution and the
conclusion of the next AGM of the Company and it is the
present intention of the Directors to seek a similar
authority annually.
Resolution 15: Notice of general meetings
(special resolution)
Changes made to the Companies Act 2006 by the
Shareholders’ Rights Regulations increased the notice
period required for general meetings of the Company to
21 clear days unless shareholders approve a shorter
notice period, which cannot however be less than 14 clear
days. AGMs will continue to be held on at least 21 clear
days’ notice.
Before the coming into force of the Shareholders’ Rights
Regulations on 3 August 2009, the Company was able to
call general meetings other than an AGM on 14 clear days’
notice without obtaining such shareholder approval. In
order to preserve this ability, Resolution 15 seeks such
approval. The approval will be effective until the
Company’s next AGM, when it is intended that a similar
resolution will be proposed.
Note that the changes to the Companies Act 2006 mean
that, in order to be able to call a general meeting on less
than 21 clear days’ notice, the Company must make a
means of electronic voting available to all shareholders
for that meeting.
Strategic Report Governance
Financial
Statements
Additional
Information
AGM Notice
99
The Bankers Investment Trust PLC Annual Report 2025
99
The Bankers Investment Trust PLC Annual Report 2025
AGM Notice
1. Voting record date
Only members registered in the Register of Members of
the Company at 6.30 pm on Monday, 23 February 2026
shall be entitled to attend and vote at the AGM in respect
of the number of voting rights registered in their name at
that time. Changes to entries on the Register of Members
after 6.30 pm on Monday, 23 February 2026 shall be
disregarded in determining the rights of any person to
attend and vote at the Meeting.
If the AGM is adjourned for no more than 48 hours after
the original time, the same voting record date will also
apply for the purpose of determining the entitlement of
members to attend, speak and vote (and for the purpose
of determining the number of votes they may cast) at the
adjourned meeting. If the AGM is adjourned for more than
48 hours then the voting record date will be the close of
business on the day which is two days (excluding non-
working days) before the day of the adjourned meeting
or, if the Company gives notice of the adjourned meeting,
at any time specified in that notice.
In the case of joint holders of a voting right, the vote of the
senior who tenders a vote, whether in person or by proxy,
shall be accepted to the exclusion of the votes of the
other joint holders and, for this purpose, seniority shall be
determined by the order in which the names stand in the
Register of Members in respect of the joint holding.
2. Rights to attend and vote
Members are entitled to attend, speak and vote at the
forthcoming AGM or at any adjournment(s) thereof. On a
poll each member has one vote for every one share held.
3. Right to appoint proxies
Pursuant to Section 324 of the Companies Act 2006 (the
‘Act’), a member entitled to attend, speak and vote at the
Meeting may appoint more than one proxy, provided that
each proxy is appointed to exercise the rights attached to
different shares held by them. A proxy need not be a
member of the Company.
The completion and return of the Form of Proxy or any
CREST proxy instruction (as described in note 8 overleaf)
will not preclude a shareholder from attending and voting
in person at the Meeting.
If the total number of voting rights that the Chair will be
able to vote (taking into account any proxy appointments
from shareholders over which he is given discretion and
any voting rights in respect of his own shares) is such that
he will have a notifiable obligation under the Disclosure
Guidance and Transparency Rules of the FCA, the Chair
will make the necessary notifications to the Company and
to the FCA. Therefore, any member holding 3% or more of
the voting rights in the Company who grants the Chair a
discretionary proxy in respect of some or all of those
voting rights and so would otherwise have a notification
obligation under the Disclosure Guidance and
Transparency Rules need not make a separate
notification to the Company and to the FCA. However, any
member holding 3% or more of the voting rights in the
Company who appoints a person other than the Chair as
proxy will need to ensure that both the member and the
proxy comply with their respective disclosure obligations
under the Disclosure Guidance and Transparency Rules.
Section 324 does not apply to persons nominated to
receive information rights pursuant to Section 146 of the
Act. Persons nominated to receive information rights
under Section 146 of the Act have been sent this Notice of
Meeting and are hereby informed, in accordance with
Section 149(2) of the Act, that they may have the right
under an agreement with the registered member by
whom they are nominated to be appointed, or to have
someone else appointed, as a proxy for the Meeting. If
they have such right or do not wish to exercise it, they may
have a right under such an agreement to give instructions
to the member as to the exercise of voting rights.
Nominated persons should contact the registered
member by whom they were nominated in respect of
these arrangements.
The statement of rights of shareholders in relation to the
appointment of proxies in this paragraph does not apply
to nominated persons.
If you are an institutional investor you may also be able to
appoint a proxy electronically via the Proxymity platform, a
process which has been agreed by the Company and
approved by the Registrar. For further information
regarding Proxymity, visit www.proxymity.io. Your proxy
must be lodged by 12 noon on Monday, 23 February 2026
to be considered valid. Before you can appoint a proxy via
this process you will need to have agreed to Proxymity’s
associated terms and conditions. It is important that you
read these carefully as you will be bound by them and
they will govern the electronic appointment of your proxy.
4. Proxies’ rights to vote at the Meeting
On a vote on a show of hands, each proxy has one vote.
The Directors believe that in the interests of shareholder
democracy it is important that the voting intentions of all
members are taken into account, not just those who will
be able to attend the AGM. Accordingly, voting on the
Resolutions will be by way of a poll rather than a show of
hands. The Board considers that a poll is more democratic
since it allows the votes of all shareholders to be counted.
Recipients of this document who are the beneficial owners
of ordinary shares in the capital of the Company held
through a nominee should follow the instructions provided
by their nominee or check with their professional adviser if
no instructions have been provided.
Shareholders are strongly recommended to complete
and return their proxy appointments, appointing the Chair
of the Meeting as their proxy.
On a poll all or any of the voting rights of the member may
be exercised by one or more duly appointed proxies.
However, where a member appoints more than one proxy,
Section 285(4) of the Act does not authorise the exercise
by the proxies taken together of more extensive voting
rights than could be exercised by the member in person.
5. Voting by corporate representatives
Corporate representatives are entitled to attend and vote
on behalf of the corporate member in accordance with
Section 323 of the Act provided they do not do so in
relation to the same shares. Please send your letters of
corporate representation in advance of the AGM to
itsecretariat@janushenderson.com.
Notes to the Notice of Annual General Meeting
Notes to the Notice of Annual General Meeting continued
100
The Bankers Investment Trust PLC Annual Report 2025
100
The Bankers Investment Trust PLC Annual Report 2025
6. Receipt and termination of proxies
To be valid the enclosed Form of Proxy must be lodged
with the Company’s Registrars EQ, Aspect House, Spencer
Road, Lancing, West Sussex BN99 6DA before 12 noon on
Monday, 23 February 2026.
You may appoint a proxy (or proxies) electronically to
exercise all or any of your rights to attend, to speak and
to vote on your behalf at the meeting through the website
of our Registrar, EQ at www.shareview.co.uk. You will need
to create an online portfolio using your Shareholder
Reference Number as shown on your Form of Proxy. If you
have registered for a Shareview portfolio, please log onto
your portfolio using your usual user ID and password.
Once logged in simply click ‘View’ on the ‘My Investments’
page, click on the link to vote then follow the onscreen
instructions. Please remember that, to be valid, the
appointment of a proxy must be received by the Registrar
no later than 12 noon on Monday, 23 February 2026.
A member may terminate a proxy’s authority at any time
before the commencement of the Meeting. Termination
must be provided in writing and submitted to the
Company’s Registrar.
In accordance with the Company’s Articles of Association,
in determining the time for delivery of proxies, no account
shall be taken of any part of a day that is not a working
day.
7. Communication with the Company
Members may not use any electronic address provided
either in the Notice of Meeting or any related documents
(including the Form of Proxy) to communicate with
the Company for any purpose other than those
expressly stated.
8. Submitting proxies through CREST
To appoint one or more proxies or to give an instruction to
a proxy (whether previously appointed or otherwise) via
the CREST system, CREST messages must be received by
the Company’s agent (ID number RA19) no later than the
deadline specified in Note 6. For this purpose, the time of
receipt will be taken to be the time (as determined by the
timestamp generated by the CREST system) from which
the issuer’s agent is able to retrieve the message. The
Company may treat as invalid a proxy appointment sent
by CREST in the circumstances set out in Regulation 35(5)
(a) of the Uncertificated Securities Regulations 2001.
Instructions on how to vote through CREST can be found
on the website www.euroclear.com.
9. Questions at the Annual General Meeting
Any member attending the Meeting has the right to ask
questions. Section 319A of the Act requires the Directors
to answer any question raised at the AGM which relates
to the business of the Meeting, although no answer need
be given:
(a) if to do so would interfere unduly with the proceedings
of the Meeting or involve disclosure of confidential
information;
(b) if the answer has already been given on the
Company’s website; or
(c) if it is undesirable in the best interests of the Company
or the good order of the Meeting that the question be
answered.
10. Website
Members satisfying the thresholds in Section 527 of the
Act can require the Company to publish a statement on
its website setting out any matter relating to:
(a) the audit of the Company’s accounts (including the
Auditor’s report and the conduct of the audit) that are
to be laid before the Meeting; or
(b) any circumstances connected with an Auditor of the
Company ceasing to hold office since the last AGM,
that the members propose to raise at the Meeting.
The Company cannot require the members requesting
the publication to pay its expenses. Any statement placed
on the website must also be sent to the Company’s
Auditor no later than the time it makes its statement
available on the website. The business which may be
dealt with at the Meeting includes any statement that the
Company has been required to publish on its website.
By attending the Meeting, members and their proxies and
representatives are understood by the Company to have
agreed to receive any communications relating to the
Company’s shares made at the Meeting.
A copy of the Notice of the Meeting, including these
explanatory notes and other information required by
Section 311A of the Act, is included on the Company’s
website, www.bankersinvestmenttrust.com.
11. Documents available for inspection
In normal circumstances, copies of the Directors’ letters of
appointment may be inspected at the registered office of
the Company during normal business hours on any day
(Saturdays, Sundays and public holidays excepted) and
will be available at the AGM for 15 minutes prior to the
commencement of the Meeting until its conclusion. No
Director has a contract of service with the Company. Any
shareholders wishing to inspect the letters of appointment
are requested to contact the corporate secretary at
itsecretariat@janushenderson.com.
12. Total voting rights at date of notice
As at 12 January 2026 (being the last practicable date
prior to the publication of this Notice) the total number of
shares in the Company in issue is 1,315,102,830 including
341,398,335 shares held in treasury. On a poll each
member has one vote for every one share held. The total
number of voting rights on that date is therefore
973,704,495.
13. Filming
The AGM will be filmed and broadcast online through
Zoom conferencing software. By attending in person, you
give your consent to any filming and note that you may
be included in the online broadcast.
Contents
Strategic Report
1 Who we are
2 Flexible and pragmatic global investing
3 Delivering consistent value
4 Performance Highlights
6 Chair’s Statement
8 Co-Fund Managers’ Report
10 Q&A: Introducing Richard Clode
11 A snapshot of our global portfolio
12 Regional portfolio manager reports
12 Pan Europe
14 North America
16 Japan
18 Pan Asia
20 Our portfolio holdings
22 Our approach to Environmental,
Social and Governance (ESG) matters
26 Our Manager: Janus Henderson Investors
27 Business Model
30 Measuring our performance
31 The Company’s viability
32 Managing risks
34 Promoting the success of the Company
36 Board decision making
Governance
38 Board of Directors
40 Directors’ Report
42 Corporate Governance Report
48 Audit and Risk Assurance Committee
Report
52 Management Engagement Committee
Report
53 Marketing Committee Report
54 Nominations Committee Report
55 Directors’ Remuneration Report
58 Statement of Directors’ Responsibilities
59 Independent Auditor’s Report
Financial Statements
65 Statement of Comprehensive Income
66 Statement of Changes in Equity
67 Statement of Financial Position
68 Cash Flow Statement
69 Notes to the Financial Statements
Additional Information
88 Glossary
89 Alternative Performance Measures
91 General Shareholder Information
92 Distribution of Assets, Rates of Exchange,
Historical Record
93 Corporate Information
AGM Notice
94 Notice of Annual General Meeting
www.bankersinvestmenttrust.com
Annual General
Meeting (AGM)
The Board welcomes you
to attend the AGM at
12 noon on 25 February 2026
either in person or online.
Scan the QR code for more
details and to register your
attendance.
Keeping
in touch
Scan the QR code to receive
the latest Company updates,
market insights, event
invitations and more.
Please send any general
enquiries about the Company
to itsecretariat@
janushenderson.com
Telephone: 020 7818 1818
Email: itsecretariat@janushenderson.com
www.bankersinvestmenttrust.com
The Bankers Investment Trust PLC
Registered as an investment company in England and Wales with
registration number 00026351
Registered office
201 Bishopsgate,
London EC2M 3AE
ISIN code
GB00BN4NDR39
SEDOL number
BN4NDR3
London Stock Exchange
(TIDM) Code
BNKR
New Zealand Stock
Exchange Code
BIT
Global Intermediary
Identification Number (GIIN)
L5YVFP.99999.SL.826
Legal Entity Identifier (LEI)
213800B9YWXL3X1VMZ69
Designed by Instinctif. Typeset by 2112 Communications, London.
Printed by Paragon Leycol.
JHI9201/2025
This report is printed on Revive 100 Silk
manufactured from FSC® Recycled certified
fibre derived from 100% pre and post-
consumer waste at a mill certified with ISO
14001 environmental management standard.
The pulp used in this product is bleached
using an Elemental Chlorine Free process.
This product is made of material from well-
managed FSC®– certified forests, recycled
materials, and other controlled sources.
To receive your annual reports in
electronic format, scan the QR code
and register your preference with EQ:
Shareholder
Communication
Awards
2024
2025
Shareholder
Communication
Awards
The Bankers Investment Trust PLC
Investing in bright ideas around the world
Annual Report 2025
The Bankers Investment Trust PLC – Annual Report 2025 JHI9201/2025