Annual Report and 30 April 2025 Financial Statements ## The Monks ## Investment ## Trust PLC Investor disclosure document The UK Alternative Investment Fund Managers  available to investors prior to their investment  Disclosure Document is available for viewing at monksinvestmenttrust.co.uk. Notes None of the views expressed in this document If you reside in the United Kingdom and you are in any should be construed as advice to buy or sell a doubt as to the action you should take, you should particular investment. consult your stockbroker, bank manager, solicitor, fi Investment trusts are UK public listed companies authorised under the Financial Services and Markets  Act 2000 immediately. If you reside outside the Financial Conduct Authority (‘FCA’). They are not United Kingdom, you should consult an appropriately authorised or regulated by the FCA. fi The Monks Investment Trust PLC currently conducts If you have sold or otherwise transferred all of your its affairs, and intends to continue to conduct its ordinary shares in The Monks Investment Trust affairs, so that the Company’s ordinary shares can PLC, please forward this document, together with  accompanying documents, but not your personalised product and can be recommended by Independent Form of Proxy, as soon as possible to the purchaser or Financial Advisers to ordinary retail investors in transferee or to the stockbroker, bank or other agent accordance with the rules of the FCA in relation through whom the sale or transfer was or is being  effected for delivery to the purchaser or transferee. This document is important and requires your immediate attention. The Monks Investment Trust PLC Introduction ## Contents Financial highlights 02 Key characteristics 03 Strategic report Chairman’s statement 05 Managers’ review 08 The Managers’ core investment beliefs 14 Environmental, social and governance engagement 15 Ten largest investments 16 Growth categories 21 Investment portfolio by growth category 22 List of investments 24 Baillie Gifford – valuing private companies 28 Portfolio positioning 29 One year summary 30 Five year summary 32 Ten year record 34 Business review 37 Governance report Directors and managers 50 Directors’ report 54 Corporate governance report 59 Audit Committee report 67 Directors’ remuneration report 70 Statement of Directors’ responsibilities 74 Financial report Independent auditor’s report 77 Income statement 84 Balance sheet 85  86 fl 87 Notes to the Financial Statements 88 Shareholder information Notice of Annual General Meeting 108 Further shareholder information 114 Sustainable Finance Disclosure Regulation (‘SFDR’) 117 Communicating with shareholders 118 Insights 119 Glossary of terms and Alternative Performance Measures 120 Company information 125 01 Introduction ## Global growth from different perspectives ## The objective of Monks is to invest globally to achieve ## capital growth. This takes priority over income and ## dividends. Monks seeks to meet its objective by investing ## principally in a portfolio of global quoted equities. ## Financial highlights Performance for the year to 30 April 2025 Share price * NAV (borrowings NAV (borrowings Comparative * † * † * # at par value) at fair value) index ## (1.5%) (0.4%) +0.1% +5.3% NAV, share price and index total return * Discount to net asset value (borrowings at fair value) * fi4) fi 110 90 | A | MJ JASOND F | | | AM JJASONDF | | --- | --- | --- | --- | --- | | 2024 | | | | 2024 | | | | † | # | | 130 (8%) 120 (10%) * Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 116fi 120 to 123. (12%) | | † Net Asset Value per share (‘NAV’). | | --- | --- | | | # The comparative index is the FTSE World Index (in sterling terms). | | 100 (14%) | | Past performance is not a guide to future performance. | (16%) | 02 | Annual Report and Financial Statements 2025 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | JM JM | | A A | | | | | | | | 2025 2025 | | | ● Share price* ● Discount* | | | ● ● Average discount NAV (fair)* | ● Index* | | | | The Monks Investment Trust PLC ## Key characteristics ### Low Portfolio of growth ### Growth A tiered management fee ###  cost means that shareholders unconstrained by region fi or sector. of scale. | Exposure spread across | Ongoing charges ratio | | * | | --- | --- | --- | --- | | fi, | 0.43% | ; among the lowest in | | | fi | the sector. | | | designed to deliver capital growth. ### Active A portfolio that differs ### Geared Enhancement of fi shareholder returns comparative index.   The Managers invest in companies with distinct Net gearing * 8.9%. competitive advantages  to deliver superior earnings growth over time. Active share * 80%. ### Capital ### Patience An investment horizon  ### discipline  both issuance and the growth potential of buybacks to maximise investee companies to shareholder return. fi fi Buybacks of £321 million in from the power of 5; compound growth. 12.4% of issued share capital. Annualised turnover * 23.2%. * fi120 to 123. 03 ## Strategic ## report This Strategic report, which includes pages 5 to 48 and incorporates the Chairman’s statement, has been prepared in accordance with the Companies Act 2006. The Monks Investment Trust PLC ## Chairman’s ## statement Performance  fi Intelligence spending boom. Indeed, as recently as February of this year, Monks’ NAV per share surpassed its previous high of £15, last reached fi Karl Sternberg occurred in April 2025, triggered by President Chairman Trump’s ‘Liberation Day’ announcement of U.S. tariffs Appointed to the and China’s retaliatory measures. Monks was heavily Board in 2013,   NAV and share price reaching their lows for the year   During the year to 30 April 2025, the net asset value (‘NAV’) total return, with borrowings calculated at fair value, was +0.1% and the share price  the FTSE World Index return was +5.3%. This is clearly a disappointing result, and whilst the team are now in line with the index again this calendar  particularly disappointing for me to report this underperformance, since I step down as Chairman ofMonks at the forthcoming AGM. Capital allocation and discount The Company’s shares traded at a discount to net asset value throughout the year. The Board has been active in buying shares in the open market. Having issued shares when Monks’ shares traded at a premium to net asset value, we believe that it is our obligation to be ready buyers at a discount. Buying the Company’s own shares at a discount to NAV enhances NAV per share for ongoing shareholders.  Company’s shares. We believe that the underlying portfolio is attractive enough for our shares to trade at close to or above NAV. 05 Strategic report Over the course of the Company's financial year, we bought 26.5 million shares, at a cost of £321.1 million. Since we commenced this active programme in January 2022, we have bought back 65.5 million shares at a cost of £727.1 million; representing 27.7% of the Company's issued share capital as at 31 December 2021, one of the largest buybacks in the global equity sector. At the year-end, the discount was 10.1% (30 April 2024 – 8.5%). The Board will continue its buyback policy as a key part of its overall capital allocation; we have discussed increasing the intensity of the buyback so that the shares trade at a much narrower discount. Recent events have revealed a clearer investor preference for lower and less volatile discounts. That is what you should expect to see in future at Monks. We are reluctant to have a zero discount policy, effectively giving up the advantages of not being open-ended. However, the Board believes that shareholders should expect the Company to attempt to restrict any discount, to net asset value with borrowings calculated at fair value, to mid-single digits, in normal market conditions. ### Borrowings and gearing Our investment trust structure allows gearing, which should enhance long-term returns. The Board's strategic borrowing target is 10%. It is expected that effective gearing will be maintained in the range of minus 15% to plus 15%. The Company has a mixture of long term, structural debt and shorter term, more flexible debt. The Company's revolving credit facility of £150 million with National Australia Bank Limited expired at the end of November 2024 and has been replaced by a £100 million revolving credit facility with The Royal Bank of Scotland International; £50 million is drawn under this facility. At the period end, net gearing was 8.9% and the weighted average interest rate across all borrowings was approximately 3.6%. Our decision to issue structural debt at very low rates was the right one. With the benefit of hindsight, I wish we had issued more debt at such low rates. ### Management expenses Monks remains competitive on fees and expenses: keeping fees as low as possible maximises the long-term returns to shareholders. The total ongoing charges ratio for the year to 30 April 2025 was 0.43% down marginally from 0.44% in the prior year. The current tiered management fee scale ensures that all shareholders will benefit from economies of scale as assets grow, from markets and performance. ### Earnings and dividend Monks invests with the aim of maximising capital growth rather than income. All costs are charged to the Revenue Account. The Board's policy is to pay the minimum dividend required to maintain investment trust status. Retained earnings are reinvested in the portfolio. In order to build in headroom for further buybacks that would reduce the shares in issue qualifying for dividends, the Board is recommending that a single final dividend of 0.5p be paid, compared to 2.10p last year, to ensure that the amount retained for the year does not exceed that permissible. Subject to shareholder approval at the AGM, the dividend will be paid on 16 September 2025 to shareholders on the register at the close of business on 8 August 2025. The ex-dividend date will be 7 August 2025. ### The Board As previously communicated, I will retire from the Board at the conclusion of the Annual General Meeting. Randeep Grewal will succeed me as Chair of the Board, Nomination Committee and Management Engagement Committee. The Board is cognisant of the need to ensure regular refreshment of its composition, whilst also maintaining continuity and corporate memory. In January, Dr Dina Chaya stood down from the Board as a consequence of time commitments arising from her executive role. The Board undertook a recruitment process in the first quarter of the year and David Ballance was appointed as a Director in March. We also announced that Richard Curling would join the Board in October 2025. David and Richard will both add investment trust experience and wide investment knowledge to the Board. I think they are excellent candidates, and I know they will work hard to pursue your interests. ### Annual General Meeting The AGM will be held on Tuesday 9 September 2025 at the Royal Institution, 21 Albemarle Street, London W1S 4BS, at 11.30 am. We look forward to welcoming shareholders there. 06 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC The Board intends to hold the AGM voting on a Outlook poll, so encourages all shareholders to exercise fi their votes at the AGM by completing and as stock market returns have been driven by a small submitting a form of proxy. We recommend that number of companies, which have represented an shareholders monitor the Company’s website at increasingly large proportion of global stock market monksinvestmenttrust.co.uk where any updates fi regarding the meeting will be posted. Market with around 100 holdings. Whilst our managers have announcements will also be made in the event of any owned most of the companies that have driven stock change to the scheduled arrangements. market returns in recent years, these companies  have represented a smaller proportion of Monks’  portfolio than their index weightings. This is now the are welcome as always to submit them by email to  enquiries@bailliegifford.com or call 0800 9172113.  For shareholders investing through a platform, fi the AIC guidance on how to vote shares in advance has made mistakes, as every team makes mistakes. or obtain the documentation necessary to vote I have referred in the past to the importance of in person at the AGM, may be of assistance: refocusing on valuations; and there have (inevitably) theaic.co.uk/how-to-vote-your-shares. fi constructively critical, to probe more deeply when things are going well, and to be more supportive Adoption of new Articles of Association fi At the AGM, to protect the interests of all shareholders, we are seeking shareholder approval to At an AGM some years ago, a shareholder asked adopt new Articles of Association (the ‘New Articles’) what the appropriate assessment period for a in order to update the Company’s current Articles of manager should be before reviewing them more Association (the ‘Existing Articles’). The proposed  amendments being introduced in the New Articles appropriate. The Board reassesses the Manager will provide that a majority of the board of directors every year, in line with AIC guidelines. But the longer of the Company (including the Chairman of the the period of assessment, the greater the information fi content. Given that we are behind the index over by the AIC Code of Corporate Governance) and that 5years, you can expect the Board to be considering proceedings of the Board must be conducted with a this issue in even greater detail. The longer period majority of independent directors present. allows us to supplement the annual AIC checklist with consideration of the effect of personnel change, A copy of the New Articles, which includes any process changes that have occurred during the the full terms of the proposed amendments to period, and changing marketdynamics. the Existing Articles, will be available at the fi We all share the view that there need to be a smaller Place, London, EC3A 6AB between the hours of number of very sizeable investment trusts in future, 9.00a.m. and 5.00 p.m. (Saturdays, Sundays and fl public holidays excepted) and on the Company’s  website, monksinvestmenttrust.co.uk from the fifi date the annual report is posted to shareholders more mergers occur. I know that my colleagues will until the close of the Annual General Meeting. apply a great deal of effort to make sure that Monks The proposed New Articles will also be available should remain a core holding in the growth category for inspection at the venue of the Annual General and is in a position to be a consolidator. Meeting from 15minutes before and during the meeting and ontheNational Storage Mechanism located at https://data.fca.org.uk/#/nsm/ KS Sternberg nationalstoragemechanism, from the date of the Chairman annual report is posted to shareholders. 1 July 2025 Past performance is not a guide to future performance. Total return information is sourced from Baillie Gifford/LSEG. See disclaimer on page 116. fion of terms used see Glossary of terms and Alternative Performance Measures on pages 120 to 123. 07 Strategic report ## Managers’ review  times. Yet history teaches us that every era feels unprecedented to those living through it. In living memory, we have witnessed the Berlin Wall  the dotcom rollercoaster, suffered 9/11, watched China transform from agrarian society to economic Spencer Adair fi Lead portfolio navigated Brexit, endured a global pandemic, feared manager fi fi We have no special insight into what President Trump might do next. The range of potential outcomes remains extraordinarily wide. Policies are announced and then rescinded almost daily. So, rather than offering predictions that will likely prove embarrassingly wrong by the time this report reaches your hands, we will share the principles that Malcolm MacColl we are applying to navigate uncertainty and how Deputy portfolio fl manager Performance The Global Alpha team has managed Monks for ten years. Over this period, the NAV total return (with debt at fair value) has been +163.3% (share price +171.6%) compared to the comparative index (FTSE World), which returned +182.0%. In the twelve months to the end of April, the portfolio underperformed the comparative index (FTSE World) Helen Xiong by 5.2%, delivering a NAV total return of +0.1% Deputy portfolio  manager  fi fi absolute returns of the past couple of years. The  high of £15 per share in February of this year. 08 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC However, the last two or so months of the year were much weaker, driven primarily by global trade tensions ignited by President Trump's 'Liberation Day'. Coupled with strong negative momentum within the US market, this led to sharp declines in American stocks (the S&P fell 20% from its peak in February to its lows in April). The US is our largest geographic allocation in absolute terms, and therefore, Monks gave up 10 months of gains to end the year flat. A second effect of President Trump's pronouncements and a lack of clarity on how the budget deficit will be brought under control has been a weaker dollar, again impacting the Company, whose shares are priced in sterling but where many of the assets are in US dollars. # **Top five contributors and detractors to relative performance by stock for the year end 30 April 2025 (%)** | | Average weight in portfolio | Average weight in Index | Average active weight | Total Return | Attribution | | --- | --- | --- | --- | --- | --- | | **Top five** | | | | | | | DoorDash | 2.3 | 0.1 | 2.2 | 40.6 | 0.8 | | Prosus | 2.9 | 0.1 | 2.9 | 29.9 | 0.6 | | Alnylam Pharmaceuticals | 1.0 | 0.0 | 0.9 | 70.1 | 0.6 | | Sea Limited | 0.8 | 0.0 | 0.8 | 98.9 | 0.5 | | Shopify | 1.4 | 0.1 | 1.2 | 27.2 | 0.5 | | **Bottom five** | | | | | | | Elevance Health | 3.1 | 0.1 | 3.0 | -24.5 | -1.0 | | Novo Nordisk | 1.7 | 0.5 | 1.2 | -51.1 | -1.0 | | Martin Marietta Materials | 3.0 | 0.0 | 2.9 | -15.8 | -0.8 | | Moderna | 0.4 | 0.0 | 0.4 | -70.6 | -0.5 | | Block | 1.2 | 0.1 | 1.1 | -25.1 | -0.5 | Source: Revolution, FTSE. All attribution figures are calculated gross of fees, relative to the Index from stock level up, based on closing prices. The table above shows the largest contributors and detractors from Monks' relative performance over the period. A cohort of our healthcare holdings was among the largest detractors from relative performance for the portfolio. President Trump's healthcare appointments and their combined pronouncements have impacted short-term sentiment in healthcare. Against this backdrop, Elevance Health and Novo Nordisk have both suffered share price falls following disappointing operational results. Elevance is the second-largest US health insurer. We believe a growing need for health insurance coverage (as the population ages and treatment becomes more expensive) provides a structural tailwind for growth in the years ahead. The recent weakness in Elevance's shares is a result of the number of government-supported Medicaid customers falling as eligibility criteria are tightened post-pandemic. This has increased the company's medical loss ratio and weighed on margins, but we believe this is temporary. Elevance's pricing power (it can reprice policies annually) should allow it to grow its margins again and deliver sustainable double-digit earnings growth over the long term. 09 Strategic report Novo Nordisk could become one of the scale competitive edge over peers. For example, DoorDash providers of weight loss injections to a vast and has grown its market share in the US from 57% to undersupplied market. Its shares fell sharply in nearly 70% over the past three years and continues  to scale at pace (order numbers increased +18% to  an astonishing 643 million ). Excitingly, leading, showing 22.5% average weight loss across it is making impressive progress in grocery delivery the patient population, but this was lower than and in new markets overseas. Indeed, the news of its anticipated. We think that the market’s reaction to recent purchase of Deliveroo in the UK is evidence this is overdone. Today, just over 10 million people of its growth ambitions. take obesity drugs globally (only 1% of the global Some of our largest positions have contributed obese population). As supply constraints ease, we strongly too, with Prosus (investment holding fi company) and Meta (advertising) among the most fi notable. Prosus – which has a 25% shareholding fi in Tencent, the Chinese internet giant – has seen share of the obesity market and believe the company its portfolio of internet assets deliver robust has an underappreciated competitive advantage in fi fi   fi saw its shares fall 25% following the management 12 months earlier than targeted. Meanwhile, Meta fi continues to excel. AI investments have boosted over the next year. It continues to grow its services   engagement and accelerated revenue growth fi  fi Successfully navigating uncertainty In contrast to Elevance and Novo Nordisk, where fi  have sold our position in Moderna. Revenue from tariffs by the US has stoked uncertainty and the  outlook for global growth. It would be easy to get to market with its RSV (respiratory syncytial virus) drawn into the noise and speculation, but this is vaccine was slow and allowed competitors to steal not in the best interests of Monks shareholders. the lead. Though we continue to believe that they Indeed, the economist Frank Knight made a crucial have a potentially exciting pipeline of drugs, our distinction between risk and uncertainty. Risk, he patience has been exhausted. explained, describes situations where outcomes and probabilities can be reasonably estimated, such as Most of the portfolio holdings are in good shape. the odds when tossing dice or calculating insurance Indeed, sticking within healthcare, Alnylam premiums. Uncertainty, by contrast, applies to Pharmaceuticals (gene silencing) reached a situations where outcomes and their probabilities fi fifi  historical precedent. Risk can be priced, hedged, could multiply its addressable patient population and insured against. Uncertainty cannot. fi behalf after the share price rose by 80%, but This leads to three core principles that help to guide we remain excited by the company’s potential to us in the management of the Monks’ portfolio: address even larger patient populations. 1. Build Resilience Top contributors in the year included emerging 2. Retain Perspective winners DoorDash (online food delivery) and Sea   Limited (ecommerce, gaming and payments). These companies are emerging stronger in the face of a Simple to list yet challenging to execute. higher cost of capital, while weaker competitors fall by the wayside, and are entrenching their 10 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Building Resilience In this context, position sizing across the portfolio matters too. We invest over 40% of the portfolio We recognise that global geopolitics (not just  Trump’s tariffs) is likely to lead to more fractious per holding), where we believe the likelihood of global trade and a wider range of outcomes for generating at least a doubling in return over the investors. Our focus has been on ensuring that our fi fi (but not always) in large, established companies portfolio is positioned to win across a wide range where the path to growth is clearest. However, we of scenarios. Rather than attempting to predict  the unpredictable, we focus on building resilience offers and embrace this by managing a basket of through investing in companies with robust smaller, ‘incubator’ positions (<0.5%), where the fundamentals and a diversity of growth drivers. path to growth is less clear but potentially highly The portfolio holdings are both higher growth and rewarding for shareholders. We currently have  investments in 40 companies that make up around fi 15% of the portfolio. The portfolio effect is that  Monks’ shareholders are not overly exposed to the fi fortunes of one company, but instead a diverse (39% gross margins versus 29%), invest more in   which should be appealing to investors at a time of  heightened uncertainty. fi Indeed, over the past year, we have sought to fl fi fi fi Nature teaches us that diverse ecosystems from some of our strongest performing (mainly US) demonstrate greater resilience than monocultures. fl fi The Trade Desk (programmatic advertising), Dutch yields under ideal conditions, but a single blight Bros (coffee) and Shopify (ecommerce). This has can devastate everything. Biodiverse ecosystems, been deployed into a wide range of attractively meanwhile, contain countless species with valued growth opportunities that broaden the fi base of growth across the portfolio. Examples of some species suffer while others thrive, and the newly established holdings include the likes of fl growth stalwart, Paycom (payroll and HR software) and cyclical stocks, FTAI Aviation (aero engine This principle shapes our portfolio construction for maintenance and renewal) and WillScot (temporary Monks. We remain deliberately pragmatic about fi growth sources, organising our holdings into three fi 21. In short, the Retaining Perspective stalwarts are the wealth compounders. They are Stock markets behave strangely. They overreact to often franchise businesses that metronomically headline news while simultaneously underreacting increase earnings over decades and provide portfolio  ballast. The rapid growth stocks typically harness to react to a dramatic headline, to do something, technological innovation to disrupt industries can be overwhelming. Instead, we concentrate and grow rapidly. Our cyclical growth stocks are  more economically sensitive businesses whose fi growth arrives unevenly; the opportunity here lies penetration of electric and autonomous vehicles. fi These shifts will outlast political cycles and fl understanding which structural shifts will endure advantages. This broad and pragmatic approach represents our most important task. to growth gives us degrees of freedom to adapt to changing conditions, seize emerging opportunities,  11 Strategic report | Around 25% of Monks is invested in companies | we believe the company has the potential to | | --- | --- | | fi | transform urban mobility and dominate the | | fi | autonomous vehicle (AV) future. | in NVIDIA in Graphics Processing Unit design, Microsoft in enterprise software, and Meta in Remaining reward-seeking social media and advertising. We have deliberately The fundamental principles of investing sound broadened and deepened the portfolio’s exposure disarmingly simple: buy low, sell high. But adhering to companies across the AI value chain. In the past to these principles amid market turbulence is year, this includes purchases of semiconductor fi holdings like Disco Corporation (dicing, grinding perspective, we create the mental space to remain   wafers) and Kokusai Electric (atomic layer upgrading the portfolio. Over the past year, our deposition machinery to enable the manufacture valuation premium to the market (on a forward Price/  Earnings basis) has decreased from over 20% to the likelihood of greater chip demand from AI will  be a helpful tailwind for growth. Elsewhere, we growth remains a healthy 45% premium to the have been seeking out the early adopters in the market (12.5% p.a. versus 8.6% p.a.). We are enterprise application space. This has drawn us turning volatility into opportunity. to the enterprise management software company Volatility has allowed us to purchase shares in Salesforce. It is now positioning itself to capitalise companies that we have admired for some time, on the growing AI market through its new offering, too. This was the case for Nu Holdings, the owner Agentforce. It allows customers to delegate tasks to  autonomous AI agents that are designed to handle operating in Brazil, Mexico and Colombia. Its shares tasks such as data analysis, planning, and execution, fell from $16 to $11 in January, which represented fi an attractive entry point. The company has attracted represents a potentially valuable shift in Salesforce’s over half of Brazil’s adult population, mainly through business model and pricing strategy, which could  see growth accelerate in the years ahead.  fi fi directly in the growth of electric and autonomous product portfolio, different market segments vehicles (c. 3.5%), but the direction of travel and multiple geographies. It leverages its digital  business model with an 85% cost advantage over likes of CATL, the Chinese battery manufacturer, incumbent banks to undercut fees while offering a Mobileye in driver safety and assistance software superior customer experience, commanding one of and Li Auto in Chinese EV manufacturing. We have the highest net promoter scores of any consumer discussed several opportunities over recent months, company worldwide. alighting on the purchase of a new holding in Uber Technologies Gearing and buybacks that connects drivers and passengers through The board and manager believe in the importance its mobile app. Uber’s competitive edge lies in its of utilising gearing and managing the current strong brand recognition, price competitiveness, discount to best protect existing shareholders. scale advantage, and powerful network effects. Turning longterm performance around remains the There remain countless opportunities to increase fi penetration and to expand into new geographies fl and adjacent businesses. With a vast addressable to our geared position, which now stands at 8.9%  on an invested basis (it was 6.8% a year ago). Our  largest capital allocation made over the past year transformation of the transportation industry, was the £321m to purchase our own shares at an supported by its strong consumer relationships and average discount of 10%. operational expertise. While the market appears to underappreciate Uber’s longevity and robustness, 12 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC This represents 12.4% of the Company’s opening share count, added approximately 1.1% to the NAV per share and represents a sustained commitment to  Outlook The core approach to managing Monks remains consistent. We select stocks based on their fundamental attractions; we seek to invest in a fi superior levels of earnings growth; and we strive to allow compounding to work its magic by being patient. We overlay these principles – building resilience, retaining perspective and remaining  a portfolio that is robust, has many drivers of future returns and will outpace the market in its delivery of earnings growth. Indeed, the portfolio’s fundamentals point to a platform from which we fi returns in the years ahead. Returning to Frank Knight’s wisdom about uncertainty, he argued that fi arise precisely from bearing uncertainty rather than fi thoughtfully under conditions of genuine uncertainty creates the opportunity for extraordinary reward. In these uncertain times, we remain grateful for your continued trust. Spencer Adair Malcolm MacColl Helen Xiong Baillie  1 July 2025 13 Strategic report ## The Managers’ core ## investment beliefs We believe the following features of Monks provide a Long-term perspective sustainable basis for adding value for shareholders.   fundamentals are given time to drive returns. Active management      up’ investment process. the management of market expectations.  * provides the potential for   adding value. is important during the inevitable periods of  We look broadly for growth, spanning regions and underperformance. sectors deliberately seeking opportunities where   we think growth is least recognised.     fl we expect portfolio returns to diverge – sometimes governance matters. substantially and often for prolonged periods. Dedicated team with clear decision-making Committed growth investors process     growth drives returns.      average growth, this in turn underpins the ability of responsible for Monks all own shares in the Monks to add value. Company.   focusing on the type of growth that we expect Portfolio construction    22 as set out on pages 21 to 23. and 23.     stocks for which we have greater conviction, and a diversity of growth drivers within a disciplined to embrace the asymmetry of returns through framework. ‘incubator’ positions in higher risk/return stocks.   positions will struggle and their share prices will fall; those that are successful may rise many fold. The latter should outweigh the former. Low cost   management fees.  fi  fi120 to 123. 14 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## Environmental, social and ## governance engagement The Board has given discretionary voting powers The Company publishes an annual stewardship to Baillie Gifford. The Managers vote against report which includes examples of engagement on resolutions they consider may damage shareholders’ ESG matters, as well as setting out the Managers’ rights or economic interests and report their actions approach to proxy voting. The annual stewardship to the Board. report is available on the Company’s website monksinvestmenttrust.co.uk. The Board believes that it is in the shareholders’ interests to consider environmental, social and governance (‘ESG’) factors when selecting and retaining investments and has asked the Managers to take these issues into account. The Managers do not exclude companies from their investment universe   are discussed with management with the aim of improving the relevant policies and management   returns. The Managers’ Statement of Compliance with the UK Stewardship Code can be found on the Managers’ website: bailliegifford.com. The Managers’ policy has been reviewed and endorsed  are signatories to the United Nations Principles for  15 Strategic report ## Ten largest ## investments T 5. | © Jae C. Hong/AP/REX/Shutterstock | © Shutterstock/Melnikov Dmitriy | | --- | --- | | Microsoft | Meta Platforms | | Microsoft is the world’s dominant | Meta is a globally dominant social | | enterprise software company. | media and advertising platform, | | fi | reaching over 3 billion daily | | with its Windows operating | active users across its four apps: | | fi | Facebook, Messenger, Instagram | |  | and WhatsApp. Meta provides | | fi | digital advertising infrastructure | | intelligence (AI). | that helps businesses connect | fi player in this large and growing industry. | Geography North America | | Geography North America | | | --- | --- | --- | --- | | Valuation at | £104,501,000 | Valuation at | £100,603,000 | | 30 April 2025 | | 30 April 2025 | | | % of total assets 4.1% | | % of total assets 4.0% | | | Valuation at | £102,564,000 | Valuation at | £99,850,000 | | 30 April 2024 | | 30 April 2024 | | | % of total assets 3.6% | | % of total assets 3.5% | | | Net purchases/(sales) | £9,556,000 | Net purchases/(sales) | (£5,972,000) | | in the year | | in the year | | 16 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC © UCG/Getty Images © Taiwan Semiconductor Manufacturing Co., Ltd. Amazon.com Prosus TSMC Amazon is a global ecommerce Prosus is a global consumer Taiwan Semiconductor company that has expanded technology holding company. Manufacturing Company is the into areas including media and fi largest and most advanced entertainment, advertising, Tencent, the Chinese social media foundry globally, integral to the and logistics. Through its cloud and gaming giant. Elsewhere global electronics industry. Its platform, Amazon Web Services across its portfolio it owns a lead in semiconductor process (AWS), the company is the leader collection of strongly growing technology and partnerships with in the growth area of cloud online businesses with leading all key chip design companies computing. positions in their domestic  markets. opportunity as well as enduring  | Geography North America | | Geography Continental Europe | | Geography Emerging Markets | | | --- | --- | --- | --- | --- | --- | | Valuation at | £92,864,000 | Valuation at | £87,086,000 | Valuation at | £81,423,000 | | 30 April 2025 | | 30 April 2025 | | 30 April 2025 | | | % of total assets 3.7% | | % of total assets 3.4% | | % of total assets 3.2% | | | Valuation at | £98,576,000 | Valuation at | £61,462,000 | Valuation at | £65,975,000 | | 30 April 2024 | | 30 April 2024 | | 30 April 2024 | | | % of total assets 3.4% | | % of total assets 2.1% | | % of total assets 2.3% | | | Net purchases/(sales) | (£1,093,000) | Net purchases/(sales) | £9,621,000 | Net purchases/(sales) | £12,184,000 | | in the year | | in the year | | in the year | | 17 Strategic report © Copyright (c) 2022 Nor Gal/Shutterstock NVIDIA Elevance Health The Schiehallion Fund NVIDIA designs and manufactures Elevance Health is a major US The Schiehallion Fund seeks graphics processing units. Its health insurance company. In to generate capital growth for semiconductors can be used for a addition to writing health insurance  range of applications, from gaming policies for millions of Americans,  fi the company offers services to businesses that have the potential years of investment into both support people’s health throughout for transformational growth and to hardware and software, NVIDIA their lives, with an increasing become publicly traded. fi focus on preventative care. These the rise of generative AI. NVIDIA is include pharmacy services, mental using its scale to further reinvest health support, and programmes to in its opportunity; designing new manage chronic health conditions. hardware to make data centres more powerful and energy fi to help companies adopt AI more  | Geography North America | | Geography North America | | Geography United Kingdom | | | | --- | --- | --- | --- | --- | --- | --- | | Valuation at | £79,679,000 | Valuation at | £69,262,000 | Valuation at | £68,420,000 | | | 30 April 2025 | | 30 April 2025 | | 30 April 2025 | | | | % of total assets 3.1% | | % of total assets 2.7% | | % of total assets 2.7% | | | | Valuation at | £49,131,000 | Valuation at | £97,183,000 | Valuation at | £73,796,000 | | | 30 April 2024 | | 30 April 2024 | | 30 April 2024 | | | | % of total assets 1.7% | | % of total assets 3.4% | | % of total assets 2.6% | | | | Net purchases/(sales) | £28,089,000 | Net purchases/(sales) | (£1,276,000) | Net purchases/(sales) | | – | | in the year | | in the year | | in the year | | | 18 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC © Ryanair | Service Corp. International | Ryanair | | --- | --- | | Service Corporation International | Ryanair is Europe’s leading | | is North America’s leading provider |  | | of funeral products and services. | route network covering 200 | | fi | destinations in over 30 countries. | | of brands, including Dignity | By offering competitive prices and | | Memorial, National Cremation | fl | | Society, and Neptune Society, all | track to almost double passenger | | offering a comprehensive range of | numbers to 300 million by 2034. | compassionate and professional care since 1962, making it a fi services industry. | Geography North America | | Geography Continental Europe | | | --- | --- | --- | --- | | Valuation at | £57,702,000 | Valuation at | £56,267,000 | | 30 April 2025 | | 30 April 2025 | | | % of total assets 2.3% | | % of total assets 2.2% | | | Valuation at | £65,691,000 | Valuation at | £79,927,000 | | 30 April 2024 | | 30 April 2024 | | | % of total assets 2.3% | | % of total assets 2.8% | | | Net purchases/(sales) | (£7,147,000) | Net purchases/(sales) | (£12,421,000) | | in the year | | in the year | | 19 Strategic report 20 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## Growth ## categories We have a differentiated approach to growth, focusing on the type of growth that we expect a company to deliver. All holdings fall into one of the three growth categories below. The use of these three growth categories ensures a diversity of growth drivers within a disciplined framework. The investment portfolio by growth category is set out on pages 22 and 23. Growth stalwarts Earnings Time c.10% p.a. earnings growth Company characteristics Durable franchise fi Competitive advantage includes dominant local scale, customer loyalty and strong brands Rapid growth Earnings Time c.15% to 25% p.a. earnings growth Company characteristics Early stage businesses with vast growth opportunity fi Cyclical growth Earnings Time c.10% to 15% p.a. earnings growth through a cycle Company characteristics fi  21 Strategic report ## Investment portfolio * ## by growth category as at 30 April 2025 Holding size Growth stalwarts 35.7% Rapid growth 33.0% Cyclical growth 31.3% Holding size Highest conviction Microsoft 4.1 Prosus 3.4 TSMC 3.2 Total in this holdings holding size Meta Platforms 4.0 NVIDIA 3.2 Ryanair 2.2 c.2.0% each 41.0% Amazon.com 3.7 The Schiehallion Fund 2.7 Martin Marietta Materials 1.9 Elevance Health 2.7 DoorDash 1.9 Royalty Pharma 1.8 Service Corporation International 2.3 CRH 1.7 Mastercard 2.2 | Average sized holdings | Autozone 1.5 Novo Nordisk 1.2 Richemont 1.3 | | | | Total in this | | --- | --- | --- | --- | --- | --- | | c.1.0% each | | | † | | holding size | | | Alphabet 1.4 Block 1.2 | FTAI Aviation | | 1.1 | | 43.3% AIA 1.0 AeroVironment 1.2 Markel 1.0  1.0 Reliance Industries 1.1 Atlas Copco 1.0 | Paycom Software | | † | | 1.0 ByteDance 1.1 CATL 0.9 | | --- | --- | --- | --- | --- | | Cosmos Pharmaceutical | | | † | 0.9 Shopify 1.0 B3 Group 0.9 | | Edenred | † | | | 0.9 fl 0.9 BHP Group 0.9 | Texas Instruments 0.9 Sea Limited 0.9 Nippon Paint 0.8 Olympus 0.9 Coupang 0.9 CBRE Group 0.8 Salesforce † 0.8 MercadoLibre 0.9 Bellway 0.7  0.8 Spotify 0.8 Advanced Drainage Systems 0.7 Moody's 0.8 PDD Holdings 0.8 Petroleo Brasileiro ADR 0.7 Kweichow Moutai 0.8 Uber Technologies † 0.8 CoStar 0.7 UnitedHealth 0.8 Li Auto 0.7 Epiroc 0.7 Arthur J. Gallagher 0.7 Alnylam Pharmaceuticals 0.7 Samsung Electronics 0.6 Adyen 0.7 Nu Holdings † 0.7 Stripe 0.7 | Incubator holdings | fi 0.6 Dutch Bros 0.6 Eaton 0.6 | | | | Total in this | | --- | --- | --- | --- | --- | --- | | c.0.5% each | | | † | | holding size | | | Walt Disney 0.6 Epic Games 0.6 | Kokusai Electric | | 0.6 | | 15.7% | Topicus.com 0.5 Space Exploration Technologies 0.5 | | | | fi | † | | 0.6 | | --- | --- | --- | --- | --- | --- | --- | --- | | Sartorius Stedim Biotech 0.4 fl 0.5 | | | | ON Semiconductor | | † | 0.6 | | LVMH 0.3 | Applovin | † | 0.5 Rakuten 0.5 | | | | | Neogen Corp 0.1 The Trade Desk 0.5 Comfort Systems USA 0.5 ICICI Prudential Life Insurance 0.5 Builders FirstSource 0.5 CyberAgent 0.4 ASM International 0.5 Datadog 0.4 Entegris 0.5 Genmab 0.3 SMC 0.5 Mobileye 0.3 Disco Corporation † 0.5 Enphase Energy † 0.2 Nexans 0.4 Ant International 0.2  0.4 Illumina CVR <0.1 WillScot Holdings † 0.3 Abiomed CVR – Brunswick Corp 0.3 Soitec 0.2 YETI Holdings 0.1 Silk Invest Africa Food Fund 0.1 Sberbank of Russia –  fi120 to 123. Denotes unlisted/private company investment. Denotes suspended investment. † New purchase during the period. 22 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Holding size Growth stalwarts 35.7% Rapid growth 33.0% Cyclical growth 31.3% Holding size Highest conviction Microsoft 4.1 Prosus 3.4 TSMC 3.2 Total in this holdings holding size Meta Platforms 4.0 NVIDIA 3.2 Ryanair 2.2 c.2.0% each 41.0% Amazon.com 3.7 The Schiehallion Fund 2.7 Martin Marietta Materials 1.9 Elevance Health 2.7 DoorDash 1.9 Royalty Pharma 1.8 Service Corporation International 2.3 CRH 1.7 Mastercard 2.2 | Average sized holdings | Autozone 1.5 Novo Nordisk 1.2 Richemont 1.3 | | | | Total in this | | --- | --- | --- | --- | --- | --- | | c.1.0% each | | | † | | holding size | | | Alphabet 1.4 Block 1.2 | FTAI Aviation | | 1.1 | | 43.3% AIA 1.0 AeroVironment 1.2 Markel 1.0  1.0 Reliance Industries 1.1 Atlas Copco 1.0 | Paycom Software | | † | | 1.0 ByteDance 1.1 CATL 0.9 | | --- | --- | --- | --- | --- | | Cosmos Pharmaceutical | | | † | 0.9 Shopify 1.0 B3 Group 0.9 | | Edenred | † | | | 0.9 fl 0.9 BHP Group 0.9 | Texas Instruments 0.9 Sea Limited 0.9 Nippon Paint 0.8 Olympus 0.9 Coupang 0.9 CBRE Group 0.8 Salesforce † 0.8 MercadoLibre 0.9 Bellway 0.7  0.8 Spotify 0.8 Advanced Drainage Systems 0.7 Moody's 0.8 PDD Holdings 0.8 Petroleo Brasileiro ADR 0.7 Kweichow Moutai 0.8 Uber Technologies † 0.8 CoStar 0.7 UnitedHealth 0.8 Li Auto 0.7 Epiroc 0.7 Arthur J. Gallagher 0.7 Alnylam Pharmaceuticals 0.7 Samsung Electronics 0.6 Adyen 0.7 Nu Holdings † 0.7 Stripe 0.7 | Incubator holdings | fi 0.6 Dutch Bros 0.6 Eaton 0.6 | | | | Total in this | | --- | --- | --- | --- | --- | --- | | c.0.5% each | | | † | | holding size | | | Walt Disney 0.6 Epic Games 0.6 | Kokusai Electric | | 0.6 | | 15.7% | Topicus.com 0.5 Space Exploration Technologies 0.5 | | | | fi | † | | 0.6 | | --- | --- | --- | --- | --- | --- | --- | --- | | Sartorius Stedim Biotech 0.4 fl 0.5 | | | | ON Semiconductor | | † | 0.6 | | LVMH 0.3 | Applovin | † | 0.5 Rakuten 0.5 | | | | | Neogen Corp 0.1 The Trade Desk 0.5 Comfort Systems USA 0.5 ICICI Prudential Life Insurance 0.5 Builders FirstSource 0.5 CyberAgent 0.4 ASM International 0.5 Datadog 0.4 Entegris 0.5 Genmab 0.3 SMC 0.5 Mobileye 0.3 Disco Corporation † 0.5 Enphase Energy † 0.2 Nexans 0.4 Ant International 0.2  0.4 Illumina CVR <0.1 WillScot Holdings † 0.3 Abiomed CVR – Brunswick Corp 0.3 Soitec 0.2 YETI Holdings 0.1 Silk Invest Africa Food Fund 0.1 Sberbank of Russia – 23 Strategic report # List of investments as at 30 April 2025 | Name | Business | Value $'000 | % of total assets * | | --- | --- | --- | --- | | Microsoft | Software and cloud computing | 104,501 | 4.1 | | Meta Platforms | Social networking website | 100,603 | 4.0 | | Amazon.com | Online retailer and cloud computing platform | 92,864 | 3.7 | | Prosus | Media and ecommerce | 87,086 | 3.4 | | TSMC | Semiconductor manufacturer | 81,423 | 3.2 | | NVIDIA | Graphics processing, gaming, AI technology | 79,679 | 3.1 | | Elevance Health | Healthcare insurer | 69,262 | 2.7 | | The Schiehallion Fund | Global unlisted growth equity investment company | 68,420 | 2.7 | | Service Corporation International | Funeral and crematoria services | 57,702 | 2.3 | | Ryanair | Low cost European airline | 56,267 | 2.2 | | Mastercard | Electronic payments network and related services | 55,688 | 2.2 | | Martin Marietta Materials | Cement and aggregates manufacturer | 47,633 | 1.9 | | DoorDash | Online commerce platform | 47,362 | 1.9 | | Royalty Pharma | Biopharmaceutical royalties portfolio | 45,581 | 1.8 | | CRH | Diversified building materials | 42,387 | 1.7 | | Autozone | Automotive replacement parts and accessories | 36,885 | 1.5 | | Alphabet | Online search engine | 35,292 | 1.4 | | Richemont | Luxury goods | 31,971 | 1.3 | | Novo Nordisk | Diabetes and weight loss treatment | 29,773 | 1.2 | | Block | Financial technology | 29,556 | 1.2 | | AeroVironment | Reconnaissance and defence drones | 29,292 | 1.2 | | FTAI Aviation † | Aerospace company | 27,444 | 1.1 | | Reliance Industries | Indian energy conglomerate | 27,226 | 1.1 | | ByteDance ⊕ | Online content platform including TikTok | 26,680 | 1.0 | | Markel | Speciality insurance products | 26,502 | 1.0 | | Shopify | Online commerce platform | 26,453 | 1.0 | | AIA | Asian life insurer | 26,371 | 1.0 | | S&P Global | Credit rating agency | 25,693 | 1.0 | | Paycom Software † | Enterprise management software | 24,301 | 1.0 | | Atlas Copco | Industrial equipment | 24,233 | 1.0 | * For a decision of terms used see Glossary of terms and Alternative Performance Measures on pages 120 to 123. ⊕ Denotes unlisted/private company investment. † New purchase during the period. 24 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC | Name | Business | Value $'000 | % of total assets * | | --- | --- | --- | --- | | CATL | Battery manufacturer | 23,826 | 0.9 | | Netflix | Entertainment streaming services | 23,324 | 0.9 | | B3 Group | Brazilian stock exchange operator | 22,946 | 0.9 | | Cosmos Pharmaceutical † | Drug store chain | 22,896 | 0.9 | | BHP Group | Mineral exploration and production | 22,267 | 0.9 | | Sea Limited | Online and digital gaming | 22,169 | 0.9 | | Coupang | South Korean ecommerce | 22,021 | 0.9 | | Edemed † | Employee benefit administrator | 21,881 | 0.9 | | Texas Instruments | Analog semiconductors | 21,746 | 0.9 | | Olympus | Optoelectronic products | 21,686 | 0.9 | | MercadoLibre | Latin American ecommerce platform | 21,520 | 0.8 | | Salesforce † | Cloud based software company | 21,378 | 0.8 | | Stella-Jones | Industrial pressure treated wood products | 21,270 | 0.8 | | Spotify | Online music streaming service | 20,954 | 0.8 | | Moody's | Credit rating agency | 20,856 | 0.8 | | PDD Holdings | Chinese ecommerce | 20,542 | 0.8 | | Nippon Paint | Japanese paint manufacturer | 20,454 | 0.8 | | Kweichow Moutai | Spirits manufacturer | 20,428 | 0.8 | | CBRE Group | Commercial real estate | 20,353 | 0.8 | | UnitedHealth | Healthcare insurer | 20,120 | 0.8 | | Uber Technologies † | Ride hailing and food delivery | 19,009 | 0.7 | | Bellway | Housebuilder | 18,857 | 0.7 | | Li Auto | Chinese EV manufacturer | 18,493 | 0.7 | | Advanced Drainage Systems | Manufacturer of pipes and drainage systems | 18,418 | 0.7 | | Petroleo Brasileiro | Oil and gas exploration and production | 18,309 | 0.7 | | CoStar | Commercial property portal | 17,733 | 0.7 | | Alnylam Pharmaceuticals | RNA interference therapeutics | 17,488 | 0.7 | | Adyen | Digital payments | 17,449 | 0.7 | | Nu Holdings † | Brazilian digital banking and financial services | 17,348 | 0.7 | | Arthur J. Gallagher | Insurance broker | 17,344 | 0.7 | * For a definition of terms used see Glossary of terms and Alternative Performance Measures on pages 120 to 123. ⊕ Denotes unlisted/private company investment. † New purchase during the period. 25 Strategic report Value % of total Name Business £’000 assets * Epiroc Construction and mining machinery 16,894 0.7 Stripe Digital payments platform 16,641 0.7 Samsung Electronics Semiconductors and consumer goods 16,320 0.6 fi fi 16,076 0.6 Dutch Bros Coffee and drinks retailer 15,916 0.6 Eaton Industrial engineering products 15,821 0.6 Walt Disney Media and theme parks 15,507 0.6 Epic Games Gaming software developer 15,494 0.6 | Kokusai Electric | | † | | Semiconductor  14,816 0.6 | | --- | --- | --- | --- | --- | | fi | † | | | Asset management company 14,743 0.6 | | ON Semiconductor | | | † | Supplier of power semiconductors 14,167 0.6 | Space Exploration Technologies Space rockets and satellites 13,850 0.5 Rakuten fi 13,607 0.5 fl Cloud based IT services 13,538 0.5 Applovin † Online game development platform 13,467 0.5 Comfort Systems USA HVAC systems and solutions 13,437 0.5 Topicus.com Vertical market software and solutions 13,285 0.5 Builders FirstSource Building products for professional homebuilders 13,220 0.5 ASM International Vapour deposition technology for semiconductors 13,064 0.5 The Trade Desk Programmatic advertising platform 12,185 0.5 ICICI Prudential Life Insurance Life insurance services 12,160 0.5 Entegris Supplier of materials to semiconductor industry 11,801 0.5 SMC  11,610 0.5 Disco Corporation †  11,380 0.5 Sartorius Stedim Biotech  11,179 0.4 Nexans Electrical transmission cabling installer 10,555 0.4 CyberAgent Japanese internet advertising and content 9,558 0.4 Datadog Cloud based IT system monitoring application 9,324 0.4  Floor and furnishing retailer 8,856 0.3 LVMH Luxury goods 8,480 0.3 * fi120 to 123. Denotes unlisted/private company investment. † New purchase during the period. 26 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC | | | | Value | % of total | | | --- | --- | --- | --- | --- | --- | | Name Business | | | £’000 | | assets * | | WillScot Holdings | † | fi 8,064 0.3 | | | | Genmab Biotechnology 7,970 0.3 Brunswick Corp Recreational boats, marine engines 6,473 0.3 and accessories Mobileye Advanced driver assistance systems (ADAS) and autonomous 6,413 0.3 driving technologies Enphase Energy † Provider of energy management solutions 5,748 0.2 Soitec Manufactures substrates for semiconductor wafers 5,512 0.2 Ant International fi 5,327 0.2 YETI Holdings Outdoor lifestyle products 3,438 0.1 Neogen Corp Food and animal safety products and services 2,865 0.1 Silk Invest Africa Food Fund  2,438 0.1 Illumina CVR  57 <0.1 Abiomed CVR Medical implant manufacturer – – Sberbank of Russia Russian commercial bank – – Total investments 2,528,471 99.5  13,850 0.5 Total assets* 2,542,321 100.0 Borrowings (at book value) (223,415) (8.8) Shareholders' funds 2,318,906 91.2 Listed Schiehallion Unlisted Net liquid Total equities Fund # securities ‡ assets * assets * % % % % % 30 April 2025 93.7 2.7 3.1 0.5 100.0 30 April 2024 94.1 2.6 2.0 1.3 100.0 * fi120 to 123. Denotes unlisted/private company investment. Denotes suspended investment. † New purchase during the period. Complete sales during the period were: Ashstead Group, BIG Technologies, Pernod Ricard, Adevinta Asa, Schibsted, Adobe Systems, Advanced Micro Devices, Albemarle, Alibaba, Analog Devices, Certara, Chewy, HDFC, Hoshizaki Corp, Lemonade, Moderna, Norwegian Cruise Line, Pool Corporation, Sands China, Shiseido, SiteOne Landscape Supply, Staar Surgical, Sysmex, Tesla, Woodside Energy Group. # The Schiehallion Fund is managed by Baillie Gifford. The Company’s holding in The Schiehallion Fund is excluded from its assets when calculating 92. ‡ Includes holdings in preference shares, ordinary shares and contingent value rights (CVR). 27 Strategic report ## Baillie Gifford – valuing ## private companies We aim to hold our private company investments Beyond the regular cycle, the valuations team also  monitors the portfolio for certain ‘trigger events’.  These may include: changes in fundamentals; a both during regular valuation cycles and on an takeover approach; an intention to carry out an IPO;  or changes to the valuation of comparable public  companies. The valuations team also monitors are valued in both a fair and timely manner. relevant market indices on a weekly basis and updates valuations in a manner consistent with our The valuation process is overseen by a valuations  committee at Baillie Gifford which takes advice report where appropriate. When market volatility is  particularly pronounced the team do these checks  daily. Any ad hoc change to the fair valuation of any  fl fi next published net asset value. fi In addition to the 3.1% of the portfolio holdings in  direct private company investments, 2.7% of the  portfolio is in The Schiehallion Fund, a closed ended reassessed each month. For investment trusts, investment company investing predominantly in  private companies, which is valued at its publicly respective investment trust boards and are subject available market price. to the scrutiny of external auditors in the annual audit process. 28 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC # Portfolio positioning as at 30 April 2025$^{1}$ Although the Managers' approach to stock picking is resolutely 'bottom-up' in nature it is essential to understand the risks of each investment and, in turn, where there may be concentrations of exposures. The charts below outline some key exposures of the portfolio at the Company's year end. ## Geographical ![img-0.jpeg](img-0.jpeg) | Geographical region | % at 30 April 2025 | % at 30 April 2024 | | --- | --- | --- | | 1 North America | 58.0 | 57.4 | | 2 Continental Europe | 16.3 | 17.7 | | 3 Emerging Markets | 13.9 | 12.6 | | 4 Japan | 5.1 | 4.2 | | 5 United Kingdom | 3.4 | 3.6 | | 6 Developed Asia | 2.8 | 3.2 | | 7 Net liquid assets | 0.5 | 1.3 | ## Sectoral ![img-1.jpeg](img-1.jpeg) | Sector | % at 30 April 2025 | % at 30 April 2024 | | --- | --- | --- | | 1 Technology | 34.1 | 28.5 | | 2 Industrials | 19.3 | 18.2 | | 3 Consumer Discretionary | 18.9 | 20.3 | | 4 Financials | 10.2 | 11.7 | | 5 Healthcare | 9.5 | 11.8 | | 6 Energy | 2.0 | 2.6 | | 7 Consumer Staples | 1.7 | 1.2 | | 8 Basic Materials | 1.7 | 1.9 | | 9 Real Estate | 1.5 | 1.6 | | 10 Telecommunications | 0.6 | 0.9 | | 11 Net liquid assets | 0.5 | 1.3 | $^{1}$ Expressed as a percentage of total assets. $^{1}$ For a definition of terms used see Glossary of terms and Alternative Performance Measures on pages 120 to 123. Past performance is not a guide to future performance. 29 Strategic report # One year summary The following information illustrates how Monks has performed over the year to 30 April 2025. | | 30 April 2025 | 30 April 2024 | % change | | --- | --- | --- | --- | | Total assets (before deduction of borrowings) | £2,542.3m | £2,884.3m | | | Borrowings (at book value) | £223.4m | £223.2m | | | Shareholders' funds | £2,318.9m | £2,661.1m | | | Net asset value per ordinary share (borrowings at par)* | 1,235.9p | 1,242.7p | (0.5) | | Net asset value per ordinary share (borrowings at fair value)* | 1,265.2p | 1,266.1p | (0.1) | | Share price | 1,138.0p | 1,158.0p | (1.7) | | FTSE World Index (in sterling terms) | | | 3.3 | | Ongoing charges*† | 0.43% | 0.44% | | | Discount (to NAV with borrowings at par)* | (7.9%) | (6.8%) | | | Discount (to NAV with borrowings at fair value)*† | (10.1%) | (8.5%) | | | Active share* | 80% | 81% | | | Revenue earnings per ordinary share | 1.75p | 3.68p | (52.4) | | Dividends paid and payable in respect of the year | 0.50p | 2.10p | (76.2) | | Gross gearing* | 9.6% | 8.4% | | | Net gearing* | 8.9% | 6.8% | | * Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on pages 120 to 123. † Key Performance Indicator. Source: LSEG/Baillia Gifford and relevant underlying index providers. See disclaimer on page 116. Past performance is not a guide to future performance. 30 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Year to 30 April 2025 2024 Total return performance (%)* | Net asset value per ordinary share (borrowings at par) | | † | | (0.4) 1 7.7 | | --- | --- | --- | --- | --- | | Net asset value per ordinary share (borrowings at fair value) | | | † | 0.1 1 7. 6 | | Share price | † | | | (1.5) 19.1 | FTSE World Index (in sterling terms) 5.3 19.1 Year to 30 April 2025 2025 2024 2024 Year’s high and low High Low High Low Net asset value per ordinary share (borrowings at par)* 1,477.7p 1,137.6p 1,292.1p 1,003.3p Net asset value per ordinary share (borrowings at fair value)* 1,504.2p 1,167.5p 1,314.1p 1,028.1p Share price 1,344.0p 1,036.0p 1,158.0p 890.0p Discount (borrowings at fair value)* † (7.2%) (15.6%) (8.6%) (14.8%) Year to 30 April 2025 2024 Net return per ordinary share Revenue 1.75p 3.68p Capital (10.08p) 174.07p Total (8.33p) 177.75p * Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on pages 120 to 123. † Key performance indicator. Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 116. Past performance is not a guide to future performance. 31 Strategic report ## Five year ## summary The following charts indicate Five year total return performance how an investment in fi20)   250 index and its underlying NAV * fi 200 5. 150 100 50 20252020 2021 2022 2023 2024 Cumulative to 30 April ● NAV ‡ ● Share price ● Index# Source: LSEG/Baillie Gifford and relevant underlying index providers † . Dividends are reinvested. Premium/(discount)* to NAV ‡ fi 10% 5% 0% (5%) (10%) (15%) (20%) 20252020 2021 2022 2023 2024 Years to 30 April ● Premium/(discount) Source: LSEG/Baillie Gifford. * See Glossary of terms and Alternative Performance Measures on pages 120 to 123. | † See disclaimer on page 116. | | --- | | # The comparative index is the FTSE World Index (in sterling terms). | | ‡ With borrowings deducted at fair value. | Past performance is not a guide to future performance. 32 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Annual NAV and share price total returns* 60% 40% 20% 0% (20%) (40%) (60%) 2021 2022 2023 2024 2025 Years to 30 April ● NAV † ● Share price Source: LSEG/Baillie Gifford and relevant underlying index providers # . Annual NAV and share price total returns* (relative to the index ‡ ) 60% 40% 20% 0% (20%) (40%) 20252021 2022 2023 2024 Years to 30 April ● NAV † ● Share price Source: LSEG/Baillie Gifford and relevant underlying index providers # . * See Glossary of terms and Alternative Performance Measures on pages 120 to 123. | † With borrowings deducted at fair value. | | --- | | # See disclaimer on page 116. | | ‡ The comparative index is the FTSE World Index (in sterling terms). | Past performance is not a guide to future performance. 33 Strategic report ## Ten year ## record Capital | | | | | | | | | | | | | | | | (Discount)/ | | | (Discount)/ | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Total | | | Shareholders’ | | NAV per share | | | NAV per share | | | Share | | | premium | | | premium | | | | At | assets | | Borrowings | | | funds | | (par) * | † | | (fair) * | † | price | | | | (par) * | † | | (fair) * | † | | 30 April | £’000 * | | | £’000 | | £’000 | | | p | | | p | | p | | | % | | | % | | 2015       (9.0) (8.6) 2016       (10.0) (9.5) 2017       (1.2) (0.6) 2018         2019         2020         2021         2022       (3.5) (4.4) 2023       (7.9) (9.7) 2024 2,884,313 223,176 2,661,137 1,242.7 1,266.1 1,158.0 (6.8) (8.5) 2025 2,542,321 223,415 2,318,906 1,235.9 1,265.2 1,138.0 (7.9) (10.1) Revenue Gearing ratios | | | | Available | | | Revenue | | Dividends paid | | | | | | | | Net | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Gross | for ordinary | | | earnings per | | | and proposed | | | | Ongoing | | | (equity) | | Gross | | | Year to | revenue | shareholders | | | ordinary share | | | | per share | | * | | | † | gearing * | | gearing * | | | 30 April | £’000 | | | £’000 | | | p | | | p | | | % | | | % | | % | 2015 20,215 10,549 4.74 3.95 0.58   2016 15,149 4,954 2.31 1.50 0.59   2017 17,593 5,043 2.36 1.25 0.59   2018 19,759 5,588 2.61 1.40 0.52   2019 23,268 7,186 3.30 1.85 0.50   2020 26,691 9,319 4.24 2.50 0.48   2021  7,801  2.00 0.43   2022 27,811 8,644 3.67 2.35 0.40   2023 30,211 10,714 4.70 3.15 0.43 5 7 2024 29,888 8,241 3.68 2.10 0.44 7 8 2025 25,953 3,516 1.75 0.50 0.43 9 10 Source: LSEG/Baillie Gifford. See disclaimer on page 116. * fi120 to 123. † Alternative Performance Measure. Past performance is not a guide to future performance. 34 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Cumulative performance (taking 2015 as 100) Dividends | | | | | | | | | | | Revenue | | | paid and | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | earnings | | | proposed | | | | NAV per | NAV total | Share | Share price | | | Index | | per ordinary | | | per ordinary | | | | At 30 April | share (fair) | * | price | * Index | † |  | | † | | | share | | | share | 2015 100 100 100 100 100 100 100 100 2016 99 100 98 99 98 100 49 38 2017 138 139 150 152 125 132 50 32 2018 159 161 180 183 131 141 55 35 2019 178 181 203 206 143 158 70 47 2020 184 187 210 214 138 156 89 63 2021 285 291 321 327 181 209 72 51 2022 231 236 242 247 189 222 77 59 2023 227 232 224 229 190 229 99 80 2024 266 273 266 273 222 273 78 53 2025 266 273 262 269 229 288 37 13 Compound annual returns (%) 5 year 7. 6 7. 9 4.5 4.7 10.7 13.0 (16.2) (27.5) 10 year 10.3 10.6 10.1 10.4 8.6 11.1 (9.5) (18.7) Ten year total return performance * 400 350 300 250 200 150 100 50 0 20252015 2017 2020 2022 20242016 20192018 2021 2023 Cumulative to 30 April * * *† Source: Baillie Gifford/LSEG and underlying data providers. See disclaimer on page 116. * See Glossary of terms and Alternative Performance Measures on pages 120 to 123. † FTSE World Index (in sterling terms). Past performance is not a guide to future performance. 35 ● NAV (fair) ● Share price ● Index Strategic report 36 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## Business review Business model Objective and policy The Company’s objective is to invest globally to Business and status achieve capital growth. This takes priority over The Monks Investment Trust PLC (‘the Company’) is income and dividends. Monks seeks to meet its a public company limited by shares and incorporated objective by investing principally in a portfolio of fi  . their inclusion within the portfolio solely on the basis The Company is an investment company within the of the strength of the investment case. There are meaning of section 833 of the Companies Act 2006 no limits to geographical or sector exposures, but and carries on business as an investment trust. these are reported to, and monitored by, the Board Investment trusts are UK public listed companies fi and their shares are traded on the London Stock  Exchange. They invest in a portfolio of assets in fi fi end, the portfolio contained 103 capital although, subject to shareholder approval A portfolio review by the investment managers sought annually, it may purchase its own shares is given on pages 8 to 13 and the investments  held at the year end are listed on pages 24 to 27. is determined, like other listed shares, by supply Investment may also be made in funds (open and    The Company has been approved as an investment in UK listed investment companies in aggregate  is 15% of gross assets. Asset classes other than the Company continuing to meet the eligibility  conditions. The Directors are of the opinion that the fi Company has continued to conduct its affairs so as and derivatives. The Company may use derivatives  fi of section 1158 of the Corporation Tax Act 2010 and (including reducing, transferring or eliminating the Investment Trust (Approved Company) (Tax) investment risk in its investments and protection Regulations 2011. against currency risk) and to achieve capital growth. The Company is an Alternative Investment Fund While there is a comparative index for the purpose (‘AIF’) for the purposes of the UK Alternative of measuring performance, no attention is paid to Investment Fund Managers Regulations. the composition of this index when constructing Purpose the portfolio; the portfolio may, therefore, differ  The Monks Investment Trust aims to deliver above     terms and relative to the comparative index. companies and keeping fees and costs low. Payment of dividends is secondary to achieving capital growth. The shares are not considered to  or rising income. 37 Strategic report  An explanation of these measures can be found in classes when this is considered to be appropriate on the Glossary of terms and Alternative Performance investment grounds. Gearing levels, and the extent Measures on pages 120 to 123fi   investment managers at every Board meeting and 3035. adjusted accordingly with regard to the outlook. In addition to the above, the Board also has regard New borrowings will not be taken out if this takes to the total return of the Company’s principal  comparative index (FTSE World Index in sterling  terms) and considers the performance of comparable occasions, be below 100% of shareholders’ funds. companies. Culture and values Value assessment In the context of a company with no employees,  culture and values are expressed by the Company’s value assessments of its products. Following the Directors and the service providers with whom assessment in 2025, it was concluded that the shareholders and other stakeholders interact, and Company was expected to provide fair value for through the relationships between the Board and  those service providers, including the Managers.  Borrowings on pages 45 to 47 the Board seeks to engage The Company’s borrowings at 30 April 2025 with its Managers and other service providers in a comprised: collaborative and collegiate manner, and to maintain the highest standards of business conduct.   4 – £60 million); Performance   At each Board meeting, the Directors consider 4 – £40 million);     4 – ); Key Performance Indicators   4 – ); The Board uses performance indicators (KPIs) to measure the progress and performance of the   Company over time when discharging its duties 4 – ); as set out on page 59 and when evaluating the   Managers as noted on page 55. These KPIs are 4 – ); and established industry measures and are as follows:  50 million under the £10fl   facility with Royal Bank of Scotland International share on a total return basis; Limited (30 April 2024 – £50 million under the   fl  Australia Bank).   Further details of the Company’s borrowings are set out in notes 11 and 12 on pages 96 and 97 and details   of the Company’s gearing levels are included in the Chairman’s Statement on page 6 and the Ten Year Record on page 34. 38 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Principal and emerging risks The rating and change has been included to show if the risk is high (red), moderate (amber) or low As explained on pages 64 and 65 there is an ongoing (green) and an upwards arrow, dash or downwards process for identifying, evaluating and managing the arrow has been included to show if the risk level has risks faced by the Company on a regular basis. The increased, remained stable, or decreased since it Directors have carried out a robust assessment of was last reported in last year’s Annual Report and the principal and emerging risks facing the Company, Financial Statements. The Board considers heightened including those that would threaten its business macroeconomic and geopolitical concerns to be     managed or mitigated is set out below.  Investment and strategic risks Investment What is the risk? How is it managed? Rating and Current assessment of risk Pursuing an investment To mitigate this risk, the Board change This risk is considered to strategy risk fi regularly reviews and monitors: have increased. The market objective which the market the Company’s objective and appetite for growth investing is perceives to be unattractive or investment policy and strategy; considered to have deteriorated inappropriate, or the ineffective the investment portfolio over recent months as investors implementation of an attractive and its absolute and relative shift to assets perceived to or appropriate strategy, may performance; the level of be safe or offering insulation lead to reduced returns for discount/premium to net asset from market volatility. Despite a shareholders and, as a result, value at which the shares trade; fi a decreased demand for the and movements in the share the discount of the share price Company’s shares. This may register, and raises any matters to net asset value has widened lead to the Company’s shares of concern with the Managers. over the year. trading at a widening discount to their net asset value. Financial What is the risk? How is it managed? Rating and Current assessment of risk The Company’s assets consist In order to oversee this risk, the change This risk is considered to risk mainly of listed securities and Board considers at each meeting be high but unchanged its principal and emerging various metrics including the The prospect of heightened fi fi market volatility remains from of the portfolio by geography, market related and include deteriorating geopolitical industry, growth category and market risk (comprising  holding size along with sales currency risk, interest rate  and purchases of investments. risk and other price risk), fl Individual investments are  hostilities in the Middle East. discussed with the portfolio An explanation of those risks managers together with their and how they are managed general views on the various is contained in note 19 to investment markets and sectors. the Financial Statements on A strategy meeting is held pages 84 to 106. annually. The Board has, in particular, considered the impact of heightened market volatility owing to macroeconomic and geopolitical concerns. The value of the Company’s investment portfolio would be affected by any impact, positively or negatively, on sterling but such impact would be partially offset by the effect of exchange rate movements on the Company’s euro and yen denominated borrowings. Moderate RiskHigh Risk Low Risk Decreasing RiskIncreasing Risk Stable Risk 39 Strategic report Discount What is the risk? How is it managed? Rating and Current assessment of risk The discount/premium at To manage this risk, the Board change The Company’s discount has risk | which the Company’s shares | monitors the level of discount/ | widened during the year. The | | --- | --- | --- | | trade relative to its net asset | premium at which the shares | Company has been buying | | value can change. The risk of | trade and the Company has | back shares for treasury since | | a widening discount is that | authority to buy back its | January 2022, and over the | | it may undermine investor | existing shares or issue shares | course of the Company’s | | fi | (including authority to sell | fi | | | shares held in treasury), when | shares were bought back. | deemed by the Board to be in the best interests of the Company and its shareholders. Political and What is the risk? How is it managed? Rating and Current assessment of risk Political change in areas in To mitigate this risk, change This risk is seen as increasing associated which the Company invests developments are closely as deteriorating geopolitical economic  monitored and considered stability increases the prospect risk  by the Board. The Board fl  has particular regard sanctions. to macroeconomic and geopolitical tensions and monitors portfolio fi stream where appropriate, as well as by investee companies’ primary location and considers the potential for negative impacts arising from military action, trade barriers  Climate and What is the risk? How is it managed? Rating and Current assessment of risk Perceived problems on This is mitigated by the change The Managers continue to governance environmental, social and Managers’ strong ESG embed analysis of ESG factors risk | governance (‘ESG’) matters | stewardship and engagement | within the investment process. | | --- | --- | --- | | in an investee company | policies, which have been | | | could lead to that company’s | endorsed by the Company, | | | shares being less attractive to | and which are fully integrated | | | investors, adversely affecting | into the investment process. | | | its share price, in addition | Further details of the Managers’ | | | to potential valuation issues | 15 | | | arising from any direct impact | and also on the Managers’ | | | of the failure to address | website bailliegifford.com/esg. | | | the ESG weakness on the | The Directors have considered | | | operations or management | the impact of climate change on | | | of the investee company | the Financial Statements of the | | | (for example in the event | Company and this is included | | | of an industrial accident or | in note 1a to the Financial | | | spillage). Repeated failure | Statements on page 88. | | by the Managers to identify ESG weaknesses in investee companies could lead to the Company’s own shares being less attractive to investors, adversely affecting its own share price. Moderate RiskHigh Risk Low Risk Decreasing RiskIncreasing Risk Stable Risk 40 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Regulatory What is the risk? How is it managed? Rating and Current assessment of risk Failure to comply with To mitigate this risk, Baillie change All control procedures are risk applicable legal and Gifford’s Business Risk, working effectively. There have  Internal Audit and Compliance been no material regulatory such as the tax rules for Departments provide regular changes that have impacted investment trust companies, reports to the Audit Committee  the UK Listing Rules and on Baillie Gifford’s monitoring the Companies Act could programmes. Should major lead to the Company being regulatory change seem likely subject to tax on capital to impose disproportionate gains, suspension of the compliance burdens on the Company’s Stock Exchange Company, representations are fi made to the relevant authorities fi to ensure that the special Changes to the regulatory circumstances of investment environment could negatively trusts are recognised. impact the Company. Shareholder documents and announcements, including the Company’s published Interim and Annual Report and Financial Statements, are subject to stringent review processes, and procedures are in place to ensure adherence to the Disclosure and Transparency Rules with reference to inside information. Custody and What is the risk? How is it managed? Rating and Current assessment of risk Safe custody of the To mitigate this risk, the Audit change All control procedures are depositary Company’s assets may be  working effectively. risk compromised through control reports from the depositary failures by the depositary, fi including breaches of cyber Company’s assets held by the security. custodian. Cash and portfolio holdings are independently reconciled to the custodian’s records by the Managers who fi unlisted portfolio holdings to fi companies. In addition, the existence of assets is subject to annual external audit and the custodian’s assured internal controls reports are reviewed by Baillie Gifford’s business risk department and a summary    Moderate RiskHigh Risk Low Risk Decreasing RiskIncreasing Risk Stable Risk 41 Strategic report Operational What is the risk? How is it managed? Rating and Current assessment of risk Failure of Baillie Gifford’s To mitigate this risk, change All control procedures are risk systems or those of other  working effectively. third party service providers comprehensive business could lead to an inability to continuity plan which facilitates provide accurate reporting continued operation of the and monitoring or a business in the event of a misappropriation of assets. service disruption or major disaster. The Audit Committee reviews Baillie Gifford’s Report on Internal Controls and the reports by other key third party providers are reviewed by  Board and a summary of the key points is reported to the Audit Committee and any concerns investigated. The key third party service providers have fi fi their respective services to  Leverage What is the risk? How is it managed? Rating and Current assessment of risk The Company may borrow To mitigate this risk, all change fi risk | money for investment |  | level. The Company replaced | | --- | --- | --- | | purposes (sometimes known | approval of the Board and | the £150 million National | | as ‘gearing’ or ‘leverage’). | leverage levels are discussed | fl | |  | by the Board and Managers | facility with a £100 million | | value, any borrowings will | at every meeting. Covenant | fl | | magnify the impact of this | levels are monitored regularly. | Bank of Scotland International | | loss. If borrowing facilities are | Details of the Company’s | Limited during the year. | | not renewed, the Company | current borrowing facilities and | | | may have to sell investments | drawings can be found in notes | | | to repay borrowings. The | 11 and 12 on pages 96 and 97. | | | Company can also make | The majority of the Company’s | | | use of derivative contracts, |  | | | although it does not currently | securities that are readily | | | do so. The use of such | realisable. Further information | | | contracts may have a gearing | on leverage can be found on | | | effect so as to enhance, or | page 116 and in the Glossary | | | worsen, returns relative to the | of terms and Alternative | | | amount invested in this way. | Performance Measures on | | pages 120 to 123. Moderate RiskHigh Risk Low Risk Decreasing RiskIncreasing Risk Stable Risk 42 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Cyber What is the risk? How is it managed? Rating and Current assessment of risk  To mitigate this risk, the Audit change This risk is seen as elevated but security risk  Committee reviews Reports stable due to the continuation  on Internal Controls published of geopolitical tensions that  by Baillie Gifford and other could lead to more cyber fi third party service providers. attacks. Emerging technologies, integrity or availability Baillie Gifford’s Business Risk including AI, could potentially  Department report to the Audit increase information security Committee on the effectiveness risks. In addition, service of information security controls providers operate a hybrid in place at Baillie Gifford and its fi business continuity framework. working, thereby increasing Cyber security due diligence the potential of a cyber is performed by Baillie Gifford  on third party service providers which includes a review of crisis management and business continuity frameworks. Emerging As explained on page 64 the Board has regular discussions on principal risks and uncertainties,  risks Moderate RiskHigh Risk Low Risk Decreasing RiskIncreasing Risk Stable Risk 43 Strategic report Viability statement The vast majority of the Company’s investments are readily realisable and can be sold to meet Having regard to provision 31 of the UK Corporate its liabilities as they fall due, the main liabilities Governance Code, the Directors have assessed the currently being the revolving credit facility expiring fi in 2027, and loan notes repayable in 2030, 2033, The Directors consider this period to be appropriate 2035, 2037, 2045 and 2054. The Company’s as, in the absence of any adverse change to the primary third party suppliers, including its Managers regulatory environment and the favourable tax and Secretaries, custodian and depositary, registrar, treatment afforded to UK investment trusts, it is fi  fi fi services to the Company. In addition, as substantially   place. The Directors do not envisage any change are outsourced to third party service providers, in strategy or objectives or any events that would this allows key service providers to be replaced at prevent the Company from continuing to operate fi over that period.  In making this assessment the Directors have during the year, including consideration of risk of taken into account the Company’s current position market volatility resulting from geopolitical concerns and have conducted a robust assessment of the and macroeconomic pressures. The stress testing Company’s principal risks and uncertainties, did not indicate any matters of concern. 39 Based upon the Company’s processes for monitoring to 47), in particular the impact of market risk operating costs, share price premium/discount, the fi Managers’ compliance with the investment objective, would adversely impact the value of the investment fi portfolio. The Directors have also considered the fi Company’s investment objective and policy, the level Board believes that the prospects of the Company of demand for the Company’s shares, the nature of fi its assets, its liabilities and projected income and that they have a reasonable expectation that it will expenditure. continue in operation and meet its liabilities as they fi 44 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Promoting the success of the Company In this context, having regard to Monks being an  (section 172 statement) employees, the Board considers the Company’s key Under section 172 of the Companies Act 2006, stakeholders to be: its existing and potential new the directors of a company must act in the way  they consider, in good faith, would be most likely (Baillie Gifford); other professional service providers to promote the success of the company for the (corporate broker, registrar and depositary); lenders; fi wider society and the environment. so, have regard (amongst other matters and to the  The Board considers that the interests of the of any decision in the long term, b) the interests Company’s key stakeholders are aligned, in terms of the company’s employees, c) the need to of wishing to see the Company deliver sustainable foster the company’s business relationships with  suppliers, customers and others, d) the impact of stated objective and strategy, and meet the highest the company’s operations on the community and standards of legal, regulatory, and commercial the environment, e) the desirability of the company conduct, with the differences between stakeholders maintaining a reputation for high standards of being merely a matter of emphasis on those business conduct, and f) the need to act fairly as elements. The Board’s methods for assessing between members of the company. the Company’s progress in the context of its stakeholders’ interests are set out below. Stakeholder Why we engage How we engage and what we do Shareholders Shareholders are, collectively, the The Board places great importance on communication with Company’s owners: providing them with shareholders. The Annual General Meeting provides the key  forum for the Board and Managers to present to shareholders with the Company’s investment policy and on the Company’s performance, future plans and prospects. objective is the reason for its existence. The Chairman is available to meet with shareholders as appropriate. The Managers meet regularly with shareholders and their representatives, reporting their views back to the Board. Directors also attend certain shareholder presentations, in order fi also communicate with members of the Board at any time by fi Company’s broker. These communication opportunities help inform the Board when considering how best to promote the fi the long term. Baillie Gifford – The Company’s Board has delegated the The Board seeks to engage with its Managers in a collaborative Managers and management of the Company’s portfolio, and collegiate manner, encouraging open and constructive Secretaries and the administration of the Company’s discussion and debate, while also ensuring that appropriate fi and regular challenge is brought and evaluation conducted.  This approach aims to enhance service levels and strengthen Baillie Gifford. Baillie Gifford is therefore relationships with the Company’s providers, with a view to responsible for the substantial activities of ensuring the interests of the Company’s shareholders are best the Company and has the most immediate served, by keeping cost levels proportionate and competitive fl and by maintaining the highest standards of business conduct. stakeholders, subject to the oversight and strategic direction provided by the Board. 45 Strategic report Stakeholder Why we engage How we engage and what we do | Portfolio | As all of the Company’s operations are | The Board is cognisant of the need to consider the impact of | | --- | --- | --- | | companies | conducted by third party professional |  | | | providers, it is the companies held in its | and the environment. The Board considers that its oversight | | | investment portfolio which have the primary |  | | |  |  | | | environmental change, both positively |  | | | and negatively, as well as generating, | their ESG approach and its application in making investment | | | through their commercial success, the | decisions. The Board regularly reviews Governance Engagement | | | investment growth sought by the Company’s | reports, which document the Managers’ interactions with | | | shareholders. The investee companies | investee companies on ESG matters (see page 15). | have an interest in understanding their shareholders’ investment rationale in  business strategies will be supported. Brokers The Company’s brokers provide an interface The Company’s brokers regularly attend Board meetings, and between the Company’s Board and its provide reports to those meetings, in order to keep the Board institutional shareholders. apprised of shareholder and wider market sentiment regarding the Company. They also arrange forums for shareholders to meet the Chairman, or other Directors, outwith the normal general meeting cycle. Registrars The Company’s registrars provide an The Company Secretaries liaise with the registrars to ensure the interface with those shareholders who hold  the Company’s shares directly. appropriate, and monitor shareholder correspondence to ensure that the level of service provided by the registrars is acceptable. The Manager’s risk function reviews the registrars’ internal controls report and reports on the outcome of this review to the Audit Committee. Auditor The Company’s auditor has a responsibility The Company’s auditor meets with the Audit Committee, in the to provide an opinion on whether the absence of the Managers where deemed necessary, and the fi  are free from material misstatement, as set auditor in connection with the Company’s annual audit promptly out in more detail in the Auditor’s Report to and to ensure that it is complete and accurate in all respects. the Members on pages 77 to 83. | Depositary and | The depositary and custodian are | The depositary provides the Audit Committee with a report | | --- | --- | --- | | custodian | responsible for the safekeeping of the | on its monitoring activities. The Board and Managers seek to | | | fi | engage with the depositary and custodian in a collaborative | | | 55. | and collegiate manner, encouraging open and constructive | discussion and debate, while also ensuring that appropriate and regular challenge is brought and evaluation conducted. This approach aims to enhance service levels and strengthen relationships with the Company’s providers, with a view to ensuring the interests of the Company’s shareholders are best served by keeping cost levels proportionate and competitive, and by maintaining the highest standards of business conduct. Lenders Lenders such as holders of debt instruments The Company’s legal advisers review all legal agreements in (debentures, bonds and private placement connection with the Company’s debt arrangements and advise fi the Board on the appropriateness of the terms and covenants or revolving credit facilities provide the therein. The Managers and Secretaries ensure that the Company’s gearing and have an interest  fi fi and viability. lenders receives a prompt response. AIC/industry peers The Association of Investment Companies The Company is a member of the AIC, and the Directors and/ (‘AIC’) and the Company’s investment or the Managers and Secretaries (as appropriate) participate in    or regulatory developments, corporate governance discussions as adverse market sentiment towards one and/or training. investment trust can affect attitudes towards the wider industry. 46 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Stakeholder Why we engage How we engage and what we do Investment Investment platforms provide an interface The Managers liaise with the various investment platforms on platforms with shareholders who invest in the strategies for improving communications with the Company’s Company indirectly. shareholders who hold their shares via these platforms. An annual timetable of key dates is published on the Company’s website, for the ease of reference of such shareholders. Wider society and No entity, corporate or otherwise, can The Board and Managers’ interactions with the various the environment fl stakeholders as noted above form the principal forms of society in which it operates or utilising the direct engagement with wider society and in respect of the  fi relationships, as noted above, the Company health and resources). fl circumstances where that is not possible,   The Board recognises the importance of keeping   the interests of the Company’s shareholders, and the completion of the recruitment process and fi David Ballance with its key decision making. The Company Secretaries effect from 1 March 2025 and Richard Curling are at all times available to the Board to ensure with effect from 1 October 2025, to enhance that suitable consideration is given to the range of the Board’s fund management and investment factors to which the Directors should have regard. industry expertise. These appointments are In addition to ensuring that the Company’s stated consistent with the AIC Corporate Governance investment objective was being pursued, key Code principle that ‘a successful company is led  by an effective board, whose role is to promote the Directors to have regard to applicable section  172 factors included: value for shareholders and contributing to wider   arrangement in November 2024 of a consultants Cornforth Consulting with due regard fl for gender and ethnic diversity. credit facility with the Royal Bank of Scotland International Limited to replace the expiring £150 million facility with National Australia Bank Limited.  26 million of the Company’s own    for their shares when natural market demand fi   0.50p, building in headroom to allow for further buybacks in view of continuing market volatility, such that the total dividend paid will nevertheless exceed the minimum distribution permissible under investment trust regulations, balancing the careful preservation of the tax benefits of investment trust status with the ambition to retain funds for reinvestment, consistent with Monks’ growth focus and its shareholders’ priorities; 47 Strategic report Employees, human rights and Future developments of the Company  The outlook for the Company is dependent to a  fi information about employees, human rights fi and community issues. As the Company has no in the Principal risks analysis on pages 39 to 43  and factors which the Board consider to indicate and all its functions are outsourced, there are no fi disclosures to be made in respect of employees, health are discussed in the Viability statement on human rights and community issues. page 44. Further comments on the outlook for the Company and its investment portfolio are set out 5 to 7 and the Board representation Managers’ report on pages 8 to 13. The Board’s policy on diversity and relevant disclosures are set out on pages 61 and 62. The Strategic report which includes pages 5 to 48 was approved by the Board of Directors and signed Environmental, social and governance policy on its behalf on 1 July 2025. Details of the Company’s policy on socially responsible investment can be found under KS Sternberg Corporate Governance and Stewardship on page 66. Chairman The Company considers that it does not fall within the scope of the Modern Slavery Act 2015 and it is not, therefore, obliged to make a slavery and human fi considers its supply chains to be of low risk as    bailliegifford.com. 48 Annual Report and Financial Statements 2025 ## Governance ## report This Governance report, which includes pages 50 to 57 outlines the Board’s approach to the governance of your Company. We believe that good governance builds better outcomes and we are committed to high standards of corporate governance and transparency. Governance report # Directors and managers ## Directors ![img-2.jpeg](img-2.jpeg) **Karl Sternberg** Chairman Appointed to the Board in 2013 and as Chairman in 2020 Karl Sternberg was appointed a Director in 2013 and became Chairman in 2020. He worked for Morgan Grenfell Asset Management (owned by Deutsche Bank) from 1992 to 2005 in a variety of roles, ultimately as the chief investment officer of Deutsche Asset Management Limited. He left that role to establish Oxford Investment Partners, an investment management company for a group of Oxford colleges, where he was chief executive officer until 2013. He is a director of Clipstone Logistics REIT plc and Capital Gearing Trust P.l.c, where he will become Chairman on 3 July 2025. He is also Chairman of Apax Global Alpha Limited. ![img-3.jpeg](img-3.jpeg) **David Ballance** Director Appointed 2025 David Ballance was appointed a Director on 1 March 2025. He brings around 37 years' investment management experience. He was a Partner at Ruffer LLP from 2007 until 2022. An external member of the Investment Group at Christ Church Oxford since 2012, he took on the role of Chair in January 2025. He is an External Investment Adviser to the Nuffield Foundation and currently serves as a Member of their Investment Committee, is a Trustee Director of the NACAB (1991) Pension Plan, a Member of the Book Tokens Investment Committee and is also a Trustee for the Fellowship of St John (UK) Trust and St Alban's Holborn. 50 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Claire Boyle was appointed a Director in 2020 and became Audit Committee Chair in September 2024. fi  in litigation support and forensic accounting,   | Claire Boyle | Investment Management; American Express | | --- | --- | | Audit Committee | Asset Management; and latterly Oxburgh Partners | | Chair | LLP, where she was a partner with responsibility | | Appointed 2020 |  |   committee of Fidelity Special Values Plc, and the  Randeep Singh Grewal was appointed a Director in  Smaller Companies Trust plc. Having read Medicine and Computer Science at Jesus College, Cambridge,  his skills in healthcare and technology to working as an analyst and portfolio manager with Tudor Capital | Randeep Grewal |  | | --- | --- | | Director | Asset Management from 2010 to 2012 and for Trium | | Appointed 2024 |  | 51 Governance report  in 2024. She was, until September 2023, chief fi UK, where she was also a member of the executive management committee, chair of the investment  management committee. Stacey brings twenty Stacey years of experience in asset selection, portfolio Parrinder-Johnson management, and manager analysis across UK and Director international mandates, and has particular strength Appointed 2024 in investment trust governance, sustainability and risk issues. She has previously served as a pension trustee and has been a governor of the University of Portsmouth since November 2023. Belinda Richards was appointed a Director in 2016 and became Senior Independent Director in December 2023. She is a former senior partner at Deloitte LLP with a thirty year career specialising in business operations and strategy development with a particular focus on the Financial Services and Consumer  Belinda Richards Phoenix Group Holdings. Director Appointed 2016 Professor Sir Nigel Shadbolt was appointed a Director in 2017. He is Principal of Jesus College, Oxford, Professorial Research Fellow in the Department of Computer Science, University of Oxford and a visiting fi of Southampton. He specialises in open data and fi Professor  Sir Nigel Shadbolt Director Appointed 2017  Management Engagement Committee and the Nomination Committee, and all are members of the Audit Committee with the exception  52 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Portfolio Managers Spencer Adair Spencer is an investment manager in the Global Alpha Team. He has been an investment manager in the Global Alpha Team since its inception in 2005 and for Monks Investment Trust since 2015. Spencer  the International Concentrated Growth Strategy. He joined Baillie Gifford in 2000 Spencer Adair and became a partner in 2013. Spencer has also Lead portfolio spent time working in the Fixed Income, Japanese, Manager    Malcolm MacColl Malcolm has been an investment manager in the Global Alpha Team since its inception in 2005 and this is his sole portfolio responsibility. He joined Baillie Gifford in 1999 and has worked in the UK Small Cap and North American teams. He became fi Malcolm MacColl in 2021. Malcolm graduated MA in Economics and Deputy portfolio History in 1998 and MLitt in Economics, Politics Manager   Helen Xiong Helen is an investment manager in the Global Alpha Team. She joined Baillie Gifford in 2008 and became a partner in 2020. In addition to Global Alpha, Helen has spent time working in the Developed Asia, UK, US  She graduated BSc (Hons) in Economics from the Helen Xiong University of Warwick in 2007 and MPhil in Economics Deputy portfolio from the University of Cambridge in 2008. Manager 53 Governance report ## Directors’ report  Corporate governance   Statements of the Company for 59 to 66 5            fifi       eleven       £206  fi 7 The Investment Management Agreement sets out the        54 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC fi   fi   total assets (see note 3 on page 92   50 to 52     for  fi      Karl Sternberg          fi and                   5 and up to the date of approval of       fi 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        fl  fl  fl  55 Governance report  Annual General Meeting fip Issuance of shares   fi  6 September 2025 to shareholders  8 August  20257 August 2025 fi   Plan (see page 115fi ) 6 August 2025 5 the   Between 1 May and 26 June 2025       5 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  13            as at 26 June 2025       can be found on pages 111 to 113     6 or No. of ordinary 5p shares held at % of  Name 30 April 2025 issue  Rathbone Investment 19,341,323 10.3% Management Ltd  fi   5 and 26 June 2025 56 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Purchase of own shares          14  110 5  5 the Company bought back a total  of % of the  4  124  pence per share and a  total cost of £3     5  5 to 26 June 2025 Resolution 14, which is proposed as a special  resolution seeks shareholder approval to update the 2025  Articles of Association, as noted in the Chairman’s  Statement on page 7.     fi         fi   fi         fi      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   57 Governance report Post Balance Sheet events  fi      thereto up to 1 July 2025            Recommendation             On behalf of the Board KS Sternberg  1 July 2025 58 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## Corporate ## governance report The Board is committed to Compliance achieving and demonstrating fi high standards of Corporate throughout the year under review with the relevant Governance. This statement provisions of the UK Code and the recommendations outlines how the principles of the AIC Code with the following exceptions. The | of the 2018 UK Corporate | UK Code includes provisions relating to the role of the | | --- | --- | | Governance Code (the UK ‘Code’) | chief executive, executive directors’ remuneration and | | which can be found at frc.org. | the need for an internal audit function. Given that the | | uk, and the relevant principles | Company is an externally managed investment trust, | | of the Association of Investment | the Board considers these provisions are not relevant | | Companies Code of Corporate | to the Company. The need for an internal audit | | Governance (‘AIC Code’) issued | fi | | in 2019 were applied throughout | on page 68. | fi provides a framework of best The Board practice for investment companies The Board has overall responsibility for the and can be found at theaic.co.uk. Company’s affairs, including the determination and embodiment of its culture and values. It has a number of matters reserved for its approval including strategy, investment policy, currency hedging, borrowings, gearing, treasury matters, dividend and corporate governance policy. A separate strategy session is held annually. The Board also reviews the Financial Statements, investment transactions, revenue budgets and performance. Full and timely information is provided to the Board to enable it to function effectively and to allow Directors to discharge their responsibilities. The Board currently comprises seven Directors all  The Chairman is responsible for organising the business of the Board, ensuring its effectiveness and setting its agenda. The executive responsibility for investment management has been delegated to the Company’s Alternative Investment Fund Manager   fi 59 Governance report Board of Directors Comprises independent non-executive directors Chairman: Karl Sternberg*  Belinda Richards Audit Management Engagement Nomination Committee Committee Committee Chair: Claire Boyle Chair: Karl Sternberg* Chair: Karl Sternberg* Purpose: The primary purpose of the Purpose: The role of the Management Purpose: The main purpose of the  Engagement Committee is to ensure that Nomination Committee is to oversee Board fi the Managers remain suitable to manage recruitment and succession planning as  the portfolio, that the management well as Board appraisals including of internal controls and compliance with contract is competitive and reasonable for identifying training needs. laws and regulations. the shareholders, and that the Company maintains appropriate administrative and company secretarial support.  appointed by the Board Alternative Investment Fund Managers, Company Secretaries and fund administrators:   Dealing activity and transaction reporting: Baillie Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong) Limited  The Bank of Computershare Investec New York Mellon Investor Services Bank plc Auditor (International) Limited PLC Company broker Depositary and custodian Registrar *Karl Sternberg will stand down from the Board on 9 September 2025 and Randeep Grewal will become Chairman. 60 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Belinda Richards is Senior Independent Director The terms and conditions of Directors’ appointments (SID) and, as such, she is available to shareholders are set out in formal letters of appointment which are as an alternative to the Chairman if they  have concerns. The SID leads the Chairman’s  performance appraisal and chairs the Nomination retire and seek election by shareholders at the next Committee when it considers the Chairman’s Annual General Meeting. In accordance with the succession.  The Directors believe that the Board has a balance annually. of skills and experience that enables it to provide effective strategic leadership and proper governance Diversity Policy of the Company. Information about the Directors, Appointments to the Board are made on merit including their relevant experience, can be found on pages 50 to 52. fi including gender, social and ethnic backgrounds, There is an agreed procedure for Directors to seek cognitive and personal strengths. The priority in independent professional advice, if necessary, at the appointing new Directors is to identify the candidate Company’s expense. with the best range of skills and experience to complement those of existing Directors, with a Nomination Committee  The Nomination Committee consists of all the placed to help the Company achieve its investment Directors and Karl Sternberg is the Chairman and governance objectives. Within the context   annual basis and at such other times as may be fi  impact on percentage representation, and a limited reference which include reviewing the composition  of the Board, identifying and nominating new will endeavour to comply with the UK Listing candidates for appointment to the Board, Board Rules targets but notes that the circumstances of appraisal, succession planning and training.   additional responsibilities of a senior role and that  Directors may prefer not to disclose their ethnic  background. In such circumstances, the value fl brought to the Board by their inclusion outweighs interest and for making recommendations on the ambition of meeting diversity targets. fl authorised. The Committee’s Terms of Reference Diversity of the Board  As noted above, during the year external search on the Company’s page of the Managers’ website: consultancy Cornforth Consulting was appointed to monksinvestmenttrust.co.uk.  experience. The Nomination Committee considered Appointments to the Board a longlist that was 33% women, 5% candidates of New Directors are appointed by the Board, following  recommendation by the Nomination Committee. that was 25% women. During the year, the Committee engaged Cornforth The following disclosures are provided in respect Consulting, an external search consultancy with of the UK Listing rules targets that: i) 40% of a no other connection to the Company or any of its board should be women; ii) at least one senior role Directors, to recruit new Directors to join the Board should be held by a woman; and iii) at least one in anticipation of a programme of Board refreshment  over the coming years. David Ballance and Richard fifi Curlingficandidates Statistics (ONS) criteria. as the Committee concluded that their experience  fi David Ballance was appointed to the Board with effect from 1 March 2025 and Richard Curling with effect from 1 October 2025. 61 Governance report As an externally managed investment company with Mr Karl Sternberg has been a Director since 2013 fifi and he became Chairman in 2020. He has overseen fi an active Board refreshment programme over this FCA guidance are Chair and Senior Independent period and remained in the role in order to manage an Director (SID). The Board also considers Audit orderly succession. He will retire at the conclusion of Committee Chair to represent a senior role within the 2025 AGM and Randeep Grewal will succeed him this context. At 30 April 2025, which shall be as Chairman. used as the reference date for the disclosures in accordance with the UK Listing Rules 6.6.6R(9), the Policy on Chairman’s Tenure Board met the targets. There have been no changes The Board considers that the tenure of the Chairman to Board membership between 30 April 2025 and should be determined principally by the Board’s role in 5. providing strategic leadership, governance, challenge and support to the Managers, whilst balancing the Senior Gender Number % roles * importance of independence, refreshment and diversity with retention of the corporate memory. Men 4 57 1 fi Women 3 43 1 these factors is essential for an effective Board. This, Prefer not to say – – – at times, will naturally result in some longer serving * The Board also considers Audit Committee Chair to be a senior role. directors, including the Chairman. The Nomination The role of Audit Committee Chair is currently held by a woman. Committee considers long term succession planning for this role as part of its broader remit to ensure an Senior appropriate level of refreshment and diversity on the Ethnic background Number % roles * Board. It does not believe the imposition of hard time White 6 86 2 limits to be helpful in respect of this role, any more than for the tenure of Directors overall. Asian/Asian British 1 14 – Prefer not to say – – – Meetings * The Board also considers Audit Committee Chair to be a senior role. The Audit Committee Chair’s ethnic background is white. There is an annual cycle of Board meetings which is designed to address, in a systematic way, overall Independence of Directors strategy, review of investment policy, investment performance, marketing, revenue budgets, dividend All the Directors are considered by the Board to policy and communication with shareholders. be independent of the Managers and free of any fi business or other relationship which could interfere  with the exercise of their independent judgement. on page 63 shows the attendance record for the The Directors recognise the importance of core Board and Committee meetings held during succession planning for company boards and the the year. There were also a number of ancillary and Board’s composition is reviewed annually. The  Board is of the view that length of service will not 2025, in particular to consider Director recruitment necessarily compromise the independence or and the replacement of the National Australia Bank contribution of directors of an investment trust revolving credit facility with a new three year Royal company, where continuity and experience can Bank of Scotland International facility, which are not fi included. The Annual General Meeting was attended by all the Directors serving at that date, with the exception of Professor Sir Nigel Shadbolt, who was prevented from attending by an obligation to attend a governmental forum on Technology in Singapore. 62 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Directors’ attendance at meetings A review of the Chairman’s and other Directors’ commitments was carried out and the Board is Management fifi | | | | | Audit | Engagement | Nomination | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Board | | Committee | | Committee | Committee | time to the Company. | | Number of | | 4 4 1 1 | | | | | | | meetings | | | | | | | Induction and training | | DC Ballance* 1 0 1 1 | | | | | | | New Directors are provided with an induction | programme which is tailored to the particular CM Boyle 4 4 1 1 circumstances of the appointee. During the year R Grewal 4 4 1 1 fi  4 4 1 1 were provided to the Board by the Managers and Johnson Secretaries. Directors receive other relevant training BJ Richards 4 4 1 1 as necessary. Professor 3 3 1 1 Sir Nigel Shadbolt Management Engagement Committee KS Sternberg 4 2 † 1 1 The role of the Management Engagement * Appointed effective 1 March 2025; attended all meetings held between Committee is to ensure that the Managers appointment date and year end. remain suitable to manage the portfolio, that the † Mr KS Sternberg is not a member of the Audit Committee but attends by invitation. management contract is competitive and reasonable for the shareholders, and that the Company maintains appropriate administrative and company Performance evaluation secretarial support. All Directors are members of An appraisal of the Chairman, each Director and a the Management Engagement Committee, which is performance evaluation and review of the Board chaired by the Chairman of the Board. The Board as a whole and the Audit Committee was carried out considers each member of the Committee to be during the year. After considering and responding independent. To discharge its duties, the Committee  met on one occasion during the year to consider: an interview with the Chairman. The Chairman’s the performance and suitability of the Managers; appraisal was led by Belinda Richards, the the terms and conditions of the AIFM Agreement, Senior Independent Director. The appraisals and including fees; and the Committee’s Terms of evaluations considered, amongst other criteria, Reference. The Committee’s Terms of Reference the balance of skills of the Board, training and   on the Company’s page of the Managers’ website: individual Directors and the overall effectiveness monksinvestmenttrust.co.uk. of the Board and its Committees. Following this process it was concluded that the performance Remuneration of each Director, the Chairman, the Board and its Committees continues to be effective and that each As the Board considers all its members to be Director and the Chairman remain committed to the  Company. For this appraisal, the Board secured the the Board does not consider it necessary to form a services of Lintstock, an independent corporate separate Remuneration Committee. Directors’ fees advisor which has no other relationship with the are considered by the Board as a whole within the Company or its Directors, in accordance with the limits approved by shareholders. The Company’s  policy on remuneration is set out in the Directors’ evaluations externally facilitated every three years. Remuneration Report on pages 70 to 73. The Board appointed Lintstock to conduct its externally facilitated review for 2025, rather than in 2024, as it considered that this external perspective would represent greater value to both Board and shareholders in the context of Chairman succession management. 63 Governance report Audit Committee These procedures ensure that consideration is given regularly to the nature and extent of risks facing the The report of the Audit Committee is set out on Company and that they are being actively monitored. pages 67 to 69. fi the year they also provide a mechanism to assess Internal controls and risk management  The Directors acknowledge their responsibility for these risks. the Company’s risk management and internal control fi systems and for reviewing their effectiveness. effectiveness of the Company’s risk management The systems are designed to manage rather than and internal controls systems, which accord with eliminate the risk of failure to achieve business the FRC ‘Guidance on Risk Management, Internal objectives and can only provide reasonable but not Control and Related Financial and Business absolute assurance against material misstatement Reporting’, and they have procedures in place to  review their effectiveness on a regular basis. No fi fifi process for identifying, evaluating and managing under review and up to the date of this Report. fi fi accordance with the FRC ‘Guidance on Risk fi Management, Internal Control and Related Financial year and continue to be in place up to the date of and Business Reporting’. approval of this Report. The practical measures in relation to the design, To comply with the UK Alternative Investment Fund implementation and maintenance of control policies Managers Regulations, The Bank of New York and procedures to safeguard the Company’s Mellon (International) Limited acts as the Company’s assets and to manage its affairs properly, including  the maintenance of effective operational and its AIFM. compliance controls have been delegated to the Managers and Secretaries. The depositary’s responsibilities include cash fi The Board oversees the functions delegated to the instruments, verifying ownership and maintaining a Managers and Secretaries and the controls managed record of other assets and monitoring the Company’s by the AIFM in accordance with the UK Alternative compliance with investment limits and leverage Investment Fund Managers Regulations (as detailed   fi Compliance Departments and the AIFM’s permanent will ensure that any delegate segregates the assets risk function provide the Audit Committee with of the Company. The Company’s depositary also regular reports on their monitoring programmes. acts as the Company’s custodian. The custodian The reporting procedures for these departments prepares reports on its key controls and safeguards fi which are independently reviewed by its appointed  auditors, KPMG LLP. The reports are reviewed by review of its system of internal controls which is Baillie Gifford’s Business Risk Department and a documented within an internal controls report which summary of the key points is reported to the Audit complies with ISAE 3402 – Assurance Reports on Committee and any concerns are investigated. Controls at a Service Organization. This report is  The depositary provides the Audit Committee with auditors and a copy is submitted to the Audit  Committee. The AIFM has established a permanent risk A report identifying the material risks faced by the management function to ensure that effective risk Company and the key controls employed to manage management policies and procedures are in place these risks is reviewed by the Audit Committee. 64 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC and to monitor compliance with risk limits. The AIFM undrawn. The Company has continued to comply has a risk management policy which covers the risks  associated with the management of the portfolio, of section 1158 of the Corporation Tax Act 2010  and the Investment Trust (Approved Company) is reviewed and approved at least annually. This Regulations 2011. The Company’s primary third party review includes the risk management processes and suppliers, including its Managers and Secretaries, systems and limits for each risk area. custodian and depositary, registrar, auditor and fi The risk limits, which are set by the AIFM and fi approved by the Board, take into account the Company. Accordingly, the Financial Statements fi have been prepared on the going concern basis These limits, including leverage (see page 116), as it is the Directors’ opinion, having assessed the are monitored and the sensitivity of the portfolio principal and emerging risks and other matters to key risks is reviewed periodically as appropriate set out in the Viability Statement on page 44, to ascertain the impact of changes in key variables which assesses the prospects of the Company in the portfolio. Exceptions from limits monitoring fi and stress testing undertaken by Baillie Gifford’s continue in operational existence for the period to Business Risk Department are escalated to the 31 July 2026, which is for a period of at least twelve AIFM and reported to the Board along with remedial months from the date of approval of these Financial measures being taken. No exceptions occurred Statements. during the year. Relations with shareholders Going Concern The Board places great importance on In accordance with The Financial Reporting communication with shareholders. The Company’s  Managers meet regularly with shareholders risk, the Directors have undertaken a rigorous review and report shareholders’ views to the Board. of the Company’s ability to continue as a going The Chairman has maintained open lines of concern. communication with market participants and The Company’s principal risks are market related investors in the Company, separate of Manager  involvement, in order to ascertain views on corporate risk. An explanation of these risks and how they are  managed is contained on pages 39 to 43 and in shareholders as appropriate. Shareholders wishing note 19 to the Financial Statements. The Board has, to communicate with any members of the Board may in particular, considered the impact of heightened do so by writing to them at the Secretaries’ address market volatility arising from macroeconomic and or through the Company’s broker, Investec Bank plc geopolitical concerns, including hostilities in Ukraine (see contact details on page 125). tensions, The Company’s Annual General Meeting provides but does not believe the Company’s going concern a forum for communication with all shareholders. status is affected. The votes lodged for each resolution are announced The Company’s assets, the majority of which are as soon as practicable following the meeting and is investments in listed securities which are readily published at monksinvestmenttrust.co.uk. The notice fi period for the Annual General Meeting is at least  twenty working days.  Shareholders and potential investors may obtain the Board. Gearing levels and compliance with  borrowing covenants are reviewed by the Board on a monksinvestmenttrust.co.uk. regular basis. As at 30 April 2025, the £100 million RBSI facility had £50 million available commitment 65 Governance report Corporate governance and stewardship  Based on the most recent analysis, The Board has given discretionary voting powers    resolutions they consider may damage shareholders’  rights or economic interests and report their actions Index). This analysis estimate is based on 79% to the Board.  The Board believes that it is in the shareholders’ which reports on carbon emissions and other interests to consider environmental, social and  governance (ESG) factors when selecting and Weighted Average Carbon Intensity (WACI) by retaining investments and has asked the Managers Revenue. Based on reported and estimated Scope to take these issues into account. The Managers 3% of the do not exclude companies from their investment Company’s portfolio, carbon intensity was 22% universe purely on the grounds of ESG factors. lower than the benchmark index at 30 April 2025. A positive engagement approach is employed  whereby matters are discussed with management Financial Disclosures (‘TCFD’) Climate Report with the aim of improving the relevant policies is available on the Managers’ website at and management systems and enabling the bailliegifford.comfi  report is also available on the Company’s page of the  Managers’ website at monksinvestmenttrust.co.uk. statement of compliance with the UK Stewardship  The Managers have considered the EU Sustainable bailliegifford.com. The Managers’ policy has been Finance Disclosures Regulation (‘SFDR’) and further reviewed and endorsed by the Board. In addition, details can be found on page 117. The Managers the Monks Stewardship Report, which outlines the have also reviewed the UK FCA’s sustainability Managers’ approach to engagement and provides  examples, is prepared annually, and is available on regime (‘SDR’). The Managers consider that all the Company’s page of the Managers’ website at materials published in connection with the Company monksinvestmenttrust.co.uk.  do not currently Climate change consider it appropriate for the Company to adopt a label under the regime. The Board recognises that climate change poses  The Managers are signatories to the United Nations to economies and companies around the globe. Principles for Responsible Investment, the Carbon Addressing the underlying causes is likely to result Disclosure Project and are also members of the in companies that are high emitters of carbon facing Asian Corporate Governance Association and the greater societal and regulatory scrutiny and higher International Corporate Governance Network. costs to account for the true environmental impact of their activities. On behalf of the Board  KS Sternberg party provider to map the carbon footprint of the Chairman  1 July 2025 engagement and understand what higher emitting companies are doing to manage climate risk better. Best practice in this area is evolving rapidly, and it is therefore challenging to establish reliable 66 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## Audit ## Committee report The Audit Committee consists of The Audit Committee consists of David Ballance, all Directors, with the exception  of Karl Sternberg, who attends  by invitation. The members of Claire Boyle, who is the Audit Committee Chair. the Committee consider that The members of the Committee consider that they fi fi fi fi responsibilities of the Committee. fi Claire Boyle is the Audit within its written terms of reference which are Committee Chair.  and at monksinvestmenttrust.co.uk. The terms of reference are reviewed annually. The Committee’s effectiveness is reviewed on an annual basis as part of the Board’s performance evaluation process. At least once a year the Committee meets with the external auditor without any representative of the Managers being present. Main activities of the Committee The Committee met four times during the year, with two of the meetings focussed on the review of the Company’s private company valuations. Baillie Gifford attended all meetings Internal Audit and Compliance Departments and the AIFM’s permanent risk function provided reports on their monitoring programmes for the two meetings focussed on governance and the approval of the fiLLP attended both of those meetings and held separate meetings with the Audit Committee Chair in advance of both Committee meetings. In addition, the external auditor met with the Audit Committee Chair on an  Committee as they arose. 67 Governance report The matters considered, monitored and reviewed Financial reporting by the Committee during the course of the year fi included the following: issues likely to impact the Financial Statements are   the existence and valuation of investments, as they Interim Reports; represent 99.5% of total assets, and the accuracy and completeness of income from investments.   and the implementation of the Managers’ valuation The majority of the investments are in listed  securities and market prices are readily available from independent external pricing sources. The   Committee reviewed the Managers’ Report on   Internal Controls which details the controls in place the Annual Report and Financial Statements and regarding recording and pricing of investments and whether it provided the information necessary the reconciliation of investment holdings to third for shareholders to assess the Company’s party data. performance, business model and strategy; The value of all the listed investments as at   5 was agreed to external price sources. control environment; The Committee considered the Managers’ proposed valuation of all unlisted and suspended investments   at 30 April 2025, which are determined using engagement of the external auditor;    comparable company multiples and performance,  achievement of company milestones and other information as appropriate, and assessed the   appropriateness of the judgements and assumptions  used in valuing such investments. The Managers   fi auditor and effectiveness of the external audit the Company’s custodian. process; The Committee reviewed the Managers’ Report on   Internal Controls which details the controls in place audit function; regarding completeness and accurate recording of   investment income. The accounting treatment of Managers and custodians; and each special dividend received or receivable during the year was reviewed by the Managers.   fi The Committee considered the factors that might concerns about possible improprieties in matters fi fi years and its ability to continue as a going concern for the period to 31 July 2026, together with reports from the Managers on the cash position and cash Internal audit fl The Committee continues to believe that the its investment portfolio, compliance with debt compliance and internal control systems and the covenants, availability of borrowing facilities, and internal audit function in place within the Managers the Company’s ability to meet its obligations as they fi fall due. The Committee also reviewed the Viability of internal control, which safeguards shareholders’ Statement on page 44 and statement on going investment and the Company’s assets, is maintained. concern on page 65. Following this assessment, fi the Committee recommended to the Board the is therefore considered unnecessary. appropriateness of the going concern basis in fi the accuracy of the Viability Statement and statement on going concern. 68 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC fi fi were not aware of any material misstatements in the is independent within the meaning of regulatory and context of the Financial Statements as a whole and  that the Financial Statements are in accordance with of the audit partner and staff is not impaired. applicable law and accounting standards. Having carried out the review described above, fi Internal controls and risk management independent and effective for the purposes of this year’s audit and, as such, has not considered it The Committee reviewed the effectiveness of necessary to put the audit services contract out to the Company’s risk management and internal tender. In accordance with regulations in relation controls systems as described on pages 64 and 65. to the statutory audits of listed companies, the fifi  year under review. for the 2028 year end. External auditor There are no contractual obligations restricting the Committee’s choice of external auditor. fi and objectivity of the external auditor, the Committee reviewed the auditor’s audit plan, which Regulatory compliance includes a description of the auditor’s arrangements fi to manage independence, a report from the auditor  on the conclusion of the audit setting out why the Audit Services for Large Companies Market auditor remains independent and the extent and Investigation (Mandatory Use of Competitive Tender  Processes and Audit Committee Responsibilities)   during the year to 30 April 2025 (2024 – nil). governance of tenders for the appointment of the external auditor and the setting of policy on the To assess the effectiveness of the auditor and the  external audit process, the Committee reviewed fi Accountability and audit auditor of the agreed audit plan, a report from the auditor on the conclusion of the audit, feedback The respective responsibilities of the Directors from the Secretaries on the performance of the audit and the auditor in connection with the Financial team and the Audit Quality Inspection Report on Statements are set out on pages 74 to 83.  Review Team (AQRT). On behalf of the Board  CM Boyle Young LLP was appointed as the Company’s auditor Audit Committee Chair at the Annual General Meeting held on 2 August 1 July 2025 2017, with Caroline Mercer as the lead audit partner. The audit partners responsible for the audit are to fi with professional and regulatory standards in order to protect independence and objectivity and to provide fresh challenge to the business.  partner for the Company’s audit for the year ended  69 Governance report ## Directors’ ## remuneration report This report has been prepared in Statement by the Chairman accordance with the requirements The Directors’ Remuneration Policy is subject to  shareholder approval every three years, or sooner if an alteration to the policy is proposed. The Remuneration Policy, which is set out below, was approved by shareholders at the Annual General Meeting held in September 2023, and is therefore subject to shareholder approval at the 2026 Annual General Meeting. The Board reviewed the level of fees during the  2025 the Chairman’s fee should increase by £1,000 and Directors’ fees should increase by £1,000 per annum with no change to the increments for the Audit Committee Chair and Senior Independent Director. The fee levels were last increased on 1 May 2024. Directors’ remuneration policy  Directors, none of whom has a service contract with the Company. There is no separate remuneration committee and the Board as a whole considers changes to Directors’ fees from time to time. Baillie  provide comparative information when the Board considers the level of Directors’ fees. The Board’s policy is that the remuneration of Directors should be set at a reasonable level that is commensurate with the duties and responsibilities   and experience. The Board believes that the fees paid fl Board as a whole, be fair and should take account of the level of fees paid by comparable investment trusts. Any views expressed by shareholders on the fees being paid to Directors will be taken into consideration by the Board when reviewing the Board’s policy on remuneration. 70 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC  Annual report on remuneration fi An ordinary resolution for the approval of this report reimbursement of allowable expenses. There are will be put to the members at the forthcoming Annual  General Meeting.    certain of the disclosures provided in this report. fi Where disclosures have been audited, they are indicated as such. The auditor’s opinion is included in Limits on Directors’ remuneration the Independent Auditor’s Report on pages 77 to 83.  monthly in arrears and are determined within the limit Directors’ interests (audited) set out in the Company’s Articles of Association, The Directors at the year end, and their interests which is currently £400,000 in aggregate. (including those of connected persons) in the The fees paid to Directors in respect of the year Company are as shown in the following table. There ended 30 April 2025 and the expected fees payable have been no changes intimated in the Directors’ in respect of the year ending 30 April 2026 are set out interests up to 26 June 2025. in the table below. The fees payable to the Directors Ordinary Ordinary fi shares held shares held following an annual review of the Directors’ fees. | | | | | | | Nature | at 30 April | | at 30 April | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | Name | of interest | | | 2025 | | 2024 | | Expected fees | | Fees for the | | | | | | | | | | | for the year | year ended | | DC Ballance n/a – – | | | | | | | | ending 30 April | | | 30 April | | | | | | | | CM Boyle n/a – – | 2026 | | 2025 | | | | | --- | --- | --- | --- | --- | --- | | | £ | | £ | RS Grewal fi 875 875 | | | | | | |  | fi 4,500 3,250 | Chairman’s fee 52,000 51,000 Johnson  36,000 35,000 BJ Richards fi 13,288 13,205 Additional fee for 7,000 7,000 Professor Sir fi 2,309 2,305 Audit Committee Chair* Nigel Shadbolt Additional fee for the Senior 4,000 4,000 KS Sternberg fi 25,147 25,147 Independent Director* * The Audit Committee Chair performs additional responsibilities as Statement of voting at Annual General Meeting noted in the Audit Committee Report on pages 67 to 69. The Senior Independent Director (‘SID’) performs additional responsibilities as noted At the last Annual General Meeting, of the proxy votes on page 61. received in respect of the Directors’ Remuneration Report, 99.7% were in favour, 0.2% were against and votes withheld were 0.1%. At the last Annual General Meeting at which the Directors’ Remuneration Policy was considered (September 2023) 99.5% of the proxy votes received were in favour, 0.3% were against and 0.2% were withheld. 71 Governance report Directors’ remuneration for the year (audited) The Directors who served during the year received the following remuneration in the form of fees and fi | | | | | 2025 | | | | | | | 2024 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | | Taxable | | | 2025 | | 2024 | | Taxable | | | 2024 | | | | Fees | | fi* | | | Total | | Fees | | fi* | | | Total | | | Name | | £ | | | £ | | £ | | £ | | | £ | | £ | DC Ballance (appointed 1 March 2025) 5,833 – 5,833 – – – CM Boyle (Audit Chair from 39,500 1,662 41,162 34,000 875 34,875 2024) Dr D Chaya (resigned 31 January 2025) † 26,250 – 26,250 34,000 523 34,523 RS Grewal (appointed 1 March 2024) 35,000 – 35,000 5,667 – 5,667  35,000 – 35,000 5,667 – 5,667 2024) BJ Richards (SID from 1 December 2023) 39,000 – 39,000 35,192 282 35,474 Professor Sir Nigel Shadbolt 35,000 – 35,000 34,000 1,104 35,104 KS Sternberg (Chairman) 51,000 – 51,000 50,000 517 50,517 JJ Tigue (Audit Committee Chair, and SID 15,167 793 15,960 41,808 282 42,090 to 1 December 2023, retired 10 September 2024) 281,750 2,455 284,205 240,334 3,583 243,917 * fi Limited, the Company’s Secretaries. These amounts have been grossed up for income tax. †   Annual percentage change in remuneration This represents the annual percentage change in the fees paid to the Directors. | | % from | % from | % from | % from | % from | | --- | --- | --- | --- | --- | --- | | | 2024 to | 2023 to | 2022 to | 2021 to | 2020 to | | Name | 2025 | 2024 | 2023 | 2022 | 2021 | DC Ballance (appointed 1 March 2025) n/a n/a n/a n/a n/a CM Boyle (appointed 1 May 2020, Audit Chair 16.2 * 4.6 4.8 3.3 n/a from 10 September 2024) Dr D Chaya (appointed 30 November 2022, (22.8*) 148.8 * n/a n/a n/a resigned 31 January 2025) RS Grewal (appointed 1 March 2024) 517.6 * n/a n/a n/a n/a  517.6 * n/a n/a n/a n/a BJ Richards (SID from 1 December 2023) 10.8 * 8.3 * 4.8 3.3 3.4 Professor Sir Nigel Shadbolt 2.9 4.6 4.8 3.3 3.4 KS Sternberg (Chairman from 1 September 2020) 2.0 5.3 3.3 1 7. 0 35.6 * JJ Tigue (Audit Committee Chair, and SID to 1 December (63.7*) 0.7 * 3.8 14.3 4.5 2023, retired 10 September 2024) Total Directors’ fees paid by the Company in the year 17. 2 20.1 11.8 (13.1) 6.5 * fl circumstances the movement in actual fees paid in the year will differ from the movement in annualised fees payable. Details are only shown for fi  72 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ### Relative importance of spend on pay The table below shows the actual expenditure during the year in respect of Directors' remuneration and distributions to shareholders by way of dividends and shares bought back. | Name | 2025 $'000 | 2024 $'000 | Change % | | --- | --- | --- | --- | | Directors' total remuneration | 284 | 244 | 16.4 | | Dividends paid to shareholders | 938 | 4,497 | (79.1) | | Shares bought back | 321,104 | 172,887 | 85.7 | ### Company performance The following graph compares the share price total return (assuming all dividends are reinvested) to Monks' ordinary shareholders compared with the total shareholder return on a notional investment made up of shares in the component parts of the FTSE All-Share Index. This index was chosen for comparison purposes as it is a widely used measure of performance for UK listed companies (FTSE World Index, which is the Company's comparative index, is provided for information purposes only). ### Performance graph (figures rebased to 100 at 30 April 2015) ![img-4.jpeg](img-4.jpeg) Source: LSEG/Badlie Gifford and relevant underlying index providers. See disclaimer on page 116. All figures are total returns (see Glossary of terms and Alternative Performance Measures on pages 120 to 123). Past performance is not a guide to future performance. ### Approval The Directors' Remuneration Report on pages 70 to 73 was approved by the Board of Directors and signed on its behalf on 1 July 2025. KS Sternberg Chairman 73 Governance report ## Statement of Directors’ ## responsibilities in respect of the Annual Report and the Financial Statements The Directors are responsible for preparing  the Annual Report and Financial Statements in fi accordance with applicable law and regulations. and explain the Company’s transactions and disclose with reasonable accuracy at any time the  fi fi to ensure that the Financial Statements and the that law they have elected to prepare the Financial Directors’ Remuneration report comply with the Statements in accordance with applicable law and Companies Act 2006. They are also responsible for United Kingdom Accounting Standards (United safeguarding the assets of the Company and hence Kingdom Generally Accepted Accounting Practice) for taking reasonable steps for the prevention and including FRS 102 ‘The Financial Reporting Standard  applicable in the UK and Republic of Ireland’. Under applicable laws and regulations, the Directors Under company law the Directors must not approve are also responsible for preparing a Strategic fi report, Directors’ report, a Directors’ remuneration that they give a true and fair view of the state of report and a Corporate governance statement that fi complies with that law and those regulations. the Company for that period. The Directors have delegated responsibility to In preparing these Financial Statements, the the Managers for the maintenance and integrity  of the Company’s page of the Managers’ website.   Legislation in the United Kingdom governing them consistently; the preparation and dissemination of Financial Statements may differ from legislation in other   jurisdictions. The work carried out by the auditor are reasonable and prudent; does not involve any consideration of these   matters and, accordingly, the auditor accepts Accounting Standards have been followed, subject no responsibility for any changes that may have to any material departures disclosed and explained occurred to the Financial Statements since they in the Financial Statements; were initially presented on the website.   going concern, disclosing, as applicable, matters related to going concern; and   concern basis unless it is inappropriate to presume that the Company will continue in business. 74 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC fi of approval of the Financial Statements and whose names and functions are listed within the Directors and Managersfi their knowledge:   prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, give a true and fair view of the fi of the Company;   as a whole is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s performance, business model and strategy; and   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 KS Sternberg Chairman 1 July 2025 75 ## Financial ## report The Financial Statements for 5 set 77 to 106 prepared in accordance with  Standard applicable in the UK  The Monks Investment Trust PLC ## Independent ## auditor’s report to the Members of The Monks Investment Trust PLC Opinion  Ethical Standard were not provided to the company fi and we remain independent of company in Monks Investment Trust PLC (the ‘Company) for conducting the audit. the year ended 30 April 2025 which comprise the Income Statement, Balance Sheet, Statement Conclusions relating to going concern  the related notes 1 to 20, including the principal fi fi concluded that the directors’ use of the going framework that has been applied in their preparation concern basis of accounting in the preparation of the is applicable law and United Kingdom Accounting fi Standards including FRS 102 “The Financial of the directors’ assessment of the company’s ability Reporting Standard applicable in the UK and to continue to adopt the going concern basis of Republic of Ireland” (United Kingdom Generally accounting included: Accepted Accounting Practice).  fi fi going concern assessment process by engaging with the Directors and the Company Secretary  give a true and fair view of the company’s affairs to determine if all key factors were considered as at 30 April 2025 and of its loss for the year then in their assessment. We considered whether ended; the factors taken account of in the Directors’  have been properly prepared in accordance with assessment addressed those matters which we United Kingdom Generally Accepted Accounting considered important. Practice; and  Inspecting the Directors’ assessment of going  have been prepared in accordance with the concern, including the revenue forecast, for the  period to 31 July 2026 which is at least twelve fi Basis for opinion were authorised for issue. The Company has concluded that it is able to continue to meet its We conducted our audit in accordance with ongoing costs as they fall due. International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities  Assessing the risk of breaching the debt under those standards are further described in the covenants as a result of a reduction in the value fi of the Company’s portfolio. We calculated and statements section of our report. We believe that the reviewed the Company’s compliance with debt fi covenants throughout the year, validated the appropriate to provide a basis for our opinion. inputs used to the underlying information and we performed reverse stress testing in order to Independence identify what factors would lead to the Company We are independent of the company in accordance fi  fi the FRC’s Ethical Standard as applied to public fi ethical responsibilities in accordance with these  77 Financial report  Considering the mitigating factors that are An overview of the scope of our audit within the control of the Company. We reviewed Tailoring the scope  investments held and evaluated the Company’s Our assessment of audit risk, our evaluation of ability to sell those investments in order to cover materiality and our allocation of performance  materiality determine our audit scope for the fi company. This enables us to form an opinion on fi  Reviewing the Company’s going concern fi disclosures included in the annual report to assess and effectiveness of controls, the potential impact whether the disclosures were appropriate and in of climate change and changes in the business conformity with the reporting standards. environment when assessing the level of work to be Based on the work we have performed, we have performed. All audit work was performed directly fi by the audit engagement team which included our events or conditions that, individually or collectively, valuation specialists. fi to continue as a going concern for a period 31 July Climate change 2026, which is at least twelve months from the Stakeholders are increasingly interested in how fi climate change will impact Company. The Company 2025. fi impacts from climate change on its operations In relation to the company’s ’s reporting on how they will be from how climate change could affect the have applied the UK Corporate Governance Code, Company’s investments and overall investment we have nothing material to add or draw attention to process. This is explained on page 40 in the principal fi and emerging risks section, which form part of the statements about whether the directors considered fi it appropriate to adopt the going concern basis of statements. Our procedures on these unaudited accounting. disclosures therefore consisted solely of considering Our responsibilities and the responsibilities of the whether they are materially inconsistent with the directors with respect to going concern are described fi in the relevant sections of this report. However, the course of the audit or otherwise appear to be because not all future events or conditions can be materially misstated, in line with our responsibilities predicted, this statement is not a guarantee as to the on “Other information”. company’s ability to continue as a going concern. Our audit effort in considering climate change  Overview of our audit approach fi Key audit matters  Risk of incorrect valuation or in Note 1(a) and conclusion that there was no ownership of the investment portfolio further impact of climate change to be taken into  Risk of incomplete or inaccurate  revenue recognition, including the  fi  as revenue or capital in the Income  Statement  Materiality  Overall materiality of £23.19m which fl represents 1% of shareholder’s funds each investment’s exposure to climate change risk. Wealso challenged the Directors’ considerations of climate change in their assessment of viability and associated disclosures. 78 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Key audit matters fi fifi fi 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 fi these matters. Key observations communicated to Risk Our response to the risk  Incorrect valuation or ownership of We performed the following procedures: The results of the investment portfolio (as described our procedures We obtained an understanding of Baillie Gifford’s processes on page 68 in the Report of the Audit fi  Committee and as per the accounting misstatement in  policy set out on page 90). relation to the risk of in which we evaluated the design and implementation of incorrect valuation The valuation of the investment portfolio controls. or ownership of the at 30 April 2025 was £2,528.47m  investment portfolio. (2024: £2,847.07m) consisting of market prices and exchange rates applied to an third party  pricing vendor and recalculated the investment valuations as at fair value of £2,447.98m (2024:    (including CVR and suspended portfolio to identify prices that have not changed near the year investments) with an aggregate fair end of the Company. . value of £80.49m (2024: £59.11m).  The valuation of the assets held in the audit team, with the assistance of our valuation specialists investment portfolio is the key driver of reviewed and challenged the valuations. This included: the Company’s net asset value and total  Reviewing the valuation papers prepared by the Private return. Incorrect investment pricing or Companies Valuation Group and Fair Value Pricing Group a failure to maintain proper legal title to to gain an understanding of, and comment on, the valuation the investments held by the Company methodologies and assumptions. fi | the portfolio valuation and the return |  We have assessed the competence, capability and objectivity | | | --- | --- | --- | | generated for shareholders. | | of the Baillie Gifford Fair Value Pricing Group. | |  |  Assessing whether the valuations have been performed in | | | determined by reference to bid value or | | line with the valuation approaches as set out in UK GAAP | | the last traded price depending on the | |  | | convention of the exchange on which | | (‘IPEV’) guidelines and FRS 102.; |   Assessing the appropriateness of the data inputs and  challenging the assumptions used to support the valuations; fair value by the Directors following  Assessing other facts and circumstances, such as market a detailed review and appropriate movement and comparative company information, that have challenge of the valuations proposed an impact on the fair market value of the investments; and by the Baillie Gifford Fair Value Pricing assessing whether managements valuation is reasonable.   fi applies methodologies consistent with outside the expected range we held further discussions with  Baillie Gifford and the Audit Committee. In those discussions, Venture Capital Valuation guidelines we discussed market trends and the valuation process and (“IPEV”) and FRS 102.   where appropriate. and the resultant impact on the We recalculated the unrealised gains/losses on investments as unrealised gains/(losses), is the area  fi and estimation in the preparation of We compared the Company’s investment holdings at 30 April fi fi fi Company’s Custodian or from the investee company. highlighted below on page 83. 79 Financial report | Risk | Our response to the risk | Key observations communicated to the Audit Committee | | --- | --- | --- | | **Incomplete or inaccurate revenue recognition, including the classification of special dividends as revenue or capital items in the Income Statement** (per the Audit Committee report set out on pages 67 to 69 and the accounting policy set out on page 90). The total revenue for the year to 30 April 2025 was £25.95m (2024: £29.89m). The Company received special dividends amounting to £6.3m (2024: £1.07m), of which £0.47m (2024: £1.07m) was classified as revenue and £5.83m (2024: nil) was classified as capital. 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. The Directors may be required to exercise judgment in determining whether income receivable in the form of special dividends should be classified as 'revenue' or 'capital' in the Income Statement and has been classified as an area of fraud risk as highlighted below on page 83. | **We have performed the following procedures:** We obtained an understanding of Baillie Gifford's processes and controls surrounding revenue recognition including the classification of special dividends by performing walkthrough procedures. For all dividends, 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 agreed a sample to bank statements and, where applicable, we also agreed the exchange rates to an external source. For all dividends accrued at the year end, we reviewed the investee company announcements to assess whether the dividend obligation arose prior to 30 April 2025. We agreed the dividend rate to corresponding announcements made by the investee company, recalculated the dividend amount receivable and confirmed this was consistent with cash received as shown on post year end bank statements. To test completeness of recorded income, we verified that all expected dividends for each investee company held during the year have been recorded as income with reference to investee company announcements obtained from an independent data vendor. For all investments held during the year, we compared the type of dividends paid with reference to an external data source to identify those which were 'special'. We identified 11 special dividends, amounting to £6.30m, of which £0.47m (2024: £1.07m) was classified as revenue and £5.83m (2024: nil) was classified as capital. For the one special dividend above our testing threshold, and a sample of the six special dividends below our testing threshold, we assessed the appropriateness of the classification between revenue and capital by reviewing the underlying rationale of the distribution. | The results of our procedures identified no material misstatement in relation to the risk of incomplete or inaccurate revenue recognition, including incorrect classification of special dividends as revenue or capital items in the Income Statement. | There have been no changes to the areas of audit focus raised in the above risk table from the prior year. ### 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 £23.19m (2024: £26.61m), which is 1% (2024: 1%) of shareholders' funds. We believe that shareholders' funds provides us with materiality aligned to the key measure of the Company's performance. #### 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 £17.39m (2024: £19.96m). We have set performance materiality at this percentage due to our experience of working in prior years working with the key service providers that 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 applied a separate testing threshold for the revenue column of the Income Statement of £1.16m (2024: £1.33m), being our reporting threshold. 80 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Reporting threshold Opinions on other matters prescribed by the An amount below which identified misstatements Companies Act 2006 are considered as being clearly trivial. In our opinion the part of the directors’ remuneration report to be audited has been properly prepared in We agreed with the Audit Committee that we would accordance with the Companies Act 2006. report to them all uncorrected audit differences in excess of £1.16m (2024: £1.33m), which is set at 5% In our opinion, based on the work undertaken in the of planning materiality, as well as differences below course of the audit: that threshold that, in our view, warranted reporting  the information given in the strategic report and  fi We evaluate any uncorrected misstatements against fi  fi discussed above and in light of other relevant  the strategic report and directors’ reports have  been prepared in accordance with applicable legal  Other information The other information comprises the information Matters on which we are required to report fi by exception statements and our auditor’s report thereon. The In the light of the knowledge and understanding of directors are responsible for the other information the company and its environment obtained in the contained within the annual report. fi fi misstatements in the strategic report or directors’ cover the other information and, except to the extent report. otherwise explicitly stated in this report, we do not We have nothing to report in respect of the following express any form of assurance conclusion thereon. matters in relation to which the Companies Act 2006 Our responsibility is to read the other information  and, in doing so, consider whether the other   information is materially inconsistent with the  fi received from branches not visited by us; or the course of the audit or otherwise appears to be materially misstated. If we identify such material  fi inconsistencies or apparent material misstatements, Directors’ Remuneration Report to be audited are  not in agreement with the accounting records and fi returns; or statements themselves. If, based on the work we  certain disclosures of directors’ remuneration have performed, we conclude that there is a material fi misstatement of the other information, we are   we have not received all the information and  We have nothing to report in this regard. 81 Financial report Corporate Governance Statement Responsibilities of Directors We have reviewed the directors’ statement in relation As explained more fully in the directors’  responsibilities statement set out on pages 74 and of the Corporate Governance Statement relating to 75, the Directors are responsible for the preparation the company’s compliance with the provisions of the fifi fi that they give a true and fair view, and for such review by the UK Listing Rules. internal control as the directors determine is fi Based on the work undertaken as part of our audit, statements that are free from material misstatement, we have concluded that each of the following  elements of the Corporate Governance Statement is fi fi our knowledge obtained during the audit: are responsible for assessing the company’s ability to continue as a going concern, disclosing,  Directors’ statement with regards to the as applicable, matters related to going concern appropriateness of adopting the going concern and using the going concern basis of accounting basis of accounting and any material uncertainties  fi65; company or to cease operations, or have no realistic  Directors’ explanation as to its assessment of the alternative but to do so. company’s prospects, the period this assessment covers and why the period is appropriate set out Auditor’s responsibilities for the audit of the on page 44; Financial Statements  Director’s statement on whether it has a Our objectives are to obtain reasonable assurance reasonable expectation that the group will be able fi to continue in operation and meets its liabilities set are free from material misstatement, whether due to out on page 44; fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a  Directors’ statement on fair, balanced and high level of assurance, but is not a guarantee that understandable set out on page 75; an audit conducted in accordance with ISAs (UK)  fi will always detect a material misstatement when it robust assessment of the emerging and principal exists. Misstatements can arise from fraud or error risks set out on page 39; and are considered material if, individually or in the  The section of the annual report that describes the aggregate, they could reasonably be expected to review of effectiveness of risk management and fl internal control systems set out on pages 64 and fi 65 and;  The section describing the work of the audit committee set out on pages 67 to 69. 82 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Explanation as to what extent the audit  Based on this understanding we designed our  was considered capable of detecting with such laws and regulations. Our procedures irregularities, including fraud involved review of the reporting to the Directors  with respect to the application of the documented compliance with laws and regulations. We design fi procedures in line with our responsibilities, outlined statements to ensure compliance with the 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 A further description of our responsibilities for resulting from error, as fraud may involve deliberate fi concealment by, for example, forgery or intentional on the Financial Reporting Council’s website at misrepresentations, or through collusion. The extent https://www.frc.org.uk/auditorsresponsibilities. to which our procedures are capable of detecting  irregularities, including fraud is detailed below. Other matters we are required to address However, the primary responsibility for the prevention and detection of fraud rests with both  Following the recommendation from the audit those charged with governance of the company committee, we were appointed by the Company  fi   We obtained an understanding of the legal and fi regulatory frameworks that are applicable to the | fi | The period of total uninterrupted engagement | | | --- | --- | --- | | are United Kingdom Generally Accepted | | including previous renewals and reappointments is | | Accounting Practice, the Companies Act 2006, | | 8 years, covering the years ending 30 April 2018 | | the UK Listing Rules, UK Corporate Governance | | to 30 April 2025. | Code, the Association of Investment Companies’  The audit opinion is consistent with the additional Code and Statement of Recommended Practice, report to the audit committee. Section 1158 of the Corporation Tax Act 2010 and The Companies (Miscellaneous Reporting) Use of our report Regulations 2018. This report is made solely to the company’s  We understood how the Company is complying members, as a body, in accordance with Chapter with those through discussions with the Audit 3 of Part 16 of the Companies Act 2006. Our audit Committee and Company Secretary and review of work has been undertaken so that we might state Board minutes. to the company’s members those matters we are  We assessed the susceptibility of the Company’s  fi for no other purpose. To the fullest extent permitted including how fraud might occur by considering by law, we do not accept or assume responsibility to fi anyone other than the company and the company’s fi members as a body, for our audit work, for this  report, or for the opinions we have formed. and the resulting impact on unrealised gains/ fi Ahmer Huda (Senior statutory auditor) respect to the incomplete or inaccurate revenue  fi Statutory Auditor special dividends as revenue or capital items in London the Income Statement. Further discussion of our 1 July 2025 approach is set out in the section on key audit matters above which include our response to the fraud risks and other areas of audit focus. 83 Financial report ## Income ## statement For the year ended 30 April | | | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | | | Revenue | | Capital | Total | Revenue | Capital | Total | | Notes | | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | (Losses)/gains on investments 9 – (18,354) (18,354) – 389,428 389,428 Currency (losses)/gains 14 – (1,342) (1,342) – 1,419 1,419 Income 2 25,953 – 25,953 29,888 – 29,888 Investment management fee 3 (9,707) – (9,707) (9,431) – (9,431) Other administrative expenses 4 (1,965) – (1,965) (1,850) – (1,850) fi 14,281 (19,696) (5,415) 18,607 390,847 409,454 and taxation Finance costs of borrowings 5 (8,546) – (8,546) (8,264) – (8,264) Net return on ordinary activities 5,735 (19,696) (13,961) 10,343 390,847 401,190 before taxation Tax on ordinary activities 6 (2,219) (575) (2,794) (2,102) (736) (2,838) Net return on ordinary activities 3,516 (20,271) (16,755) 8,241 390,111 398,352 after taxation Net return per ordinary share 7 1.75p (10.08p) (8.33p) 3.68p 174.07p 177.75p Note: Dividends per share paid and payable in respect of the year 8 0.50p 2.10p fi  All revenue and capital items in this Statement derive from continuing operations.  fi The accompanying notes on pages 88 to 106 are an integral part of the Financial Statements. 84 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC # Balance sheet | | Notes | As at 30 April | | As at 30 April | | | --- | --- | --- | --- | --- | --- | | | | 2025 £'000 | 2025 £'000 | 2024 £'000 | 2024 £'000 | | **Fixed assets** | | | | | | | Investments held at fair value through profit or loss | 9 | | 2,528,471 | | 2,847,068 | | **Current assets** | | | | | | | Debtors | 10 | 3,917 | | 12,506 | | | Cash and cash equivalents | 19 | 21,606 | | 38,622 | | | | | 25,523 | | 51,128 | | | **Creditors** | | | | | | | Amounts falling due within one year | 11 | (60,925) | | (61,987) | | | **Net current liabilities** | | | (35,402) | | (10,859) | | **Total assets less current liabilities** | | | **2,493,069** | | **2,836,209** | | **Creditors** | | | | | | | Amounts falling due after more than one year: | | | | | | | Loan notes | 12 | (173,415) | | (173,176) | | | Provision for tax liability | 12 | (748) | | (1,896) | | | | | | (174,163) | | (175,072) | | **Net assets** | | | **2,318,906** | | **2,681,137** | | **Capital and reserves** | | | | | | | Share capital | 13 | | 12,659 | | 12,659 | | Share premium account | 14 | | 433,714 | | 433,714 | | Capital redemption reserve | 14 | | 8,700 | | 8,700 | | Capital reserve | 14 | | 1,791,234 | | 2,132,609 | | Revenue reserve | 14 | | 72,599 | | 73,455 | | **Shareholders' funds** | 15 | | **2,318,906** | | **2,681,137** | | **Shareholders' funds per ordinary share** (borrowings at book value) | 15 | | **1,235.9p** | | **1,242.8p** | The Financial Statements of The Monks Investment Trust PLC (Company registration number 236964) on pages 84 to 106 were approved and authorised for issue by the Board and were signed on 1 July 2025. KS Sternberg Chairman \* The accompanying notes on pages 88 to 106 are an integral part of the Financial Statements. 86 Financial report ## Statement of ## changes in equity For the year ended 30 April 2025 | | | | Share | | Capital | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Share | premium | | redemption | | Capital | Revenue | | Shareholders’ | | | | capital | account | | | reserve | reserve | reserve | | | funds | | Notes | £’000 | | £’000 | | £’000 | £’000 | | £’000 | | £’000 | Shareholders’ funds at 1 May 2024 12,659 433,714 8,700 2,132,609 73,455 2,661,137 Net return on ordinary activities – – – (20,271) 3,516 (16,755)  Ordinary shares bought back 13 – – – (321,104) – (321,104) Dividends paid during the year 8 – – – – (4,372) (4,372) Shareholders’ funds at 30 April 2025 12,659 433,714 8,700 1,791,234 72,599 2,318,906 For the year ended 30 April 2024 | | | | Share | | Capital | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Share | premium | | redemption | | Capital | Revenue | | Shareholders’ | | | | capital | account | | | reserve | reserve | reserve | | | funds | | Notes | £’000 | | £’000 | | £’000 | £’000 | | £’000 | | £’000 | Shareholders’ funds at 1 May 2023 12,659 433,714 8,700 1,915,385 72,422 2,442,880 Net return on ordinary activities – – – 390,111 8,241 398,352 after taxation Ordinary shares bought back 13 – – – (172,887) – (172,887) Dividends paid during the year 8 – – – – (7,208) (7,208) Shareholders’ funds at 30 April 2024 12,659 433,714 8,700 2,132,609 73,455 2,661,137 The accompanying notes on pages 88 to 106 are an integral part of the Financial Statements. 86 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC # Cash flow statement For the year ended 30 April | | Notes | 2025 £'000 | 2025 £'000 | 2024 £'000 | 2024 £'000 | | --- | --- | --- | --- | --- | --- | | **Cash flows from operating activities** | | | | | | | Net return on ordinary activities before taxation | | | (13,961) | | 401,190 | | *Adjustments to reconcile company profit before tax to net cash flow from operating activities* | | | | | | | Net losses/(gains) on investments | | | 18,354 | | (389,428) | | Currency gains | | | 1,342 | | (1,419) | | Finance costs of borrowings | | | 8,546 | | 8,264 | | *Other capital movements* | | | | | | | (Increase)/decrease in accrued income | | | (556) | | 1,586 | | Decrease/(increase) in debtors | | | 664 | | (450) | | (Increase)/decrease in creditors | | | (402) | | 476 | | *Taxation* | | | | | | | Overseas tax incurred | | | (3,865) | | (2,074) | | **Cash from operations*** | | | 10,122 | | 18,145 | | Interest paid | | | (7,448) | | (7,468) | | **Net cash inflow from operating activities** | | | **2,674** | | **10,677** | | **Cash flows from investing activities** | | | | | | | Acquisitions of investments | | (677,505) | | (467,866) | | | Disposals of investments | | 987,588 | | 586,578 | | | **Net cash inflow from investing activities** | | | **310,083** | | **118,712** | | **Cash flows from financing activities** | | | | | | | Equity dividends paid | 8 | (4,372) | | (7,208) | | | Ordinary shares bought back and stamp duty thereon | 13 | (324,293) | | (175,482) | | | Loan notes issued | | - | | 74,388 | | | Borrowings drawn down | | 50,000 | | - | | | Borrowings repaid | | (50,000) | | (25,000) | | | **Net cash outflow from financing activities** | | | **(328,665)** | | **(133,302)** | | **Decrease in cash and cash equivalents** | | | **(15,906)** | | **(3,913)** | | Exchange movements | | | (1,108) | | 344 | | Cash and cash equivalents at 1 May | | | 38,622 | | 42,191 | | **Cash and cash equivalents at 30 April** | | | **21,606** | | **38,622** | * Cash from operations includes dividends received of £24,140,000 (2024 – £28,865,000) and interest received of £1,257,000 (2024 – £1,669,000). The accompanying notes on pages 88 to 106 are an integral part of the Financial Statements. 87 Financial report # Notes to the Financial Statements The Monks Investment Trust PLC ('the Company') is a public company limited by shares and is incorporated in England and Wales. The Company is an investment company within the meaning of section 833 of the Companies Act 2006 and carries on business as an investment trust. ## 01 Principal accounting policies The Financial Statements for the year to 30 April 2025 have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' on the basis of the accounting policies set out below which are unchanged from the prior year and have been applied consistently. The updates to FRS 102, applicable for financial years starting on or after 1 January 2025, are not expected to impact the policies below or the financial statements prepared in accordance with them. ### a. Basis of accounting All of the Company's operations are of a continuing nature and the Financial Statements are prepared on a going concern basis under the historical cost convention, modified to include fixed asset investments at fair value through profit or loss, and on the assumption that approval as an investment trust under section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 will be retained. The Board has, in particular, considered the impact of heightened market volatility arising from macroeconomic and geopolitical concerns, including hostilities in Ukraine and Gaza, US-China and China-Taiwan tensions, but does not believe the Company's going concern status is affected. The Company's assets, the majority of which are investments in listed securities which are readily realisable (Level 1), exceed its liabilities significantly and could be sold to repay borrowings if required. All borrowings require the prior approval of the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. As at 30 April 2025, the £100 million RBSI facility had £50 million available commitment still undrawn. The Company has continued to comply with the investment trust status requirements of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) Regulations 2011. The Company's primary third party suppliers, including its Managers and Secretaries, custodian and depositary, registrar, auditor and broker, are not experiencing significant operational difficulties affecting their respective services to the Company. Accordingly, the Financial Statements have been prepared on the going concern basis as it is the Directors' opinion, having assessed the principal and emerging risks and other matters set out in the Viability Statement on page 44, which assesses the prospects of the Company over a period of five years, that the Company will continue in operational existence for the period to 31 July 2026, which is a period of at least twelve months from the date of approval of these Financial Statements. The Financial Statements have been prepared in accordance with the Companies Act 2006, applicable United Kingdom Accounting Standards and with the AIC's Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in July 2022. In order to reflect better the activities of the Company and in accordance with guidance issued by the AIC, supplementary information which analyses the profit and loss account between items of a revenue and capital nature has been presented in the Income Statement. In preparing these Financial Statements the Directors have considered the impact of climate change risk as a principal risk as set out on page 40. In line with FRS 102 investments are valued at fair value, being primarily quoted prices for investments in active markets at the balance sheet date, and therefore reflect market participants' view of climate change risk. Unlisted investments, valued by reference to comparable companies (see 1(d) below), similarly reflect market participants' view of climate change risk. The Directors determine the Company's functional currency to be sterling as the Company's shareholders are predominantly based in the UK, the Company is subject to the UK's regulatory environment and it is the currency in which its dividends and expenses are generally paid. 88 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC b. Financial instruments Estimates fi The key estimate in the Financial Statements is the  determination of the fair value of the unlisted investments  by the Managers for consideration by the Directors. This fi  fi the unlisted investments at the Balance Sheet date. The  fair valuation process involves estimation using subjective the use of judgements and estimates. These judgements inputs that are unobservable (for which market data is and estimates affect the reported amounts of assets unavailable). The main estimates involved in the selection and liabilities at the reporting date. While estimates are of the valuation process inputs are: fi i. the selection of appropriate comparable companies data available, the actual outcome may differ from these in order to derive revenue multiples and meaningful estimates. The key sources of estimation and uncertainty relationships between enterprise value, revenue and relate to the fair value of the unlisted investments. earnings growth. Comparable companies are chosen Judgements  The Directors consider that the preparation of the growth patterns; Financial Statements involves the following key ii. the selection of a revenue metric (either historical or judgements: forecast); i. the determination of the functional currency of the iii. the application of an appropriate discount factor to Company as sterling (see rationale in 1(a) above); and fl ii. the fair valuation of the unlisted investments. versus their listed peers; The key judgements in the fair valuation process are: iv. the estimation of the probability assigned to an exit being through an initial public offering (‘IPO’) or a i. the Managers’ determination of the appropriate company sale;  Venture Capital Valuation (‘IPEV’) Guidelines 2022 v. the selection of an appropriate industry benchmark  index to assist with the valuation validation or the application of valuation adjustments, particularly in the ii. the Directors’ consideration of whether each fair absence of established earnings or closely comparable value is appropriate following detailed review and peers; and challenge. The judgement applied in the selection of the methodology used (see 1(d) below) for determining vi. the calculation of valuation adjustments derived from the fair value of each unlisted investment can have a milestone analysis (i.e. incorporating operational fi success against the plan/forecasts of the business into the valuation).  estimation methods where possible to improve the robustness of the estimates. As the valuation outcomes may differ from the fair value estimates a price sensitivity analysis is provided in Other price risk sensitivity in 103 to 105 to illustrate the effect on the Financial Statements of an over or under estimation of  values is greater when methodologies are applied using more subjective inputs. 89 Financial report d. Investments company into the valuation. Additionally, the background to the transaction must be considered. As a result, Purchases and sales  fi assess the valuations particularly in those companies fi fl in accordance with sections 11 and 12 of FRS 102. used where appropriate. An absence of relevant industry Investment purchases and sales are recognised on a peers may preclude the application of the Industry trade date basis. Investments are initially measured at  their transaction price excluding expenses incidental to observable prices may preclude the Available Market   Gains and losses on investments, including those arising for reasonableness by employing relevant alternative from foreign currency exchange differences and expenses  incidental to the purchase and sale of investments, are recognised in the Income Statement as capital items. The private company investments are valued according to a three monthly cycle of measurement dates. The fair Listed investments value of the private company investments will be reviewed The fair value of listed investments is either the bid price before the next scheduled three monthly measurement or the last traded price depending on the convention of date on the following occasions: the exchange on which the investment is listed. The fair   value of suspended investments and unlisted investments in listed companies is determined on a case by case basis,   fl fi   Private company investments e. Cash and cash equivalents Private company investments are valued at fair value by  the Directors following a detailed review and appropriate investments that are readily convertible to known challenge of the valuations proposed by the Managers. fi The Managers’ private company investment policy applies   f. Income and Venture Capital Valuation Guidelines 2022 (‘IPEV’).     account on the date on which the investments are under IPEV are set out below and are followed by an  explanation of how they are applied to the Company’s  private company portfolio:  distributions from Collective Investment Schemes, other      as capital items. Special dividends are treated as revenue or capital items depending on the facts of each   particular case. The nature of the private company portfolio currently If scrip is taken in lieu of dividends in cash, the net fl amount of the cash dividend declared is credited to the valuation approach recognises that, as stated in the revenue account. Any excess in the value of the shares IPEV Guidelines, the price of a recent investment, received over the amount of the cash dividend foregone if resulting from an orderly transaction, generally is recognised as capital. represents fair value as at the transaction date and may be an appropriate starting point for estimating fair fi   consideration is given to the facts and circumstances iii. Unfranked investment income and overseas dividends  include the taxes deducted at source. changes in the market or performance of the investee company. Milestone analysis is used where appropriate iv. Interest receivable on deposits is recognised on an to incorporate the operational progress of the investee accruals basis. 90 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC g. Expenses l. Share premium account All expenses are accounted for on an accruals basis fi and are charged to the revenue account except where:   (i) they relate to expenses incidental to the purchase over the nominal value; and or sale of investments (transaction costs) which are charged to capital. Transaction costs are detailed in   note 9 on page95; or (ii) they relate directly to the     m. Capital redemption reserve  The nominal value of ordinary share capital repurchased  fi  Borrowings, which comprise interest bearing bank loans capital and into the capital redemption reserve. and loan notes are recognised initially at the fair value of n. Capital reserve the consideration received net of any issue expenses (the  Gains and losses on realisation of investments, changes fi in the fair value of investments held and exchange of such borrowings are accounted for on an accruals basis differences of a capital nature are dealt with in this using the effective interest rate method and are allocated reserve. Purchases of the Company’s own shares are also to revenue in the Income Statement. funded from this reserve. The sales proceeds of treasury fi i. Taxation amount of the weighted average purchase price of those The taxation charge represents the sum of current tax, shares and transferred to the capital reserve. the movement in the provision for Indian Capital Gains o. Revenue reserve Tax, and the movement in the provision for deferred taxation during the year. Current taxation represents fi  this reserve. The revenue reserve may be distributed by revenue accounts where it relates to income received way of a dividend. and to capital where it relates to items of a capital nature. p. Single segment reporting Deferred taxation is provided on all timing differences The Company is engaged in a single segment of business, which have originated but not reversed by the Balance   no business segmental analysis is provided. tax rates expected to apply when the timing differences reverse, based on what has been enacted or substantively fi assets are recognised only to the extent that it is more fi  j. Dividends payable Where relevant, interim dividends are recognised in the period in which they are paid. Final dividends are recognised in the period in which the dividends are approved by the Company’s shareholders. k. Foreign currencies Transactions involving foreign currencies are converted at the rate ruling at the time of the transaction. Monetary fi currencies are translated at the closing rates of exchange at the Balance Sheet date. Any gain or loss arising from  transaction is included as an exchange gain or loss in the Income Statement as capital or revenue as appropriate. 91 Financial report ## 02 Income | | 2025 £'000 | 2024 £'000 | | --- | --- | --- | | **Income from investments** | | | | UK dividends | 1,175 | 3,309 | | Overseas dividends | 23,521 | 24,910 | | | **24,696** | **28,219** | | **Other income** | | | | Deposit interest | 1,257 | 1,669 | | **Total income** | **25,953** | **29,888** | | **Total income comprises:** | | | | Dividends from financial assets classified as at fair value through profit or loss | 24,696 | 28,219 | | Interest from financial assets not at fair value through profit or loss | 1,257 | 1,669 | | | **25,953** | **29,888** | Special dividend entitlements arising in the year amounted to £459,000 (2024 – £1,069,000). ## 03 Investment management fee | | 2025 £'000 | 2024 £'000 | | --- | --- | --- | | Investment management fee | **9,707** | 9,431 | Details of the Investment Management Agreement are disclosed on pages 54 and 55. The annual management fee payable to Baillie Gifford & Co Limited is 0.45% on the first £750 million of total assets, 0.33% on the next £1 billion of total assets and 0.30% on the remaining total assets. For fee purposes, total assets is defined as the total value of all assets held less all liabilities (other than any liability in the form of debt intended for investment purposes) and excludes the value of the Company's holding in The Schiehallion Fund, a closed-ended investment company managed by Baillie Gifford & Co. The Company does not currently hold any other collective investment vehicles managed by Baillie Gifford & Co. Where the Company holds investments in open-ended collective investment vehicles managed by Baillie Gifford, such as OEICs, Monks' share of any fees charged within that vehicle will be rebated to the Company. All debt drawn down during the periods under review is intended for investment purposes. ## 04 Other administrative expenses | | 2025 £'000 | 2024 £'000 | | --- | --- | --- | | Custody fees | 347 | 313 | | Depositary fees | 260 | 247 | | Registrar fees | 38 | 47 | | General administrative expenses | 510 | 477 | | Marketing expenses* | 450 | 450 | | Directors' fees (see Directors' Remuneration Report on pages 70 to 73) | 282 | 240 | | Auditor's remuneration – statutory audit of annual Financial Statements† | 78 | 76 | | | **1,965** | **1,850** | * The Company is part of a marketing programme which includes all the investment trusts managed by the Managers. The marketing strategy has an ongoing objective to stimulate demand for the Company's shares. The cost of this marketing strategy is borne, in partnership, by the Company and the Managers. The Managers match the Company's marketing contribution and provides the resource to manage and run the programme. † Irrecoverable VAT on audit fees is included within general administrative expenses. 92 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC 05 Finance costs of borrowings 2025 2024 £’000 £’000 Bank loans 3,865 5,080 Loan notes 4,681 3,184 8,546 8,264 06 Tax | | 2025 | 2025 | 2025 | | 2024 | 2024 | 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | | Revenue | | Capital | Total | Revenue | | Capital | Total | | | £’000 | £’000 | £’000 | | £’000 | £’000 | £’000 | Overseas taxation 2,219 – 2,219 2,102 – 2,102 Indian capital gains tax paid – 575 575 – 736 736 and provided for 2,219 575 2,794 2,102 736 2,838 2025 2024 £’000 £’000 Factors affecting the tax charge for the year The tax charge for the year is higher (2024 – lower) than the standard rate of corporation tax in the UK of 25% (2024 – 25%). The differences are explained below: Net return before taxation (13,961) 401,190 Net return before taxation multiplied by the average standard rate of corporation (3,490) 100,298 tax in the UK of 25% (2024 – 25%) Capital returns not taxable 4,588 (97,712) Income not taxable (5,560) (6,950) Taxable expenses in the year not utilised 4,504 4,364 Overseas tax 2,177 2,102 Revenue tax charge for the year 2,219 2,102 (Decrease)/increase in provision for tax liability in respect of Indian capital gains (1,148) 736 Payment of Indian tax in respect of sales of investments 1,723 – Capital tax charge for the year 575 736 Total tax charge for the year 2,794 2,838 As an investment trust, the Company’s capital gains are not taxable in the United Kingdom. The capital tax charge results from the movement in the provision for tax liability in respect of Indian capital gains tax as detailed in note 12. Factors that may affect future tax charges At 30 April 2025146,353,000 (2024 – £133,269,000). No deferred tax asset has been recognised in respect of these amounts because the Company is not expected to generate taxable income in a future period in excess of the deductible expenses of that future period and, accordingly, it is unlikely that the Company will be able to reduce future tax liabilities through the use of existing surplus expenses. 93 Financial report ## 07 Net return per ordinary share | | 2025 Revenue | 2025 Capital | 2025 Total | 2024 Revenue | 2024 Capital | 2024 Total | | --- | --- | --- | --- | --- | --- | --- | | Net return after taxation | 1.75p | (10.08p) | (8.33p) | 3.68p | 174.07p | 177.75p | Revenue return per ordinary share is based on the net revenue return on ordinary activities after taxation of £3,516,000 (2024 – £8,241,000) and on 201,138,932 (2024 – 224,114,021) ordinary shares, being the weighted average number of ordinary shares in issue during the year. Capital return per ordinary share is based on the net capital loss for the financial year of £20,271,000 (2024 – gain of £390,111,000) and on 201,138,932 (2024 – 224,114,021) ordinary shares, being the weighted average number of ordinary shares in issue during the year. There are no dilutive or potentially dilutive shares in issue. ## 08 Ordinary dividends | | 2025 | 2024 | 2025 £'000 | 2024 £'000 | | --- | --- | --- | --- | --- | | **Amounts recognised as distributions in the year:** | | | | | | Previous year's final (paid 17 September 2024) | 2.10p | 3.15p | 4,372 | 7,208 | Set out below are the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of section 1158 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by way of dividend for the year is £3,516,000 (2024 – £8,241,000). | | 2025 | 2024 | 2025 £'000 | 2024 £'000 | | --- | --- | --- | --- | --- | | **Amounts paid and payable in respect of the financial year** | | | | | | Proposed final (payable 16 September 2025) | 0.50p | 2.10p | 938 | 4,497 | ## 09 Fixed assets – investments | As at 30 April 2025 | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 | | --- | --- | --- | --- | --- | | Listed and suspended equities | 2,379,564 | 68,420 | – | 2,447,984 | | Unlisted securities | – | – | 80,487 | 80,487 | | **Total financial asset investments** | **2,379,564** | **68,420** | **80,487** | **2,528,471** | | As at 30 April 2024 | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 | | --- | --- | --- | --- | --- | | Listed and suspended equities | 2,714,161 | 73,796 | – | 2,787,957 | | Unlisted securities | – | – | 59,111 | 59,111 | | **Total financial asset investments** | **2,714,161** | **73,796** | **59,111** | **2,847,008** | Investments in securities are financial assets held at fair value through profit or loss. In accordance with Financial Reporting Standard 102, the tables above provide an analysis of these investments based on the fair value hierarchy described below, which reflects the reliability and significance of the information used to measure their fair value. Level 2 investments comprise the Company's holding in The Schiehallion Fund. The suspended investment in Sberbank of Russia has been valued at nil. 94 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC 09 Fixed assets – investments (continued) Fair value hierarchy fi fi fi Level 1 Level 2 data); and Level 3 – using inputs that are unobservable (for which market data is unavailable). pages 89 to 90. A sensitivity analysis 103 to 105. | | 2025 | | 2025 | | 2025 | | 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | | | Listed | Unlisted | | | Total | | Total | | securities | | securities * | | securities | | securities | | | | £’000 | | £’000 | | £’000 | | £’000 | Cost of investments at start of year 1,784,555 58,551 1,843,106 1,913,829 Investment holding gains/(losses) at start of year 1,003,402 560 1,003,962 660,579 Value of investments at start of year 2,787,957 59,111 2,847,068 2,574,408 Movements in year: Purchases at cost 678,941 – 678,941 463,039 Sales proceeds received (978,864) (320) (979,184) (579,807) Gains/(losses) on investments (40,050) 21,696 (18,354) 389,428 Value of investments at end of year 2,447,984 80,487 2,528,471 2,847,068 Cost of investments at end of year 1,819,112 58,231 1,877,343 1,843,106 Investment holding gains at end of year 628,872 22,256 651,128 1,003,962 Value of investments at end of year 2,447,984 80,487 2,528,471 2,847,068 * Includes holdings in ordinary shares, preference shares and contingent value rights. The Company received proceeds of £979,184,000 (2024 – £579,807,000) from investments sold during the year. The book cost of these investments when they were purchased was £644,704,000 (2024 – £533,762,000). These investments have been revalued over time and, until they were sold, any unrealised gains/losses were included in the fair value of the investments. Transaction costs of £433,000 (2024 – £272,000) and £407,000 (2024 – £281,000) were suffered on purchases and sales respectively. 95 Financial report 09 Investments (continued) 2025 2024 £’000 £’000 Net gains/(losses) on investments Realised gains/(losses) on sales 334,480 46,045 Changes in investment holding gains (352,834) 343,383 (18,354) 389,428 fi  which amount to 20% or more of the nominal value of any class of shares in an undertaking.   | 2025 | 2025 | | 2025 | 2024 | 2024 | | 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | | Shares | Value | | % of | Shares | Value | | % of | | held | £’000 | shares held | | held | £’000 | shares held | | Silk Invest Africa Food Fund 10,000 2,438 42.6 10,000 2,452 42.6 10 Debtors 2025 2024 £’000 £’000 Amounts falling due within one year: Accrued income 1,403 924 Investment sales awaiting settlement 1,345 9,749 Share issuance proceeds awaiting settlement – block listing fee prepaid 60 60 Overseas taxation recoverable 952 1,633 Other debtors and prepaid expenses 157 140 3,917 12,506 fifi  11 Creditors – amounts falling due within one year 2025 2024 £’000 £’000 Royal Bank of Scotland International Limited 50,000 – National Australia Bank Limited loan – 50,000 Investment purchases awaiting settlement 4,704 3,268 Share buybacks awaiting settlement 733 3,922 Other creditors and accruals 5,488 4,797 60,925 61,987 fifi £2,212,000 (2024 – £2,464,000) in respect of the investment management fee. 96 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## 11 Creditors – amounts falling due within one year (continued) ### Borrowing facilities At 30 April 2025 the Company had a 3 year £100 million unsecured floating rate revolving facility with Royal Bank of Scotland International Limited, which expires on 28 November 2027. At 30 April 2025 drawings were as follows: — The Royal Bank of Scotland International Limited: £50 million at an interest rate of 1.6% over SONIA, maturing in May 2025 (2024 – National Australia Bank Limited: £50 million at an interest rate of 1.4% over SONIA, maturing in October 2024). The main covenants relating to the above loans are that total borrowings shall not exceed 30% of the Company's adjusted net asset value and the Company's minimum adjusted net asset value shall be £650 million. There were no breaches of loan covenants during the year to 30 April 2025 (2024 – none). ## 12 Creditors – amounts falling due after more than one year | | Repayment date | Nominal rate | Effective rate | 2025 £'000 | 2024 £'000 | | --- | --- | --- | --- | --- | --- | | £60 million 1.86% notes 2054 | 7/8/2054 | 1.86% | 1.86% | 59,910 | 59,907 | | £40 million 1.77% notes 2045 | 7/8/2045 | 1.77% | 1.77% | 39,958 | 39,956 | | ¥2,500 million 2.17% notes 2037 | 12/12/2037 | 2.17% | 2.17% | 13,122 | 12,687 | | €18 million 4.55% notes 2035 | 12/12/2035 | 4.55% | 4.55% | 15,319 | 15,370 | | €35 million 4.29% notes 2033 | 12/12/2033 | 4.29% | 4.29% | 29,787 | 29,886 | | €18 million 4.30% notes 2030 | 12/12/2030 | 4.30% | 4.30% | 15,319 | 15,370 | | | | | | **173,415** | **173,176** | | Provision for liability in respect of Indian capital gains tax | | | | 748 | 1,896 | | | | | | **174,183** | **175,072** | ### Unsecured loan notes The unsecured loan notes are stated at the cumulative amount of net proceeds after issue expenses. The cumulative effect is to reduce the carrying amount of borrowings by £132,000 (2024 – £137,000). ### Provision for tax liability The tax liability provision at 30 April 2025 of £748,000 (30 April 2024 – £1,896,000) relates to a potential liability for Indian capital gains tax that may arise on the Company's Indian investments should they be sold in the future, based on the net unrealised taxable capital gains at the period end and on enacted Indian tax rates. The amount of any future tax amounts payable may differ from this provision, depending on the value and timing of any future sales of such investments and future Indian tax rates. ## 13 Share capital | | 2025 Number | 2025 £'000 | 2024 Number | 2024 £'000 | | --- | --- | --- | --- | --- | | Allotted, called up and fully paid ordinary shares of 5p each | 187,622,666 | 9,381 | 214,130,666 | 10,707 | | Treasury shares of 5p each | 65,548,794 | 3,278 | 39,040,794 | 1,952 | | **Total** | **253,171,490** | **12,659** | **253,171,490** | **12,659** | The Company's authority permits it to hold shares bought back 'in treasury'. Such treasury shares may be subsequently either sold for cash (at, or at a premium to, net asset value per ordinary share) or cancelled. In the year to 30 April 2025, 26,508,000 shares with a nominal value of £1,325,000 were bought back at a total cost of £319,669,000 to be held in treasury (2024 – 16,666,000 ordinary shares with a nominal value of £833,000 were bought back at a total cost of £172,887,000 and held in treasury). No shares were issued from treasury during the year and at 30 April 2025 65,548,794 (2024 – 39,040,794) shares were held in treasury. At 30 April 2025 the Company had authority to buy back 12,871,293 ordinary shares and to allot or sell from treasury 21,061,566 ordinary shares without application of pre-emption rights. Under the provisions of the Company's Articles of Association share buy-backs are funded from the capital reserve. In the period 1 May 2025 to 26 June 2025 the Company bought back a further 2,647,000 shares with a nominal value of £132,000 at a total cost of £33,076,000 to be held in treasury. At 26 June 2025 68,195,794 shares were held in treasury and the Company had authority remaining to buy back a further 10,224,293 ordinary shares. 97 Financial report 14 Capital and reserves | | | Share | | Capital | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Share | premium | | redemption | | Capital | Revenue | | Shareholders’ | | | capital | account | | | reserve | reserve | reserve | | | funds | | £’000 | | £’000 | | £’000 | £’000 | | £’000 | | £’000 | At 1 May 2024 12,659 433,714 8,700 2,132,609 73,455 2,661,137 Gains on investments – – – (18,354) – (18,354) Exchange differences on borrowings – – – (234) – (234) Other exchange differences – – – (1,108) – (1,108) Indian capital gains tax paid and – – – (575) – (575) provided for Revenue return on ordinary activities – – – – 3,516 3,516 after taxation Ordinary shares bought back – – – (321,104) – (321,104) Dividends paid in the year – – – – (4,372) (4,372) At 30 April 2025 12,659 433,714 8,700 1,791,234 72,599 2,318,906 | | | Share | | Capital | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Share | premium | | redemption | | Capital | Revenue | | Shareholders’ | | | capital | account | | | reserve | reserve | reserve | | | funds | | £’000 | | £’000 | | £’000 | £’000 | | £’000 | | £’000 | At 1 May 2023 12,659 433,714 8,700 1,915,385 72,422 2,442,880 Gains on investments – – – 389,428 – 389,428 Exchange differences on borrowings – – – 1,075 – 1,075 Other exchange differences – – – 344 – 344 Movement in provision for tax on – – – (736) – (736) Indian notional capital gains Revenue return on ordinary activities – – – – 8,241 8,241 after taxation Ordinary shares bought back – – – (172,887) – (172,887) Dividends paid in the year – – – – (7,208) (7,208) At 30 April 2024 12,659 433,714 8,700 2,132,609 73,455 2,661,137 The capital reserve balance at 30 April 2025 includes investment holding gains on investments of £651,128,000 (2024 – gains of £1,003,962,000) as detailed in note 9 on page 95. The revenue reserve is distributable by way of dividend. 98 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC 15 Shareholders’ funds per ordinary share 2025 2024 Shareholders’ funds £2,318,906,000 £2,661,137,000 Number of ordinary shares in issue at the year end 187,622,666 214,130,666 Shareholders’ funds per ordinary share 1,235.9p 1,242.8p fi fi value. Reconciliations between shareholders’ funds and both NAV measures are shown in the Glossary of terms and Alternative Performance Measures on pages 120 to 123. 16 Analysis of change in net debt Other | At 1 May | | | | non-cash | | Exchange | | At 30 April | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 | fl | | changes | | movement | | | 2025 | | | £’000 | | £’000 | | £’000 | | £’000 | | £’000 |  38,622 (15,908) – (1,108) 21,606 Loans due within one year (50,000) – – – (50,000) Loan notes (173,176) – (5) (234) (173,415) (184,554) (15,908) (5) (1,342) (201,809) Other | At 1 May | | | | non-cash | | Exchange | | At 30 April | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023 | fl | | changes | | movement | | | 2024 | | | £’000 | | £’000 | | £’000 | | £’000 | | £’000 |  42,191 (3,913) – 344 38,622 Loans due within one year (75,000) 25,000 – – (50,000) Loan notes (99,858) (74,388) (5) 1,075 (173,176) (132,667) (53,301) (5) 1,419 (184,554) 17 Contingent liabilities, guarantees and financial commitments At 30 April 2025 and 30 April 2024fi 18 Transactions with related parties and the Managers and Secretaries The Directors’ fees and shareholdings are detailed in the Directors’ Remuneration Report on pages 70 to 73. No Director has  disclosure under section 412 of the Companies Act 2006.  Secretaries. Details of the terms of the Investment Management Agreement are set out on pages 54 and 55 and details of the  of a marketing programme which includes all the investment trusts managed by the Managers, details of which are shown in  99 Financial report 19 Financial instruments  fi assets funded by borrowed monies will generate a return in excess of the cost of borrowing. In pursuing its investment objective, the Company is exposed to a variety of risks that cause short term variation in the Company’s net assets and could result in either fi   of a permanent reduction in the Company’s net assets rather than to minimise the short term volatility. The risk management policies and procedures outlined in this note have not changed substantially from the previous  Market risk flfifl changes in market prices. This market risk comprises three elements – currency risk, interest rate risk and other price risk. The Board reviews and agrees policies for managing these risks and the Company’s investment managers both assess the exposure to market risk when making individual investment decisions and monitor the overall level of market risk across the investment portfolio on an ongoing basis. Details of the Company’s investment portfolio are shown in note 9. Currency risk Certain of the Company’s assets, liabilities and income are denominated in currencies other than sterling (the Company’s  value of those items. The Managers monitor the Company’s exposure to foreign currencies and report to the Board on a regular basis. The Managers assess the risk to the Company of the foreign currency exposure by considering the effect on the Company’s net asset value  fi fi  Foreign currency borrowings can limit the Company’s exposure to anticipated future changes in exchange rates which might otherwise adversely affect the value of the portfolio of investments. Exposure to currency risk through asset allocation, which is calculated by reference to the currency in which the asset or liability  | | | | Cash and | | Loans and | | Other debtors | | | | Net | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Investments | | deposits | | loan notes | | * | | exposure | | | | At 30 April 2025 | | £’000 | | £’000 | | £’000 | | £’000 | | £’000 | | US dollar 1,731,828 2,718 – (1,975) 1,732,571 Euro 219,761 – (60,425) 952 160,288 Japanese yen 126,008 790 (13,122) (303) 113,373 Other overseas currencies 367,363 778 – 322 368,785 Total exposure to currency risk 2,444,960 4,286 (73,547) (1,004) 2,374,695 Sterling 83,511 17,320 (149,868) (6,752) (55,789) 2,528,471 21,606 (223,415) (7,756) 2,318,906 * 104,000. 100 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC 19 Financial instruments (continued) Currency risk (continued) | | | | Cash and | | Loans and | | Other debtors | | | Net | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Investments | | deposits | | loan notes | | * | exposure | | | | At 30 April 2024 | | £’000 | | £’000 | | £’000 | £’000 | | £’000 | | US dollar 1,939,332 (7,681) – 7,932 1,939,583 Euro 227,713 – (60,626) 1,633 168,720 Japanese yen 120,099 – (12,687) 385 107,797 Other overseas currencies 419,897 3,131 – (928) 422,100 Total exposure to currency risk 2,707,041 (4,550) (73,313) 9,022 2,638,200 Sterling 140,027 43,172 (149,863) (10,399) 22,937 2,847,068 38,622 (223,176) (1,377) 2,661,137 * 93,000. Currency risk sensitivity At 30 April 2025, if sterling had strengthened by 5% in relation to all currencies, with all other variables held constant, total net assets and total return on ordinary activities would have decreased by the amounts shown below. A 5% weakening of sterling  Statement amounts. The analysis was performed on the same basis for 2024. 2025 2024 £’000 £’000 US dollar 86,629 96,979 Euro 8,014 8,436 Japanese yen 5,669 5,390 Other overseas currencies 18,423 21,105 118,735 131,910 Interest rate risk Interest rate movements may affect directly: • fi • the level of income receivable on cash deposits;  fi • the interest payable on any variable rate borrowings which the Company may take out. fi fl are taken into account when making investment decisions and when entering borrowing agreements. The Board reviews on a fifl fi amount of such borrowings and the approved levels are monitored and reviewed regularly by the Board. fi the amount by which the Company’s share price is at a discount or a premium to the net asset value (with borrowings at fair value) assuming that the Company’s share price is unaffected by movements in interest rates. 101 Financial report 19 Financial instruments (continued) Financial assets fi5 amounted to £21,606,000 (2024 – £38,622,000), comprising its cash and short term deposits. The cash deposits generally comprise call or short term money market deposits of less than one month which are repayable on demand. The benchmark rate which determines the interest payments received on cash balances is the bank base rate. Financial liabilities fifi flfi fi 2025 2024 £’000 £’000 Floating rate – sterling 50,000 50,000 Fixed rate – sterling 99,868 99,863 Fixed rate – euro 60,425 60,626 Fixed rate – yen 13,122 12,687 223,415 223,176 fi | | 2025 | | 2025 | | 2025 | 2024 | | 2024 | | 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Within | Between 1 | | More than | | Within | Between 1 | | More than | | | | 1 year | and 5 years | | | 5 years | 1 year | and 5 years | | | 5 years | | | £’000 | | £’000 | | £’000 | £’000 | | £’000 | | £’000 | | Repayment of loans | 50,000 – 173,415 50,000 – 173,176 | | | | | | | | | | and loan notes Interest on loans 6,378 18,969 50,546 6,499 18,967 57,070 and loan notes 56,378 18,969 223,961 56,499 18,967 230,246 Interest rate risk sensitivity An increase of 100 basis points in interest ratesfi5 would have decreased net assets and total return on ordinary activities by £210,000 (2024 – £24fl liabilities. A decrease of 100 basis points would have increased net assets and total return on ordinary activities by £210,000 (202420fl Other price risk Changes in market prices other than those arising from interest rate risk or currency risk may also affect the value of the Company’s net assets. The Board manages the market price risks inherent in the investment portfolio by ensuring full and timely access to relevant information from the Managers. The Board meets regularly and at each meeting reviews investment performance, the investment portfolio and the rationale for the current investment positioning to ensure consistency with the Company’s objective and investment policy. 102 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC 19 Financial instruments (continued) Other price risk sensitivity A full list of the Company’s investments is shown on pages 24 to 27. In addition, various analyses of the portfolio by growth category, thematic risk category, geography and broad industrial or commercial sector are contained in the Strategic Report. 102.64 – 104.8 valuations at 30 April 2025 would have increased total assets and total return on ordinary activities by £244,798,000 (2024278,796 3.5% (2024 – 2.2%) of the Company’s net assets are invested in private company investments. The fair valuation of the private fl89). A sensitivity analysis is provided below which recognises that the valuation methodologies employed involve subjectivity in their fi The table also provides the range of values for the key unobservable inputs. It should be noted that £32,007,000 (2024 – £22,800,000) of the private company value is attributed to companies operating in China, where unfavourable government intervention could adversely affect the realisable fl As at 30 April 2025 fi* | | Fair value of | Key | Other | | | Weighted | | | Sensitivity to changes in | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Valuation | investments | unobservable | unobservable | | | average | Sensitivity | | fi | | Technique | £’000 | inputs | inputs | † | Range | range | | % | inputs | | Market | 47,501 EV / LTM revenue | | a,b,c,d 1.97 – | | | 3.5x 10% If EV/LTM multiples | | | | | approach using | | multiple | | | 6.32x | | | |  | | comparable | | | | | | | | | fair value would change | | traded multiples | | | | | | | | | by £3,042,913 and |  EV / NTM a,b,c,d 5.07x n/a 10% If EV/NTM multiples revenue multiple  fair value would change by  EV / Earnings a,b,c,d 12.33x n/a 10% If EV/Earnings multiples multiple  fair value would change by  | Transaction | g (8.72%) n/a 10%  | | | --- | --- | --- | | implied premium | | applied to the calculated | | and discounts | | premiums and discounts, | the fair value would   e (10%) (10%) 10%   fair value would change by  Sum of the 2,438 Selection of a,b,c,d 7.2 – 12.6x 10% If the performance of the ^ | parts | comparable | 19.3x | underlying investment | | --- | --- | --- | --- | | | companies and | | and selected benchmark | | | relevant indices | | performance changed by |   £243,758 Recent 30,491 n/a a,b n/a n/a 10% If the recent transaction transaction  ^^ price 10%, the fair value would change by £2,992,920  * fi104 and 105. † See explanation for other unobservable inputs on pages 104 and 105 (sections ‘a’ to ‘g’ as relevant). # Enterprise value (EV) divided by the last twelve months revenue (LTM). ¶ See explanation for the selection of comparable companies on page 105 section ‘c’. ^ A ‘sum of the parts’ valuation approach is used for holding company investments with several underlying businesses. Each individual business fi   unobservable inputs in the above table. However, the transaction price itself is observable. 103 Financial report 19 Financial instruments (continued) Other price risk sensitivity (continued) As at 30 April 2024 fi* | | Fair value of | Key | | Other | | | Weighted | | | Sensitivity to | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Valuation | investments | unobservable | | unobservable | | | average | Sensitivity | | fi | | approach | £’000** | inputs | | inputs | † | Range | range | | % | unobservable inputs | | Market approach | 22,800 EV/LTM revenue | | | a,b,c,d 1.76x – | | | 1.92x 10% If EV/LTM multiples | | | | | using comparable | | multiple | # | | | 2.57x | | | |  | | traded multiples | | | | | | | | | |  | change by £1,634,694   e   10%   the fair value would change by £230,018  | Benchmark | 4,551 | Selection of | | a,b,c,f (15%) | | (7.18%) 10% If input comparable | | | --- | --- | --- | --- | --- | --- | --- | --- | | performance | | comparable | | | – 0.6% | | company performance | | | | companies and | | | | |  | | | | relevant indices | ¶ | | | | the fair value would | change by £217,366 and  | Sum of the parts | ^ | 2,452 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | EV/LTM revenue | | a,b,c,d 7.1 – | | 11.8x 10% If the performance | | | | | | multiple | # | | 19.8x | | of the underlying | investment and selected benchmark performance  fair value would change  Recent 33,527 n/a a,b n/a n/a 10% If the recent transaction transaction price price changed by  value would change by £3,293,852 and  * fi104 and 105. † See explanation for other unobservable inputs on pages 104 and 105 (sections ‘a’ to ‘g’ as relevant). # Enterprise value (EV) divided by the last twelve months revenue (LTM). ¶ See explanation for the selection of comparable companies on page 105 section ‘c’. ^ A ‘sum of the parts’ valuation approach is used for holding company investments with several underlying businesses. Each individual business fi   flfi multiple approaches. * fi The variable inputs applicable to each broad category of valuation basis will vary dependent on the particular circumstances of each private company valuation. An explanation of each of the key variable inputs is provided below. The assumptions made in 89. a. Application of valuation basis Each investment is assessed independently, and the valuation basis applied will vary depending on the circumstances of each  achievement of key milestones since investment. Adjustments may also be made depending on the performance of comparable benchmarks and companies. For those investments where a trading multiples approach can be taken, the methodology will factor fi fl appropriate forecasts are available. 104 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC 19 Financial instruments (continued) fi b. Probability estimation of liquidation events   typically estimated from the outset to be 50:50 if there has been no indication by the company of pursuing either of these routes. If the company has indicated an intention to IPO, the probability is increased accordingly to 75% and if an IPO has become a certainty the probability is increased to 100%. Likewise, in a scenario where a company is pursuing a trade sale the weightings will be adjusted accordingly in favour of a sale scenario, or in a situation where a company is underperforming expectations fi c. Selection of comparable companies The selection of comparable companies is assessed individually for each investment at the point of investment, and the relevance of the comparable companies is continually evaluated at each valuation. The key criteria used in selecting appropriate comparable companies are the industry sector in which they operate, the geography of the company’s operations, the respective revenue and earnings growth rates and the operating margins. Typically, between 4 and 10 comparable companies will be selected for each fi  d. Estimated sustainable earnings fi is not then revenues will be used in the valuation. The valuation approach will typically assess companies based on the last twelve months of revenue or earnings, as they are the most recent available and therefore viewed as the most reliable. Where a company has reliably forecasted earnings previously or there is a change in circumstance at the business which will impact earnings going forward, then forward estimated revenue or earnings may be used instead. e. Application of illiquidity discount  fi fl f. Selection of appropriate benchmarks The selection of appropriate benchmarks is assessed individually for each investment. The industry and geography of each company are key inputs to the benchmark selection, with either one or two key indices or benchmarks being used for comparison. g. Valuation premium and discount The application of valuation premiums and discounts are applied through the calibration of a valuation to the most recent transaction, determining how each investment is pricing against its selection of comparable companies. Where a calibrated fl substantial companies with some secondary market activity. h. Execution risk  fi may well still be negotiated which could impact the expected issue price. In valuing in line with an expected transaction the  Liquidity risk fifi fi   fipages 96 and 97. Credit risk This is the risk that a failure of a counterparty to a transaction to discharge its obligations under that transaction could result in the Company suffering a loss. This risk is managed as follows:    105 Financial report 19 Financial instruments (continued) Credit risk (continued)  fi segregates the assets of the Company. The depositary has delegated the custody function to The Bank of New York Mellon (International) Limited. Bankruptcy or insolvency of the custodian may cause the Company’s rights with respect to securities held by the custodian to be delayed. The Managers monitor the Company’s risk by reviewing the depositary’s internal control fi   Transactions are ordinarily done on a delivery versus payment basis whereby the Company’s custodian bank ensures that the counterparty to any transaction entered into by the Company has delivered on its obligations before any transfer of cash or securities away from the Company is completed; and  fi  Credit risk exposure The amount that best represents the Company’s maximum exposure to direct credit risk at 30 April was: 2025 2024 £’000 £’000  21,606 38,622 Debtors 3,917 12,506 25,523 51,128 fi fifi fi Company are carried in the Balance Sheet and their fair values, with the exception of long term borrowings. The fair values of the Company’s borrowings are shown below. The fair values of the loan notes are calculated using a comparable debt approach, by reference to a basket of corporate debt with similar rates and maturities. | 2025 | 2025 | 2025 | 2024 | | 2024 | 2024 | | --- | --- | --- | --- | --- | --- | --- | | Par | Book | Fair | | Par | Book | Fair | | value | value | value | value | | value | value | | £’000 | £’000 | £’000 | £’000 | | £’000 | £’000 | Bank loans due within one year 50,000 50,000 50,000 50,000 50,000 50,000 Notes 1.86% 2054 60,000 59,910 25,539 60,000 59,907 28,271 Notes 1.77% 2045 40,000 39,958 19,658 40,000 39,956 21,607 Notes 2.17% 2037 13,122 13,122 12,353 12,687 12,687 12,747 Notes 4.55% 2035 15,319 15,319 15,356 15,370 15,370 15,430 Notes 4.29% 2033 29,787 29,787 29,975 29,886 29,886 29,862 Notes 4.30% 2030 15,319 15,319 15,563 15,370 15,370 15,293 223,547 223,415 168,444 223,313 223,176 173,210 20 Capital management The capital of the Company is its share capital and reserves as set out in note 14 together with its borrowings (see notes 11 and 12). The objective of the Company is to invest globally to achieve capital growth, which takes priority over income and dividends. The Company’s investment policy is set out on pages 37 and 38. In pursuit of the Company’s objective, the Board has a responsibility for ensuring the Company’s ability to continue as a going concern and details of the related risks and how they are managed are set out on pages 39 to 43. The Company has the ability to issue and buy back its shares, and sell shares from treasury (see pages 56 and 57) and any changes to the share capital during the year are set out in note 13.  which are detailed in notes 11 and 12. 106 Annual Report and Financial Statements 2025 ## Shareholder ## information Shareholder information ## Notice of Annual ## General Meeting Regent Street Piccadilly Entrance Royal Academy of Arts Piccadilly The Annual General Meeting of the Company will Albemarle St be held at the The Royal Institution, 21 Albemarle Street, London, W1S 4BS on Tuesday 9 September 2025fi Jermyn Street St James’s venue by scanning the QR code above. Square Green Park Station fl Company, the Board intends to hold the AGM voting on a poll, rather than by a show of hands, consistent The Royal Institution with the procedure adopted last year. The Board encourages all shareholders to complete and return the form of proxy enclosed with the Annual Report to ensure that your votes are represented at the meeting (whether or not you intend to attend in person). Shareholders are recommended to monitor the Company’s website where any updates will be posted, in the event of any change to the scheduled arrangements.   3. Baillie Gifford may record your call. 108 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC sixth Annual as at 26 June 2025), such authority to expire General Meeting of The Monks Investment Trust PLC at the conclusion of the next Annual General will be held at the The Royal Institution, 21 Albemarle Meeting of the Company after the passing of Street, London, W1S 4BS on Tuesday 9 September this resolution or on the expiry of 15 months 2025, at 11.30am for the following purposes: from the passing of this resolution, whichever is the earlier, unless previously revoked, varied or fi extended by the Company in a general meeting, resolutions as ordinary resolutions:  | 01. To receive and adopt the Financial Statements | | the expiry of this authority make an offer or | | --- | --- | --- | | | of the Company for the year ended 30 April | enter into an agreement which would or might | | | 2025 with the Reports of the Directors and of |  | | | the Independent Auditor thereon. | the expiry of such authority and the Directors | shall be entitled to allot or grant Securities in 02. To approve the Directors’ Annual Report on pursuance of such an offer or agreement as if Remuneration for the year ended 30 April 2025. such authority had not expired. fi0.50p per ordinary fi13, share. 14 and 15 as special resolutions: Ms CM Boyle as a Director. 13. That, subject to the passing of resolution 12   above, and in substitution for any existing power but without prejudice to the exercise of any such   power prior to the date hereof, the Directors of Director. the Company be and they are hereby generally Mr RS Grewal as a Director. empowered, pursuant to sections 570 and 573   as of the Companies Act 2006 (the ‘Act’) to allot   560(1) of the Act) for cash either pursuant to the 09. To elect Mr DC Ballance as a Director. authority given by resolution 12 above or by way 10  of the sale of treasury shares wholly for cash as fi if section 561(1) of the Act did not apply to any conclusion of the next Annual General Meeting such allotment or sale, provided that this power: at which the Financial Statements are laid a. expires at the conclusion of the next Annual before the Company. General Meeting of the Company after the 11. To authorise the Directors to determine the passing of this resolution or on the expiry remuneration of the Independent Auditor. of 15 months from the passing of this resolution, whichever is the earlier, save that 12. That, in substitution for any existing authority the Company may, before such expiry, make but without prejudice to the exercise of any such an offer or agreement which would or might authority prior to the date hereof, the Directors  of the Company be and they are hereby  generally and unconditionally authorised in securities in pursuance of any such offer or accordance with section 551 of the Companies agreement as if the power conferred hereby Act 2006 (the ‘Act’) to exercise all the powers of had not expired; and the Company to allot shares in the Company and to grant rights to subscribe for or to convert any  security into shares in the Company (‘Securities’) securities or the sale of treasury shares up to | provided that such authority shall be limited to | an aggregate nominal value of £924,878.33, | | --- | --- | | the allotment of shares and the grant of rights | being approximately 10% of the nominal value | | in respect of shares with an aggregate nominal | of the issued share capital of the Company as | | value of up to £924,878.33 (representing 10% | at 26 June 2025. | of the Company’s total issued share capital 109 Shareholder information 14. That, in substitution for any existing authority, 15. That the Articles of Association produced to but without prejudice to the exercise of any such the meeting and signed by the chairman of authority prior to the date hereof, the Company fi be and is hereby generally and unconditionally be approved and adopted as the Articles of authorised, pursuant to and in accordance with Association of the Company in substitution for, section 701 of the Companies Act 2006 (the and to the exclusion of, the existing Articles of ‘Act’), to make market purchases (within the Association with effect from the conclusion of meaning of section 693(4) of the Act) of fully the meeting. paid ordinary shares of 5p each in the capital of the Company (‘Shares’), (either for retention as treasury shares for future reissue, resale, By order of the Board transfer or for cancellation) provided that:  Company Secretary a. the maximum aggregate number of 1 July 2025 Shares hereby authorised to be purchased is 27,727,852, or, if less, the number representing approximately 14.99% of the issued ordinary share capital of the Company as at the date of the passing of this resolution; b. the minimum price (exclusive of expenses) which may be paid for each Share is 5p; c. the maximum price (exclusive of expenses) which may be paid for a Share shall be not more than the higher of: (i) 5 per cent above the average closing price on the London Stock fi days immediately preceding the date of purchase; and (ii) the higher of the price of the last independent trade of, and the highest current independent bid for, a Share on the London Stock Exchange; and d. unless previously varied, revoked or renewed by the Company in a general meeting, the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company to be held in respect of the year ending 30 April 2026, save that the Company may, prior to such expiry, enter into a contract to purchase Shares under such authority which will or may be executed wholly or partly after the expiration of such authority and may make a purchase of Shares pursuant to any such contract. 110 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Notes the time of receipt will be taken to be the time (as determined by the timestamp applied to 01. As a member you are entitled to appoint a proxy the message by the CREST Application Host) or proxies to exercise all or any of your rights from which the Company’s registrar is able to to attend, speak and vote at the AGM. A proxy  need not be a member of the Company but the manner prescribed by CREST. After this time must attend the AGM to represent you. You may any change of instructions to proxies appointed appoint more than one proxy provided each through CREST should be communicated to the proxy is appointed to exercise rights attached to appointee through other means. different shares. You can only appoint a proxy | using the procedure set out in these notes and | 05. CREST members and, where applicable, | | | --- | --- | --- | | the notes to the proxy form. You may not use | | their CREST sponsors, or voting service | | any electronic address provided either in this | |  | | notice or any related documents (including | | International Limited does not make available | | the Financial Statements and proxy form) to | | special procedures in CREST for any particular | | communicate with the Company for any purpose | | message. Normal system timings and | | other than those expressly stated. | | limitations will, therefore, apply in relation to | the input of CREST Proxy Instructions. It is the 02. To be valid any proxy form or other instrument responsibility of the CREST member concerned appointing a proxy, together with any power to take (or, if the CREST member is a CREST of attorney or other authority under which it personal member, or sponsored member, or fi has appointed a voting service provider(s), to received by post or (during normal business procure that his/her CREST sponsor or voting hours only) by hand at the Registrars of the service provider(s) take(s) such action as shall Company at Computershare Investor Services be necessary to ensure that a message is PLC, The Pavilions, Bridgwater Road, Bristol, transmitted by means of the CREST system BS99 6ZY or eproxyappointment.com no later by any particular time. In this connection,  CREST members and, where applicable, their before the time of the meeting or any adjourned CREST sponsors or voting service providers are meeting. referred, in particular, to those sections of the 03. CREST members who wish to appoint a proxy CREST Manual concerning practical limitations or proxies through the CREST electronic proxy of the CREST system and timings. appointment service may do so by using the 06. The Company may treat as invalid a CREST procedures described in the CREST Manual Proxy Instruction in the circumstances set out and/or by logging on to the website euroclear. fi com/CREST. CREST personal members or other Securities Regulations 2001. CREST sponsored members, and those CREST | | members who have appointed a voting service | 07. The return of a completed proxy form or | | | --- | --- | --- | --- | | | provider(s), should refer to their CREST sponsor | |  | | | or voting service provider(s), who will be able to | |  | | | take the appropriate action on their behalf. | |  | | 04. In order for a proxy appointment or instruction | |  fi | | | | made using the CREST service to be valid, the | | Securities Regulations 2001 and section 311 of | | | appropriate CREST message (a ‘CREST Proxy | | fi | | | Instruction’) must be properly authenticated in | | that to be entitled to attend and vote at the | | |  | | Annual General Meeting (and for the purpose | | | fi | | of the determination by the Company of the | | |  | | votes they may cast), shareholders must be | | | described in the CREST Manual. The message, | | registered in the Register of Members of the | | | regardless of whether it constitutes the | | Company no later than the close of business two | | | appointment of a proxy or is an amendment to | |  | | | the instruction given to a previously appointed | | commencement of the AGM or any adjourned | | | proxy must, in order to be valid, be transmitted | | meeting. Changes to the Register of Members | | | so as to be received by the Company’s registrar | | after the relevant deadline shall be disregarded | | | (ID 3RA50) no later than two days (excluding | | in determining the rights of any person to attend | | |  | | and vote at the meeting. | meeting or any adjournment. For this purpose, 111 Shareholder information | 09. Any person to whom this notice is sent who is | | 12. Under section 338A of the Companies Act | | | --- | --- | --- | --- | | | a person nominated under section 146 of the | | fi | | | Companies Act 2006 to enjoy information rights | |  | | | (a ‘Nominated Person’) may, under an agreement | | Company to include in the business to be dealt | | | between him/her and the shareholder by whom | | with at the Annual General Meeting a matter | | | he/she was nominated, have a right to be | | (other than a proposed resolution) which may | | | appointed (or to have someone else appointed) | | properly be included in the business (a matter of | | | as a proxy for the Annual General Meeting. | |  | | | If a Nominated Person has no such proxy | | by the Company not later than 28 July 2025. | | | appointment right or does not wish to exercise it, | | The conditions are that the matter of business | | | he/she may, under any such agreement, have a | | must not be defamatory of any person, frivolous | | | right to give instructions to the shareholder as to | |  | | | the exercise of voting rights. | | matter of business by either setting it out in full | or, if supporting a statement sent by another 10. The statement of the rights of shareholders in member, clearly identify the matter of business relation to the appointment of proxies in notes  1 and 2 above does not apply to Nominated accompanied by a statement setting out the Persons. The rights described in those notes  can only be exercised by shareholders of the this should write to the Company providing their Company. full name and address. 11. Under section 338 of the Companies Act 2006, 13. Under section 527 of the Companies Act 2006, fi fi out in note 14 below may, subject to certain   to publish, on its website, (without payment) a to members notice of a resolution which may statement (which is also passed to the auditor) properly be moved and is intended to be moved setting out any matter relating to the audit of the at that meeting. The conditions are that: (a) the Company’s Financial Statements, including the resolution must not, if passed, be ineffective Auditor’s Report and the conduct of the audit. (whether by reason of inconsistency with any  enactment or the Company’s constitution state your full name and address. or otherwise); (b) the resolution must not be defamatory of any person, frivolous or 14. In order to be able to exercise the members’   hard copy form or in electronic form; (ii) must  identify the resolution of which notice is to be at least 5% of the total voting rights of all given by either setting out the resolution in full the members who have a right to vote on the   member, clearly identifying the resolution which least 100 members who have a right to vote on is being supported; (iii) must be authenticated  | by the person or persons making it; and (iv) | hold shares in the Company on which there has | | --- | --- | |  | been paid up an average sum, per member, of | | 28 July 2025. |  |   permitted under section 338 (see note 11) should be sent to enquiries@bailliegifford.com. 112 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC 15. Information regarding the Annual General Meeting, including information required by section 311A of the Companies Act 2006, is available from the Company's page of the Managers' website at monksinvestmenttrust.co.uk. 16. Members have the right to ask questions at the meeting in accordance with section 319A of the Companies Act 2006. 17. Any corporation which is a member can appoint one or more corporate representatives who may exercise on its behalf all of its powers as a member provided that they do not do so in relation to the same shares. 18. As at 26 June 2025 (being the last practicable date prior to the publication of this notice) the Company's issued share capital consisted of 184,975,666 ordinary shares, carrying one vote each. Therefore, the total voting rights in the Company as at 26 June 2025 were 184,975,666 votes. Voting on the resolutions will be conducted by way of poll. This will ensure an exact and definitive result. 19. Any person holding 3% or more of the total voting rights of the Company who appoints a person other than the Chair of the meeting as his/her proxy will need to ensure that both he/she and his/her proxy complies with their respective disclosure obligations under the UK Disclosure and Transparency Rules. 20. No Director has a contract of service with the Company. 21. A copy of the proposed new articles of association, which includes the full terms of the proposed amendments to the Company's existing articles of association, is available at the registered office of the Company at 3 St Helen's Place, London EC3A 6AB between the hours of 9.00 a.m. and 5.00 p.m. (Saturdays, Sundays and public holidays excepted) and on the Company's website, monksinvestmenttrust.co.uk from the date the annual report is posted to shareholders until the close of the Annual General Meeting. The New Articles will also be available for inspection at the venue of the Annual General Meeting from 15 minutes before and during the meeting and on the National Storage Mechanism located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism, from the date the annual report is posted to shareholders. 113 Shareholder information ## Further shareholder ## information Company history Sources of further information on Monks was incorporated in 1929 and was one of  three trusts founded in the late 1920s by a group  of investors headed by Sir Auckland (later Lord) fi Geddes. The other two trusts were The Friars websites. Company factsheets are also available on Investment Trust and The Abbots Investment Trust. the Company’s website and are updated monthly. fi  Friars in the City of London, hence the names. fi  management of all three trusts and Monks became ISIN GB0030517261 a founder member of the Association of Investment Sedol 3051726 Trusts in 1932. Ticker MNKS In 1968, under a Scheme of Arrangement, the  fi  The ordinary shares of the Company are listed on the London Stock Exchange and their price is shown Monks is an investment trust. Investment in the Financial Times under ‘Investment Companies’. trusts offer investors the following:  fi Key dates The Interim Report is issued in December and the   Annual Report is normally issued in July. The 2025 managers; and AGM is being held in early September. Dividends will   fi fi the Company’s AGM. investors are still liable for capital gains tax on fi Capital Gains Tax For Capital Gains Tax indexation purposes, the How to invest market value of an ordinary share in the Company The Company’s shares are traded on the London fi Stock Exchange. They can be bought by placing an share split in July 2001) was 14.1p. order with a stockbroker or by asking a professional adviser to do so. If you are interested in investing  a number of companies offering real time online fi monksinvestmenttrust.co.uk. 114 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC Share register enquiries Dividend reinvestment plan Computershare Investor Services PLC maintains Computershare operate a Dividend reinvestment the share register on behalf of the Company. In the plan which can be used to buy additional shares   own name, please contact the registrars on 0370 your bank account. For further information log on to 707 1170. This helpline also offers an automated investorcentre.co.uk and follow the instructions or  telephone 0370 707 1694. days a week) which allows you to: Electronic proxy voting   If you hold stock in your own name you can choose  fi to vote by returning proxies electronically at |  fi | | eproxyappointment.com. | | --- | --- | --- | |   | |  | | | and Stock Transfer forms. | contact Computershare on 0370 707 1170. | You can also check your holding on the registrar’s CREST proxy voting website at investorcentre.co.uk. They also offer a free, secure share management website service If you are a user of the CREST system (including which allows you to: a CREST Personal Member), you may appoint one or more proxies or give an instruction to a proxy by   having an appropriate CREST message transmitted. price of your shares; For further information please refer to the CREST   Manual. shareholding; |   | Analysis of shareholders at 30 April | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | |   | | | 2025 | | | 2024 | | | | | Number of | | 2025 | Number of | | 2024 | Company, including the Annual Report, in shares held % shares held % electronic format; Institutions 24,592,182 13.1 31,548,588 14.7   Intermediaries 153,010,658 81.6 171,037,138 79.9 details; and Individuals 8,797,473 4.7 9,810,247 4.6   Marketmakers 1,222,353 0.6 1,734,693 0.8 To take advantage of this service, please log in at 187,622,666 100.0 214,130,666 100.0 investorcentre.co.uk and enter your Shareholder Reference Number and Company Code (this information can be found on the last dividend fi 115 Shareholder information Automatic exchange Third party data provider disclaimer of information No third party data provider (‘Provider’) makes any fi warranty, express or implied, as to the accuracy, legislation relating to the automatic exchange of completeness or timeliness of the data contained  herewith nor as to the results to be obtained by and report certain information about certain recipients of the data. shareholders. No Provider shall in any way be liable to any  recipient of the data for any inaccuracies, errors to provide personal information to HMRC on certain or omissions in the index data included in this investors who purchase shares in investment trusts. document, regardless of cause, or for any damages Accordingly, the Company will have to provide (whether direct or indirect) resulting therefrom. information annually to the local tax authority on No Provider has any obligation to update, modify  or amend the data or to otherwise notify a recipient fi thereof in the event that any matter stated herein Shareholders, excluding those whose shares are  held in CREST, who come on to the share register Without limiting the foregoing, no Provider shall have fi any liability whatsoever to you, whether in contract collecting this information. (including under an indemnity), in tort (including negligence), under a warranty, under statute or For further information, please see HMRC’s otherwise, in respect of any loss or damage suffered  by you as a result of or in connection with any information for account holders gov.uk/government/ opinions, recommendations, forecasts, judgements, publications/exchange-of-information-account-holders. or any other conclusions, or any course of action determined, by you or any third party, whether or Alternative Investment Fund Managers not based on the content, information or materials (‘AIFM’) Regulations contained herein. In accordance with the AIFM Regulations, information in relation to the Company’s leverage and the FTSE Index Data remuneration of the Company’s AIFM, Baillie Gifford London Stock Exchange Group plc and its group  undertakings (collectively, the ‘LSE Group’). investors. In accordance with the Regulations, the 5. FTSE Russell is a trading name AIFM remuneration policy is available at bailliegifford. of certain of the LSE Group companies. ‘FTSE®’ 125). ‘Russell®’, ‘FTSE Russell®’, is/are a trade mark(s) of The numerical remuneration disclosures in respect the relevant LSE Group companies and is/are used of the AIFM’s reporting period are also available at by any other LSE Group company under license. All bailliegifford.com. rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index The Company’s maximum and actual leverage levels or the data. Neither LSE Group nor its licensors (see Glossary of terms and Alternative Performance accept any liability for any errors or omissions in the Measures on pages 120 to 123) at 30 April 2025 are indexes or data and no party may rely on any indexes as follows: or data contained in this communication. Leverage No further distribution of data from the LSE Group  Commitment Gross method method company’s express written consent. The LSE Group does not promote, sponsor or endorse the content Maximum limit 2.50:1 2.00:1  Actual 1.09:1 1.10:1 116 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## Sustainable Finance Disclosure ## Regulation (‘SFDR’) The EU Sustainable Finance Disclosure Regulation The likely impact on the return of the portfolio (‘SFDR’) does not have a direct impact in the UK from a potential or actual material decline in the  value of investment due to the occurrence of products marketed in the EU. As The Monks an environmental, social or governance event Investment Trust PLC is marketed in the EU by the or condition will vary and will depend on several  factors including but not limited to the type, extent, Private Placement Regime (‘NPPR’) the following complexity and duration of an event or condition, disclosures have been provided to comply with the prevailing market conditions and existence of any  mitigating factors.  Whilst consideration is given to sustainability stewardship principles and guidelines as its policy matters, there are no restrictions on the investment  universe of the Company, unless otherwise stated decisions.    fi fi investors. However, this might result in investments approach to business is fundamentally out of line being made in companies that ultimately cause a fi negative outcome for the environment or society. ‘sustainability’ as a deliberately broad concept which encapsulates a company’s purpose, values, business More detail on the Manager’s approach to model, culture, and operating practices. sustainability can be found in the stewardship principles and guidelines document, available publicly  on the Baillie Gifford website bailliegifford.com and by  scanning the QR code below. businesses that enjoy sustainable competitive advantages in their marketplace. To do this it looks The underlying investments do not take into account fi the EU criteria for environmentally sustainable  economic activities established under the EU  Taxonomy Regulation. prospects. This includes the consideration of sustainability factors (environmental, social and/or governance matters) which it believes will positively flfi investment. 117 Shareholder information ## Communicating ## with shareholders Trust magazine Monks Investment Trust web page at monksinvestmenttrust.co.uk Trust magazine Monks on the web Trust is the Baillie Gifford investment trust magazine  which is published twice a year. It provides an insight on the Company’s page of the Managers’ website at to our investment approach by including interviews monksinvestmenttrust.co.uk fi with our fund managers, as well as containing on Monks, including recent portfolio information and investment trust news, investment features and fi articles about the trusts managed by Baillie Gifford, including Monks. Trust plays an important role in Client relations team contact details helping to explain our products so that readers can You can contact the Baillie Gifford Client Relations really understand them. Team by telephone, email or post: You can subscribe to Trust magazine or view a digital Telephone: 0800 917 2113 copy at bailliegifford.com/trust. Your call may be recorded for training or monitoring purposes. Suggestions and questions Email: enquiries@bailliegifford.com Any suggestions on how communications with Website: bailliegifford.com shareholders can be improved are welcome. Please | contact the Baillie Gifford Client Relations Team | Address: | | --- | --- | | (see contact details opposite) and give them your | Baillie Gifford Client Relations Team | | suggestions. They will also be very happy to answer |  | |  | 1 Greenside Row | Edinburgh EH1 3AN Please note that Baillie Gifford is not permitted fi please ask an authorised intermediary. 118 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## Insights Monks’ musings: Alnylam: Atlas Copco: fifl Stock Story Stock Story Investing in adaptable businesses Richie Vernon explores the Ben Drury explores how a culture and those relatively impervious to revolutionary drugs transforming of innovation and decentralisation new trade restrictions. patient lives. drives success in industrial technology. 119 Shareholder information ## Glossary of terms and Alternative ## Performance Measures (‘APM’) fifi fiflfififi fi Total assets fi liabilities (other than liabilities in the form of borrowings). Shareholders’ funds Shareholders’ funds is the value of all assets held less all liabilities, with borrowings deducted at book cost. Net liquid assets fiassets, comprising current assets less current liabilities (excluding borrowings) and provisions. Active share (APM) Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index. Unlisted, unquoted and private company investments  recognised exchange. Net Asset Value (APM) Net Asset Value (NAV) is the value of all assets held less all liabilities, with borrowings deducted at either par fi the number of ordinary shares in issue. 120 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## Net Asset Value (borrowings at par value) (APM) Borrowings are valued at nominal par value. A reconciliation from shareholders' funds (borrowings at book value) to net asset value after deducting borrowings at par value is provided below. | | 2025 8'000 | 2025 per share | 2024 8'000 | 2024 per share | | --- | --- | --- | --- | --- | | Shareholders' funds (borrowings at book value) | 2,318,906 | 1,235.9p | 2,661,137 | 1,242.8p | | Add: book value of borrowings | 223,415 | 119.1p | 223,176 | 104.2p | | Less: par value of borrowings | (223,547) | (119.1p) | (223,313) | (104.3p) | | Net asset value (borrowings at par value) | 2,318,774 | 1,235.9p | 2,661,000 | 1,242.7p | The per share figures above are based on 187,622,666 (2024 - 214,130,666) ordinary shares of 5p, being the number of ordinary shares in issue at the year-end excluding treasury shares. ## Net Asset Value (borrowings at fair value) (APM) Borrowings are valued at an estimate of market worth. The fair values of the loan notes are calculated using a comparable debt approach, by reference to a basket of corporate debt. The fair value of the Company's short term bank borrowings is equivalent to its book value. A reconciliation from shareholders' funds (borrowings at book value) to net asset value after deducting borrowings at fair value is provided below. | | 2025 8'000 | 2025 per share | 2024 8'000 | 2024 per share | | --- | --- | --- | --- | --- | | Shareholders' funds (borrowings at book value) | 2,318,906 | 1,235.9p | 2,661,137 | 1,242.8p | | Add: book value of borrowings | 223,415 | 119.1p | 223,176 | 104.2p | | Less: fair value of borrowings | (168,444) | (89.8p) | (173,210) | (80.9p) | | Net asset value (borrowings at fair value) | 2,373,877 | 1,265.2p | 2,711,103 | 1,266.1p | The per share figures above are based on 187,622,666 (2024 - 214,130,666) ordinary shares of 5p, being the number of ordinary shares in issue at the period end excluding treasury shares. ## Discount/premium (APM) As stock markets and share prices vary, an investment trust's share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the NAV per share from the share price and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, this situation is called a premium. | | | 2025 | 2024 | | --- | --- | --- | --- | | Closing NAV per share (borrowings at par) | a | 1,235.9p | 1,242.7p | | Closing NAV per share (borrowings at fair value) | b | 1,265.2p | 1,266.1p | | Closing share price | c | 1,138.0p | 1,158.0p | | Discount to NAV with borrowings at par | (c - a) ÷ a | (7.9%) | (6.8%) | | Discount to NAV with borrowings at fair value | (c - b) ÷ b | (10.1%) | (8.5%) | 121 Shareholder information Total return (APM) The total return is the return to shareholders after reinvesting the dividend on the date that the share price  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | | --- | --- | --- | --- | --- | --- | | NAV | NAV | Share | NAV | NAV | Share | | (par) | (fair) | price | (par) | (fair) | price | Closing NAV per share/share price a 1,235.9p 1,265.2p 1,138.0p 1,242.7p 1,266.1p 1,158.0p Dividend adjustment factor* b 1.0017 1.0017 1.0019 1.0028 1.0028 1.0031 Adjusted closing NAV per share/share price c = a x b 1,238.0p 1,267.3p 1,140.1p 1,246.2p 1,269.6p 1,161.6p Opening NAV per share/share price d 1,242.7p 1,266.1p 1,158.0p 1,058.5p 1,080.0p 975.0p Total return  (0.4%) 0.1% (1.5%) 17.7% 17.6% 19.1% * The dividend adjustment factor is calculated on the assumption that the dividend of 2.10p (2024 – 3.15p) paid by the Company during the year was  Ongoing charges (APM) The total expenses (excluding dealing and borrowing costs) incurred by the Company as a percentage of the daily average net asset value (with borrowings at fair value), as detailed below. 2025 2024 Investment management fee £9,707,000 £9,431,000 Other administrative expenses £1,965,000 £1,850,000 Total expenses a £11,672,000 £11,281,000 Average net asset value (with borrowings deducted at fair value) b £2,700,317,000 £2,589,210,000 Ongoing charges  0.43% 0.44% Gearing (APM) At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders’ assets is called ‘gearing’. If the Company’s assets grow, the shareholders’ assets grow proportionately more because the debt remains the same. But if the value of the Company’s assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets. The level of gearing can be adjusted through the use of derivatives which affect the sensitivity of the value of the portfolio to changes in the level of markets. The gearing ratios described below are included in the Ten year record on page 34. Gross gearing, also referred to as potential gearing, is the Company’s borrowings expressed as a   fi  * fi cash, brokers’ balances and investment grade bonds maturing within one year, expressed as a percentage of shareholders’ funds * . * As adjusted to take into account the gearing impact of any derivative holdings. 122 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC | | | 2025 | 2024 | | --- | --- | --- | --- | | Borrowings (at book cost) | a | £223,415,000 | £223,176,000 | | Less: cash and cash equivalents | | (£21,606,000) | (£38,622,000) | | Less: sales for subsequent settlement | | (£1,345,000) | (£9,749,000) | | Add: purchases for subsequent settlement | | £4,704,000 | £7,086,000 | | Adjusted borrowings | b | £205,168,000 | £181,891,000 | | Shareholders' funds | c | £2,318,906,000 | £2,661,137,000 | | Gross (potential) gearing | (a + c) | 9.5% | 5.4% | | Net (equity) gearing | (b + c) | 8.9% | 6.3% | ### Leverage (APM) For the purposes of the Alternative Investment Fund Managers (AIFM) Regulations leverage is any method which increases the Company's exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company's exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company's positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions are offset against each other. The leverage figures at 30 April 2025 are detailed on page 116. ### Compound annual return (APM) The compound annual return converts the return over a period of longer than one year to a constant annual rate of return applied to the compounded value at the start of each year. ### Treasury shares The Company has the authority to make market purchases of its ordinary shares for retention as treasury shares for future reissue, resale, transfer, or for cancellation. Treasury shares do not receive distributions and the Company is not entitled to exercise the voting rights attaching to them. ### Turnover (APM) Turnover is a measure of portfolio change or trading activity. Monthly turnover is calculated as the minimum of purchases and sales in a month, divided by the average market value of the fund. Monthly numbers are added together to get the rolling 12 month turnover data. ### Contingent value rights 'CVR' after an instrument name indicates a security, usually arising from a corporate action such as a takeover or merger, which represents a right to receive potential future value, should the continuing company achieve certain milestones. The Illumina CVR was received on Illumina's takeover of the Company's private company investment in GRAIL and the Abiomed CVR arose on Johnson & Johnson's takeover of Abiomed. In both cases the milestones relate to the performance of the technologies acquired through those takeovers. Any values attributed to these holdings reflect both the amount of the future value potentially receivable and the probability of the milestones being met within the time frames in the CVR agreement. ### Attribution Attribution is the analysis of the effect of investment management decisions on the performance of portfolio. Attribution can be conducted at different levels depending on the product, these includes region, country, sector and stock analysis. Attribution can be relative to an index or absolute. 123 Shareholder information 124 Annual Report and Financial Statements 2025 The Monks Investment Trust PLC ## Company ## information Directors fi Registrar Chairman: KS Sternberg Baillie Gifford & Co Computershare Investor Services PLC DC Ballance | CM Boyle | 3 St Helen’s Place | The Pavilions | | --- | --- | --- | | RS Grewal | London | Bridgwater Road | |  | EC3A 6AB | Bristol | | BJ Richards | | BS99 6ZZ | Professor Sir Nigel Shadbolt T: +44 (0)370 707 1170 Alternative Investment Fund Managers and Secretaries Independent auditor Depositary The Bank of New York Mellon Baillie Gifford & Co Limited Ernst & Young LLP (International) Limited  Atria One 160 Queen Victoria Street 1 Greenside Row 144 Morrison Street London Edinburgh Edinburgh EC4V 4LA EH1 3AN EH3 8EX T: +44 (0)131 275 2000 bailliegifford.com Company broker Company details Further information Baillie Gifford Investec Bank plc monksinvestmenttrust.co.uk Client Relations Team 30 Gresham Street Company Registration No. 00236964  London 1 Greenside Row EC2V 7QP ISIN: GB0030517261 Edinburgh EH1 3AN Sedol: 3051726 T: +44 (0)800 917 2113 Ticker: MNKS enquiries@bailliegifford.com fi 213800MRI1JTUKG5AF64 125 ## monksinvestmenttrust.co.uk  Telephone +44 (0)131 275 2000